 Your new post is loading...
Your new post is loading...
|
Scooped by
Prentiss & Carlisle
December 5, 2018 4:18 PM
|
CatchMark Timber Trust, Inc. (NYSE: CTT) announced today that it had completed the sale of approximately 56,000 acres of timberlands in Texas and Louisiana — the Southwest Region — to Forest Investment Associates (FIA) for $79.3 million. As part of the transaction, CatchMark retains approximately 280,000 tons of merchantable inventory (50% sawtimber/50% pulpwood) to be harvested over the next 18 to 24 months. The per-acre sales price was $1,533, including the timber reservations. Jerry Barag, CatchMark's President and CEO, said: "As a part of a series of coordinated transactions, the Southwest Region sale has enabled CatchMark to recycle capital and diversify our revenue streams, strengthening our capital position, and advancing our future growth track. We have reduced regional exposure in East Texas, after investing in 1.1 million acres of extremely high-quality timberlands through the Triple T joint venture, and redeployed capital into 18,100 acres of prime Pacific Northwest timberlands through the Bandon acquisition — both transactions completed during the summer. Proceeds from the Southwest Region sale are being used to repay debt incurred to fund the Triple T and Bandon investments." The Southwest Region portfolio, located across counties in East Texas and western Louisiana, was acquired by CatchMark in four separate transactions during 2014 and 2015.
|
|
Scooped by
Prentiss & Carlisle
September 18, 2018 10:18 AM
|
Phaunos Timber Fund Ltd said on Monday it is currently considering the increased and final cash offer by Stafford Capital Partners Ltd of USD0.52 per share.
On Friday last week, Stafford vehicle Mahogany Bidco Ltd increased its offer by 6.1% to USD0.52 per share from USD0.49, an 18% premium to Phaunos's USD0.44 per share closing price on June 4. This new offer price values the timber investor at USD259.1 million.
Phaunos also is assessing the offer made by CatchMark Timber Trust Inc, which at USD0.57 per share is higher than even Stafford's improved offer.
Shares in Phaunos Timber Fund were untraded on Monday, last traded at USD0.48.
|
|
Scooped by
Prentiss & Carlisle
August 22, 2018 3:36 PM
|
In the company's first Pacific Northwest transaction, CatchMark Timber Trust, Inc. announced today an agreement to acquire 18,063 acres of prime Oregon timberlands for $88.8 million from Forest Investment Associates (FIA). The to-be-acquired timberlands — known as the Bandon Property — are strategically situated within the Douglas fir/western hemlock zone between the Coos Bay markets and Roseburg mills approximately 150 miles southwest of Portland. Separately, CatchMark announced an agreement to sell 56,000 acres of timberlands in Texas and Louisiana — the Southwest Region — to FIA for $78.5 million. CatchMark will retain approximately 370,000 tons of merchantable inventory (52% sawtimber/48% pulpwood) to be harvested over the next 18-24 months. The per-acre sales price is $1,533 when including the timber reservations. *** Bandon features the high-quality stocking characteristics and sustainability attributes CatchMark seeks in expanding its timberland investments: - Merchantable stocking of 4.2 MMBF/gross acre (32 tons/acre) provides a five-year average harvest of 10.3 MMBF per year (79,000 tons per year).
- Merchantable inventory of 87% commercial conifers, including 77% Douglas fir compared to a 65%-70% regional average.
- A strong balance of merchantable timber and pre-merchantable acres helps ensure long-term sustainability.
- More than 90% of the expected five-year average harvest volume will be derived from sawtimber.
- Exposure to a highly desirable wood basket with tight supply-demand dynamics and both domestic and international market exposure.
