CatchMark Timber Trust (CTT) 10-Q 3 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	CatchMark Timber Trust, Inc.
Entity Central Index Key	1,341,141
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		39,551,605

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 14,198	$ 17,365
Accounts receivable	2,161	798
Prepaid expenses and other assets	2,529	2,781
Deferred financing costs, less accumulated amortization of $571 and $267 as of June 30, 2015 and December 31, 2014, respectively	4,017	4,245
Timber assets (Note 3):
Timber and timberlands, net	554,396	543,101
Intangible lease assets, less accumulated amortization of $933 and $931 as of June 30, 2015 and December 31, 2014, respectively	24	26
Total assets	577,325	568,316
Liabilities:
Accounts payable and accrued expenses	2,780	2,359
Other liabilities	4,120	3,265
Note payable and line of credit (Note 4)	138,002	118,000
Total liabilities	144,902	123,624
Commitments and Contingencies (Note 6)	0	0
Stockholders’ Equity:
Additional paid-in capital	612,926	612,518
Accumulated deficit and distributions	(180,350)	(167,364)
Accumulated other comprehensive loss	(549)	(856)
Total stockholders’ equity	432,423	444,692
Total liabilities and stockholders’ equity	577,325	568,316
Common Class A
Stockholders’ Equity:
Common stock, $0.01 par value	396	362
Common Class B-3
Stockholders’ Equity:
Common stock, $0.01 par value	$ 0	$ 32

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Deferred financing cost, accumulated amortization	$ 571	$ 267
Intangible lease assets, accumulated amortization	$ 933	$ 931
Common Class A
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	889,500,000	889,500,000
Common stock, shares issued	39,552,000	36,193,000
Common stock, shares outstanding	39,552,000	36,193,000
Common Class B-3
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,500,000	3,500,000
Common stock, shares issued	0	3,164,000
Common stock, shares outstanding	0	3,164,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Timber sales	$ 12,672	$ 10,173	$ 25,766	$ 18,270
Timberland sales	591	1,025	6,765	1,090
Other revenues	911	703	1,887	1,411
Total revenues	14,174	11,901	34,418	20,771
Expenses:
Contract logging and hauling costs	4,824	4,207	9,944	7,954
Depletion	6,396	3,729	12,598	5,533
Cost of timberland sales	401	791	5,407	841
Forestry management expenses	1,061	810	2,182	1,506
General and administrative expenses	1,864	1,060	3,532	2,776
Land rent expense	172	190	375	405
Other operating expenses	935	681	1,873	1,326
Operating costs and expenses	15,653	11,468	35,911	20,341
Operating (loss) income	(1,479)	433	(1,493)	430
Other income (expense):
Interest income	2	2	2	2
Interest expense	(853)	(784)	(1,656)	(1,169)
Total other income (expense)	(851)	(782)	(1,654)	(1,167)
Net loss available to common stockholders	$ (2,330)	$ (349)	$ (3,147)	$ (737)
Weighted-average common shares outstanding - basic and diluted	39,551	24,985	39,490	24,910
Net loss per-share available to common stockholders - basic and diluted	$ (0.06)	$ (0.01)	$ (0.08)	$ (0.03)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net loss	$ (2,330)	$ (349)	$ (3,147)	$ (737)
Other comprehensive income (loss):
Market value adjustment to interest rate swap	1,201	(166)	307	(180)
Comprehensive loss	$ (1,129)	$ (515)	$ (2,840)	$ (917)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Additional Paid-in Capital	Accumulated Deficit and Distributions	Accumulated Other Comprehensive Income (Loss)	Common Class ACommon Stock	Common Class BCommon Stock
Stockholders' equity, beginning of year (in shares) at Dec. 31, 2013					13,900	9,493
Stockholders' equity, beginning of year at Dec. 31, 2013	$ 279,932	$ 432,117	$ (152,688)	$ 269	$ 139	$ 95
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued during period (in shares)					1,579
Stock issued during period	21,316	21,300			$ 16
Long-term incentive plan (in shares)					13
Long-term incentive plan	191	191			$ 0
Conversion to Class A Shares (in shares)					3,164	(3,164)
Conversion to Class A Shares	0				$ 32	$ (32)
Dividends to common stockholders	(8,619)		(8,619)
Stock issuance cost	(1,674)	(1,674)
Net loss	(737)		(737)
Other comprehensive income (loss)	(180)			(180)
Stockholders' equity, end of year (in shares) at Jun. 30, 2014					18,656	6,329
Stockholders' equity, end of year at Jun. 30, 2014	290,229	451,934	(162,044)	89	$ 187	$ 63
Stockholders' equity, beginning of year (in shares) at Dec. 31, 2014					36,193	3,164
Stockholders' equity, beginning of year at Dec. 31, 2014	444,692	612,518	(167,364)	(856)	$ 362	$ 32
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Long-term incentive plan (in shares)					195
Long-term incentive plan	410	408			$ 2
Conversion to Class A Shares (in shares)					3,164	(3,164)
Conversion to Class A Shares	0				$ 32	$ (32)
Dividends to common stockholders	(9,839)		(9,839)
Net loss	(3,147)		(3,147)
Other comprehensive income (loss)	307			307
Stockholders' equity, end of year (in shares) at Jun. 30, 2015					39,552	0
Stockholders' equity, end of year at Jun. 30, 2015	$ 432,423	$ 612,926	$ (180,350)	$ (549)	$ 396	$ 0

Consolidated Statements of Sto7

Consolidated Statements of Stockholders' Equity (unaudited) (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share	$ 0.25	$ 0.345

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities:
Net loss	$ (3,147)	$ (737)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depletion	12,598	5,533
Other amortization	58	44
Stock-based compensation expense	411	179
Noncash interest expense	332	182
Basis of timberland sold	4,894	744
Changes in assets and liabilities:
Accounts receivable	(1,363)	(1,102)
Prepaid expenses and other assets	117	575
Accounts payable and accrued expenses	595	378
Other liabilities	1,131	1,089
Net cash provided by operating activities	15,626	6,885
Cash Flows from Investing Activities:
Timberland acquisitions	(27,651)	(86,089)
Capital expenditures (excluding timberland acquisitions)	(1,056)	(536)
Net cash used in investing activities	(28,707)	(86,625)
Cash Flows from Financing Activities:
Proceeds from note payable	20,500	86,500
Repayments of note payable	(498)	(20,169)
Financing costs paid	(249)	(943)
Issuance of common stock	0	21,316
Dividends paid to common stockholders	(9,839)	(5,495)
Stock issuance costs	0	(1,674)
Net cash provided by financing activities	9,914	79,535
Net decrease in cash and cash equivalents	(3,167)	(205)
Cash and cash equivalents, beginning of period	17,365	8,614
Cash and cash equivalents, end of period	$ 14,198	$ 8,409

