ATLANTA, Nov. 4, 2021 /PRNewswire/ -- CatchMark Timber
Trust, Inc. (NYSE: CTT) today reported third
quarter 2021 results.
![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_Logo.jpg)
Brian M. Davis, CatchMark's
President and CEO, said: "CatchMark expects to exceed full-year
2021 net income guidance and is on track to generate Adjusted
EBITDA at the top-end of full-year guidance. Once again, we
achieved solid quarterly operating results highlighted by
significantly higher year-over-year timber sales pricing for both
pulpwood and sawtimber, which continues to hold premiums over
market averages in our premier U.S. South timberland markets. These
pricing advantages mostly compensated for lower total harvest
volume year-over-year as a result of wet weather conditions in the
U.S. South and recent large timberland dispositions, notably the
Bandon disposition in the Pacific
Northwest. Looking exclusively at the U.S. South where CatchMark
focuses its operations, timber sales revenue was comparable
year-over-year despite the weather-related harvest delays.
Timberland sales for 2021, which were heavily weighted to this
year's second quarter, have already met full-year targets and we
expect to achieve the midpoint of full-year guidance.
Investment management results also are in line with targets.
Davis added: "Record quarterly net income and earnings per share
resulted from a gain recognized on successful execution of the
Bandon large disposition. Proceeds
from the Bandon sale and recent
Triple T redemption used to repay debt further improved CatchMark's
capital position and our credit facilities provide ample liquidity
to pursue our growth strategy. As of now, our capital recycling
program, involving large dispositions, has concluded. Our attention
focuses on a disciplined approach to acquisitions that will seek to
increase our scale of prime timberlands in the U.S. South's premier
mill markets where we already operate a robust platform. We also
are looking to sustain our industry-leading Harvest EBITDA per-acre
and market pricing premiums, while maintaining stable per-acre
merchantable inventory. In addition, we are moving forward with the
value realization of our environmental initiatives — involving
carbon sequestration, mitigation bank credits, and solar energy —
capitalizing on the increasing demand to meet climate challenges.
Overall, the economic and market fundamentals supporting our
business growth remain strong, including housing, household
formation, current product pricing and outlook, and demand for wood
products."
Third Quarter 2021 Results
The following table summarizes the current quarter and
comparable prior year period results:
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
(in millions
except for tons and acres)
|
Three Months Ended
September 30,
|
|
Change
|
2021
|
|
2020
|
|
Dollars, Tons or
Acres
|
|
%
|
Results of
Operations
|
|
|
|
|
|
|
|
Revenues
|
$
|
22.1
|
|
|
$
|
24.6
|
|
|
$
|
(2.5)
|
|
|
(10)
|
%
|
Net Income
(Loss)
|
$
|
23.3
|
|
|
$
|
(4.1)
|
|
|
$
|
27.4
|
|
|
662
|
%
|
Adjusted
EBITDA
|
$
|
9.9
|
|
|
$
|
12.4
|
|
|
$
|
(2.5)
|
|
|
(20)
|
%
|
|
|
|
|
|
|
|
|
Harvest Volume
(tons)
|
494,192
|
|
|
580,528
|
|
|
(86,336)
|
|
|
(15)
|
%
|
Acres Sold
|
1,000
|
|
|
1,200
|
|
|
(200)
|
|
|
(17)
|
%
|
Business Segments Overview
Harvest Operations
|
Three Months Ended
September 30,
|
|
Change
|
(in
millions)
|
2021
|
|
2020
|
|
$
|
|
%
|
Timber Sales
Revenue
|
$
|
15.9
|
|
|
$
|
18.1
|
|
|
$
|
(2.2)
|
|
|
(12)
|
%
|
Harvest
EBITDA
|
$
|
7.1
|
|
|
$
|
8.5
|
|
|
$
|
(1.4)
|
|
|
(17)
|
%
|
Significant levels of new housing starts and home remodeling
activity, particularly in the U.S. South, have maintained robust
demand for timber products in the premier mill markets where
CatchMark concentrates its operations. New sawmills in the region
continue to come on-line which should increase production levels in
coming quarters and support pricing for CatchMark harvests — both
sawtimber and pulpwood.
Lower overall harvest volumes and revenues year-over-year
resulted primarily from the Bandon
large disposition, completed in early August, and weather-related
issues in the U.S. South.
Strong pricing in both pulpwood and sawtimber in the U.S. South
offset an 11% harvest reduction in the region, due to wet
conditions, and resulted in a 1% increase in regional timber sales
revenues year-over-year to $15.5
million.
U.S. South:
- Despite the weather-related harvest reduction and recent
timberland large dispositions, increased timber sales revenue in
the U.S. South year-over-year reflected CatchMark registering
significant increases in realized stumpage prices for both pulpwood
and sawtimber.
- CatchMark's U.S. South pulpwood and sawtimber stumpage prices
were 8% and 11%, respectively, above the prior year quarter at 38%
and 16% premiums to TimberMart-South south-wide averages.
Negotiated delivered wood sales price increases also helped
maintain stumpage values by offsetting increased logging and
hauling rates due to higher fuel and labor costs.
Pacific Northwest:
- Timber sales revenue from the Pacific Northwest decreased 86%
due to the Bandon disposition.
CatchMark had completed 90% of planned full-year harvests in the
region at the time of the transaction.