*** The Southwest Region portfolio, located across several counties in East Texas and western Louisiana, was acquired by CatchMark in four separate transactions during 2014 and 2015. The property is comprised of 79% pine and 21% hardwood by acres and 1.8 million tons of merchantable inventory, consisting of 51% sawtimber and 49% pulpwood. After accounting for the timber reservation, the completed disposition would decrease the company's average annual harvest volume by approximately 134,000 tons over the next five years.
|
|
Scooped by
Prentiss & Carlisle
May 9, 2018 9:37 AM
|
Craig Kucera – B. Riley FBR Hey, good morning, guys. Thank you. I’m curious about the pricing environment on acquisitions that you’re seeing out there. Are you seeing any softness related to higher interest rates? Or are you seeing the inverse, maybe some tightening on the expectation for perhaps better sawtimber pricing in the future? Jerry Barag – President and Chief Executive Officer Pricing for timberlands specifically has been just pretty darn flat. There doesn’t seem to be any fundamental pressure to propel prices higher, although there are expectations both in the U.S. South and in the Pacific Northwest of higher and robust prices. But those expectations were really built into prior quarter, prior year expectations for growth and prices. So it hasn’t developed into overall higher prices. Interest rates have not had any perceptible impact in a negative fashion on cap rates or product prices as well. So it’s just been flat prices for timberland with the expectation of higher prices for timber. Craig Kucera Got it. And one more for me. I know you guys have sort of identified that a lot of timberland is likely to retrade here. Are you seeing any large portfolios out there? And kind of can you just give us an update on what you’re seeing in the marketplaces where lies some of those larger portfolios? Jerry Barag Yes, there are and they’re coming, and there’s many of them yet to hit the market. But some of them are in final stages as we can tell of being brought to the market, and so I think you’ll see a fairly robust pipeline of offer deals between now and the end of the year. And then there’s many others. There’s many things that we’re working on that are actually off market, private deals. So as I’ve said before and as I continue to say, our pipeline is very full. It’s robust, and it’s a high-quality pipeline of high-quality products.
***
Paul Quinn – RBC Capital Markets Hi, thanks very much. Good morning, guys. Just a question. I talked to a number of people in timberland. Everybody is talking about the dirt of M&A deals out there, especially quality deals, and you guys, you don’t turn around on your call. You’re talking about the excellent M&A opportunities and a robust pipeline. What’s the major disconnect between the two? Jerry Barag We’re better than everybody. It’s hard to say. I mean there have been opportunities out there. As I’ve said, several things that we’ve worked on and are working on are off-market private transactions that for whatever reason, we’ve been able to source and have gotten in front of. And then it’s probably our ability to look differently at some of the opportunities and converting those.
|
|
Scooped by
Prentiss & Carlisle
August 15, 2016 2:08 PM
|
Collin Mings, Raymond James Okay. Helpful color. Thanks guys. Switching gears, Jerry, just maybe can you talk a little bit more about deal pipeline? Do you have anything else under LOI right now as far as pricing, maybe on an apples to apples to basis, recognizing it's tough to do in timberland but how do you think timberland values have trended over the last years over the type of properties that you have been to acquire in the U.S. south. Jerry Barag, CEO Catchmark Timber Trust So the pipeline remains very strong. It's punctuated by some very very large deals, the size of which we haven't seen in quite some time in the timberland sector and there is a queue of these large deals that seems to be lining up, waiting to go. And so as I said in my prepared comments, we are being very disciplined and very selective about what we want to do and quite frankly even though we have what most people would consider a large amount of capital available to us, it is small compared to the size of some of these deals and it is not our intention to just run out and deploy the capital that we have available. So as I said, we are being selective about what's there. In terms of what's on the horizon, we have one smaller transaction that we have been working on that would be added as to our existing landholdings that we are looking at, and pricing is generally along the lines of what we have been doing -- where our pricing has been coming in for quite some time. With respect to the overall markets and pricing, I think what you are starting to see and I think that this is positive development for the timberland markets, but you are starting to see a divergence in pricing between really good properties in really good markets which those properties and those transactions have been able to maintain and hold existing level of pricing. And softer or weaker markets and less desirable properties, you are actually starting to see transactions come together at numbers that are lower than we have seen in quite some time in the timberland space. So there seems to be an acknowledgement in the market today about quality and price for quality versus price for more average type of timberlands and I expect that that trend is going to continue.
|
|
Scooped by
Prentiss & Carlisle
May 6, 2015 10:19 AM
|
Dave Rodgers - Robert W. Baird
I am sure I heard the comments about the acquisitions and opportunities in the market but I was wondering if you could dig a little bit deeper into what you are seeing in the acquisition pipeline if you got anything under contract today or anything in the near-term that we can expect you to close?
