Document and Entity Information
| Document and Entity Information - shares | 6 Months Ended | |
| Jun. 30, 2017 | Jul. 31, 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 | Jun. 30, 2017 | |
| Document Fiscal Year Focus | 2,017 | |
| Document Fiscal Period Focus | Q2 | |
| Amendment Flag | false | |
| Entity Common Stock, Shares Outstanding (in shares) | 38,823,380 |
Consolidated Balance Sheets
| Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
| Assets: | ||
| Cash and cash equivalents | $ 17,173 | $ 9,108 |
| Accounts receivable | 4,034 | 3,882 |
| Prepaid expenses and other assets | 5,322 | 4,815 |
| Deferred financing costs, net | 259 | 313 |
| Timber assets (Note 3): | ||
| Timber and timberlands, net | 671,842 | 691,687 |
| Intangible lease assets, less accumulated amortization of $940 and $938 as of June 30, 2017 and December 31, 2016, respectively | 17 | 19 |
| Investment in unconsolidated joint venture (Note 4) | 10,412 | 0 |
| Total assets | 709,059 | 709,824 |
| Liabilities: | ||
| Accounts payable and accrued expenses | 5,454 | 4,393 |
| Other liabilities | 5,761 | 3,610 |
| Note payable and line of credit, less net deferred financing costs (Note 5) | 332,164 | 320,751 |
| Total liabilities | 343,379 | 328,754 |
| Commitments and Contingencies (Note 7) | 0 | 0 |
| Stockholders’ Equity: | ||
| Common stock, $0.01 par value; 900,000 shares authorized; 38,823 and 38,797 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively | 388 | 388 |
| Additional paid-in capital | 605,719 | 605,728 |
| Accumulated deficit and distributions | (241,602) | (226,793) |
| Accumulated other comprehensive income | 1,175 | 1,747 |
| Total stockholders’ equity | 365,680 | 381,070 |
| Total liabilities and stockholders’ equity | $ 709,059 | $ 709,824 |
Consolidated Balance Sheets (Pa
| Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
| Statement of Financial Position [Abstract] | ||
| Intangible lease assets, accumulated amortization | $ 940 | $ 938 |
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 900,000,000 | 900,000,000 |
| Common stock, shares issued (in shares) | 38,823,000 | 38,797,000 |
| Common stock, shares outstanding (in shares) | 38,823,000 | 38,797,000 |
Consolidated Statements of Oper
| Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
| Revenues: | ||||
| Timber sales | $ 17,387 | $ 14,184 | $ 33,879 | $ 31,685 |
| Timberland sales | 7,953 | 843 | 13,403 | 9,509 |
| Other revenues | 1,496 | 939 | 2,679 | 1,953 |
| Total revenues | 26,836 | 15,966 | 49,961 | 43,147 |
| Expenses: | ||||
| Contract logging and hauling costs | 7,560 | 5,694 | 14,981 | 12,117 |
| Depletion | 7,208 | 5,980 | 13,265 | 13,764 |
| Cost of timberland sales | 5,944 | 692 | 9,816 | 8,391 |
| Forestry management expenses | 1,724 | 1,372 | 3,137 | 2,724 |
| General and administrative expenses | 2,742 | 2,331 | 5,220 | 4,378 |
| Land rent expense | 156 | 121 | 306 | 292 |
| Other operating expenses | 1,141 | 1,021 | 2,308 | 2,056 |
| Operating costs and expenses | 26,475 | 17,211 | 49,033 | 43,722 |
| Operating income (loss) | 361 | (1,245) | 928 | (575) |
| Other income (expense): | ||||
| Interest income | 26 | 12 | 37 | 23 |
| Interest expense | (2,726) | (1,412) | (5,283) | (2,680) |
| Total other income (expense) | (2,700) | (1,400) | (5,246) | (2,657) |
| Net loss before unconsolidated joint venture | (2,339) | (2,645) | (4,318) | (3,232) |
| Loss from unconsolidated joint venture | (127) | 0 | (127) | 0 |
| Net loss | $ (2,466) | $ (2,645) | $ (4,445) | $ (3,232) |
| Weighted-average common shares outstanding - basic and diluted (in shares) | 38,804 | 38,802 | 38,787 | 38,840 |
| Net loss per share - basic and diluted (in dollars per shares) | $ (0.06) | $ (0.07) | $ (0.11) | $ (0.08) |
Consolidated Statements of Comp
| Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
| Statement of Comprehensive Income [Abstract] | ||||
| Net loss | $ (2,466) | $ (2,645) | $ (4,445) | $ (3,232) |
| Other comprehensive loss: | ||||
| Market value adjustment to interest rate swaps | (294) | (869) | (572) | (2,190) |
| Comprehensive loss | $ (2,760) | $ (3,514) | $ (5,017) | $ (5,422) |
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) |
| Balance, beginning of period (in shares) at Dec. 31, 2015 | 38,975,000 | ||||
| Balance, beginning of period at Dec. 31, 2015 | $ 411,038 | $ 390 | $ 607,409 | $ (195,341) | $ (1,420) |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
| Long-term incentive plan, net of forfeitures and amounts withheld for income taxes (in shares) | 130,000 | ||||
| Long-term incentive plan, net of forfeitures and amounts withheld for income taxes | 716 | $ 1 | 715 | ||
| Dividends to common stockholders | $ (9,999) | (9,999) | |||
| Repurchases of common shares (in shares) | (273,541) | (274,000) | |||
| Repurchases of common shares | $ (2,840) | $ (3) | (2,837) | ||
| Net loss | (3,232) | (3,232) | |||
| Other comprehensive loss | (2,190) | (2,190) | |||
| Balance, end of period (in shares) at Jun. 30, 2016 | 38,831,000 | ||||
| Balance, end of period at Jun. 30, 2016 | $ 393,493 | $ 388 | 605,287 | (208,572) | (3,610) |
| Balance, beginning of period (in shares) at Dec. 31, 2016 | 38,797,000 | 38,797,000 | |||
| Balance, beginning of period at Dec. 31, 2016 | $ 381,070 | $ 388 | 605,728 | (226,793) | 1,747 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
| Long-term incentive plan, net of forfeitures and amounts withheld for income taxes (in shares) | 123,000 | ||||
| Long-term incentive plan, net of forfeitures and amounts withheld for income taxes | 1,027 | $ 1 | 1,026 | ||
| Dividends to common stockholders | $ (10,364) | (10,364) | |||
| Repurchases of common shares (in shares) | (97,469) | (97,000) | |||
| Repurchases of common shares | $ (1,036) | $ (1) | (1,035) | ||
| Net loss | (4,445) | (4,445) | |||
| Other comprehensive loss | $ (572) | (572) | |||
| Balance, end of period (in shares) at Jun. 30, 2017 | 38,823,000 | 38,823,000 | |||
| Balance, end of period at Jun. 30, 2017 | $ 365,680 | $ 388 | $ 605,719 | $ (241,602) | $ 1,175 |
Consolidated Statements of Sto7
| Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | |
| Jun. 30, 2017 | Jun. 30, 2016 | |
| Statement of Stockholders' Equity [Abstract] | ||
| Dividends to common stockholders, per share (in dollars per share) | $ 0.27 | $ 0.26 |
