CatchMark Timber Trust (CTT) 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	CatchMark Timber Trust, Inc.
Entity Central Index Key	1,341,141
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		38,810,513

Consolidated Balance Sheets (un

Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets:
Cash and cash equivalents	$ 7,739	$ 9,108
Accounts receivable	2,399	3,882
Prepaid expenses and other assets	6,403	4,815
Deferred financing costs, net	285	313
Timber assets (Note 3):
Timber and timberlands, net	684,272	691,687
Intangible lease assets, less accumulated amortization of $939 and $938 as of March 31, 2017 and December 31, 2016, respectively	18	19
Total assets	701,116	709,824
Liabilities:
Accounts payable and accrued expenses	4,250	4,393
Other liabilities	3,121	3,610
Note payable and line of credit, less net deferred financing costs (Note 4)	320,983	320,751
Total liabilities	328,354	328,754
Commitments and Contingencies (Note 6)	0	0
Stockholders’ Equity:
Additional paid-in capital	604,860	605,728
Accumulated deficit and distributions	(233,954)	(226,793)
Accumulated other comprehensive income	1,468	1,747
Total stockholders’ equity	372,762	381,070
Total liabilities and stockholders’ equity	701,116	709,824
Common Class A
Stockholders’ Equity:
Common stock, $0.01 par value	$ 388	$ 388

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Intangible lease assets, accumulated amortization	$ 939	$ 938
Common stock, shares outstanding	38,753,000
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	38,753,000	38,797,000
Common stock, shares outstanding	38,753,000	38,797,000

Consolidated Statements of Oper

Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Timber sales	$ 16,492	$ 17,501
Timberland sales	5,450	8,666
Other revenues	1,183	1,014
Total revenues	23,125	27,181
Expenses:
Contract logging and hauling costs	7,421	6,423
Depletion	6,057	7,784
Cost of timberland sales	3,872	7,699
Forestry management expenses	1,413	1,352
General and administrative expenses	2,478	2,047
Land rent expense	150	171
Other operating expenses	1,167	1,035
Operating costs and expenses	22,558	26,511
Operating income	567	670
Other income (expense):
Interest income	11	11
Interest expense	(2,556)	(1,268)
Total other income (expense)	(2,545)	(1,257)
Net loss	$ (1,978)	$ (587)
Weighted-average common shares outstanding - basic and diluted	38,769	38,878
Net loss per share - basic and diluted	$ (0.05)	$ (0.02)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,978)	$ (587)
Other comprehensive loss:
Market value adjustment to interest rate swap	(279)	(1,321)
Comprehensive loss	$ (2,257)	$ (1,908)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit and Distributions	Accumulated Other Comprehensive Income (Loss)
Stockholders' equity, beginning of year (in shares) at Dec. 31, 2015		38,975,000
Stockholders' equity, beginning of year at Dec. 31, 2015	$ 411,038	$ 390	$ 607,409	$ (195,341)	$ (1,420)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Long-term incentive plan (in shares)		39,000
Long-term incentive plan, net of amounts withheld for income taxes	136	$ 0	136
Dividends to common stockholders	(4,811)			(4,811)
Repurchases of common shares (ins hares)		(242,000)
Repurchases of common shares	(2,507)	$ (2)	(2,505)
Net loss	(587)			(587)
Other comprehensive loss	(1,321)				(1,321)
Stockholders' equity, end of year (in shares) at Mar. 31, 2016		38,772,000
Stockholders' equity, end of year at Mar. 31, 2016	401,948	$ 388	605,040	(200,739)	(2,741)
Stockholders' equity, beginning of year (in shares) at Dec. 31, 2016		38,797,000
Stockholders' equity, beginning of year at Dec. 31, 2016	381,070	$ 388	605,728	(226,793)	1,747
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Long-term incentive plan (in shares)		53,000
Long-term incentive plan, net of amounts withheld for income taxes	168	$ 1	167
Dividends to common stockholders	$ (5,183)			(5,183)
Repurchases of common shares (ins hares)	(97,469)	(97,000)
Repurchases of common shares	$ (1,036)	$ (1)	(1,035)
Net loss	(1,978)			(1,978)
Other comprehensive loss	(279)				(279)
Stockholders' equity, end of year (in shares) at Mar. 31, 2017		38,753,000
Stockholders' equity, end of year at Mar. 31, 2017	$ 372,762	$ 388	$ 604,860	$ (233,954)	$ 1,468

Consolidated Statements of Sto7

Consolidated Statements of Stockholders' Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share	$ 0.135	$ 0.125

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows from Operating Activities:
Net loss	$ (1,978)	$ (587)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depletion	6,057	7,784
Basis of timberland sold	3,517	7,327
Stock-based compensation expense	420	276
Noncash interest expense	262	189
Other amortization	42	28
Changes in assets and liabilities:
Accounts receivable	1,483	396
Prepaid expenses and other assets	(398)	(187)
Accounts payable and accrued expenses	(193)	157
Other liabilities	(906)	(613)
Net cash provided by operating activities	8,306	14,770
Cash Flows from Investing Activities:
Timberland acquisitions	(979)	(12,504)
Capital expenditures (excluding timberland acquisitions)	(2,195)	(737)
Net cash used in investing activities	(3,174)	(13,241)
Cash Flows from Financing Activities:
Proceeds from note payable	0	13,000
Financing costs paid	(30)	(787)
Dividends paid to common stockholders	(5,183)	(4,811)
Repurchase of common shares under the share repurchase program	(1,036)	(2,507)
Repurchase of common shares for minimum tax withholdings	(252)	(140)
Net cash (used in) provided by financing activities	(6,501)	4,755
Net (decrease) increase in cash and cash equivalents	(1,369)	6,284
Cash and cash equivalents, beginning of period	9,108	8,025
Cash and cash equivalents, end of period	$ 7,739	$ 14,309