Todd Reitz, Chief Resources
Officer, said: "Staying nimble to meet changing customer needs and
product mix, given challenging weather conditions, was key during
the quarter. Frequent rain events put extra pressure on production
and customer raw material inventories, adding pricing tension for
spot market deals. Our delivered wood model gave us an edge in
competition to meet logging capacity and managing costs. We are
well positioned in superior markets with our prime timberlands and
expect to have a solid fourth quarter, and are on course to achieve
the midpoint of our full-year harvest volume guidance, as our mill
customers are running very well with no mill quotas for
deliveries."
Real Estate
|
Three Months Ended
September 30,
|
|
Change
|
(in
millions)
|
2021
|
|
2020
|
|
$
|
|
%
|
Timberland Sales
Revenue
|
$
|
2.1
|
|
|
$
|
2.4
|
|
|
$
|
(0.3)
|
|
|
(13)
|
%
|
Real Estate
EBITDA
|
$
|
2.0
|
|
|
$
|
2.3
|
|
|
$
|
(0.3)
|
|
|
(13)
|
%
|
Timberland Sales:
- CatchMark sold 1,000 acres for $2.1
million, compared to 1,200 acres for $2.4 million in third quarter 2020.
- Lower Real Estate EBITDA resulted from selling 17% fewer acres
at a comparable price per acre.
- Acres sold had a lower average merchantable timber stocking
than the portfolio average — 32 tons per acre versus 41 tons per
acre.
- Through the third quarter, CatchMark had already exceeded the
lower range of full-year guidance for timberland sales, having sold
7,100 acres for $13.1 million with
transactions concentrated in the second quarter.
Large Dispositions:
CatchMark completed the large disposition of its wholly-owned
Bandon timberlands, comprising
18,100 acres in Oregon, for
$100 million, or $5,536 per acre, and recognized a gain of
$23.4 million. The timberlands were
purchased in 2018 for $4,916 per
acre. Proceeds of $95.4 million from
the sale were used to pay down CatchMark's outstanding debt balance
on the Multi-Draw Term Facility and Term Loan A-3.
Investment Management
|
Three Months Ended
September 30,
|
|
Change
|
(in
millions)
|
2021
|
|
2020
|
|
$
|
|
%
|
Asset Management Fee
Revenue
|
$
|
3.0
|
|
|
$
|
3.1
|
|
|
$
|
(0.1)
|
|
|
(4)
|
%
|
Investment Management
EBITDA
|
$
|
3.0
|
|
|
$
|
3.7
|
|
|
$
|
(0.7)
|
|
|
(19)
|
%
|
On October 14, 2021, in connection
with CatchMark's agreement to redeem its common equity interest in
Triple T for $35 million, the Triple
T asset management agreement terminated and was replaced by a
transition services agreement, effective September 1, 2021. Under the transition services
agreement, CatchMark will provide transition services to Triple T
through March 2022 in exchange for
$5 million in cash.
For the third quarter, asset management fees were comparable
year-over-year and included a $0.2
million promote earned from the Dawsonville Bluffs joint
venture for exceeding investment return hurdles generated by strong
returns on wetland mitigation credit sales.
Investment Management EBITDA decreased by $0.7 million year-over-year primarily due to a
$0.6 million decrease in Adjusted
EBITDA from Dawsonville Bluffs.
CAPITAL POSITION AND SHARE REPURCHASES
CatchMark amended its existing credit agreement to establish a
$68.6 million revolver feature on
Term Loan A-3 and extend the maturity date of the existing
Revolving Credit Facility from 2022 to 2026. The new revolver
feature allows CatchMark to retain its borrowing capacity after
using $95.4 million of Bandon disposition proceeds to repay debt.
Following the debt repayments with proceeds from the
Bandon disposition and Triple T
redemption, CatchMark had increased its liquidity from $180.0 million at the end of the second quarter
to $278.2 million — comprised of
$24.6 million in cash and
$253.6 million of borrowing capacity
with an extremely attractive cost of debt at 2.92% as of
October 15, 2021.
No share repurchases were made under CatchMark's share
repurchase program during the quarter and $13.7 million remains available under the program
as of September 30, 2021.
Chief Financial Officer Ursula
Godoy-Arbelaez, said: "After executing our capital recycling
program and following our exit from Triple T, CatchMark has ample
liquidity and is in a solid capital position to move ahead with our
planned growth initiatives. Our $300
million of debt outstanding has a competitive cost under
three percent with no near-term maturities and we are well within
our financial covenants. Most importantly, we are well positioned
to continue to cover our dividends from cash available for
distribution within our historical payout ratio of 75% to 85%."
Covered Dividend
- During the third quarter, CatchMark paid $6.5 million of distributions to stockholders,
fully covered by net cash provided by operating activities.
Year-to-date, $19.7 million of
capital has been returned to shareholders, which was fully covered
by net cash provided by operating activities.
- On October 15, 2021, CatchMark
declared a cash dividend of $0.075
per share for common stockholders of record as of November 30, 2021, payable on December 15, 2021.
Conference Call
The company will host a conference call and live webcast at 10
a.m. ET on Friday, November 5, 2021
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 is available at www.catchmark.com
or here. A replay of this webcast will be archived on the
company's website immediately 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 370,100 acres* of timberlands located in
Alabama, Georgia and South
Carolina. For more information, visit www.catchmark.com.