Consolidated Statements of Cash
| Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
| Jun. 30, 2017 | Jun. 30, 2016 | |
| Cash Flows from Operating Activities: | ||
| Net loss | $ (4,445) | $ (3,232) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depletion | 13,265 | 13,764 |
| Basis of timberland sold | 9,381 | 7,928 |
| Stock-based compensation expense | 1,338 | 915 |
| Noncash interest expense | 569 | 447 |
| Other amortization | 84 | 62 |
| Loss from unconsolidated joint venture | 127 | 0 |
| Changes in assets and liabilities: | ||
| Accounts receivable | (668) | (135) |
| Prepaid expenses and other assets | (69) | (182) |
| Accounts payable and accrued expenses | 1,109 | 1,108 |
| Other liabilities | 1,580 | 1,429 |
| Net cash provided by operating activities | 22,271 | 22,104 |
| Cash Flows from Investing Activities: | ||
| Timberland acquisitions | (11) | (113,974) |
| Capital expenditures (excluding timberland acquisitions) | (2,862) | (1,430) |
| Investment in unconsolidated joint venture | (10,539) | 0 |
| Net cash used in investing activities | (13,412) | (115,404) |
| Cash Flows from Financing Activities: | ||
| Proceeds from note payable | 11,000 | 116,000 |
| Repayments of note payable | 0 | (440) |
| Financing costs paid | (83) | (1,628) |
| Dividends paid to common stockholders | (10,364) | (9,999) |
| Repurchase of common shares under the share repurchase program | (1,036) | (2,840) |
| Repurchase of common shares for minimum tax withholdings | (311) | (198) |
| Net cash (used in) provided by financing activities | (794) | 100,895 |
| Net increase in cash and cash equivalents | 8,065 | 7,595 |
| Cash and cash equivalents, beginning of period | 9,108 | 8,025 |
| Cash and cash equivalents, end of period | $ 17,173 | $ 15,620 |
Organization
| Organization | 6 Months Ended |
| Jun. 30, 2017 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization | Organization CatchMark Timber Trust Inc. ("CatchMark Timber Trust") ( NYSE : CTT) owns and operates timberlands located in the United States and has elected to be taxed as a REIT for federal income tax purposes. CatchMark Timber Trust acquires, owns, operates, manages, and disposes of timberland directly, through wholly-owned subsidiaries, or through joint ventures. 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 | 6 Months Ended |
| Jun. 30, 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 . Investment in Joint Venture For joint ventures that it does not control, but exercises significant influence, CatchMark Timber Trust uses the equity method of accounting. CatchMark Timber Trust's judgment about its level of influence or control of an entity involves consideration of various factors including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace CatchMark Timber Trust as manager, and/or to liquidate the venture. Under the equity method, the investment in a joint venture is recorded at cost and adjusted for equity in earnings and cash contributions and distributions. Income or loss and cash distributions from an unconsolidated joint venture are allocated according to the provisions of the respective joint venture agreement, which may be different from its stated ownership percentage. Any difference between the carrying amount of these investments on CatchMark Timber Trust’s balance sheets and the underlying equity in net assets on the joint venture’s balance sheets is adjusted as the related underlying assets are depreciated, amortized, or sold. CatchMark Timber Trust evaluates the recoverability of its investment in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, CatchMark Timber Trust estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management assesses whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) CatchMark Timber Trust’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," CatchMark Timber Trust reduces the investment to its estimated fair value. 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 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 June 30, 2016. 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 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 did 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”). ASU 2017-05 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. It will require the gain from the transfer of nonfinancial assets and any non-controlling interest received from the transfer to be measured at fair value. ASU 2017-05 is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. CatchMark Timber Trust has early adopted ASU 2017-05 and the adoption did not have a material impact on its consolidated financial statements and related disclosures. |
Timber Assets
| Timber Assets | 6 Months Ended |
| Jun. 30, 2017 | |
| Real Estate [Abstract] | |
| Timber Assets | Timber Assets As of June 30, 2017 and December 31, 2016 , timber and timberlands consisted of the following, respectively: As of June 30, 2017 (in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 295,261 $ 13,265 $ 281,996 Timberlands 389,373 — 389,373 Mainline roads 1,019 546 473 Timber and timberlands $ 685,653 $ 13,811 $ 671,842 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 six months ended June 30, 2017 , CatchMark Timber Trust did no t complete any timberland acquisitions. During the six months ended June 30, 2016 , CatchMark Timber Trust acquired fee-simple interests in approximately 60,400 acres of timberland for $112.9 million , exclusive of closing costs. Timberland Sales During the three months ended June 30, 2017 and 2016 , CatchMark Timber Trust sold approximately 4,000 and 500 acres of timberland for $8.0 million and $0.8 million , respectively. CatchMark Timber Trust 's cost basis in the timberland sold was $5.9 million and $0.6 million , respectively. During the six months ended June 30, 2017 and 2016 , CatchMark Timber Trust sold approximately 6,800 and 5,500 acres of timberland for $13.4 million and $9.5 million , respectively. CatchMark Timber Trust 's cost basis in the timberland sold was $9.4 million and $7.9 million , respectively. Land sale acreage by state is listed below: Six Months Ended Acres Sold In: 2017 2016 Alabama 1,700 500 Georgia 4,700 4,400 Florida — 600 Louisiana 400 — Total 6,800 5,500 Timberland Portfolio As of June 30, 2017 , CatchMark Timber Trust wholly owned interests in approximately 491,600 acres of timberlands in the U.S. South, of which 460,700 acres were held in fee-simple interests and 30,900 acres were held in leasehold interests. Wholly-owned land acreage by state is listed below: As of June 30, 2017 Acres Located In: Fee Lease Total Alabama 75,000 5,600 80,600 Florida 2,000 — 2,000 Georgia 248,900 25,300 274,200 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: 460,700 30,900 491,600 |
