ATLANTA, May 2, 2019 /PRNewswire/ -- CatchMark
Timber Trust, Inc. (NYSE: CTT) today reported first
quarter 2019 results in line with expectations and declared a cash
dividend of $0.135 per share for its
common stockholders of record on May 31,
2019, payable on June 14,
2019.
Results Overview
CatchMark's first quarter 2019 operating results included:
- Generated revenues of $22.6
million, compared to $24.1
million in first quarter 2018.
- Incurred a net loss of $30.4
million in accordance with GAAP, compared to $3.4 million in the first quarter 2018, an
increase primarily resulting from a $27.5
million allocated loss from the Triple T joint venture.
- Realized Adjusted EBITDA of $10.2
million, compared to $14.9
million in first quarter 2018, a decrease primarily due to
anticipated reduction in contributions from the Dawsonville Bluffs
joint venture and timing of timberland sales.
- Produced timber sales volume in the U.S. South region of
482,058 tons compared to 574,785 tons in first quarter 2018, a
decrease primarily due to persistent wet weather conditions which
were accounted for in the company's 2019 harvest plan.
- Realized sawtimber pricing of $24
per ton, a 6% increase over first quarter 2018, and pulpwood
pricing of $15 per ton, a 5% increase
year over year.
- Realized timber sales revenue of $16.6
million, compared to $18.7
million in first quarter 2018, helped by increased per ton
pricing year over year.
- Generated $2.8 million in asset
management fees, primarily from Triple T, compared to $36,000 in first quarter 2018.
- Recognized $0.2 million in income
from the unconsolidated Dawsonville Bluffs joint venture, compared
to $1.8 million in first quarter
2018.
- Completed timberland sales of approximately 900 acres for
$2.1 million, compared to 2,200 acres
for $4.3 million in first quarter
2018.
- Paid a dividend of $0.135 per
share to stockholders of record on March 15,
2019.
Jerry Barag, CatchMark's Chief
Executive Officer, said: "We remain on track to meet 2019 full-year
guidance. For the quarter, we registered gains from increased asset
management fees which helped offset lower timber sales revenue
relative to an extremely strong 2018 first quarter result.
Notably, we also realized higher stumpage prices in our superior
U.S. South micro markets, which helped mitigate the impact of
decreased harvest volumes that resulted from lingering wet weather
conditions already factored into our harvest plan. Average per-ton
gross timber sales revenue increased by 5% as we captured higher
sawtimber and pulpwood pricing of 6% and 5%, respectively, in our
U.S. South regions. And our realized prices for all our pine products remains above TMS Southwide
Averages. On plan for the quarter, our recent Pacific Northwest
acquisition, Bandon, generated a
small contribution to timber sales revenue, which we anticipate
will increase over the remainder of the year. As a result, we
maintain our full-year harvest volume target at between 2.2 million
and 2.4 million tons. Our focus on disciplined acquisitions and
superior management of prime timberlands in leading mill markets is
delivering expected results to maximize cash flow."
President and Chief Financial Officer Brian Davis said: "Lower year-over-year
timberland sales were a result of timing with a ramp-up in
dispositions on schedule to begin by mid-year. Triple T is
performing as expected, operationally meeting supply obligations
with its counterparties and delivering expected substantial asset
management fee revenue to CatchMark. Although the successful
Dawsonville Bluffs joint venture produces less income from selling
fewer acres in the investment's later stages, we continue to expect
the venture to meet guidance of $3
million to $5 million in
Adjusted EBITDA from the sale of HBU land and mitigation credits
for 2019. We also are very much on course to maintain our healthy
dividend."
Capital Position
CatchMark did not make any acquisitions during the quarter and
maintained ample balance sheet liquidity, totaling $165 million under its debt facilities, for new
investments and working capital, as of March
31, 2019. The weighted-average life of outstanding debt is
approximately 6.8 years with no
maturities of outstanding debt until late 2024.
