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Catchmark Timber Trust, Inc. (CTT) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

SEC Filings

Catchmark Timber Trust, Inc.

CIK: 1341141 Ticker: CTT
Exhibit 99.1
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FOR IMMEDIATE RELEASE
CatchMark Reports Fourth Quarter and Full-Year 2020 Results, Declares Dividend, and Provides 2021 Guidance

Delivered strong fourth quarter results above plan and prior year with a 75% improvement in net loss and a 15% increase in Adjusted EBITDA.
Improved full-year net loss by 81% to $17.5 million.
Exceeded full-year company guidance realizing Adjusted EBITDA of $52.1 million as the company’s business strategy — investing in prime timberlands and principally utilizing delivered wood sales as well as opportunistic stumpage sales — helped navigate pandemic-related economic volatility.
Achieved full-year pricing premiums in the U.S. South of 49% and 20% relative to TMS South-wide averages for pulpwood and sawtimber, respectively, and realized an 18% increase in year-over-year sawtimber pricing in the Pacific Northwest.
Increased total harvests by 3% for full-year 2020 over 2019, continuing to benefit from superior management of timberland assets located in high-demand mill markets which produced predictable and stable operating cash flows that again helped fully cover quarterly dividends.
Completed $15.6 million of timberland sales during the year, exceeding full-year guidance and capturing significantly higher margins.

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ATLANTA – February 11, 2021 –
CatchMark Timber Trust, Inc. (NYSE: CTT) today reported fourth quarter and full-year 2020 results. The company also declared a cash dividend of $0.135 per share for its common stockholders of record as of February 26, 2021, payable on March 15, 2021.

Brian M. Davis, CatchMark's Chief Executive Officer, said: “Despite unprecedented pandemic-related business disruptions and economic turbulence, CatchMark exceeded our full-year 2020 guidance, benefiting from a very strong fourth quarter in our core operations, securing premium timber sale prices substantially above market averages, realizing higher annual harvest volumes and completing higher-than-targeted timberland sales. Our resilient business model, based on investments in prime timberlands in leading mill markets and superior management, has proved out again through a difficult year for the U.S. economy, keeping us on the front-end to meet customer demand. During the year, we exceeded key performance
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The following information was filed by Catchmark Timber Trust, Inc. (CTT) on Thursday, February 11, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Operations
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Future Minimum Rental Payments (Details)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Operating Lease Future Annual Payments (Details)
Customer Concentration
Customer Concentration - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Tax Assets (Details)
Income Taxes - Effective Income Tax Reconciliation (Details)
Income Taxes - Narrative (Details)
Income Taxes - Operating Loss Carryforwards (Details)
Interest Rate Swaps
Interest Rate Swaps (Tables)
Interest Rate Swaps - Narrative (Details)
Interest Rate Swaps - Schedule Of Interest Rate Swaps And Fair Value Measurements (Details)
Interest Rate Swaps - Schedule Of Interest Rate Swaps Outstanding (Details)
Noncontrolling Interest
Noncontrolling Interest - Narrative (Details)
Notes Payable And Lines Of Credit
Notes Payable And Lines Of Credit (Tables)
Notes Payable And Lines Of Credit - Narrative (Details)
Notes Payable And Lines Of Credit - Schedule Of Debt Outstanding (Details)
Notes Payable And Lines Of Credit - Schedule Of Interest Payments (Details)
Notes Payable And Lines Of Credit - Schedule Of Patronage Dividends Classification (Details)
Organization
Organization - Narrative (Details)
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) (Tables)
Quarterly Results (Unaudited) - Schedule Of Unaudited Quarterly Financial Information (Details)
Recreational Leases
Recreational Leases - 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 - Long-Term Incentive Plans - Narrative (Details)
Stock-Based Compensation - Performance-Based Grants - Narrative (Details)
Stock-Based Compensation - Rollforward Of Unvested Non-Option Award Activity (Details)
Stock-Based Compensation - Schedule Of Fair Value Assumptions (Details)
Stock-Based Compensation - Schedule Of Service-Based Restricted Stock Grants To Employees (Details)
Stock-Based Compensation - Schedule Of Stock-Based Compensation - Independent Directors (Details)
Stock-Based Compensation - Service-Based Restricted Stock Grants To Employees - Narrative (Details)
Stock-Based Compensation - Stock-Based Compensation - Independent Directors - Narrative (Details)
Stock-Based Compensation - Stock-Based Compensation Expense (Details)
Stock-Based Compensation - Stock-Based Compensation Expense - Narrative (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Narrative (Details)
Stockholders' Equity - Schedule Of Distributions To Holders Of Common Stock (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 Acquisitions By State (Details)
Timber Assets - Schedule Of Timberland Sales And Large Dispositions Acreage By State (Details)
Timber Assets - Timberland Portfolio (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)
Ticker: CTT
CIK: 1341141
Form Type: 10-K Annual Report
Accession Number: 0001341141-21-000011
Submitted to the SEC: Fri Feb 26 2021 4:07:08 PM EST
Accepted by the SEC: Fri Feb 26 2021
Period: Thursday, December 31, 2020
Industry: Real Estate Investment Trusts

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