Enterprising Investor
3年前
Manulife Investment Management closes on more than 300,000 acres of Texas timberlands (9/01/21)
Now manages nearly 1 million acres in the Western Gulf region on behalf of clients
BOSTON, Sept. 2, 2021 /PRNewswire/ - Hancock Natural Resource Group (HNRG), a company of Manulife Investment Management, announced today the closing of a transaction on behalf of its client, AP3, with TexMark Timber Treasury L.P. (Triple T), a joint venture managed by CatchMark Timber Trust, Inc. (NYSE:CTT) AP3 is one of four buffer funds that manage capital on behalf of the Swedish state pension system. Under the terms of the agreement, HNRG acquired more than 300,000 pine timberland acres in eastern Texas through a U.S. subsidiary of AP3. The timberlands are located in 10 counties across the western coastal plain of Texas.
"We're pleased to announce the closing of these timberlands in Texas," said Tom Sarno, global head of timberland investments, Manulife Investment Management. "Our team is very experienced in this region and was able to provide key insight and validate our initial assumptions. We believe the assets are very well positioned to benefit from the already deep markets, reliable off takers, and favorable timber growth attributes with additional opportunities provided by recently announced mill investments in the region. We have confidence that the investment is well positioned for long-term success and we look forward to managing the property on behalf of our client. This marks the fourth timberland acquisition our team has closed in 2021, including two eucalyptus plantations in Brazil and an impact-first investment in Maine along the Quebec, Canada, border."
Manulife Investment Management manages approximately 6 million acres of timberland across the United States, Canada, New Zealand, Australia, Brazil, and Chile as part of its comprehensive private markets strategies. It also oversees approximately 400,000 acres of prime farmland in major agricultural regions of the United States and in Canada, Chile, and Australia.
About Manulife Investment Management
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement.
As of June 30, 2021, Manulife Investment Management had CAD$1.0 trillion (US$834 billion) in assets under management and administration. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
About AP3
AP3 is one of four buffer funds that manage capital on behalf of the Swedish state pension system. The fund had SEK 466,9 billion of assets under management as of June 30, 2021. AP3 is tasked by Swedish Parliament with generating maximum possible benefit for the state pension system by managing its fund capital responsibly and delivering strong investment returns at a low level of risk. For more information, see www.ap3.se
https://www.prnewswire.com/news-releases/manulife-investment-management-closes-on-more-than-300-000-acres-of-texas-timberlands-301368355.html
Enterprising Investor
3年前
CatchMark's Triple T Joint Venture Completes Sale of 300,000 Acres of Prime East Texas Timberlands (9/01/21)
ATLANTA, Sept. 1, 2021 /PRNewswire/ -- CatchMark Timber Trust, Inc. (NYSE: CTT) today announced that TexMark Timber Treasury, L.P. ("Triple T") has completed the sale of 300,000 acres of prime East Texas timberlands for $497 million in cash, or approximately $1,656 per acre, to a client of Hancock Natural Resource Group, Inc., a Manulife Investment Management company. The sold property represents a portion of the 1.1 million acres in East Texas owned by Triple T. CatchMark serves as the asset manager and general partner of the Triple T joint venture on behalf of a consortium of institutional investors.
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, Georgia, Oregon, South Carolina and Texas. For more information, visit www.catchmark.com.
https://www.prnewswire.com/news-releases/catchmarks-triple-t-joint-venture-completes-sale-of-300-000-acres-of-prime-east-texas-timberlands-301367897.html
Enterprising Investor
3年前
CatchMark Completes $100 Million Sale of Oregon Timberlands to Roseburg Resources Co. (8/11/21)
Increases Net Income Guidance
ATLANTA, Aug. 11, 2021 /PRNewswire/ -- CatchMark Timber Trust, Inc. (NYSE: CTT) today announced that it had completed the sale of 18,063 acres of prime Oregon timberlands – known as the Bandon property – for $100 million in cash, or approximately $5,536 per acre, to Roseburg Resources Co. The property had been purchased in August 2018 for $88.8 million or $4,916 per acre.