Barag said: "We will continue to act prudently in pursuing
acquisitions and joint ventures as we focus on delivering on
operating objectives for recent major investments, Triple T and
Bandon. We will also be tactical
and opportunistic in selectively recycling capital from timberland
sales like the recent Southwest disposition to reduce leverage and
further enhance our portfolio."
Under CatchMark's $30 million
share repurchase program, the company repurchased 136,178 shares of
its common stock for approximately $1.0
million in open market transactions during the first quarter
of 2019. As of March 31, 2019,
CatchMark may repurchase up to an additional $17.7 million under the program.
Results for Three Months Ended March
31, 2019
CatchMark's revenues for the three months ended March 31, 2019 were $22.6
million, $1.5 million lower
than the three months ended March 31,
2018 as a result of a $2.2
million decrease in timberland sales revenue from fewer
acres sold and a $2.1 million
decrease in timber sales revenue, offset by a $2.8 million increase in asset management fees
primarily earned from the Triple T joint venture. Gross timber
sales revenue decreased by 11% due to a 16% decrease in harvest
volume in the U.S. South region mitigated by increases in U.S South
sawtimber and pulpwood pricing of 6% and 5%, respectively.
|
|
Three Months
Ended March 31,
2018
|
|
Changes
attributable to:
|
|
Three Months
Ended
March 31,
2019
|
(in
thousands)
|
|
Price/Mix
|
|
Volume
(3)
|
|
Timber sales
(1)
|
|
|
|
|
|
|
|
Pulpwood
|
$
|
10,376
|
|
$
|
562
|
|
$
|
(2,206)
|
|
$
|
8,732
|
Sawtimber
(2)
|
|
8,277
|
|
|
216
|
|
|
(674)
|
|
7,819
|
|
|
$
|
18,653
|
|
$
|
778
|
|
$
|
(2,880)
|
|
$
|
16,551
|
(1)
|
Timber sales are
presented on a gross basis. Gross timber sales revenue from
delivered sales includes logging and hauling costs that customers
pay for deliveries.
|
(2)
|
Includes chip-n-saw
and sawtimber.
|
(3)
|
Changes in timber
sales revenue related to properties acquired or disposed within the
last 12 months are attributed to volume changes.
|
Net loss increased to $30.4
million for the three months ended March 31, 2019 from $3.4
million for the three months ended March 31, 2018 due to the $27.5 million loss from the Triple T joint
venture.
Adjusted EBITDA
The discussion below is intended to enhance the reader's
understanding of our operating performance and ability to satisfy
lender requirements. EBITDA is a non-GAAP financial measure of
operating performance. EBITDA is defined by the SEC as earnings
before interest, taxes, depreciation and amortization; however, we
have excluded certain other expenses which we believe are not
indicative of the ongoing operating results of our timberland
portfolio, and we refer to this measure as Adjusted EBITDA (see the
reconciliation table below). As such, our Adjusted EBITDA may not
be comparable to similarly titled measures reported by other
companies. Due to the significant amount of timber assets subject
to depletion, significant income (loss) from unconsolidated joint
ventures based on hypothetical-liquidation-at-book-value (HLBV) and
the significant amount of financing subject to interest and
amortization expense, management considers Adjusted EBITDA to be an
important measure of our financial performance. HLBV accounting is
a method of determining an investor's equity in earnings of an
unconsolidated joint venture based on a hypothetical liquidation of
the underlying joint venture at book value as of the reporting
date. The HLBV method is commonly applied to equity investments in
real estate, where cash distribution percentages vary at different
points in time and are not directly linked to an investor's
ownership percentage. By providing this non-GAAP financial measure,
together with the reconciliation below, we believe we are enhancing
investors' understanding of our business and our ongoing results of
operations, as well as assisting investors in evaluating how well
we are executing our strategic initiatives. We also provide the
sources of our Adjusted EBITDA, including Harvest EBITDA, Real
Estate EBITDA, Investment Management EBITDA and
Non-Allocated/Corporate EBITDA, and a reconciliation of those
financial measures to the most directly comparable GAAP measures,
because we believe they further enhance investors' understanding.