Organization

Organization	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization CatchMark Timber Trust Inc. ("CatchMark Timber Trust") ( NYSE : CTT) primarily engages in the ownership, management, acquisition, and disposition of timberlands located in the United States and has elected to be taxed as a REIT for federal income tax purposes. CatchMark Timber Trust was incorporated in Maryland in 2005 and commenced operations in 2007. CatchMark Timber Trust conducts substantially all of its business through CatchMark Timber Operating Partnership, L.P. (“ CatchMark Timber OP ”), a Delaware limited partnership. CatchMark Timber Trust is the general partner of CatchMark Timber OP , possesses full legal control and authority over its operations, and owns 99.99% of its common partnership units. CatchMark LP Holder, LLC (“ CatchMark LP Holder ”), a wholly owned subsidiary of CatchMark Timber Trust , is the sole limited partner of CatchMark Timber OP . In addition, CatchMark Timber TRS, Inc. (“CatchMark TRS”), a Delaware corporation, was formed as a wholly owned subsidiary of CatchMark Timber OP in 2006. Unless otherwise noted, references herein to CatchMark Timber Trust shall include CatchMark Timber Trust and all of its subsidiaries, including CatchMark Timber OP , and the subsidiaries of CatchMark Timber OP , including CatchMark TRS.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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 the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for these unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of results for a full year. CatchMark Timber Trust’s consolidated financial statements 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. All intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the audited financial statements and footnotes included in CatchMark Timber Trust ’s Annual Report on Form 10-K for the year ended December 31, 2016 . Reclassification Certain prior period amounts have been reclassified to conform with the current period's financial statement presentation. Share repurchases of common stock under the share repurchase program and share repurchases of common stock for minimum tax withholdings were presented together as repurchases of common shares in the consolidated statement of cash flows included in CatchMark Timber Trust's quarterly report on Form 10-Q for the quarter ended March 31, 2016. Recent Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, Classification of Cash Receipts and Payments ("ASU 2016-15"), which addresses the statement of cash flow classification requirements for several types of receipts and payments. ASU 2016-15 provides that, among other things, (i) debt prepayments and extinguishment costs should be classified as financing activities, (ii) insurance proceeds should be classified in accordance with the nature of the respective claims, and (iii) distributions from equity method investees should be classified based on the underlying nature of the investee activity according to specific guidelines. ASU 2016-15 is effective for CatchMark Timber Trust on January 1, 2018, with early adoption permitted. CatchMark Timber Trust has early adopted ASU No. 2016-15 as of January 1, 2017 and the adoption will not have a material impact on its consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update 2017-01, Clarifying the Definition of a Business , ("ASU 2017-01"), which provides a more narrow definition of a business to be used in determining the accounting treatment of an acquisition, and, as a result, certain acquisitions that previously may have qualified as business combinations will be treated as asset acquisitions. For asset acquisitions, acquisition costs may be capitalized and purchase price may be allocated on a relative fair value basis. ASU 2017-01 is effective prospectively for CatchMark Timber Trust on January 1, 2018, with early adoption permitted. CatchMark Timber Trust does not expect it to have a material impact on its consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (ASU “2017-05”). It defines an in-substance nonfinancial asset, unifies guidance related to partial sales of nonfinancial assets, eliminates rules specifically addressing the sales of real estate, removes exceptions to the financial asset derecognition model, and clarifies the accounting for contributions of nonfinancial assets to joint ventures. ASU 2017-05 is effective for fiscal years beginning after December 15, 2017 and will be applied under either a full retrospective approach or a modified retrospective approach. CatchMark Timber Trust is evaluating the impact that ASU 2017-05 will have on its consolidated financial statements and related disclosures.

Timber Assets

Timber Assets	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Timber Assets	Timber Assets As of March 31, 2017 and December 31, 2016 , timber and timberlands consisted of the following, respectively: As of March 31, 2017 (in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 296,795 $ 6,057 $ 290,738 Timberlands 393,064 — 393,064 Mainline roads 990 520 470 Timber and timberlands $ 690,849 $ 6,577 $ 684,272 As of December 31, 2016 (in thousands) 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 Timberland Acquisitions During the three months ended March 31, 2017 , CatchMark Timber Trust did not complete any timberland acquisitions, but paid $0.9 million in earnest money related to the acquisition made by a joint venture that closed on April 25, 2017 (see Note 8 – Subsequent Events for information regarding the joint venture). During the three months ended March 31, 2016 , CatchMark Timber Trust acquired fee-simple interests in approximately 8,700 acres of timberland for $12.2 million , exclusive of closing costs. Timberland Sales During the three months ended March 31, 2017 and 2016 , CatchMark Timber Trust sold approximately 2,800 and 5,000 acres of timberland for $5.4 million and $8.7 million , respectively. CatchMark Timber Trust 's cost basis in the timberland sold was $3.5 million and $7.3 million , respectively. Land sale acreage by state is listed below: Three Months Ended Acres Sold In: 2017 2016 Alabama 1,700 300 Georgia 700 4,100 Florida — 600 Louisiana 400 — Total 2,800 5,000 Timberland Portfolio As of March 31, 2017 , CatchMark Timber Trust owned interests in approximately 496,800 acres of timberlands in the U.S. South, of which 464,700 acres were held in fee-simple interests and 32,100 acres were held in leasehold interests. Land acreage by state is listed below: As of March 31, 2017 Acres Located In: Fee Lease Total Alabama 75,000 5,600 80,600 Florida 2,000 — 2,000 Georgia 252,900 26,500 279,400 Louisiana 20,900 — 20,900 North Carolina 1,600 — 1,600 South Carolina 76,400 — 76,400 Tennessee 300 — 300 Texas 35,600 — 35,600 Total: 464,700 32,100 496,800

