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August 28, 2015 9:37 AM ET

Real Estate Investment Trusts (REITs)

Company Overview of CatchMark Timber Trust, Inc.

Company Overview

Wells Timberland REIT, Inc., a real estate investment trust (REIT), focuses on the acquisition of timberland properties in the United States. It intends to acquire timberland properties throughout the timber-producing regions of the United States and, to a lesser extent, in timber-producing regions outside the United States. The company intends to qualify as a REIT under the Internal Revenue Code of 1986. Wells Timberland REIT was founded in September 2005. It was formerly known as Wells Real Estate Investment Trust IV, Inc. and changed its name to Wells Timber Real Estate Investment Trust, Inc. in November 2005 and changed to Wells Timberland REIT, Inc. in 2006. The company is headquartered...

5 Concourse Parkway

Suite 2325

Atlanta, GA 30328

United States

Founded in 2005

13 Employees

Phone:

855-858-9794

Fax:

855-865-8223

Key Executives for CatchMark Timber Trust, Inc.

Chief Executive Officer, President and Director
Age: 56
Total Annual Compensation: $540.0K
Chief Financial Officer, Senior Vice President, Treasurer and Assistant Secretary
Age: 46
Total Annual Compensation: $415.0K
Chief Operating Officer, Secretary and Director
Age: 72
Total Annual Compensation: $415.0K
Compensation as of Fiscal Year 2014.

CatchMark Timber Trust, Inc. Key Developments

CatchMark Timber Trust, Inc. Declares Third Quarter Dividend, Payable on September 14, 2015; Reports Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2015

CatchMark Timber Trust, Inc. declared a dividend of $0.125 per share to stockholders of record on August 28, 2015, payable on September 14, 2015. The company reported earnings and operating results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenue of $14,174,000 compared to $11,901,000 a year ago, driven primarily by an increase in timber sales revenue of $2.5 million. Operating loss was $1,479,000 compared to operating income of $433,000 a year ago. Net loss available to common stockholders was $2,330,000 or $0.06 per basic and diluted share compared to $349,000 or $0.01 per basic and diluted share a year ago. Net cash provided by operating activities were $5,954,000 compared to $6,353,000 a year ago. Capital expenditures (excluding timberland acquisitions) were $210,000 compared to $198,000 a year ago. The company's net loss increased primarily due to a higher depletion expense as a result of the change in depletion methodology. For the three months ended June 30, 2015, Adjusted EBITDA was $5.5 million, a $0.5 million increase from the three months ended June 30, 2014, primarily due to a $1.9 million increase in net timber sales, offset by a $0.4 million decrease in net revenue from timberland sales, a $0.7 million increase in cash general and administrative expenses, and a $0.3 million increase in other operating expenses. For the six months, the company reported revenue of $34,418,000 compared to $20,771,000 a year ago. Operating loss was $1,493,000 compared to operating income of $430,000 a year ago. Net loss available to common stockholders was $3,147,000 or $0.08 per basic and diluted share compared to $737,000 or $0.03 per basic and diluted share a year ago. Net cash provided by operating activities were $15,626,000 compared to $6,885,000 a year ago. Capital expenditures (excluding timberland acquisitions) were $1,056,000 compared to $536,000 a year ago. Revenues increase was driven by an increase in timber sales revenue of $7.5 million, an increase in timberland sales revenue of $5.7 million, and an increase in other revenues of $0.5 million. Net loss increased primarily due to a higher depletion expense as a result of the change in depletion methodology. For the six months ended June 30, 2015, adjusted EBITDA was $16.5 million, a $9.5 million increase from the six months ended June 30, 2014, primarily due to a $5.5 million increase in net timber sales and a $5.3 million increase in net revenue from timberland sales, offset by a $0.6 million increase in cash general and administrative expenses, and a $0.5 million increase in other operating expenses.

CatchMark Mulls Acquisitions

CatchMark Timber Trust, Inc. (NYSE:CTT) is seeking acquisitions. Willis J. Potts, CatchMark's Chairman of the Board, said: "In exercising discipline and prudence in reviewing potential purchases, we remain committed to securing high quality timberlands, which will ensure long-term revenue and dividend growth."

CatchMark Timber Trust, Inc. to Report Q2, 2015 Results on Aug 03, 2015

CatchMark Timber Trust, Inc. announced that they will report Q2, 2015 results at 5:00 PM, Eastern Standard Time on Aug 03, 2015

Similar Private Companies By Industry

Company Name Region
Accredited Mortgage Loan REIT Trust United States
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Two Harbors Investment Corp., Prior to merger with Capitol Acquisition Corp. United States
NSB Realty Trust United States

Recent Private Companies Transactions

Type
Date
Target
Buyback
August 7, 2015
--
Merger/Acquisition
August 3, 2015
7,668 Acres of Property in Georgia and Texas
Merger/Acquisition
August 3, 2015
9,686 Acres of Prime Timberlands
 

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