Items excluded from Adjusted EBITDA are significant components in
understanding and assessing financial performance. Adjusted EBITDA
is a supplemental measure of operating performance that does not
represent and should not be considered in isolation or as an
alternative to, or substitute for net income, cash from operations,
or other financial statement data presented in accordance with GAAP
in our consolidated financial statements as indicators of our
operating performance. Adjusted EBITDA has limitations as an
analytical tool and should not be considered in isolation or as a
substitute for analysis of our results as reported under U.S. GAAP.
Some of the limitations are:
- Adjusted EBITDA does not reflect our capital expenditures, or
our future requirements for capital expenditures;
- Adjusted EBITDA does not reflect changes in, or our interest
expense or the cash requirements necessary to service interest or
principal payments on, our debt;
- Although depletion is a non-cash charge, we will incur expenses
to replace the timber being depleted in the future, and Adjusted
EBITDA does not reflect all cash requirements for such expenses;
and
- Although HLBV income and losses are primarily hypothetical and
non-cash in nature, Adjusted EBITDA does not reflect cash income or
losses from unconsolidated joint ventures for which the HLBV method
of accounting is used to determine equity in earnings.
Due to these limitations, Adjusted EBITDA should not be
considered as a measure of discretionary cash available to us to
invest in the growth of our business. Our credit agreement contains
a minimum debt service coverage ratio based, in part, on Adjusted
EBITDA since this measure is representative of adjusted income
available for interest payments. We further believe that our
presentation of this non-GAAP financial measurement provides
information that is useful to analysts and investors because they
are important indicators of the strength of our operations and the
performance of our business.
For the three months ended March 31,
2019, Adjusted EBITDA was $10.2
million, a $4.7 million
decrease from the three months ended March
31, 2018, primarily due to a $4.5
million decrease in Adjusted EBITDA generated by the
Dawsonville Bluffs joint venture, a $2.0
million decrease in net timberland sales, a $0.9 million decrease in net timber sales, offset
by a $2.8 million increase in asset
management fees.
Reconciliation of net loss to Adjusted EBITDA for the quarters
ended March 30, 2019 and 2018
follows:
|
Three Months
Ended
March 31,
|
(in
thousands)
|
2019
|
|
2018
|
Net loss
|
$
|
(30,395)
|
|
$
|
(3,385)
|
Add:
|
|
|
Depletion
|
5,268
|
|
7,062
|
Basis of timberland
sold, lease terminations and other (1)
|
1,807
|
|
2,856
|
Amortization
(2)
|
458
|
|
1,725
|
Depletion,
amortization, basis of timberland, mitigation credits sold included
in loss from unconsolidated joint venture (3)
|
395
|
|
3,256
|
HLBV loss from
unconsolidated joint venture (4)
|
27,488
|
|
—
|
Stock-based
compensation expense
|
659
|
|
765
|
Interest expense
(2)
|
4,372
|
|
2,581
|
Other
(5)
|
110
|
|
35
|
Adjusted
EBITDA
|
$
|
10,162
|
|
$
|
14,895
|
|
|
(1)
|
Includes non-cash
basis of timber and timberland assets written-off related to
timberland sold, terminations of timberland leases and casualty
losses.
|
|
|
(2)
|
For the purpose of
the above reconciliation, amortization includes amortization of
deferred financing costs, amortization of intangible lease assets,
and amortization of mainline road costs, which are included in
either interest expense, land rent expense, or other operating
expenses in the accompanying consolidated statements of
operations.
|
|
|
(3)
|
Reflects our share of
depletion, amortization, and basis of timberland and mitigation
credits sold of the unconsolidated Dawsonville Bluffs joint
venture.