Organization

Organization	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization CatchMark Timber Trust Inc. ("CatchMark Timber Trust") primarily engages in the ownership, management, acquisition, and disposition of timberlands located in the southeastern United States and has elected to be taxed as a real estate investment trust ("REIT") for federal income tax purposes. CatchMark Timber Trust was incorporated in Maryland in 2005 and commenced operations in 2007. CatchMark Timber Trust conducts substantially all of its business through CatchMark Timber Operating Partnership, L.P. (“ CatchMark Timber OP ”), a Delaware limited partnership. CatchMark Timber Trust is the general partner of CatchMark Timber OP , possesses full legal control and authority over its operations, and owns 99.99% of its common partnership units. CatchMark LP Holder, LLC (“ CatchMark LP Holder ”), a wholly owned subsidiary of CatchMark Timber Trust , is the sole limited partner of CatchMark Timber OP . In addition, CatchMark Timber TRS, Inc. (“CatchMark TRS”), a Delaware corporation, was formed as a wholly owned subsidiary of CatchMark Timber OP in 2006. Unless otherwise noted, references herein to CatchMark Timber Trust shall include CatchMark Timber Trust and all of its subsidiaries, including CatchMark Timber OP , and the subsidiaries of CatchMark Timber OP , including CatchMark TRS. CatchMark Timber Trust generates recurring income and cash flow from the harvest and sale of timber, as well as from non-timber related revenue sources, such as recreational leases. CatchMark Timber Trust also periodically generates income and cash flow from the sale of timberland properties that have a higher-value use beyond growing timber ("HBU"), such as properties that can be sold for development, conservation, recreational or other rural purposes at prices in excess of traditional timberland values. CatchMark Timber Trust expects to realize additional long-term returns from the potential appreciation in value of its timberlands as well as from the potential biological growth of its standing timber inventory in excess of its timber harvest.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements of CatchMark Timber Trust have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and shall include the accounts of any variable interest entity (“VIE”) in which the Company or its subsidiaries is deemed the primary beneficiary. With respect to entities that are not VIEs, CatchMark Timber Trust ’s consolidated financial statements shall also include the accounts of any entity in which CatchMark Timber Trust or its subsidiaries owns a controlling financial interest and any limited partnership in which CatchMark Timber Trust or its subsidiaries owns a controlling general partnership interest. In determining whether a controlling interest exists, CatchMark Timber Trust considers, among other factors, the ownership of voting interests, protective rights, and participatory rights of the investors. CatchMark Timber Trust owns a controlling financial interest in CatchMark Timber OP , CatchMark LP Holder and CatchMark TRS and, accordingly, includes the accounts of these entities in its consolidated financial statements. The financial statements of CatchMark Timber OP , CatchMark LP Holder and CatchMark TRS are prepared using accounting policies consistent with those used by CatchMark Timber Trust . All intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the audited financial statements and footnotes included in CatchMark Timber Trust ’s Annual Report on Form 10-K for the year ended December 31, 2014 . Change in Depletion Method CatchMark Timber Trust recognizes depletion expense as timber is harvested. Prior to January 1, 2015, depletion rates for fee timber held longer than 12 months were determined annually using the normalized depletion method, by dividing (a) the sum of (i) net carrying value of merchantable and premerchantable timber, and (ii) projected approved reforestation costs to be capitalized over the remaining harvest cycle; by (b) the estimated merchantable timber volume expected to be harvested over the same period. The projected future harvest volume is derived by running a specialized modeling software based on the specific management regime adapted and a set of scientific formulas. Significant management judgments were involved to develop estimates of future harvest volumes and future reforestation costs. Effective January 1, 2015, CatchMark Timber Trust changed the depletion method on its long-term fee timber to the straight-line method. The straight-line depletion rates are established at least annually by dividing the book value by current standing timber inventory volume. Management believes the change from the normalized depletion method to the straight-line depletion method is preferable as the straight-line method is based on the actual costs recorded and volumes of timber that are merchantable as of the date that the depletion rates are determined. It is less reliant on subjective and complex estimates as it does not include future costs to be incurred or expected timber growth. Therefore, the straight-line depletion method provides for a more disaggregated tracking of costs and volumes and allocation of costs as the timber is harvested. In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 250, CatchMark Timber Trust determined that the change in depletion method is a change in accounting estimate effected by a change in accounting principle, and accordingly, the straight-line method will be applied on a prospective basis. If CatchMark Timber Trust had continued using the normalized depletion method, depletion expense for the three months and six months ended June 30, 2015 would have been $1.5 million and $2.6 million , or $0.04 and $0.07 per share, lower than the depletion expense it recorded using the straight-line depletion method. Fair Value Measurements CatchMark Timber Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of the accounting standard for fair value measurements and disclosures. Under this guidance, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: Level 1 — Assets or liabilities for which the identical term is traded on an active exchange, such as publicly-traded instruments or futures contracts. Level 2 — Assets and liabilities valued based on observable market data for similar instruments. Level 3 — Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would require. Interest Rate Swaps CatchMark Timber Trust entered into an interest rate swap contract to mitigate its exposure to changing interest rates on variable rate debt instruments. CatchMark Timber Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. The fair values of interest rate swaps are recorded as either prepaid expenses and other assets or other liabilities in the accompanying consolidated balance sheets. Changes in the fair value of the effective portion of interest rate swaps that are designated as hedges are recorded as other comprehensive income (loss), while changes in the fair value of the ineffective portion of hedges, if any, are recognized in current earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swap in the consolidated statements of operations. Amounts received or paid under interest rate swaps are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain (loss) on interest rate swaps for contracts that do not qualify for hedge accounting treatment. CatchMark Timber Trust applied the provisions of the accounting standard for fair value measurements and disclosures in recording its interest rate swaps at fair value. The fair values of interest rate swaps, classified under Level 2, were determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated London Interbank Offered Rate ("LIBOR") information, consideration of CatchMark Timber Trust 's credit standing, credit risk of counterparties, and reasonable estimates about relevant future market conditions. The following table presents information about CatchMark Timber Trust 's interest rate swap measured at fair value as of June 30, 2015 and December 31, 2014: (amounts in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification June 30, 2015 December 31, 2014 Derivatives designated as hedging instruments: Interest rate swap contract Other liabilities $ (549 ) $ (856 ) For additional information about CatchMark Timber Trust 's interest rate swaps see Note 5 – Interest Rate Swap Agreement . Earnings Per Share Basic earnings (loss) per share available to common stockholders is calculated as net income (loss) available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share available to common stockholders equals basic earnings per share available to common stockholders, adjusted to reflect the dilution that would occur if all outstanding securities convertible into common shares or contracts to issue common shares were converted or exercised and the related proceeds are then used to repurchase common shares. Income Taxes CatchMark Timber Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), and has operated as such beginning with its taxable year ended December 31, 2009. To qualify to be taxed as a REIT, CatchMark Timber Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its ordinary taxable income to its stockholders. As a REIT, CatchMark Timber Trust generally is not subject to federal income tax on taxable income it distributes to stockholders. CatchMark Timber Trust is subject to certain state and local taxes related to the operations of timberland properties in certain locations, which have been provided for in the accompanying consolidated financial statements. CatchMark Timber Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations. CatchMark Timber Trust has elected to treat CatchMark TRS as a taxable REIT subsidiary. CatchMark Timber Trust may perform certain non-customary services, including real estate or non-real-estate related services, through CatchMark TRS. Earnings from services performed through CatchMark TRS are subject to federal and state income taxes irrespective of the dividends paid deduction available to REITs for federal income tax purposes. In addition, for CatchMark Timber Trust to continue to qualify to be taxed as a REIT, CatchMark Timber Trust ’s investment in CatchMark TRS may not exceed 25% of the value of the total assets of CatchMark Timber Trust . Deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. Deferred tax expense or benefit is recognized in the financial statements according to the changes in deferred tax assets or liabilities between years. Valuation allowances are established to reduce deferred tax assets when it becomes more likely than not that such assets, or portions thereof, will not be realized. No provision for federal income taxes has been made in the accompanying consolidated financial statements, other than the provision relating to CatchMark TRS, as CatchMark Timber Trust did not generate taxable income for the periods presented. Recent Accounting Pronouncements In February 2015, the FASB issued Accounting Standards Update 2015-02, Consolidation - Amendments to the Consolidation Analysis ("ASU 2015-02"). ASU 2015-02 modifies existing consolidation guidance related to (i) limited partnerships and similar legal entities, (ii) the evaluation of variable interests for fees paid to decision makers or service providers, (iii) the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) certain investment funds. These changes are expected to limit the number of consolidation models and place more emphasis on risk of loss when determining a controlling financial interest. ASU 2015-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2015. The adoption of ASU 2015-02 will not have an impact on CatchMark Timber Trust's consolidated financial statements or associated disclosures. In April 2015, the FASB issued Accounting Standards Update 2015-03, Interest - Imputation of Interest (Subtopic 835-30) : Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal years and interim periods within those years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. CatchMark Timber Trust is currently evaluating the impact of ASU 2015-03 on its consolidated financial statements and associated disclosures.

