CatchMark Reports First Quarter 2021 Results, Declares Dividend

- Higher timber prices -- both in the U.S. South and Pacific Northwest -- drove an 11% increase in timber sales revenue and a 4% increase in Harvest EBITDA.

- CatchMark's realized U.S. South pulpwood and sawtimber stumpage prices were 8% and 9% higher, respectively, compared to prior year quarter, outpacing 3% and 4% increases in U.S. South-wide average prices for the same period.

- The company's Pacific Northwest delivered sawtimber price increased 15% year-over-year due to continued strong demand fundamentals.

- Net loss improved by 87% to $0.6 million driven by increased total revenues and lower expenses.

- Adjusted EBITDA of $12.9 million was comparable to prior year quarter despite a 12% planned reduction in harvest volumes and 40% fewer acres sold.

- Results again validate the company's business model which focuses on owning prime timberlands in leading mill markets and optimizing harvest operations through delivered wood sales, supplemented by opportunistic stumpage sales.

News provided by

CatchMark Timber Trust, Inc.

May 06, 2021, 16:05 ET

ATLANTA, May 6, 2021 /PRNewswire/ -- CatchMark Timber Trust, Inc. (NYSE: CTT) today reported first quarter 2021 results. The company also declared a cash dividend of $0.135 per share for its common stockholders of record as of May 28, 2021, payable on June 15, 2021.

Brian M. Davis, CatchMark's Chief Executive Officer, said: "Low interest rates, strong housing market demand and increased home remodeling together with the significant ramp up in mill production after 2020 pandemic-related slowdowns, resulted in higher timber prices during the quarter. CatchMark's prime timberlands in superior mill markets continued to outperform, capturing pricing for pulpwood and sawtimber in the U.S. South significantly above TimberMart-South averages as well as a significant sawtimber price increase in the Pacific Northwest. Investment management results improved due to contributions from Dawsonville Bluffs and last year's renegotiated Triple T asset management agreement. Per-acre timberland sales pricing increased significantly, and we are on track to complete a substantial number of sales in the second quarter. As planned, harvest volumes during the quarter were lower year-over-year. Harvest volumes remain on track to meet full-year guidance, as we maintain consistent annual productivity on a per-acre basis with the potential to sustain current strong timber prices."

FIRST QUARTER 2021 RESULTS

The following table summarizes the current quarter and comparable prior year period results:

FINANCIAL HIGHLIGHTS








(in millions except for tons and acres)

Three Months Ended March 31,


Change

2021


2020


Dollars, Tons or Acres


%

Results of Operations








Revenues

$

27.7



$

27.0



$

0.7



3

%

Net Loss

$

(0.6)



$

(4.2)



$

3.6



86

%

Adjusted EBITDA

$

12.9



$

12.9



$

—



—

%









Harvest Volume (tons)

524,762



594,895



(70,133)



(12)

%

Acres Sold

1,800



3,000



(1,200)



(40)

%

Business Segments Overview

Harvest Operations 


Three Months Ended March 31,


Change

(in millions)

2021


2020


$


%

Timber Sales Revenue

$

20.1



$

18.2



$

1.9



11

%

Harvest EBITDA

$

8.9



$

8.6



$

0.3



4

%

CatchMark continued to benefit from its prime timberland portfolio in strong micro-markets across the U.S. South and Pacific Northwest.

  • The company realized timber sales prices at significant premiums to market averages, which escalated during the quarter due to strong demand for timber products generated by accelerated housing starts, lack of finished lumber in the supply chain, and reduced mill inventories.
  • Total timber sales revenue increased year-over-year, driven by a $3.0 million increase in the Pacific Northwest offset by a $1.1 million decrease in the U.S. South, the result of a 17% reduction in regional harvest volume, as planned due to recent timberland sales and capital recycling dispositions.

U.S. South: 

  • CatchMark realized stumpage prices for pulpwood and sawtimber 8% and 9% higher, respectively, compared to first quarter 2020, outpacing 3% and 4% increases in South-wide average prices tracked by TimberMart-South.
  • Pulpwood and sawtimber stumpage prices registered significant 57% and 27% premiums over TimberMart-South South-wide averages.

