ATLANTA, Oct. 18, 2018 /PRNewswire/ -- CatchMark
Timber Trust, Inc. (NYSE: CTT) today provided an assessment of
impacts on operations following Hurricane Michael, which affected
regions across Georgia and
South Carolina in the U.S. South
Timber Basket.
Of the company's more than 340,000 acres located in the two
states, only 500 acres suffered blowdown damage from heavy
winds.
Todd Reitz, CatchMark's Senior
Vice President for Forest Resources, said: "We were extremely
fortunate in experiencing negligible damage from recent storms in
the region. The timber in our affected acreage will be salvaged
immediately, and those operations have begun and will be completed
during the fourth quarter. Our thoughts and concerns are extended
to everyone who has suffered at the hands of Hurricanes Michael and
Florence as well as to all first responders and volunteers who are
assisting in the ongoing recovery throughout the area."
The Georgia Department of Agriculture has reported that timber
damage, related to Hurricane Michael, in the state totaled an
estimated $1 billion from the
destruction of about one million acres.
About CatchMark
CatchMark Timber Trust, Inc. (NYSE: CTT) is a self-administered
and self-managed, publicly-traded timberland REIT that strives to
deliver superior risk-adjusted returns for all stakeholders through
disciplined acquisitions, sustainable harvests, and well-timed real
estate sales. Headquartered in Atlanta and focused exclusively on timberland
ownership and management, CatchMark began operations in 2007 and
owns interests in approximately 1.6 million 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 July 6, 2018
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SOURCE CatchMark Timber Trust, Inc.