Timber Assets

Timber Assets	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Timber Assets	Timber Assets As of June 30, 2015 and December 31, 2014 , timber and timberlands consisted of the following, respectively: As of June 30, 2015 (amounts in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 257,558 $ 12,598 $ 244,960 Timberlands 309,165 — 309,165 Mainline roads 632 361 271 Timber and timberlands $ 567,355 $ 12,959 $ 554,396 As of December 31, 2014 (amounts in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 258,648 $ 14,788 $ 243,860 Timberlands 298,944 — 298,944 Mainline roads 614 317 297 Timber and timberlands $ 558,206 $ 15,105 $ 543,101 During the three months ended June 30, 2015 and 2014 , CatchMark Timber Trust acquired fee-simple interests in approximately 9,700 and 44,300 acres of timberland for $12.8 million and $85.3 million , exclusive of closing costs, respectively. During the six months ended June 30, 2015 and 2014 , CatchMark Timber Trust acquired fee-simple interests in approximately 17,400 and 44,500 acres of timberland for $27.3 million and $85.5 million , exclusive of closing costs, respectively. During the three months ended June 30, 2015 and 2014 , CatchMark Timber Trust sold approximately 260 and 550 acres of timberland, respectively, for $0.6 million and $1.0 million , respectively. CatchMark Timber Trust 's cost basis in the timberland sold was $0.3 million and $0.7 million , respectively. During the six months ended June 30, 2015 and 2014 , CatchMark Timber Trust sold approximately 3,660 and 580 acres of timberland, respectively, for $6.8 million and $1.1 million , respectively. CatchMark Timber Trust 's cost basis in the timberland sold was $4.9 million and $0.7 million , respectively. As of June 30, 2015 , CatchMark Timber Trust owned interests in approximately 406,700 acres of timberlands in Alabama, Georgia, Florida, Louisiana, and Texas; 378,400 acres of which were held in fee-simple interests and 28,300 acres were held in leasehold interests.

Note Payable and Line of Credit

Note Payable and Line of Credit	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Note Payable and Line of Credit	Note Payable and Line of Credit 2014 Amended Credit Agreement On December 23, 2014, CatchMark Timber Trust, through CatchMark Timber OP, entered into a fourth amended and restated credit agreement (the “2014 Amended Credit Agreement”) with CoBank, ACB ("CoBank"), Agfirst Farm Credit Bank ("AgFirst"), Cooperatieve Centrale Raiffeisen-Boerenleenbank, B.A. (“Rabobank”), and certain other financial institutions. The 2014 Amended Credit Agreement amended and restated the existing credit facility in its entirety. The 2014 Amended Credit Agreement provides for borrowing under credit facilities consisting of: • a $35.0 million revolving credit facility (the “2014 Revolving Credit Facility”), • a $275.0 million multi-draw term credit facility (the “2014 Multi-Draw Term Facility”), and • a $100.0 million term loan (the “2014 Term Loan Facility”, and together with the 2014 Revolving Credit Facility and the 2014 Multi-Draw Term Facility, the “2014 Amended Credit Facilities”). The 2014 Amended Credit Agreement provides that the 2014 Amended Credit Facilities may be increased, upon the agreement of lenders willing to increase their loans, by up to $200.0 million . Borrowings under the 2014 Revolving Credit Facility may be used for general working capital, to support letters of credit, to fund cash earnest money deposits, to fund acquisitions in an amount not to exceed $5.0 million , and other general corporate purposes. The 2014 Revolving Credit Facility will bear interest at an adjustable rate equal to a base rate plus between 0.50% and 1.50% or one-month LIBOR rate plus between 1.50% and 2.50% (the "LIBOR rate"), in each case depending on CatchMark Timber Trust's loan-to-collateral-value ratio (the "LTV Ratio"), and will terminate, and all amounts under the facility will be due and payable, on December 23, 2019 . The 2014 Multi-Draw Term Facility may be drawn upon up to eight times during the period beginning on December 23, 2014 through December 23, 2017 (the "2014 Multi-Draw Commitment Period") and may be used to finance domestic timber acquisitions and associated expenses, refinance loan amounts under the 2014 Revolving Credit Facility, and purchase up to $25.0 million in CatchMark Timber Trust common stock. Amounts repaid under the 2014 Multi-Draw Term Facility may be re-borrowed prior to the third anniversary of the closing date. The 2014 Multi-Draw Term Facility will bear interest at an adjustable rate equal to a base rate plus between 0.75% and 1.75% or a LIBOR rate plus between 1.75% and 2.75% , in each case depending on the LTV Ratio, and will terminate, and all amounts under the facility will be due and payable, on December 23, 2021 . The 2014 Multi-Draw Term Facility is interest only until the maturity date; however, if the LTV Ratio is equal to or in excess of 40% after the 2014 Multi-Draw Commitment Period, then principal payments will be required to be made beginning on December 31, 2017 at a per annum rate of 5% of the principal amount outstanding under the 2014 Multi-Draw Term Facility. The 2014 Term Loan Facility was used solely to refinance the balance outstanding under the existing credit facilities. The 2014 Term Loan Facility bears interest at an adjustable rate equal to a base rate plus 1.75% or a LIBOR rate plus 1.75% , and will terminate, and all amounts under the facility will be due and payable, on December 23, 2024 . As a result of entering into the 2014 Amended Credit Agreement, CatchMark Timber Trust has become eligible to receive annual patronage refunds from its lenders (the "patronage banks"), a profit-sharing program made available to borrowers of the Farm Credit System lenders. In March 2015, CatchMark Timber Trust received a patronage refund on its borrowings under the 2014 Amended Credit Agreement during 2014. The refund was calculated by CoBank and approximated 0.91% of CatchMark Timber Trust's weighted average balance outstanding under the 2014 Term Loan Facility and the 2014 Multi-Draw Term Facility (collectively, "patronage loans"). Of the total amount received, 75% was received in cash and 25% was received in equity in patronage banks. CatchMark Timber Trust expects to receive a patronage refund for 2015 and accrues for the expected refunds by multiplying the weighted average outstanding balance by 0.90% . For the three months and six months ended June 30, 2015, CatchMark Timber Trust recorded $0.3 million and $0.6 million , respectively, in patronage refunds as a credit to its interest expense, respectively. CatchMark Timber Trust pays the lenders an unused commitment fee on the unused portion of the 2014 Multi-Draw Term Facility and 2014 Revolving Credit Facility, at an adjustable rate ranging from 0.20% to 0.35% , depending on the LTV Ratio. As of June 30, 2015 and December 31, 2014, CatchMark Timber Trust's amounts outstanding under the 2014 Amended Credit Facilities consisted of the following: As of (amounts in millions) Maturity Date June 30, 2015 December 31, 2014 2014 Term Loan Facility December 23, 2024 $ 100.0 $ 100.0 2014 Multi-Draw Term Facility December 23, 2021 38.0 18.0 Total $ 138.0 $ 118.0 Debt Covenants The 2014 Amended Credit Agreement permits CatchMark Timber Trust to declare and pay dividends, distributions, and other payments to its stockholders as required to maintain its REIT qualification so long as certain events of default have not occurred or would result therefrom. Additionally, the 2014 Amended Credit Agreement subjects CatchMark Timber Trust to mandatory prepayment from proceeds generated from dispositions of timberlands. However, provided that no event of default has occurred, the mandatory prepayment excludes (1) 1.5% of the aggregate cost basis of CatchMark Timber Trust's timberland if its LTV Ratio is between 30% and 40% and up to 2.0% of the aggregate cost basis if its LTV Ratio does not exceed 30% ; and (2) lease termination proceeds of less than $2.0 million in a single termination until aggregate lease termination proceeds during the term of the facility exceeds $5.0 million . The 2014 Amended Credit Agreement contains, among others, the following financial covenants: • limits the LTV Ratio to 45% at the end of each fiscal quarter and upon the sale or acquisition of any property; and • requires a fixed coverage charge ratio of not less than 1.05:1.00 . CatchMark Timber Trust was in compliance with the financial covenants of the 2014 Amended Credit Agreement as of June 30, 2015 . CatchMark Timber OP’s obligations under the 2014 Amended Credit Agreement are collateralized by a first priority lien on the timberlands owned by CatchMark Timber Trust’s subsidiaries and substantially all of CatchMark Timber OP’s and each of its subsidiaries’ other assets in which a security interest may lawfully be granted, including, without limitation, accounts, equipment, inventory, intellectual property, bank accounts and investment property. In addition, CatchMark Timber OP's obligations under the 2014 Amended Credit Agreement are jointly and severally guaranteed by all of CatchMark Timber Trust and its subsidiaries pursuant to the terms of the 2014 Amended Credit Agreement. CatchMark Timber Trust has also agreed to guarantee certain losses caused by certain willful acts of CatchMark Timber OP or its subsidiaries. Interest Paid and Fair Value of Outstanding Debt During the three months ended June 30, 2015 and 2014 , CatchMark Timber Trust made interest payments of $0.8 million and $0.6 million , respectively, on its borrowings. Included in the interest payments for the three months ended June 30, 2015 and 2014 were unused commitment fees of $0.1 million and $0.1 million , respectively. During the six months ended June 30, 2015 and 2014 , CatchMark Timber Trust made interest payments of $1.4 million and $0.9 million , respectively, on its borrowings. Included in the interest payments for the six months ended June 30, 2015 and 2014 were unused commitment fees of $0.2 million and $0.2 million , respectively. As of June 30, 2015 and December 31, 2014 , the weighted-average interest rate on these borrowings, after consideration of an interest rate swap (see Note 5 – Interest Rate Swap Agreement ), was 2.50% and 2.58% , respectively. As of June 30, 2015 , the fair value of CatchMark Timber Trust's outstanding debt approximated its book value. The fair value was estimated based on discounted cash flow analysis using the current market borrowing rates for similar types of borrowing arrangements as of the measurement dates.