Unconsolidated Joint Venture
| Unconsolidated Joint Venture | 6 Months Ended |
| Jun. 30, 2017 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| Unconsolidated Joint Venture | Unconsolidated Joint Venture On April 25, 2017, CatchMark Timber Trust entered into a joint venture (the “Dawsonville Bluffs Joint Venture”) that acquired a portfolio of 11,000 acres of commercial timberlands located in North Georgia (the “Dawsonville Portfolio) for an aggregate purchase price of $20.0 million , exclusive of transaction costs. CatchMark Timber Trust owns a 50% membership interest in the Dawsonville Bluffs Joint Venture and MPERS owns the remaining 50% interest. CatchMark Timber Trust shares substantive participation rights with MPERS, including management selection and termination, and the approval of material operating and capital decisions and, as such, uses the equity method of accounting to record its investment. Income or loss and cash distributions are allocated according to the provisions of the joint venture agreement, which are consistent with the ownership percentages for the Dawsonville Bluffs Joint Venture. CatchMark Timber Trust funded its equity investment of approximately $10.5 million in the Dawsonville Bluffs Joint Venture with funds borrowed under its existing multi-draw credit facility (see Note 5 - Note Payable and Line of Credit for additional information). Condensed balance sheet information for the Dawsonville Bluffs Joint Venture is as follows (in thousands): As of June 30, 2017 Total Assets $ 21,501 Total Liabilities $ 677 Total Equity $ 20,824 CatchMark Timber Trust’s investment $ 10,412 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows (in thousands): From Inception through June 30, 2017 Total Revenues $ 24 Net Loss $ (254 ) CatchMark Timber Trust's share $ (127 ) Included in the net loss of the Dawsonville Bluffs Joint Venture for the period from inception through June 30, 2017 is approximately $0.2 million of non-recurring start-up costs. CatchMark Timber Trust serves as the sole manager of the Dawsonville Bluffs Joint Venture, whereby it manages the day-to-day operations of the business, subject to certain major decisions that require the prior consent of MPERS, in exchange for a management fee. Such management fees are included in other revenues on the accompanying consolidated statement of operations. |
Note Payable and Line of Credit
| Note Payable and Line of Credit | 6 Months Ended |
| Jun. 30, 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 June 30, 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) June 30, 2017 December 31, 2016 2014 Term Loan Facility 12/23/2024 LIBOR + 1.75% 2.97% $ 100,000 $ 100,000 2014 Multi-Draw Term Facility 12/23/2021 LIBOR + 2.25% 3.46% 236,656 225,656 Total Principal Balance $ 336,656 $ 325,656 Less: Net Unamortized Deferred Financing Costs (1) (4,492 ) (4,905 ) Total $ 332,164 $ 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 June 30, 2017 . The weighted-average interest rate excludes the impact of interest rate swaps (see Note 6 – Interest Rate Swaps ), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds. As of June 30, 2017 , $163.3 million of capacity remained under the 2014 Amended Credit Facilities, $128.3 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 June 30, 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 it expected to receive in 2018 based on actual patronage refunds received as a percentage of its weighted-average debt balance. For the three months ended June 30, 2017 and 2016, CatchMark Timber Trust recorded $0.7 million and $0.5 million , respectively, in expected patronage refunds against interest expense on the consolidated statements of operations. For the six months ended June 30, 2017 and 2016, CatchMark Timber Trust recorded $1.3 million and $0.9 million , respectively, in expected patronage refunds against interest expense on the consolidated statements of operations. As of June 30, 2017 and December 31, 2016, approximately $1.3 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 June 30, 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 June 30, 2017 and 2016 , CatchMark Timber Trust made interest payments of $2.8 million and $1.4 million , respectively, on its borrowings. Included in the interest payments for the three months ended June 30, 2017 and 2016 were unused commitment fees of $0.1 million and $0.2 million , respectively. During the six months ended June 30, 2017 and 2016 , CatchMark Timber Trust made interest payments of $5.3 million and $2.6 million , respectively, on its borrowings. Included in the interest payments for the six months ended June 30, 2017 and 2016 were unused commitment fees of $0.3 million and $0.3 million , respectively. As of June 30, 2017 and December 31, 2016 , the weighted-average interest rate on these borrowings, after consideration of interest rate swaps, was 3.61% and 3.09% , respectively. After further consideration of estimated patronage refunds, CatchMark Timber Trust 's weighted average interest rate as of June 30, 2017 and December 31, 2016 was 2.81% and 2.19% , respectively. As of June 30, 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 Swaps
| Interest Rate Swaps | 6 Months Ended |
| Jun. 30, 2017 | |