Note Payable and Line of Credit

Note Payable and Line of Credit	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Note Payable and Line of Credit	Note Payable and Line of Credit 2014 Amended Credit Agreement CatchMark Timber Trust is party to a credit agreement, which was amended and restated as of May 13, 2016 ( the “2014 Amended Credit Agreement”) with CoBank, AgFirst, Rabobank, and certain other financial institutions, which provides for borrowings consisting of: • a $35.0 million revolving credit facility (the “2014 Revolving Credit Facility”); • a $365.0 million multi-draw term credit facility (the “2014 Multi-Draw Term Facility”); and • a $100.0 million term loan (the “2014 Term Loan Facility”, and together with the 2014 Revolving Credit Facility and the 2014 Multi-Draw Term Facility, the “2014 Amended Credit Facilities”). The 2014 Amended Credit Facilities may be increased, upon the agreement of lenders willing to increase their loans, by an additional $110.0 million . As of March 31, 2017 and December 31, 2016 , 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) March 31, 2017 December 31, 2016 2014 Term Loan Facility 12/23/2024 LIBOR + 1.75% 2.73% $ 100,000 $ 100,000 2014 Multi-Draw Term Facility 12/23/2021 LIBOR + 2.25% 3.22% 225,656 225,656 Total Principal Balance $ 325,656 $ 325,656 Less: Net Unamortized Deferred Financing Costs (1) (4,673 ) (4,905 ) Total $ 320,983 $ 320,751 (1) Represents costs incurred for borrowings under the 2014 Term Loan Facility and the 2014 Multi-Draw Term Facility only. (2) The applicable LIBOR margin on the 2014 Multi-Draw Term Facility ranges between 1.75% and 2.75% , depending on the LTV ratio. (3) Represents the weighted-average interest rate as of March 31, 2017 . The weighted-average interest rate excludes the impact of interest rate swaps (see Note 5 – Interest Rate Swaps ), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds. As of March 31, 2017 , $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. Patronage CatchMark Timber Trust is eligible to receive annual patronage refunds from its lenders (the "Patronage Banks") under a profit-sharing program made available to borrowers of the Farm Credit System. In March 2017 and 2016, CatchMark Timber Trust received patronage refunds of $2.1 million and $1.2 million , respectively, on its eligible borrowings under the 2014 Amended Credit Agreement. Of the total amount received, 75% was received in cash and 25% was received in equity in Patronage Banks. As of March 31, 2017 and December 31, 2016, CatchMark Timber Trust had approximately $0.8 million and $0.3 million , respectively, of equity in Patronage Banks included in prepaid expenses and other assets on the accompanying consolidated balance sheets. CatchMark Timber Trust has received a patronage refund on its eligible patronage loans for each year it has been party to the 2014 Amended Credit Agreement. Therefore, CatchMark Timber Trust accrues patronage refunds expected to be received in 2018 based on actual patronage refunds received as a percentage of its weighted-average debt balance. For the three months ended March 31, 2017 and 2016, CatchMark Timber Trust recorded $0.7 million and $0.4 million , respectively, in expected patronage refunds against interest expense on the consolidated statements of operations. As of March 31, 2017 and December 31, 2016, approximately $0.7 million and $2.3 million of patronage refunds were included in accounts receivable on the consolidated balance sheets. 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 a FCCR of not less than 1.05:1.00 ; and • 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 March 31, 2017 . CatchMark Timber Trust ’s obligations under the 2014 Amended Credit Agreement are collateralized by a first priority lien on the timberlands owned by CatchMark Timber Trust ’s subsidiaries and substantially all of CatchMark Timber Trust ’s subsidiaries’ other assets in which a security interest may lawfully be granted, including, without limitation, accounts, equipment, inventory, intellectual property, bank accounts and investment property. In addition, CatchMark Timber Trust 's obligations under the 2014 Amended Credit Agreement are jointly and severally guaranteed by CatchMark Timber Trust and all of its subsidiaries pursuant to the terms of the 2014 Amended Credit Agreement. CatchMark Timber Trust has also agreed to guarantee certain losses caused by certain willful acts of CatchMark Timber Trust or its subsidiaries. Interest Paid and Fair Value of Outstanding Debt CatchMark Timber Trust pays its lenders a commitment fee on the unused portion of the 2014 Multi-Draw Term Facility and 2014 Revolving Credit Facility, at an adjustable rate ranging from 0.20% to 0.35% , depending on the LTV ratio. During the three months ended March 31, 2017 and 2016 , CatchMark Timber Trust made interest payments of $2.5 million and $1.2 million , respectively, on its borrowings. Included in the interest payments for the three months ended March 31, 2017 and 2016 were unused commitment fees of $0.2 million and $0.2 million , respectively. As of March 31, 2017 and December 31, 2016 , the weighted-average interest rate on these borrowings, after consideration of interest rate swaps, was 3.48% and 3.09% , respectively. After further consideration of estimated patronage refunds, CatchMark Timber Trust 's weighted average interest rate as of March 31, 2017 and December 31, 2016 was 2.68% and 2.19% , respectively. As of March 31, 2017 , the fair value of CatchMark Timber Trust's outstanding debt approximated its book value. The fair value was estimated based on discounted cash flow analysis using the current market borrowing rates for similar types of borrowing arrangements as of the measurement dates.

