Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 29, 2016 | |
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, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 38,830,932 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and cash equivalents | $ 15,620 | $ 8,025 |
Accounts receivable | 2,697 | 2,562 |
Prepaid expenses and other assets | 3,628 | 3,277 |
Deferred financing costs, net | 362 | 354 |
Timber assets (Note 3): | ||
Timber and timberlands, net | 678,328 | 584,854 |
Intangible lease assets, less accumulated amortization of $936 and $934 as of June 30, 2016 and December 31, 2015, respectively | 21 | 23 |
Total assets | 700,656 | 599,095 |
Liabilities: | ||
Accounts payable and accrued expenses | 4,359 | 3,307 |
Other liabilities | 7,361 | 3,703 |
Note payable and line of credit, less net deferred financing costs (Note 4) | 295,443 | 181,047 |
Total liabilities | 307,163 | 188,057 |
Commitments and Contingencies (Note 6) | 0 | 0 |
Stockholders’ Equity: | ||
Additional paid-in capital | 605,287 | 607,409 |
Accumulated deficit and distributions | (208,572) | (195,341) |
Accumulated other comprehensive loss | (3,610) | (1,420) |
Total stockholders’ equity | 393,493 | 411,038 |
Total liabilities and stockholders’ equity | 700,656 | 599,095 |
Common Class A | ||
Stockholders’ Equity: | ||
Common stock, $0.01 par value | $ 388 | $ 390 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Intangible lease assets, accumulated amortization | $ 936 | $ 934 |
Common Class A | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 38,831,000 | 38,975,000 |
Common stock, shares outstanding | 38,831,000 | 38,975,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues: | ||||
Timber sales | $ 14,184 | $ 12,672 | $ 31,685 | $ 25,766 |
Timberland sales | 843 | 591 | 9,509 | 6,765 |
Other revenues | 939 | 911 | 1,953 | 1,887 |
Total revenues | 15,966 | 14,174 | 43,147 | 34,418 |
Expenses: | ||||
Contract logging and hauling costs | 5,694 | 4,824 | 12,117 | 9,944 |
Depletion | 5,980 | 6,396 | 13,764 | 12,598 |
Cost of timberland sales | 692 | 401 | 8,391 | 5,407 |
Forestry management expenses | 1,372 | 1,061 | 2,724 | 2,182 |
General and administrative expenses | 2,331 | 1,864 | 4,378 | 3,532 |
Land rent expense | 121 | 172 | 292 | 375 |
Other operating expenses | 1,021 | 935 | 2,056 | 1,873 |
Operating costs and expenses | 17,211 | 15,653 | 43,722 | 35,911 |
Operating loss | (1,245) | (1,479) | (575) | (1,493) |
Other income (expense): | ||||
Interest income | 12 | 2 | 23 | 2 |
Interest expense | (1,412) | (853) | (2,680) | (1,656) |
Total other income (expense) | (1,400) | (851) | (2,657) | (1,654) |
Net loss available to common stockholders | $ (2,645) | $ (2,330) | $ (3,232) | $ (3,147) |
Weighted-average common shares outstanding - basic and diluted | 38,802 | 39,551 | 38,840 | 39,490 |
Net loss per-share available to common stockholders - basic and diluted | $ (0.07) | $ (0.06) | $ (0.08) | $ (0.08) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (2,645) | $ (2,330) | $ (3,232) | $ (3,147) |
Other comprehensive income (loss): | ||||
Market value adjustment to interest rate swap | (869) | 1,201 | (2,190) | 307 |
Comprehensive loss | $ (3,514) | $ (1,129) | $ (5,422) | $ (2,840) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (unaudited) - 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, 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, net of amounts withheld for income taxes | 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 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 |
Stockholders' equity, beginning of year (in shares) at Dec. 31, 2015 | 38,975 | 0 | ||||
Stockholders' equity, beginning of year at Dec. 31, 2015 | 411,038 | 607,409 | (195,341) | (1,420) | $ 390 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Long-term incentive plan (in shares) | 130 | |||||
Long-term incentive plan, net of amounts withheld for income taxes | 716 | 715 | $ 1 | |||
Dividends to common stockholders | (9,999) | (9,999) | ||||
Repurchases of common shares (ins hares) | (274) | |||||
Repurchases of common shares | (2,840) | (2,837) | $ (3) | |||
Net loss | (3,232) | (3,232) | ||||
Other comprehensive loss | (2,190) | (2,190) | ||||
Stockholders' equity, end of year (in shares) at Jun. 30, 2016 | 38,831 | 0 | ||||
Stockholders' equity, end of year at Jun. 30, 2016 | $ 393,493 | $ 605,287 | $ (208,572) | $ (3,610) | $ 388 | $ 0 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (unaudited) (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared per common share | $ 0.26 | $ 0.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (3,232) | $ (3,147) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depletion | 13,764 | 12,598 |
Other amortization | 62 | 58 |
Stock-based compensation expense | 915 | 411 |