Pacific Northwest:

  • Timber sales revenue increased to $4.9 million, a 161% increase from first quarter 2020 results.
  • Harvest volume increased 96% from capitalizing on favorable market conditions and the company's delivered wood sales model. Sawtimber mix and delivered sales as a percentage of volume increased 14% and 16%, respectively, year over year, and delivered sawtimber price increased 15% due to strong demand fundamentals.

Todd Reitz, Chief Resources Officer, said: "As strong fourth quarter 2020 housing fundamentals carried over into the first quarter, CatchMark continues to benefit from prime timberlands holdings in leading mill markets as well as our delivered wood model supplemented by opportunistic stumpage sales. Robust housing demand continued to drive strong sawmill production and new mill consumption helped generate increased delivered rates within our superior micro-markets, which in part resulted in a 9% increase in Harvest EBTDA per acre year-over-year."

Real Estate 


Three Months Ended March 31,


Change

(in millions)

2021


2020


$


%

Timberland Sales Revenue

$

3.4



$

4.8



$

(1.4)



(30)

%

Real Estate EBITDA

$

3.1



$

4.5



$

(1.4)



(30)

%

Timberland Sales:  

  • CatchMark sold 1,200 fewer acres during first quarter 2021 — 1,800 acres versus 3,000 in the prior year quarter, but at an 18% higher average price per acre — $1,923 in first quarter 2021 versus $1,627 in first quarter 2020.
  • The improved per-acre sales price resulted in part from higher average merchantable timber stocking levels and generated an improved margin — 36% in first quarter 2021 versus 28% in first quarter 2020.
  • The acres sold during the quarter had a substantially lower average merchantable timber stocking than the company portfolio average — 21 tons per acre versus 41 tons per acre.

Acquisitions and Large Dispositions: No acquisitions or large dispositions occurred during the first quarter.

Investment Management 


Three Months Ended March 31,


Change

(in millions)

2021


2020


$


%

Asset Management Fee Revenue

$

3.1



$

3.0



$

0.1



5

%

Investment Management EBITDA

$

3.8



$

2.9



$

0.9



32

%

  • CatchMark recognized $0.6 million of income and $0.7 million of Investment Management EBITDA from the Dawsonville Bluffs joint venture, which capitalized on strong market demand for mitigation credits.
  • Asset management fees increased as a result of last year's amendment to the Triple T joint venture's asset management agreement, following the successful renegotiation of its wood supply agreement with Georgia Pacific.
  • CatchMark continues to pursue recapitalization opportunities for Triple T in the wake of the renegotiated Georgia-Pacific wood supply agreement and enhanced silviculture practices that have increased stocking per acre on these prime timberlands since acquisition. 

CAPITAL POSITION AND SHARE REPURCHASES

Ample Liquidity: 

  • CatchMark continued to maintain ample liquidity for growth initiatives and other capital allocation priorities, including direct acquisitions and joint venture investments.
  • As of March 31, 2021, the company had $150.9 million of borrowing capacity available under its credit facilities, consisting of $115.9 million under the Multi-Draw Term Facility and $35.0 million under the Revolving Credit Facility.
  • The company's active debt and interest rate management strategy continues to provide attractive borrowing costs, staggered long-term maturities and a favorable mix of fixed-to-floating rate debt.

Covered Quarterly Dividend: Stockholders received a total of $6.6 million in dividend distributions, which were fully covered by net cash provided by operating activities.

Share Repurchases: CatchMark did not repurchase any shares of common stock under its share repurchase program during the quarter and had $13.7 million remaining in the program for future repurchases as of March 31, 2021.

Ursula Godoy-Arbelaez, CatchMark's Chief Financial Officer, said: "In maintaining CatchMark's strong capital position, we continue to evaluate capital recycling opportunities to generate proceeds for funding desirable timberland investments, paying down outstanding debt, repurchasing shares of our common stock, and other capital allocation priorities."