Interest Rate Swap Agreement

Interest Rate Swap Agreement	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swap Agreement	Interest Rate Swaps CatchMark Timber Trust uses interest rate swaps to mitigate its exposure to changing interest rates on its variable rate debt instruments. During the first quarter of 2017, CatchMark Timber Trust entered into three separate interest rate swaps with Rabobank on $20.0 million of the 2014 Term Loan Facility and a total of $50.0 million of the 2014 Multi-Draw Term Facility (collectively, the "2017 Rabobank Swaps"). CatchMark Timber Trust had five interest rate swaps outstanding as of March 31, 2017 , with terms below: (in thousands) Hedged Debt Effective Date Maturity Date Pay Rate Receive Rate Notional Amount 2014 Term Loan Facility 12/23/2014 12/23/2024 2.395% one-month LIBOR $ 35,000 2014 Term Loan Facility 8/23/2016 12/23/2024 1.280% one-month LIBOR $ 45,000 2014 Term Loan Facility 3/23/2017 3/23/2024 2.330% one-month LIBOR $ 20,000 2014 Multi-Draw Term Facility 3/28/2017 3/28/2020 1.800% one-month LIBOR $ 30,000 2014 Multi-Draw Term Facility 3/28/2017 11/28/2021 2.045% one-month LIBOR $ 20,000 $ 150,000 As of March 31, 2017 , CatchMark Timber Trust’s interest rate swaps effectively fixed the interest rate on $150.0 million of its $325.7 million variable rate debt at 3.80% . All five interest rate swaps qualify for hedge accounting treatment. 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 March 31, 2017 and December 31, 2016 : (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification March 31, 2017 December 31, 2016 Derivatives designated as hedging instruments: Interest rate swaps Prepaid and other assets $ 2,768 $ 2,632 Interest rate swaps Other liabilities $ (1,300 ) $ (885 ) During the three months ended March 31, 2017 , CatchMark Timber Trust recognized a change in fair value of the interest rate swaps of approximately $0.3 million as other comprehensive loss. There was no hedge ineffectiveness on the interest rate swaps required to be recognized in current earnings. During the three months ended March 31, 2017 and 2016, net payments of approximately $0.2 million and $0.2 million were made under the interest rate swaps and recorded as interest expense, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Mahrt Timber Agreements CatchMark Timber Trust is party to a fiber supply agreement and a master stumpage agreement (collectively, the “Mahrt Timber Agreements”) with a wholly owned subsidiary of WestRock . The fiber supply agreement provides that WestRock will purchase specified tonnage of timber from CatchMark TRS at specified prices per ton, depending upon the type of timber. The fiber supply agreement is subject to quarterly market pricing adjustments based on an index published by Timber Mart-South, a quarterly trade publication that reports raw forest product prices in 11 southern states. The master stumpage agreement provides that CatchMark Timber Trust will sell specified amounts of timber and make available certain portions of its timberlands to CatchMark TRS for harvesting. The initial term of the Mahrt Timber Agreements is October 9, 2007 through December 31, 2032 , subject to extension and early termination provisions. The Mahrt Timber Agreements ensure a long-term source of supply of wood fiber products for WestRock in order to meet its paperboard and lumber production requirements at specified mills and provide CatchMark Timber Trust with a reliable customer for the wood products from its timberlands. Timberland Operating 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 418,300 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 timberland operating agreement, CatchMark Timber Trust pays FRC (i) a monthly management fee based on the actual acreage FRC manages, which is payable monthly in advance, and (ii) an incentive fee based on timber harvest revenues generated by the timberlands, which is payable quarterly in arrears. The FRC Timberland Operating Agreement, as amended, is effective through March 31, 2018, 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. Litigation From time to time, CatchMark Timber Trust may be a party to legal proceedings, claims, and administrative proceedings that arise in the ordinary course of its business. Management makes assumptions and estimates concerning the likelihood and amount of any reasonably possible loss relating to these matters using the latest information available. CatchMark Timber Trust records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, CatchMark Timber Trust accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, CatchMark Timber Trust accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, CatchMark Timber Trust discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, CatchMark Timber Trust discloses the nature and estimate of the possible loss of the litigation. CatchMark Timber Trust does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote. CatchMark Timber Trust is not currently involved in any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on the results of operations, financial condition, or cash flows of CatchMark Timber Trust . CatchMark Timber Trust is not aware of any such legal proceedings contemplated by governmental authorities.

