ATLANTA, March 27, 2014 /PRNewswire/ -- CatchMark Timber Trust, Inc. (NYSE: CTT) announced today that a prospective buyer has exercised its option to purchase approximately 3,000 acres of CatchMark land holdings in Georgia for approximately $9 million under an existing option agreement with the company. The transaction is expected to be completed during the fourth quarter of 2014, subject to customary closing conditions. Under terms of the agreement with the buyer, no other details were announced.
Jerry Barag, President and CEO of CatchMark, said: "This pending transaction is in keeping with our previous guidance for completing $8 million to $10 million in land sales during 2014. We continue to assess opportunistic dispositions across our portfolio with a view toward maximizing the value of our land base and taking advantage of higher-and-better use land sale opportunities where available."
CatchMark Timber Trust, Inc. is a self-administered and self-managed publicly traded REIT that began operations in 2006 and owns interests in approximately 278,100 acres of timberland located on the Lower Piedmont and Upper Coastal Plains of East Central Alabama and West Central Georgia. CatchMark Timber owns approximately 247,200 acres and leases approximately 30,900 additional acres from third parties. For more information visit www.catchmark.com.
This news 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. 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. Readers of this news release should be aware that there are various factors that could cause actual results to differ materially from any forward-looking statements made in this release. Factors that could cause or contribute to such differences include, but are not limited to, changes in general economic and business conditions, industry trends, changes in government rules and regulations (including changes in tax laws), and increases in interest rates. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release.
SOURCE CatchMark Timber Trust, Inc.