The company recognized a gain on the sale of approximately $23 million. CatchMark increased its guidance for full-year net income to a range of $13 to $17 million to reflect the sale but has not made any other adjustments to its full year 2021 guidance. CatchMark had harvested approximately 80% of its targeted full-year 2021 volume for the Bandon property by transaction close.
CatchMark Chief Executive Officer Brian M. Davis said: "Coming off an exceptionally strong second quarter when we generated record revenues, cash from operations, and Adjusted EBITDA and our second highest quarter of net income, this disposition demonstrates our ability to execute accretive capital recycling transactions and further strengthens CatchMark's capital position. It also allows us to concentrate our activities in the U.S. South where we have a very robust operations platform and see the greatest opportunity for future growth. Most of the sale proceeds will be used to pay down existing debt. Our simple strategy remains focused on investing in prime timberlands in the nation's leading mill markets, employing delivered wood sales as well as opportunistic stumpage sales to provide predictable and stable cash flow, help cover our dividend, and create long-term shareholder value."
AFM Real Estate acted as CatchMark's broker for the transaction.
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, Georgia, Oregon, South Carolina and Texas. For more information, visit www.catchmark.com.
* As of June 30, 2021
About Roseburg
Founded in 1936, Roseburg Forest Products is a privately-owned company and one of North America's leading producers of particleboard, medium density fiberboard and thermally fused laminates. Roseburg also manufactures softwood and hardwood plywood, lumber, LVL and I-joists. The company owns and sustainably manages more than 600,000 acres of timberland in Oregon, North Carolina and Virginia, as well as an export wood chip terminal facility in Coos Bay, Ore. Roseburg products are shipped throughout North America and the Pacific Rim. To learn more about the company please visit www.roseburg.com.
https://www.prnewswire.com/news-releases/catchmark-completes-100-million-sale-of-oregon-timberlands-to-roseburg-resources-co-301353647.html
Enterprising Investor
4年前
CatchMark Announces Agreement to Sell 18,063 Acres of Prime Oregon Timberlands to Roseburg Resources Co. (6/22/21)
ATLANTA, June 22, 2021 /PRNewswire/ -- CatchMark Timber Trust, Inc. (NYSE: CTT) today announced a definitive agreement to sell 18,063 acres of prime Oregon timberlands – known as the Bandon property – for $100 million in cash, or approximately $5,536 per acre, to Roseburg Resources Co.
CatchMark purchased the property in August 2018 for $88.8 million, or $4,916 per acre, exclusive of transaction costs. The company expects to recognize a gain on the sale in excess of $20 million in the third quarter of 2021. As of June 17, 2021, CatchMark has harvested approximately 70% of its targeted 2021 volume for the Pacific Northwest and expects to reach approximately 75% to 80% of its target 2021 harvest volume for the region by transaction close. The sale is expected to close in the third quarter of 2021, subject to customary closing conditions.
CatchMark Chief Executive Officer Brian M. Davis said: "We're pleased with the outcome of this transaction, which generated strong interest from a wide group of investors. By selling this asset, we will be better positioned to reinvest in the growth of our core portfolio in the U.S. South where we have a robust operating platform and see the strongest opportunity for future growth."
Mr. Davis continued, "We have successfully capitalized on the current favorable market conditions for our Pacific Northwest property. The sale of our Bandon timberlands highlights our ability to execute accretive capital recycling transactions that allow us to continue to pursue our strategy of investing in prime timberlands in high-demand mill markets and managing operations to generate stable and predictable cash flow."
Roseburg's Senior Vice President of Resources Scott Folk commented, "Roseburg is very pleased to acquire another 18,063 acres of well-managed, highly productive and strategically located timberlands in coastal Oregon. The close proximity of these properties to our western manufacturing facilities will help ensure a long-term, sustainable supply of premium logs and wood fiber."
AFM Real Estate acted as CatchMark's broker for the transaction.
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
About Roseburg
Founded in 1936, Roseburg Forest Products is a privately-owned company and one of North America's leading producers of particleboard, medium density fiberboard and thermally fused laminates. Roseburg also manufactures softwood and hardwood plywood, lumber, LVL and I-joists. The company owns and sustainably manages more than 600,000 acres of timberland in Oregon, North Carolina and Virginia, as well as an export wood chip terminal facility in Coos Bay, Ore. Roseburg products are shipped throughout North America and the Pacific Rim. To learn more about the company please visit www.roseburg.com.
