Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 38,776,829 | ||
Entity Public Float | $ 468.7 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and cash equivalents | $ 9,108 | $ 8,025 |
Accounts receivable | 3,882 | 2,562 |
Prepaid expenses and other assets | 4,815 | 3,277 |
Deferred financing costs | 313 | 354 |
Timber assets (Note 3): | ||
Timber and timberlands, net | 691,687 | 584,854 |
Intangible lease assets, less accumulated amortization of $938 and $934 as of December 31, 2016 and 2015, respectively | 19 | 23 |
Total assets | 709,824 | 599,095 |
Liabilities: | ||
Accounts payable and accrued expenses | 4,393 | 3,307 |
Other liabilities | 3,610 | 3,703 |
Note payable and line of credit, less net deferred financing costs (Note 4) | 320,751 | 181,047 |
Total liabilities | 328,754 | 188,057 |
Commitments and Contingencies (Note 6) | 0 | 0 |
Stockholders’ Equity: | ||
Additional paid-in capital | 605,728 | 607,409 |
Accumulated deficit and distributions | (226,793) | (195,341) |
Accumulated other comprehensive income (loss) | 1,747 | (1,420) |
Total stockholders’ equity | 381,070 | 411,038 |
Total liabilities and stockholders’ equity | 709,824 | 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 | Dec. 31, 2016 | Dec. 31, 2015 |
Intangible lease assets, accumulated amortization | $ 938 | $ 934 |
Common stock, par value | $ 0.01 | |
Common stock, shares authorized | 900,000,000 | |
Common stock, shares outstanding | 38,797,000 | |
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 | 38,797,000 | 38,975,000 |
Common stock, shares outstanding | 38,797,000 | 38,975,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Timber sales | $ 65,035 | $ 52,837 | $ 40,635 |
Timberland sales | 12,515 | 11,845 | 10,650 |
Other revenues | 4,305 | 4,440 | 3,026 |
Total revenues | 81,855 | 69,122 | 54,311 |
Expenses: | |||
Contract logging and hauling costs | 25,918 | 19,911 | 17,322 |
Depletion | 28,897 | 27,091 | 14,788 |
Cost of timberland sales | 10,405 | 9,747 | 5,558 |
Forestry management expenses | 6,092 | 4,495 | 3,567 |
General and administrative expenses | 9,309 | 7,667 | 6,185 |
Land rent expense | 625 | 736 | 831 |
Other operating expenses | 5,017 | 4,295 | 2,942 |
Operating costs and expenses | 86,263 | 73,942 | 51,193 |
Operating income (loss) | (4,408) | (4,820) | 3,118 |
Other income (expense): | |||
Interest income | 44 | 6 | 177 |
Interest expense | (6,706) | (3,573) | (2,635) |
Total other income (expense) | (6,662) | (3,567) | (2,458) |
Net income (loss) | $ (11,070) | $ (8,387) | $ 660 |
Per-share information—basic and diluted: | |||
Weighted-average common shares outstanding —basic and diluted (in shares) | 38,830 | 39,348 | 31,568 |
Basic and diluted net income (loss) per share available to common stockholders | $ (0.29) | $ (0.21) | $ 0.02 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (11,070) | $ (8,387) | $ 660 |
Other comprehensive income (loss): | |||
Market value adjustment to interest rate swap | 3,167 | (564) | (1,125) |
Comprehensive loss | $ (7,903) | $ (8,951) | $ (465) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Additional Paid-in Capital | Accumulated Deficit and Distributions | Accumulated Other Comprehensive Income (Loss) | Common Class ACommon Stock | Common Class BCommon Stock |
Dividends on common stock (in USD per share) | $ 0.47 | |||||
Stockholders' equity, beginning of year (in shares) at Dec. 31, 2013 | 13,900,000 | 9,493,000 | ||||
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] | ||||||
Issuance of stock (in shares) | 15,954,000 | |||||
Issuance of common stock | 190,222 | 190,062 | $ 160 | |||
Restricted stock grants, net of amounts withheld for income taxes (in shares) | 10,000 | |||||
Long-term incentive plan, net of amounts withheld for income taxes | 381 | 381 | $ 0 | |||
Fractional share conversion (in shares) | 6,329,000 | (6,329,000) | ||||
Conversion to Class A Shares | 0 | $ 63 | $ (63) | |||
Dividends on common stock | (15,336) | (15,336) | ||||
Other offering costs | (10,042) | (10,042) | ||||
Net income (loss) | 660 | 660 | ||||
Other comprehensive income (loss) | (1,125) | (1,125) | ||||
Stockholders' equity, end of year (in shares) at Dec. 31, 2014 | 36,193,000 | 3,164,000 | ||||
Stockholders' equity, end of year at Dec. 31, 2014 | $ 444,692 | 612,518 | (167,364) | (856) | $ 362 | $ 32 |
Dividends on common stock (in USD per share) | $ 0.50 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Restricted stock grants, net of amounts withheld for income taxes (in shares) | 202,000 | |||||
Long-term incentive plan, net of amounts withheld for income taxes | $ 891 | 889 | $ 2 | |||
Fractional share conversion (in shares) | 3,164,000 | (3,164,000) | ||||
Conversion to Class A Shares | 0 | $ 32 | $ (32) | |||
Dividends on common stock | (19,590) | (19,590) | ||||
Repurchase of common stock (in shares) | (584,000) | |||||
Repurchase of common stock | (6,004) | (5,998) | $ (6) | |||
Net income (loss) | (8,387) | (8,387) | ||||
Other comprehensive income (loss) | (564) | (564) | ||||
Stockholders' equity, end of year (in shares) at Dec. 31, 2015 | 38,975,000 | 0 | ||||
Stockholders' equity, end of year at Dec. 31, 2015 | $ 411,038 | 607,409 | (195,341) | (1,420) | $ 390 | $ 0 |
Dividends on common stock (in USD per share) | $ 0.53 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Restricted stock grants, net of amounts withheld for income taxes (in shares) | 131,000 | |||||
Long-term incentive plan, net of amounts withheld for income taxes | $ 1,525 | 1,524 | $ 1 | |||
Dividends on common stock | $ (20,382) | (20,382) | ||||
Repurchase of common stock (in shares) | (308,775) | (309,000) | ||||
Repurchase of common stock | $ (3,208) | (3,205) | $ (3) | |||
Net income (loss) | (11,070) | (11,070) | ||||
Other comprehensive income (loss) | 3,167 | 3,167 | ||||
Stockholders' equity, end of year (in shares) at Dec. 31, 2016 | 38,797,000 | 0 | ||||
Stockholders' equity, end of year at Dec. 31, 2016 | $ 381,070 | $ 605,728 | $ (226,793) | $ 1,747 | $ 388 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ (11,070) | $ (8,387) | $ 660 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depletion | 28,897 | 27,091 | 14,788 |
Basis of timberland sold | 9,728 | 8,886 | 5,072 |
Stock-based compensation expense | 1,724 | 889 | 418 |
Noncash interest expense | 954 | 648 | 738 |
Other amortization | 139 | 117 | 98 |
Basis of casualty loss | 361 | 0 | 0 |
Changes in assets and liabilities: | |||
Accounts receivable | (1,201) | (1,764) | (204) |
Prepaid expenses and other assets | (224) | 187 | 619 |
Accounts payable and accrued expenses | 1,141 | 985 | (998) |
Other liabilities | 400 | (158) | (1,346) |
Net cash provided by operating activities | 30,849 | 28,494 | 19,845 |
Cash Flows from Investing Activities: | |||
Timberland acquisitions | (141,570) | (75,793) | (237,527) |
Capital expenditures (excluding timberland acquisitions) | (3,195) | (2,668) | (906) |
Net cash used in investing activities | (144,765) | (78,461) | (238,433) |
Cash Flows from Financing Activities: | |||
Proceeds from notes payable | 143,500 | 67,500 | 320,750 |
Repayment of notes payable | (2,846) | (498) | (254,910) |
Financing costs paid | (1,866) | (781) | (3,302) |
Issuance of common stock | 0 | 0 | 190,222 |
Dividends paid to common stockholders | (20,382) | (19,590) | (15,336) |
Repurchase of common stock | (3,407) | (6,004) | (43) |
Other offering costs paid | 0 | 0 | (10,042) |
Net cash provided by financing activities | 114,999 | 40,627 | 227,339 |
Net increase (decrease) in cash and cash equivalents | 1,083 | (9,340) | 8,751 |
Cash and cash equivalents, beginning of period | 8,025 | 17,365 | 8,614 |
Cash and cash equivalents, end of period | $ 9,108 | $ 8,025 | $ 17,365 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization CatchMark Timber Trust , Inc. (" CatchMark Timber Trust ") (NYSE: CTT), a Maryland corporation, 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 REIT for federal income tax purposes. CatchMark Timber Trust incorporated 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 formed in 2013, is the sole limited partner of CatchMark Timber OP (see Note 7 – Noncontrolling Interest for more information). In addition, CatchMark Timber TRS, Inc. (“CatchMark TRS”) was formed as a wholly owned subsidiary of CatchMark Timber OP . 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 CatchMark Timber Trust 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. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Actual results could differ from those estimates. 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. Cash and Cash Equivalents CatchMark Timber Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts. Accounts Receivable Accounts receivable are recorded at the original amount earned, net of allowances for doubtful accounts, which approximates fair value. Accounts receivable are deemed past due based on their respective payment terms. Management assesses the realizability of accounts receivable on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. As of December 31, 2016 and 2015 , no allowances have been provided against accounts receivable. As of December 31, 2016 and 2015 , CatchMark Timber Trust has recorded $2.3 million and $1.3 million of estimated patronage refunds due from CoBank as accounts receivable, respectively (please refer to Note 4 – Note Payable and Line of Credit for further information regarding patronage refunds) . Prepaid Expenses and Other Assets Prepaid expenses and other assets are primarily comprised of prepaid rent, insurance, and operating costs, equipment and furniture, net of accumulated depreciation, and deferred costs associated with pending acquisitions. Prepaid expenses are expensed over the applicable usage period or reclassified to other asset accounts upon being put into service in future periods. Balances without future economic benefit are written off as they are identified. Deferred Financing Costs Deferred financing costs are comprised of costs incurred in connection with securing financing from third-party lenders and are capitalized and amortized on a straight-line basis (which approximates the effective interest rate method) over the terms of the related financing arrangements. Deferred financing costs relating to the outstanding debt are presented as a direct deduction from the carrying amount of the related debt liability on the accompanying consolidated balance sheets, where costs associated with the line of credit agreement are presented as an asset on the accompanying consolidated balance sheets. For further information regarding our credit agreements, outstanding balance of debt and associated deferred financing costs, please refer to Note 4 – Note Payable and Line of Credit . CatchMark Timber Trust recognized amortization of deferred financing costs for the years ended December 31, 2016 , 2015 , and 2014 of approximately $0.9 million , $0.6 million , and $0.7 million , respectively, which is included in interest expense in the accompanying consolidated statements of operations. Timber Assets Timber and timberlands, including logging roads, are stated at cost less accumulated depletion for timber harvested and accumulated road amortization. CatchMark Timber Trust capitalizes timber and timberland purchases. Reforestation costs, including all costs associated with stand establishment, such as site preparation, cost of seedlings, fertilization, and herbicide application, are capitalized and tracked as premerchantable timber assets by vintage year. Annually, capitalized reforestation costs for timber that has reached a merchantable age is reclassified into merchantable timber inventory and are depleted as harvested. Timber carrying costs, such as real estate taxes, insect control, wildlife control, leases of timberlands, and forestry management personnel salaries and fringe benefits, are expensed as incurred. Costs of major roads are capitalized and amortized over their estimated useful lives. Costs of roads built to access multiple logging sites over numerous years are capitalized and amortized over seven years. Costs of roads built to access a single logging site are expensed as incurred. Depletion CatchMark Timber Trust recognizes depletion expense as timber is harvested using the straight-line method. Depletion rates are established at least annually by dividing the remaining merchantable inventory book value by current merchantable timber inventory volume. CatchMark Timber Trust changed the deletion method on its long-term timber from normalized depletion method to the straight-line method effective January 1, 2015. Management believes that the straight-line method is preferable as it is based on the actual costs recorded and actual merchantable timber volume as of the date that the depletion rates are determined. The straight-line method is less reliant on subjective and complex estimates of future costs and expected timber growth that were involved in the normalized depletion method. In accordance with ASC 250, CatchMark Timber Trust determined that the change in depletion method was a change in accounting estimate