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Catchmark Timber Trust, Inc. (CTT) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

SEC Filings

Catchmark Timber Trust, Inc.

CIK: 1341141 Ticker: CTT
Exhibit 99.1
catchmarkrgba111.jpg


FOR IMMEDIATE RELEASE
CatchMark Reports First Quarter 2021 Results, Declares Dividend

•    Higher timber prices — both in the U.S. South and Pacific Northwest — drove an 11% increase in timber sales revenue and a 4% increase in Harvest EBITDA.
•    CatchMark’s realized U.S. South pulpwood and sawtimber stumpage prices were 8% and 9% higher, respectively, compared to prior year quarter, outpacing 3% and 4% increases in U.S. South-wide average prices for the same period.
•    The company’s Pacific Northwest delivered sawtimber price increased 15% year-over-year due to continued strong demand fundamentals.
•    Net loss improved by 87% to $0.6 million driven by increased total revenues and lower expenses.
•    Adjusted EBITDA of $12.9 million was comparable to prior year quarter despite a 12% planned reduction in harvest volumes and 40% fewer acres sold.
•    Results again validate the company’s business model which focuses on owning prime timberlands in leading mill markets and optimizing harvest operations through delivered wood sales, supplemented by opportunistic stumpage sales.


ATLANTA – May 6, 2021 –
CatchMark Timber Trust, Inc. (NYSE: CTT) today reported first quarter 2021 results. The company also declared a cash dividend of $0.135 per share for its common stockholders of record as of May 28, 2021, payable on June 15, 2021.

Brian M. Davis, CatchMark's Chief Executive Officer, said: “Low interest rates, strong housing market demand and increased home remodeling together with the significant ramp up in mill production after 2020 pandemic-related slowdowns, resulted in higher timber prices during the quarter. CatchMark’s prime timberlands in superior mill markets continued to outperform, capturing pricing for pulpwood and sawtimber in the U.S. South significantly above TimberMart-South averages as well as a significant sawtimber price increase in the Pacific Northwest. Investment management results improved due to contributions from Dawsonville Bluffs and last year’s renegotiated Triple T asset management agreement. Per-acre timberland sales pricing increased significantly, and we are on track to complete a substantial number of sales in the second quarter. As planned, harvest volumes during the quarter were lower year-over-year. Harvest volumes remain on track to meet full-year guidance, as we maintain consistent annual productivity on a per-acre basis with the potential to sustain current strong timber prices.”

FIRST QUARTER 2021 RESULTS

The following table summarizes the current quarter and comparable prior year period results:
1

The following information was filed by Catchmark Timber Trust, Inc. (CTT) on Thursday, May 6, 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-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 2021 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 Income (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 Interest Payments (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 - Performance-Based Awards - 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 - Service-Based Awards - 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

Ticker: CTT
CIK: 1341141
Form Type: 10-Q Quarterly Report
Accession Number: 0001341141-21-000034
Submitted to the SEC: Thu May 06 2021 4:06:50 PM EST
Accepted by the SEC: Thu May 06 2021
Period: Wednesday, March 31, 2021
Industry: Real Estate Investment Trusts

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