About American Forest Management
American Forest Management offers a suite of services including land and habitat management, timberland inventory and sales, environmental practices and technical services. AFM Real Estate, as subsidiary, offers real estate acquisition and disposition services. Headquartered in Charlotte, N.C., American Forest Management serves clients across the country with 50+ regional offices and oversees more than 6 million acres of land. For over fifty years, it has been the industry's leading company, coordinating land transactions valued at over $3.2 billion.
https://www.prnewswire.com/news-releases/catchmark-announces-agreement-to-sell-18-063-acres-of-prime-oregon-timberlands-to-roseburg-resources-co-301317824.html
Enterprising Investor
5年前
CatchMark's Triple T Joint Venture and Georgia-Pacific Amend Wood Supply Agreement (6/24/20)
ATLANTA, June 24, 2020 /PRNewswire/ -- CatchMark Timber Trust, Inc. (NYSE: CTT) announced today that its Triple T joint venture has amended its wood supply agreement with Georgia-Pacific WFS LLC (Georgia-Pacific) intended to achieve market-based pricing on timber sales. CatchMark invests in 1.1 million acres of prime East Texas timberlands through Triple T and acts as the general partner of the venture on behalf of a consortium of institutional investors.
Under the amended supply agreement, Triple T also will be able to increase reimbursement for extended haul distances, sell timber to other third parties, and expand its ability to sell large timberland parcels to third party buyers. The supply agreement between Triple T and Georgia-Pacific has also been extended by two years from 2029 to 2031, with optimized harvest volume obligations to enhance and preserve long-term asset value. For these amendments to the agreement, Triple T paid Georgia-Pacific $145 million.
CatchMark Chief Executive Officer Brian Davis said: "We expect this agreement with Georgia-Pacific to result in increased returns for all Triple T investors, including CatchMark, over the life of the joint venture. We expect these amendments to increase cash flows from timber sales at market-based prices based on customary pricing mechanisms, improve the value and marketability of the property for the long-term, and significantly enhance Triple T's ability to make opportunistic timberland sales as well as recapitalize our investment."
"Georgia-Pacific Building Products appreciates the partnership we have with Triple T," said Tim Chatlos, a spokesperson for Georgia-Pacific. "This agreement creates value for both our companies and allows us to continue our partnership into the future."
John Rasor, President of Triple T, said: "Georgia-Pacific has been and continues to be integral to the success of Triple T and we appreciate how they worked with us to achieve this mutually beneficial agreement."
Rasor added: "Our operations can now realize the full potential of Triple T's premier timberland holdings to optimize future cash flow and value. In particular, a rapidly improving inventory profile will result in enhanced harvest opportunities now with greater revenue growth."
In connection with the Georgia-Pacific agreement, CatchMark also reported making an amendment to the Triple T joint venture agreement with its institutional partners to increase its asset management fee for the next two years, reflecting the impact of the Georgia-Pacific payment on the timberland investment. This amendment is immediately CAD accretive to CatchMark.
In July 2018, CatchMark invested $200 million in forming Triple T, which acquired the East Texas timberlands, subject to the Georgia-Pacific supply agreement, for approximately $1.39 billion. Its Triple T partners include BTG Pactual Timberland Investment Group, Highland Capital Management, Medley Management Inc., and British Columbia Investment Management Corporation.
The Triple T joint venture made the acquisition, intending to amend the Georgia-Pacific supply agreement and maximize asset value. The timberlands feature a rapidly improving inventory profile and above-average site index. The original transaction has met all operating benchmarks to date.
Perella Weinberg Partners LP advised Triple T in the transaction.
About CatchMark Timber Trust, Inc.
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, North Carolina, Oregon, South Carolina, Tennessee and Texas. For more information, visit www.catchmark.com.
