ATLANTA, Dec. 3, 2018 /PRNewswire/ -- CatchMark Timber
Trust, Inc. (NYSE: CTT) announced today that it had completed the
sale of approximately 56,000 acres of timberlands in Texas and Louisiana — the Southwest Region — to Forest
Investment Associates (FIA) for $79.3
million. As part of the transaction, CatchMark retains
approximately 280,000 tons of merchantable inventory (50%
sawtimber/50% pulpwood) to be harvested over the next 18 to 24
months. The per-acre sales price was $1,533, including the timber reservations.
![CatchMark Timber Trust, Inc. (PRNewsFoto/CatchMark Timber Trust, Inc.) CatchMark Timber Trust, Inc. (PRNewsFoto/CatchMark Timber Trust, Inc.)](https://mma.prnewswire.com/media/322797/CatchMark_Timber_Trust.jpg)
Jerry Barag, CatchMark's
President and CEO, said: "As a part of a series of coordinated
transactions, the Southwest Region sale has enabled CatchMark to
recycle capital and diversify our revenue streams, strengthening
our capital position, and advancing our future growth track. We
have reduced regional exposure in East
Texas, after investing in 1.1 million acres of extremely
high-quality timberlands through the Triple T joint venture, and
redeployed capital into 18,100 acres of prime Pacific Northwest
timberlands through the Bandon acquisition — both transactions
completed during the summer. Proceeds from the Southwest Region
sale are being used to repay debt incurred to fund the Triple T and
Bandon investments."
The Southwest Region portfolio, located across counties in
East Texas and western
Louisiana, was acquired by
CatchMark in four separate transactions during 2014 and 2015.
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 over 1.6
million acres* of timberlands located in Alabama, Florida, Georgia, Louisiana, North
Carolina, Oregon,
South Carolina, Tennessee and Texas. For more information, visit
www.catchmark.com.
* As of September 30, 2018
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SOURCE CatchMark Timber Trust, Inc.