Jerry Barag - President and CEO
As I noted in my comments, we've kind of got a bifurcated market that's been going on after a very active 2014 from a market perspective, we started to see some offering as it come out at the beginning of this year or although the timing of that has seem to be a little bit odd. What's coming for the market has been either very large transactions and the number of small transactions that either have come into the market that we've sourced directly. And from an opportunity standpoint the smaller transactions have been much better price, much better productivity, much more complementary to our business plan and so we've -- while it takes a lot of effort to do that they are very accretive properties for us and are very consistent with what our plans are here and so we closed 7,700 acres of that, there is some more that is under contract. But again from a significant standpoint those aren’t going be things that really move the dial in any individual deal. There at least three very large 100,000 plus acre transactions that are in the marketplace that we've looked at and evaluated. It's kind of hard to draw any conclusion, they're all part of processes that are underway that are going to take some time.
I will tell you for the most part of the kind of landscape of what's out there today is that the sellers of large properties have seem to have pretty lumpy expectations of what properties might or should be trading at, and for right now it appears that the market is staying fairly disciplined around pricing, which we like which we're happy about. And so we'll see how those processes end up. But there is nothing eminent on a large scale basis that’s going on.
|
|
Scooped by
Prentiss & Carlisle
November 18, 2014 9:49 AM
|
***
Collin Mings - Raymond James
Just a couple of quick questions here on your deal pipeline I know that you guys talked a little bit about the fact that you don’t have any pending acquisitions, but a couple of months ago you characterized it as being close to $500 million, where does that stand today and just maybe talk a little bit more about the deals you’re seeing and how that pipeline is shaping up going into 2015? Jerry Barag - President, CEO and Director
The deal pipeline as you accurately categorized, have risen to a point of about $0.5 billion and that was through the summer and most of the third quarter. It has come down quite a bit at this point and we continue to have an active pipeline but the slate of offerings of marketed deals of publically marketed deals have slowed down significantly. And we think it’s a good time for us to take a breather as well given the fast pace of what’s going on at CatchMark during 2014 so far. And so our expectation is that there will be somewhat of a low for the next quarter possibly going into the first quarter of next year and we expect the pipeline to begin picking up again shortly after the beginning of the year and based on conversations we’ve had with potential sellers that seems fairly likely to occur. *** Collin Mings - Raymond James
And then as a bigger picture question here some of your peers have shifted more to a focus of repurchasing shares versus buying timberland and just again recognizing particularly and given kind of your strategy and how important growth capital is right now but also recognizing your stock as we sit here right now is trading at a pretty meaningful discount to NAV, how do you even think about repurchasing shares is that something that would make sense to you and the Board at this point? Brian Davis - CFO, Assistant Secretary and Treasurer Clearly we have discussed it with our Board and we evaluated it and I’m not going to say that there isn’t a share price that we wouldn’t interested to a share purchase program, but at our current level we’re satisfied that the path that we’re on which is to use our capital for accretive acquisitions is really the best long-term use of that capital and we think that the relative fundamentals in the market the acquisition market today and how we’ve been able to deploy the capital will, excuse kind of we will pay dividends going forward into the future and we’re focused on that long-term strategy. And so for right now you haven’t seen us announced a share repurchase program and I wouldn’t expect it to happen in the future unless we start to see some kind of weakness in our share price. *** Collin Mings - Raymond James
And then just on, maybe about the timberland acquisition environment and the prices that we’re seeing out there right now, kind of been trading [what] sort of ... real discount rate[s] [do] you sense are being used ... across the board as people don’t have acquisitions right now? Jerry Barag - President, CEO and Director
It seems very acquisition-by-acquisition, I think from a market standpoint my categorization would probably tell you that there is the normal market and I would tell you that we’ve operated in that and which is in
smaller transactions or moderate size transactions and real discount rates there are probably in the 5% to 5.5% range. And then for the last several years you’ve had this market where on large transactions limited
number of large transactions which probably pushed those discount rates a little bit lower just from a supply and demand standpoint there has been a fewer number of those large transactions.
|
|
Scooped by
Prentiss & Carlisle
July 14, 2014 7:11 PM
|
CatchMark Timber Trust, Inc. (NYSE: CTT) today has priced its underwritten offering of 12,500,000 shares of its Class A common stock at $11.75 per share. The offering was upsized from the previously announced public offering of 10,000,000 Class A common stock shares. The underwriters have a 30-day option to purchase up to an additional 1,875,000 shares. CatchMark expects to use the net proceeds from this offering, together with the available borrowing capacity under its multi-draw term credit facility, after giving effect to the application of the net proceeds from this offering, primarily for future timberland acquisitions, including previously announced pending acquisitions.
|
|
Scooped by
Prentiss & Carlisle
June 12, 2014 11:05 AM
|
Jerry Barag, president and CEO of Catchmark Timber Trust (NYSE: CTT), joined REIT.com for a CEO Spotlight video interview during REITWeek 2014: NAREIT’s Investor Forum, held in New York.