* As of March 31, 2020
https://www.prnewswire.com/news-releases/catchmarks-triple-t-joint-venture-and-georgia-pacific-amend-wood-supply-agreement-301082856.html
Enterprising Investor
6年前
CatchMark Declines to Make Firm Offer to Acquire Phaunos Timber Fund Limited (9/21/18)
ATLANTA, Sept. 21, 2018 /PRNewswire/ -- CatchMark Timber Trust, Inc. (NYSE :CTT ) announced today the company has determined not to make an offer to acquire Phaunos Timber Fund Limited (LSE :PTF ), a Channel Islands domiciled, closed-end real estate fund.[1]
Earlier this month, CatchMark announced a potential offer for Phaunos, which valued Phaunos at $0.57 per share to be paid in new shares of CatchMark Class A common stock.
About CatchMark
CatchMark Timber Trust, Inc. (NYSE :CTT ) is a self-administered and self-managed, publicly-traded timberland REIT that strives to deliver superior risk-adjusted returns for all stakeholders through disciplined acquisitions, sustainable harvests, and well-timed real estate sales. Headquartered in Atlanta and focused exclusively on timberland ownership and management, CatchMark began operations in 2007 and owns interests in approximately 1.6 million acres* of timberlands located in Alabama, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Texas. For more information, visit www.catchmark.com.
* As of July 6, 2018
[1] CatchMark (and any person(s) acting in concert with it) reserve(s) the right to make, or participate in, an offer or possible offer for Phaunos within six months following the date of this announcement: (i) with the agreement of the Board of Phaunos following the firm offer made by Stafford Capital Partners Limited having been withdrawn or having lapsed; (ii) if a third party announces a firm intention to make an offer for Phaunos; (iii) following the announcement by Phaunos of a "whitewash" proposal (as defined in the UK Takeover Code) or a reverse takeover; or (iv) if the UK Panel on Takeovers and Mergers determines that there has been a material change of circumstances.
https://www.prnewswire.com/news-releases/catchmark-declines-to-make-firm-offer-to-acquire-phaunos-timber-fund-limited-300716801.html
Enterprising Investor
6年前
In Separate Transactions, CatchMark Agrees to Acquire 18,063 acres of Prime Oregon Timberlands; Also Agrees to Sell 56,000-acre Southwest Region Portfolio, Retaining 370,000 Tons of Merchantable Inventory (8/22/18)
ATLANTA, Aug. 22, 2018 /PRNewswire/ -- In the company's first Pacific Northwest transaction, CatchMark Timber Trust, Inc. (NYSE : CTT ) 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.
Together, these transactions will optimize CatchMark's portfolio diversity with the company's entry into the Pacific Northwest, improve annual timber sales revenue by approximately $1.6 million and Adjusted EBITDA (excluding land sales) by approximately $2.5 million annually over the next five years, and support the company's capital structure on a leverage-neutral basis.
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.
Jerry Barag, CatchMark's President and CEO, said: "The Bandon investment is an attractive pure-play timber purchase, driven by long-term harvest yields in an exceptionally strong and dynamic market. The acquisition establishes CatchMark's foothold in the Pacific Northwest, while increasing our market diversity and providing additional harvest options. The Southwest Region sale follows our 1.1 million-acre Triple T joint venture investment in prime East Texas timberlands and will reduce our regional exposure while strengthening our capital position to enable further growth. Taken together these transactions diversify CatchMark's revenue streams and markets through effective recycling and deployment of capital."
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.
CatchMark will fund the Bandon purchase, which is projected to close by the end of August, from a combination of cash on hand and borrowing under an amended credit facility expected to close in advance of the Bandon purchase. The amended facility increases total capacity by $75 million; right-sizes its multi-draw term loan to $200 million; and adds a new seven-year $140 million term loan to refinance existing debt under the multi-draw term loan. Including the pricing on the new term loan set to LIBOR + 1.7%, the all-in cost of debt (net of estimated patronage) is expected to be approximately 3.4%, based on the company's current leverage ratio, pricing grid, and floating/fixed debt mix. The Southwest Region transaction is expected to be completed by the fourth quarter with proceeds going to repay debt.
Property management at Bandon will be handled by American Forest Management, which also manages CatchMark operations in the Carolinas and CatchMark's log/accounting settlement system.