Share Repurchase Program and St

Share Repurchase Program and Stock-based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	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 three months ended March 31, 2017, CatchMark Timber Trust repurchased 97,469 shares of common stock for approximately $1.0 million . All common stock repurchases through the quarter ended March 31, 2017 under the stock repurchase program were made in open-market transactions. As of March 31, 2017, CatchMark Timber Trust had 38.8 million shares of common stock outstanding and may purchase up to an additional $19.8 million under the program. Stock-based Compensation During the three months ended March 31, 2017, CatchMark Timber Trust issued 75,651 shares of service-based restricted stock grants to its non-executive employees, vesting over a four -year period. The fair value of service-based restricted stock grants is determined by the closing price of CatchMark Timber Trust's common stock on the grant date. A rollforward of CatchMark Timber Trust's unvested, service-based restricted stock awards to employees for the three months ended March 31, 2017 is as follows: Number of Underlying Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2016 255,098 $ 11.56 Granted 75,651 $ 10.81 Vested (65,506 ) $ 11.47 Forfeited — $ — Unvested at March 31, 2017 265,243 $ 11.38 CatchMark Timber Trust did not issue stock grants to its executive officers during the first quarter of 2017. A summary of CatchMark Timber Trust 's stock-based compensation expense for the three months ended March 31, 2017 and 2016 is presented below: Three Months Ended (in thousands) 2017 2016 General and administrative expenses $ 326 $ 231 Forestry management expenses 94 45 Total $ 420 $ 276 As of March 31, 2017 , approximately $3.6 million of unrecognized compensation expenses related to non-vested restricted stock and RSU's remained and will be recognized over a weighted-average period of 2.6 years .

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events Joint Venture and Dawsonville Acquisition On April 20, 2017, CatchMark Timber Trust formed a joint venture (“Dawsonville Bluffs”) with the Missouri Department of Transportation & Patrol Retirement System (“MPERS”). On April 25, 2017, Dawsonville Bluffs acquired 11,031 acres of timberlands in North Georgia for $20.0 million , exclusive of transaction costs (the “Dawsonville Timberlands”). The Dawsonville Timberlands contain an average of 51 tons of merchantable timber per acre with 75% pine and 41% sawtimber. CatchMark will manage the Dawsonville Timberlands on behalf of Dawsonville Bluffs. CatchMark Timber Trust funded its 50% ownership interest in Dawsonville Bluffs from the 2014 Multi-Draw Term Facility. Dividend Declaration On May 3, 2017, CatchMark Timber Trust declared a cash dividend of $0.135 per share for its common stockholders of record on May 31, 2017, payable on June 16, 2017.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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 the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for these unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of results for a full year. CatchMark Timber Trust’s consolidated financial statements 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. All intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the audited financial statements and footnotes included in CatchMark Timber Trust ’s Annual Report on Form 10-K for the year ended December 31, 2016 .
Reclassifications [Text Block]	Reclassification Certain prior period amounts have been reclassified to conform with the current period's financial statement presentation. Share repurchases of common stock under the share repurchase program and share repurchases of common stock for minimum tax withholdings were presented together as repurchases of common shares in the consolidated statement of cash flows included in CatchMark Timber Trust's quarterly report on Form 10-Q for the quarter ended March 31, 2016.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, Classification of Cash Receipts and Payments ("ASU 2016-15"), which addresses the statement of cash flow classification requirements for several types of receipts and payments. ASU 2016-15 provides that, among other things, (i) debt prepayments and extinguishment costs should be classified as financing activities, (ii) insurance proceeds should be classified in accordance with the nature of the respective claims, and (iii) distributions from equity method investees should be classified based on the underlying nature of the investee activity according to specific guidelines. ASU 2016-15 is effective for CatchMark Timber Trust on January 1, 2018, with early adoption permitted. CatchMark Timber Trust has early adopted ASU No. 2016-15 as of January 1, 2017 and the adoption will not have a material impact on its consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update 2017-01, Clarifying the Definition of a Business , ("ASU 2017-01"), which provides a more narrow definition of a business to be used in determining the accounting treatment of an acquisition, and, as a result, certain acquisitions that previously may have qualified as business combinations will be treated as asset acquisitions. For asset acquisitions, acquisition costs may be capitalized and purchase price may be allocated on a relative fair value basis. ASU 2017-01 is effective prospectively for CatchMark Timber Trust on January 1, 2018, with early adoption permitted. CatchMark Timber Trust does not expect it to have a material impact on its consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (ASU “2017-05”). It defines an in-substance nonfinancial asset, unifies guidance related to partial sales of nonfinancial assets, eliminates rules specifically addressing the sales of real estate, removes exceptions to the financial asset derecognition model, and clarifies the accounting for contributions of nonfinancial assets to joint ventures. ASU 2017-05 is effective for fiscal years beginning after December 15, 2017 and will be applied under either a full retrospective approach or a modified retrospective approach. CatchMark Timber Trust is evaluating the impact that ASU 2017-05 will have on its consolidated financial statements and related disclosures.

Timber Assets (Tables)

Timber Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Schedule of timber and timberland	As of March 31, 2017 and December 31, 2016 , timber and timberlands consisted of the following, respectively: As of March 31, 2017 (in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 296,795 $ 6,057 $ 290,738 Timberlands 393,064 — 393,064 Mainline roads 990 520 470 Timber and timberlands $ 690,849 $ 6,577 $ 684,272 As of December 31, 2016 (in thousands) 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 Land acreage by state is listed below: As of March 31, 2017 Acres Located In: Fee Lease Total Alabama 75,000 5,600 80,600 Florida 2,000 — 2,000 Georgia 252,900 26,500 279,400 Louisiana 20,900 — 20,900 North Carolina 1,600 — 1,600 South Carolina 76,400 — 76,400 Tennessee 300 — 300 Texas 35,600 — 35,600 Total: 464,700 32,100 496,800
Schedule of real estate properties disposition by geography	Land sale acreage by state is listed below: Three Months Ended Acres Sold In: 2017 2016 Alabama 1,700 300 Georgia 700 4,100 Florida — 600 Louisiana 400 — Total 2,800 5,000