effected by a change in accounting principle, and accordingly, the straight-line method was applied on a prospective basis. Evaluating the Recoverability of Timber Assets CatchMark Timber Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of the timber assets in which CatchMark Timber Trust has an ownership interest may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of timber assets may not be recoverable, CatchMark Timber Trust assesses the recoverability of these assets by determining whether the carrying value will be recovered through the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. Impairment losses would be recognized for (i) long-lived assets used in CatchMark Timber Trust ’s operations when the carrying value of such assets exceeds the undiscounted cash flows estimated to be generated from the future operations of those assets, and (ii) long-lived assets held for sale when the carrying value of such assets exceeds an amount equal to their fair value less selling costs. Estimated fair values are calculated based on the following information in order of preference, dependent upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of undiscounted cash flows, including estimated salvage value. CatchMark Timber Trust intends to use one harvest cycle for the purpose of evaluating the recoverability of timber and timberlands used in its operations. Future cash flow estimates are based on discounted probability-weighted projections for a range of possible outcomes. CatchMark Timber Trust considers assets to be held for sale at the point at which a sale contract is executed and the buyer has made a non-refundable earnest money deposit against the contracted purchase price. CatchMark Timber Trust has determined that there has been no impairment of its long-lived assets to date. Allocation of Purchase Price of Acquired Assets Upon the acquisition of timberland properties, CatchMark Timber Trust allocates the purchase price to tangible assets, consisting of timberland and timber, and identified intangible assets and liabilities, which may include values associated with in-place leases or supply agreements, based in each case on management’s estimate of their fair values. The values of tangible assets are then allocated to timberland and timber based on management’s determination of the relative fair value of these assets. Intangible Lease Assets In-place ground leases with CatchMark Timber Trust as the lessee have value associated with effective contractual rental rates that are below market rates. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management’s estimate of fair market lease rates for the corresponding in-place lease, measured over a period equal to the remaining terms of the leases. The capitalized below-market in-place lease values are recorded as intangible lease assets and are amortized as adjustments to land rent expense over the weighted-average remaining term of the respective leases. Fair Value of Debt Instruments CatchMark Timber Trust applied the provisions of the accounting standard for fair value measurements and disclosures in estimations of fair value of its debt instruments based on Level 2 assumptions. The fair value of the outstanding note payable was estimated based on discounted cash flow analysis using the current observable market borrowing rates for similar types of borrowing arrangements as of the measurement date. The discounted cash flow method of assessing fair value results in a general approximation of book value, and such value may never actually be realized. Common Stock The par value of CatchMark Timber Trust ’s issued and outstanding shares of common stock is recorded as common stock. The remaining gross proceeds, net of offering costs, are recorded as additional paid-in capital. Interest Rate Swaps CatchMark Timber Trust has entered into two interest rate swaps 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 value of the interest rate swaps, classified under Level 2, was determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated LIBOR information, consideration of CatchMark Timber Trust 's credit standing, credit risk of counterparties, and reasonable estimates about relevant future market conditions. Revenue Recognition Revenue from the sale of timber is recognized when the following criteria are met: (i) persuasive evidence of an agreement exists, (ii) legal ownership and the risk of loss are transferred to the purchaser, (iii) price and quantity are determinable, and (iv) collectibility is reasonably assured. CatchMark Timber Trust ’s primary sources of revenue are recognized as follows: (1) For delivered sales contracts, which include amounts sufficient to cover costs of logging and hauling of timber, revenues are recognized upon delivery to the customer. (2) For pay-as-cut contracts, the purchaser acquires the right to harvest specified timber on a tract, at an agreed-upon price per unit. Payments and contract advances are recognized as revenue as the timber is harvested based on the contracted sale rate per unit. (3) Revenues from the sale of HBU and nonstrategic timberlands are recognized when title passes and full payment or a minimum down payment is received and full collectibility is assured. If a down payment of less than the minimum down payment is received at closing, CatchMark Timber Trust will record revenue based on the installment method. (4) For recreational leases, rental income collected in advance is recorded as other liabilities in the accompanying consolidated balance sheets until earned over the term of the respective recreational lease and recognized as other revenue. In addition to the sources of revenue noted above, CatchMark Timber Trust also may enter into lump-sum sale contracts, whereby the purchaser generally pays the purchase price upon execution of the contract. Title to the timber and risk of loss transfers to the buyer at the time the contract is consummated. Revenues are recognized upon receipt of the purchase price. When the contract expires, ownership of the remaining standing timber reverts to CatchMark Timber Trust ; however, adjustments are not made to the revenues previously recognized. Stock-based Compensation CatchMark Timber Trust issues equity-based awards to its independent directors and employees pursuant to its LTIP. Stock-based compensation is measured by the fair value of the respective award on the date of grant or modification. Expenses are recognized over the requisite service period of each award and reported as either forestry management expenses or as general and administrative expenses. See Note 9 – Stock Based Compensation for more information. 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. Net income (loss) available to common stockholders is calculated as net income (loss) less dividends payable to or accumulated to preferred stockholders. 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. Basic and diluted earnings (loss) per share were the same for all periods presented. For the year ended December 31, 2016, CatchMark Timber Trust excluded the impact of the RSUs outstanding from the weighted average shares outstanding calculation, as their impact was anti-dilutive. If these securities were not anti-dilutive, weighted average shares outstanding would be 53,000 shares higher than reported. Income Taxes CatchMark Timber Trust has elected to be taxed as a REIT under 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. If CatchMark Timber Trust fails to qualify as a REIT in any taxable year, it will then be subject to federal and state income taxes on its taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the IRS grants CatchMark Timber Trust relief under certain statutory provisions. 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 and any other TRSs may not exceed 25% ( 20% after 2017) 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. See Note 13 – Income Taxes for more information. CatchMark Timber Trust is also 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. Operating Segment CatchMark Timber Trust owns and operates timberland properties in the U.S. South. CatchMark Timber Trust operates in a single reporting segment, and the presentation of CatchMark Timber Trust’s financial condition and performance is consistent with the way in which CatchMark Timber Trust’s operations are managed . Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" . Under this guidance, an entity is required to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the expected consideration for those goods or services. The update requires significant additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09, as amended by ASU 2015-14, "Revenue from Contracts with Customers: Deferral of the Effective Date (Topic 606)" , is effective for years beginning after December 15, 2017, including interim periods, with early adoption permitted for years beginning after December 15, 2016. CatchMark Timber Trust will adopt ASU 2014-09 in our consolidated financial statements on January 1, 2018. CatchMark Timber Trust does not expect the adoption of ASU 2014-09 will have a material effect on its consolidated financial statements. 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 does not expect the adoption of this amendment will have a material effect on its consolidated 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 will adopt ASU 2016-09 in our consolidated financial statements on January 1, 2017. CatchMark Timber Trust does not expect the adoption of this amendment will have a material effect on its consolidated financial statements. |
Timber Assets
Timber Assets | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Timber Assets | Timber Assets As of December 31, 2016 and 2015 , timber and timberlands consisted of the following, respectively: (in thousands) As of December 31, 2016 Gross Accumulated Depletion or Amortization Net Timber $ 324,796 $ 28,897 $ 295,899 Timberlands 395,348 — 395,348 Mainline roads 935 495 440 Timber and timberlands $ 721,079 $ 29,392 $ 691,687 (in thousands) As of December 31, 2015 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 years ended December 31, 2016 , 2015 and 2014 , CatchMark Timber Trust acquired approximately 81,900 acres, 42,900 acres and 121,600 acres of timberland, respectively, for approximately $141.0 million , $73.3 million and $235.2 million , respectively, excluding closing costs. A detailed breakout of acreage acquired by state is listed below: Acres Acquired In: 2016 (1) 2015 2014 Alabama 4,500 — — Florida — — 2,500 Georgia 13,500 9,900 79,600 Louisiana — 300 21,000 North Carolina — 1,600 — South Carolina 63,900 12,500 — Tennessee — 300 — Texas — 18,300 18,500 Total 81,900 42,900 121,600 (1) Includes 8,300 acres of leasehold interest acquired in Georgia. Timberland Sales During the years ended December 31, 2016 , 2015 and 2014 , CatchMark Timber Trust sold approximately 7,300 acres, 6,400 acres, and 3,800 acres of timberland, respectively, for approximately $12.5 million , $11.8 million , and $10.7 million , respectively. CatchMark Timber Trust ’s cost basis in the timberland sold was approximately $9.7 million , $8.9 million , and $5.1 million respectively. A detailed breakout of land sale acreage by state is listed below: Acres Sold In: 2016 2015 2014 Alabama 600 3,000 800 Georgia 6,100 2,200 3,000 Florida 600 — — Texas — 1,200 — Total 7,300 6,400 3,800 Current Timberland Portfolio As of December 31, 2016 , CatchMark Timber Trust owned interests in approximately 499,600 acres of timberlands in the U.S. South, approximately 467,500 acres of which were held in fee-simple interests and approximately 32,100 acres were held in leasehold interests. A detailed breakout of land acreage by state is listed below: Acres by state as of December 31, 2016 Fee Lease Total Alabama 76,700 5,600 82,300 Florida 2,000 — 2,000 Georgia 253,600 26,500 280,100 Louisiana 21,300 — 21,300 North Carolina 1,600 — 1,600 South Carolina 76,400 — 76,400 Tennessee 300 — 300 Texas 35,600 — 35,600 Total: 467,500 32,100 499,600 |
Note Payable and Line of Credit