|
|
|
(4)
|
Reflects HLBV losses
from the Triple T joint venture, which is determined based on a
hypothetical liquidation of the underlying joint venture at book
value as of the reporting date.
|
|
|
(5)
|
Includes certain cash
expenses paid, or reimbursement received, that management believes
do not directly reflect the core business operations of our
timberland portfolio on an on-going basis, including costs required
to be expensed by GAAP related to acquisitions, transactions, joint
ventures or new business initiatives.
|
The company will host a conference call and live webcast at
10 a.m. ET on Friday, May 3, 2019 to
discuss these results. Investors may listen to the conference
call by dialing 1-888-347-1165 for U.S/Canada and 1-412-902-4276 for international
callers. Participants should ask to be joined into the
CatchMark call. Access to the live webcast will be available at
www.catchmark.com. A replay of this webcast will be archived
on the company's website shortly after the call.
About CatchMark
CatchMark (NYSE: CTT) seeks to deliver
consistent and growing per share cash flow from disciplined
acquisitions and superior management of prime timberlands located
in high demand U.S. mill markets. Concentrating on maximizing
cash flows throughout business cycles, the company strategically
harvests its high-quality timberlands to produce durable revenue
growth and takes advantage of proximate mill markets, which provide
a reliable outlet for merchantable inventory. Headquartered in
Atlanta and focused exclusively on
timberland ownership and management, CatchMark began operations in
2007 and owns interests in 1.6 million acres* of timberlands
located in Alabama, Florida, Georgia, North
Carolina, Oregon,
South Carolina, Tennessee and Texas. For more information, visit
www.catchmark.com.
* As of March 31, 2019
Forward-Looking Statements
This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended. Such forward-looking statements
can generally be identified by our use of forward-looking
terminology such as "may," "will," "expect," "intend,"
"anticipate," "estimate," "believe," "continue," or other similar
words. However, the absence of these or similar words or
expressions does not mean that a statement is not forward-looking.
Forward-looking statements are not guarantees of performance and
are based on certain assumptions, discuss future expectations,
describe plans and strategies, contain projections of results of
operations or of financial condition or state other forward-looking
information. Forward-looking statements in this report include that
we remain on track to meet 2019 full-year guidance, that we expect
Bandon to generate increased
timber sales revenue beginning in the second quarter, that we
maintain our harvest volume target, that we expect dispositions to
ramp up mid-year, that we expect the Dawsonville Bluffs joint
venture to meet income guidance from the sale of HBU land and
mitigation credits and that we will engage in capital recycling
transactions that will enhance our portfolio. Risks and
uncertainties that could cause our actual results to differ from
these forward-looking statements include, but are not limited
to, (i) we may not generate the harvest volumes from our
timberlands that we currently anticipate; (ii) the demand for our
timber may not increase at the rate we currently anticipate or at
all due to changes in general economic and business conditions in
the geographic regions where our timberlands are located; (iii) the
cyclical nature of the real estate market generally, including
fluctuations in demand and valuations, may adversely impact our
ability to generate income and cash flow from sales of
higher-and-better use properties; (iv) timber prices may not
increase at the rate we currently anticipate or could decline,
which would negatively impact our revenues; (v) the supply of
timberlands available for acquisition that meet our investment
criteria may be less than we currently anticipate; (vi) we may be
unsuccessful in winning bids for timberland that are sold through
an auction process; (vii) we may not be able sell HBU timberlands
or large dispositions of timberland in capital recycling
transactions at prices that are attractive to us; (viii) we may not
be able to access external sources of capital at attractive rates
or at all; (ix) potential increases in interest rates could have a
negative impact on our business; (x) our share repurchase program
may not be successful in improving stockholder value over the
long-term; (xi) our joint venture strategy may not enable us to
access non-dilutive capital and enhance our ability to make
acquisitions; (xii) we may not be successful in effectively
managing the Triple T joint venture and the anticipated benefits of
the joint venture may not be realized, including that our asset
management fee could be deferred, we may not earn an
incentive-based promote and our investment in the joint venture may
lose value; and (xiii) the factors described in Part I, Item 1A.
