Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 43,378,089 | ||
Entity Public Float | $ 435.1 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Cash and cash equivalents | $ 7,805 | $ 9,108 |
Accounts receivable | 4,575 | 3,882 |
Prepaid expenses and other assets | 5,436 | 4,815 |
Deferred financing costs | 403 | 313 |
Timber assets (Note 3): | ||
Timber and timberlands, net | 710,246 | 691,687 |
Intangible lease assets, less accumulated amortization of $941 and $938 as of December 31, 2017 and 2016, respectively | 16 | 19 |
Investment in unconsolidated joint venture (Note 4) | 11,677 | 0 |
Total assets | 740,158 | 709,824 |
Liabilities: | ||
Accounts payable and accrued expenses | 4,721 | 4,393 |
Other liabilities | 2,969 | 3,610 |
Notes payable and lines of credit, less net deferred financing costs (Note 5) | 330,088 | 320,751 |
Total liabilities | 337,778 | 328,754 |
Commitments and Contingencies (Note 7) | 0 | 0 |
Stockholders’ Equity: | ||
Class A common stock, $0.01 par value; 900,000 shares authorized; 43,425 and 38,797 shares issued and outstanding as of December 31, 2017 and 2016, respectively | 434 | 388 |
Additional paid-in capital | 661,222 | 605,728 |
Accumulated deficit and distributions | (261,652) | (226,793) |
Accumulated other comprehensive income | 2,376 | 1,747 |
Total stockholders’ equity | 402,380 | 381,070 |
Total liabilities and stockholders’ equity | $ 740,158 | $ 709,824 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Intangible lease assets, accumulated amortization | $ 941 | $ 938 |
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized (in shares) | 900,000,000 | |
Common stock, shares outstanding (in shares) | 43,400,000 | |
Class A Common Stock | ||
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) | 43,425,000 | 38,797,000 |
Common stock, shares outstanding (in shares) | 43,425,000 | 38,797,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Timber sales | $ 71,353 | $ 65,035 | $ 52,837 |
Timberland sales | 14,768 | 12,515 | 11,845 |
Other revenues | 5,174 | 4,305 | 4,440 |
Total revenues | 91,295 | 81,855 | 69,122 |
Expenses: | |||
Contract logging and hauling costs | 31,108 | 25,918 | 19,911 |
Depletion | 29,035 | 28,897 | 27,091 |
Cost of timberland sales | 10,423 | 10,405 | 9,747 |
Forestry management expenses | 6,758 | 6,092 | 4,495 |
General and administrative expenses | 11,660 | 9,309 | 7,667 |
Land rent expense | 621 | 625 | 736 |
Other operating expenses | 5,264 | 5,017 | 4,295 |
Operating costs and expenses | 94,869 | 86,263 | 73,942 |
Operating loss | (3,574) | (4,408) | (4,820) |
Other income (expense): | |||
Interest income | 113 | 44 | 6 |
Interest expense | (11,187) | (6,706) | (3,573) |
Total other income (expense) | (11,074) | (6,662) | (3,567) |
Net loss before unconsolidated joint venture | (14,648) | (11,070) | (8,387) |
Income from unconsolidated joint venture | 1,138 | 0 | 0 |
Net loss | $ (13,510) | $ (11,070) | $ (8,387) |
Weighted-average common shares outstanding —basic and diluted (in shares) | 39,751 | 38,830 | 39,348 |
Net loss per share - basic and diluted (in dollars per share) | $ (0.34) | $ (0.29) | $ (0.21) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (13,510) | $ (11,070) | $ (8,387) |
Other comprehensive income (loss): | |||
Market value adjustment to interest rate swaps | 629 | 3,167 | (564) |
Comprehensive loss | $ (12,881) | $ (7,903) | $ (8,951) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Additional Paid-In Capital | Accumulated Deficit and Distributions | Accumulated Other Comprehensive Income (Loss) | Class A Common Stock | Class A Common StockCommon Stock | Class B Common StockCommon Stock |
Balance, beginning of period (in shares) at Dec. 31, 2014 | 36,193,000 | 3,164,000 | |||||
Balance, beginning of period at Dec. 31, 2014 | $ 444,692 | $ 612,518 | $ (167,364) | $ (856) | $ 362 | $ 32 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
LTIP, net of forfeitures and amounts withheld for income taxes (in shares) | 202,000 | ||||||
LTIP, net of forfeitures and amounts withheld for income taxes | 891 | 889 | $ 2 | ||||
Conversion to Class A Shares (in shares) | 3,164,000 | 3,164,000 | |||||
Conversion to Class A Shares | 0 | $ 32 | $ (32) | ||||
Dividends on common stock | (19,590) | (19,590) | |||||
Repurchase of common stock (in shares) | (584,000) | ||||||
Repurchase of common stock | (6,004) | (5,998) | $ (6) | ||||
Net loss | (8,387) | (8,387) | |||||
Other comprehensive income (loss) | (564) | (564) | |||||
Balance, end of period (in shares) at Dec. 31, 2015 | 38,975,000 | 0 | |||||
Balance, end of period at Dec. 31, 2015 | 411,038 | 607,409 | (195,341) | (1,420) | $ 390 | $ 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
LTIP, net of forfeitures and amounts withheld for income taxes (in shares) | 131,000 | ||||||
LTIP, net of forfeitures and amounts withheld for income taxes | 1,525 | 1,524 | $ 1 | ||||
Dividends on common stock | (20,382) | (20,382) | |||||
Repurchase of common stock (in shares) | (309,000) | ||||||
Repurchase of common stock | (3,208) | (3,205) | $ (3) | ||||
Net loss | (11,070) | (11,070) | |||||
Other comprehensive income (loss) | 3,167 | 3,167 | |||||
Balance, end of period (in shares) at Dec. 31, 2016 | 38,797,000 | 38,797,000 | 0 | ||||
Balance, end of period at Dec. 31, 2016 | 381,070 | 605,728 | (226,793) | 1,747 | $ 388 | $ 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Follow-on equity offering (in shares) | 4,600,000 | ||||||
Follow-on equity offering | 56,810 | 56,764 | $ 46 | ||||
LTIP, net of forfeitures and amounts withheld for income taxes (in shares) | 125,000 | ||||||
LTIP, net of forfeitures and amounts withheld for income taxes | 2,475 | 2,474 | $ 1 | ||||
Stock issuance cost | (2,709) | (2,709) | |||||
Dividends on common stock | $ (21,349) | (21,349) | |||||
Repurchase of common stock (in shares) | (97,469) | (97,000) | |||||
Repurchase of common stock | $ (1,036) | (1,035) | $ (1) | ||||
Net loss | (13,510) | (13,510) | |||||
Other comprehensive income (loss) | $ 629 | 629 | |||||
Balance, end of period (in shares) at Dec. 31, 2017 | 43,400,000 | 43,425,000 | 43,425,000 | 0 | |||
Balance, end of period at Dec. 31, 2017 | $ 402,380 | $ 661,222 | $ (261,652) | $ 2,376 | $ 434 | $ 0 |
CONSOLIDATED STATEMENTS OF STO7
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends to common stockholders, per share (in dollars per share) | $ 0.54 | $ 0.53 | $ 0.50 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities: | |||
Net loss | $ (13,510) | $ (11,070) | $ (8,387) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depletion | 29,035 | 28,897 | 27,091 |
Basis of timberland sold, lease terminations and other | 10,112 | 10,089 | 8,886 |
Stock-based compensation expense | 2,786 | 1,724 | 889 |
Noncash interest expense | 1,094 | 954 | 648 |
Other amortization | 176 | 139 | 117 |
Income from unconsolidated joint venture | (1,138) | 0 | 0 |
Changes in assets and liabilities: | |||