Note Payable and Line of Credit | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Note Payable and Line of Credit | Note Payable and Line of Credit As of December 31, 2016 and 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 Interest Rate (2) Current Interest Rate (3) December 31, 2016 December 31, 2015 2014 Term Loan Facility 12/23/2024 LIBOR + 1.75% 2.51% $ 100,000 $ 100,000 2014 Multi-Draw Term Facility 12/23/2021 LIBOR + 2.25% 2.99% 225,656 85,002 Total Principal Balance $ 325,656 $ 185,002 Less: Net Unamortized Deferred Financing Costs (1) $ (4,905 ) $ (3,955 ) Total $ 320,751 $ 181,047 (1) Represents costs incurred for borrowings under the 2014 Term Loan Facility and the 2014 Multi-Draw Term Facility (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 December 31, 2016 . The weighted average interest rate excludes the impact of the interest rate swaps (see Note 5 – Interest Rate Swaps ), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds. As of December 31, 2016 , $174.3 million remained available under the 2014 Amended Credit Facilities, $139.3 million from the 2014 Multi-Draw Term Facility and $35.0 million from the 2014 Revolving Credit Facility. 2014 Amended Credit Agreement On December 23, 2014, CatchMark Timber Trust entered into an amended and restated credit agreement, which was amended and restated as of May 13, 2016 (as amended, the “2014 Amended Credit Agreement”) with CoBank, AgFirst, Rabobank and certain other financial institutions. The 2014 Amended Credit Agreement provides for borrowing under credit facilities currently 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 an additional $110.0 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 a LIBOR rate plus between 1.50% and 2.50% , in each case depending on CatchMark Timber Trust's 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 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 is interest only until the maturity date; however, if the CatchMark Timber Trust’s LTV Ratio is equal to or in excess of 40% , 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 shall be used solely to refinance the balance outstanding under the Multi-Draw Term Facility under the Amended CoBank Loan. The 2014 Term Loan Facility is interest only until the maturity date. Patronage 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 as a percentage 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 on its eligible patronage loans for 2016 during the first quarter of 2017. For the year ended December 31, 2016 and 2015, CatchMark Timber Trust recorded $2.3 million and $1.3 million in patronage refunds as a credit to its interest expense, respectively. Debt Covenants 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 that CatchMark Timber Trust maintains a fixed coverage charge ratio of not less than 1.05:1.00 . • requires maintenance of 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 December 31, 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 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 Trust or its subsidiaries. Interest Paid and Fair Value of Outstanding Debt 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 December 31, 2016 and 2015, CatchMark Timber Trust paid the lenders an unused commitment fee of 0 .30% and 0 .25% , respectively. During the years ended December 31, 2016 , 2015 and 2014 , CatchMark Timber Trust made the following cash interest payments on its borrowings: (in thousands) 2016 2015 2014 Cash paid for interest $ 7,119 $ 3,253 $ 1,706 Included in the interest payments for the years ended December 31, 2016 , 2015 and 2014 were unused commitment fees of $0.7 million , $0.4 million and $0.4 million , respectively. No interest paid was capitalized during the years ended December 31, 2016, 2015 and 2014. As of December 31, 2016 and 2015 , the weighted-average interest rate on these borrowings, after consideration of its interest rate swaps (see Note 5 – Interest Rate Swaps ), was 3.09% and 2.65% , respectively. After further consideration of the expected patronage refunds, CatchMark Timber Trust 's weighted average interest rate as of December 31, 2016 and 2015 was 2.19% and 1.75% , respectively. As of December 31, 2016 and 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 Swaps
Interest Rate Swaps | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Swaps | Interest Rate Swaps CatchMark Timber Trust uses interest rate swaps to mitigate its exposure to changing interest rates on its variable rate debt instruments. On August 11, 2016 , CatchMark Timber Trust entered into an interest rate swap agreement with Rabobank on $45.0 million of the 2014 Term Loan Facility that is subject to a variable interest rate (the "2016 Rabobank Swap"). The 2016 Rabobank Swap qualifies for hedge accounting treatment. CatchMark Timber Trust had two interest rate swaps outstanding as of December 31, 2016 which effectively fixed interest rates on $80.0 million of its 2014 Term Loan Facility, with terms below: (dollars in thousands) Effective Date Maturity Date Pay Rate Receive Rate Notional Amount 2014 Rabobank Swap 12/23/2014 12/23/2024 2.395% one-month LIBOR $ 35,000 2016 Rabobank Swap 8/23/2016 12/23/2024 1.280% one-month LIBOR $ 45,000 Total $ 80,000 Between March 28, 2013 and July 18, 2014 , CatchMark Timber Trust used an interest rate swap with Rabobank to hedge its exposure to changing interest rates on $80.0 million of its variable interest rate term loan (the “2013 Rabobank Swap”), where CatchMark Timber Trust paid interest at a fixed rate of 0.9075% per annum and received one -month LIBOR-based interest payments. On July 18, 2014, CatchMark Timber Trust terminated the 2013 Rabobank Swap and received a counter-party payment of approximately $0.2 million , which was recorded as interest income in the accompanying consolidated statements of operations. Fair Value and Cash Paid for Interest Under Interest Rate Swaps The following table presents information about CatchMark Timber Trust ’s interest rate swaps measured at fair value as of December 31, 2016 and 2015 : (in thousands) Estimated Fair Value as of December 31, Instrument Type Balance Sheet Classification 2016 2015 Derivatives designated as hedging instruments: Interest rate swap Prepaid expenses and other assets $ 2,632 $ — Interest rate swap Other liabilities $ (885 ) $ (1,420 ) During the year ended December 31, 2016 , CatchMark Timber Trust recognized a change in fair value of its interest rate swaps of approximately $3.2 million as other comprehensive income. During the year ended December 31, 2016 , 2015, and 2014, there was no hedge ineffectiveness on the interest rate swaps required to be recognized in current earnings. During the year ended December 31, 2016 , 2015, and 2014, net payments of approximately $0.8 million , $0.8 million , $0.1 million were made under the interest rate swaps by CatchMark Timber Trust and were recorded as interest expense, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Mahrt Timber Agreements In connection with its acquisition of timberlands from WestRock, CatchMark Timber Trust entered into a master stumpage agreement and a fiber supply agreement (collectively, the “Mahrt Timber Agreements”) with a wholly owned subsidiary of WestRock. 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 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 product. The prices for the timber purchased pursuant to the fiber supply agreement are negotiated every two years but are subject to quarterly market pricing adjustments based on an index published by TimberMart-South, a quarterly trade publication that reports raw forest product prices in 11 southern states. 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. For the years ended December 31, 2016 , 2015 , and 2014 , approximately 17% , 23% , and 34% , respectively, of our net timber sales revenue was derived from the Mahrt Timber Agreements. WestRock can terminate the Mahrt Timber Agreements prior to the expiration of the initial term if CatchMark Timber Trust replaces FRC as the forest manager without the prior written consent of WestRock, except pursuant to an internalization of the company's forestry management functions. CatchMark Timber Trust can terminate the Mahrt Timber Agreements if WestRock (1) ceases to operate the Mahrt mill for a period that exceeds 12 consecutive months, (2) fails to purchase a specified tonnage of timber for two consecutive years, subject to certain limited exceptions or (3) fails to make payments when due (and fails to cure within 30 days). In addition, either party can terminate the Mahrt Timber Agreements if the other party commits a material breach (and fails to cure within 60 days) or becomes insolvent. In addition, the Mahrt Timber Agreements provide for adjustments to both parties' obligations in the event of a force majeure, which is defined to include, among other things, lightning, fires, storms, floods, infestation and other acts of God or nature. Timberland Operating Agreements Pursuant to the terms of the timberland operating agreement between CatchMark Timber Trust and FRC (the "FRC Timberland Operating Agreement"), FRC manages and operates approximately 421,100 acres 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 FRC 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 revenues generated by the timber operations. The incentive fee is payable quarterly in arrears. The FRC Timberland Operating Agreement, as amended, is effective through March 31, 2017 , and is automatically extended for one -year periods unless written notice is provided by CatchMark Timber Trust or FRC to the other party at least 120 days prior to the current expiration. The FRC Timberland Operating Agreement 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. Pursuant to the terms of the timberland operating agreement between CatchMark Timber Trust and AFM (the "AFM Timberland Operating Agreement"), AFM manages and operates approximately 78,500 acres of CatchMark Timber Trust 's timberlands and related timber operations, including ensuring delivery of timber to customers. In consideration for rendering the services described in the AFM Timberland Operating Agreement, CatchMark Timber Trust pays AFM (i) a monthly management fee based on the actual acreage AFM manages, which is payable monthly in advance, and (ii) an incentive fee based on revenues generated by the timber operations. The incentive fee is payable quarterly in arrears. The AFM Timberland Operating Agreement is effective through November 30, 2017, and is automatically extended for one -year periods unless written notice is provided by CatchMark Timber Trust or AFM to the other party at least 120 days prior to the current expiration. The AFM Timberland Operating Agreement 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. Obligations under Operating Leases CatchMark Timber Trust held leasehold interests related to the use of approximately 32,100 acres of timberland as of December 31, 2016 . These operating leases have expiration dates ranging from 2019 through 2022 . Approximately 28,700 acres of these leased timberlands are leased to CatchMark Timber Trust under one long-term lease that expires in May 2022 (the “LTC Lease”). The LTC Lease calls for four quarterly lease payments totaling $3.10 per acre plus an annual adjustment payment based on the change in a price index as published by the U.S. Department of Labor’s Bureau of Labor Statistics from the LTC Lease’s base year of 1956. The all-in, per-lease acre rate, after considering both the quarterly and the annual adjustment payments, was $19.36 for the lease year ended May 2016 , which was used to calculate the following remaining required payments (in thousands) under the terms of the operating leases as of December 31, 2016 : 2017 $ 631 2018 631 2019 527 2020 527 2021 526 Thereafter 463 $ 3,305 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 or financial condition of CatchMark Timber Trust . CatchMark Timber Trust is not aware of any legal proceedings contemplated by governmental authorities. |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling Interest CatchMark Timber Trust is the general partner of CatchMark Timber OP and owns 99.99% of its common partnership units. CatchMark LP Holder is the sole limited partner, holding 200 common units representing approximately 0.01% of the partnership interests. Limited partners holding common units of partnership interests in CatchMark Timber OP have the option to redeem such units after the units have been held for one year. Unless CatchMark Timber Trust exercises its right to purchase common units of CatchMark Timber OP for shares of its common stock, CatchMark Timber OP would redeem such units with cash. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Under CatchMark Timber Trust 's charter, it has authority to issue a total of 1 billion shares of capital stock. Of the total shares authorized, 900 million shares are designated as common stock with a par value of $0.01 per share, 100 million shares are designated as preferred stock. 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. Share Repurchase Program On August 7, 2015, the board of directors authorized a stock repurchase program under which CatchMark Timber Trust may repurchase up to $30.0 million of its outstanding common shares. The program has no set duration and the board may discontinue or suspend it at any time. During the year ended December 31, 2016 , CatchMark Timber Trust repurchased 308,775 shares of common stock for approximately $3.2 million . All common stock purchases through the end of December 2016 under the stock repurchase program were made in open-market transactions. As of December 31, 2016 , CatchMark Timber Trust had 38.8 million shares of common stock outstanding and may purchase up to an additional $20.8 million under the program. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation Long-Term Incentive Plans 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 1.5 million shares of stock through October 25, 2023, 0.2 million of which was authorized under the 2005 LTIP originally and 1.3 million of which was authorized when the 2005 LTIP was amended and restated in 2013. Equity Compensation for Independent Directors In March 2015 and 2014, each of the independent directors received a number of restricted shares of CatchMark Timber Trust's common stock having a value of $30,000 on the grant date. The number of restricted shares granted to each independent director was determined by dividing $30,000 by the closing price of CatchMark Timber Trust 's common stock on the grant date. These restricted shares vest over a three -year period, subject to the independent director’s continued service on the board on each such date, or on the earlier occurrence of a change in control of CatchMark Timber Trust or the independent director’s death, disability or termination with cause. 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's common stock having a value of $50,000 on the grant date. The number of shares granted to each independent director is determined by dividing $50,000 by the closing price of CatchMark Timber Trust 's common stock on the grant date. The shares are fully-vested and non-forfeitable upon the respective grant date. Additionally, one of the independent directors elected to receive a portion of his compensation in shares of CatchMark Timber Trust's common stock in lieu of cash. Below is a summary of independent directors' equity compensation for the years ended December 31, 2016 , 2015, and 2014: (dollars in thousands) 2016 2015 2014 Fully-vested shares granted 25,089 2,392 2,084 Weighted-average grant date fair value $ 12.04 $ 11.15 $ 12.00 Restricted stock granted — 12,585 10,875 Weighted-average grant date fair value $ — $ 11.92 $ 13.79 Grant date fair value of fully vested stock granted in period $ 302 $ 27 $ 25 Grant date fair value of restricted stock vested in period $ 146 $ 81 $ 40 Cash used to repurchase common shares for minimum tax withholdings $ 66 $ — $ — A rollforward of CatchMark Timber Trust's unvested, service-based restricted stock award activity to its independent directors for the year ended December 31, 2016 is as follows: Number of Underlying Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2015 20,901 $ 12.71 Granted — $ — Vested (11,290 ) $ 12.90 Forfeited — $ — Unvested at December 31, 2016 9,611 $ 12.48 Service-based Restricted Stock Grants to Employees Service-based restricted stock grants to employees vest over a four -year period and the fair value of serviced-based restricted stock grants is determined by the closing price of CatchMark Timber Trust's common stock on the grant date. A summary of service-based restricted stock grants to the employees during the years ended December 31, 2016 , 2015, and 2014 is listed below: (dollars in thousands) 2016 2015 2014 Shares granted 125,123 83,900 — Weighted-average grant date fair value $ 10.51 $ 11.54 $ — Grant date fair value of restricted stock vested in period $ 422 $ — $ 183 Cash used to repurchase common shares for minimum tax withholdings $ 133 $ — $ 43 A rollforward of CatchMark Timber Trust's unvested, service-based restricted stock awards to employees for the year ended December 31, 2016 is as follows: Number of Underlying Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2015 165,200 $ 12.52 Granted 125,123 $ 10.51 Vested (34,225 ) $ 12.34 Forfeited (1,000 ) $ 11.57 Unvested at December 31, 2016 255,098 $ 11.56 Performance-based Restricted Stock Grants Performance-based restricted stock grants are awarded to the executive officers and the total number of shares may be earned based on the level of achievements 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. On February 18, 2015, CatchMark Timber Trust granted 112,900 shares of performance-based restricted stock awards (the "2015 Performance Awards") to its executives, which represents the maximum number of shares that could be earned by the executive officers based on the relative performance of 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 of January 1, 2015 to December 31, 2017. 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. 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 Dividend yield 4.30 % Risk-free interest rate 1.06 % A rollforward of CatchMark Timber Trust's unvested, performance-based restricted stock awards for the year ended December 31, 2016 is as follows: Number of Underlying Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2015 112,900 $ 7.01 Granted — $ — Vested — $ — Forfeited — $ — Unvested at December 31, 2016 112,900 $ 7.01 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 of January 1, 2016 to December 31, 2018. 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 A summary of CatchMark Timber Trust 's stock-based compensation expense is presented below: (in thousands) 2016 2015 2014 General and administrative expenses $ 1,411 $ 718 $ 348 Forestry management expenses 313 171 70 Total $ 1,724 $ 889 $ 418 As of December 31, 2016 , approximately $3.2 million of unrecognized compensation expenses related to non-vested restricted stock and RSUs remained and will be recognized over a weighted-average period of 3.1 years . |
Recreational Leases
Recreational Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Recreational Leases | Recreational Leases CatchMark Timber Trust leases certain access rights to individuals and companies for recreational purposes. These operating leases generally have terms of one year with certain provisions to extend the lease agreements for another one-year term. CatchMark Timber Trust retains substantially all of the risks and benefits of ownership of the timberland properties leased to tenants. As of December 31, 2016 , approximately 481,600 acres, or 96% , of CatchMark Timber Trust ’s timberland available for hunting and recreational uses had been leased to tenants under operating leases that expire between May and July 2017. Under the terms of the recreational leases, tenants are required to pay the entire rent upon execution of the lease agreement. Such rental receipts are recorded as other liabilities until earned over the terms of the respective recreational leases and recognized as other revenue. As of December 31, 2016 and 2015 , approximately $2.0 million and $1.6 million , respectively, of such rental receipts are recorded as other liabilities in the accompanying consolidated balance sheets. For the three years ended December 31, 2016 , 2015, and 2014, CatchMark Timber Trust recognized other revenues related to recreational leases of approximately $4.0 million , $3.5 million , $2.7 million , respectively. |
Supplemental Disclosures of Non
Supplemental Disclosures of Noncash Activities | 12 Months Ended |
Dec. 31, 2016 | |
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 years ended December 31 2016, 2015 , and 2014 , respectively: (in thousands) 2016 2015 2014 Write-off of fully amortized deferred financing costs $ — $ — $ 459 |
Related-Party Transactions and
Related-Party Transactions and Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions and Agreements | Related-Party Transactions and Agreements CatchMark Timber Trust previously operated as an externally advised REIT, advised by Wells Timberland Investment Management Organization, or Wells TIMO, a subsidiary of Wells Real Estate Funds (collectively, "Wells"). During the periods ended December 31, 2014, CatchMark Timber Trust was party to two agreements with Wells, as described below. Since June 30, 2014, CatchMark Timber Trust has had no contractual relationship with Wells. • Transition Services Agreement – Wells and CatchMark Timber Trust entered into a transition service agreement on October 23, 2013, pursuant to which Wells provided CatchMark Timber Trust with certain consulting, support and transitional services at the direction of CatchMark Timber Trust , in order to facilitate CatchMark Timber Trust ’s successful transition to self-management. The Transition Services Agreement remained in effect until June 30, 2014 • Sublease Agreement – Wells and CatchMark Timber OP entered into the sublease agreement on October 25, 2013, pursuant to which CatchMark Timber OP subleased 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. Related-Party Costs Pursuant to the terms of the agreements described above, CatchMark Timber Trust incurred the following related-party costs for the year ended December 31, 2014 : (in thousands) 2014 Consulting fees $ 137 Office rent 18 Total $ 155 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes CatchMark Timber Trust has elected to be taxed as a REIT, and therefore its operations are generally not subject to U.S. federal and state income taxes. As of January 1, 2009 (the "REIT Commencement Date"), its REIT commencement date, CatchMark Timber Trust had net built-in gains on its timber assets of approximately $18.3 million . CatchMark Timber Trust elected not to take such net built-in gains into income immediately prior to the REIT Commencement Date, but rather subsequently recognize gain on the disposition of any assets it holds at the REIT Commencement Date, if disposed of within the applicable period beginning on the REIT Commencement Date. With the passage of the Protecting Americans from Tax Hikes Act in 2015, the built-in gain period was permanently reduced to five years. CatchMark Timber Trust has exceeded the five-year built-in gain period since the REIT commencement date and is, therefore, no longer subject to the built-in gain tax. At December 31, 2016 , CatchMark Timber Trust had federal and state net operating loss carryforwards of approximately $135.8 million and $111.8 million , respectively. Such net operating loss carryforwards may be utilized, subject to certain limitations, to offset future taxable income. If not utilized, the federal net operating loss carryforwards will begin to expire in 2027 , and the state net operating loss carryforwards will begin to expire in 2022 . As of December 31, 2016 and 2015 , the tax basis carrying value of CatchMark Timber Trust ’s total timber assets was approximately $676.2 million and approximately $571.9 million , respectively. CatchMark Timber Trust records deferred income taxes using enacted tax laws and rates for the years in which the taxes are expected to be paid. Deferred income tax assets and liabilities are recorded based on the differences between the financial reporting and income tax bases of assets and liabilities. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Components of the deferred tax asset as of December 31, 2016 and 2015 were attributable to the operations of CatchMark TRS only and were as follows: (in thousands) As of December 31, 2016 2015 Deferred tax assets: Net operating loss carryforward $ 11,410 $ 9,468 Gain on timberland sales 13 4 Other 259 33 Total gross deferred tax asset 11,682 9,505 Valuation allowance (11,509 ) (9,294 ) Total net deferred tax asset $ 173 $ 211 Deferred tax liability: Timber depletion 173 211 Total gross deferred tax liability $ 173 $ 211 Deferred tax asset, net $ — $ — Income taxes for financial reporting purposes differ from the amount computed by applying the statutory federal rate primarily due to the effect of state income taxes and valuation allowances (net of federal benefit). A reconciliation of the federal statutory income tax rate to CatchMark TRS ’ effective tax rate for the years ended December 31, 2016 , 2015 , and 2014 is as follows: 2016 2015 2014 Federal statutory income tax rate 34.00 % 34.00 % 34.00 % State income taxes, net of federal benefit — 3.13 3.21 Other temporary differences 1.30 0.27 0.50 Other permanent differences (0.15 ) (0.01 ) (0.02 ) Valuation allowance (35.15 ) (37.39 ) (37.69 ) Effective tax rate — % — % — % |
Quarterly Results (unaudited)
Quarterly Results (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (unaudited) | Quarterly Results (unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2016 and 2015 : (in thousands, except per-share amounts) 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 27,181 $ 15,966 $ 18,310 $ 20,398 Operating income (loss) $ 670 $ (1,245 ) $ (1,022 ) $ (2,811 ) Net loss $ (587 ) $ (2,645 ) $ (2,897 ) $ (4,941 ) Basic and diluted net loss per share available to common stockholders $ (0.02 ) $ (0.07 ) $ (0.07 ) $ (0.13 ) 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 20,244 $ 14,174 $ 17,629 $ 17,075 Operating loss $ (14 ) $ (1,479 ) $ (1,069 ) $ (2,258 ) Net loss $ (817 ) $ (2,330 ) $ (1,944 ) $ (3,296 ) Basic and diluted net loss per share available to common stockholders $ (0.02 ) $ (0.06 ) $ (0.05 ) $ (0.08 ) |
Customer Concentration
Customer Concentration | 12 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Customer Concentration | Customer Concentration For the years ended December 31, 2016, 2015, and 2014, WestRock represented 24% , 31% , and 39% of CatchMark Timber Trust's total revenues. No other customer represented more than 10% of CatchMark Timber Trust's total revenues during these periods. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Event On February 14, 2017, CatchMark Timber Trust declared a cash dividend of $0.135 per share for its Class A common stock for stockholders of record on February 28, 2017, payable on March 16, 2017. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 CatchMark Timber Trust 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. |
