ATLANTA, Nov. 5, 2014 /PRNewswire/ -- CatchMark Timber Trust, Inc. (NYSE:CTT) announced today the closing of the previously announced sale of approximately 2,900 acres of land holdings in Georgia for $9 million. Under terms of the agreement with the buyer, which had exercised a previously existing option on the property, no other details were announced.
Jerry Barag, President and CEO of CatchMark, said: "This transaction is in keeping with our recent guidance for completing land sales in the higher range of up to $10 million during 2014. While we focus on expanding our holdings of prime timberlands to increase harvest volumes, provide durable earnings, and grow our dividend, 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 when available."
About CatchMark
Headquartered in Atlanta, CatchMark Timber Trust, Inc. is a self-administered and self-managed publicly traded REIT that began operations in 2007 and owns interests in approximately 397,100 acres* of timberland located in Alabama, Florida, Georgia, Louisiana and Texas. Listed on the NYSE (CTT), CatchMark provides institutions and individuals an opportunity to invest in a public company focused exclusively on timberland ownership with an objective of producing stockholder returns from sustainably recurring harvests. For more information, visit www.catchmark.com. From time to time, CatchMark releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts regarding new postings. Enrollment information is found in the "Investors Relations" section of www.catchmark.com.
* As of October 30, 2014.
Forward-Looking Statements
This press 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 press 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 press release. Factors that could cause or contribute to such differences include, but are not limited to, our ability to sell portions of our timberlands at attractive prices or at all, changes in general economic and business conditions in Alabama, Florida, Georgia, Louisiana and Texas where our timberlands are currently located, changes in timber prices and the impact on our revenues, limitations on the Company's ability to harvest timber, changes in the supply of timberlands available for acquisition that meet our investment criteria, our ability to access external sources of capital and the impact that potential increases in interest rates could have on our business, and industry trends. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
SOURCE CatchMark Timber Trust, Inc.
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