Interest Rate Swap Agreement

Interest Rate Swap Agreement	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swap Agreement	Interest Rate Swap Agreement During the six months ended June 30, 2015 , CatchMark Timber Trust used one interest rate swap agreement with Rabobank with a notional amount of $35.0 million to hedge its exposure to changing interest rates on its variable rate debt (the “2014 Rabobank Swap”). The 2014 Rabobank Swap became effective on December 23, 2014 and matures on December 23, 2024 . Under the terms of the 2014 Rabobank Swap, CatchMark Timber Trust pays interest at a fixed rate of 2.395% per annum to Rabobank and receives one -month LIBOR-based interest payments from Rabobank. The 2014 Rabobank Swap qualifies for hedge accounting treatment. During the six months ended June 30, 2015 , CatchMark Timber Trust recognized a change in fair value of the 2014 Rabobank Swap of approximately $0.3 million as other comprehensive income. There was no hedge ineffectiveness on the 2014 Rabobank Swap required to be recognized in current earnings. Net payments of approximately $0.4 million made under the 2014 Rabobank Swap by CatchMark Timber Trust during the six months ended June 30, 2015 were recorded as interest expense.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Mahrt Timber Agreements CatchMark Timber Trust is party to a fiber supply agreement and a master stumpage agreement (collectively, the “Mahrt Timber Agreements”) with a wholly owned subsidiary of WestRock Company (“WestRock”), formerly known as MeadWestvaco Corporation ("MeadWestvaco"). The fiber supply agreement provides that WestRock will purchase specified tonnage of timber from CatchMark TRS at specified prices per ton, depending upon the type of timber. The fiber supply agreement is subject to quarterly market pricing adjustments based on an index published by Timber Mart-South, a quarterly trade publication that reports raw forest product prices in 11 southern states. The master stumpage agreement provides that CatchMark Timber Trust will sell specified amounts of timber and make available certain portions of its timberlands to CatchMark TRS for harvesting. The initial term of the Mahrt Timber Agreements is October 9, 2007 through December 31, 2032 , subject to extension and early termination provisions. The Mahrt Timber Agreements ensure a long-term source of supply of wood fiber products for WestRock in order to meet its paperboard and lumber production requirements at specified mills and provide CatchMark Timber Trust with a reliable customer for the wood products from its timberlands. FRC Timberland Operating Agreement CatchMark Timber Trust is party to certain timberland operating agreements with Forest Resource Consultants, Inc. (“FRC”). Pursuant to the terms of the timberland operating agreements, FRC manages and operates all of CatchMark Timber Trust 's timberlands and related timber operations in Alabama, Georgia, Florida, Louisiana, and Texas, and ensures compliance with the timber supply agreements. In consideration for rendering the services described in the timberland operating agreements, CatchMark Timber Trust pays FRC (i) a monthly management fee based on the actual acreage FRC manages, which is payable monthly in advance, and (ii) an incentive fee based on timber harvest revenues generated by the timberlands, which is payable quarterly in arrears. The timberland operating agreements, as amended, are effective through March 31, 2017 , with the option to extend for one -year periods and may be terminated by either party with mutual consent or by CatchMark Timber Trust with or without cause upon providing 120 days’ prior written notice. Litigation From time to time, CatchMark Timber Trust may be a party to legal proceedings, claims, and administrative proceedings that arise in the ordinary course of its business. Management makes assumptions and estimates concerning the likelihood and amount of any reasonably possible loss relating to these matters using the latest information available. CatchMark Timber Trust records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, CatchMark Timber Trust accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, CatchMark Timber Trust accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, CatchMark Timber Trust discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, CatchMark Timber Trust discloses the nature and estimate of the possible loss of the litigation. CatchMark Timber Trust does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote. CatchMark Timber Trust is not currently involved in any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on the results of operations, financial condition, or cash flows of CatchMark Timber Trust . CatchMark Timber Trust is not aware of any such legal proceedings contemplated by governmental authorities.

