CatchMark reports Q1 income of US$3.2M, from year-ago loss of US$0.6M, on revenues down 3% to US$26.9M; it sold 3,400 acres of timberland for US$6.1M in Q1 and has since struck two deals to acquire 2,400-plus acres in Alabama, South Carolina for US$5M

Sample article from our Forestry & Timberland

ATLANTA , May 5, 2022 (press release) –

  •  Achieved $3.2 million of net income, or $0.07 per share, and Adjusted EBITDA of $14.8 million, 15% higher than prior year quarter.
  •  Increased year-over-year net timber sales prices by 30% for sawtimber and 8% for pulpwood.
  •  Continued to achieve significant timber sales pricing premiums above market averages — 47% for sawtimber and 37% for pulpwood.
  •  Generated 17% higher timber sales revenue year-over-year in the U.S. South.
  •  Produced $12 million of net cash provided by operating activities and $10.2 million in Cash Available for Distribution, 4% and 34% year-over-year increases, respectively.
  •  Registered timberland sales revenue of $6.1 million, on track with annual guidance.
  •  Agreed to two accretive acquisitions, totaling more than 2,400 acres for approximately $5 million, after quarter's close.

CatchMark Timber Trust, Inc. (NYSE: CTT) today reported first quarter 2022 results. The company also declared a cash dividend of $0.075 per share for its common stockholders of record as of May 31, 2022, payable on June 15, 2022.

Brian M. Davis, CatchMark President and CEO, said: "First quarter results again demonstrated how CatchMark's prime timberlands located in select leading U.S. South mill markets continue to deliver superior pricing for our harvests well above market averages while also registering significant year-over-year growth. For the full year, we expect to achieve sawtimber pricing of approximately 20% over 2021 as demand for new housing remains strong even in a higher interest rate environment. Retail land sales also contributed to our strong quarterly results, capturing excellent pricing for acreage with stocking and productivity characteristics below our portfolio averages. At the same time, our small-tract acquisition program has gained traction, benefiting from our improved balance sheet and strong liquidity position, and focusing on markets where our local presence gives us an advantage in finding good value." 

FIRST QUARTER 2022 RESULTS

The following table summarizes the first quarter and comparable prior year period results:

FINANCIAL HIGHLIGHTS

             

(in millions except for tons and acres)

Three Months Ended March 31,

 

Change

2022

 

2021

 

Dollars, Tons or Acres

 

%

Results of Operations

             

Revenues

$                       26.9

 

$                   27.7

 

$                                  (0.7)

 

(3) %

Net Income (Loss)

$                         3.2

 

$                    (0.6)

 

$                                   3.7

 

678 %

Adjusted EBITDA

$                       14.8

 

$                   12.9

 

$                                   1.9

 

15 %

               

Harvest Volume (tons)

468,608

 

524,762

 

(56,154)

 

(11) %

Acres Sold

3,400

 

1,800

 

1,600

 

96 %

First quarter 2022 net income of $3.2 million resulted primarily from substantially higher net timber sales pricing, profits on timberland sales, and lower interest expense.

  • Higher year-over-year Adjusted EBITDA resulted primarily from increased net timberland sales and higher net timber sales pricing.
  • Revenues decreased slightly, down 3%, primarily due to lower year-over-year timber sales revenues, down 12%, resulting principally from reduced harvest volumes related to the disposition of the Bandon timberlands in the Pacific Northwest completed in third quarter 2021.
  • CatchMark's operations — now concentrated entirely in the U.S. South, the nation's leading timber basket — again achieved significant increases in net timber sales prices and prices well above U.S. South-wide averages. These pricing advantages helped lessen the revenue impact of planned lower harvest volumes.

 

Business Segments Overview

Harvest Operations 

 

Three Months Ended March 31,

 

Change

(in millions except for prices)

2022

 

2021

 

$

 

%

Timber Sales Revenue - Consolidated

$                       17.7

 

$                       20.1

 

$                        (2.4)

 

(12) %

Timber Sales Revenue - U.S. South

$                       17.7

 

$                       15.2

 

$                         2.5

 

17 %

Timber Sales Revenue - PNW

$                           —

 

$                         4.9

 

$                        (4.9)

 

(100) %

Harvest EBITDA

$                         9.6

 

$                         8.9

 

$                         0.7

 

8 %

Net Timber Sales Price - U.S. South (per ton):

             

Pulpwood

$                          15

 

$                          14

 

$                            1

 

8 %

Sawtimber

$                          33

 

$                          25

 

$                            8

 

30 %

 

