ATLANTA, May 14, 2018 /PRNewswire/ -- CatchMark Timber
Trust (NYSE: CTT) announced today that Senior Vice President of
Forest Resources Todd Reitz will
take on additional responsibilities and oversee all management
operations for CatchMark's existing properties, which encompass
ownership interests in approximately 514,100 acres* of timberlands
located in Alabama, Florida, Georgia, Louisiana, North
Carolina, South Carolina,
Tennessee and Texas.
Reitz has been working closely over the past year with CatchMark
Chief Operating Officer John Rasor,
who will become President of CatchMark's new joint venture with an
institutional investor group to own 1.1 million acres of
East Texas timberlands in an
acquisition agreement CatchMark announced earlier today.
Mr. Reitz joined CatchMark in March
2017 and has more than 20 years of experience in the timber
industry, holding positions at Weyerhaeuser, Plum Creek and Stone
Container Corporation prior to joining CatchMark. He has extensive
marketing, harvesting, silviculture, business development, and
export market experience, and holds a B.S. in Forest Management
from Texas A&M University.
Jerry Barag, CatchMark's
President and CEO, said: "Todd is an outstanding industry veteran
with considerable knowledge of our mill markets and extensive
relationships with our customers. He also has vast expertise in
forest management and silviculture, invaluable in managing our
harvest plans and long-term strategy to maximize stockholder value.
He has become an integral part of our team, working closely with
John Rasor, and is especially well
prepared to assume overall operations responsibilities, a
transition we have been preparing for in expectation of the major
transaction agreement we just executed."
About CatchMark
CatchMark Timber Trust, Inc. (NYSE: CTT) is a self-administered and
self-managed, publicly-traded REIT that strives to deliver superior
risk-adjusted returns for all stakeholders through disciplined
acquisitions, sustainable harvests and well-timed sales.
Headquartered in Atlanta and
focused exclusively on timberland ownership, CatchMark began
operations in 2007 and owns interests in approximately 514,100
acres* of timberlands located in Alabama, Florida, Georgia, Louisiana, North
Carolina, South Carolina,
Tennessee and Texas. For more information, visit
www.catchmark.com.
*As of March 31, 2018.
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. The closing of the
proposed transaction is subject to customary closing conditions.
There is no assurance that such conditions will be met or that the
proposed transaction will be consummated within the expected
timeframe or at all. Forward-looking statements related to the
proposed transaction include, but are not limited to, statements
about the expected benefits of the proposed transaction, including
anticipated financial and operating results and future returns to
stockholders of the company; the company's plans, objectives,
expectations, projections and intentions; the expected timing of
the completion of the proposed transaction; integration plans; and
other statements that are not historical facts. Forward-looking
statements involve risks and uncertainties that could cause actual
results to differ materially from those contemplated by our
forward-looking statements including, but not limited to the risks
that the conditions to the closing of the transaction may not be
satisfied; the length of time necessary to consummate the proposed
transaction may be longer than contemplated for various reasons;
the acquired assets and operations may not be integrated
successfully or integration costs may be higher than anticipated;
the expected benefits of and of and growth from the proposed
transaction may not be fully realized or may take longer to realize
than expected; the diversion of management time on
transaction-related matters; the potential impact of the
announcement or consummation of the proposed transaction on
relationships with customers, suppliers, competitors, and
management and other employees; and litigation risks related to the
proposed transaction. With respect to the ongoing business of the
company, including if the proposed transaction is consummated,
these risks and uncertainties 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 to access external
sources of capital at attractive rates or at all; (viii) potential
increases in interest rates could have a negative impact on our
business; (ix) our share repurchase program may not be successful
in improving stockholder value over the long-term; (x) our joint
venture strategy may not enable us to access non-dilutive capital
and enhance our ability to make acquisitions; and (xi) the factors
described in Item 1A. Risk Factors of our Annual Report on Form
10-K for the fiscal year ended December 31,
2017, and our other filings with 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.
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SOURCE CatchMark Timber Trust, Inc.