Use of Estimates | Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents CatchMark Timber Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts. |
Accounts Receivables | Accounts Receivable Accounts receivable are recorded at the original amount earned, net of allowances for doubtful accounts, which approximates fair value. Accounts receivable are deemed past due based on their respective payment terms. Management assesses the realizability of accounts receivable on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. As of December 31, 2016 and 2015 , no allowances have been provided against accounts receivable. As of December 31, 2016 and 2015 , CatchMark Timber Trust has recorded $2.3 million and $1.3 million of estimated patronage refunds due from CoBank as accounts receivable, respectively (please refer to Note 4 – Note Payable and Line of Credit for further information regarding patronage refunds) . |
Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets Prepaid expenses and other assets are primarily comprised of prepaid rent, insurance, and operating costs, equipment and furniture, net of accumulated depreciation, and deferred costs associated with pending acquisitions. Prepaid expenses are expensed over the applicable usage period or reclassified to other asset accounts upon being put into service in future periods. Balances without future economic benefit are written off as they are identified. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs are comprised of costs incurred in connection with securing financing from third-party lenders and are capitalized and amortized on a straight-line basis (which approximates the effective interest rate method) over the terms of the related financing arrangements. Deferred financing costs relating to the outstanding debt are presented as a direct deduction from the carrying amount of the related debt liability on the accompanying consolidated balance sheets, where costs associated with the line of credit agreement are presented as an asset on the accompanying consolidated balance sheets. |
Timber Assets | Timber Assets Timber and timberlands, including logging roads, are stated at cost less accumulated depletion for timber harvested and accumulated road amortization. CatchMark Timber Trust capitalizes timber and timberland purchases. Reforestation costs, including all costs associated with stand establishment, such as site preparation, cost of seedlings, fertilization, and herbicide application, are capitalized and tracked as premerchantable timber assets by vintage year. Annually, capitalized reforestation costs for timber that has reached a merchantable age is reclassified into merchantable timber inventory and are depleted as harvested. Timber carrying costs, such as real estate taxes, insect control, wildlife control, leases of timberlands, and forestry management personnel salaries and fringe benefits, are expensed as incurred. Costs of major roads are capitalized and amortized over their estimated useful lives. Costs of roads built to access multiple logging sites over numerous years are capitalized and amortized over seven years. Costs of roads built to access a single logging site are expensed as incurred. |
Change in Depletion Method | Depletion CatchMark Timber Trust recognizes depletion expense as timber is harvested using the straight-line method. Depletion rates are established at least annually by dividing the remaining merchantable inventory book value by current merchantable timber inventory volume. CatchMark Timber Trust changed the deletion method on its long-term timber from normalized depletion method to the straight-line method effective January 1, 2015. Management believes that the straight-line method is preferable as it is based on the actual costs recorded and actual merchantable timber volume as of the date that the depletion rates are determined. The straight-line method is less reliant on subjective and complex estimates of future costs and expected timber growth that were involved in the normalized depletion method. In accordance with ASC 250, CatchMark Timber Trust determined that the change in depletion method was a change in accounting estimate effected by a change in accounting principle, and accordingly, the straight-line method was applied on a prospective basis. |
Evaluating the Recoverability of Timber Assets | Evaluating the Recoverability of Timber Assets CatchMark Timber Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of the timber assets in which CatchMark Timber Trust has an ownership interest may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of timber assets may not be recoverable, CatchMark Timber Trust assesses the recoverability of these assets by determining whether the carrying value will be recovered through the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. Impairment losses would be recognized for (i) long-lived assets used in CatchMark Timber Trust ’s operations when the carrying value of such assets exceeds the undiscounted cash flows estimated to be generated from the future operations of those assets, and (ii) long-lived assets held for sale when the carrying value of such assets exceeds an amount equal to their fair value less selling costs. Estimated fair values are calculated based on the following information in order of preference, dependent upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of undiscounted cash flows, including estimated salvage value. CatchMark Timber Trust intends to use one harvest cycle for the purpose of evaluating the recoverability of timber and timberlands used in its operations. Future cash flow estimates are based on discounted probability-weighted projections for a range of possible outcomes. CatchMark Timber Trust considers assets to be held for sale at the point at which a sale contract is executed and the buyer has made a non-refundable earnest money deposit against the contracted purchase price. CatchMark Timber Trust has determined that there has been no impairment of its long-lived assets to date. |
Allocation of Purchase Price of Acquired Assets | Allocation of Purchase Price of Acquired Assets Upon the acquisition of timberland properties, CatchMark Timber Trust allocates the purchase price to tangible assets, consisting of timberland and timber, and identified intangible assets and liabilities, which may include values associated with in-place leases or supply agreements, based in each case on management’s estimate of their fair values. The values of tangible assets are then allocated to timberland and timber based on management’s determination of the relative fair value of these assets. |
Intangible Lease Assets | Intangible Lease Assets In-place ground leases with CatchMark Timber Trust as the lessee have value associated with effective contractual rental rates that are below market rates. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management’s estimate of fair market lease rates for the corresponding in-place lease, measured over a period equal to the remaining terms of the leases. The capitalized below-market in-place lease values are recorded as intangible lease assets and are amortized as adjustments to land rent expense over the weighted-average remaining term of the respective leases. |
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. Fair Value of Debt Instruments CatchMark Timber Trust applied the provisions of the accounting standard for fair value measurements and disclosures in estimations of fair value of its debt instruments based on Level 2 assumptions. The fair value of the outstanding note payable was estimated based on discounted cash flow analysis using the current observable market borrowing rates for similar types of borrowing arrangements as of the measurement date. The discounted cash flow method of assessing fair value results in a general approximation of book value, and such value may never actually be realized. |
Stockholders' Equity | Common Stock The par value of CatchMark Timber Trust ’s issued and outstanding shares of common stock is recorded as common stock. The remaining gross proceeds, net of offering costs, are recorded as additional paid-in capital. |
Interest Rate Swaps | Interest Rate Swaps CatchMark Timber Trust has entered into two interest rate swaps 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 value of the interest rate swaps, classified under Level 2, was determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated LIBOR information, consideration of CatchMark Timber Trust 's credit standing, credit risk of counterparties, and reasonable estimates about relevant future market conditions. |
Revenue Recognition | Revenue Recognition Revenue from the sale of timber is recognized when the following criteria are met: (i) persuasive evidence of an agreement exists, (ii) legal ownership and the risk of loss are transferred to the purchaser, (iii) price and quantity are determinable, and (iv) collectibility is reasonably assured. CatchMark Timber Trust ’s primary sources of revenue are recognized as follows: (1) For delivered sales contracts, which include amounts sufficient to cover costs of logging and hauling of timber, revenues are recognized upon delivery to the customer. (2) For pay-as-cut contracts, the purchaser acquires the right to harvest specified timber on a tract, at an agreed-upon price per unit. Payments and contract advances are recognized as revenue as the timber is harvested based on the contracted sale rate per unit. (3) Revenues from the sale of HBU and nonstrategic timberlands are recognized when title passes and full payment or a minimum down payment is received and full collectibility is assured. If a down payment of less than the minimum down payment is received at closing, CatchMark Timber Trust will record revenue based on the installment method. (4) For recreational leases, rental income collected in advance is recorded as other liabilities in the accompanying consolidated balance sheets until earned over the term of the respective recreational lease and recognized as other revenue. In addition to the sources of revenue noted above, CatchMark Timber Trust also may enter into lump-sum sale contracts, whereby the purchaser generally pays the purchase price upon execution of the contract. Title to the timber and risk of loss transfers to the buyer at the time the contract is consummated. Revenues are recognized upon receipt of the purchase price. When the contract expires, ownership of the remaining standing timber reverts to CatchMark Timber Trust ; however, adjustments are not made to the revenues previously recognized. |
Stock-based Compensation | based Compensation CatchMark Timber Trust issues equity-based awards to its independent directors and employees pursuant to its LTIP. Stock-based compensation is measured by the fair value of the respective award on the date of grant or modification. Expenses are recognized over the requisite service period of each award and reported as either forestry management expenses or as general and administrative expenses. See Note 9 – Stock Based Compensation for more information. |
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. Net income (loss) available to common stockholders is calculated as net income (loss) less dividends payable to or accumulated to preferred stockholders. 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. Basic and diluted earnings (loss) per share were the same for all periods presented |
Income Taxes | Income Taxes CatchMark Timber Trust has elected to be taxed as a REIT under 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. If CatchMark Timber Trust fails to qualify as a REIT in any taxable year, it will then be subject to federal and state income taxes on its taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the IRS grants CatchMark Timber Trust relief under certain statutory provisions. 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 and any other TRSs may not exceed 25% ( 20% after 2017) 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. See Note 13 – Income Taxes for more information. CatchMark Timber Trust is also 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. |