The projected annual net financial impact of the Bandon Property acquisition and the Southwest Region disposition is presented below:
[Tables deleted]
About CatchMark
CatchMark Timber Trust, Inc. (NYSE : CTT ) is a self-administered and self-managed, publicly-traded timberland REIT that strives to deliver superior risk-adjusted returns for all stakeholders through disciplined acquisitions, sustainable harvests, and well-timed real estate sales. Headquartered in Atlanta and focused exclusively on timberland ownership and management, CatchMark began operations in 2007 and owns interests in approximately 1.6 million acres* of timberlands located in Alabama, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Texas. For more information, visit www.catchmark.com.
https://www.prnewswire.com/news-releases/in-separate-transactions-catchmark-agrees-to-acquire-18-063-acres-of-prime-oregon-timberlands-also-agrees-to-sell-56-000-acre-southwest-region-portfolio-retaining-370-000-tons-of-merchantable-inventory-300700668.html
Enterprising Investor
7年前
CatchMark President and CEO Jerry Barag presented at the REITWeek: 2018 Investor Conference in NYC on 6/05/18.
Barag said the land was previously owned by Temple-Inland and sold to private equity about ten years ago.
I owned Temple-Inland back in 2007. Carl Icahn, who owned 8 percent of the company, urged the board to sell off assets. Campbell Group paid $2.38 billion for 1.55 million acres - about $1,535 per acre. As a result of the sale, shareholders received a $1.1 billion dividend.
CTT and its partners are now paying $1,264 per acre for land previously sold for $1,535 acre. This is a distressed sale.
Barag told the audience that the property is being acquired at a 30 to 35 discount to normal market prices today. The property has issues. The biggest issue is the that land has been “generally over-harvested” during the past ten years, which means the income potential is expected to be “severely impaired” over the next four to five years. The other investors in the partnership will pay an asset management fee to CTT to replace its income loss on the property over the next five years.
Enterprising Investor
7年前
CatchMark Led Partnership Completes $1.39 Billion Acquisition of 1.1 Million Acres of Prime East Texas Timberlands (7/09/18)
ATLANTA, July 9, 2018 /PRNewswire/ -- CatchMark Timber Trust, Inc. (NYSE: CTT) announced today the completion of its previously announced acquisition of 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 British Columbia Investment Management Corporation. The property was sold by Campbell Global, on behalf of the institutional owners of the property, in one of the largest U.S. timberlands transactions of the past decade. The joint venture — operating as Triple T Timberlands — is a CatchMark-managed affiliate.
Jerry Barag, CatchMark's President and CEO, said: "Building off our existing East Texas presence, we intend to move quickly and efficiently to integrate operations under CatchMark with our former chief operating officer John Rasor, who became President of Triple T upon closing. Our intention is to maximize value for our stockholders and partners by executing on a carefully designed operations plan and implementing best management practices."
For an investment of $200 million, CatchMark has tripled the number of acres under its control and management to approximately 1.6 million acres and significantly expanded its fee-based asset management business. The innovative transaction fits CatchMark's profile for acquiring interests in properties which can provide sustainable growth for its stockholders. The acquired timberlands have a highly productive site index and are projected to grow from the current 2.8 million tons of annual harvest volume to more than five million tons by 2028.
Forest Resource Consultants and American Forest Management are performing land management and accounting functions, respectively, on the Triple T Timberlands properties 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 & Crutcher LLP and Proskauer Rose LLP served as legal advisors to the group of institutional investors.
About CatchMark
CatchMark Timber Trust, Inc. (NYSE: CTT) is a self-administered and self-managed, publicly-traded REIT that strives to deliver superior risk-adjusted returns for all stakeholders through disciplined acquisitions, sustainable harvests and well-timed sales. Headquartered in Atlanta and focused exclusively on timberland ownership, CatchMark began operations in 2007 and owns interests in approximately 1.6 million acres of timberlands located in Alabama, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Texas. For more information, visit www.catchmark.com.
https://www.prnewswire.com/news-releases/catchmark-led-partnership-completes-1-39-billion-acquisition-of-1-1-million-acres-of-prime-east-texas-timberlands-300677467.html
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