Noncash interest expense | 447 | 332 |
Basis of timberland sold | 7,928 | 4,894 |
Changes in assets and liabilities: | ||
Accounts receivable | (135) | (1,363) |
Prepaid expenses and other assets | (182) | 117 |
Accounts payable and accrued expenses | 1,108 | 595 |
Other liabilities | 1,429 | 1,131 |
Net cash provided by operating activities | 22,104 | 15,626 |
Cash Flows from Investing Activities: | ||
Timberland acquisitions | (113,974) | (27,651) |
Capital expenditures (excluding timberland acquisitions) | (1,430) | (1,056) |
Net cash used in investing activities | (115,404) | (28,707) |
Cash Flows from Financing Activities: | ||
Proceeds from note payable | 116,000 | 20,500 |
Repayments of note payable | (440) | (498) |
Financing costs paid | (1,628) | (249) |
Dividends paid to common stockholders | (9,999) | (9,839) |
Repurchases of common shares | (3,038) | 0 |
Net cash provided by financing activities | 100,895 | 9,914 |
Net increase (decrease) in cash and cash equivalents | 7,595 | (3,167) |
Cash and cash equivalents, beginning of period | 8,025 | 17,365 |
Cash and cash equivalents, end of period | $ 15,620 | $ 14,198 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization CatchMark Timber Trust Inc. ("CatchMark Timber Trust") ( NYSE : CTT) primarily engages in the ownership, management, acquisition, and disposition of timberlands located in the U.S. South and has elected to be taxed as a 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 non-strategic timberland properties, or HBU timberland properties that have a higher-value use beyond growing timber, 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 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, 2016 | |
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 GAAP and shall include the accounts of any 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, 2015 . Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “ Leases (Topic 842) ”. The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, with early adoption permitted. A modified retrospective transition approach is required for lessees classified as capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. CatchMark Timber Trust has not yet adopted the new standard and is currently evaluating the impact that the standard will have on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, “ Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ”. ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. CatchMark Timber Trust has not yet adopted the new standard and is currently evaluating the impact that the standard will have on its financial statements. |
Timber Assets
Timber Assets | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate [Abstract] | |
Timber Assets | Timber Assets As of June 30, 2016 and December 31, 2015 , timber and timberlands consisted of the following, respectively: As of June 30, 2016 (in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 307,953 $ 13,764 $ 294,189 Timberlands 383,791 — 383,791 Mainline roads 796 448 348 Timber and timberlands $ 692,540 $ 14,212 $ 678,328 As of December 31, 2015 (in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 281,198 $ 27,091 $ 254,107 Timberlands 330,446 — 330,446 Mainline roads 707 406 301 Timber and timberlands $ 612,351 $ 27,497 $ 584,854 Timberland Acquisitions During the six months ended June 30, 2016 and 2015 , CatchMark Timber Trust acquired fee-simple interests in approximately 60,400 and 17,400 acres of timberland for $112.9 million and $27.3 million , respectively, exclusive of closing costs. A detailed breakout of acreage acquired by state is listed below: Six Months Ended June 30, Acres Acquired In: 2016 2015 Georgia 5,200 9,700 South Carolina 55,200 — Texas — 7,700 Total 60,400 17,400 All timberland acquisitions were accounted for as asset purchases. Timberland Sales During the six months ended June 30, 2016 and 2015 , CatchMark Timber Trust sold approximately 5,500 and 3,700 acres of timberland for $9.5 million and $6.8 million , respectively. CatchMark Timber Trust 's cost basis in the timberland sold was $7.9 million and $4.9 million , respectively. A detailed breakout of land sale acreage by state is listed below: Six Months Ended Acres Sold In: 2016 2015 Alabama 500 2,000 Georgia 4,400 1,700 Florida 600 — Total 5,500 3,700 Current Timberland Portfolio As of June 30, 2016 , CatchMark Timber Trust owned interests in approximately 479,900 acres of timberlands in the U.S. South, of which 456,100 acres were held in fee-simple interests and 23,800 acres were held in leasehold interests. A detailed breakout of land acreage by state is listed below: Acres by state as of June 30, 2016 Fee Lease Total Alabama 72,300 5,600 77,900 Florida 2,000 — 2,000 Georgia 255,300 18,200 273,500 Louisiana 21,300 — 21,300 North Carolina 1,600 — 1,600 South Carolina 67,700 — 67,700 Tennessee 300 — 300 Texas 35,600 — 35,600 Total: 456,100 23,800 479,900 |
