Timber Assets

As of December 31, 2014 and 2013, timber and timberlands consisted of the following, respectively:



	As of December 31, 2014
	Gross		Accumulated Depletion or Amortization		Net
Timber	$	258,648,037	$	14,788,215	$	243,859,822
Timberlands	298,943,503		—		298,943,503
Mainline roads	614,513		316,601		297,912
Timber and timberlands	$	558,206,053	$	15,104,816	$	543,101,237



	As of December 31, 2013
	Gross		Accumulated Depletion or Amortization		Net
Timber	$	149,859,173	$	8,505,024	$	141,354,149
Timberlands	184,114,333		—		184,114,333
Mainline roads	498,237		240,321		257,916
Timber and timberlands	$	334,471,743	$	8,745,345	$	325,726,398

Timberland Acquisitions

During the year ended December 31, 2014, CatchMark Timber Trust acquired the following timberland properties:



Property Name	State(s)	Date of Acquisition	Acres	Purchase Price exclusive of closing costs (in millions)
Waycross - Panola properties	Georgia / Texas	April 11, 2014	36,320	73.7
Satilla River property	Georgia / Florida	October 2, 2014	17,913	34.3
Oglethorpe property	Georgia	October 2, 2014	37,663	76.4
Beauregard property	Louisiana	October 30, 2014	21,009	38.0
Small property acquisitions ⁽¹⁾	Georgia		8,707	$	12.8
Total			121,612	$	235.2

⁽¹⁾Small property acquisitions represent completed acquisitions with individual purchase prices less than $20.0 million.

During the years ended December 31, 2013 and 2012, CatchMark Timber Trust acquired 1,786 acres and 30,199 acres of timberland for approximately $1.4 million and $20.5 million, respectively, excluding closing costs.

Timberland Sales

During the years ended December 31, 2014, 2013 and 2012, CatchMark Timber Trust sold approximately 3,761 acres, 1,167 acres, and 6,016 acres of timberland, respectively, for approximately $10.6 million, $2.5 million, and $11.0 million, respectively. CatchMark Timber Trust’s cost basis in the timberland sold was approximately $5.1 million, $1.6 million, and $7.2 million respectively.

Intangible Lease Assets

Intangible Lease Assets consist of capitalized below-market in-place ground leases and are amortized as adjustments to land rent expense over the weighted-average remaining term of the respective leases. CatchMark Timber Trust had net below-market lease assets of approximately $26,113 and $29,634 as of December 31, 2014 and 2013, respectively, and recognized amortization of this asset of approximately $3,521, $85,766, and $217,778 in 2014, 2013, and 2012, respectively.