Risk Factors of our Annual Report on Form 10-K for the fiscal year
ended December 31, 2018 and our other
filings with the Securities and Exchange Commission. Accordingly,
readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. We undertake no obligation to update our
forward-looking statements, except as required by
law.
CATCHMARK TIMBER
TRUST, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
|
(in thousands,
except for per-share amounts)
|
|
|
Three Months
Ended
March 31,
|
|
2019
|
|
2018
|
Revenues:
|
|
|
|
Timber
sales
|
$
|
16,551
|
|
$
|
18,653
|
Timberland
sales
|
2,090
|
|
4,252
|
Asset management
fees
|
2,842
|
|
36
|
Other
revenues
|
1,090
|
|
1,163
|
|
22,573
|
|
24,104
|
|
|
|
|
Contract logging and
hauling costs
|
7,356
|
|
8,582
|
Depletion
|
5,268
|
|
7,062
|
Cost of timberland
sales
|
1,560
|
|
3,147
|
Forestry management
expenses
|
1,734
|
|
1,830
|
General and
administrative expenses
|
3,363
|
|
2,945
|
Land rent
expense
|
142
|
|
161
|
Other operating
expenses
|
1,644
|
|
1,396
|
|
21,067
|
|
25,123
|
Operating income
(loss)
|
1,506
|
|
(1,019)
|
|
|
|
|
Other income
(expense):
|
|
|
|
Interest
income
|
30
|
|
64
|
Interest
expense
|
(4,622)
|
|
(4,251)
|
|
(4,592)
|
|
(4,187)
|
|
|
|
|
Loss before
unconsolidated joint ventures
|
(3,086)
|
|
(5,206)
|
|
|
|
|
Income (loss) from
unconsolidated joint ventures:
|
|
|
|
Triple T
|
(27,488)
|
|
—
|
Dawsonville
Bluffs
|
179
|
|
1,821
|
|
(27,309)
|
|
1,821
|
|
|
|
|
Net
loss
|
$
|
(30,395)
|
|
$
|
(3,385)
|
|
|
|
|
Weighted-average
shares outstanding - basic and diluted
|
49,063
|
|
44,380
|
|
|
|
|
Net loss per-share
- basic and diluted
|
$
|
(0.62)
|
|
$
|
(0.08)
|
CATCHMARK TIMBER
TRUST, INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands,
except for per-share amounts)
|
|
|
(Unaudited)
March 31,
2019
|
|
December 31,
2018
|
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
2,420
|
|
$
|
5,614
|
Accounts
receivable
|
5,162
|
|
7,355
|
Prepaid expenses and
other assets
|
6,504
|
|
7,369
|
Operating lease
right-of-use asset, less accumulated amortization of $69 as of
March 31, 2019
|
3,331
|
|
—
|
Deferred financing
costs
|
307
|
|
327
|
Timber
assets:
|
|
|
|
Timber and
timberlands, net
|
681,744
|
|
687,851
|
Intangible lease
assets, less accumulated amortization of $946 and $945 as of March
31, 2019 and December 31, 2018, respectively
|
11
|
|
12
|
Investment in
unconsolidated joint ventures
|
|
67,960
|
|
96,244
|
Total
assets
|
$
|
767,439
|
|
$
|
804,772
|
|
|
|
|
Liabilities:
|
|
|
|
Accounts payable and
accrued expenses
|
$
|
3,686
|
|
$
|
4,936
|
Operating lease
liability
|
3,418
|
|
—
|
Other
liabilities
|
7,861
|
|
5,940
|
Notes payable and
lines of credit, less net deferred financing costs
|
472,443
|
|
472,240
|
Total
liabilities
|
487,408
|
|
483,116
|
|
|
|
|
Commitments and