Note Payable and Line of Credit
Note Payable and Line of Credit | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Note Payable and Line of Credit | Note Payable and Line of Credit 2014 Amended Credit Agreement CatchMark Timber Trust is party to an amended and restated credit agreement with CoBank, AgFirst, Rabobank, and certain other financial institutions (the "2014 Amended Credit Agreement"), which provides for borrowings consisting of: • a $35.0 million revolving credit facility (the “2014 Revolving Credit Facility”); • a $365.0 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 Facilities may be increased, upon the agreement of lenders willing to increase their loans, by another $110.0 million . As of June 30, 2016 and December 31, 2015 , CatchMark Timber Trust's amounts outstanding under the 2014 Amended Credit Facilities consisted of the following: Outstanding Balance as of (dollars in thousands) Maturity Date Stated Rate (2) Current Interest Rate (3) June 30, 2016 December 31, 2015 2014 Term Loan Facility 12/23/2024 LIBOR + 1.75% 2.20% 100,000 100,000 2014 Multi-Draw Term Facility 12/23/2021 LIBOR + 2.25% 2.70% $ 200,562 $ 85,002 Total principal balance $ 300,562 $ 185,002 Less: net unamortized deferred financing costs (1) (5,119 ) (3,955 ) Total $ 295,443 $ 181,047 (1) Represents costs incurred for borrowings under the 2014 Term Loan Facility and the 2014 Multi-Draw Term Facility only. (2) The applicable LIBOR margin on the 2014 Multi-Draw Term Facility ranges between 1.75% and 2.75% , depending on the LTV ratio. (3) Represents the weighted average interest rate as of June 30, 2016 . The weighted average interest rate excludes the impact of the interest rate swap agreement (see Note 5 – Interest Rate Swap Agreement ), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds. As of June 30, 2016 , $199.4 million remained available under the 2014 Amended Credit Facilities, $164.4 million from the 2014 Multi-Draw Term Facility and $35.0 million from the 2014 Revolving Credit Facility. Patronage As a result of entering into the 2014 Amended Credit Agreement, CatchMark Timber Trust became 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. CatchMark Timber Trust has received a patronage refund on its eligible patronage loans for 2014 and 2015 and accrues for the expected refunds for 2016 by multiplying the weighted average eligible outstanding balance by 0.90% . For the three months ended June 30, 2016 and 2015, CatchMark Timber Trust recorded $0.5 million and $0.3 million in expected patronage refunds. For the six months ended June 30, 2016 and 2015, CatchMark Timber Trust recorded $0.9 million and $0.6 million in expected patronage refunds. 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 and would not 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 and the LTV ratio does not exceed 40% , CatchMark Timber Trust is not required to repay the loans until (1) the aggregate net real property disposition proceeds received during any fiscal year exceeds 2% of the bank value of the timberlands and (2) lease termination proceeds of greater than 0.5% and 1.5% of the bank value of the timberlands in a single termination or in aggregate over the term of the facility, respectively. 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; • requires a fixed coverage charge ratio of not less than 1.05:1.00 ; and • maintains a minimum liquidity balance of no less than $20.0 million at any time. CatchMark Timber Trust was in compliance with the financial covenants of the 2014 Amended Credit Agreement as of June 30, 2016 . CatchMark Timber Trust ’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 Trust ’s 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 Trust 's obligations under the 2014 Amended Credit Agreement are jointly and severally guaranteed by CatchMark Timber Trust and all of 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 Trust or its subsidiaries. Interest Paid and Fair Value of Outstanding Debt CatchMark Timber Trust pays the lenders a 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. During the three months ended June 30, 2016 and 2015 , CatchMark Timber Trust made interest payments of $1.4 million and $0.8 million , respectively, on its borrowings. Included in the interest payments for the six months ended June 30, 2016 and 2015 were unused commitment fees of $0.2 million and $0.1 million , respectively. During the six months ended June 30, 2016 and 2015 , CatchMark Timber Trust made interest payments of $2.6 million and $1.4 million , respectively, on its borrowings. Included in the interest payments for the six months ended June 30, 2016 and 2015 were unused commitment fees of $0.3 million and $0.2 million , respectively. As of June 30, 2016 and December 31, 2015 , the weighted-average interest rate on these borrowings, after consideration of an interest rate swap, was 2.76% and 2.65% , respectively. After further consideration of the expected patronage refunds, CatchMark Timber Trust 's weighted average interest rate as of June 30, 2016 and December 31, 2015 was 1.86% and 1.75% , respectively. As of June 30, 2016 , 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, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Swap Agreement | Interest Rate Swap Agreement 2014 Rabobank Swap During the six months ended June 30, 2016 , 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. Fair Value and Cash Paid for Interest Under Interest Rate Swap Agreement The following table presents information about CatchMark Timber Trust 's interest rate swap measured at fair value as of June 30, 2016 and December 31, 2015 : (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification June 30, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate swap contract Other liabilities $ (3,610 ) $ (1,420 ) During the six months ended June 30, 2016 , CatchMark Timber Trust recognized a change in fair value of the 2014 Rabobank Swap of approximately $2.2 million as other comprehensive loss. There was no hedge ineffectiveness on the 2014 Rabobank Swap required to be recognized in current earnings. Net payments of approximately $0.3 million made under the 2014 Rabobank Swap by CatchMark Timber Trust during the six months ended June 30, 2016 were recorded as interest expense. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
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 . 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. Timberland Operating Agreement Pursuant to the terms of the timberland operating agreement between CatchMark Timber Trust and FRC (the "FRC Timberland Operating Agreement"), FRC manages and operates a majority of CatchMark Timber Trust 's timberlands and related timber operations, including ensuring delivery of timber to WestRock in compliance with the Mahrt Timber Agreements. In consideration for rendering the services described in the timberland operating agreement, 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 agreement, as amended, is 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. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation Long-term Incentive Plan CatchMark Timber Trust's LTIP allows for the issuance of options, stock appreciation rights, restricted stock, RSUs, and deferred stock units of its common stock to the employees and independent directors. The LTIP provides for issuance of up to 1.3 million shares of CTT common stock through October 25, 2023. Effective October 1, 2015, under the Amended and Restated Independent Directors' Compensation Plan (a sub-plan of the LTIP), each of the independent directors receives, on the first business day immediately prior to the date on which CatchMark Timber Trust holds its annual stockholders meeting, a number of shares of CatchMark Timber Trust common stock having a value of $ 50,000 on the grant date. The number of shares granted to each independent director will be determined by dividing $ 50,000 by the fair market value per share of CatchMark Timber Trust's common stock on the grant date. The shares are fully-vested and non-forfeitable upon the respective grant date. During the three months ended June 30, 2016 , CatchMark Timber Trust issued 20,440 shares to its independent directors. Restricted Stock Grants CatchMark Timber Trust has issued service-based and performance-based restricted stock to its employees and independent directors pursuant to its LTIP. Service-based restricted stock grants vest ratably over a multi-year period. Performance-based restricted stock is granted to the executive officers and restricted shares may be earned based on the level of achievement of certain pre-determined performance goals over the performance period. 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, 2016 , CatchMark Timber Trust granted 125,123 shares of service-based restricted stock to its employees that vest over a four -year period. A rollforward of CatchMark Timber Trust's unvested restricted stock award activity for the six months ended June 30, 2016 is as follows: Employees Independent Directors Number of Underlying Shares Weighted Average Grant Date Fair Value Number of Weighted Average Unvested as of December 31, 2015 278,100 $ 10.29 20,901 $ 12.71 Granted 125,123 10.51 — — Vested (34,225 ) 12.34 (10,556 ) 12.74 Forfeited (1,000 ) 11.57 — — Unvested as of June 30, 2016 367,998 $ 10.17 10,345 $ 12.67 Restricted Stock Units On May 5, 2016, CatchMark Timber Trust issued 80,366 RSUs to its executive officers (the "2016 Performance Awards"), with a weighted average grant date per-unit fair value of $14.28 . A RSU gives the holder thereof the right, subject to certain restrictions and risk of forfeiture, to receive shares of common stock of CatchMark Timber Trust in the future. The number of RSUs earned is determined based on CatchMark Timber Trust's TSR as compared to a pre-established peer group's TSR and to the Russell 3000 Index over the performance period. 