  • Timber sales revenue decreased year-over-year as a result of the exit from the Pacific Northwest in August 2021, offset by a $2.5 million increase in timber sales revenue from the U.S. South.
  • In the U.S. South, where CatchMark now operates exclusively, timber sales revenue of $17.7 million was 17% higher year-over-year, despite a planned 2% decrease in harvest volumes.
  • Harvest EBITDA increased 8% due to higher pricing and lower forestry management and other operating expenses, offset by lower volumes.
  • Net timber sales prices for pulpwood and sawtimber were 8% and 30% higher, respectively, than first quarter 2021 and registered 37% and 47% premiums, respectively, over TimberMart-South South-wide averages.
  • Harvest productivity on an annualized per-acre basis held steady.

Todd Reitz, CatchMark's Chief Resources Officer, said: "CatchMark continues to benefit from our prime timberlands located in premier U.S. South mill markets. Strong demand for all products and low raw material inventories during the quarter kept pricing tension high and we capitalized on the opportunity, registering significant delivered and stumpage sales pricing increases. Successful negotiations with many of our customers supported delivered price increases and helped offset rising cut and haul costs, allowing us to maintain stumpage margins. Strong macro-demand fundamentals continue to drive mill production needs and pricing for chip-n-saw and pine sawtimber products should remain strong into the second quarter."

Real Estate 

 

Three Months Ended March 31,

 

Change

(in millions except for prices)

2022

 

2021

 

$

 

%

Timberland Sales Revenue

$                         6.1

 

$                         3.4

 

$                         2.7

 

81 %

Real Estate EBITDA

$                         5.8

 

$                         3.1

 

$                         2.6

 

83 %

Average Sales Price (per acre)

$                     1,771

 

$                     1,923

 

$                       (152)

 

(8) %

 

  • Timberland sales revenue increased 81% year-over-year from selling significantly more acres as compared to the same period last year. As expected, in the first quarter, we completed approximately 35% to 40% of our annual timberland sales target. CatchMark continued to generate strong relative pricing on below-portfolio quality assets, evidence of the robust retail demand for rural recreational land. The acres sold during the quarter had a substantially lower average merchantable timber stocking than the company portfolio average.
  • CatchMark sold 3,400 acres of timberlands with a cost basis of $4.0 million for $6.1 million compared to first quarter 2021 when the company sold 1,800 acres with a cost basis of $1.9 million for $3.4 million.
  • The 8% lower year-over-year timberland sales price per acre was due to lower productivity characteristics, including a significantly lower percentage of upland pine plantation and significantly lower pine stocking.

Investment Management 

 

Three Months Ended March 31,

 

Change

(in millions)

2022

 

2021

 

$

 

%

Asset Management Fee Revenue

$                         2.2

 

$                         3.1

 

$                        (0.9)

 

(30) %

Investment Management EBITDA

$                         2.7

 

$                         3.8

 

$                        (1.1)

 

(28) %

 

  • Asset management fees decreased as a result of exiting the Triple T joint venture in 2021. The fees recognized from Triple T in the first quarter of 2022 were paid under a transition services agreement which expired in March 2022.
  • Investment Management EBITDA decreased primarily due to a $0.9 million decrease in asset management fees and a $0.1 million decrease in Adjusted EBITDA generated by the Dawsonville Bluffs joint venture.
  • CatchMark recognized $0.5 million of income and $0.6 million of Investment Management EBITDA from Dawsonville Bluffs and received $0.1 million in operating distributions from the joint venture, which continued to capitalize on strong demand for wetlands mitigation credits.

ACCRETIVE ACQUISITIONS

After the quarter's close, CatchMark entered into two separate purchase and sale agreements to acquire more than 2,400 acres of high-quality timberlands in Alabama and South Carolina for approximately $5 million dollars.

  • The acquisitions will be funded with cash on-hand and are expected to close by early third quarter.
  • The properties are located within existing CatchMark operating footprints in leading U.S. South mill markets where the company can serve existing mill customers and gain efficiencies with contractors.
  • The transactions fit the company's acquisition target objectives with long-term portfolio accretive attributes.

Davis said: "These timberlands have characteristics that feature a high allocation of pine plantations and good value compared to our underwriting metrics. We will continue to be deliberate and prudent in identifying acquisitions, whether under our small-tract program or larger acquisition strategy." 

CAPITAL POSITION AND SHARE REPURCHASES

Ample Liquidity: 

  • CatchMark continued to maintain a strong balance sheet and ample liquidity, including $27.4 million of cash on-hand, with no changes in its credit facilities during the quarter.
  • As of March 31, 2022, the company had $253.6 million of borrowing capacity remaining under its credit facilities.