Business Segments | Operating Segment CatchMark Timber Trust owns and operates timberland properties in the U.S. South. CatchMark Timber Trust operates in a single reporting segment, and the presentation of CatchMark Timber Trust’s financial condition and performance is consistent with the way in which CatchMark Timber Trust’s operations are managed . |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" . Under this guidance, an entity is required to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the expected consideration for those goods or services. The update requires significant additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09, as amended by ASU 2015-14, "Revenue from Contracts with Customers: Deferral of the Effective Date (Topic 606)" , is effective for years beginning after December 15, 2017, including interim periods, with early adoption permitted for years beginning after December 15, 2016. CatchMark Timber Trust will adopt ASU 2014-09 in our consolidated financial statements on January 1, 2018. CatchMark Timber Trust does not expect the adoption of ASU 2014-09 will have a material effect on its consolidated financial statements. 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 does not expect the adoption of this amendment will have a material effect on its consolidated 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 will adopt ASU 2016-09 in our consolidated financial statements on January 1, 2017. CatchMark Timber Trust does not expect the adoption of this amendment will have a material effect on its consolidated financial statements. |
Timber Assets (Tables)
Timber Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of timber and timberlands | As of December 31, 2016 and 2015 , timber and timberlands consisted of the following, respectively: (in thousands) As of December 31, 2016 Gross Accumulated Depletion or Amortization Net Timber $ 324,796 $ 28,897 $ 295,899 Timberlands 395,348 — 395,348 Mainline roads 935 495 440 Timber and timberlands $ 721,079 $ 29,392 $ 691,687 (in thousands) As of December 31, 2015 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 timberland acquired by state | A detailed breakout of acreage acquired by state is listed below: Acres Acquired In: 2016 (1) 2015 2014 Alabama 4,500 — — Florida — — 2,500 Georgia 13,500 9,900 79,600 Louisiana — 300 21,000 North Carolina — 1,600 — South Carolina 63,900 12,500 — Tennessee — 300 — Texas — 18,300 18,500 Total 81,900 42,900 121,600 (1) Includes 8,300 acres of leasehold interest acquired in Georgia. |
Schedule of timberland sale by state | A detailed breakout of land sale acreage by state is listed below: Acres Sold In: 2016 2015 2014 Alabama 600 3,000 800 Georgia 6,100 2,200 3,000 Florida 600 — — Texas — 1,200 — Total 7,300 6,400 3,800 |
Schedule of timberland portfolio by state | A detailed breakout of land acreage by state is listed below: Acres by state as of December 31, 2016 Fee Lease Total Alabama 76,700 5,600 82,300 Florida 2,000 — 2,000 Georgia 253,600 26,500 280,100 Louisiana 21,300 — 21,300 North Carolina 1,600 — 1,600 South Carolina 76,400 — 76,400 Tennessee 300 — 300 Texas 35,600 — 35,600 Total: 467,500 32,100 499,600 |
Note Payable and Line of Cred26
Note Payable and Line of Credit (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Outstanding | As of December 31, 2016 and 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 Interest Rate (2) Current Interest Rate (3) December 31, 2016 December 31, 2015 2014 Term Loan Facility 12/23/2024 LIBOR + 1.75% 2.51% $ 100,000 $ 100,000 2014 Multi-Draw Term Facility 12/23/2021 LIBOR + 2.25% 2.99% 225,656 85,002 Total Principal Balance $ 325,656 $ 185,002 Less: Net Unamortized Deferred Financing Costs (1) $ (4,905 ) $ (3,955 ) Total $ 320,751 $ 181,047 (1) Represents costs incurred for borrowings under the 2014 Term Loan Facility and the 2014 Multi-Draw Term Facility (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 December 31, 2016 . The weighted average interest rate excludes the impact of the interest rate swaps (see Note 5 – Interest Rate Swaps ), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds. |
Schedule of Interest Payments | CatchMark Timber Trust made the following cash interest payments on its borrowings: (in thousands) 2016 2015 2014 Cash paid for interest $ 7,119 $ 3,253 $ 1,706 |
Interest Rate Swaps (Tables)
Interest Rate Swaps (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | The 2016 Rabobank Swap qualifies for hedge accounting treatment. CatchMark Timber Trust had two interest rate swaps outstanding as of December 31, 2016 which effectively fixed interest rates on $80.0 million of its 2014 Term Loan Facility, with terms below: (dollars in thousands) Effective Date Maturity Date Pay Rate Receive Rate Notional Amount 2014 Rabobank Swap 12/23/2014 12/23/2024 2.395% one-month LIBOR $ 35,000 2016 Rabobank Swap 8/23/2016 12/23/2024 1.280% one-month LIBOR $ 45,000 Total $ 80,000 |
Schedule of Derivative Assets at Fair Value | The following table presents information about CatchMark Timber Trust ’s interest rate swaps measured at fair value as of December 31, 2016 and 2015 : (in thousands) Estimated Fair Value as of December 31, Instrument Type Balance Sheet Classification 2016 2015 Derivatives designated as hedging instruments: Interest rate swap Prepaid expenses and other assets $ 2,632 $ — Interest rate swap Other liabilities $ (885 ) $ (1,420 ) |
Schedule of Derivative Liabilities at Fair Value | The following table presents information about CatchMark Timber Trust ’s interest rate swaps measured at fair value as of December 31, 2016 and 2015 : (in thousands) Estimated Fair Value as of December 31, Instrument Type Balance Sheet Classification 2016 2015 Derivatives designated as hedging instruments: Interest rate swap Prepaid expenses and other assets $ 2,632 $ — Interest rate swap Other liabilities $ (885 ) $ (1,420 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum rental payments for operating leases | the following remaining required payments (in thousands) under the terms of the operating leases as of December 31, 2016 : 2017 $ 631 2018 631 2019 527 2020 527 2021 526 Thereafter 463 $ 3,305 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity | Below is a summary of independent directors' equity compensation for the years ended December 31, 2016 , 2015, and 2014: (dollars in thousands) 2016 2015 2014 Fully-vested shares granted 25,089 2,392 2,084 Weighted-average grant date fair value $ 12.04 $ 11.15 $ 12.00 Restricted stock granted — 12,585 10,875 Weighted-average grant date fair value $ — $ 11.92 $ 13.79 Grant date fair value of fully vested stock granted in period $ 302 $ 27 $ 25 Grant date fair value of restricted stock vested in period $ 146 $ 81 $ 40 Cash used to repurchase common shares for minimum tax withholdings $ 66 $ — $ — |
Nonvested Restricted Stock Shares Activity | A rollforward of CatchMark Timber Trust's unvested, service-based restricted stock award activity to its independent directors for the year ended December 31, 2016 is as follows: Number of Underlying Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2015 20,901 $ 12.71 Granted — $ — Vested (11,290 ) $ 12.90 Forfeited — $ — Unvested at December 31, 2016 9,611 $ 12.48 A rollforward of CatchMark Timber Trust's unvested, service-based restricted stock awards to employees for the year ended December 31, 2016 is as follows: Number of Underlying Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2015 165,200 $ 12.52 Granted 125,123 $ 10.51 Vested (34,225 ) $ 12.34 Forfeited (1,000 ) $ 11.57 Unvested at December 31, 2016 255,098 $ 11.56 A rollforward of CatchMark Timber Trust's unvested, performance-based restricted stock awards for the year ended December 31, 2016 is as follows: Number of Underlying Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2015 112,900 $ 7.01 Granted — $ — Vested — $ — Forfeited — $ — Unvested at December 31, 2016 112,900 $ 7.01 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of service-based restricted stock grants to the employees during the years ended December 31, 2016 , 2015, and 2014 is listed below: (dollars in thousands) 2016 2015 2014 Shares granted 125,123 83,900 — Weighted-average grant date fair value $ 10.51 $ 11.54 $ — Grant date fair value of restricted stock vested in period $ 422 $ — $ 183 Cash used to repurchase common shares for minimum tax withholdings $ 133 $ — $ 43 |
Schedule of Share-based Payment Award, Equity Instrument Other Than Options, Valuation Assumptions | he 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 Dividend yield 4.30 % Risk-free interest rate 1.06 % 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 % |
Schedule of Stock-Based Compensation Expense | A summary of CatchMark Timber Trust 's stock-based compensation expense is presented below: (in thousands) 2016 2015 2014 General and administrative expenses $ 1,411 $ 718 $ 348 Forestry management expenses 313 171 70 Total $ 1,724 $ 889 $ 418 |
Supplemental Disclosures of N30
Supplemental Disclosures of Noncash Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of significant noncash investing and financing transactions | Outlined below are significant noncash investing and financing transactions for the years ended December 31 2016, 2015 , and 2014 , respectively: (in thousands) 2016 2015 2014 Write-off of fully amortized deferred financing costs $ — $ — $ 459 |
Related-Party Transactions an31
Related-Party Transactions and Agreements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | CatchMark Timber Trust incurred the following related-party costs for the year ended December 31, 2014 : (in thousands) 2014 Consulting fees $ 137 Office rent 18 Total $ 155 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of the deferred tax asset | Components of the deferred tax asset as of December 31, 2016 and 2015 were attributable to the operations of CatchMark TRS only and were as follows: (in thousands) As of December 31, 2016 2015 Deferred tax assets: Net operating loss carryforward $ 11,410 $ 9,468 Gain on timberland sales 13 4 Other 259 33 Total gross deferred tax asset 11,682 9,505 Valuation allowance (11,509 ) (9,294 ) Total net deferred tax asset $ 173 $ 211 Deferred tax liability: Timber depletion 173 211 Total gross deferred tax liability $ 173 $ 211 Deferred tax asset, net $ — $ — |
A reconciliation of federal statutory income tax rate | A reconciliation of the federal statutory income tax rate to CatchMark TRS ’ effective tax rate for the years ended December 31, 2016 , 2015 , and 2014 is as follows: 2016 2015 2014 Federal statutory income tax rate 34.00 % 34.00 % 34.00 % State income taxes, net of federal benefit — 3.13 3.21 Other temporary differences 1.30 0.27 0.50 Other permanent differences (0.15 ) (0.01 ) (0.02 ) Valuation allowance (35.15 ) (37.39 ) (37.69 ) Effective tax rate — % — % — % |
Quarterly Results (unaudited) (
Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of the unaudited quarterly financial information | Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2016 and 2015 : (in thousands, except per-share amounts) 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 27,181 $ 15,966 $ 18,310 $ 20,398 Operating income (loss) $ 670 $ (1,245 ) $ (1,022 ) $ (2,811 ) Net loss $ (587 ) $ (2,645 ) $ (2,897 ) $ (4,941 ) Basic and diluted net loss per share available to common stockholders $ (0.02 ) $ (0.07 ) $ (0.07 ) $ (0.13 ) 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 20,244 $ 14,174 $ 17,629 $ 17,075 Operating loss $ (14 ) $ (1,479 ) $ (1,069 ) $ (2,258 ) Net loss $ (817 ) $ (2,330 ) $ (1,944 ) $ (3,296 ) Basic and diluted net loss per share available to common stockholders $ (0.02 ) $ (0.06 ) $ (0.05 ) $ (0.08 ) |
Organization (Details)
Organization (Details) | 12 Months Ended |
Dec. 31, 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% |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2017 | |
Significant Accounting Policies | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 53,000 | |||
Amortization of financing costs | $ 0.9 | $ 0.6 | $ 0.7 | |
Internal Revenue Service (IRS) | Domestic Tax Authority | ||||
Significant Accounting Policies | ||||
Requirement to distribute taxable income (percent) | 90.00% | |||
Internal Revenue Service (IRS) | Maximum | Domestic Tax Authority | ||||
Significant Accounting Policies | ||||
Limit on investments in taxable real estate investments trusts (percent) | 25.00% | |||
Accounts Receivable | ||||
Significant Accounting Policies | ||||
Patronage Refunds | $ 2.3 | $ 1.3 | ||
Scenario, Forecast | Internal Revenue Service (IRS) | Maximum | Domestic Tax Authority | ||||
Significant Accounting Policies | ||||
Limit on investments in taxable real estate investments trusts (percent) | 20.00% |
Timber Assets - Schedule of Ti
Timber Assets - Schedule of Timber and Timberlands (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Timber and timberlands, gross | $ 721,079 | $ 612,351 |
Timber and timberlands, accumulated depletion or amortization | 29,392 | 27,497 |
Timber and timberlands, net | 691,687 | 584,854 |
Timber | ||
Property, Plant and Equipment [Line Items] | ||
Timber and timberlands, gross | 324,796 | 281,198 |
Timber and timberlands, accumulated depletion or amortization | 28,897 | 27,091 |
Timber and timberlands, net | 295,899 | 254,107 |
Timberlands | ||
Property, Plant and Equipment [Line Items] | ||
Timber and timberlands, gross | 395,348 | 330,446 |
Timber and timberlands, accumulated depletion or amortization | 0 | 0 |
Timber and timberlands, net | 395,348 | 330,446 |
Mainline roads | ||
Property, Plant and Equipment [Line Items] | ||
Timber and timberlands, gross | 935 | 707 |
Timber and timberlands, accumulated depletion or amortization | 495 | 406 |
Timber and timberlands, net | $ 440 | $ 301 |
Timber Assets - Timberland Acq