Note Payable and Line of Cred19

Note Payable and Line of Credit (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	As of March 31, 2017 and December 31, 2016 , 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) March 31, 2017 December 31, 2016 2014 Term Loan Facility 12/23/2024 LIBOR + 1.75% 2.73% $ 100,000 $ 100,000 2014 Multi-Draw Term Facility 12/23/2021 LIBOR + 2.25% 3.22% 225,656 225,656 Total Principal Balance $ 325,656 $ 325,656 Less: Net Unamortized Deferred Financing Costs (1) (4,673 ) (4,905 ) Total $ 320,983 $ 320,751 (1) Represents costs incurred for borrowings under the 2014 Term Loan Facility and the 2014 Multi-Draw Term Facility only. (2) The applicable LIBOR margin on the 2014 Multi-Draw Term Facility ranges between 1.75% and 2.75% , depending on the LTV ratio. (3) Represents the weighted-average interest rate as of March 31, 2017 . The weighted-average interest rate excludes the impact of interest rate swaps (see Note 5 – Interest Rate Swaps ), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds.

(Tables)

(Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swaps measured at fair value	The following table presents information about CatchMark Timber Trust 's interest rate swaps measured at fair value as of March 31, 2017 and December 31, 2016 : (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification March 31, 2017 December 31, 2016 Derivatives designated as hedging instruments: Interest rate swaps Prepaid and other assets $ 2,768 $ 2,632 Interest rate swaps Other liabilities $ (1,300 ) $ (885 ) CatchMark Timber Trust had five interest rate swaps outstanding as of March 31, 2017 , with terms below: (in thousands) Hedged Debt Effective Date Maturity Date Pay Rate Receive Rate Notional Amount 2014 Term Loan Facility 12/23/2014 12/23/2024 2.395% one-month LIBOR $ 35,000 2014 Term Loan Facility 8/23/2016 12/23/2024 1.280% one-month LIBOR $ 45,000 2014 Term Loan Facility 3/23/2017 3/23/2024 2.330% one-month LIBOR $ 20,000 2014 Multi-Draw Term Facility 3/28/2017 3/28/2020 1.800% one-month LIBOR $ 30,000 2014 Multi-Draw Term Facility 3/28/2017 11/28/2021 2.045% one-month LIBOR $ 20,000 $ 150,000

Share Repurchase Program and 21

Share Repurchase Program and Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Nonvested Restricted Stock Shares Activity	A rollforward of CatchMark Timber Trust's unvested, service-based restricted stock awards to employees for the three months ended March 31, 2017 is as follows: Number of Underlying Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2016 255,098 $ 11.56 Granted 75,651 $ 10.81 Vested (65,506 ) $ 11.47 Forfeited — $ — Unvested at March 31, 2017 265,243 $ 11.38
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	A summary of CatchMark Timber Trust 's stock-based compensation expense for the three months ended March 31, 2017 and 2016 is presented below: Three Months Ended (in thousands) 2017 2016 General and administrative expenses $ 326 $ 231 Forestry management expenses 94 45 Total $ 420 $ 276 A summary of CatchMark Timber Trust 's stock-based compensation expense for the three months ended March 31, 2017 and 2016 is presented below: Three Months Ended (in thousands) 2017 2016 General and administrative expenses $ 326 $ 231 Forestry management expenses 94 45 Total $ 420 $ 276

Organization (Details)

Organization (Details)	3 Months Ended
	Mar. 31, 2017
General Partner
Class of Stock [Line Items]
Percentage of general partnership interest owned by the company in the Operating Partnership common units	99.99%

Timber Assets - Schedule of Tim

Timber Assets - Schedule of Timber and Timberlands (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Timber and timberlands, gross	$ 690,849	$ 721,079
Timber and timberlands, accumulated depletion or amortization	6,577	29,392
Timber and timberlands, net	684,272	691,687
Timber Properties
Property, Plant and Equipment [Line Items]
Timber and timberlands, gross	296,795	324,796
Timber and timberlands, accumulated depletion or amortization	6,057	28,897
Timber and timberlands, net	290,738	295,899
Timberlands
Property, Plant and Equipment [Line Items]
Timber and timberlands, gross	393,064	395,348
Timber and timberlands, accumulated depletion or amortization	0	0
Timber and timberlands, net	393,064	395,348
Mainline roads
Property, Plant and Equipment [Line Items]
Timber and timberlands, gross	990	935
Timber and timberlands, accumulated depletion or amortization	520	495
Timber and timberlands, net	$ 470	$ 440

Timber Assets - Timberland Acqu

Timber Assets - Timberland Acquisitions (Details) - Timber Properties $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)a
Property, Plant and Equipment [Line Items]
Earnest money deposit	$ 900
Area of land acquired | a		8,700
Payments to acquire timberland		$ 12,200

Timber Assets - Timberland Disp

Timber Assets - Timberland Disposition (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)a	Mar. 31, 2016USD ($)a
Property, Plant and Equipment [Line Items]
Timberland, acres sold	2,800	5,000
Timberland sales | $	$ 5,450	$ 8,666
Basis of timberland sold | $	$ 3,507	$ 7,327
Alabama | Timber Properties
Property, Plant and Equipment [Line Items]
Timberland, acres sold	1,700	300
Georgia | Timber Properties
Property, Plant and Equipment [Line Items]
Timberland, acres sold	700	4,100
Florida | Timber Properties
Property, Plant and Equipment [Line Items]
Timberland, acres sold	0	600
Louisiana | Timber Properties
Property, Plant and Equipment [Line Items]
Timberland, acres sold	400	0