CatchMark's Chief Financial Officer Ursula Godoy-Arbelaez said: "During the quarter, company leverage remained low and debt capital remained available and attractively priced despite the rising interest rate environment, which we have hedged against. The company's solid capital position allows us to move forward with our acquisition growth strategy, which we expect will gain further momentum over the course of the year."

Covered Quarterly Dividend: Stockholders received a total of $­­3.6 million in dividend distributions, which were fully covered by net cash provided by operating activities and Cash Available for Distribution.

Share Repurchases: The company did not make any share repurchases during the quarter and had $13.7 million remaining under its share repurchase program as of March 31, 2022.

Conference Call

The company will host a conference call and live webcast at 10 a.m. ET on Friday, May 6, 2022 to discuss these results. Investors may listen to the conference call by dialing 1-888-347-1165 for U.S/Canada and 1-412-317-6011 for international callers.  Participants should ask to be joined into the CatchMark call. Access to the live webcast is also 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) invests in prime timberlands located in the nation's leading mill markets, seeking to capture the highest value per acre and to generate sustainable yields through disciplined management and superior stewardship of its exceptional resources. Headquartered in Atlanta and focused exclusively on timberland ownership and management, CatchMark began operations in 2007 and owns interests in 365,300 acres* of timberlands located in the U.S. South. For more information, visit www.catchmark.com.

* As of March 31, 2022

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 product price appreciation, our ability to meet our timberland sales targets, and the availability of capital to support our growth strategy; and that we expect our growth strategy to gain momentum over the course of the year. 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, 2021 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,

 

2022

 

2021

Revenues:

     

     Timber sales

$                 17,723

 

$                    20,149

     Timberland sales

6,070

 

3,357

     Asset management fees

2,179

 

3,118

     Other revenues

970

 

1,062

 

26,942

 

27,686

Expenses

     

     Contract logging and hauling costs

6,341

 

8,731

     Depletion

4,149

 

7,725

     Cost of timberland sales

4,337

 

2,155

     Forestry management expenses

1,625

 

1,887

     General and administrative expenses

3,969

 

3,600

     Land rent expense

80

 

113

     Other operating expenses

1,249

 

1,713

 

21,750

 

25,924

       

Other income (expense):

     

     Interest income

3

 

1

     Interest expense

(2,501)

 

(2,928)

 

(2,498)

 

(2,927)

       

Income (loss) before unconsolidated joint venture

2,694

 

(1,165)

       

Income from unconsolidated joint venture:

     

     Dawsonville Bluffs

490

 

614

Net income (loss)

3,184

 

(551)

     Net income (loss) attributable to noncontrolling interests

8

 

(1)

Net income (loss) attributable to common stockholders

$                   3,176

 

$                        (550)

       

Weighted-average common shares outstanding — basic

48,479

 

48,796

Income (loss) per share — basic

$                    0.07

 

$                       (0.01)

       

Weighted-average common shares outstanding — diluted

48,479

 

48,796

Income (loss) per share — diluted

$                    0.07

 

$                       (0.01)

 

CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except for per-share amounts)

 
 

March 31, 2022

 

December 31, 2021

Assets:

     

     Cash and cash equivalents

$                 27,395

 

$                    22,963

     Accounts receivable

3,187

 

5,436

     Prepaid expenses and other assets

9,179

 

6,294

     Operating lease right-of-use asset

2,450

 

2,527

     Deferred financing costs

2,444

 

2,606

     Timber assets:

     

          Timber and timberlands, net

460,022

 

466,130

          Intangible lease assets

1

 

1

     Investments in unconsolidated joint ventures

1,755

 

1,353

               Total assets

$               506,433

 

$                  507,310

       

Liabilities:

     

     Accounts payable and accrued expenses

$                   2,773

 

$                      3,677

     Operating lease liability

2,632

 

2,707

     Other liabilities

1,355

 

18,683

     Notes payable and lines of credit, net of deferred financing costs

298,370

 

298,247

               Total liabilities

305,130

 

323,314

       

Commitments and Contingencies

 

       

Stockholders' Equity:

     

     Class A common stock, $0.01 par value; 900,000 shares
          authorized; 49,248 and 48,888 shares issued and outstanding
          as of March 31, 2022 and December 31, 2021, respectively

492

 

489

     Additional paid-in capital

730,836

 

729,960

     Accumulated deficit and distributions

(537,940)

 

(537,477)