Barag was asked about his company’s performance in the first quarter of 2014. Barag noted that following the firm’sinitial public offering (IPO), it implemented a new management team and strategy.
“That’s going along very well,” he said. “We’ve increased production volume significantly over the last year and have brought on enough contractor and manufacturing capacity to handle that. At the current rate, we’re running slightly ahead of schedule for the year. We have also encountered a very strong pricing environment at the same time. As a result, we have been able to increase guidance once this year as well as announce a dividend increase. We expect that those conditions will persist for the balance of the year. We have some operating capacity to finalize before the end of the year and one large land sale, which has already been committed for December.”
Barag also discussed pricing and competition for acquisitions.
“We’ve been very pleased since the beginning of this year,” he said. “There has been an ample supply of property that has come on to the market or that has been available to transact. We have been working our way through that and have been successful on garnering and closing several transactions. Quite frankly, our pipeline continues to expand. It looks like, after a six-year hiatus in the timberland markets, 2014 is shaping up to be a more normalized year in terms of transaction volume. We expect to participate fully in that.”
|
|
Scooped by
Prentiss & Carlisle
March 28, 2014 7:25 PM
|
CatchMark Timber Trust, Inc. 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."
|
|
Scooped by
Prentiss & Carlisle
March 14, 2014 9:57 AM
|
CatchMark Timber Trust, Inc. (NYSE: CTT) announced today an agreement to purchase 36,340 acres of timberland (known as the Waycross-Panola properties) located in Southeast Georgia and East Texas from Hancock Timber Resource Group for approximately $74 million. The transaction, CatchMark's first acquisition since its successful initial underwritten public offering last December, is expected to close during the second quarter and is anticipated to be accretive to cash flow for calendar year 2014.
Transaction highlights include: - Under terms of the agreement, CatchMark would acquire approximately 1.45 million tons of merchantable timber inventory and increase the share of higher value chip-n-saw and sawtimber in its product mix. The inventory comprises 84% pine plantations by acreage and 54% sawtimber by tons.
- The Georgia properties, located near Baxley (Waycross), and the East Texas properties (Panola) combined are expected to add approximately 180,000 to 200,000 tons per year to CatchMark's harvest volumes over the next decade.
- The Waycross-Panola properties are situated exclusively in the core U.S. South timber region in highly competitive wood markets, accessible to some of the best mill markets in the country, which will diversify CatchMark's customer base.
- The properties feature above-average productivity characteristics--Waycross, in particular, registers inventory growth rates approximately 50% higher than average U.S. South timberlands.
- The transaction will be financed through CatchMark's credit facility.
|
|
|
Scooped by
Prentiss & Carlisle
November 7, 2018 10:46 AM
|
Executives
Brian Davis - CFO
Jerry Barag - President and CEO
Todd Reitz - SVP, Forest Resources
John Rasor - President, Triple T Timberlands Analysts
Collin Mings - Raymond James
Paul Quinn - RBC Capital Markets Jerry Barag
***
Now I'd like to spend some more time reviewing two other important transactions that we have not previously discussed on our calls. Bandon which we completed in late August and the southwest regional disposition which we entered into in late August. Bandon is our first transaction in the Pacific Northwest. We acquired from more than 18,000 acres of prime Oregon timberlands for $90 million. In keeping with our focus on premium quality and durable earnings potential, the acreage features quality stocking of 36 tons per acre and merchant inventory comprised of 87% commercial conifers, 77% Douglas fir. More than 90% of Bandon expected five years average harvest volume will keep sawtimbers, helping increase sawtimber share of our harvest.