* As of October 15, 2021
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 press release
include, but are not limited to, our expectations with respect to
exceeding or meeting full-year 2021 guidance for net income and
Adjusted EBITDA, respectively, our expectations with respect to our
growth strategy, including making acquisitions and environmental
initiatives, and our expectations with respect to fourth quarter
harvest volumes. Risks and uncertainties that could
cause our actual results to differ from these forward-looking
statements include, but are not limited to, that (i) the
supply of timberlands available for acquisition that meet our
investment criteria may be less than we currently anticipate; (ii)
we may be unsuccessful in winning bids for timberland that are sold
through an auction process; (iii) we may not be able to access
external sources of capital at attractive rates or at all; (iv)
potential increases in interest rates could have a negative impact
on our business; (v) timber prices may not increase at the rate we
currently anticipate or could decline, which would negatively
impact our revenues; (vi) we may not generate the harvest volumes
from our timberlands that we currently anticipate; (vii) the demand
for our timber may not increase at the rate we currently anticipate
or could decline due to changes in general economic and business
conditions in the geographic regions where our timberlands are
located, including as a result of the COVID-19 pandemic and the
measures taken as a response thereto; (viii) a downturn in the real
estate market, including decreases in demand and valuations, may
adversely impact our ability to generate income and cash flow from
sales of higher-and-better use properties; (ix) we may not be able
to make large dispositions of timberland in capital recycling
transactions at prices that are attractive to us or at all; (x) our
dividends are not guaranteed and are subject to change; (xi) the
markets for carbon sequestration credits, wetlands mitigation
banking and solar projects are still developing and we maybe
unsuccessful in generating the revenues from environmental
initiatives that we currently expect or in the timeframe
anticipated; (xii) our share repurchase program may not be
successful in improving stockholder value over the long-term;
(xiii) our joint venture strategy may not enable us to access
non-dilutive capital and enhance our ability to make acquisitions;
and (xiv) the factors described in Part I, Item 1A. Risk Factors of
our Annual Report on Form 10-K for the year ended December 31, 2020 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
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenues:
|
|
|
|
|
|
|
|
Timber
sales
|
$
|
15,850
|
|
|
$
|
18,060
|
|
|
$
|
56,110
|
|
|
$
|
52,399
|
|
Timberland
sales
|
2,122
|
|
|
2,430
|
|
|
13,111
|
|
|
8,882
|
|
Asset management
fees
|
2,984
|
|
|
3,118
|
|
|
9,313
|
|
|
8,950
|
|
Other
revenues
|
1,117
|
|
|
1,005
|
|
|
3,165
|
|
|
3,111
|
|
|
22,073
|
|
|
24,613
|
|
|
81,699
|
|
|
73,342
|
|
Expenses
|
|
|
|
|
|
|
|
Contract logging and
hauling costs
|
6,689
|
|
|
7,688
|
|
|
24,245
|
|
|
21,943
|
|
Depletion
|
4,560
|
|
|
7,286
|
|
|
18,942
|
|
|
20,934
|
|
Cost of timberland
sales
|
1,318
|
|
|
1,926
|
|
|
9,114
|
|
|
6,811
|
|
Forestry management
expenses
|
1,725
|
|
|
1,666
|
|
|
5,319
|
|
|
5,171
|
|
General and
administrative expenses
|
2,954
|
|
|
2,768
|
|
|
9,648
|
|
|
13,059
|
|
Land rent
expense
|
80
|
|
|
114
|
|
|
213
|
|
|
334
|
|
Other operating
expenses
|
1,558
|
|
|
1,458
|
|
|
4,985
|
|
|
4,679
|
|
|
18,884
|
|
|
22,906
|
|
|
72,466
|
|
|
72,931
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
income
|
1
|
|
|
1
|
|
|
2
|
|
|
51
|
|
Interest
expense
|
(3,216)
|
|
|
(3,563)
|
|
|
(9,481)
|
|
|
(11,590)
|
|
Gain on large
dispositions
|
23,377
|
|
|
—
|
|
|
24,136
|
|
|
1,274
|
|
|
20,162
|
|
|
(3,562)
|
|
|
14,657
|
|
|
(10,265)
|
|
|
|
|
|
|
|
|
|
Income (loss)
before unconsolidated joint ventures and income
taxes
|
23,351
|
|
|
(1,855)
|
|
|
23,890
|
|
|
(9,854)
|
|
|
|
|
|
|
|
|
|
Income (loss) from
unconsolidated joint ventures:
|
|
|
|
|
|
|
|
Triple T
|
—
|
|
|
(2,689)
|
|
|
—
|
|
|
(5,000)
|
|
Dawsonville
Bluffs
|
(43)
|
|
|
395
|
|
|
620
|
|
|
273
|
|
|
(43)
|
|
|
(2,294)
|
|
|
620
|
|
|
(4,727)
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
23,308
|
|
|
(4,149)
|
|
|
24,510
|
|
|
(14,581)
|
|
Net income
attributable to noncontrolling interest
|
56
|
|
|
—
|
|
|
59
|
|
|
—
|
|
Net income (loss)
attributable to common stockholders
|
$
|
23,252
|
|
|
$
|
(4,149)
|
|
|
$
|
24,451
|
|
|
$
|
(14,581)
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding - basic
|
48,441
|
|
|
48,766
|
|
|
48,412
|
|
|
48,833
|
|
Income (loss) per
share - basic
|
$
|
0.48
|
|
|
$
|
(0.09)
|
|
|
$
|
0.51
|
|
|
$
|
(0.30)
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding - diluted
|
48,637
|
|
|
48,766
|
|
|
48,613
|
|
|
48,833
|
|
Income (loss) per
share - diluted
|
$
|
0.48
|
|
|
$
|
(0.09)
|
|
|
$
|
0.50
|
|
|
$
|
(0.30)
|
|
CATCHMARK TIMBER
TRUST, INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS (UNAUDITED)
|
(in thousands,
except for per-share amounts)
|
|
|
September 30,
2021
|
|
December 31,
2020
|
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
24,566
|
|
|
$
|
11,924
|
|
Accounts
receivable
|
7,232
|
|
|
8,333
|
|
Prepaid expenses and
other assets
|
6,603
|
|
|
5,878
|
|
Operating lease
right-of-use asset
|
2,604
|
|
|
2,831
|
|
Deferred financing
costs
|
2,752
|
|
|
167
|
|
Timber
assets:
|
|
|
|
Timber and
timberlands, net
|
470,441
|
|
|
576,680
|
|
Intangible lease
assets
|
2
|
|
|
5
|
|
Assets held for
sale
|
—
|
|
|
—
|
|
Investment in
unconsolidated joint ventures
|
1,327
|
|
|
1,510
|
|
Total
assets
|
$
|
515,527
|
|
|
$
|
607,328
|
|
|
|
|
|
Liabilities:
|
|
|
|
Accounts payable and
accrued expenses
|
$
|
4,606
|
|
|
$
|
4,808
|
|
Operating lease
liability
|
2,779
|
|
|
2,988
|
|
Other
liabilities
|
20,428
|
|
|
32,130
|
|
Notes payable and
lines of credit, net of deferred financing costs
|
337,835
|
|
|
437,490
|
|
Total
liabilities
|
365,648
|
|
|
477,416
|
|
|
|
|
|
Commitments and
Contingencies
|
—
|
|
|
—
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
Class A common stock,
$0.01 par value; 900,000 shares authorized; 48,899 and 48,765
shares issued and outstanding as of September 30, 2021 and December
31, 2020, respectively
|
489
|
|
|
488
|
|
Additional paid-in
capital
|
729,532
|
|
|
728,662
|
|
Accumulated deficit
and distributions
|
(567,656)
|
|
|
(572,493)
|
|
Accumulated other
comprehensive loss
|
(14,323)
|
|
|
(27,893)
|
|
Total stockholders'
equity
|
148,042
|
|
|
128,764
|
|
Noncontrolling
Interest
|
1,837
|
|
|
1,148
|
|
Total
equity
|
149,879
|
|
|
129,912
|
|
Total liabilities and
equity
|
$
|
515,527
|
|
|
$
|
607,328
|
|
CATCHMARK TIMBER
TRUST, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
|
(in
thousands)
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
23,308
|
|
|
$
|
(4,149)
|
|
|
$
|
24,510
|
|
|
$
|
(14,581)
|
|
Adjustments to
reconcile net loss to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
Depletion
|
4,560
|
|
|
7,286
|
|
|
18,942
|
|
|
20,934
|
|
Basis of timberland
sold, lease terminations and other
|
1,165
|
|
|
1,991
|
|
|
8,832
|
|
|
6,988
|
|
Stock-based
compensation expense
|
766
|
|
|
630
|
|
|
2,152
|
|
|
3,207
|
|
Noncash interest
expense
|
537
|
|
|
698
|
|
|
1,708
|
|
|
2,469
|
|
Noncash lease
expense
|
5
|
|
|
8
|
|
|
18
|
|
|
28
|
|
Other
amortization
|
35
|
|
|
41
|
|
|
120
|
|
|
124
|
|
Gain (loss) on large
dispositions
|
(23,377)
|
|
|
—
|
|
|
(24,136)
|
|
|
(1,274)
|
|
(Income) loss from
unconsolidated joint ventures
|
43
|
|
|
2,294
|
|
|
(620)
|
|
|
4,727
|
|
Operating
distributions from unconsolidated joint ventures
|
—
|
|
|
273
|
|
|
—
|
|
|
273
|
|
Interest paid under
swaps with other-than-insignificant financing element
|
1,461
|
|
|
1,412
|
|
|
4,306
|
|
|
2,904
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
382
|
|
|
(1,565)
|
|
|
124
|
|
|
(1,092)
|
|
Prepaid expenses and
other assets
|
(529)
|
|
|
(414)
|
|
|
(32)
|
|
|
(5)
|
|
Accounts payable and
accrued expenses
|
(968)
|
|
|
(697)
|
|
|
(90)
|
|
|
1,959
|
|
Other
liabilities
|
(558)
|
|
|
(191)
|
|
|
1,048
|
|
|