Accounts receivable | (1,208) | (1,201) | (1,764) |
Prepaid expenses and other assets | 160 | (224) | 187 |
Accounts payable and accrued expenses | 279 | 1,141 | 985 |
Other liabilities | (367) | 400 | (158) |
Net cash provided by operating activities | 27,419 | 30,849 | 28,494 |
Cash Flows from Investing Activities: | |||
Timberland acquisitions and earnest money paid | (52,260) | (141,570) | (75,793) |
Capital expenditures (excluding timberland acquisitions) | (5,617) | (3,195) | (2,668) |
Investment in unconsolidated joint venture | (10,539) | 0 | 0 |
Net cash used in investing activities | (68,416) | (144,765) | (78,461) |
Cash Flows from Financing Activities: | |||
Proceeds from notes payable | 304,119 | 143,500 | 67,500 |
Repayment of notes payable | (292,156) | (2,846) | (498) |
Financing costs paid | (3,674) | (1,866) | (781) |
Issuance of common stock | 56,810 | 0 | 0 |
Dividends paid to common stockholders | (21,349) | (20,382) | (19,590) |
Repurchase of common shares under the share repurchase program | (1,036) | (3,208) | (6,004) |
Repurchase of common shares for minimum tax withholdings | (311) | (199) | 0 |
Other offering costs paid | (2,709) | 0 | 0 |
Net cash provided by financing activities | 39,694 | 114,999 | 40,627 |
Net increase (decrease) in cash and cash equivalents | (1,303) | 1,083 | (9,340) |
Cash and cash equivalents, beginning of period | 9,108 | 8,025 | 17,365 |
Cash and cash equivalents, end of period | $ 7,805 | $ 9,108 | $ 8,025 |
Organization
Organization | 12 Months Ended |
Dec. 31, 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 and owns the remaining 0.01% of its common partnership units. 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 | 12 Months Ended |
Dec. 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 GAAP and shall include the accounts of any VIE in which CatchMark Timber Trust or its subsidiaries is deemed the primary beneficiary. With respect to entities that are not VIEs, CatchMark Timber Trust ’s consolidated financial statements shall also include the accounts of any entity in which CatchMark Timber Trust or its subsidiaries owns a controlling financial interest and any limited partnership in which CatchMark Timber Trust or its subsidiaries owns a controlling general partnership interest. In determining whether a controlling interest exists, CatchMark Timber Trust considers, among other factors, the ownership of voting interests, protective rights, and participatory rights of the investors. CatchMark Timber Trust owns a controlling financial interest in CatchMark Timber OP , CatchMark LP Holder and CatchMark TRS and, accordingly, includes the accounts of these entities in its consolidated financial statements. The financial statements of CatchMark Timber OP , CatchMark LP Holder and CatchMark TRS are prepared using accounting policies consistent with those used by CatchMark Timber Trust . All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Actual results could differ from those estimates. Fair Value Measurements CatchMark Timber Trust estimates the fair value of its assets and liabilities where currently required under GAAP consistent with the provisions of the accounting standard for fair value measurements and disclosures. Under this guidance, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: Level 1 — Assets or liabilities for which the identical term is traded on an active exchange, such as publicly-traded instruments or futures contracts. Level 2 — Assets and liabilities valued based on observable market data for similar instruments. Level 3 — Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would require. Cash and Cash Equivalents CatchMark Timber Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts. Accounts Receivable Accounts receivable are recorded at the original amount earned, net of allowances for doubtful accounts, which approximates fair value. Accounts receivable are deemed past due based on their respective payment terms. Management assesses the realizability of accounts receivable on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. As of December 31, 2017 , a $46,000 allowance was provided against accounts receivable. No allowance was provided as of December 31, 2016. As of December 31, 2017 and 2016 , accounts receivable balance included $2.7 million and $2.3 million of estimated patronage refunds due from CoBank, respectively (see Note 5 – Notes Payable and Lines of Credit for further information regarding patronage refunds) . Prepaid Expenses and Other Assets Prepaid expenses and other assets are primarily comprised of fair value of interest rate swaps, earnest money, equity in patronage banks, prepaid insurance, prepaid rent, operating costs, fixed assets, and deferred costs associated with pending acquisitions. Prepaid expenses are expensed over the applicable usage period or reclassified to other asset accounts upon being put into service in future periods. Balances without future economic benefit are written off as they are identified. Deferred Financing Costs Deferred financing costs are comprised of costs incurred in connection with securing financing from third-party lenders and are capitalized and amortized on a straight-line basis (which approximates the effective interest rate method) over the terms of the related financing arrangements. Deferred financing costs relating to term loans and multi-draw term facility are presented as a direct deduction from the carrying amount of the related debt liability on the accompanying consolidated balance sheets and costs associated with the revolving credit facility are presented as an asset on the accompanying consolidated balance sheets. For further information regarding CatchMark Timber Trust's credit agreements, outstanding balance of debt and associated deferred financing costs, please refer to Note 5– Notes Payable and Lines of Credit . CatchMark Timber Trust recognized amortization of deferred financing costs for the years ended December 31, 2017 , 2016 , and 2015 of approximately $1.0 million , $0.9 million , and $0.6 million , respectively, which is included in interest expense in the accompanying consolidated statements of operations. Timber Assets Timber and timberlands, including logging roads, are stated at cost less accumulated depletion for timber harvested and accumulated road amortization. CatchMark Timber Trust capitalizes timber and timberland purchases. Reforestation costs, including all costs associated with stand establishment, such as site preparation, cost of seedlings, fertilization, and herbicide application, are capitalized and tracked as premerchantable timber assets by vintage year. Annually, capitalized reforestation costs for timber that has reached a merchantable age is reclassified into merchantable timber inventory and are depleted as harvested. Timber carrying costs, such as real estate taxes, insect control, wildlife control, leases of timberlands, and forestry