Class B-3 Common Stock Conversi

Class B-3 Common Stock Conversion and Stock-based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Class B-3 Common Stock Conversion and Stock-based Compensation	Class B-3 Common Stock Conversion and Stock-based Compensation Class B-3 Common Stock Conversion On February 18, 2015, the board of directors approved the acceleration of the conversion of all of CatchMark Timber Trust's Class B-3 common stock into Class A common stock from June 12, 2015 to February 27, 2015. Upon completion of this conversion, all outstanding shares of CatchMark Timber Trust's common stock are shares of Class A common stock, eligible to trade on the NYSE. Stock-based Compensation CatchMark Timber Trust grants restricted stock to its employees and independent directors pursuant to its long-term incentive plan (the "LTIP"). The awards are granted by the compensation committee of the board of directors of CatchMark Timber Trust (the "Compensation Committee"). Service-based restricted stock grants typically vest ratably over a multi-year period. Performance-based restricted stock grants are awarded to the executive officers and the restricted shares may be earned based on the level of achievement of certain pre-determined performance goals over the performance period. Maximum number of shares that could be earned are awarded on the grant date. Earned awards are determined by the Compensation Committee after the end of the performance period and vest over a period specific to each performance grant. During the six months ended June 30, 2015 , CatchMark Timber Trust granted the following restricted shares of its Class A common stock: Employees Independent Directors Total Service-based restricted stock (1) (2) 77,900 12,585 90,485 Performance-based restricted stock (3) 112,900 — 112,900 Total 190,800 12,585 203,385 (1) The service-based restricted stock issued to employees vests over four years. (2) The service-based restricted stock issued to independent directors vests over three years. (3) The performance-based restricted stock awards (the "2015 Performance Awards") represent the maximum number of shares that could be earned by the executive officers based on the relative performance of CatchMark Timber Trust's total shareholder return (the "TSR") as compared to a pre-established peer group's TSR and to the Russell 3000 Index. 50% of the earned award vests on the date it is determined by the Compensation Committee and the remaining 50% vests on the one year anniversary of the determination date. A rollforward of CatchMark Timber Trust's unvested restricted stock award activity for the six months ended June 30, 2015 is as follows: Employees Independent Directors Number of Underlying Shares Weighted Average Grant Date Fair Value Number of Weighted Average Unvested at December 31, 2014 91,500 $ 13.54 13,608 $ 14.42 Granted 190,800 8.89 12,585 11.92 Vested — — (3,625 ) 13.79 Forfeited (10,200 ) 13.51 — — Unvested at June 30, 2015 272,100 $ 10.28 22,568 $ 13.12 The fair value of serviced-based restricted stock grants is determined by the close price of CatchMark Timber Trust's common stock on the grant date. The fair value of the 2015 Performance Award was calculated using the Monte-Carlo simulation with the following assumptions: Grant date market price (February 18, 2015) $ 11.63 Weighted average fair value per granted share $ 7.01 Assumptions: Volatility 38.54 % Expected term (years) 3.0 Risk-free interest rate 1.06 % During the three months ended June 30, 2015 and 2014 , CatchMark Timber Trust recognized approximately $0.2 million and $0.1 million , respectively, of stock-based compensation expense. During the six months ended June 30, 2015 and 2014 , CatchMark Timber Trust recognized approximately $0.4 million and $0.2 million , respectively, of stock-based compensation expense. As of June 30, 2015 , approximately $2.5 million of unrecognized compensation expenses related to non-vested restricted stock remained and will be recognized over a weighted-average period of 3.5 years .

Related-Party Transactions and

Related-Party Transactions and Agreements	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related-Party Transactions and Agreements	Related-Party Transactions and Agreements Prior to becoming a self-managed company, CatchMark Timber Trust was externally managed by Wells Timberland Management Organization, LLC. ("Wells TIMO"), which was a wholly owned subsidiary of Wells Real Estate Funds, Inc. ("Wells REF"). On September 18, 2013, CatchMark Timber Trust entered into the Master Self-Management Transition Agreement (the "Master Agreement") with Wells REF and Wells TIMO (collectively "Wells"), which set forth the framework for CatchMark Timber Trust’s separation from Wells and its transition to self-management. Pursuant to the Master Agreement, CatchMark Timber Trust and Wells entered into a Transition Services Agreement (the “TSA”) on October 25, 2013, pursuant to which Wells provided certain consulting, support, and transitional services to CatchMark Timber Trust at the direction of CatchMark Timber Trust in order to facilitate CatchMark Timber Trust ’s successful transition to self-management. In exchange for the services provided by Wells under the TSA, CatchMark Timber Trust paid Wells a monthly consulting fee of $22,875 (the “Consulting Fee”). The TSA remained in effect until June 30, 2014. Also pursuant to the Master Agreement, CatchMark Timber Trust and Wells entered into a Sublease Agreement (the "Sublease") on October 25, 2013, pursuant to which CatchMark Timber Trust sublet from Wells a portion of the office space used and occupied by Wells. The term of the Sublease commenced on October 25, 2013 and terminated on March 31, 2014. CatchMark Timber Trust incurred the following related-party costs for three months and six months ended June 30, 2014 , respectively: Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Consulting fees $ 68,625 $ 137,250 Office rent 17,883 17,883 Total $ 86,508 $ 155,133 The related-party costs were included in general and administrative expenses in the accompanying consolidated statements of operations.

Supplemental Disclosures of Non

Supplemental Disclosures of Noncash Activities (Notes)	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Noncash Activities	Supplemental Disclosures of Noncash Activities Outlined below are significant noncash investing and financing transactions for the six months ended June 30, 2015 and 2014 , respectively: (amounts in thousands) 2015 2014 Dividends declared but not paid $ — $ 3,123

