(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
(Address of principal executive offices) | |||||||||||
( | |||||||||||
(Registrant's telephone number, including area code) |
Title of each class | Trading Symbols(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
CATCHMARK TIMBER TRUST, INC. | ||||||||
Date: May 5, 2022 | By: | /s/ URSULA GODOY-ARBELAEZ | ||||||
Ursula Godoy-Arbelaez Chief Financial Officer |
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 | % |
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 | % |
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) | % |
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) | % |
Investors: | Media: | |||||||
Ursula Godoy-Arbelaez | Mary Beth Ryan, Miller Ryan LLC | |||||||
(855) 858-9794 | (203) 268-0158 | |||||||
info@catchmark.com | marybeth@millerryanllc.com |
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) |
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 |
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 |
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 |
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 |
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 |
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 |
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Document and Entity Information |
May 05, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 05, 2022 |
Entity Registrant Name | CATCHMARK TIMBER TRUST, INC. |
Entity Incorporation, State or Country Code | MD |
Entity File Number | 001-36239 |
Entity Tax Identification Number | 20-3536671 |
Entity Address, Address Line One | 5 Concourse Parkway |
Entity Address, Address Line Two | Suite 2650 |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30328 |
City Area Code | 855 |
Local Phone Number | 858-9794 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, $0.01 Par Value Per Share |
Trading Symbol | CTT |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001341141 |
Amendment Flag | false |
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