management personnel salaries and fringe benefits, are expensed as incurred. Costs of major roads are capitalized and amortized over their estimated useful lives. Costs of roads built to access multiple logging sites over numerous years are capitalized and amortized over seven years. Costs of roads built to access a single logging site are expensed as incurred. Depletion CatchMark Timber Trust recognizes depletion expense as timber is harvested using the straight-line method. Depletion rates are established at least annually by dividing the remaining merchantable inventory book value by current merchantable timber inventory volume. CatchMark Timber Trust changed the depletion method on its long-term timber from normalized depletion method to the straight-line method effective January 1, 2015. Management believes that the straight-line method is preferable as it is based on the actual costs recorded and actual merchantable timber volume as of the date that the depletion rates are determined. The straight-line method is less reliant on subjective and complex estimates of future costs and expected timber growth that were involved in the normalized depletion method. In accordance with ASC 250, CatchMark Timber Trust determined that the change in depletion method was a change in accounting estimate effected by a change in accounting principle, and accordingly, the straight-line method was applied on a prospective basis. Evaluating the Recoverability of Timber Assets CatchMark Timber Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of the timber assets in which CatchMark Timber Trust has an ownership interest may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of timber assets may not be recoverable, CatchMark Timber Trust assesses the recoverability of these assets by determining whether the carrying value will be recovered through the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. Impairment losses would be recognized for (i) long-lived assets used in CatchMark Timber Trust ’s operations when the carrying value of such assets exceeds the undiscounted cash flows estimated to be generated from the future operations of those assets, and (ii) long-lived assets held for sale when the carrying value of such assets exceeds an amount equal to their fair value less selling costs. Estimated fair values are calculated based on the following information in order of preference, dependent upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of undiscounted cash flows, including estimated salvage value. CatchMark Timber Trust intends to use one harvest cycle for the purpose of evaluating the recoverability of timber and timberlands used in its operations. Future cash flow estimates are based on discounted probability-weighted projections for a range of possible outcomes. CatchMark Timber Trust considers assets to be held for sale at the point at which a sale contract is executed and the buyer has made a non-refundable earnest money deposit against the contracted purchase price. CatchMark Timber Trust has determined that there has been no impairment of its long-lived assets to date. Allocation of Purchase Price of Acquired Assets Upon the acquisition of timberland properties, CatchMark Timber Trust allocates the purchase price to tangible assets, consisting of timberland and timber, and identified intangible assets and liabilities, which may include values associated with in-place leases or supply agreements, based in each case on management’s estimate of their fair values. The values of tangible assets are then allocated to timberland and timber based on management’s determination of the relative fair value of these assets. Intangible Lease Assets In-place ground leases with CatchMark Timber Trust as the lessee have value associated with effective contractual rental rates that are below market rates. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management’s estimate of fair market lease rates for the corresponding in-place lease, measured over a period equal to the remaining terms of the leases. The capitalized below-market in-place lease values are recorded as intangible lease assets and are amortized as adjustments to land rent expense over the weighted-average remaining term of the respective leases. Investment in Unconsolidated 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. Fair Value of Debt Instruments CatchMark Timber Trust applied the provisions of the accounting standard for fair value measurements and disclosures in estimations of fair value of its debt instruments based on Level 2 assumptions. The fair value of the outstanding notes payable was estimated based on discounted cash flow analysis using the current observable market borrowing rates for similar types of borrowing arrangements as of the measurement date. The discounted cash flow method of assessing fair value results in a general approximation of book value, and such value may never actually be realized. Common Stock The par value of CatchMark Timber Trust ’s issued and outstanding shares of common stock is recorded as common stock. The remaining gross proceeds, net of offering costs, are recorded as additional paid-in capital. Interest Rate Swaps CatchMark Timber Trust has entered into interest rate swaps to mitigate its exposure to changing interest rates on its variable rate debt instruments. CatchMark Timber Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. The fair values of interest rate swaps are recorded as either prepaid expenses and other assets or other liabilities in the accompanying consolidated balance sheets. Changes in the fair value of the effective portion of interest rate swaps that are designated as hedges are recorded as other comprehensive income (loss), while changes in the fair value of the ineffective portion of hedges, if any, are recognized in current earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swap in the consolidated statements of operations. Amounts received or paid under interest rate swaps are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain (loss) on interest rate swaps for contracts that do not qualify for hedge accounting treatment. CatchMark Timber Trust applied the provisions of the accounting standard for fair value measurements and disclosures in recording its interest rate swaps at fair value. The fair value of the interest rate swaps, classified under Level 2, was determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated LIBOR information, consideration of CatchMark Timber Trust 's credit standing, credit risk of counterparties, and reasonable estimates about relevant future market conditions. Revenue Recognition Effective January 1, 2018, CatchMark Timber Trust adopted ASU 2014-09 , Revenue from Contracts with Customers (Topic 606) . Prior to the adoption, CatchMark Timber Trust's revenue from the sale of timber was recognized when the following criteria were met: (i) persuasive evidence