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements of CatchMark Timber Trust have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and shall include the accounts of any variable interest entity (“VIE”) in which the Company or its subsidiaries is deemed the primary beneficiary. With respect to entities that are not VIEs, CatchMark Timber Trust ’s consolidated financial statements shall also include the accounts of any entity in which CatchMark Timber Trust or its subsidiaries owns a controlling financial interest and any limited partnership in which CatchMark Timber Trust or its subsidiaries owns a controlling general partnership interest. In determining whether a controlling interest exists, CatchMark Timber Trust considers, among other factors, the ownership of voting interests, protective rights, and participatory rights of the investors. CatchMark Timber Trust owns a controlling financial interest in CatchMark Timber OP , CatchMark LP Holder and CatchMark TRS and, accordingly, includes the accounts of these entities in its consolidated financial statements. The financial statements of CatchMark Timber OP , CatchMark LP Holder and CatchMark TRS are prepared using accounting policies consistent with those used by CatchMark Timber Trust . All intercompany balances and transactions have been eliminated in consolidation.
Change in Depletion Method	Change in Depletion Method CatchMark Timber Trust recognizes depletion expense as timber is harvested. Prior to January 1, 2015, depletion rates for fee timber held longer than 12 months were determined annually using the normalized depletion method, by dividing (a) the sum of (i) net carrying value of merchantable and premerchantable timber, and (ii) projected approved reforestation costs to be capitalized over the remaining harvest cycle; by (b) the estimated merchantable timber volume expected to be harvested over the same period. The projected future harvest volume is derived by running a specialized modeling software based on the specific management regime adapted and a set of scientific formulas. Significant management judgments were involved to develop estimates of future harvest volumes and future reforestation costs. Effective January 1, 2015, CatchMark Timber Trust changed the depletion method on its long-term fee timber to the straight-line method. The straight-line depletion rates are established at least annually by dividing the book value by current standing timber inventory volume. Management believes the change from the normalized depletion method to the straight-line depletion method is preferable as the straight-line method is based on the actual costs recorded and volumes of timber that are merchantable as of the date that the depletion rates are determined. It is less reliant on subjective and complex estimates as it does not include future costs to be incurred or expected timber growth. Therefore, the straight-line depletion method provides for a more disaggregated tracking of costs and volumes and allocation of costs as the timber is harvested. In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 250, CatchMark Timber Trust determined that the change in depletion method is a change in accounting estimate effected by a change in accounting principle, and accordingly, the straight-line method will be applied on a prospective basis. If CatchMark Timber Trust had continued using the normalized depletion method, depletion expense for the three months and six months ended June 30, 2015 would have been $1.5 million and $2.6 million , or $0.04 and $0.07 per share, lower than the depletion expense it recorded using the straight-line depletion method
Fair Value Measurements	Fair Value Measurements CatchMark Timber Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of the accounting standard for fair value measurements and disclosures. Under this guidance, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: Level 1 — Assets or liabilities for which the identical term is traded on an active exchange, such as publicly-traded instruments or futures contracts. Level 2 — Assets and liabilities valued based on observable market data for similar instruments. Level 3 — Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would require.
Interest Rate Swaps	Interest Rate Swaps CatchMark Timber Trust entered into an interest rate swap contract to mitigate its exposure to changing interest rates on variable rate debt instruments. CatchMark Timber Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. The fair values of interest rate swaps are recorded as either prepaid expenses and other assets or other liabilities in the accompanying consolidated balance sheets. Changes in the fair value of the effective portion of interest rate swaps that are designated as hedges are recorded as other comprehensive income (loss), while changes in the fair value of the ineffective portion of hedges, if any, are recognized in current earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swap in the consolidated statements of operations. Amounts received or paid under interest rate swaps are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain (loss) on interest rate swaps for contracts that do not qualify for hedge accounting treatment. CatchMark Timber Trust applied the provisions of the accounting standard for fair value measurements and disclosures in recording its interest rate swaps at fair value. The fair values of interest rate swaps, classified under Level 2, were determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated London Interbank Offered Rate ("LIBOR") information, consideration of CatchMark Timber Trust 's credit standing, credit risk of counterparties, and reasonable estimates about relevant future market conditions.
Earnings Per Share	Earnings Per Share Basic earnings (loss) per share available to common stockholders is calculated as net income (loss) available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share available to common stockholders equals basic earnings per share available to common stockholders, adjusted to reflect the dilution that would occur if all outstanding securities convertible into common shares or contracts to issue common shares were converted or exercised and the related proceeds are then used to repurchase common shares.
Income Taxes	Income Taxes CatchMark Timber Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), and has operated as such beginning with its taxable year ended December 31, 2009. To qualify to be taxed as a REIT, CatchMark Timber Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its ordinary taxable income to its stockholders. As a REIT, CatchMark Timber Trust generally is not subject to federal income tax on taxable income it distributes to stockholders. CatchMark Timber Trust is subject to certain state and local taxes related to the operations of timberland properties in certain locations, which have been provided for in the accompanying consolidated financial statements. CatchMark Timber Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations. CatchMark Timber Trust has elected to treat CatchMark TRS as a taxable REIT subsidiary. CatchMark Timber Trust may perform certain non-customary services, including real estate or non-real-estate related services, through CatchMark TRS. Earnings from services performed through CatchMark TRS are subject to federal and state income taxes irrespective of the dividends paid deduction available to REITs for federal income tax purposes. In addition, for CatchMark Timber Trust to continue to qualify to be taxed as a REIT, CatchMark Timber Trust ’s investment in CatchMark TRS may not exceed 25% of the value of the total assets of CatchMark Timber Trust . Deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. Deferred tax expense or benefit is recognized in the financial statements according to the changes in deferred tax assets or liabilities between years. Valuation allowances are established to reduce deferred tax assets when it becomes more likely than not that such assets, or portions thereof, will not be realized. No provision for federal income taxes has been made in the accompanying consolidated financial statements, other than the provision relating to CatchMark TRS, as CatchMark Timber Trust did not generate taxable income for the periods presented.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2015, the FASB issued Accounting Standards Update 2015-02, Consolidation - Amendments to the Consolidation Analysis ("ASU 2015-02"). ASU 2015-02 modifies existing consolidation guidance related to (i) limited partnerships and similar legal entities, (ii) the evaluation of variable interests for fees paid to decision makers or service providers, (iii) the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) certain investment funds. These changes are expected to limit the number of consolidation models and place more emphasis on risk of loss when determining a controlling financial interest. ASU 2015-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2015. The adoption of ASU 2015-02 will not have an impact on CatchMark Timber Trust's consolidated financial statements or associated disclosures. In April 2015, the FASB issued Accounting Standards Update 2015-03, Interest - Imputation of Interest (Subtopic 835-30) : Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal years and interim periods within those years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. CatchMark Timber Trust is currently evaluating the impact of ASU 2015-03 on its consolidated financial statements and associated disclosures.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Schedule of Interest Rate Derivatives	The following table presents information about CatchMark Timber Trust 's interest rate swap measured at fair value as of June 30, 2015 and December 31, 2014: (amounts in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification June 30, 2015 December 31, 2014 Derivatives designated as hedging instruments: Interest rate swap contract Other liabilities $ (549 ) $ (856 )

Timber Assets (Tables)

Timber Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Schedule of timber and timberlands	As of June 30, 2015 and December 31, 2014 , timber and timberlands consisted of the following, respectively: As of June 30, 2015 (amounts in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 257,558 $ 12,598 $ 244,960 Timberlands 309,165 — 309,165 Mainline roads 632 361 271 Timber and timberlands $ 567,355 $ 12,959 $ 554,396 As of December 31, 2014 (amounts in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 258,648 $ 14,788 $ 243,860 Timberlands 298,944 — 298,944 Mainline roads 614 317 297 Timber and timberlands $ 558,206 $ 15,105 $ 543,101

Note Payable and Line of Cred21

Note Payable and Line of Credit (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	As of June 30, 2015 and December 31, 2014, CatchMark Timber Trust's amounts outstanding under the 2014 Amended Credit Facilities consisted of the following: As of (amounts in millions) Maturity Date June 30, 2015 December 31, 2014 2014 Term Loan Facility December 23, 2024 $ 100.0 $ 100.0 2014 Multi-Draw Term Facility December 23, 2021 38.0 18.0 Total $ 138.0 $ 118.0