Timber Assets - Timberland Acquisitions (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016USD ($)a | Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($)a | ||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 81,900 | [1] | 42,900 | 121,600 |
Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 81,900 | 42,900 | 121,600 | |
Payments to acquire land | $ | $ 141 | $ 73.3 | $ 235.2 | |
Alabama | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 4,500 | 0 | 0 | |
Florida | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 0 | 0 | 2,500 | |
Georgia | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land, leasehold interest | 8,300 | |||
Georgia | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 13,500 | [1] | 9,900 | 79,600 |
Louisiana | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 0 | 300 | 21,000 | |
North Carolina | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 0 | 1,600 | 0 | |
South Carolina | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 63,900 | 12,500 | 0 | |
Tennessee | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 0 | 300 | 0 | |
Texas | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 0 | 18,300 | 18,500 | |
[1] | (1) Includes 8,300 acres of leasehold interest acquired in Georgia. |
Timber Assets - Timberland Disp
Timber Assets - Timberland Dispositions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)a | Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($)a | |
Property, Plant and Equipment [Line Items] | |||
Timberland, acres sold | 7,300 | 6,400 | 3,800 |
Timberland sales | $ | $ 12,515 | $ 11,845 | $ 10,650 |
Basis of timberland sales | $ | $ 9,728 | $ 8,886 | $ 5,072 |
Alabama | Timber | |||
Property, Plant and Equipment [Line Items] | |||
Timberland, acres sold | 600 | 3,000 | 800 |
Georgia | Timber | |||
Property, Plant and Equipment [Line Items] | |||
Timberland, acres sold | 6,100 | 2,200 | 3,000 |
Florida | Timber | |||
Property, Plant and Equipment [Line Items] | |||
Timberland, acres sold | 600 | 0 | 0 |
Texas | Timber | |||
Property, Plant and Equipment [Line Items] | |||
Timberland, acres sold | 0 | 1,200 | 0 |
Timber Assets - Timberland Por
Timber Assets - Timberland Portfolio (Details) - Timber Properties | Dec. 31, 2016a |
Property, Plant and Equipment [Line Items] | |
Fee | 467,500 |
Lease | 32,100 |
Total | 499,600 |
Alabama | |
Property, Plant and Equipment [Line Items] | |
Fee | 76,700 |
Lease | 5,600 |
Total | 82,300 |
Florida | |
Property, Plant and Equipment [Line Items] | |
Fee | 2,000 |
Lease | 0 |
Total | 2,000 |
Georgia | |
Property, Plant and Equipment [Line Items] | |
Fee | 253,600 |
Lease | 26,500 |
Total | 280,100 |
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 | 76,400 |
Lease | 0 |
Total | 76,400 |
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 Cred40
Note Payable and Line of Credit (Details) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 23, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||||||
Repayment of CoBank loan | $ 2,846,000 | $ 498,000 | $ 254,910,000 | |||||
Unused commitment fees | $ 700,000 | $ 400,000 | $ 400,000 | |||||
Secured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 3.09% | 2.65% | 3.09% | 2.65% | ||||
Weighted Average Interest Rate After Patronage Refunds | 2.19% | 1.75% | 2.19% | 1.75% | ||||
2014 Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
One-month LIBOR | [1] | LIBOR | ||||||
Basis spread on variable rate (in percent) | [1] | 1.75% | ||||||
2014 Multi Draw Term Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
One-month LIBOR | [1] | LIBOR | ||||||
Basis spread on variable rate (in percent) | [1] | 2.25% | ||||||
2014 Amended Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 174,300,000 | $ 174,300,000 | ||||||
Increase in availability of credit | $ 110,000,000 | 110,000,000 | ||||||
Covenant, minimum fixed charge coverage ratio | 1.05 | |||||||
2014 Amended Credit Agreement | 2014 Multi-Draw and 2014 Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | 0.25% | ||||||
2014 Amended Credit Agreement | 2014 Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 35,000,000 | 35,000,000 | ||||||
Maximum borrowing capacity | 35,000,000 | 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] | ||||||||
Outstanding amount on line of credit | 100,000,000 | 100,000,000 | ||||||
2014 Amended Credit Agreement | 2014 Multi-Draw Term Facility and 2014 Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Patronage Refund Percentage, Cash | 75.00% | |||||||
Patronage Refund Percentage, Equity in Patronage Banks | 25.00% | |||||||
2014 Amended Credit Agreement | 2014 Multi Draw Term Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 139,300,000 | 139,300,000 | ||||||
Maximum borrowing capacity | 365,000,000 | 365,000,000 | ||||||
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 Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
One-month LIBOR | base rate | |||||||
LIBOR | 2014 Amended Credit Agreement | 2014 Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
One-month LIBOR | LIBOR | |||||||
Minimum | 2014 Amended Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Covenant, Liquidity Balance | $ 20,000,000 | 20,000,000 | ||||||
Minimum | 2014 Amended Credit Agreement | 2014 Multi-Draw and 2014 Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 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 | LIBOR | 2014 Amended Credit Agreement | 2014 Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (in percent) | 1.50% | |||||||
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] | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | |||||||
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 | LIBOR | 2014 Amended Credit Agreement | 2014 Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (in percent) | 2.50% | |||||||
Interest Expense [Member] | 2014 Amended Credit Agreement | 2014 Multi-Draw Term Facility and 2014 Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Patronage Refunds | $ 2,300,000 | $ 1,300,000 | ||||||
[1] | The applicable LIBOR margin on the 2014 Multi-Draw Term Facility ranges between 1.75% and 2.75%, depending on the LTV ratio. |
Note Payable and Line of Cred41
Note Payable and Line of Credit - Schedule of Debt Outstanding (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Debt Instrument [Line Items] | |||
Total Principal Balance | $ 325,656 | $ 185,002 | |
Less: Net Unamortized Deferred Financing Costs | [1] | (4,905) | (3,955) |
Note payable and line of credit, less net deferred financing costs (Note 4) | $ 320,751 | 181,047 | |
2014 Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Dec. 23, 2024 | ||
Total Principal Balance | $ 100,000 | 100,000 | |
Long-term Debt, Weighted Average Interest Rate | [2] | 2.51% | |
2014 Multi Draw Term Facility | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Dec. 23, 2021 | ||
Total Principal Balance | $ 225,656 | $ 85,002 | |
Long-term Debt, Weighted Average Interest Rate | [2] | 2.99% | |
Minimum | 2014 Multi Draw Term Facility | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (in percent) | 1.75% | ||
Maximum | 2014 Multi Draw Term Facility | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (in percent) | 2.75% | ||
[1] | Represents costs incurred for borrowings under the 2014 Term Loan Facility and the 2014 Multi-Draw Term Facility | ||
[2] | Represents the weighted average interest rate as of December 31, 2016. The weighted average interest rate excludes the impact of the interest rate swaps (see Note 5 – Interest Rate Swaps), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds. |
Note Payable and Line of Cred42
Note Payable and Line of Credit - Schedule of Interest Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Interest paid | $ 7,119 | $ 3,253 | $ 1,706 |
Interest Rate Swaps (Details)
Interest Rate Swaps (Details) - Designated as Hedging Instrument - USD ($) | Jul. 18, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 11, 2016 | Oct. 23, 2012 |
Derivative [Line Items] | ||||||
Notional amount of interest rate derivatives | $ 80,000,000 | |||||
Rabobank | Forward Contracts | ||||||
Derivative [Line Items] | ||||||
Other comprehensive loss recognized due to change in fair value | 3,167,000 | |||||
Amount of ineffectiveness on forward swap | 0 | $ 0 | $ 0 | |||
Cash payment received from forward swap settlement | 800,000 | $ 800,000 | $ 100,000 | |||
Rabobank | Forward Contracts | One-Month LIBOR | ||||||
Derivative [Line Items] | ||||||
Notional amount of interest rate derivatives | $ 80,000,000 | |||||
Pay Rate | 0.9075% | |||||
Payment received for cancellation of interest rate swap | $ 200,000 | |||||
Interest Rate Swap, 2016 | ||||||
Derivative [Line Items] | ||||||
Notional amount of interest rate derivatives | $ 45,000,000 | $ 45,000,000 | ||||
Pay Rate | 1.28% |
Interest Rate Swaps Outstanding
Interest Rate Swaps Outstanding (Details) - Designated as Hedging Instrument - USD ($) | Dec. 31, 2016 | Aug. 11, 2016 |
Derivative [Line Items] | ||
Notional Amount | $ 80,000,000 | |
Interest Rate Swap, 2014 | ||
Derivative [Line Items] | ||
Pay Rate | 2.395% | |
Notional Amount | $ 35,000,000 | |
Interest Rate Swap, 2016 | ||
Derivative [Line Items] | ||
Pay Rate | 1.28% | |
Notional Amount | $ 45,000,000 | $ 45,000,000 |
Interest Rate Swaps and Fair Va
Interest Rate Swaps and Fair Value Measurements (Details) - Interest rate swap - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Prepaid expenses and other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives designated as hedging instruments, interest rate swap contract | $ 2,632 | $ 0 |
Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives designated as hedging instruments, interest rate swap contract | $ (885) | $ (1,420) |
Commitments and Contingencies46
Commitments and Contingencies (Details) | 12 Months Ended | ||
Dec. 31, 2016astates$ / a | Dec. 31, 2015 | Dec. 31, 2014 | |
Concentration Risk [Line Items] | |||
Number of states reporting raw forest product prices | states | 11 | ||
Timber agreement termination clause | WestRock can terminate the Mahrt Timber Agreements prior to the expiration of the initial term if CatchMark Timber Trust replaces FRC as the forest manager without the prior written consent of WestRock, except pursuant to an internalization of the company's forestry management functions. CatchMark Timber Trust can terminate the Mahrt Timber Agreements if WestRock (1) ceases to operate the Mahrt mill for a period that exceeds 12 consecutive months, (2) fails to purchase a specified tonnage of timber for two consecutive years, subject to certain limited exceptions or (3) fails to make payments when due (and fails to cure within 30 days). In addition, either party can terminate the Mahrt Timber Agreements if the other party commits a material breach (and fails to cure within 60 days) or becomes insolvent. | ||
Timber Properties | |||
Concentration Risk [Line Items] | |||
Lease | 32,100 | ||
Property Subject to Operating Lease | Timberland | |||
Concentration Risk [Line Items] | |||
Lease | 28,700 | ||
Quarterly base rate rental payment (per acre) | $ / a | 3.10 | ||
Adjusted rental payment rate (per acre) | $ / a | 19.36 | ||
WestRock Corporation | Customer Concentration Risk | Sales Revenue, Net | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 17.00% | 23.00% | 34.00% |
Forest Resource Consultants, Inc. [Member] | |||
Concentration Risk [Line Items] | |||
Operating agreement, term of extension option | 1 year | ||
Days Notice Required Before Automatic Renewal | 120 days | ||
Operating agreement, notice of termination option | 120 days | ||
Acres under operating agreement | 421,100 | ||
American Forestry Management, Inc. [Member] | |||
Concentration Risk [Line Items] | |||
Operating agreement, term of extension option | 1 year | ||
Days Notice Required Before Automatic Renewal | 120 days | ||
Operating agreement, notice of termination option | 120 days | ||
Acres under operating agreement | 78,500 |
Commitments and Contingencies
Commitments and Contingencies - Future Minimum Rental Payments (Details) - Property Subject to Operating Lease - Timberland $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies [Line Items] | |
2,017 | $ 631 |
2,018 | 631 |
2,019 | 527 |
2,020 | 527 |
2,021 | 526 |
Thereafter | 463 |
Future Minimum Payments Due | $ 3,305 |
Noncontrolling Interest (Detail
Noncontrolling Interest (Details) | 12 Months Ended |
Dec. 31, 2016shares | |
Subsidiaries | |
Noncontrolling Interest [Line Items] | |
Ownership of common unit owned by limited partner (units) | 200 |
Percentage of partnership interests | 0.01% |
General Partner | |
Noncontrolling Interest [Line Items] | |
Percentage of general partnership interest owned by the company in the Operating Partnership common units | 99.99% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders Equity Disclosures [Line Items] | ||
Common stock and preferred stock, shares authorized | 1,000,000,000 | |
Common stock, shares authorized | 900,000,000 | |
Common stock, par value | $ 0.01 | |
Preferred stock, shares authorized | 100,000,000 | |
Stock Repurchase Program, Authorized Amount | $ 30,000 | |
Stock Repurchased and Retired During Period, Shares | 308,775 | |
Stock Repurchased and Retired During Period, Value | $ 3,208 | $ 6,004 |
