January 29, 2024
(press release)
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“Each of our business segments delivered solid operational and financial results in 2023,” said Eric Cremers, president and chief executive officer. “Our Timberlands and Wood Products businesses each achieved operational milestones amongst the backdrop of challenging market conditions, while our Real Estate segment generated significant value from the stratification of our CatchMark timberlands. Additionally, we returned $169 million to shareholders in 2023 through $144 million in quarterly dividends and $25 million of share repurchases. Looking forward to 2024, we recently entered into an agreement with Forest Investment Associates to sell approximately 34,000 acres of four-year average age Southern timberlands for approximately $58 million, or $1,700 an acre. The sale price is at a significant premium to our underlying timberland value and is non-dilutive given the young nature of these timberlands. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2024. Proceeds from this sale will further enhance our strong liquidity position and provide additional flexibility for our disciplined and opportunistic capital allocation strategy to continue to enhance shareholder value,” stated Mr. Cremers. This is an excerpt from PotlatchDeltic Q4 and Full Year 2023 Results. View the full release here.
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