986
|
|
Net cash provided by
operating activities
|
6,830
|
|
|
7,617
|
|
|
36,882
|
|
|
27,647
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
Capital expenditures
(excluding timberland acquisitions)
|
(603)
|
|
|
(566)
|
|
|
(3,923)
|
|
|
(4,332)
|
|
Investment in
unconsolidated joint ventures
|
|
|
—
|
|
|
—
|
|
|
(5,000)
|
|
Distributions from
unconsolidated joint ventures
|
537
|
|
|
(273)
|
|
|
803
|
|
|
127
|
|
Net proceeds from
large dispositions
|
99,423
|
|
|
—
|
|
|
106,763
|
|
|
20,863
|
|
Net cash provided by
(used in) investing activities
|
99,357
|
|
|
(839)
|
|
|
103,643
|
|
|
11,658
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
Repayments of notes
payable
|
(95,410)
|
|
|
—
|
|
|
(102,705)
|
|
|
(20,850)
|
|
Proceeds from notes
payable
|
—
|
|
|
—
|
|
|
—
|
|
|
5,000
|
|
Financing costs
paid
|
(342)
|
|
|
(15)
|
|
|
(349)
|
|
|
(1,019)
|
|
Interest paid under
swaps with other-than-insignificant financing element
|
(1,461)
|
|
|
(1,412)
|
|
|
(4,306)
|
|
|
(2,904)
|
|
Dividends/distributions paid
|
(6,556)
|
|
|
(6,537)
|
|
|
(19,684)
|
|
|
(19,726)
|
|
Repurchases of common
shares
|
(75)
|
|
|
(77)
|
|
|
(233)
|
|
|
(2,207)
|
|
Repurchase of common
shares for minimum tax withholding
|
(68)
|
|
|
(53)
|
|
|
(606)
|
|
|
(1,052)
|
|
Net cash used in
financing activities
|
(103,912)
|
|
|
(8,094)
|
|
|
(127,883)
|
|
|
(42,758)
|
|
Net change in cash
and cash equivalents
|
2,275
|
|
|
(1,316)
|
|
|
12,642
|
|
|
(3,453)
|
|
Cash and cash
equivalents, beginning of period
|
22,291
|
|
|
9,350
|
|
|
11,924
|
|
|
11,487
|
|
Cash and cash
equivalents, end of period
|
$
|
24,566
|
|
|
$
|
8,034
|
|
|
$
|
24,566
|
|
|
$
|
8,034
|
|
CATCHMARK TIMBER
TRUST, INC. AND SUBSIDIARIES
|
SELECTED DATA
(UNAUDITED)
|
|
|
2021
|
|
2020
|
|
Q1
|
|
Q2
|
|
Q3
|
|
YTD
|
|
Q1
|
|
Q2
|
|
Q3
|
|
YTD
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timber Sales
Volume (tons, '000)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pulpwood
|
273
|
|
|
300
|
|
|
286
|
|
|
859
|
|
|
324
|
|
|
354
|
|
|
349
|
|
|
1,028
|
|
Sawtimber
(1)
|
252
|
|
|
228
|
|
|
208
|
|
|
688
|
|
|
271
|
|
|
214
|
|
|
231
|
|
|
715
|
|
Total
|
525
|
|
|
528
|
|
|
494
|
|
|
1,547
|
|
|
595
|
|
|
568
|
|
|
580
|
|
|
1,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Harvest
Mix
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pulpwood
|
52
|
%
|
|
57
|
%
|
|
58
|
%
|
|
56
|
%
|
|
54
|
%
|
|
62
|
%
|
|
60
|
%
|
|
59
|
%
|
Sawtimber
(1)
|
48
|
%
|
|
43
|
%
|
|
42
|
%
|
|
44
|
%
|
|
46
|
%
|
|
38
|
%
|
|
40
|
%
|
|
41
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end
Acres ('000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee
|
385
|
|
|
375
|
|
|
356
|
|
|
356
|
|
|
393
|
|
|
392
|
|
|
391
|
|
|
391
|
|
Lease
|
15
|
|
|
15
|
|
|
14
|
|
|
14
|
|
|
22
|
|
|
22
|
|
|
22
|
|
|
22
|
|
Wholly-owned
total
|
400
|
|
|
390
|
|
|
370
|
|
|
370
|
|
|
415
|
|
|
414
|
|
|
413
|
|
|
413
|
|
Joint venture
interest (5)
|
1,081
|
|
|
1,080
|
|
|
774
|
|
|
774
|
|
|
1,092
|
|
|
1,092
|
|
|
1,085
|
|
|
1,085
|
|
Total
|
1,481
|
|
|
1,470
|
|
|
1,144
|
|
|
1,144
|
|
|
1,507
|
|
|
1,506
|
|
|
1,498
|
|
|
1,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
South
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timber Sales
Volume (tons, '000)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pulpwood
|
271
|
|
|
297
|
|
|
286
|
|
|
854
|
|
|
320
|
|
|
352
|
|
|
346
|
|
|
1,018
|
|
Sawtimber
(1)
|
205
|
|
|
194
|
|
|
204
|
|
|
603
|
|
|
250
|
|
|
195
|
|
|
206
|
|
|
651
|
|
Total
|
476
|
|
|
491
|
|
|
490
|
|
|
1,457
|
|
|
570
|
|
|
547
|
|
|
552
|
|
|
1,669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Harvest
Mix
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pulpwood
|
57
|
%
|
|
61
|
%
|
|
58
|
%
|
|
59
|
%
|
|
56
|
%
|
|
64
|
%
|
|
63
|
%
|
|
61
|
%
|
Sawtimber
(1)
|
43
|
%
|
|
39
|
%
|
|
42
|
%
|
|
41
|
%
|
|
44
|
%
|
|
36
|
%
|
|
37
|
%
|
|
39
|
%
|
Delivered % as of
total volume
|
74
|
%
|
|
77
|
%
|
|
70
|
%
|
|
74
|
%
|
|
63
|
%
|
|
61
|
%
|
|
63
|
%
|
|
62
|
%
|
Stumpage % as of
total volume
|
26
|
%
|
|
23
|
%
|
|
30
|
%
|
|
26
|
%
|
|
37
|
%
|
|
39
|
%