Common stock, shares outstanding | 38,797,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 20,800 | |
Common Class A | ||
Stockholders Equity Disclosures [Line Items] | ||
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares outstanding | 38,797,000 | 38,975,000 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | May 05, 2016 | Oct. 02, 2015 | Feb. 18, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Oct. 25, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Nonvested awards, unrecognized compensation expense | $ 3,200 | ||||||||
Nonvested awards, unrecognized compensation expense, period for recognition | 3 years 1 month | ||||||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted shares, award vesting period | 4 years | ||||||||
Shares granted (in shares) | 125,123 | 83,900 | 0 | ||||||
Weighted average fair value per granted share (in dollars per share) | $ 10.51 | $ 11.54 | $ 0 | ||||||
Common Class A | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of additional shares authorized | 1,500,000 | ||||||||
Common Class A | 2005 Long-Term Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of additional shares authorized | 200,000 | ||||||||
Common Class A | Amended 2005 Long-Term Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of additional shares authorized | 1,300,000 | ||||||||
Director | Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares granted (in shares) | 0 | 12,585 | 10,875 | ||||||
Weighted average fair value per granted share (in dollars per share) | $ 0 | $ 11.92 | $ 13.79 | ||||||
Director | Amended 2005 Long-Term Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Value of restricted shares granted in period | $ 50 | $ 30 | $ 30 | ||||||
Director | Amended 2005 Long-Term Incentive Plan | Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted shares, award vesting period | 3 years | 3 years | |||||||
Executive Officer | Performance-based Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares granted (in shares) | 0 | ||||||||
Weighted average fair value per granted share (in dollars per share) | $ 0 | ||||||||
Executive Officer | Restricted Stock Units (RSUs) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares granted (in shares) | 80,366 | ||||||||
Weighted average fair value per granted share (in dollars per share) | $ 14.28 | ||||||||
Executive Officer | 2015 Performance Awards | Performance-based Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares granted (in shares) | 112,900 | ||||||||
Weighted average fair value per granted share (in dollars per share) | $ 7.01 | ||||||||
Executive Officer | 2015 Performance Awards | Performance-based Restricted Stock | Determined date | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting rights, percentage | 50.00% | ||||||||
Executive Officer | 2015 Performance Awards | 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% | ||||||||
Executive Officer | 2016 Performance Awards | Restricted Stock Units (RSUs) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted average fair value per granted share (in dollars per share) | $ 14.28 | ||||||||
Executive Officer | 2016 Performance Awards | Restricted Stock Units (RSUs) | Determined date | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting rights, percentage | 50.00% | ||||||||
Executive Officer | 2016 Performance Awards | Restricted Stock Units (RSUs) | One year from determined date | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting rights, percentage | 50.00% |
Stock-based Compensation - Sch
Stock-based Compensation - Schedule of Equity Compensation Granted to Independent Directors (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fully-vested shares granted | 125,123 | 83,900 | 0 |
Weighted-average grant date fair value (in dollars per share) | $ 10.51 | $ 11.54 | $ 0 |
Restricted stock granted (in shares) | 125,123 | 83,900 | 0 |
Grant date fair value of fully vested stock granted in period | $ 422 | $ 0 | $ 183 |
Grant date fair value of restricted stock vested in period | $ 422 | $ 0 | $ 183 |
Director | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fully-vested shares granted | 0 | 12,585 | 10,875 |
Weighted-average grant date fair value (in dollars per share) | $ 0 | $ 11.92 | $ 13.79 |
Restricted stock granted (in shares) | 0 | 12,585 | 10,875 |
Grant date fair value of fully vested stock granted in period | $ 146 | $ 81 | $ 40 |
Grant date fair value of restricted stock vested in period | $ 146 | $ 81 | $ 40 |
Director | Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fully-vested shares granted | 25,089 | 2,392 | 2,084 |
Weighted-average grant date fair value (in dollars per share) | $ 12.04 | $ 11.15 | $ 12 |
Restricted stock granted (in shares) | 25,089 | 2,392 | 2,084 |
Grant date fair value of fully vested stock granted in period | $ 302 | $ 27 | $ 25 |
Grant date fair value of restricted stock vested in period | 302 | 27 | 25 |
Cash used to repurchase common shares for minimum tax withholdings | $ 66 | $ 0 | $ 0 |
Stock-based Compensation - Rol
Stock-based Compensation - Rollforward of Unvested Restricted Stock Award Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock | |||
Number of Underlying Shares | |||
Unvested at December 31, 2015 (in share) | 165,200 | ||
Fully-vested shares granted | 125,123 | 83,900 | 0 |
Vested (in shares) | (34,225) | ||
Forfeited (in shares) | (1,000) | ||
Unvested at December 31, 2016 (in shares) | 255,098 | 165,200 | |
Weighted Average Grant Date Fair Value | |||
Unvested at December 31, 2015 (in dollars per share) | $ 12.52 | ||
Weighted average fair value per granted share (in dollars per share) | 10.51 | $ 11.54 | $ 0 |
Vested (in dollars per share) | 12.34 | ||
Forfeited (in dollars per share) | 11.57 | ||
Unvested at December 31, 2016 (in dollars per share) | $ 11.56 | $ 12.52 | |
Restricted Stock | Director | |||
Number of Underlying Shares | |||
Unvested at December 31, 2015 (in share) | 20,901 | ||
Fully-vested shares granted | 0 | 12,585 | 10,875 |
Vested (in shares) | (11,290) | ||
Forfeited (in shares) | 0 | ||
Unvested at December 31, 2016 (in shares) | 9,611 | 20,901 | |
Weighted Average Grant Date Fair Value | |||
Unvested at December 31, 2015 (in dollars per share) | $ 12.71 | ||
Weighted average fair value per granted share (in dollars per share) | 0 | $ 11.92 | $ 13.79 |
Vested (in dollars per share) | 12.90 | ||
Forfeited (in dollars per share) | 0 | ||
Unvested at December 31, 2016 (in dollars per share) | $ 12.48 | $ 12.71 | |
Performance-based Restricted Stock | Executive Officer | |||
Number of Underlying Shares | |||
Unvested at December 31, 2015 (in share) | 112,900 | ||
Fully-vested shares granted | 0 | ||
Vested (in shares) | 0 | ||
Forfeited (in shares) | 0 | ||
Unvested at December 31, 2016 (in shares) | 112,900 | 112,900 | |
Weighted Average Grant Date Fair Value | |||
Unvested at December 31, 2015 (in dollars per share) | $ 7.01 | ||
Weighted average fair value per granted share (in dollars per share) | 0 | ||
Vested (in dollars per share) | 0 | ||
Forfeited (in dollars per share) | 0 | ||
Unvested at December 31, 2016 (in dollars per share) | $ 7.01 | $ 7.01 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Service-Based Restricted Stock Granted in the Period (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 125,123 | 83,900 | 0 |
Weighted-average grant date fair value (in dollars per share) | $ 10.51 | $ 11.54 | $ 0 |
Grant date fair value of restricted stock vested in period | $ 422 | $ 0 | $ 183 |
Cash used to repurchase common shares for minimum tax withholdings | $ 133 | $ 0 | $ 43 |
Stock-based Compensation - Sha
Stock-based Compensation - Share-based Compensation Valuation Assumptions (Details) - Executive Officer - Performance-based Restricted Stock - $ / shares | Feb. 18, 2015 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average fair value per granted share (in dollars per share) | $ 0 | |
2015 Performance Awards | ||
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 | |
Assumptions: | ||
Volatility | 38.54% | |
Expected term (years) | 3 years | |
Dividend yield | 4.30% | |
Risk-free interest rate | 1.06% |
Stock-based Compensation - Fair
Stock-based Compensation - Fair Value Assumptions of Restricted Stock Units (Details) - Executive Officer - Restricted Stock Units (RSUs) | May 05, 2016$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average fair value per granted share (in dollars per share) | $ 14.28 |
2016 Performance Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant date market price (May 5, 2016) (in dollars per share) | 10.57 |
Weighted average fair value per granted share (in dollars per share) | $ 14.28 |
Assumptions: | |
Volatility | 28.54% |
Expected term (years) | 3 years |
Dividend yield | 5.11% |
Risk-free interest rate | 0.95% |
Stock-based Compensation - Shar
Stock-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ 1,724 | $ 889 | $ 418 |
General and administrative expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 1,411 | 718 | 348 |
Forestry management expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ 313 | $ 171 | $ 70 |
Recreational Leases (Details)
Recreational Leases (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)a | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Deferred Revenue Arrangement [Line Items] | |||
Operating leases terms | 1 year | ||
Other liabilities | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred rental receipts | $ 2 | $ 1.6 | |
Property Subject to Operating Lease | Timber Properties | |||
Deferred Revenue Arrangement [Line Items] | |||
Area of Land | a | 481,600 | ||
Percentage of land leased (in percent) | 96.00% | ||
Other Income | |||
Deferred Revenue Arrangement [Line Items] | |||
Recreational lease revenues recognized | $ 4 | $ 3.5 | $ 2.7 |
Supplemental Disclosures of N58
Supplemental Disclosures of Noncash Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | |||
Write-off of fully amortized deferred financing costs | $ 0 | $ 0 | $ 459 |
Related-Party Transactions an59
Related-Party Transactions and Agreements - Related Party Costs (Details) - Affiliate $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | |
Related party transaction, amounts of transaction | $ 155 |
Consulting fees | |
Related Party Transaction [Line Items] | |
Related party transaction, amounts of transaction | 137 |
Office rent | |
Related Party Transaction [Line Items] | |
Related party transaction, amounts of transaction | $ 18 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2009 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2009 | |
Operating Loss Carryforwards [Line Items] | ||||
Built-in gains on land upon REIT election | $ 18.3 | |||
Taxable periods of built-in gains upon REIT election | 5 years | |||
Tax basis carrying value of assets | $ 676.2 | $ 571.9 | ||
Domestic Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 135.8 | |||
State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $ 111.8 |
Income Taxes - Deferred Tax As
Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Net operating loss carryforward | $ 11,410 | $ 9,468 |
Gain on timberland sales | 13 | 4 |
Other | 259 | 33 |
Total gross deferred tax asset | 11,682 | 9,505 |
Valuation allowance | (11,509) | (9,294) |
Total net deferred tax asset | 173 | 211 |
Deferred tax liability: | ||
Timber depletion | 173 | 211 |
Total gross deferred tax liability | 173 | 211 |
Deferred tax asset, net | $ 0 | $ 0 |
Income Taxes - Effective Incom
Income Taxes - Effective Income Tax Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Federal statutory income tax rate | 34.00% | 34.00% | 34.00% |
State income taxes, net of federal benefit | 0.00% | 3.13% | 3.21% |
Other temporary differences | 1.30% | 0.27% | 0.50% |
Other permanent differences | (0.15%) | (0.01%) | (0.02%) |
Valuation allowance | (35.15%) | (37.39%) | (37.69%) |
Effective tax rate | 0.00% | 0.00% | 0.00% |
Quarterly Results (unaudited)63
Quarterly Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 20,398 | $ 18,310 | $ 15,966 | $ 27,181 | $ 17,075 | $ 17,629 | $ 14,174 | $ 20,244 | $ 81,855 | $ 69,122 | $ 54,311 |
Operating income (loss) | (2,811) | (1,022) | (1,245) | 670 | (2,258) | (1,069) | (1,479) | (14) | (4,408) | (4,820) | 3,118 |
Net income (loss) | $ (4,941) | $ (2,897) | $ (2,645) | $ (587) | $ (3,296) | $ (1,944) | $ (2,330) | $ (817) | $ (11,070) | $ (8,387) | $ 660 |
Basic and diluted net loss per share available to common stockholders | $ (0.13) | $ (0.07) | $ (0.07) | $ (0.02) | $ (0.08) | $ (0.05) | $ (0.06) | $ (0.02) | $ (0.29) | $ (0.21) | $ 0.02 |
Customer Concentration (Details
Customer Concentration (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
WestRock Corporation | Sales Revenue, Net | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 24.00% | 31.00% | 39.00% |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Feb. 14, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | ||||
Common stock dividend declared (in USD per share) | $ 0.53 | $ 0.50 | $ 0.47 | |
Common Stock | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Common stock dividend declared (in USD per share) | $ 0.135 |