Timber Assets - Schedule of T26

Timber Assets - Schedule of Timberland Portfolio (Details) - Timber Properties	Mar. 31, 2017a
Property, Plant and Equipment [Line Items]
Fee	464,700
Lease	32,100
Total	496,800
Alabama
Property, Plant and Equipment [Line Items]
Fee	75,000
Lease	5,600
Total	80,600
Florida
Property, Plant and Equipment [Line Items]
Fee	2,000
Lease	0
Total	2,000
Georgia
Property, Plant and Equipment [Line Items]
Fee	252,900
Lease	26,500
Total	279,400
Louisiana
Property, Plant and Equipment [Line Items]
Fee	20,900
Lease	0
Total	20,900
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 Cred27

Note Payable and Line of Credit - Narrative (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016	Dec. 23, 2014	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 11, 2015
Debt Instrument [Line Items]
Maximum additional borrowings allowed under line of credit				$ 110,000,000
Proceeds from note payable				0	$ 13,000,000
Interest paid				$ 2,500,000	1,200,000
Debt, Weighted Average Interest Rate	3.48%			3.48%		3.09%
Weighted average interest rate after patronage refunds	2.68%			2.68%		2.19%
2014 Multi-Draw and 2014 Revolving Credit Facility
Debt Instrument [Line Items]
Unused borrowing capacity fee				$ 200,000	200,000
2014 Amended Credit Agreement
Debt Instrument [Line Items]
Remaining borrowing capacity	$ 174,300,000			174,300,000
Patronage Refunds	$ 2,100,000	$ 1,200,000
Covenant, minimum fixed charge coverage ratio			1.05
Patronage Refund Percentage, Cash	75.00%
Patronage Refund Percentage, Equity in Patronage Banks	25.00%
2014 Amended Credit Agreement | 2014 Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 35,000,000
Remaining borrowing capacity	$ 35,000,000			35,000,000
2014 Amended Credit Agreement | 2014 Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			100,000,000
2014 Amended Credit Agreement | 2014 Multi-Draw Term Facility
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 365,000,000
Remaining borrowing capacity	139,300,000			$ 139,300,000
Minimum | 2014 Amended Credit Agreement
Debt Instrument [Line Items]
Minimum liquidity balance required			$ 20,000,000
Minimum | 2014 Amended Credit Agreement | 2014 Multi-Draw and 2014 Revolving Credit Facility
Debt Instrument [Line Items]
Unused commitment fee percentage (in percent)				0.20%
Maximum | 2014 Amended Credit Agreement
Debt Instrument [Line Items]
Covenant terms, loan to value ratio (in percent)			45.00%
Maximum | 2014 Amended Credit Agreement | 2014 Multi-Draw and 2014 Revolving Credit Facility
Debt Instrument [Line Items]
Unused commitment fee percentage (in percent)				0.35%
Interest Expense [Member] | 2014 Amended Credit Agreement
Debt Instrument [Line Items]
Patronage Accrued				$ 700,000	$ 400,000
Prepaid Expenses and Other Current Assets [Member] | 2014 Amended Credit Agreement
Debt Instrument [Line Items]
Equity in Patronage Banks	$ 800,000			800,000		$ 300,000
Accounts Receivable [Member] | 2014 Amended Credit Agreement
Debt Instrument [Line Items]
Patronage Accrued				$ 700,000		$ 2,300,000

Note Payable and Line of Cred28

Note Payable and Line of Credit - Schedule of Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate		3.48%	3.09%
Long-term Debt, Gross		$ 325,656	$ 325,656
Less: net unamortized deferred financing costs	[1]	(4,673)	(4,905)
Long-term Debt		$ 320,983	320,751
2014 Multi-Draw Term Facility
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Dec. 23, 2021
Debt, Weighted Average Interest Rate	[2]	3.22%
Long-term Debt, Gross		$ 225,656	225,656
2014 Term Loan Facility
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Dec. 23, 2024
Debt, Weighted Average Interest Rate	[2]	2.73%
Long-term Debt, Gross		$ 100,000	$ 100,000
LIBOR | 2014 Amended Credit Agreement | 2014 Multi-Draw Term Facility
Debt Instrument [Line Items]
LIBOR	[3]	LIBOR
Basis spread on variable rate (in percent)	[3]	2.25%
LIBOR | 2014 Amended Credit Agreement | 2014 Term Loan Facility
Debt Instrument [Line Items]
LIBOR	[3]	LIBOR
Basis spread on variable rate (in percent)	[3]	1.75%
Minimum | LIBOR | 2014 Amended Credit Agreement | 2014 Multi-Draw and 2014 Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	[3]	1.75%
Maximum | LIBOR | 2014 Amended Credit Agreement | 2014 Multi-Draw and 2014 Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	[3]	2.75%
[1]	Represents costs incurred for borrowings under the 2014 Term Loan Facility and the 2014 Multi-Draw Term Facility only.
[2]	Represents the weighted-average interest rate as of March 31, 2017. The weighted-average interest rate excludes the impact of interest rate swaps (see Note 5 – Interest Rate Swaps), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds.
[3]	The applicable LIBOR margin on the 2014 Multi-Draw Term Facility ranges between 1.75% and 2.75%, depending on the LTV ratio.