***
The southwest region disposition is a key part of our capital recycling strategy, following the Triple T and Bandon transactions. Scheduled to close before year-end, southwest disposition involves selling 56,000 acres in Texas and Louisiana and CatchMark will retain merchantable inventory for harvest on the sold acreage. over the next 18 to 24 months. ***
In terms of current transactional activity in timberlands, we see a bifurcated U.S. South just as reference. High quality properties attract strong bidding. Second tier properties take longer to clear and possibly aren't even selling. Lower projected sawtimber pricing growth is weighing on valuations in the region. In the Pacific Northwest, the transaction market remains robust supported by favorable underlying inventory and demand dynamics. ***
Paul Quinn Very great. Maybe we had a record drop of lumber in the quarter. Just wondering if you've seen any kind of -- or heard of any changes in some of the potential capacity adds that are coming in November space going forward in the U.S. South? Jerry Barag Yes. I mean, as an industry it's impacting different places differently and we know given the really strong prices for timber out in the West and the fall particularly in power prices in particular out in the West that it's gotten a little bit more dicey. As I noted in my comments, prices on Southern Yellow Pine, while it come down from big highs, are still -- on a trend line basis are it's still pretty attractive. And so the people that we're supplying, which again by design are in some of the better lumber production markets, and as a result, some of the better timber markets, they have not pulled back at all. We have seen no real impact of lower lumber prices on their current operating rates and their future plans for expansion in the south. Paul Quinn Okay. And just last year on Timberland values, I mean you guys are pretty. Just wondering if you are seeing any impact from rising interest rates, lower lumber and sort of this Chinese import tax issue on Timberland values? Todd Reitz The quick answer is no. It's still a little early for that to have gone through. As I've noted on previous calls, the big impact -- and it's challenge for the appraisal industry for valuations in general, is that the way the market operates is based on actual recorded sales and it doesn't really take into account no sales. And there have been quite a bit of no sales in weaker and weak Timberland markets. And so those comps really never make it to those appraisers and it's odd process probably a flawed process because of that. But what you've seen is where products have transacted have been in the more desirable market, the better operating market and prices have remained very consistent.
|
|
Scooped by
Prentiss & Carlisle
September 10, 2018 1:12 PM
|
The battle for Phaunos Timber Fund (PTF) has intensified with CatchMark Timber Trust (CTT.N), a US real estate investment trust, announcing it is considering a $0.57 per share equity offer.
The potential bid beats a rival offer of $0.49 per share in cash from Phaunos’ former manager Stafford Capital Partners and would see shareholders receive around $284 million in CatchMark shares.
Phaunos, which holds its annual general meeting in Guernsey this afternoon, has responded by saying it will ‘engage with CatchMark to understand fully its proposal’ which represents a 16.3% premium to Stafford’s offer.
Jerry Barag, CatchMark president and chief financial offer said: ‘The Phaunos portfolio fits our existing strategy for acquiring institutional quality assets with superior productivity that can generate durable growth for our stock holders. It presents a compelling opportunity worth our study and analysis.’
***
Liberum analyst Conor Finn said CatchMark’s indicative offer looked attractive but questioned whether CatchMark shares would be a good fit for Phaunos investors.
‘We believe most of the Phaunos share register would not be long-term holders of CatchMark. This is likely to create downward pressure on CatchMark’s share price,’ he said.
***
Phaunos' board has rejected Stafford's bid as undervaluing the company, saying it will deliver more value for shareholders with an orderly wind-up and sale of its investments. Stafford has denied this saying the board's asset realisation programme will be slower and far more uncertain than its offer.
The bid tussle has embroiled Phaunos in a legal row with Rayonier, the majority investor in New Zealand's Matariki Forestry Group which represents three quarters of the company's assets. Rayonier says Phaunos breached a confidentiality agreement by publishing a valuation of Matariki in its formal response to Stafford's offer. It claims it now has the right to buy the rest of Matariki at a 20% discount, which if true would diminish the break-up value the board is seeking.
|
|
Scooped by
Prentiss & Carlisle
May 22, 2018 10:26 AM
|
http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> CatchMark Timber Trust, Inc. (NYSE: CTT) announced today an agreement to acquire 1.1 million acres of prime East Texas timberlands for approximately $1.39 billion in a joint venture with a consortium of institutional investors, including BTG Pactual Timberland Investment Group, Highland Capital Management, Medley Management Inc., and a major Canadian institutional investor. The property is being sold by Campbell Global, on behalf of the institutional owners of the property, in a transaction expected to be completed within 45 to 60 days, subject to customary closing conditions.