| 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. 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 June 30, 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 June 30, 2017 , CatchMark Timber Trust’s interest rate swaps effectively fixed the interest rate on $150.0 million of its $336.7 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 June 30, 2017 and December 31, 2016 : (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification June 30, 2017 December 31, 2016 Derivatives designated as hedging instruments: Interest rate swaps Prepaid and other assets $ 2,584 $ 2,632 Interest rate swaps Other liabilities $ (1,409 ) $ (885 ) During the six months ended June 30, 2017 and 2016, CatchMark Timber Trust recognized a change in fair value of the interest rate swaps of approximately $0.6 million and $2.2 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 June 30, 2017 and 2016, net payments of approximately $0.3 million and $0.2 million were made under the interest rates swaps, respectively. During the six months ended June 30, 2017 and 2016, net payments of approximately $0.5 million and $0.3 million were made under the interest rate swaps, respectively. Interest rate swaps payments were recorded as interest expense. |
Commitments and Contingencies
| Commitments and Contingencies | 6 Months Ended |
| Jun. 30, 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 413,300 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 78,300 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 no t 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. |
Stockholders' Equity
| Stockholders' Equity | 6 Months Ended |
| Jun. 30, 2017 | |
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
| Stockholders' Equity | Stockholders' Equity 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 June 30, 2017, CatchMark Timber Trust did no t repurchase any shares under the share repurchase program. During the six months ended June 30, 2017 and 2016, CatchMark Timber Trust purchased 97,469 shares and 273,541 shares of common stock for approximately $1.0 million and $2.8 million , respectively. As of June 30, 2017, CatchMark Timber Trust may purchase up to an additional $19.8 million under the program. Long-term Incentive Plans CatchMark Timber Trust's Amended and Restated 2005 Long-term Incentive Plan (the "2005 LTIP") allowed for the issuance of options, stock appreciation rights, restricted stock, RSUs, and deferred stock units of its common stock to its employees and independent directors. The 2005 LTIP provided for issuance of up to 1.3 million shares through October 25, 2023. Prior to its replacement on June 23, 2017, 406,667 shares remained to be issued under the 2005 LTIP. On June 23, 2017, CatchMark Timber Trust's stockholders approved the 2017 Incentive Plan (the "2017 Plan"), which replaced the 2005 LTIP. The 2017 Plan allows for the award of options, stock appreciation rights, restricted stock, RSUs, deferred stock units, performance awards, other stock-based awards, or any other right or interest relating to stock or cash to the employees, directors, and consultants of CatchMark or its affiliates. The 2017 Plan provides for issuance of up to 1.8 million shares through CatchMark Timber Trust's 2027 annual stockholders meeting, or, in the case of an amendment approved by stockholders to increase the number of shares subject to the 2017 Plan, the 10th anniversary of such amendment date. Stock-based Compensation - Independent Directors Pursuant to the Amended and Restated Independent Directors' Compensation Plan (a sub-plan of the 2005 LTIP), each of the independent directors receives, on the first business day immediately prior to the date on which CatchMark Timber Trust holds its annual stockholders meeting, a number of shares of CatchMark Timber Trust common stock having a value of $50,000 on the grant date. The number of shares granted to each independent director is determined by dividing $50,000 by the fair market value per share of CatchMark Timber Trust's common stock on the grant date. The shares are fully-vested and non-forfeitable upon the respective grant date. On June 22, 2017, CatchMark Timber Trust issued 21,890 shares to its five independent directors, 5,166 shares of which were repurchased for estimated income tax payments. CatchMark Timber Trust recognized approximately $0.3 million of fair value of the award within general and administrative expenses for the three months ended June 30, 2017. Stock-based Compensation - Employees On May 2, 2017, the board of directors approved a special, one-time stock-settled outperformance award (the "OPP") to the executive officers of CatchMark Timber Trust, pursuant to the provisions of the 2005 LTIP. Under the OPP, an outperformance pool with a maximum award dollar amount of $5.0 million was created and executive officers were granted a certain participation percentage of the outperformance pool. The dollar amount of the awards earned will be determined based on the total returns of CatchMark Timber Trust common stock during a performance period from April 1, 2017 to March 31, 2020. Earned awards will be settled in shares of CatchMark Timber Trust common stock after the amount of earned award is determined at the end of the performance period. The grant-date fair value of the OPP was approximately $1.0 million as calculated using Monte-Carlo simulations and is amortized over the performance period. During the three months ended June 30, 2017, CatchMark Timber Trust issued 57,940 shares of service-based restricted stock. The fair value of service-based restricted stock was $0.7 million and was 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 six months ended June 30, 2017 is as follows: Number of Underlying Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2016 255,098 $ 11.56 Granted 133,591 $ 11.18 Vested (65,506 ) $ 11.47 Forfeited (4,500 ) $ 10.80 Unvested at June 30, 2017 318,683 $ 11.44 Stock-based Compensation Expense Summary A summary of CatchMark Timber Trust 's stock-based compensation expense for the three months and six months ended June 30, 2017 and 2016 is presented below: Stock-based Compensation Expense classified as: Three Months Ended Six Months Ended (in thousands) 2017 2016 2017 2016 General and administrative expenses $ 678 $ 564 $ 1,004 $ 795 Forestry management expenses 240 75 334 120 Total $ 918 $ 639 $ 1,338 $ 915 As of June 30, 2017 , approximately $4.5 million of unrecognized compensation expense related to 2.3 years. |
Subsequent Event
| Subsequent Event | 6 Months Ended |
| Jun. 30, 2017 | |
| Subsequent Events [Abstract] | |
| Subsequent Event | Subsequent Event Dividend Declaration On August 3, 2017, CatchMark Timber Trust declared a cash dividend of $0.135 per share for its common stockholders of record on August 30, 2017, payable on September 15, 2017. |