Conference Call

The company will host a conference call and live webcast at 10 a.m. ET on Friday, May 7, 2021 to discuss these results. Investors may listen to the conference call by dialing 1-888-347-1165 for U.S/Canada and 1-412-902-4276 for international callers.  Participants should ask to be joined into the CatchMark call. Access to the live webcast is available at www.catchmark.com or here. A replay of this webcast will be archived on the company's website immediately after the call. 

About CatchMark

CatchMark (NYSE: CTT) seeks to deliver consistent and growing per share cash flow from disciplined acquisitions and superior management of prime timberlands located in high demand U.S. mill markets. Concentrating on maximizing cash flows throughout business cycles, the company strategically harvests its high-quality timberlands to produce durable revenue growth and takes advantage of proximate mill markets, which provide a reliable outlet for merchantable inventory. Headquartered in Atlanta and focused exclusively on timberland ownership and management, CatchMark began operations in 2007 and owns interests in 1.5 million acres* of timberlands located in Alabama, Florida, Georgia, Oregon, South Carolina and Texas. For more information, visit www.catchmark.com.

* As of March 31, 2021

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, as amended. 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. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are not guarantees of performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Forward-looking statements in this press release include, but are not limited to, that we expect harvest volumes to remain on track to meet full-year guidance, as we maintain consistent annual productivity on a per-acre basis with the potential to sustain current strong timber prices. Risks and uncertainties that could cause our actual results to differ from these forward-looking statements include, but are not limited to, that (i) we may not generate the harvest volumes from our timberlands that we currently anticipate; (ii) the demand for our timber may not increase at the rate we currently anticipate or could decline due to changes in general economic and business conditions in the geographic regions where our timberlands are located, including as a result of the COVID-19 pandemic and the measures taken as a response thereto; (iii) a downturn in the real estate market, including decreases in demand and valuations, may adversely impact our ability to generate income and cash flow from sales of higher-and-better use properties; (iv) timber prices may not increase at the rate we currently anticipate or could decline, which would negatively impact our revenues; (v) the supply of timberlands available for acquisition that meet our investment criteria may be less than we currently anticipate; (vi) we may be unsuccessful in winning bids for timberland that are sold through an auction process; (vii) we may not be able to make large dispositions of timberland in capital recycling transactions at prices that are attractive to us or at all; (viii) we may not be able to access external sources of capital at attractive rates or at all; (ix) potential increases in interest rates could have a negative impact on our business; (x) our share repurchase program may not be successful in improving stockholder value over the long-term; (xi) our joint venture strategy may not enable us to access non-dilutive capital and enhance our ability to make acquisitions; (xii) we may not be successful in effectively managing the Triple T joint venture and the anticipated benefits of the joint venture may not be realized, including that our asset management fee could be deferred or decreased, we may not earn an incentive-based promote and our investment in the joint venture may lose value; and (xiii) the factors described in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and our other filings with the Securities and Exchange Commission. 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. We undertake no obligation to update our forward-looking statements, except as required by law.

CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except for per-share amounts)



Three Months Ended
March 31,


2021


2020

Revenues:




Timber sales

$

20,149



$

18,166


Timberland sales

3,357



4,779


Asset management fees

3,118



2,975


Other revenues

1,062



1,052



27,686



26,972


Expenses




Contract logging and hauling costs

8,731



7,277


Depletion

7,725



6,941


Cost of timberland sales

2,155



3,422


Forestry management expenses

1,887



1,834


General and administrative expenses

3,600



7,267


Land rent expense

113



124


Other operating expenses

1,713



1,636



25,924



28,501






Other income (expense):




Interest income

1



46


Interest expense

(2,928)



(3,957)


Gain on large dispositions

—



1,279



(2,927)



(2,632)






Loss before unconsolidated joint ventures and income taxes

(1,165)



(4,161)






Income (loss) from unconsolidated joint ventures:




Triple T

—



—


Dawsonville Bluffs

614



(88)



614



(88)






Net loss

(551)



(4,249)


Net loss attributable to noncontrolling interest

(1)



—


Net loss attributable to common stockholders

$

(550)



$

(4,249)