of an agreement existed, (ii) legal ownership and the risk of loss were transferred to the purchaser, (iii) price and quantity were determinable, and (iv) collectibility was reasonably assured. Beginning January 1, 2018, CatchMark Timber Trust’s revenue from the sales of timber will be recognized when the following criteria are met: (i) persuasive evidence of a contract with customer exists, (ii) identifiable performance obligations under the contract exists, (iii) price and quantity are determinable for each performance obligation, (iv) transaction price is allocated to each performance obligation, and (v) legal ownership and the risk of loss are transferred to the purchaser for each performance obligation. CatchMark Timber Trust’s primary sources of revenue are generally recognized as follows: (1) For delivered sales contracts, which include amounts sufficient to cover costs of logging and hauling of timber, revenues are recognized upon delivery to the customer. (2) For pay-as-cut contracts, the purchaser acquires the right to harvest specified timber on a tract, at an agreed-upon price per unit. Payments and contract advances are recognized as revenue as the timber is harvested based on the contracted sale rate per unit. (3) Revenues from the sale of HBU and nonstrategic timberlands are recognized when title passes and full payment or a minimum down payment is received and full collectibility is assured. If a down payment of less than the minimum down payment is received at closing, CatchMark Timber Trust will record revenue based on the installment method. (4) For recreational leases, rental income collected in advance is recorded as other liabilities in the accompanying consolidated balance sheets until earned over the term of the respective recreational lease and recognized as other revenue. Stock-based Compensation CatchMark Timber Trust issues equity-based awards to its independent directors and employees pursuant to its LTIP. Stock-based compensation is measured by the fair value of the respective award on the date of grant or modification. Expenses are recognized over the requisite service period of each award and reported as either forestry management expenses or as general and administrative expenses. See Note 10 – Stock-based Compensation for more information. Earnings Per Share Basic earnings (loss) per share is calculated as net income (loss) divided by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share equals basic earnings per share, adjusted to reflect the dilution that would occur if all outstanding securities convertible into common shares or contracts to issue common shares were converted or exercised and the related proceeds are then used to repurchase common shares. Basic and diluted earnings (loss) per share were the same for all periods presented. For the year ended December 31, 2017 , CatchMark Timber Trust excluded the impact of the RSUs outstanding from the weighted-average shares outstanding calculation, as their impact was anti-dilutive. If these securities were not anti-dilutive, weighted-average shares outstanding would be 81,000 shares higher than reported. Income Taxes CatchMark Timber Trust has elected to be taxed as a REIT under the Code and has operated as such beginning with its taxable year ended December 31, 2009. To qualify to be taxed as a REIT, CatchMark Timber Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its ordinary taxable income to its stockholders. As a REIT, CatchMark Timber Trust generally is not subject to federal income tax on taxable income it distributes to stockholders. If CatchMark Timber Trust fails to qualify as a REIT in any taxable year, it will then be subject to federal and state income taxes on its taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the IRS grants CatchMark Timber Trust relief under certain statutory provisions. CatchMark Timber Trust has elected to treat CatchMark TRS as a taxable REIT subsidiary. CatchMark Timber Trust may perform certain non-customary services, including real estate or non-real-estate related services, through CatchMark TRS . Earnings from services performed through CatchMark TRS are subject to federal and state income taxes irrespective of the dividends paid deduction available to REITs for federal income tax purposes. In addition, for CatchMark Timber Trust to continue to qualify to be taxed as a REIT, CatchMark Timber Trust ’s investment in CatchMark TRS and any other TRSs may not exceed 25% ( 20% for taxable years beginning after December 31, 2017) of the value of the total assets of CatchMark Timber Trust . Deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. Deferred tax expense or benefit is recognized in the financial statements according to the changes in deferred tax assets or liabilities between years. Valuation allowances are established to reduce deferred tax assets when it becomes more likely than not that such assets, or portions thereof, will not be realized. No provision for federal income taxes has been made in the accompanying consolidated financial statements, other than the provision relating to CatchMark TRS , as CatchMark Timber Trust did not generate taxable income for the periods presented. See Note 12 – Income Taxes for more information. CatchMark Timber Trust is also subject to certain state and local taxes related to the operations of timberland properties in certain locations, which have been provided for in the accompanying consolidated financial statements. CatchMark Timber Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations. Operating Segment CatchMark Timber Trust owns and operates timberland properties in the U.S. South. CatchMark Timber Trust operates in a single reporting segment, and the presentation of CatchMark Timber Trust’s financial condition and performance is consistent with the way in which CatchMark Timber Trust’s operations are managed . Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . Under this guidance, an entity is required to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the expected consideration for those goods or services. The update requires significant additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09, as amended by ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date (Topic 606) , is effective for years beginning after December 15, 2017, including interim periods, with early adoption permitted for years beginning after December 15, 2016. CatchMark Timber Trust will adopt ASU 2014-09 in our consolidated financial statements on January 1, 2018. The adoption of ASU 2014-09 did not have a material effect on CatchMark Timber Trust's consolidated financial statements. In February 2016, the FASB issued ASU 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. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842, to address concerns about the costs and complexity of complying with the transition provision of the new lease requirements under ASU 2016-02 . The amendments in ASU 2018-01 permit an entity to elect an optional transition practical expedient to not evaluate under Topic 842 its land easements that exist or expired before its adoption of Topic 842 that were not previously accounted for as leases under Topic 840. 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 ASU 2016-02 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 , 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 ASU 2017-01, Clarifying the Definition of a Business , 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 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. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. ASU 2017-09 provides guidance about which changes to the terms and conditions of a share-based payment award requires an entity to apply modification accounting under Topic 718. This update clarifies the definition of “modification of terms and conditions” in order to reduce the diversity in practice, the cost and complexity when applying Topic 718. Under ASU 2017-09, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the changes to an award’s terms or conditions. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. The adoption did not have an impact on CatchMark Timber Trust’s consolidated financial statements and related disclosures. In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, which amends the hedge accounting recognition and presentation requirements in ASC 815, Derivatives and Hedging . The amendments in this update are to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting by preparers. ASU 2017-12 is effective for public entities for fiscal years beginning after December 15, 2018, and interim periods therein. Early adoption is permitted in any interim period after issuance of ASU 2017-12. CatchMark Timber Trust does not expect it to have a material impact on its consolidated financial statements. |
Timber Assets
Timber Assets | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Timber Assets | Timber Assets As of December 31, 2017 and 2016 , timber and timberlands consisted of the following, respectively: (in thousands) As of December 31, 2017 Gross Accumulated Depletion or Amortization Net Timber $ 332,253 $ 29,035 $ 303,218 Timberlands 406,284 — 406,284 Mainline roads 1,349 604 744 Timber and timberlands $ 739,886 $ 29,639 $ 710,246 (in thousands) As of December 31, 2016 Gross Accumulated Depletion or Amortization Net Timber $ 324,796 $ 28,897 $ 295,899 Timberlands 395,348 — 395,348 Mainline roads 935 495 440 Timber and timberlands $ 721,079 $ 29,392 $ 691,687 Timberland Acquisitions During the years ended December 31, 2017 , 2016 and 2015 , CatchMark Timber Trust acquired approximately 19,600 acres, 81,900 acres and 42,900 acres of timberland, respectively, for approximately $51.6 million , $141.0 million and $73.3 million , respectively, excluding closing costs. A detailed breakout of acreage acquired by state is listed below: Acres Acquired In: 2017 2016 (1) 2015 Alabama — 4,500 — Florida — — — Georgia 15,000 13,500 9,900 Louisiana — — 300 North Carolina — — 1,600 South Carolina 4,600 63,900 12,500 Tennessee — — 300 Texas — — 18,300 Total 19,600 81,900 42,900 (1) Includes 8,300 acres of leasehold interest acquired in Georgia. Timberland Sales During the years ended December 31, 2017 , 2016 and 2015 , CatchMark Timber Trust sold approximately 7,700 acres, 7,300 acres, and 6,400 acres of timberland, respectively, for approximately $14.8 million , $12.5 million , and $11.8 million , respectively. CatchMark Timber Trust ’s cost basis in the timberland sold was approximately $9.9 million , $9.7 million , and $8.9 million respectively. A detailed breakout of land sale acreage by state is listed below: Acres Sold In: 2017 2016 2015 Alabama 2,300 600 3,000 Georgia 5,000 6,100 2,200 Florida — 600 — Louisiana 400 — — Texas — — 1,200 Total 7,700 7,300 6,400 Current Timberland Portfolio As of December 31, 2017 , CatchMark Timber Trust directly owned interests in approximately 510,300 acres of timberlands in the U.S. South, approximately 479,400 acres of which were held in fee-simple interests and approximately 30,900 acres were held in leasehold interests. A detailed breakout of land acreage by state is listed below: Acres by state as of December 31, 2017 Fee Lease Total Alabama 74,400 5,600 80,000 Florida 2,000 — 2,000 Georgia 263,600 25,300 288,900 Louisiana 20,900 — 20,900 North Carolina 1,600 — 1,600 South Carolina 81,000 — 81,000 Tennessee 300 — 300 Texas 35,600 — 35,600 Total: 479,400 30,900 510,300 |
Unconsolidated Joint Venture
Unconsolidated Joint Venture | 12 Months Ended |
Dec. 31, 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 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. Condensed balance sheet information for the Dawsonville Bluffs Joint Venture is as follows (in thousands): As of December 31, 2017 Total Assets $ 24,014 Total Liabilities $ 660 Total Equity $ 23,354 CatchMark Timber Trust’s investment $ 11,677 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows (in thousands): From Inception through December 31, 2017 Total Revenues $ 4,886 Net Income $ 2,275 CatchMark Timber Trust's share $ 1,138 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. |
Notes Payable and Lines of Cred
Notes Payable and Lines of Credit | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable and Lines of Credit | Notes Payable and Lines of Credit As of December 31, 2017 and 2016, CatchMark Timber Trust had the following debt balances outstanding (in thousands): Maturity Date Outstanding Balance As of December 31, Credit Facility Interest Rate (1) Interest Rate (2) 2017 2016 Term Loan A-1 12/23/2024 LIBOR + 1.75% 3.30% $ 100,000 $ 100,000 Term Loan A-2 12/01/2026 LIBOR + 1.90% 3.46% 118,809 — Term Loan A-3 12/01/2027 LIBOR + 2.00% 3.56% 118,810 — Multi-Draw Term Facility 12/01/2024 LIBOR + 2.00% 2.99% — 225,656 Total Principal Balance $ 337,619 $ 325,656 Less: Net Unamortized Deferred Financing Costs (1) $ (7,531 ) $ (4,905 ) Total $ 330,088 $ 320,751 (1) The applicable LIBOR margin on the 2017 Multi-Draw Term Facility ranges between 1.50% and 2.20% , depending on the LTV ratio. (2) Represents weighted-interest rate as of December 31, 2017, except for the Multi-Draw Term Facility, which represents weighted-interest rate as of December 31, 2016. The interest rate excludes the impact of the interest rate swaps (see Note 6 – Interest Rate Swaps ), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds. 2017 Amended Credit Agreement On December 1, 2017, CatchMark Timber Trust amended and restated its existing credit facilities by entering into a fifth amended and restated credit agreement (the “2017 Amended Credit Agreement”) with CoBank, AgFirst, Rabobank and certain other financial institutions. The 2017 Amended Credit Agreement increased the maximum amounts available for borrowing from $500.0 million to $637.6 million , consisting of the