Summary of Significant Accoun18
| Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
| Jun. 30, 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. |
| Investment in Joint Venture | Investment in Joint Venture For joint ventures that it does not control, but exercises significant influence, CatchMark Timber Trust uses the equity method of accounting. CatchMark Timber Trust's judgment about its level of influence or control of an entity involves consideration of various factors including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace CatchMark Timber Trust as manager, and/or to liquidate the venture. Under the equity method, the investment in a joint venture is recorded at cost and adjusted for equity in earnings and cash contributions and distributions. Income or loss and cash distributions from an unconsolidated joint venture are allocated according to the provisions of the respective joint venture agreement, which may be different from its stated ownership percentage. Any difference between the carrying amount of these investments on CatchMark Timber Trust’s balance sheets and the underlying equity in net assets on the joint venture’s balance sheets is adjusted as the related underlying assets are depreciated, amortized, or sold. CatchMark Timber Trust evaluates the recoverability of its investment in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, CatchMark Timber Trust estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management assesses whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) CatchMark Timber Trust’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," CatchMark Timber Trust reduces the investment to its estimated fair value. |
| Reclassification | 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 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 June 30, 2016. |
| 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 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 did 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”). ASU 2017-05 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. It will require the gain from the transfer of nonfinancial assets and any non-controlling interest received from the transfer to be measured at fair value. ASU 2017-05 is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. CatchMark Timber Trust has early adopted ASU 2017-05 and the adoption did not have a material impact on its consolidated financial statements and related disclosures. |
Timber Assets (Tables)
| Timber Assets (Tables) | 6 Months Ended |
| Jun. 30, 2017 | |
| Real Estate [Abstract] | |
| Schedule of Land Sale Acreage By State | Land sale acreage by state is listed below: Six Months Ended Acres Sold In: 2017 2016 Alabama 1,700 500 Georgia 4,700 4,400 Florida — 600 Louisiana 400 — Total 6,800 5,500 |
| Schedule of Timber and Timberlands | Wholly-owned land acreage by state is listed below: As of June 30, 2017 Acres Located In: Fee Lease Total Alabama 75,000 5,600 80,600 Florida 2,000 — 2,000 Georgia 248,900 25,300 274,200 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: 460,700 30,900 491,600 As of June 30, 2017 and December 31, 2016 , timber and timberlands consisted of the following, respectively: As of June 30, 2017 (in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 295,261 $ 13,265 $ 281,996 Timberlands 389,373 — 389,373 Mainline roads 1,019 546 473 Timber and timberlands $ 685,653 $ 13,811 $ 671,842 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 |
Unconsolidated Joint Venture (T
| Unconsolidated Joint Venture (Tables) | 6 Months Ended |
| Jun. 30, 2017 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| Schedules of Financial Information, Equity Method Investment | Condensed balance sheet information for the Dawsonville Bluffs Joint Venture is as follows (in thousands): As of June 30, 2017 Total Assets $ 21,501 Total Liabilities $ 677 Total Equity $ 20,824 CatchMark Timber Trust’s investment $ 10,412 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows (in thousands): From Inception through June 30, 2017 Total Revenues $ 24 Net Loss $ (254 ) CatchMark Timber Trust's share $ (127 ) |
Note Payable and Line of Cred21
| Note Payable and Line of Credit (Tables) | 6 Months Ended |
| Jun. 30, 2017 | |
| Debt Disclosure [Abstract] | |
| Schedule of Debt Outstanding | As of June 30, 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) June 30, 2017 December 31, 2016 2014 Term Loan Facility 12/23/2024 LIBOR + 1.75% 2.97% $ 100,000 $ 100,000 2014 Multi-Draw Term Facility 12/23/2021 LIBOR + 2.25% 3.46% 236,656 225,656 Total Principal Balance $ 336,656 $ 325,656 Less: Net Unamortized Deferred Financing Costs (1) (4,492 ) (4,905 ) Total $ 332,164 $ 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 June 30, 2017 . The weighted-average interest rate excludes the impact of interest rate swaps (see Note 6 – Interest Rate Swaps ), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds. |
Interest Rate Swaps (Tables)
| Interest Rate Swaps (Tables) | 6 Months Ended |
| Jun. 30, 2017 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Schedule of Interest Rate Swaps | CatchMark Timber Trust had five interest rate swaps outstanding as of June 30, 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 The following table presents information about CatchMark Timber Trust 's interest rate swaps measured at fair value as of June 30, 2017 and December 31, 2016 : (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification June 30, 2017 December 31, 2016 Derivatives designated as hedging instruments: Interest rate swaps Prepaid and other assets $ 2,584 $ 2,632 Interest rate swaps Other liabilities $ (1,409 ) $ (885 ) |
Stockholders' Equity (Tables)
| Stockholders' Equity (Tables) | 6 Months Ended |
| Jun. 30, 2017 | |
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
| Nonvested Restricted Stock Awards Activity | A rollforward of CatchMark Timber Trust's unvested, service-based restricted stock awards to employees for the six months ended June 30, 2017 is as follows: Number of Underlying Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2016 255,098 $ 11.56 Granted 133,591 $ 11.18 Vested (65,506 ) $ 11.47 Forfeited (4,500 ) $ 10.80 Unvested at June 30, 2017 318,683 $ 11.44 |