50% of any RSUs awarded vest on the date it is determined by the compensation committee of the board of directors and the remaining 50% vest on the one year anniversary of the determination date. The fair value of the 2016 Performance Awards was calculated using a Monte-Carlo simulation with the following assumptions: Grant date market price (May 5, 2016) $ 10.57 Weighted average fair value per granted share $ 14.28 Assumptions: Volatility 28.54 % Expected term (years) 3.0 Dividend yield 5.11 % Risk-free interest rate 0.95 % Stock-based Compensation Expense During the three months ended June 30, 2016 and 2015, CatchMark Timber Trust recognized approximately $0.6 million and $0.2 million , respectively, of stock-based compensation expense. During the six months ended June 30, 2016 and 2015, CatchMark Timber Trust recognized approximately $0.9 million and $0.4 million , respectively, of stock-based compensation expense. As of June 30, 2016 , approximately $4.0 million of unrecognized compensation expenses related to non-vested restricted stock and RSU's remained and will be recognized over a weighted-average period of 3.6 years . |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Dividend declaration On August 8, 2016, CatchMark Timber Trust declared a cash dividend of $0.135 per share for its Class A common stockholders of record on August 30, 2016, payable on September 16, 2016. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
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 GAAP and shall include the accounts of any 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “ Leases (Topic 842) ”. The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, with early adoption permitted. A modified retrospective transition approach is required for lessees classified as capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. CatchMark Timber Trust has not yet adopted the new standard and is currently evaluating the impact that the standard will have on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, “ Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ”. ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. CatchMark Timber Trust has not yet adopted the new standard and is currently evaluating the impact that the standard will have on its financial statements. |
Timber Assets (Tables)
Timber Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate [Abstract] | |
Schedule of timber and timberland | A detailed breakout of land acreage by state is listed below: Acres by state as of June 30, 2016 Fee Lease Total Alabama 72,300 5,600 77,900 Florida 2,000 — 2,000 Georgia 255,300 18,200 273,500 Louisiana 21,300 — 21,300 North Carolina 1,600 — 1,600 South Carolina 67,700 — 67,700 Tennessee 300 — 300 Texas 35,600 — 35,600 Total: 456,100 23,800 479,900 As of June 30, 2016 and December 31, 2015 , timber and timberlands consisted of the following, respectively: As of June 30, 2016 (in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 307,953 $ 13,764 $ 294,189 Timberlands 383,791 — 383,791 Mainline roads 796 448 348 Timber and timberlands $ 692,540 $ 14,212 $ 678,328 As of December 31, 2015 (in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 281,198 $ 27,091 $ 254,107 Timberlands 330,446 — 330,446 Mainline roads 707 406 301 Timber and timberlands $ 612,351 $ 27,497 $ 584,854 |
Schedule of real estate properties acquisition by geography | A detailed breakout of acreage acquired by state is listed below: Six Months Ended June 30, Acres Acquired In: 2016 2015 Georgia 5,200 9,700 South Carolina 55,200 — Texas — 7,700 Total 60,400 17,400 |
Schedule of real estate properties disposition by geography | A detailed breakout of land sale acreage by state is listed below: Six Months Ended Acres Sold In: 2016 2015 Alabama 500 2,000 Georgia 4,400 1,700 Florida 600 — Total 5,500 3,700 |
Note Payable and Line of Cred19