|
|
37
|
%
|
|
38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Timber
Sales Price ($ per ton) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pulpwood
|
$
|
14
|
|
|
$
|
15
|
|
|
$
|
14
|
|
|
$
|
14
|
|
|
$
|
13
|
|
|
$
|
12
|
|
|
$
|
13
|
|
|
$
|
13
|
|
Sawtimber
(1)
|
$
|
25
|
|
|
$
|
26
|
|
|
$
|
25
|
|
|
$
|
25
|
|
|
$
|
23
|
|
|
$
|
23
|
|
|
$
|
22
|
|
|
$
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timberland
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross sales
('000)
|
$
|
3,357
|
|
|
$
|
7,632
|
|
|
$
|
2,122
|
|
|
$
|
13,111
|
|
|
$
|
4,779
|
|
|
$
|
1,673
|
|
|
$
|
2,430
|
|
|
$
|
8,882
|
|
Acres sold
|
1,800
|
|
|
4,300
|
|
|
1,000
|
|
|
7,100
|
|
|
3,000
|
|
|
1,100
|
|
|
1,200
|
|
|
5,200
|
|
% of fee
acres
|
0.5
|
%
|
|
1.2
|
%
|
|
0.3
|
%
|
|
1.9
|
%
|
|
0.7
|
%
|
|
0.3
|
%
|
|
0.3
|
%
|
|
1.3
|
%
|
Price per acre
(3)
|
$
|
1,923
|
|
|
$
|
1,743
|
|
|
$
|
2,029
|
|
|
$
|
1,828
|
|
|
$
|
1,627
|
|
|
$
|
1,564
|
|
|
$
|
2,047
|
|
|
$
|
1,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large
Dispositions (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross sales
('000)
|
$
|
—
|
|
|
$
|
7,536
|
|
|
$
|
—
|
|
|
$
|
7,536
|
|
|
$
|
21,250
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21,250
|
|
Acres sold
|
—
|
|
|
5,000
|
|
|
—
|
|
|
5,000
|
|
|
14,400
|
|
|
—
|
|
|
—
|
|
|
14,400
|
|
Price per acre
(7)
|
$
|
—
|
|
|
$
|
1,522
|
|
|
$
|
—
|
|
|
$
|
1,522
|
|
|
$
|
1,474
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,474
|
|
Gain
('000)
|
$
|
—
|
|
|
$
|
759
|
|
|
$
|
—
|
|
|
$
|
759
|
|
|
$
|
1,274
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific
Northwest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timber Sales
Volume (tons,'000)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pulpwood
|
2
|
|
|
3
|
|
|
—
|
|
|
5
|
|
|
4
|
|
|
3
|
|
|
3
|
|
|
10
|
|
Sawtimber
(1)
|
47
|
|
|
34
|
|
|
4
|
|
|
85
|
|
|
21
|
|
|
18
|
|
|
25
|
|
|
64
|
|
Total
|
49
|
|
|
37
|
|
|
4
|
|
|
90
|
|
|
25
|
|
|
21
|
|
|
28
|
|
|
74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Harvest
Mix
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pulpwood
|
4
|
%
|
|
8
|
%
|
|
12
|
%
|
|
6
|
%
|
|
18
|
%
|
|
13
|
%
|
|
12
|
%
|
|
14
|
%
|
Sawtimber
|
96
|
%
|
|
92
|
%
|
|
88
|
%
|
|
94
|
%
|
|
82
|
%
|
|
87
|
%
|
|
88
|
%
|
|
86
|
%
|
Delivered % as of
total volume
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
84
|
%
|
|
100
|
%
|
|
100
|
%
|
|
95
|
%
|
Stumpage % as of
total volume
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
16
|
%
|
|
—
|
%
|
|
—
|
%
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delivered
Timber Sales Price ($ per ton) (2)
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pulpwood
|
$
|
30
|
|
|
$
|
30
|
|
|
$
|
33
|
|
|
$
|
31
|
|
|
$
|
31
|
|
|
$
|
29
|
|
|
$
|
28
|
|
|
$
|
30
|
|
Sawtimber
|
$
|
104
|
|
|
$
|
106
|
|
|
$
|
99
|
|
|
$
|
104
|
|
|
$
|
91
|
|
|
$
|
84
|
|
|
$
|
105
|
|
|
$
|
94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large
Dispositions (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross sales
('000)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
100,000
|
|
|
$
|
100,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Acres sold
|
—
|
|
|
—
|
|
|
18,100
|
|
|
18,100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Price per acre
(7)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,536
|
|
|
$
|
5,536
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Gain
('000)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,377
|
|
|
$
|
23,377
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
(1)
|
Includes chip-n-saw
and sawtimber.
|
(2)
|
Prices per ton are
rounded to the nearest dollar.
|
(3)
|
Excludes value of
timber reservations. For the three months ended September 30, 2021
and 2020, we retained 5,000 tons and 8,000 tons of merchantable
inventory, with a sawtimber mix of 47% and pulpwood mix of 100%,
respectively, for 2021 and 2020. For the nine months ended
September 30, 2021 and 2020, we retained 64,000 tons and 123,000
tons of merchantable inventory, with a sawtimber mix of 37% and
48%, respectively.