Weighted-average common shares outstanding - basic and diluted

48,796



48,989






Net loss per common share - basic and diluted

$

(0.01)



$

(0.09)


CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except for per-share amounts)



March 31, 2021


December 31, 2020

Assets:




Cash and cash equivalents

$

12,656



$

11,924


Accounts receivable

6,867



8,333


Prepaid expenses and other assets

6,646



5,878


Operating lease right-of-use asset

2,755



2,831


Deferred financing costs

147



167


Timber assets:




Timber and timberlands, net

569,258



576,680


Intangible lease assets

4



5


Investment in unconsolidated joint ventures

2,124



1,510


Total assets

$

600,457



$

607,328






Liabilities:




Accounts payable and accrued expenses

$

5,387



$

4,808


Operating lease liability

2,919



2,988


Other liabilities

15,787



32,130


Notes payable and lines of credit, net of deferred financing costs

437,754



437,490


Total liabilities

461,847



477,416






Commitments and Contingencies

—



—






Stockholders' Equity:




Class A common stock, $0.01 par value; 900,000 shares authorized; 48,904 and 48,765 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively

489



488


Additional paid-in capital

728,616



728,662


Accumulated deficit and distributions

(579,580)



(572,493)


Accumulated other comprehensive loss

(12,238)



(27,893)


Total stockholders' equity

137,287



128,764


Noncontrolling Interest

1,323



1,148


Total equity

138,610



129,912


Total liabilities and equity

$

600,457



$

607,328


CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)



Three Months Ended
March 31,


2021


2020

Cash Flows from Operating Activities:




Net loss

$

(551)



$

(4,249)


Adjustments to reconcile net loss to net cash provided by operating activities:




Depletion

7,725



6,941


Basis of timberland sold, lease terminations and other

1,966



3,276


Stock-based compensation expense

619



1,872


Noncash interest expense

585



707


Noncash lease expense

5



10


Other amortization

43



41


Gain on large dispositions

—



(1,279)


(Income) loss from unconsolidated joint ventures

(614)



88


Operating distributions from unconsolidated joint ventures

—



—


Interest paid under swaps with other-than-insignificant financing element

1,407



340


Changes in assets and liabilities:





Accounts receivable

489



1,619


Prepaid expenses and other assets

215



359


Accounts payable and accrued expenses

658



2,576


Other liabilities

(955)



(1,042)


Net cash provided by operating activities

11,592



11,259






Cash Flows from Investing Activities:




Capital expenditures (excluding timberland acquisitions)

(2,317)



(2,712)


Distributions from unconsolidated joint ventures

—



400


Net proceeds from large dispositions

—



20,863


Net cash provided by (used in) investing activities

(2,317)



18,551






Cash Flows from Financing Activities:




Repayments of notes payable

—



(20,850)


Financing costs paid

(4)



(30)


Interest paid under swaps with other-than-insignificant financing element

(1,407)



(340)


Dividends/distributions paid

(6,565)



(6,648)


Repurchases of common shares

(78)



(2,052)


Repurchase of common shares for minimum tax withholding

(489)



(965)


Net cash used in financing activities

(8,543)



(30,885)


Net change in cash and cash equivalents

732



(1,075)


Cash and cash equivalents, beginning of period

11,924



11,487


Cash and cash equivalents, end of period

$

12,656



$

10,412


CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES

SELECTED DATA (UNAUDITED)



2021


2020


Q1


Q1

Consolidated




Timber Sales Volume (tons, '000)








Pulpwood

273



324


Sawtimber (1)

252



271


Total

525



595






Harvest Mix




Pulpwood

52

%


54

%

Sawtimber (1)

48

%


46

%





Period-end Acres ('000)








Fee

385



393


Lease

15



22


Wholly-owned total

400



415


Joint venture interest (5)

1,081



1,092


Total

1,481



1,507






U.S. South




Timber Sales Volume (tons, '000)








Pulpwood

271



320


Sawtimber (1)

205



250


Total

476



570






Harvest Mix




Pulpwood

57

%


56

%

Sawtimber (1)