Note Payable and Line of Credit (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Outstanding | As of June 30, 2016 and December 31, 2015 , CatchMark Timber Trust's amounts outstanding under the 2014 Amended Credit Facilities consisted of the following: Outstanding Balance as of (dollars in thousands) Maturity Date Stated Rate (2) Current Interest Rate (3) June 30, 2016 December 31, 2015 2014 Term Loan Facility 12/23/2024 LIBOR + 1.75% 2.20% 100,000 100,000 2014 Multi-Draw Term Facility 12/23/2021 LIBOR + 2.25% 2.70% $ 200,562 $ 85,002 Total principal balance $ 300,562 $ 185,002 Less: net unamortized deferred financing costs (1) (5,119 ) (3,955 ) Total $ 295,443 $ 181,047 (1) Represents costs incurred for borrowings under the 2014 Term Loan Facility and the 2014 Multi-Draw Term Facility only. (2) The applicable LIBOR margin on the 2014 Multi-Draw Term Facility ranges between 1.75% and 2.75% , depending on the LTV ratio. (3) Represents the weighted average interest rate as of June 30, 2016 . The weighted average interest rate excludes the impact of the interest rate swap agreement (see Note 5 – Interest Rate Swap Agreement ), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds. |
Interest Rate Swap Agreement (T
Interest Rate Swap Agreement (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of interest rate swaps measured at fair value | The following table presents information about CatchMark Timber Trust 's interest rate swap measured at fair value as of June 30, 2016 and December 31, 2015 : (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification June 30, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate swap contract Other liabilities $ (3,610 ) $ (1,420 ) |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Nonvested Restricted Stock Shares Activity | A rollforward of CatchMark Timber Trust's unvested restricted stock award activity for the six months ended June 30, 2016 is as follows: Employees Independent Directors Number of Underlying Shares Weighted Average Grant Date Fair Value Number of Weighted Average Unvested as of December 31, 2015 278,100 $ 10.29 20,901 $ 12.71 Granted 125,123 10.51 — — Vested (34,225 ) 12.34 (10,556 ) 12.74 Forfeited (1,000 ) 11.57 — — Unvested as of June 30, 2016 367,998 $ 10.17 10,345 $ 12.67 |
Schedule of Fair Value Valuation Assumptions | The fair value of the 2016 Performance Awards was calculated using a Monte-Carlo simulation with the following assumptions: Grant date market price (May 5, 2016) $ 10.57 Weighted average fair value per granted share $ 14.28 Assumptions: Volatility 28.54 % Expected term (years) 3.0 Dividend yield 5.11 % Risk-free interest rate 0.95 % |
Organization (Details)
Organization (Details) | 6 Months Ended |
Jun. 30, 2016 | |
General Partner | |
Class of Stock [Line Items] | |
Percentage of general partnership interest owned by the company in the Operating Partnership common units | 99.99% |
Timber Assets - Schedule of Tim
Timber Assets - Schedule of Timber and Timberlands (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Timber and timberlands, gross | $ 692,540 | $ 612,351 |
Timber and timberlands, accumulated depletion or amortization | 14,212 | 27,497 |
Timber and timberlands, net | 678,328 | 584,854 |
Timber Properties | ||
Property, Plant and Equipment [Line Items] | ||
Timber and timberlands, gross | 307,953 | 281,198 |
Timber and timberlands, accumulated depletion or amortization | 13,764 | 27,091 |
Timber and timberlands, net | 294,189 | 254,107 |
Timberlands | ||
Property, Plant and Equipment [Line Items] | ||
Timber and timberlands, gross | 383,791 | 330,446 |
Timber and timberlands, accumulated depletion or amortization | 0 | 0 |
Timber and timberlands, net | 383,791 | 330,446 |
Mainline roads | ||
Property, Plant and Equipment [Line Items] | ||
Timber and timberlands, gross | 796 | 707 |
Timber and timberlands, accumulated depletion or amortization | 448 | 406 |
Timber and timberlands, net | $ 348 | $ 301 |
Timber Assets - Timberland Acqu
Timber Assets - Timberland Acquisitions (Details) - Timber Properties $ in Thousands | 6 Months Ended | |
Jun. 30, 2016USD ($)a | Jun. 30, 2015USD ($)a | |
Property, Plant and Equipment [Line Items] | ||
Area of land acquired | 60,400 | 17,400 |
Payments to acquire timberland | $ | $ 112,919 | $ 27,304 |
Georgia | ||
Property, Plant and Equipment [Line Items] | ||
Area of land acquired | 5,200 | 9,700 |
South Carolina | ||
Property, Plant and Equipment [Line Items] | ||
Area of land acquired | 55,200 | 0 |
Texas | ||
Property, Plant and Equipment [Line Items] | ||
Area of land acquired | 0 | 7,700 |
Timber Assets - Timberland Disp
Timber Assets - Timberland Disposition (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)a | Jun. 30, 2015USD ($)a | |
Property, Plant and Equipment [Line Items] | ||||
Timberland, acres sold | 5,500 | 3,700 | ||
Timberland sales | $ | $ 843 | $ 591 | $ 9,509 | $ 6,765 |
Basis of timberland sold | $ | $ 7,928 | $ 4,894 | ||
Alabama | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Timberland, acres sold | 500 | 2,000 | ||
Georgia | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Timberland, acres sold | 4,400 | 1,700 | ||
Florida | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Timberland, acres sold | 600 | 0 |