|
(4)
|
Large dispositions
are sales of blocks of timberland properties in one or several
transactions with the objective to generate proceeds to fund
capital allocation priorities. Large dispositions may or may not
have a higher or better use than timber production or result in a
price premium above the land's timber production value. Such
dispositions are infrequent in nature, are not part of core
operations, and would cause material variances in comparative
results if not reported separately.
|
(5)
|
Represents properties
owned by Triple T joint venture in which CatchMark owns a common
partnership interest and has contributed 22.0% of total equity
contributions; 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.
|
(6)
|
Delivered timber
sales price includes contract logging and hauling costs.
|
(7)
|
Excludes value of
timber reservations, which retained 56,300 tons of merchantable
inventory, with a sawtimber mix of 55% for the nine months ended
September 30, 2020.
|
CATCHMARK TIMBER
TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO ADJUSTED EBITDA (UNAUDITED)
|
(in
thousands)
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
(in
thousands)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net income
(loss)
|
$
|
23,308
|
|
|
$
|
(4,149)
|
|
|
$
|
24,510
|
|
|
$
|
(14,581)
|
|
Add:
|
|
|
|
|
|
|
|
Depletion
|
4,560
|
|
|
7,286
|
|
|
18,942
|
|
|
20,934
|
|
Interest expense
(2)
|
2,679
|
|
|
2,865
|
|
|
7,773
|
|
|
9,121
|
|
Amortization
(2)
|
577
|
|
|
747
|
|
|
1,846
|
|
|
2,621
|
|
Depletion,
amortization, basis of timberland, mitigation credits sold included
in loss from unconsolidated joint venture (3)
|
10
|
|
|
140
|
|
|
113
|
|
|
140
|
|
Basis of timberland
sold, lease terminations and other (4)
|
1,165
|
|
|
1,991
|
|
|
8,832
|
|
|
6,988
|
|
Stock-based
compensation expense
|
766
|
|
|
630
|
|
|
2,152
|
|
|
3,207
|
|
(Gain) on large
dispositions (5)
|
(23,377)
|
|
|
—
|
|
|
(24,136)
|
|
|
(1,274)
|
|
HLBV loss from
unconsolidated joint venture (6)
|
—
|
|
|
2,689
|
|
|
—
|
|
|
5,000
|
|
Post-employment
benefits (7)
|
11
|
|
|
10
|
|
|
34
|
|
|
2,307
|
|
Other
(8)
|
165
|
|
|
190
|
|
|
312
|
|
|
260
|
|
Adjusted
EBITDA (1)
|
$
|
9,864
|
|
|
$
|
12,399
|
|
|
$
|
40,378
|
|
|
$
|
34,723
|
|
|
|
(1)
|
Adjusted 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. 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 (losses) from unconsolidated joint
ventures based on hypothetical liquidation book value, or 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. By providing this
non-GAAP financial measure, together with the reconciliation above,
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. 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 flow 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 GAAP.
|
(2)
|
For the purpose of
the above reconciliation, amortization includes amortization of
deferred financing costs, amortization of operating lease assets
and liabilities, 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)
|
Includes non-cash
basis of timber and timberland assets written-off related to
timberland sold, terminations of timberland leases and casualty
losses.
|
(5)
|
Large dispositions
are sales of blocks of timberland properties in one or several
transactions with the objective to generate proceeds to fund
capital allocation priorities. Large dispositions may or may not
have a higher or better use than timber production or result in a
price premium above the land's timber production value. Such
dispositions are infrequent in nature, are not part of core
operations, and would cause material variances in comparative
results if not reported separately.
|
(6)
|
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.
|
(7)
|
Reflects one-time,
non-recurring post-employment benefits associated with the
retirement of our former CEO, including severance pay, payroll
taxes, professional fees, and accrued dividend equivalents paid in
installments over agreed-upon periods of time.
|
(8)
|
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.
