TIMBERLAND ACQUISITIONS

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

In 2019, the Company acquired approximately 62,000 acres of U.S. timberland located in Florida, Georgia, Texas, and Washington through sixteen transactions for an aggregate value of $106.3 million. Approximately $29.8 million of these acquisitions were acquired using like-kind exchange proceeds while the remaining $76.5 million were funded from operating cash flow and the use of the Company’s revolving credit facility. Additionally, during 2019, the Company acquired approximately 9,000 acres of timberland (including approximately 2,000 acres of leased land) in New Zealand for approximately $36.0 million. These acquisitions were funded from operating cash flow.

In 2018, the Company acquired approximately 26,000 acres of U.S. timberland in Florida, Georgia and Texas for $45.9 million of like-kind exchange proceeds. Additionally, in two transactions during 2018, the Company acquired forestry rights covering approximately 4,000 acres of timberland in New Zealand for approximately $11.7 million. These acquisitions were funded from operating cash flow and use of the New Zealand subsidiary’s working capital facility.

See Note 6 - Debt for additional information on the Company’s revolving credit facility and the New Zealand subsidiary’s working capital facility.

The following table summarizes the timberland acquisitions for the years ended December 31, 2019 and 2018:



	2019			2018
	Cost		Acres	Cost			Acres
Florida		$71,183	42,522		$35,560		20,513
Georgia	13,395		10,271	2,532			2,232
Texas	14,349		6,643	7,851		70,919	3,279
Washington	7,340		2,260	—			—
New Zealand	36,020		9,223	11,665			3,833
Total Acquisitions		$142,287	70,919		$57,608		29,857