Timber Assets - Schedule of T26
Timber Assets - Schedule of Timberland Portfolio (Details) - Timber Properties | Jun. 30, 2016a |
Property, Plant and Equipment [Line Items] | |
Fee | 456,100 |
Lease | 23,800 |
Total | 479,900 |
Alabama | |
Property, Plant and Equipment [Line Items] | |
Fee | 72,300 |
Lease | 5,600 |
Total | 77,900 |
Florida | |
Property, Plant and Equipment [Line Items] | |
Fee | 2,000 |
Lease | 0 |
Total | 2,000 |
Georgia | |
Property, Plant and Equipment [Line Items] | |
Fee | 255,300 |
Lease | 18,200 |
Total | 273,500 |
Louisiana | |
Property, Plant and Equipment [Line Items] | |
Fee | 21,300 |
Lease | 0 |
Total | 21,300 |
North Carolina | |
Property, Plant and Equipment [Line Items] | |
Fee | 1,600 |
Lease | 0 |
Total | 1,600 |
South Carolina | |
Property, Plant and Equipment [Line Items] | |
Fee | 67,700 |
Lease | 0 |
Total | 67,700 |
Tennessee | |
Property, Plant and Equipment [Line Items] | |
Fee | 300 |
Lease | 0 |
Total | 300 |
Texas | |
Property, Plant and Equipment [Line Items] | |
Fee | 35,600 |
Lease | 0 |
Total | 35,600 |
Note Payable and Line of Cred27
Note Payable and Line of Credit - Narrative (Details) - USD ($) | Dec. 23, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 11, 2015 |
Debt Instrument [Line Items] | |||||||
Maximum additional borrowings allowed under line of credit | $ 110,000,000 | ||||||
Proceeds from note payable | 116,000,000 | $ 20,500,000 | |||||
Interest paid | $ 1,400,000 | $ 800,000 | $ 2,600,000 | 1,400,000 | |||
Debt, Weighted Average Interest Rate | 2.76% | 2.76% | 2.65% | ||||
Weighted average interest rate after patronage refunds | 1.86% | 1.86% | 1.75% | ||||
2014 Multi-Draw and 2014 Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Unused borrowing capacity fee | $ 200,000 | 100,000 | $ 300,000 | 200,000 | |||
2014 Amended Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Remaining borrowing capacity | 199,400,000 | 199,400,000 | |||||
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 | ||||||
Remaining borrowing capacity | 35,000,000 | 35,000,000 | |||||
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 | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 365,000,000 | ||||||
Remaining borrowing capacity | 164,400,000 | $ 164,400,000 | |||||
2014 Amended Credit Agreement | 2014 Multi-Draw Term Facility and 2014 Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Patronage refund percentage | 0.90% | ||||||
Patronage Accrued | $ 500,000 | $ 300,000 | $ 900,000 | $ 600,000 | |||
Minimum | 2014 Amended Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Repayment when disposition proceeds exceed percentage of bank value of timberlands | 2.00% | ||||||
Repayment when single lease termination proceeds exceed percentage of bank value of timberlands | 0.50% | ||||||
Repayment when total lease termination proceeds exceed percentage of bank value of timberlands | 1.50% | ||||||
Minimum liquidity balance required | $ 20,000,000 | ||||||
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% | ||||||
Maximum | 2014 Amended Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Repayment triggers loan-to-value ratio | 40.00% | ||||||
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% |
Note Payable and Line of Cred28
Note Payable and Line of Credit - Schedule of Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2015 | ||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 2.76% | 2.65% | |
Long-term Debt, Gross | $ 300,562 | $ 185,002 | |
Less: net unamortized deferred financing costs | [1] | (5,119) | (3,955) |
Long-term Debt | $ 295,443 | 181,047 | |
2014 Multi-Draw Term Facility | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Dec. 23, 2021 | ||
Debt, Weighted Average Interest Rate | [2] | 2.70% | |
Long-term Debt, Gross | $ 200,562 | 85,002 | |
2014 Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Dec. 23, 2024 | ||
Debt, Weighted Average Interest Rate | [2] | 2.20% | |
Long-term Debt, Gross | $ 100,000 | $ 100,000 | |
LIBOR | 2014 Amended Credit Agreement | 2014 Multi-Draw Term Facility | |||
Debt Instrument [Line Items] | |||
LIBOR | [3] | LIBOR | |
Basis spread on variable rate (in percent) | [3] | 2.25% | |
LIBOR | 2014 Amended Credit Agreement | 2014 Term Loan Facility | |||
Debt Instrument [Line Items] | |||
LIBOR | [3] | LIBOR | |
Basis spread on variable rate (in percent) | [3] | 1.75% | |
Minimum | LIBOR | 2014 Amended Credit Agreement | 2014 Multi-Draw and 2014 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (in percent) | [3] | 1.75% | |
Maximum | LIBOR | 2014 Amended Credit Agreement | 2014 Multi-Draw and 2014 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (in percent) | [3] | 2.75% | |
[1] | Represents costs incurred for borrowings under the 2014 Term Loan Facility and the 2014 Multi-Draw Term Facility only. | ||
