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Catchmark Timber Trust, Inc. (CTT) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

SEC Filings

Catchmark Timber Trust, Inc.

CIK: 1341141 Ticker: CTT
Exhibit 99.1
catchmarkrgba11.jpg


FOR IMMEDIATE RELEASE
CatchMark Announces Strong Second Quarter 2021 Results, Reports Significant Progress on Strategic Initiatives, Declares Dividend

Recognized net income of $1.8 million, or $0.04 per share, driven primarily by a 24% increase in timber sales revenue.
Produced record Adjusted EBITDA of $17.6 million, an 86% increase over prior year quarter.
Captured higher U.S. South pulpwood and sawtimber stumpage prices, 25% and 13%, respectively, above prior year quarter at 71% and 19% premiums over market averages.
Continued to optimize harvest operations based on the company's business model of owning prime timberlands in leading mill markets, focused on delivered wood sales, supplemented by opportunistic stumpage sales.
Executed several significant strategic initiatives to support broader plan to simplify the business, strengthen capital position and position for future growth.

ATLANTA – August 5, 2021 – Ca
tchMark Timber Trust, Inc. (NYSE: CTT) today reported second quarter 2021 results. The company also declared a cash dividend of $0.135 per share for its common stockholders of record as of August 31, 2021, payable on September 15, 2021.

Brian M. Davis, CatchMark’s President and CEO, said: “CatchMark delivered an exceptionally strong quarter, as we continue to capture significantly higher pricing for both pulpwood and sawtimber from premier timberlands in our U.S. South markets. These pricing advantages more than offset the planned reduction in total harvest volume as we maintained consistent productivity on a per-acre basis. We believe consumption levels and availability of logs in our superior markets can continue to deliver pricing premiums, helped by heightened production in the U.S. South from new sawmills coming on-line over the next 18 months to meet increased demand for lumber products in U.S. housing markets. In addition, the U.S. South continues to meet increased demand from the ongoing decline in Canadian timber production.”

“Second quarter results also benefited from higher year-over-year timberland sales, bringing year-to-date sales to almost 80% of full-year guidance targets. Liquidity remains ample and we further strengthened our capital position, recognizing an $0.8 million gain on the Oglethorpe large disposition and using net proceeds of $7.3 million to pay down outstanding debt. The pending disposition this month of our Pacific Northwest Bandon timberlands will further strengthen our capital position and enable future growth, concentrating in the U.S. South. Importantly, our dividend is covered by operating cash flow and we are on track to meet full-year guidance.

“Also, Triple T’s recent agreement to sell approximately 28% of its timberlands to Hancock Natural Resource Group demonstrates how we have enhanced Triple T’s financial performance and increased its per-acre value. We continue to explore further opportunities to unlock additional value for our Triple T investment partners and CatchMark.”

Second 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, August 5, 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 - Credit Agreement Amendment - 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 - Long-Term Incentive Plans - Narrative (Details)
Stock-Based Compensation - Performance-Based Awards - Narrative (Details)
Stock-Based Compensation - Rollforward Of Unvested Non-Option Award Activity (Details)
Stock-Based Compensation - Service-Based Restricted Stock Grants To Employees - Narrative (Details)
Stock-Based Compensation - Stock-Based Compensation Expense - Narrative (Details)
Stock-Based Compensation - Summary Of Stock-Based Compensation Expense (Details)
Subsequent Events
Subsequent Events (Tables)
Subsequent Events - Narrative (Details)
Subsequent Events - Schedule Of Debt Repayment And Debt Outstanding (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Reconciliation Of Weighted Average Common Shares (Details)
Timber Assets
Timber Assets (Tables)
Timber Assets - Income Statement Information, Disposal (Details)
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 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: 0001341141-21-000082
Submitted to the SEC: Thu Nov 04 2021 4:06:30 PM EST
Accepted by the SEC: Thu Nov 04 2021
Period: Thursday, September 30, 2021
Industry: Real Estate Investment Trusts

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