Contingencies
|
—
|
|
—
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
Class A common stock,
$0.01 par value; 900,000 shares authorized;
49,083 and 49,127 shares issued and outstanding as of March 31,
2019
and December 31, 2018, respectively
|
492
|
|
492
|
Additional paid-in
capital
|
729,705
|
|
730,416
|
Accumulated deficit
and distributions
|
(446,233)
|
|
(409,260)
|
Accumulated other
comprehensive (loss) income
|
(3,933)
|
|
8
|
Total stockholders'
equity
|
280,031
|
|
321,656
|
Total liabilities and
stockholders' equity
|
$
|
767,439
|
|
$
|
804,772
|
CATCHMARK TIMBER
TRUST, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
|
(in
thousands)
|
|
|
Three Months
Ended
March 31,
|
|
2019
|
|
2018
|
Cash Flows from
Operating Activities:
|
|
|
|
Net loss
|
$
|
(30,395)
|
|
$
|
(3,385)
|
Adjustments to
reconcile net loss to net cash provided by
operating activities:
|
|
|
|
Depletion
|
5,268
|
|
7,062
|
Basis of timberland
sold, lease terminations and other
|
1,807
|
|
2,856
|
Stock-based
compensation expense
|
659
|
|
765
|
Noncash interest
expense
|
250
|
|
1,671
|
Other
amortization
|
208
|
|
54
|
Loss (income) from
unconsolidated joint ventures
|
27,309
|
|
(1,821)
|
Operating
distributions from unconsolidated joint ventures
|
179
|
|
2,188
|
Changes in assets and
liabilities:
|
|
|
|
Accounts
receivable
|
1,363
|
|
1,330
|
Prepaid expenses and
other assets
|
513
|
|
76
|
Accounts payable and
accrued expenses
|
(1,109)
|
|
1,284
|
Other
liabilities
|
|
(805)
|
|
(1,133)
|
Net cash provided by
operating activities
|
5,247
|
|
10,947
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
Timberland
acquisitions and earnest money paid
|
—
|
|
(2,319)
|
Capital expenditures
(excluding timberland acquisitions)
|
(1,259)
|
|
(1,545)
|
Distributions from
unconsolidated joint ventures
|
796
|
|
—
|
Net cash used in
investing activities
|
(463)
|
|
(3,864)
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
Repayments of note
payable
|
—
|
|
(69,000)
|
Financing costs
paid
|
(31)
|
|
(95)
|
Issuance of common
stock
|
—
|
|
72,450
|
Other offering costs
paid
|
—
|
|
(3,490)
|
Dividends paid to
common stockholders
|
(6,578)
|
|
(5,815)
|
Repurchases of common
shares under the share repurchase
|
(1,004)
|
|
—
|
Repurchase of common
shares for minimum tax withholdings
|
(365)
|
|
(851)
|
Net cash used in
financing activities
|
(7,978)
|
|
(6,801)
|
Net change in cash
and cash equivalents
|
(3,194)
|
|
282
|
Cash and cash
equivalents, beginning of period
|
5,614
|
|
7,805
|
Cash and cash
equivalents, end of period
|
$
|
2,420
|
|
$
|
8,087
|
CATCHMARK TIMBER
TRUST, INC. AND SUBSIDIARIES
|
SELECTED DATA
(UNAUDITED)
|
|
|
2019
|
|
2018
|
|
Q1
|
|
Q1
|
Timber Sales
Volume ('000 tons) (1)
|
|
|
|
Pulpwood
|
294
|
|
354
|
Sawtimber
(2)
|
188
|
|
221
|
Total
|
482
|
|
575
|
|
|
|
|