***
The approximately $1.39 billion transaction has been structured by Campbell Global as a sale of the general and limited partnership interests of the entities that own the timberland assets. CatchMark will fund its investment of up to $227.5 million in the joint venture through borrowings under its multi-draw term loan and cash on hand. CoBank ACB will act as the agent for a lender syndicate and provide a $750 million financing facility, of which up to $650 million will be funded at closing. *** The transaction provides CatchMark with the following attractive investment attributes: - High Quality Asset: The timberlands feature an above-average site index (74 feet at age 25) and a maturing age class profile with access to top quartile mills and strong nearby end markets (Austin, Dallas, and Houston).
- Attractive Basis: A $1,264 per acre acquisition cost basis, before transaction costs, compares favorably to regional industry benchmarks and positions the joint venture to generate potential premium returns.
- Value-Add Opportunity: A rapidly improving inventory profile will result in enhanced harvest potential and provide the opportunity to restructure operations to optimize future cash flow and value.
- Significant Growth to Existing Investment Management Business: In partnering with new, blue-chip institutional investors which are making a substantial capital commitment, this latest venture complements and expands CatchMark's joint venture strategy which has produced strong financial results in its first year.
- Immediately CAD Accretive: The transaction is estimated to be 2-3% CAD accretive in year one. The joint venture will deliver to CatchMark contracted income from asset management fees and the potential for attractive promotes.
***
John Rasor, CatchMark's current Chief Operating Officer, will transition to serve as President of the newly formed joint venture company, which will be named TexMark Timber Treasury (Triple T Timberlands). CatchMark's Senior Vice President of Forest Resources Todd Reitz will transition to oversee operations for CatchMark's existing properties. Rasor has strong existing relationships with the largest wood supply customers in the East Texas market and both he and Jerry Barag have familiarity with the to-be-acquired Texas timberlands after operating in proximate markets when they ran TimberStar. At TimberStar, Barag and Rasor acquired more than 1.2 million acres of timberlands in Texas, Louisiana, Arkansas, and Maine on behalf of a consortium of institutional investors for $1.35 billion. They structured the acquisition, using the first and only timberland REMIC securitization completed to date totaling $800 million, and sold the properties for $1.9 billion less than four years later. Forest Resource Consultants and American Forest Management will execute land management and accounting functions on the Triple T Timberlands, respectively, as they do at other CatchMark-owned properties. Raymond James acted as financial advisor to CatchMark in the transaction; Alston & Bird LLP and Smith Gambrell & Russell, LLP served as legal advisors to CatchMark. Gibson Dunn and Proskauer Rose served as legal advisors to the group of institutional investors. Perella Weinberg Partners LP acted as financial advisor and Greenberg Traurig, LLP, Schwabe, Williamson & Wyatt and Polsinelli PC served as legal advisors to Campbell Global and its institutional investors in the transaction.
|
|
Scooped by
Prentiss & Carlisle
May 2, 2017 6:55 PM
|
CatchMark Timber Trust, Inc. (NYSE: CTT) announced that it has formed a joint venture with the Missouri Department of Transportation & Patrol Retirement System (MPERS), which today acquired 11,031 acres of high-quality timberlands in North Georgia, known as the Dawsonville Package. Under terms of the 50-50 joint venture with MPERS, CatchMark will be the fiduciary for the public pension fund's investment and will manage the timberlands. The timberlands acquired in the Dawsonville Package border the Chattahoochee National Forest and are located within 90 miles of both Atlanta and Chattanooga. Heavily stocked at an average of 51 tons of merchantable timber per acre, the timberlands are 75% pine with 41% sawtimber. Jerry Barag, CatchMark's President and CEO, said: "The acquisition marks CatchMark's first transaction with an institutional partner and is in keeping with our strategy to acquire prime timberlands with sustainable characteristics and well above average harvest stockings to propel durable revenue growth. The tracts are extremely well located in metropolitan growth paths and over the long-term offer higher-and-better use options."
|
|
Scooped by
Prentiss & Carlisle
May 6, 2016 11:58 AM
|
In the company's single, largest acquisition to date since its listing on the NYSE, CatchMark Timber Trust, Inc. (NYSE: CTT) announced today an agreement to acquire 51,700 acres of prime timberlands in South Carolina for $101.8 million, excluding closing costs, from funds managed by Forest Investment Associates. The acquisition of the Carolinas Midlands III timberlands will expand significantly CatchMark's recent entry into North Carolina and South Carolina from 17,600 to 69,300 acres, and will increase the company's total acreage in the U.S. South to 480,400 acres. Closing of the transaction is expected by the end of the second quarter or early third quarter 2016.