     Accumulated other comprehensive income (loss)

6,064

 

(11,217)

               Total stockholders' equity

199,452

 

181,755

Noncontrolling Interests

1,851

 

2,241

               Total equity

201,303

 

183,996

               Total liabilities and equity

$               506,433

 

$                  507,310

 

CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

 
 

Three Months Ended March 31,

 

2022

 

2021

Cash Flows from Operating Activities:

     

     Net income (loss)

$                    3,184

 

$                     (551)

     Adjustments to reconcile net income (loss) to net cash provided by
     operating activities:

     

       Depletion

4,149

 

7,725

       Basis of timberland sold, lease terminations and other

4,040

 

1,966

       Stock-based compensation expense

851

 

619

       Noncash interest expense

390

 

585

       Noncash lease expense

3

 

5

       Other amortization

30

 

43

       (Income) loss from unconsolidated joint ventures

(490)

 

(614)

       Operating distributions from unconsolidated joint ventures

88

 

       Interest paid under swaps with other-than-insignificant
       financing element

1,397

 

1,407

       Changes in assets and liabilities:

     

          Accounts receivable

2,062

 

489

          Prepaid expenses and other assets

239

 

215

          Accounts payable and accrued expenses

(856)

 

658

          Other liabilities

(3,051)

 

(955)

               Net cash provided by operating activities

12,036

 

11,592

       

Cash Flows from Investing Activities:

     

     Capital expenditures (excluding timberland acquisitions)

(2,098)

 

(2,317)

               Net cash used in investing activities

(2,098)

 

(2,317)

       

Cash Flows from Financing Activities:

     

     Financing costs paid

(32)

 

(4)

     Interest paid under swaps with other-than-insignificant financing
     element

(1,397)

 

(1,407)

     Dividends/distributions paid

(3,648)

 

(6,565)

     Repurchases of common shares

(26)

 

(78)

     Repurchase of common shares for minimum tax withholding

(403)

 

(489)

               Net cash used in financing activities

(5,506)

 

(8,543)

Net change in cash and cash equivalents

4,432

 

732

Cash and cash equivalents, beginning of period

22,963

 

11,924

Cash and cash equivalents, end of period

$                  27,395

 

$                  12,656

 

CATCHMARK TIMBER TRUT, INC. AND SUBSIDIARIES

SELECTED DATA (UNAUDITED)

 
 

2022

 

2021

 

Q1

 

Q1

Consolidated

     

Timber Sales Volume (tons, '000)

 

Pulpwood

228

 

273

Sawtimber (1)

241

 

252

Total

469

 

525

       

Harvest Mix

     

Pulpwood

49 %

 

52 %

Sawtimber (1)

51 %

 

48 %

       

Period-end Acres ('000)

 

Fee

352

 

385

Lease

13

 

15

Wholly-owned total

365

 

400

Joint venture interests (4)

 

1,081

Total

365

 

1,481

       

U.S. South

     

Timber Sales Volume (tons, '000)

 

Pulpwood

228

 

271

Sawtimber (1)

241

 

205

Total

469

 

476

       

Harvest Mix

     

Pulpwood

49 %

 

57 %

Sawtimber (1)

51 %

 

43 %

Delivered % as of total volume

66 %

 

74 %

Stumpage % as of total volume

34 %

 

26 %

       

Net Timber Sales Price ($ per ton) (2)

 

Pulpwood

$                     15

 

$                      14

Sawtimber (1)

$                     33

 

$                      25

       

Timberland Sales

     

Gross sales ('000)

$                 6,070

 

$                  3,357

Acres sold

3,400

 

1,800

% of fee acres

1.0 %

 

0.5 %

Price per acre (3)

$                 1,771

 

$                  1,923

       

Pacific Northwest (6)

     

Timber Sales Volume (tons,'000)

 

Pulpwood

 

2

Sawtimber (1)

 

47

Total

 

49

       

Harvest Mix

     

Pulpwood

— %

 

4 %

Sawtimber (1)

— %

 

96 %

Delivered % as of total volume

— %

 

100  %

Stumpage % as of total volume

— %

 

— %

       

Delivered Timber Sales Price ($ per ton) (2) (5)

     

Pulpwood

$                      —

 

$                      30

Sawtimber (1)

$                      —

 

$                    104

 

(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 March 31, 2022 and 2021, we retained 7,000 tons and 9,800 tons of merchantable inventory, with a sawtimber mix of 79% and 56%, respectively.

(4)

Represents properties owned by Triple T joint venture in which CatchMark owned a common partnership interest; and Dawsonville Bluffs, LLC, a joint venture in which CatchMark owns a 50% membership interest.