following: • a $35.0 million five -year revolving credit facility (the “2017 Revolving Credit Facility”); • a $265.0 million seven -year multi-draw term credit facility (the “2017 Multi-Draw Term Facility”); • a continuation of a $100.0 million ten -year term loan (the “Term Loan A-1”), all of which was outstanding under the previous credit agreement; • a $118.8 million nine -year term loan (the “Term Loan A-2”); and • a $118.8 million ten -year term loan (the “Term Loan A-3”, together with the Term Loan A-1 and Term Loan A-2, the “2017 Term Loan Facilities”). Proceeds from Term Loan A-2 and the Term Loan A-3 were used to repay the outstanding balance of the multi-draw term facility under the previous credit agreement. As of December 31, 2017 , $300.0 million remained available under the 2017 Amended Credit Agreement, $265.0 million from the 2017 Multi-Draw Term Facility and $35.0 million from the 2017 Revolving Credit Facility. Borrowings under the 2017 Revolving Credit Facility may be used for general working capital, to support letters of credit, to fund cash earnest money deposits, to fund acquisitions in an amount not to exceed $5.0 million , and other general corporate purposes. The 2017 Revolving Credit Facility will bear interest at an adjustable rate equal to a base rate plus between 0.50% and 1.20% or a LIBOR rate plus between 1.50% and 2.20% , in each case depending on CatchMark Timber Trust’s LTV Ratio, and will terminate and all amounts outstanding under the facility will be due and payable on December 1, 2022. The 2017 Multi-Draw Term Facility may be used to finance timber acquisitions and associated expenses, to fund investment in joint ventures, and to reimburse payments of drafts under letters of credit. The 2017 Multi-Draw Term Facility, which is interest only until its maturity date, will bear interest at an adjustable rate equal to a base rate plus between 0.50% and 1.20% or a LIBOR rate plus between 1.50% and 2.20% , in each case depending on CatchMark Timber Trust’s LTV Ratio, and will terminate and all amounts outstanding under the facility will be due and payable on December 1, 2024. CatchMark Timber Trust will pay the lenders an unused commitment fee on the unused portion of the 2017 Revolving Credit Facility and the 2017 Multi-Draw Term Facility at an adjustable rate ranging from 0.15% to 0.35% , depending on the LTV Ratio. Under the 2017 Amended Credit Agreement, CatchMark Timber Trust continues to be eligible to receive annual patronage refunds, which are profit distributions made by CoBank and other Farm Credit System banks. The annual patronage refund is dependent on the weighted-average debt balance for the fiscal year under the 2017 Term Loan Facilities and the 2017 Multi-Draw Term Facility, as well as the financial performance of CoBank and other Farm Credit System banks. CatchMark Timber Trust’s obligations under the 2017 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 2017 Amended Credit Agreement are jointly and severally guaranteed by all of CatchMark Timber Trust and its subsidiaries pursuant to the terms of the 2017 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. 2014 Amended Credit Agreement Prior to December 1, 2017, CatchMark Timber Trust was party to an amended and restated credit agreement, which was further amended and restated as of May 13, 2016 (as amended, the “2014 Amended Credit Agreement”), with CoBank, AgFirst, Rabobank and certain other financial institutions. The 2014 Amended Credit Agreement provided for borrowing under credit facilities 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”). Borrowings under the 2014 Revolving Credit Facility could be used for general working capital, to support letters of credit, to fund cash earnest money deposits, to fund acquisitions in an amount not to exceed $5.0 million , and other general corporate purposes. The 2014 Revolving Credit Facility bore interest at an adjustable rate equal to a base rate plus between 0.50% and 1.50% or a LIBOR rate plus between 1.50% and 2.50% , in each case depending on CatchMark Timber Trust's LTV Ratio. The 2014 Multi-Draw Term Facility was interest only and could be used to finance domestic timber acquisitions and associated expenses, refinance loan amounts under the 2014 Revolving Credit Facility, and purchase up to $25.0 million in CatchMark Timber Trust common stock. The 2014 Term Loan Facility was interest only and was used solely to refinance the balance outstanding under a prior 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. For the year ended December 31, 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 December 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, and the eligibility remains the same under the 2017 Amended Credit Agreement. Therefore, CatchMark Timber Trust accrues patronage refunds it expects to receive in 2018 based on actual patronage refunds received as a percentage of its weighted-average debt balance. For the years ended December 31, 2017 and 2016, CatchMark Timber Trust recorded $2.7 million and $2.3 million , respectively, in expected patronage refunds against interest expense on the consolidated statements of operations. As of December 31, 2017 and 2016, approximately $2.7 million and $2.3 million of patronage refunds were included in accounts receivable on the consolidated balance sheets, respectively. CatchMark Timber Trust expects to receive patronage refunds on its eligible patronage loans for 2017 during the first quarter of 2018. Debt Covenants The 2017 Amended Credit Agreement contains, among others, the following financial covenants: • limits the LTV Ratio to (i) 50% at any time prior to the last day of the fiscal quarter corresponding to the fourth anniversary of the effective date and (ii) 45% at any time thereafter; • requires that we maintain a FCCR of not less than 1.05:1; and • requires maintenance of a minimum liquidity balance of no less than $25.0 million at any time; and • limits the aggregated capital expenditures not exceeding 1% of the value of the timberlands during any fiscal year We were in compliance with the financial covenants of the 2017 Amended Credit Agreement as of December 31, 2017 . Interests Paid and Fair Value of Outstanding Debt During the years ended December 31, 2017 , 2016 and 2015 , CatchMark Timber Trust made the following cash interest payments on its borrowings (in thousands): 2017 2016 2015 Cash paid for interest $ 11,412 $ 7,119 $ 3,253 Included in the interest payments for the years ended December 31, 2017 , 2016 and 2015 were unused commitment fees of $0.6 million , $0.7 million and $0.4 million , respectively. No interest paid was capitalized during the years ended December 31, 2017 , 2016 and 2015. As of December 31, 2017 and 2016 , the weighted-average interest rate on these borrowings, after consideration of its interest rate swaps (see Note 6 – Interest Rate Swaps ), was 3.60% and 3.09% , respectively. After further consideration of the expected patronage refunds, CatchMark Timber Trust 's weighted-average interest rate as of December 31, 2017 and 2016 was 2.80% and 2.19% , respectively. As of December 31, 2017 and 2016 , the fair value of CatchMark Timber Trust 's outstanding debt approximated its book value. The fair value was estimated based on discounted cash flow analysis using the current market borrowing rates for similar types of borrowing arrangements as of the measurement dates. |