Class B-3 Common Stock Conver22

Class B-3 Common Stock Conversion and Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Restricted Stock Granted in the Period	During the six months ended June 30, 2015 , CatchMark Timber Trust granted the following restricted shares of its Class A common stock: Employees Independent Directors Total Service-based restricted stock (1) (2) 77,900 12,585 90,485 Performance-based restricted stock (3) 112,900 — 112,900 Total 190,800 12,585 203,385 (1) The service-based restricted stock issued to employees vests over four years. (2) The service-based restricted stock issued to independent directors vests over three years. (3) The performance-based restricted stock awards (the "2015 Performance Awards") represent the maximum number of shares that could be earned by the executive officers based on the relative performance of CatchMark Timber Trust's total shareholder return (the "TSR") as compared to a pre-established peer group's TSR and to the Russell 3000 Index. 50% of the earned award vests on the date it is determined by the Compensation Committee and the remaining 50% vests on the one year anniversary of the determination date.
Nonvested Restricted Stock Shares Activity	A rollforward of CatchMark Timber Trust's unvested restricted stock award activity for the six months ended June 30, 2015 is as follows: Employees Independent Directors Number of Underlying Shares Weighted Average Grant Date Fair Value Number of Weighted Average Unvested at December 31, 2014 91,500 $ 13.54 13,608 $ 14.42 Granted 190,800 8.89 12,585 11.92 Vested — — (3,625 ) 13.79 Forfeited (10,200 ) 13.51 — — Unvested at June 30, 2015 272,100 $ 10.28 22,568 $ 13.12
Schedule of Fair Value Assumptions	The fair value of serviced-based restricted stock grants is determined by the close price of CatchMark Timber Trust's common stock on the grant date. The fair value of the 2015 Performance Award was calculated using the Monte-Carlo simulation with the following assumptions: Grant date market price (February 18, 2015) $ 11.63 Weighted average fair value per granted share $ 7.01 Assumptions: Volatility 38.54 % Expected term (years) 3.0 Risk-free interest rate 1.06 %

Related-Party Transactions an23

Related-Party Transactions and Agreements (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	CatchMark Timber Trust incurred the following related-party costs for three months and six months ended June 30, 2014 , respectively: Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Consulting fees $ 68,625 $ 137,250 Office rent 17,883 17,883 Total $ 86,508 $ 155,133

Supplemental Disclosures of N24

Supplemental Disclosures of Noncash Activities (Tables)	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Schedule of Significant Noncash Investing and Financing Transactions	Outlined below are significant noncash investing and financing transactions for the six months ended June 30, 2015 and 2014 , respectively: (amounts in thousands) 2015 2014 Dividends declared but not paid $ — $ 3,123

Organization (Details)

Organization (Details)	6 Months Ended
	Jun. 30, 2015
General Partner
Class of Stock [Line Items]
Percentage of general partnership interest owned by the company in the Operating Partnership common units	99.99%

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Significant Accounting Policies
Impact of the change in accounting estimate that is effected by a change in accounting principle	$ 1,500	$ 2,600
Per share impact of the change in accounting estimate that is effected by a change in accounting principle	$ 0.04	$ 0.07
Internal Revenue Service (IRS)
Significant Accounting Policies
Requirement to distribute taxable income (percent)	90.00%	90.00%
Maximum | Internal Revenue Service (IRS)
Significant Accounting Policies
Limit on investments in taxable real estate investments trusts (percent)	25.00%	25.00%
Other Liabilities | Interest Rate Swap | Fair Value, Inputs, Level 2
Significant Accounting Policies
Estimated fair value interest rate derivative	$ (549)	$ (549)	$ (856)

Timber Assets (Details)

Timber Assets (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)a	Jun. 30, 2014USD ($)a	Jun. 30, 2015USD ($)a	Jun. 30, 2014USD ($)a
Property, Plant and Equipment [Line Items]
Area of land acquired	9,700	44,300	17,400	44,500
Payments to acquire timberland | $	$ 12,800	$ 85,300	$ 27,300	$ 85,500
Timberland, acres sold	260	550	3,660	580
Timberland, acres sold, value | $	$ 591	$ 1,025	$ 6,765	$ 1,090
Basis of timberland sold | $	$ 300	$ 700	$ 4,900	$ 700
Timber Properties
Property, Plant and Equipment [Line Items]
Area of Land	406,700		406,700
Area of Land, Fee Simple	378,400		378,400
Land held in leasehold interests	28,300		28,300

Timber Assets - Schedule of Tim

Timber Assets - Schedule of Timber and Timberlands (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Timber and timberlands, gross	$ 567,355	$ 558,206
Timber and timberlands, accumulated depletion or amortization	12,959	15,105
Timber and timberlands, net	554,396	543,101
Timber Properties
Property, Plant and Equipment [Line Items]
Timber and timberlands, gross	257,558	258,648
Timber and timberlands, accumulated depletion or amortization	12,598	14,788
Timber and timberlands, net	244,960	243,860
Timberlands
Property, Plant and Equipment [Line Items]
Timber and timberlands, gross	309,165	298,944
Timber and timberlands, accumulated depletion or amortization	0	0
Timber and timberlands, net	309,165	298,944
Mainline roads
Property, Plant and Equipment [Line Items]
Timber and timberlands, gross	632	614
Timber and timberlands, accumulated depletion or amortization	361	317
Timber and timberlands, net	$ 271	$ 297