43

%


44

%

Delivered % as of total volume

74

%


63

%

Stumpage % as of total volume

26

%


37

%





Net Timber Sales Price ($ per ton) (2)








Pulpwood

$

14



$

13


Sawtimber (1)

$

25



$

23






Timberland Sales




Gross sales ('000)

$

3,357



$

4,779


Acres sold

1,800



3,000


% of fee acres

0.5

%


0.7

%

Price per acre (3)

$

1,923



$

1,627






Large Dispositions (4)




Gross sales ('000)

$

—



$

21,250


Acres sold

—



14,400


Price per acre (7)

$

—



$

1,474


Gain ('000)

$

—



$

1,279






Pacific Northwest




Timber Sales Volume (tons,'000)








Pulpwood

2



4


Sawtimber (1)

47



21


Total

49



25






Harvest Mix




Pulpwood

4

%


18

%

Sawtimber

96

%


82

%

Delivered % as of total volume

100

%


84

%

Stumpage % as of total volume

—

%


16

%





Delivered Timber Sales Price ($ per ton) (2) (6)








Pulpwood

$

30



$

31


Sawtimber

$

104



$

91




(1)

Includes chip-n-saw and sawtimber.



(2)

Prices per ton are rounded to the nearest dollar.



(3)

Excludes value of timber reservations. For the three months ended March 31, 2021 and 2020, we retained 9,800 tons and 90,400 tons of merchantable inventory, with a sawtimber mix of 56% and 49%, respectively, for 2021 and 2020.



(4)

Large dispositions are sales of blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. Large dispositions may or may not have a higher or better use than timber production or result in a price premium above the land's timber production value. Such dispositions are infrequent in nature, are not part of core operations, and would cause material variances in comparative results if not reported separately.



(5)

Represents properties owned by Triple T joint venture in which CatchMark owns a common partnership interest and has contributed 22.0% of total equity contributions; and Dawsonville Bluffs, LLC, a joint venture in which CatchMark owns a 50% membership interest. CatchMark serves as the manager for both of these joint ventures.



(6)

Delivered timber sales price includes contract logging and hauling costs.



(7)

Excludes value of timber reservations, which retained 56,300 tons of merchantable inventory, with a sawtimber mix of 55% for the three months ended March 31, 2020.

.

CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (UNAUDITED)

(in thousands)



Three Months Ended
March 31,

(in thousands)

2021


2020

Net loss

$

(551)



$

(4,249)


Add:




Depletion

7,725



6,941


Interest expense (2)

2,342



3,250


Amortization (2)

633



758


Depletion, amortization, basis of timberland, mitigation credits sold included in loss from unconsolidated joint venture (3)

88



—


Basis of timberland sold, lease terminations and other (4)

1,966



3,276


Stock-based compensation expense

619



1,872


Gain on large dispositions (5)

—



(1,279)


Post-employment benefits (6)

16



2,286


Other (7)

99



34


Adjusted EBITDA (1)

$

12,937



$

12,889




(1)

Adjusted EBITDA is a non-GAAP financial measure of operating performance. EBITDA is defined by the SEC as earnings before interest, taxes, depreciation and amortization; however, we have excluded certain other expenses which we believe are not indicative of the ongoing operating results of our timberland portfolio, and we refer to this measure as Adjusted EBITDA. As such, our Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Due to the significant amount of timber assets subject to depletion, significant income (losses) from unconsolidated joint ventures based on hypothetical liquidation book value, or HLBV, and the significant amount of financing subject to interest and amortization expense, management considers Adjusted EBITDA to be an important measure of our financial performance. By providing this non-GAAP financial measure, together with the reconciliation above, we believe we are enhancing investors' understanding of our business and our ongoing results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. Items excluded from Adjusted EBITDA are significant components in understanding and assessing financial performance. Adjusted EBITDA is a supplemental measure of operating performance that does not represent and should not be considered in isolation or as an alternative to, or substitute for net income, cash flow from operations, or other financial statement data presented in accordance with GAAP in our consolidated financial statements as indicators of our operating performance. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP.