Interest Rate Swaps Narrative (

Interest Rate Swaps Narrative (Details)	3 Months Ended
	Mar. 31, 2017USD ($)derivativeUnit	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Derivative [Line Items]
Long-term debt, gross	$ 325,656,000		$ 325,656,000
Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	$ 150,000,000
Number of interest rate derivatives held | Unit	5
Derivative, fixed interest rate	3.80%
Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Number of interest rate derivatives added | derivative	3
Interest Rate Swap 3 | LIBOR | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	$ 20,000,000
Derivative, fixed interest rate	2.33%
Interest Rate Swap 4 and Interest Rate Swap 5 | LIBOR | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	$ 50,000,000
Rabobank | Forward Contracts | Designated as Hedging Instrument
Derivative [Line Items]
Amount of ineffectiveness on forward swap	0
Payments for interest rate swap	200,000	$ 200,000
Rabobank | Forward Contracts | One-Month LIBOR | Designated as Hedging Instrument
Derivative [Line Items]
Other comprehensive loss recognized due to change in fair value	$ (279,000)

Interest Rate Swaps Outstanding

Interest Rate Swaps Outstanding (Details) - Designated as Hedging Instrument $ in Thousands	Mar. 31, 2017USD ($)
Derivative [Line Items]
Pay Rate	3.80%
Notional Amount	$ 150,000
LIBOR | Interest Rate Swap 5
Derivative [Line Items]
Pay Rate	2.045%
Notional Amount	$ 20,000
LIBOR | Interest Rate Swap 4
Derivative [Line Items]
Pay Rate	1.80%
Notional Amount	$ 30,000
LIBOR | Interest Rate Swap 3
Derivative [Line Items]
Pay Rate	2.33%
Notional Amount	$ 20,000
LIBOR | Interest Rate Swap 2
Derivative [Line Items]
Pay Rate	1.28%
Notional Amount	$ 45,000
LIBOR | Interest Rate Swap 1
Derivative [Line Items]
Pay Rate	2.395%
Notional Amount	$ 35,000

Interest Rate Swaps and Fair Va

Interest Rate Swaps and Fair Value (Details) - Fair Value, Inputs, Level 2 - Interest Rate Swap - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value interest rate derivative	$ (1,300)	$ (885)
Prepaid Expenses and Other Current Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value interest rate derivative	$ 2,768	$ 2,632

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended
	Mar. 31, 2017astates
Commitments and Contingencies [Line Items]
Number of states reporting raw forest product prices | states	11
Forest Resource Consultants, Inc.
Commitments and Contingencies [Line Items]
Acres under operating agreement	418,300
Operating agreement, term of extension option	1 year
Days Notice Required Before Automatic Renewal	120 days
Operating agreement, notice of termination option	120 days
American Forestry Management, Inc. [Member]
Commitments and Contingencies [Line Items]
Acres under operating agreement	78,500
Operating agreement, term of extension option	1 year
Days Notice Required Before Automatic Renewal	120 days
Operating agreement, notice of termination option	120 days

Share Repurchase Program and 33

Share Repurchase Program and Stock-based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Authorized Amount	$ 30,000
Stock Repurchased and Retired During Period, Shares	97,469
Stock Repurchased and Retired During Period, Value	$ 1,036	$ 2,507
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 19,800
Common stock, shares outstanding	38,753,000
Compensation cost not yet recognized	$ 3,600
Compensation cost not yet recognized, period of recognition	2 years 7 months 1 day
Restricted Stock | Non-executive employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	75,651
Award vesting period	4 years
Restricted Stock | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	75,651

Share Repurchase Program and 34

Share Repurchase Program and Stock-based Compensation - Rollforward of Unvested Restricted Stock Award Activity (Details) - Restricted Stock - Employee	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Number of Underlying Shares [Roll Forward]
Unvested at December 31, 2016 | shares	255,098
Granted | shares	75,651
Vested | shares	(65,506)
Forfeited | shares	0
Unvested at March 31, 2017 | shares	265,243
Weighted Average Grant Date Fair Value [Abstract]
Unvested at December 31, 2016 | $ / shares	$ 11.56
Granted | $ / shares	10.81
Vested | $ / shares	11.47
Forfeited | $ / shares	0
Unvested at March 31, 2017 | $ / shares	$ 11.38

Share Repurchase Program and 35

Share Repurchase Program and Stock-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 420	$ 276
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	326	231
Forestry management expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 94	$ 45

Subsequent Event (Details)

Subsequent Event (Details) $ / shares in Units, $ in Thousands	May 03, 2017$ / shares	Apr. 25, 2017USD ($)aT	Mar. 31, 2017USD ($)$ / shares	Mar. 31, 2016USD ($)$ / shares	Apr. 20, 2017
Subsequent Event [Line Items]
Payments to acquire timberland | $			$ 979	$ 12,504
Cash dividends declared per common share | $ / shares			$ 0.135	$ 0.125
Subsequent Event | Common Stock
Subsequent Event [Line Items]
Cash dividends declared per common share | $ / shares	$ 0.135
Subsequent Event | Dawsonville Bluffs
Subsequent Event [Line Items]
Equity method investment, ownership percentage					50.00%
Subsequent Event | Dawsonville Bluffs
Subsequent Event [Line Items]
Area of land | a		11,031
Payments to acquire timberland | $		$ 20,000
Tons of merchantable timber per acre | T		51
Timberland, percentage of pine		75.00%
Timberland, percentage of sawtimber		41.00%