| Schedule of Stock-Based Compensation Expense | A summary of CatchMark Timber Trust 's stock-based compensation expense for the three months and six months ended June 30, 2017 and 2016 is presented below: Stock-based Compensation Expense classified as: Three Months Ended Six Months Ended (in thousands) 2017 2016 2017 2016 General and administrative expenses $ 678 $ 564 $ 1,004 $ 795 Forestry management expenses 240 75 334 120 Total $ 918 $ 639 $ 1,338 $ 915 |
Organization - Narrative (Detai
| Organization - Narrative (Details) | 6 Months Ended |
| Jun. 30, 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 | Jun. 30, 2017 | Dec. 31, 2016 |
| Property, Plant and Equipment [Line Items] | ||
| Gross | $ 685,653 | $ 721,079 |
| Accumulated Depletion or Amortization | 13,811 | 29,392 |
| Net | 671,842 | 691,687 |
| Timber | ||
| Property, Plant and Equipment [Line Items] | ||
| Gross | 295,261 | 324,796 |
| Accumulated Depletion or Amortization | 13,265 | 28,897 |
| Net | 281,996 | 295,899 |
| Timberlands | ||
| Property, Plant and Equipment [Line Items] | ||
| Gross | 389,373 | 395,348 |
| Accumulated Depletion or Amortization | 0 | 0 |
| Net | 389,373 | 395,348 |
| Mainline roads | ||
| Property, Plant and Equipment [Line Items] | ||
| Gross | 1,019 | 935 |
| Accumulated Depletion or Amortization | 546 | 495 |
| Net | $ 473 | $ 440 |
Timber Assets - Narrative (Deta
| Timber Assets - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2017USD ($)a | Jun. 30, 2016USD ($)a | Jun. 30, 2017USD ($)a | Jun. 30, 2016USD ($)a | |
| Property, Plant and Equipment [Line Items] | ||||
| Number of timberland acquisitions completed | $ | $ 11,000 | $ 113,974,000 | ||
| Acres of timberland sold | a | 6,800 | 5,500 | ||
| Sale of timberland, value | $ | $ 7,953,000 | $ 843,000 | $ 13,403,000 | $ 9,509,000 |
| Timber | ||||
| Property, Plant and Equipment [Line Items] | ||||
| Number of timberland acquisitions completed | $ | $ 0 | |||
| Area of land acquired | a | 60,400 | |||
| Payments to acquire timberland | $ | $ 112,900,000 | |||
| Acres of timberland sold | a | 4,000 | 500 | 6,800 | 5,500 |
| Sale of timberland, value | $ | $ 8,000,000 | $ 800,000 | $ 13,400,000 | $ 9,500,000 |
| Cost basis of timberland sold | $ | $ 5,900,000 | $ 600,000 | $ 9,400,000 | $ 7,900,000 |
| Area of land, owned interests | a | 491,600 | 491,600 | ||
| Area of land, held in fee-simple interests | a | 460,700 | 460,700 | ||
| Area of land, held in leasehold interests | a | 30,900 | 30,900 | ||
Timber Assets - Timberland Disp
| Timber Assets - Timberland Disposition (Details) - a | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
| Property, Plant and Equipment [Line Items] | ||||
| Timberland, acres sold | 6,800 | 5,500 | ||
| Timber | ||||
| Property, Plant and Equipment [Line Items] | ||||
| Timberland, acres sold | 4,000 | 500 | 6,800 | 5,500 |
| Alabama | Timber | ||||
| Property, Plant and Equipment [Line Items] | ||||
| Timberland, acres sold | 1,700 | 500 | ||
| Georgia | Timber | ||||
| Property, Plant and Equipment [Line Items] | ||||
| Timberland, acres sold | 4,700 | 4,400 | ||
| Florida | Timber | ||||
| Property, Plant and Equipment [Line Items] | ||||
| Timberland, acres sold | 0 | 600 | ||
| Louisiana | Timber | ||||
| Property, Plant and Equipment [Line Items] | ||||
| Timberland, acres sold | 400 | 0 | ||
Timber Assets - Schedule of T28
| Timber Assets - Schedule of Timberland Portfolio (Details) - Timber | Jun. 30, 2017a |
| Property, Plant and Equipment [Line Items] | |
| Fee | 460,700 |
| Lease | 30,900 |
| Total | 491,600 |
| 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 | 248,900 |
| Lease | 25,300 |
| Total | 274,200 |
| 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 |
Unconsolidated Joint Venture -
| Unconsolidated Joint Venture - Narrative (Details) a in Thousands, $ in Thousands | Apr. 25, 2017USD ($)a | Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) |
| Schedule of Equity Method Investments [Line Items] | |||||
| Payments to acquire timberland | $ 11 | $ 113,974 | |||
| Equity method investment | $ 10,412 | 10,412 | $ 0 | ||
| Dawsonville Bluffs | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Area of Land | a | 11 | ||||
| Payments to acquire timberland | $ 20,000 | ||||
| Ownership interest | 50.00% | ||||
| Equity method investment | $ 10,500 | 10,412 | $ 10,412 | ||
| Non-recurring start-up costs | $ 200 | ||||
| Dawsonville Bluffs | MPERS | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Ownership interest | 50.00% |
Unconsolidated Joint Venture 30
| Unconsolidated Joint Venture - Schedule of Condensed Balance Sheet Information (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Apr. 25, 2017 | Dec. 31, 2016 |
| Schedule of Equity Method Investments [Line Items] | |||
| CatchMark Timber Trust’s investment | $ 10,412 | $ 0 | |
| Dawsonville Bluffs | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Total Assets | 21,501 | ||
| Total Liabilities | 677 | ||
| Total Equity | 20,824 | ||
| CatchMark Timber Trust’s investment | $ 10,412 | $ 10,500 |
Unconsolidated Joint Venture 31
| Unconsolidated Joint Venture - Schedule of Condensed Income Statement Information (Details) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
| Schedule of Equity Method Investments [Line Items] | |||||
| CatchMark Timber Trust's share | $ (127) | $ 0 | $ (127) | $ 0 | |
| Dawsonville Bluffs | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Total Revenues | $ 24 | ||||
| Net Loss | (254) | ||||
| CatchMark Timber Trust's share | $ (127) | ||||
Note Payable and Line of Cred32
| Note Payable and Line of Credit - Narrative (Details) - USD ($) | May 13, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
| Debt Instrument [Line Items] | ||||||||
| Maximum additional borrowings allowed under line of credit | $ 110,000,000 | |||||||
| Interest payments | $ 2,800,000 | $ 1,400,000 | $ 5,300,000 | $ 2,600,000 | ||||
| Weighted-average interest rate | 3.61% | 3.61% | 3.09% | |||||
| Weighted-average interest rate, after patronage refunds | 2.81% | 2.81% | 2.19% | |||||
| 2014 Amended Credit Agreement | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Remaining borrowing capacity | $ 163,300,000 | $ 163,300,000 | ||||||