(5)

Delivered timber sales price includes contract logging and hauling costs.

(6)

Exited the Pacific Northwest in August 2021.

 

CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA  (UNAUDITED)

(in thousands)

 
 

Three Months Ended March 31,

 

2022

 

2021

Net income (loss)

$                  3,184

 

$                    (551)

Add:

     

     Depletion

4,149

 

7,725

     Interest expense (1)

2,111

 

2,342

     Amortization (1)

423

 

633

     Depletion, amortization, and basis of timberland and mitigation credits sold
     included in loss from unconsolidated joint venture (2)

64

 

88

     Basis of timberland sold, lease terminations and other (3)

4,040

 

1,966

     Stock-based compensation expense

851

 

619

     Post-employment benefits (4)

8

 

16

     Other (5)

16

 

99

Adjusted EBITDA (6)

$                14,846

 

$                12,937

   

(1)

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. Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses.

(2)

Reflects our share of depletion, amortization, and basis of timberland and mitigation credits sold of the unconsolidated Dawsonville Bluffs joint venture.

(3)

Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses.

(4)

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.

(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.

(6)

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.

 

CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES

ADJUSTED EBITDA BY SEGMENT (UNAUDITED)

(in thousands)

 
 

Three Months Ended March 31,

 

2022

 

2021

Timber sales

$                17,723

 

$                20,149

Other revenue

970

 

1,062

(-)    Contract logging and hauling costs

(6,341)

 

(8,731)

(-)    Forestry management expenses

(1,625)

 

(1,887)

(-)    Land rent expense

(80)

 

(113)

(-)    Other operating expenses

(1,249)

 

(1,713)

(+)   Stock-based compensation

171

 

107

(+/-) Other

42

 

53

Harvest EBITDA

9,611

 

8,927

       

Timberland sales

6,070

 

3,357

(-)    Cost of timberland sales

(4,337)

 

(2,155)

(+)   Basis of timberland sold

4,019

 

1,942

Real Estate EBITDA

5,752

 

3,144

       

Asset management fees

2,179

 

3,118

Unconsolidated Dawsonville Bluffs joint venture EBITDA

554

 

702

Investment Management EBITDA

2,733

 

3,820

       

Total Operating EBITDA

18,096

 

15,891

       

(-)     General and administrative expenses

(3,969)

 

(3,600)

(+)    Stock-based compensation

680

 

512

(+)    Interest income

3

 

(+)    Post-employment benefits

8

 

16

(+/-)  Other

28

 

118

Corporate EBITDA

(3,250)

 

(2,954)

       

Adjusted EBITDA (1)

$                14,846

 

$                12,937

   

(1)

See definition of Adjusted EBITDA in footnote 6 to the Reconciliation of Net Income (Loss) to Adjusted EBITDA.

 

CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES

CASH AVAILABLE FOR DISTRIBUTION (UNAUDITED)

(in thousands, except for per share data)

 
 

Three Months Ended March 31,

 

2022

 

2021

Cash Provided by Operating Activities

$                12,036

 

$                11,592

Capital expenditures (excluding timberland acquisitions)

(2,098)

 

(2,317)

Working capital change

1,606

 

(407)

Distributions from unconsolidated joint ventures

 

Post-employment benefits

8

 

16

Interest paid under swaps with other-than-insignificant financing element

(1,397)

 

(1,407)

Other

16

 

99

Cash Available for Distribution (1)

$                10,171

 

$                  7,576

       

Adjusted EBITDA (2)

$                14,846

 

$                12,937

Interest paid

(2,111)

 

(2,342)

Capital expenditures (excluding timberland acquisitions)

(2,098)

 

(2,317)

Distributions from unconsolidated joint ventures

88

 

Adjusted EBITDA from unconsolidated joint ventures

(554)

 

(702)

Cash Available for Distribution (1)

$                10,171

 

$                  7,576

       

Dividends/distributions paid

$                  3,648

 

$                  6,565

       

Weighted-average shares outstanding — basic

48,479

 

48,796

       

Dividends per share

$                  0.075

 

$                  0.135

   

(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 in footnote 6 to the Reconciliation of Net Income (Loss) to Adjusted EBITDA.

 

SOURCE CatchMark Timber Trust, Inc.

For further information: Investors: Ursula Godoy-Arbelaez, (855) 858-9794, info@catchmark.com OR Media: Mary Beth Ryan, Miller Ryan LLC, (203) 268-0158, marybeth@millerryanllc.com

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