[2] | Represents the weighted average interest rate as of June 30, 2016. The weighted average interest rate excludes the impact of the interest rate swap agreement (see Note 5 – Interest Rate Swap Agreement), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds. | ||
[3] | The applicable LIBOR margin on the 2014 Multi-Draw Term Facility ranges between 1.75% and 2.75%, depending on the LTV ratio. |
Interest Rate Swap Agreement -
Interest Rate Swap Agreement - Narrative (Details) - Rabobank - Forward Contracts - Designated as Hedging Instrument | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Derivative [Line Items] | |
Amount of ineffectiveness on forward swap | $ 0 |
Payments for interest rate swap | 300,000 |
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 loss recognized due to change in fair value | $ (2,190,000) |
Interest Rate Swap Agreement 30
Interest Rate Swap Agreement - Interest Rate Swap and Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 2 | Other Liabilities | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value interest rate derivative | $ (3,610) | $ (1,420) |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 6 Months Ended |
Jun. 30, 2016states | |
Commitments and Contingencies [Line Items] | |
Number of states reporting raw forest product prices | 11 |
Forest Resource Consultants, Inc. | |
Commitments and Contingencies [Line Items] | |
Operating agreement, term of extension option | 1 year |
Operating agreement, notice of termination option | 120 days |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | May 05, 2016 | Oct. 02, 2015 | Oct. 25, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 639 | $ 233 | $ 915 | $ 411 | |||
Compensation cost not yet recognized | $ 4,000 | $ 4,000 | |||||
Compensation cost not yet recognized, period of recognition | 3 years 7 months | ||||||
Director | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Value | $ 50 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,440 | ||||||
Restricted Stock | Employee | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 125,123 | ||||||
Weighted average fair value per granted share | $ 10.51 | ||||||
Award vesting period | 4 years | ||||||
Restricted Stock | Director | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ||||||
Weighted average fair value per granted share | $ 0 | ||||||
Restricted Stock Units (RSUs) | Employee | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 80,366 | ||||||
Weighted average fair value per granted share | $ 14.28 | ||||||
Amended 2005 Long-Term Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 1,300,000 | ||||||
Determination date | Restricted Stock Units (RSUs) | Employee | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||
One year anniversary of the determination date | Restricted Stock Units (RSUs) | Employee | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% |
Stock-based Compensation - Roll
Stock-based Compensation - Rollforward of Unvested Restricted Stock Award Activity (Details) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Director | ||
Number of Underlying Shares [Roll Forward] | ||
Granted | 20,440 | |
Restricted Stock | Employee | ||
Number of Underlying Shares [Roll Forward] | ||
Unvested as of December 31, 2015 | 278,100 | |
Granted | 125,123 | |
Vested | (34,225) | |
Forfeited | (1,000) | |
Unvested as of June 30, 2016 | 367,998 | 367,998 |
Weighted Average Grant Date Fair Value [Abstract] | ||
Unvested as of December 31, 2015 | $ 10.29 | |
Granted | 10.51 | |
Vested | 12.34 | |
Forfeited | 11.57 | |
Unvested as of June 30, 2016 | $ 10.17 | $ 10.17 |
Restricted Stock | Director | ||
Number of Underlying Shares [Roll Forward] | ||
Unvested as of December 31, 2015 | 20,901 | |
Granted | 0 | |
Vested | (10,556) | |
Forfeited | 0 | |
Unvested as of June 30, 2016 | 10,345 | 10,345 |
Weighted Average Grant Date Fair Value [Abstract] | ||
Unvested as of December 31, 2015 | $ 12.71 | |
Granted | 0 | |
Vested | 12.74 | |
Forfeited | 0 | |
Unvested as of June 30, 2016 | $ 12.67 | $ 12.67 |
Stock-based Compensation - Fair
Stock-based Compensation - Fair Value Assumptions of Restricted Stock Units Granted (Details) - Employee - Restricted Stock Units (RSUs) | May 05, 2016$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant date market price (May 5, 2016) | $ 10.57 |
Weighted average fair value per granted share | $ 14.28 |
Volatility | 28.54% |
Expected term (years) | 3 years |
Dividend yield | 5.11% |
Risk-free interest rate | 0.95% |
Subsequent Event (Details)
Subsequent Event (Details) - $ / shares | Aug. 08, 2016 | Jun. 30, 2016 | Jun. 30, 2015 |
Subsequent Event [Line Items] | |||
Cash dividends declared per common share | $ 0.26 | $ 0.25 | |
Common Stock | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Cash dividends declared per common share | $ 0.135 |