| Patronage refunds received | $ 2,100,000 | $ 1,200,000 | ||||||
| Patronage refunds, percentage received in cash | 75.00% | 75.00% | ||||||
| Patronage refunds, percentage received in equity in patronage banks | 25.00% | 25.00% | ||||||
| Covenant terms, fixed charge coverage ratio (not less than) | 1.05 | |||||||
| 2014 Amended Credit Agreement | Minimum | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Covenant terms, minimum liquidity balance required (no less than) | 20,000,000 | $ 20,000,000 | ||||||
| 2014 Amended Credit Agreement | Maximum | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Covenant terms, loan to value ratio | 45.00% | |||||||
| 2014 Amended Credit Agreement | Interest Expense | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Patronage refund accrual | 700,000 | 500,000 | $ 1,300,000 | 900,000 | ||||
| 2014 Amended Credit Agreement | Prepaid and other assets | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Patronage refunds, value of equity in patronage banks | 800,000 | 800,000 | $ 300,000 | |||||
| 2014 Amended Credit Agreement | Accounts Receivable | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Patronage refund receivable | 1,300,000 | 1,300,000 | $ 2,300,000 | |||||
| 2014 Revolving Credit Facility | 2014 Amended Credit Agreement | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Maximum borrowing capacity | 35,000,000 | |||||||
| Remaining borrowing capacity | 35,000,000 | 35,000,000 | ||||||
| 2014 Multi-Draw Term Facility | 2014 Amended Credit Agreement | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Maximum borrowing capacity | 365,000,000 | |||||||
| Remaining borrowing capacity | 128,300,000 | 128,300,000 | ||||||
| 2014 Term Loan Facility | 2014 Amended Credit Agreement | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Maximum borrowing capacity | $ 100,000,000 | |||||||
| 2014 Multi-Draw and 2014 Revolving Credit Facility | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Unused borrowing capacity fee | $ 100,000 | $ 200,000 | $ 300,000 | $ 300,000 | ||||
| 2014 Multi-Draw and 2014 Revolving Credit Facility | 2014 Amended Credit Agreement | Minimum | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Commitment fee percentage on unused portion | 0.20% | |||||||
| 2014 Multi-Draw and 2014 Revolving Credit Facility | 2014 Amended Credit Agreement | Maximum | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Commitment fee percentage on unused portion | 0.35% |
Note Payable and Line of Cred33
| Note Payable and Line of Credit - Schedule of Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
| Jun. 30, 2017 | Dec. 31, 2016 | ||
| Debt Instrument [Line Items] | |||
| Current Interest Rate | 3.61% | 3.09% | |
| Outstanding Balance | $ 336,656 | $ 325,656 | |
| Less: Net Unamortized Deferred Financing Costs | [1] | (4,492) | (4,905) |
| Total | $ 332,164 | 320,751 | |
| 2014 Term Loan Facility | |||
| Debt Instrument [Line Items] | |||
| Maturity Date | Dec. 23, 2024 | ||
| Current Interest Rate | [2] | 2.97% | |
| Outstanding Balance | $ 100,000 | 100,000 | |
| 2014 Term Loan Facility | LIBOR | |||
| Debt Instrument [Line Items] | |||
| LIBOR | LIBOR | ||
| Basis spread on variable rate (in percent) | 1.75% | ||
| 2014 Multi-Draw Term Facility | |||
| Debt Instrument [Line Items] | |||
| Maturity Date | Dec. 23, 2021 | ||
| Current Interest Rate | [2] | 3.46% | |
| Outstanding Balance | $ 236,656 | $ 225,656 | |
| 2014 Multi-Draw Term Facility | LIBOR | |||
| Debt Instrument [Line Items] | |||
| LIBOR | [3] | LIBOR | |
| Basis spread on variable rate (in percent) | [3] | 2.25% | |
| 2014 Amended Credit Agreement | 2014 Multi-Draw and 2014 Revolving Credit Facility | Minimum | LIBOR | |||
| Debt Instrument [Line Items] | |||
| Basis spread on variable rate (in percent) | [3] | 1.75% | |
| 2014 Amended Credit Agreement | 2014 Multi-Draw and 2014 Revolving Credit Facility | Maximum | LIBOR | |||
| Debt Instrument [Line Items] | |||
| Basis spread on variable rate (in percent) | [3] | 2.75% | |
| [1] | Represents costs incurred for borrowings under the 2014 Term Loan Facility and the 2014 Multi-Draw Term Facility only. | ||
| [2] | Represents the weighted-average interest rate as of June 30, 2017. The weighted-average interest rate excludes the impact of interest rate swaps (see Note 6 – 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 | 6 Months Ended | ||||
| Jun. 30, 2017USD ($)Unit | Mar. 31, 2017USD ($)derivative | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Unit | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
| Derivative [Line Items] | ||||||
| Variable rate debt | $ 336,656,000 | $ 336,656,000 | $ 325,656,000 | |||
| Other comprehensive loss | 294,000 | $ 869,000 | 572,000 | $ 2,190,000 | ||
| Designated as Hedging Instrument | ||||||
| Derivative [Line Items] | ||||||
| Notional amount | $ 150,000,000 | $ 150,000,000 | ||||
| Derivative, fixed interest rate | 3.80% | 3.80% | ||||
| Number of interest rate derivatives outstanding | Unit | 5 | 5 | ||||
| Other comprehensive loss | $ 600,000 | 2,200,000 | ||||
| Amount of ineffectiveness on interest rate swaps | 0 | |||||
| Payments for interest rate swap | $ 300,000 | $ 200,000 | 500,000 | $ 300,000 | ||
| Designated as Hedging Instrument | Interest rate swaps | ||||||
| Derivative [Line Items] | ||||||
| Number of interest rate derivatives added | derivative | 3 | |||||
| Designated as Hedging Instrument | Interest Rate Swap 3 | LIBOR | ||||||
| Derivative [Line Items] | ||||||
| Notional amount | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | |||
| Derivative, fixed interest rate | 2.33% | 2.33% | ||||
| Designated as Hedging Instrument | Interest Rate Swap 4 and Interest Rate Swap 5 | LIBOR | ||||||
| Derivative [Line Items] | ||||||
| Notional amount | $ 50,000,000 | |||||
Interest Rate Swaps - Schedule
| Interest Rate Swaps - Schedule of Interest Rate Swaps Outstanding (Details) - Designated as Hedging Instrument - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 |
| Derivative [Line Items] | ||
| Pay Rate | 3.80% | |
| Notional Amount | $ 150,000,000 | |
| LIBOR | Interest Rate Swap 1 | ||
| Derivative [Line Items] | ||
| Pay Rate | 2.395% | |
| Notional Amount | $ 35,000,000 | |
| LIBOR | Interest Rate Swap 2 | ||
| Derivative [Line Items] | ||