Note Payable and Line of Cred29

Note Payable and Line of Credit (Details)	Dec. 23, 2014USD ($)Draw	Jun. 30, 2015USD ($)	Dec. 31, 2014	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2015	Jun. 30, 2014USD ($)
Debt Instrument [Line Items]
Maximum additional borrowings allowed under line of credit	$ 200,000,000
Proceeds from note payable					$ 20,500,000		$ 86,500,000
Repayments of note payable					498,000		20,169,000
Interest paid		$ 800,000		$ 600,000	1,400,000		900,000
Unused borrowing capacity fee		$ 100,000		$ 100,000	$ 200,000		$ 200,000
Debt, Weighted Average Interest Rate		2.50%	2.58%		2.50%	2.50%
2014 Amended Credit Agreement
Debt Instrument [Line Items]
Permitted use of proceeds from land sales, LTV over 30 and under 40 percent	1.50%
Permitted use of proceeds from land sales, LTV under 30 percent	2.00%
Use of proceeds, single transaction	$ 2,000,000
Use of proceeds, aggregate transaction	$ 5,000,000
Covenant, minimum fixed charge coverage ratio	1.05
2014 Amended Credit Agreement | 2014 Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 35,000,000
Amount of credit facility allowed to be used for timberland acquisitions	5,000,000
2014 Amended Credit Agreement | 2014 Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	100,000,000
2014 Amended Credit Agreement | 2014 Multi-Draw Term Facility and 2014 Term Loan Facility
Debt Instrument [Line Items]
Patronage refund percentage			0.91%		0.90%
Patronage refund percentage, cash		75.00%
Patronage refund percentage, equity in patronage banks		25.00%
Patronage Refunds		$ 300,000			$ 600,000
2014 Amended Credit Agreement | 2014 Multi-Draw Term Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	275,000,000
Amount of credit facility allowed to be used for share repurchases	$ 25,000,000
Covenant terms, loan to value ratio (in percent)	40.00%
Covenant terms, principal payment at per annum rate (in percent)	5.00%
Base Rate | 2014 Amended Credit Agreement | 2014 Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)						1.75%
LIBOR | 2014 Amended Credit Agreement | 2014 Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)						1.75%
Minimum | 2014 Amended Credit Agreement | 2014 Multi-Draw and 2014 Revolving Credit Facility
Debt Instrument [Line Items]
Unused commitment fee percentage (in percent)		0.20%
Minimum | Base Rate | 2014 Amended Credit Agreement | 2014 Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)						0.50%
Minimum | Base Rate | 2014 Amended Credit Agreement | 2014 Multi-Draw Term Facility
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)						0.75%
Minimum | LIBOR | 2014 Amended Credit Agreement | 2014 Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)						1.50%
Minimum | LIBOR | 2014 Amended Credit Agreement | 2014 Multi-Draw Term Facility
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)						1.75%
Maximum | 2014 Amended Credit Agreement
Debt Instrument [Line Items]
Covenant terms, loan to value ratio (in percent)	45.00%
Maximum | 2014 Amended Credit Agreement | 2014 Multi-Draw and 2014 Revolving Credit Facility
Debt Instrument [Line Items]
Unused commitment fee percentage (in percent)		0.35%
Maximum | 2014 Amended Credit Agreement | 2014 Multi-Draw Term Facility
Debt Instrument [Line Items]
Number of draw allowed under the line of credit | Draw	8
Maximum | Base Rate | 2014 Amended Credit Agreement | 2014 Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)						1.50%
Maximum | Base Rate | 2014 Amended Credit Agreement | 2014 Multi-Draw Term Facility
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)						1.75%
Maximum | LIBOR | 2014 Amended Credit Agreement | 2014 Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)						2.50%
Maximum | LIBOR | 2014 Amended Credit Agreement | 2014 Multi-Draw Term Facility
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)						2.75%

Note Payable and Line of Cred30

Note Payable and Line of Credit - Schedule of Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Secured debt outstanding	$ 138,002	$ 118,000
2014 Term Loan Facility
Debt Instrument [Line Items]
Secured debt outstanding	100,000	100,000
2014 Multi-Draw Term Facility
Debt Instrument [Line Items]
Secured debt outstanding	$ 38,000	$ 18,000

Interest Rate Swap Agreement (D

Interest Rate Swap Agreement (Details) - Jun. 30, 2015 - Rabobank - Forward Contracts - Designated as Hedging Instrument - USD ($)	Total
Derivative [Line Items]
Amount of ineffectiveness on forward swap	$ 0
Payments for interest rate swap	400,000
One-Month LIBOR
Derivative [Line Items]
Notional amount of interest rate derivatives	$ 35,000,000
Fixed rate on interest rate swap	2.395%
Other comprehensive income recognized due to change in fair value	$ 300,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - Jun. 30, 2015 - states	Total
Commitments and Contingencies Disclosure [Abstract]
Number of states reporting raw forest product prices	11
Operating agreement, term of extension option	1 year
Operating agreement, notice of termination option	120 days

Class B-3 Common Stock Conver33

Class B-3 Common Stock Conversion and Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	$ 233	$ 96	$ 411	$ 179
Compensation cost not yet recognized	$ 2,500		$ 2,500
Compensation cost not yet recognized, period of recognition			3 years 6 months 1 day

Class B-3 Common Stock Conver34

Class B-3 Common Stock Conversion and Stock-based Compensation - Schedule of Restricted Stock Granted in the Period (Details) - 6 months ended Jun. 30, 2015 - shares		Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted during period		203,385
Performance-based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted during period	[1]	112,900
Service-based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted during period	[2],[3]	90,485
Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted during period		190,800
Employee | Performance-based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted during period	[1]	112,900
Employee | Performance-based Restricted Stock | Determined date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		50.00%
Employee | Performance-based Restricted Stock | One year from determined date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		50.00%
Employee | Service-based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted during period	[2],[3]	77,900
Award vesting period		4 years
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted during period		12,585
Director | Performance-based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted during period	[1]	0
Director | Service-based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted during period	[2],[3]	12,585
Award vesting period		3 years
[1]	The performance-based restricted stock awards (the "2015 Performance Awards") represent the maximum number of shares that could be earned by the executive officers based on the relative performance of CatchMark Timber Trust's total shareholder return (the "TSR") as compared to a pre-established peer group's TSR and to the Russell 3000 Index. 50% of the earned award vests on the date it is determined by the Compensation Committee and the remaining 50% vests on the one year anniversary of the determination date.
[2]	The service-based restricted stock issued to employees vests over four years.
[3]	The service-based restricted stock issued to independent directors vests over three years.

Class B-3 Common Stock Conver35

Class B-3 Common Stock Conversion and Stock-based Compensation - Rollforward of Unvested Restricted Stock Award Activity (Details) - 6 months ended Jun. 30, 2015 - $ / shares	Total
Number of Underlying Shares [Roll Forward]
Granted	203,385
Employee
Number of Underlying Shares [Roll Forward]
Granted	190,800
Director
Number of Underlying Shares [Roll Forward]
Granted	12,585
Restricted Stock | Employee
Number of Underlying Shares [Roll Forward]
Unvested at December 31, 2014	91,500
Granted	190,800
Vested	0
Forfeited	(10,200)
Unvested at June 30, 2015	272,100
Weighted Average Grant Date Fair Value [Abstract]
Unvested at December 31, 2014	$ 13.54
Granted	8.89
Vested	0
Forfeited	13.51
Unvested at June 30, 2015	$ 10.28
Restricted Stock | Director
Number of Underlying Shares [Roll Forward]
Unvested at December 31, 2014	13,608
Granted	12,585
Vested	(3,625)
Forfeited	0
Unvested at June 30, 2015	22,568
Weighted Average Grant Date Fair Value [Abstract]
Unvested at December 31, 2014	$ 14.42
Granted	11.92
Vested	13.79
Forfeited	0
Unvested at June 30, 2015	$ 13.12

Class B-3 Common Stock Conver36

Class B-3 Common Stock Conversion and Stock-based Compensation - Share-based Compensation Valuation Assumptions (Details) - 6 months ended Jun. 30, 2015 - Executive Officer - Performance-based Restricted Stock - $ / shares	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date market price (February 18, 2015) (in dollars per share)	$ 11.63
Weighted average fair value per granted share (in dollars per share)	$ 7.01
Volatility	38.54%
Expected term (years)	3 years
Risk-free interest rate	1.06%

Related-Party Transactions an37

Related-Party Transactions and Agreements (Details)	1 Months Ended
	Oct. 25, 2013USD ($)
Transition Service Agreement | Wells REF
Related Party Transaction [Line Items]
Monthly consulting fee	$ 22,875

Related-Party Transactions an38

Related-Party Transactions and Agreements - Related Party Costs (Details) - Jun. 30, 2014 - Affiliate - USD ($)	Total	Total
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 86,508	$ 155,133
Consulting fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	68,625	137,250
Office rent
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 17,883	$ 17,883

Supplemental Disclosures of N39

Supplemental Disclosures of Noncash Activities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Supplemental Cash Flow Elements [Abstract]
Dividends declared but not paid	$ 0	$ 3,123