Harvest Mix
(1)
|
|
|
|
Pulpwood
|
61%
|
|
62%
|
Sawtimber
(2)
|
39%
|
|
38%
|
|
|
|
|
Delivered % as of
total volume
|
79%
|
|
83%
|
Stumpage % as of
total volume
|
21%
|
|
17%
|
|
|
|
|
Net Timber
Sales Price ($ per ton) (1)
|
|
|
|
Pulpwood
|
$
|
15
|
|
$
|
14
|
Sawtimber
(2)
|
$
|
24
|
|
$
|
23
|
|
|
|
|
Timberland
Sales
|
|
|
|
Gross Sales
('000)
|
$
|
2,090
|
|
$
|
4,252
|
Acres Sold
|
900
|
|
2,200
|
% of fee
acres
|
0.2%
|
|
0.5%
|
Price per
acre
|
$
|
2,236
|
|
$
|
1,955
|
|
|
|
|
Period-end
acres ('000)
|
|
|
|
Fee
|
|
432
|
|
|
477
|
Lease
|
|
27
|
|
|
31
|
Wholly-Owned
Total
|
|
459
|
|
|
508
|
Joint Venture
Interest (3)
|
|
1,104
|
|
|
6
|
Total
|
|
1,563
|
|
|
514
|
|
|
|
|
(1)
|
Excludes
approximately 4,800 tons harvested from the Bandon Property, which
generated timber sales revenue of $0.5 million. The Bandon Property
was acquired at the end of August 2018. Timber sales revenue from
the Bandon Property for the three months ended March 31, 2019
accounted for less than 3% of our consolidated total timber sales
revenue.
|
(2)
|
Includes chip-n-saw
and sawtimber.
|
(3)
|
Represents properties
owned by the Triple T joint venture in which CatchMark owns a 21.6%
equity interest; and Dawsonville Bluffs, LLC, a joint venture in
which CatchMark owns a 50% membership interest. CatchMark serves as
the manager for both of these joint ventures.
|
CATCHMARK TIMBER
TRUST, INC. AND SUBSIDIARIES
|
ADJUSTED EBITDA BY
SOURCE (UNAUDITED)
|
(in
thousands)
|
|
|
Three Months
Ended
March
31,
|
|
2019
|
|
2018
|
Timber
sales
|
$
|
16,551
|
|
$
|
18,653
|
Other
revenue
|
|
1,090
|
|
|
1,163
|
(-)
Contract logging and hauling costs
|
|
(7,356)
|
|
|
(8,582)
|
(-)
Forestry management expenses
|
|
(1,734)
|
|
|
(1,830)
|
(-)
Land rent expense
|
|
(142)
|
|
|
(161)
|
(-)
Other operating expenses
|
|
(1,644)
|
|
|
(1,396)
|
(+)
Stock-based compensation
|
|
88
|
|
|
249
|
(+/-)
Other
|
|
407
|
|
|
44
|
Harvest
EBITDA
|
|
7,260
|
|
|
8,140
|
|
|
|
|
|
|
Timberland
sales
|
|
2,090
|
|
|
4,252
|
(-)
Cost of timberland sales
|
|
(1,560)
|
|
|
(3,147)
|
(+) Basis
of timberland sold
|
|
1,427
|
|
|
2,856
|
Real estate
EBITDA
|
|
1,957
|
|
|
3,961
|
|
|
|
|
|
|
Asset management
fees
|
|
2,842
|
|
|
36
|
Unconsolidated
Dawsonville Bluffs joint venture EBITDA
|
|
573
|
|
|
5,077
|
Investment
management EBITDA
|
|
3,415
|
|
|
5,113
|
|
|
|
|
|
|
Total operating
EBITDA
|
|
12,632
|
|
|
17,214
|
|
|
|
|
|
|
(-)
General and administrative expenses
|
|
(3,363)
|
|
|
(2,945)
|
(+)
Stock-based compensation
|
|
571
|
|
|
516
|
(+)
Interest income
|
|
30
|
|
|
64
|
(+/-)
Other
|
|
292
|
|
|
46
|
Non-allocated/corporate EBITDA
|
|
(2,470)
|
|
|
(2,319)
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
10,162
|
|
$
|
14,895
|
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SOURCE CatchMark Timber Trust, Inc.