| Pay Rate | 1.28% | |
| Notional Amount | $ 45,000,000 | |
| LIBOR | Interest Rate Swap 3 | ||
| Derivative [Line Items] | ||
| Pay Rate | 2.33% | |
| Notional Amount | $ 20,000,000 | $ 20,000,000 |
| LIBOR | Interest Rate Swap 4 | ||
| Derivative [Line Items] | ||
| Pay Rate | 1.80% | |
| Notional Amount | $ 30,000,000 | |
| LIBOR | Interest Rate Swap 5 | ||
| Derivative [Line Items] | ||
| Pay Rate | 2.045% | |
| Notional Amount | $ 20,000,000 |
Interest Rate Swaps - Schedul36
| Interest Rate Swaps - Schedule Measured at Fair Value (Details) - Interest rate swaps - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
| Prepaid and other assets | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Estimated fair value interest rate derivatives | $ 2,584 | $ 2,632 |
| Other liabilities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Estimated fair value interest rate derivatives | $ (1,409) | $ (885) |
Commitments and Contingencies -
| Commitments and Contingencies - Narrative (Details) | 6 Months Ended |
| Jun. 30, 2017USD ($)astates | |
| Commitments and Contingencies [Line Items] | |
| Number of states reporting raw forest product prices | states | 11 |
| Legal proceedings | $ | $ 0 |
| Forest Resource Consultants, Inc. | |
| Commitments and Contingencies [Line Items] | |
| Acres under operating agreement | 413,300 |
| 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. | |
| Commitments and Contingencies [Line Items] | |
| Acres under operating agreement | 78,300 |
| Operating agreement, term of extension option | 1 year |
| Days notice required before automatic renewal | 120 days |
| Operating agreement, notice of termination option | 120 days |
Stockholders' Equity - Narrativ
| Stockholders' Equity - Narrative (Details) | Jun. 22, 2017Directorshares | May 02, 2017USD ($) | Oct. 02, 2015USD ($) | Jun. 30, 2017USD ($)shares | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)shares | Jun. 30, 2016USD ($)shares | Jun. 23, 2017shares | Aug. 07, 2015USD ($) |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
| Stock repurchase program, authorized amount (up to) | $ 30,000,000 | ||||||||
| Stock repurchased (in shares) | shares | 0 | 97,469 | 273,541 | ||||||
| Stock repurchased, value | $ 1,036,000 | $ 2,840,000 | |||||||
| Remaining authorized repurchase amount | $ 19,800,000 | 19,800,000 | |||||||
| Share-based compensation expense | 918,000 | $ 639,000 | 1,338,000 | 915,000 | |||||
| Unrecognized compensation expense | 4,500,000 | $ 4,500,000 | |||||||
| Unrecognized compensation expense, weighted-average recognized period | 2 years 3 months 18 days | ||||||||
| Restricted Stock | |||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
| Shares issued (in shares) | shares | 133,591 | ||||||||
| General and administrative expenses | |||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
| Share-based compensation expense | 678,000 | $ 564,000 | $ 1,004,000 | $ 795,000 | |||||
| Director | General and administrative expenses | |||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
| Share-based compensation expense | $ 300,000 | ||||||||
| Executive Officer | Restricted Stock | |||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
| Shares issued (in shares) | shares | 57,940 | ||||||||
| Fair value stock granted | $ 700,000 | ||||||||
| Amended 2005 Long-Term Incentive Plan | |||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
| Number of independent directors | Director | 5 | ||||||||
| Amended 2005 Long-Term Incentive Plan | Director | |||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
| Grant date, value | $ 50,000 | ||||||||
| Issued in period (in shares) | shares | 21,890 | ||||||||
| Shares repurchased for estimated income tax payments (in shares) | shares | 5,166 | ||||||||
| Amended 2005 Long-Term Incentive Plan | Executive Officer | Performance Shares | |||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
| Maximum award amount, one-time stock-settled out-performance award | $ 5,000,000 | ||||||||
| Grant date fair value, amount, one-time stock-settled out-performance award | $ 1,000,000 | ||||||||
| Amended 2005 Long-Term Incentive Plan | Common Class A | |||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
| Remaining number of shares authorized (in shares) (up to) | shares | 1,300,000 | ||||||||
| Remaining number of shares to be issued (in shares) | shares | 406,667 | ||||||||
| 2017 Incentive Plan | Common Class A | |||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
| Number of shares authorized (in shares) (up to) | shares | 1,800,000 |
Stockholders' Equity - Rollforw
| Stockholders' Equity - Rollforward of Unvested Restricted Stock Award Activity (Details) - Restricted Stock | 6 Months Ended |
| Jun. 30, 2017$ / sharesshares | |
| Number of Underlying Shares | |
| Unvested, beginning of period (in shares) | shares | 255,098 |
| Granted (in shares) | shares | 133,591 |
| Vested (in shares) | shares | (65,506) |
| Forfeited (in shares) | shares | (4,500) |
| Unvested, end of period (in shares) | shares | 318,683 |
| Weighted- Average Grant Date Fair Value | |
| Unvested, beginning of period (in dollars per share) | $ / shares | $ 11.56 |
| Granted (in dollars per share) | $ / shares | 11.18 |
| Vested (in dollars per share) | $ / shares | 11.47 |
| Forfeited (in dollars per share) | $ / shares | 10.80 |
| Unvested, end of period (in dollars per share) | $ / shares | $ 11.44 |
Stockholders' Equity - Stock-ba
| Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
| Share-based compensation expense | $ 918 | $ 639 | $ 1,338 | $ 915 |
| General and administrative expenses | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
| Share-based compensation expense | 678 | 564 | 1,004 | 795 |
| Forestry management expenses | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
| Share-based compensation expense | $ 240 | $ 75 | $ 334 | $ 120 |
Subsequent Event - Narrative (D
| Subsequent Event - Narrative (Details) - $ / shares | Aug. 03, 2017 | Jun. 30, 2017 | Jun. 30, 2016 |
| Subsequent Event [Line Items] | |||
| Cash dividend declared, per share (in dollars per share) | $ 0.27 | $ 0.26 | |
| Subsequent Event | Common Stock | |||
| Subsequent Event [Line Items] | |||
| Cash dividend declared, per share (in dollars per share) | $ 0.135 |