|
CATCHMARK TIMBER
TRUST, INC. AND SUBSIDIARIES
|
ADJUSTED EBITDA BY
SEGMENT (UNAUDITED)
|
(in
thousands)
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Timber
sales
|
$
|
15,850
|
|
|
$
|
18,060
|
|
|
$
|
56,110
|
|
|
$
|
52,399
|
|
Other
revenue
|
1,117
|
|
|
1,005
|
|
|
3,165
|
|
|
3,111
|
|
(-)
Contract logging and hauling costs
|
(6,689)
|
|
|
(7,688)
|
|
|
(24,245)
|
|
|
(21,943)
|
|
(-)
Forestry management expenses
|
(1,725)
|
|
|
(1,666)
|
|
|
(5,319)
|
|
|
(5,171)
|
|
(-)
Land rent expense
|
(80)
|
|
|
(114)
|
|
|
(213)
|
|
|
(334)
|
|
(-)
Other operating expenses
|
(1,558)
|
|
|
(1,458)
|
|
|
(4,985)
|
|
|
(4,679)
|
|
(+)
Stock-based compensation
|
142
|
|
|
110
|
|
|
392
|
|
|
307
|
|
(+/-)
Other
|
20
|
|
|
253
|
|
|
466
|
|
|
807
|
|
Harvest
EBITDA
|
7,077
|
|
|
8,502
|
|
|
25,371
|
|
|
24,497
|
|
|
|
|
|
|
|
|
|
Timberland
sales
|
2,122
|
|
|
2,430
|
|
|
13,111
|
|
|
8,882
|
|
(-)
Cost of timberland sales
|
(1,318)
|
|
|
(1,926)
|
|
|
(9,114)
|
|
|
(6,811)
|
|
(+) Basis
of timberland sold
|
1,170
|
|
|
1,768
|
|
|
8,454
|
|
|
6,271
|
|
Real Estate
EBITDA
|
1,974
|
|
|
2,272
|
|
|
12,451
|
|
|
8,342
|
|
|
|
|
|
|
|
|
|
Asset management
fees
|
2,984
|
|
|
3,118
|
|
|
9,313
|
|
|
8,950
|
|
Unconsolidated
Dawsonville Bluffs joint venture EBITDA
|
(33)
|
|
|
535
|
|
|
733
|
|
|
413
|
|
Investment
Management EBITDA
|
2,951
|
|
|
3,653
|
|
|
10,046
|
|
|
9,363
|
|
|
|
|
|
|
|
|
|
Total Operating
EBITDA
|
12,002
|
|
|
14,427
|
|
|
47,868
|
|
|
42,202
|
|
|
|
|
|
|
|
|
|
(-) General and
administrative expenses
|
(2,954)
|
|
|
(2,768)
|
|
|
(9,648)
|
|
|
(13,059)
|
|
(+)
Stock-based compensation
|
624
|
|
|
520
|
|
|
1,760
|
|
|
2,900
|
|
(+)
Interest income
|
1
|
|
|
1
|
|
|
2
|
|
|
51
|
|
(+)
Post-employment benefits
|
11
|
|
|
10
|
|
|
34
|
|
|
2,307
|
|
(+/-)
Other
|
180
|
|
|
209
|
|
|
362
|
|
|
322
|
|
Corporate
EBITDA
|
(2,138)
|
|
|
(2,028)
|
|
|
(7,490)
|
|
|
(7,479)
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA (1)
|
$
|
9,864
|
|
|
$
|
12,399
|
|
|
$
|
40,378
|
|
|
$
|
34,723
|
|
|
|
(1)
|
See definition of
Adjusted EBITDA on page 12.
|
CATCHMARK TIMBER
TRUST, INC. AND SUBSIDIARIES
|
CASH AVAILABLE FOR
DISTRIBUTION (UNAUDITED)
|
(in thousands,
except for per share data)
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Cash Provided by
Operating Activities
|
$
|
6,830
|
|
|
$
|
7,617
|
|
|
$
|
36,882
|
|
|
$
|
27,647
|
|
Capital expenditures
(excluding timberland acquisitions)
|
(603)
|
|
|
(566)
|
|
|
(3,923)
|
|
|
(4,332)
|
|
Working capital
change
|
1,673
|
|
|
2,867
|
|
|
(1,050)
|
|
|
(1,848)
|
|
Distributions from
unconsolidated joint ventures
|
537
|
|
|
(273)
|
|
|
803
|
|
|
127
|
|
Post-employment
benefits
|
11
|
|
|
10
|
|
|
34
|
|
|
2,307
|
|
Interest paid under
swaps with other-than-insignificant financing element
|
(1,461)
|
|
|
(1,412)
|
|
|
(4,306)
|
|
|
(2,904)
|
|
Other
|
165
|
|
|
190
|
|
|
312
|
|
|
260
|
|
Cash Available for
Distribution (1)
|
$
|
7,152
|
|
|
$
|
8,433
|
|
|
$
|
28,752
|
|
|
$
|
21,257
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(2)
|
$
|
9,864
|
|
|
$
|
12,399
|
|
|
$
|
40,378
|
|
|
$
|
34,723
|
|
Interest
paid
|
(2,679)
|
|
|
(2,865)
|
|
|
(7,773)
|
|
|
(9,121)
|
|
Capital expenditures
(excluding timberland acquisitions)
|
(603)
|
|
|
(566)
|
|
|
(3,923)
|
|
|
(4,332)
|
|
Distributions from
unconsolidated joint ventures
|
537
|
|
|
—
|
|
|
803
|
|
|
400
|
|
Adjusted EBITDA from
unconsolidated joint ventures
|
33
|
|
|
(535)
|
|
|
(733)
|
|
|
(413)
|
|
Cash Available for
Distributions (1)
|
$
|
7,152
|
|
|
$
|
8,433
|
|
|
$
|
28,752
|
|
|
$
|
21,257
|
|
|
|
|
|
|
|
|
|
Dividends /
distributions paid
|
$
|
6,556
|
|
|
$
|
6,537
|
|
|
$
|
19,684
|
|
|
$
|
19,726
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding - basic
|
48,441
|
|
|
48,766
|
|
|
48,412
|
|
|
48,833
|
|
|
|
|
|
|
|
|
|
Dividends per
Share
|
$
|
0.135
|
|
|
$
|
0.135
|
|
|
$
|
0.405
|
|
|
$
|
0.405
|
|
|
|
(1)
|
Cash Available for
Distribution (CAD) is a non-GAAP financial measure. It is
calculated as cash provided by operating activities, adjusted for
capital expenditures (excluding timberland acquisitions), working
capital changes, cash distributions from unconsolidated joint
ventures and certain cash expenditures 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 activities.
|
(2)
|
See definition of
Adjusted EBITDA on page 12.
|
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SOURCE CatchMark Timber Trust, Inc.