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Catchmark Timber Trust, Inc. (CTT) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

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Catchmark Timber Trust, Inc.

HISTORY TOOLS
CIK: 1341141 Ticker: CTT
Exhibit 99.1
catchmarkrgba111a.jpg


FOR IMMEDIATE RELEASE     
CatchMark Reports Third Quarter 2020 Results and Declares Dividend

•Executed business plan successfully through pandemic-related economic volatility, maintaining course to meet full-year result objectives
•Avoided storm/fire related losses to timberlands in U.S. South and Pacific Northwest, although some harvests were delayed until fourth quarter
•Continued to benefit from prime timberlands, high-demand mill markets, and superior management to produce predictable and stable operating cash flows that fully covered quarterly dividends
•Achieved pricing premiums in the U.S. South of 61% and 21% relative to TMS South-wide averages for pulpwood and sawtimber, respectively, and realized a 26% increase in delivered sawtimber pricing in the Pacific Northwest
•Completed $2.4 million in timberland sales and remained on plan to meet full-year sales targets


ATLANTA – October 29, 2020 –
CatchMark Timber Trust, Inc. (NYSE: CTT) today reported third quarter 2020 results, announcing it remains on track to meet its full-year operating plan after effectively managing through weather-related issues, wildfire disruptions, and COVID-19 impacts during the quarter. The company also declared a cash dividend of $0.135 per share for its common stockholders of record as of November 30, 2020, payable on December 15, 2020.

Brian M. Davis, CatchMark's Chief Executive Officer, said: “We are encouraged by the evident momentum in homebuilding recovery driven by the combination of favorable demographics, low interest rates, and low historical housing supply. These trends bode well for product price improvements in 2021 and beyond to meet rising demand for timber products. Despite 2020’s weather and pandemic related challenges, we delivered consistent cash flow during the third quarter and stayed on course to achieve our full-year operating objectives. At the same time, we continue to realize the benefits of our established and proven business strategy, focusing on prime properties in high demand mill markets. As a result, we continue to attain premium pricing for our timber sales significantly above industry averages. In addition, we remain on course to meet our timberland sales goals for the year.”



The following information was filed by Catchmark Timber Trust, Inc. (CTT) on Thursday, October 29, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Catchmark Timber Trust, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Catchmark Timber Trust, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Loss (Unaudited)
Consolidated Statements Of Equity (Unaudited)
Consolidated Statements Of Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Operations (Unaudited)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Operating Lease Future Annual Payments, Current Year (Details)
Commitments And Contingencies - Operating Lease Future Annual Payments, Ltc Lease (Details)
Commitments And Contingencies - Operating Lease Future Annual Payments, Prior Year (Details)
Interest Rate Swaps
Interest Rate Swaps (Tables)
Interest Rate Swaps - Narrative (Details)
Interest Rate Swaps - Schedule Of Interest Rate Swaps Measured At Fair Value (Details)
Interest Rate Swaps - Schedule Of Interest Rate Swaps Outstanding (Details)
Notes Payable And Lines Of Credit
Notes Payable And Lines Of Credit (Tables)
Notes Payable And Lines Of Credit - Amended Credit Agreement - Narrative (Details)
Notes Payable And Lines Of Credit - Debt Covenants - Narrative (Details)
Notes Payable And Lines Of Credit - Interest Paid And Fair Value Of Outstanding Debt - Narrative (Details)
Notes Payable And Lines Of Credit - Patronage Dividends - Narrative (Details)
Notes Payable And Lines Of Credit - Patronage Dividends - Schedule Of Patronage Dividend Classification (Details)
Notes Payable And Lines Of Credit - Schedule Of Long-Term Debt Outstanding (Details)
Organization
Organization - Narrative (Details)
Segment Information
Segment Information (Tables)
Segment Information - Reconciliation Of Adjusted Ebitda (Details)
Segment Information - Schedule Of Adjusted Ebitda, By Segment (Details)
Segment Information - Schedule Of Operating Revenue, By Segment (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Accelerated Vesting Of Former Ceo's Outstanding Equity Awards - Narrative (Details)
Stock-Based Compensation - Restricted Stock Vesting - Narrative (Details)
Stock-Based Compensation - Stock-Based Compensation Expense - Narrative (Details)
Stock-Based Compensation - Summary Of Stock-Based Compensation Expense (Details)
Subsequent Event
Subsequent Event - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Narrative (Details)
Timber Assets
Timber Assets (Tables)
Timber Assets - Narrative (Details)
Timber Assets - Schedule Of Timber And Timberlands (Details)
Timber Assets - Schedule Of Timberland Portfolio (Details)
Timber Assets - Timberland Sales And Large Dispositions (Details)
Unconsolidated Joint Ventures
Unconsolidated Joint Ventures (Tables)
Unconsolidated Joint Ventures - Narrative (Details)
Unconsolidated Joint Ventures - Schedule Of Cash Flow Information (Details)
Unconsolidated Joint Ventures - Schedule Of Condensed Balance Sheet Information (Details)
Unconsolidated Joint Ventures - Schedule Of Condensed Income Statement Information (Details)
Unconsolidated Joint Ventures - Schedule Of Equity Method Investments (Details)
Unconsolidated Joint Ventures - Schedule Of Fees Earned (Details)

Material Contracts, Statements, Certifications & more

Catchmark Timber Trust, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Ticker: CTT
CIK: 1341141
Form Type: 10-Q Quarterly Report
Accession Number: 0001341141-20-000088
Submitted to the SEC: Thu Oct 29 2020 4:06:55 PM EST
Accepted by the SEC: Thu Oct 29 2020
Period: Wednesday, September 30, 2020
Industry: Real Estate Investment Trusts

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