(2)

For the purpose of the above reconciliation, amortization includes amortization of deferred financing costs, amortization of operating lease assets and liabilities, amortization of intangible lease assets, and amortization of mainline road costs, which are included in either interest expense, land rent expense, or other operating expenses in the accompanying consolidated statements of operations. Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses.



(3)

Reflects our share of depletion, amortization, and basis of timberland and mitigation credits sold of the unconsolidated Dawsonville Bluffs joint venture.



(4)

Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses.



(5)

Large dispositions are sales of blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. Large dispositions may or may not have a higher or better use than timber production or result in a price premium above the land's timber production value. Such dispositions are infrequent in nature, are not part of core operations, and would cause material variances in comparative results if not reported separately.



(6)

Reflects one-time, non-recurring post-employment benefits associated with the retirement of our former CEO, including severance pay, payroll taxes, professional fees, and accrued dividend equivalents.



(7)

Includes certain cash expenses paid, or reimbursement received, that management believes do not directly reflect the core business operations of our timberland portfolio on an on-going basis, including costs required to be expensed by GAAP related to acquisitions, transactions, joint ventures or new business initiatives.

CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES

ADJUSTED EBITDA BY SEGMENT (UNAUDITED)

(in thousands)



Three Months Ended
March 31,


2021


2020

Timber sales

$

20,149



$

18,166


Other revenue

1,062



1,052


(-)    Contract logging and hauling costs

(8,731)



(7,277)


(-)    Forestry management expenses

(1,887)



(1,834)


(-)    Land rent expense

(113)



(124)


(-)    Other operating expenses

(1,713)



(1,636)


(+)   Stock-based compensation

107



115


(+/-)  Other

53



145


Harvest EBITDA

8,927



8,607






Timberland sales

3,357



4,779


(-)    Cost of timberland sales

(2,155)



(3,422)


(+)   Basis of timberland sold

1,942



3,161


Real Estate EBITDA

3,144



4,518






Asset management fees

3,118



2,975


Unconsolidated Dawsonville Bluffs joint venture EBITDA

702



(88)


Investment Management EBITDA

3,820



2,887






Total Operating EBITDA

15,891



16,012






(-)     General and administrative expenses

(3,600)



(7,267)


(+)    Stock-based compensation

512



1,757


(+)    Interest income

—



46


(+)    Post-employment benefits

16



2,286


(+/-)  Other

118



55


Corporate EBITDA

(2,954)



(3,123)






Adjusted EBITDA

$

12,937



$

12,889


CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES

CASH AVAILABLE FOR DISTRIBUTION (UNAUDITED)

(in thousands, except for per share data)



Three Months Ended
March 31,


2021


2020

Cash Provided by Operating Activities

$

11,592



$

11,259


Capital expenditures (excluding timberland acquisitions)

(2,317)



(2,712)


Working capital change

(407)



(3,512)


Distributions from unconsolidated joint ventures

—



400


Post-employment benefits

16



2,286


Interest paid under swaps with other-than-insignificant financing element

(1,407)



(340)


Other

99



34


Cash Available for Distribution (1)

$

7,576



$

7,415






Adjusted EBITDA

$

12,937



$

12,889


Interest paid

(2,342)



(3,250)


Capital expenditures (excluding timberland acquisitions)

(2,317)



(2,712)


Distributions from unconsolidated joint ventures

—



400


Adjusted EBITDA from unconsolidated joint ventures

(702)



88


Cash Available for Distributions (1)

$

7,576



$

7,415






Dividends / distributions paid

$

6,565



$

6,648






Weighted-average shares outstanding, end of period

48,796



48,989






Dividends per Share

$

0.135



$

0.135




(1)

Cash Available for Distribution (CAD) is a non-GAAP financial measure. It is calculated as cash provided by operating activities, adjusted for capital expenditures (excluding timberland acquisitions), working capital changes, cash distributions from unconsolidated joint ventures and certain cash expenditures that management believes do not directly reflect the core business operations of our timberland portfolio on an on-going basis, including costs required to be expensed by GAAP related to acquisitions, transactions, joint ventures or new business activities.

SOURCE CatchMark Timber Trust, Inc.