Adding approximately 2.1 million tons1 to CatchMark's merchantable inventory, the acquisition comprises 70% pine acres and a 52%/48% pulpwood to sawtimber mix with significant diversity in topography, creating a range of seasonal harvest options to meet changing market demand. The transaction's productivity is expected to be 4.8 to 5.8 tons per acre per year, adding approximately 250,000 to 300,000 tons per year to CatchMark's harvest over the next decade.
|
|
Scooped by
Prentiss & Carlisle
December 29, 2014 3:37 PM
|
CatchMark Timber Trust Inc. refinanced its existing credit facilities through a syndicate led by CoBank ACB, increasing its total credit availability from $240 million to $410 million.
The Atlanta-based REIT (NYSE: CTT) reported the new debt facilities include a $35 million, five-year revolving line of credit, a $275 million seven-year multi-draw term loan, and a $100 million 10-year term loan.
The refinancing provides additional capital for future acquisitions and other general corporate purposes, including share repurchases.
The refinancing also provides CatchMark with increased liquidity and a reduction in its effective interest cost, the company said.
|
|
Scooped by
Prentiss & Carlisle
November 4, 2014 9:34 AM
|
CatchMark Timber Trust Inc. bought 21,300 acres of timberland in southwest Louisiana from Hancock Natural Resource Group for $38.5 million.
With this purchase, the Atlanta-based real estate investment trust has acquired this year 121,500 acres of timberland throughout the South, expanding its timberland holdings by 44 percent and increasing its projected annual harvest volume in the range of 49 percent to 55 percent, or 540,000 to 590,000 tons.
|
|
Scooped by
Prentiss & Carlisle
July 7, 2014 6:42 PM
|
CatchMark Timber Trust, Inc. announced today agreements to acquire a total of 55,671 acres of prime timberlands in two separate transactions totaling $106 million. The properties are located primarily in Middle and South Georgia (approximately 95% of the acreage) as well as North Florida. If completed, these acquisitions are expected to add 2.5 million tons of timber to CatchMark's merchantable inventory, comprising 72% pine plantations by acreage and 48% sawtimber by tons, and are expected to increase the company's annual harvest volumes over the next decade by 230,000 to 250,000 tons.
The two transactions—known as Oglethorpe and Satilla River—are expected to close during the third quarter, subject to completion of CatchMark's due diligence and the satisfaction of closing conditions, including verification of inventory and title. The transactions will be financed through a combination of CatchMark's credit facility and cash on hand. During 2014, CatchMark has acquired or entered into agreements to acquire approximately 100,000 acres of timberlands, representing a 36% increase in its total acreage relative to year-end 2013. In aggregate, these acquisitions, assuming completion of the Oglethorpe and Satilla River transactions, are expected to increase CatchMark's annual harvest volumes over the next decade by approximately 440,000 to 480,000 tons.
|
|
Scooped by
Prentiss & Carlisle
April 14, 2014 10:50 AM
|
CatchMark Timber Trust, Inc. announced today the completion of its transaction to purchase 36,300 acres of timberland (known as the Waycross-Panola properties) located in Southeast Georgia and East Texas from Hancock Timber Resource Group for approximately $74 million.
The acquisition adds approximately 1.45 million tons of merchantable timber to CatchMark's inventory and increases the share of higher value chip-n-saw and sawtimber in the company's product mix. Comprising 84% pine plantations by acreage and 54% sawtimber by tons, the Waycross-Panola properties are expected to add approximately 180,000 to 200,000 tons to CatchMark's annual harvest volumes over the next decade.
|
|
Scooped by
Prentiss & Carlisle
March 21, 2014 10:55 AM
|
|