Interest Rate Swaps
Interest Rate Swaps | 12 Months Ended |
Dec. 31, 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 entered into three separate interest rate swaps with Rabobank. As of December 31, 2017 , CatchMark Timber Trust had five outstanding interest rate swaps with terms below: Interest Rate Swap Effective Date Maturity Date Pay Rate Receive Rate (in thousands) Notional Amount 2014 Rabobank Swap 12/23/2014 12/23/2024 2.395% one-month LIBOR $ 35,000 2016 Rabobank Swap 8/23/2016 12/23/2024 1.280% one-month LIBOR $ 45,000 2017 Rabobank Swap 3/23/2017 3/23/2024 2.330% one-month LIBOR $ 20,000 2017 Rabobank Swap 3/28/2017 3/28/2020 1.800% one-month LIBOR $ 30,000 2017 Rabobank Swap 3/28/2017 11/28/2021 2.045% one-month LIBOR $ 20,000 Total $ 150,000 As of December 31, 2017 , CatchMark Timber Trust's effectively fixed the interest rate on $ 150.0 million of its $337.6 million variable rate debt at 3.69% using interest rate swaps. 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 December 31, 2017 and 2016 : (in thousands) Estimated Fair Value as of December 31, Instrument Type Balance Sheet Classification 2017 2016 Derivatives designated as hedging instruments: Interest rate swaps Prepaid expenses and other assets $ 2,935 $ 2,632 Interest rate swaps Other liabilities $ (559 ) $ (885 ) During the year ended December 31, 2017 , CatchMark Timber Trust recognized a change in fair value of its interest rate swaps of approximately $0.6 million as other comprehensive income. During the years ended December 31, 2017 , 2016, and 2015, there was no hedge ineffectiveness on the interest rate swaps required to be recognized in current earnings. During the years ended December 31, 2017 , 2016, and 2015, net payments of approximately $1.0 million , $0.8 million , and $0.8 million were made under the interest rate swaps by CatchMark Timber Trust and were recorded as interest expense, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Mahrt Timber Agreements In connection with its acquisition of timberlands from WestRock, CatchMark Timber Trust entered into a master stumpage agreement and a fiber supply agreement (collectively, the “Mahrt Timber Agreements”) with a wholly owned subsidiary of WestRock. The master stumpage agreement provides that CatchMark Timber Trust will sell specified amounts of timber and make available certain portions of our timberlands to CatchMark TRS for harvesting. The fiber supply agreement provides that WestRock will purchase specified tonnage of timber from CatchMark TRS at specified prices per ton, depending upon the type of timber product. The prices for the timber purchased pursuant to the fiber supply agreement are negotiated every two years but are subject to quarterly market pricing adjustments based on an index published by TimberMart-South, a quarterly trade publication that reports raw forest product prices in 11 southern states. The initial term of the Mahrt Timber Agreements is October 9, 2007 through December 31, 2032 , subject to extension and early termination provisions. The Mahrt Timber Agreements ensure a long-term source of supply of wood fiber products for WestRock in order to meet its paperboard and lumber production requirements at specified mills and provide CatchMark Timber Trust with a reliable customer for the wood products from its timberlands. For the years ended December 31, 2017 , 2016 , and 2015 , approximately 17% , 17% , and 23% , respectively, of CatchMark Timber Trust's net timber sales revenue was derived from the Mahrt Timber Agreements. WestRock can terminate the Mahrt Timber Agreements prior to the expiration of the initial term if CatchMark Timber Trust replaces FRC as the forest manager without the prior written consent of WestRock, except pursuant to an internalization of the company's forestry management functions. CatchMark Timber Trust can terminate the Mahrt Timber Agreements if WestRock (1) ceases to operate the Mahrt mill for a period that exceeds 12 consecutive months, (2) fails to purchase a specified tonnage of timber for two consecutive years, subject to certain limited exceptions or (3) fails to make payments when due (and fails to cure within 30 days). In addition, either party can terminate the Mahrt Timber Agreements if the other party commits a material breach (and fails to cure within 60 days) or becomes insolvent. In addition, the Mahrt Timber Agreements provide for adjustments to both parties' obligations in the event of a force majeure, which is defined to include, among other things, lightning, fires, storms, floods, infestation and other acts of God or nature. Timberland Operating Agreements Pursuant to the terms of the timberland operating agreement between CatchMark Timber Trust and FRC (the "FRC Timberland Operating Agreement"), FRC manages and operates 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 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, 2018, and is automatically extended for one -year periods unless written notice is provided by CatchMark Timber Trust or AFM to the other party at least 120 days prior to the current expiration. The AFM Timberland Operating Agreement may be terminated by either party with mutual consent or by CatchMark Timber Trust with or without cause upon providing 120 days’ prior written notice. Obligations under Operating Leases CatchMark Timber Trust held leasehold interests related to the use of approximately 30,900 acres of timberland as of December 31, 2017 . These operating leases have expiration dates ranging from 2019 through 2022 . Approximately 27,500 acres of these leased timberlands are leased to CatchMark Timber Trust under one long-term lease that expires in May 2022 (the “LTC Lease”). The LTC Lease calls for four quarterly lease payments totaling $3.10 per acre plus an annual adjustment payment based on the change in a price index as published by the U.S. Department of Labor’s Bureau of Labor Statistics from the LTC Lease’s base year of 1956. The all-in, per-lease acre rate, after considering both the quarterly and the annual adjustment payments, was $19.60 for the lease year ended May 2017 , which was used to calculate the following remaining required payments under the terms of the operating leases as of December 31, 2017 : Required Payments (in thousands) 2018 $ 850 2019 752 2020 692 2021 493 2022 434 Thereafter — $ 3,221 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 or financial condition of CatchMark Timber Trust . CatchMark Timber Trust is not aware of any legal proceedings contemplated by governmental authorities. |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling Interest CatchMark Timber Trust is the general partner of CatchMark Timber OP and owns 99.99% of its common partnership units. CatchMark LP Holder is the sole limited partner, holding 200 common units representing approximately 0.01% of the partnership interests. Limited partners holding common units of partnership interests in CatchMark Timber OP have the option to redeem such units after the units have been held for one year. Unless CatchMark Timber Trust exercises its right to purchase common units of CatchMark Timber OP for shares of its common stock, CatchMark Timber OP would redeem such units with cash. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Under CatchMark Timber Trust 's charter, it has authority to issue a total of 1 billion shares of capital stock. Of the total shares authorized, 900 million shares are designated as common stock with a par value of $0.01 per share and 100 million shares are designated as preferred stock. Class B-3 Common Stock Conversion On February 18, 2015, the board of directors approved the acceleration of the conversion of all of CatchMark Timber Trust's Class B-3 common stock into Class A common stock from June 12, 2015 to February 27, 2015. Upon completion of this conversion, all outstanding shares of CatchMark Timber Trust's common stock are shares of Class A common stock, eligible to trade on the NYSE. Share Repurchase Program On August 7, 2015, the board of directors authorized a stock repurchase program under which CatchMark Timber Trust may repurchase up to $30.0 million of its outstanding common shares. The program has no set duration and the board may discontinue or suspend it at any time. During the year ended December 31, 2017 , CatchMark Timber Trust repurchased 97,469 shares of common stock for approximately $1.0 million . All common stock purchases through the end of December 2017 under the stock repurchase program were made in open-market transactions. As of December 31, 2017 , CatchMark Timber Trust had 43.4 million shares of common stock outstanding and may purchase up to an additional $19.8 million under the program. Equity Offering On June 2, 2017, CatchMark Timber Trust filed a shelf registration statement on Form S-3 (File No. 333-218466) with the SEC (the "Shelf Registration Statement"), which was declared effective by the SEC on June 16, 2017. The Shelf Registration Statement provides CatchMark Timber Trust with future flexibility to offer, from time to time and in one or more offerings, debt securities, common stock, preferred stock, depositary shares, warrants, or any combination thereof. The terms of any such future offerings are established at the time of an offering. On October 17, 2017, under the Shelf Registration Statement, CatchMark Timber Trust issued 4.6 million shares of its Class A common stock at a price of $12.35 per share (the “2017 Follow-On Offering”). After deducting $2.7 million in underwriting commissions and fees and other issuance costs, CatchMark Timber Trust received net proceeds of $54.2 million from the 2017 Follow-On Offering. CatchMark Timber Trust used the net proceeds from the 2017 Follow-On Offering to finance acquisitions of timberland located in South Carolina and coastal Georgia. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation 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 for issuance 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. As of December 31, 2017, no shares had been issued under the 2017 Plan. Equity Compensation for Independent Directors In March 2015 and 2014, each of the independent directors received a number of restricted shares of CatchMark Timber Trust's common stock having a value of $30,000 on the grant date. The number of restricted shares granted to each independent director was determined by dividing $30,000 by the closing price of CatchMark Timber Trust 's common stock on the grant date. These restricted shares vest over a three -year period, subject to the independent director’s continued service on the board on each such date, or on the earlier occurrence of a change in control of CatchMark Timber Trust or the independent director’s death, disability or termination with cause. A rollforward of CatchMark Timber Trust's unvested, service-based restricted stock award activity to its independent directors for the year ended December 31, 2017 is as follows: Number of Underlying Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2016 9,611 $ 12.48 Granted — $ — Vested (6,255 ) $ 12.79 Forfeited — $ — Unvested at December 31, 2017 3,356 $ 11.92 Effective October 1, 2015, under the Amended and Restated Independent Directors' Compensation Plan (a sub-plan of the LTIP), each of the independent directors receives, on the first business day immediately prior to the date on which CatchMark Timber Trust holds its annual stockholders meeting, a number of shares of CatchMark Timber Trust's common stock having a value of $50,000 on the grant date. The number of shares granted to each independent director is determined by dividing $50,000 by the 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 income tax withholdings. CatchMark Timber Trust recognized approximately $0.3 million of general and administrative expenses related to these awards during the year ended December 31, 2017. Additionally, one of the independent directors elected to receive a portion of his compensation in shares of CatchMark Timber Trust's common stock in lieu of cash. Below is a summary of independent directors' equity compensation for the years ended December 31, 2017 , 2016 , and 2015 : (dollars in thousands, except for per share amounts) 2017 2016 2015 Fully-vested shares granted 24,412 25,089 2,392 Weighted-average grant date fair value $ 11.47 $ 12.04 $ 11.15 Restricted stock granted — — 12,585 Weighted-average grant date fair value $ — $ — $ 11.92 Grant date fair value of fully vested stock granted in period $ 280 $ 302 $ 27 Grant date fair value of restricted stock vested in period $ — $ 146 $ 81 Cash used to repurchase common shares for minimum tax withholdings $ 59 $ 66 $ — Service-based Restricted Stock Grants to Employees Service-based restricted stock grants to employees vest over a four -year period and the fair value of serviced-based restricted stock grants is determined by the closing price of CatchMark Timber Trust's common stock on the grant date. A summary of service-based restricted stock grants to the employees during the years ended December 31, 2017 , 2016 , and 2015 is listed below: (dollars in thousands, except for per share amounts) 2017 2016 2015 Shares granted 133,591 125,123 83,900 Weighted-average grant date fair value $ 11.19 $ 10.51 $ 11.54 Grant date fair value of restricted stock vested in period $ 1,294 $ 422 $ — Cash used to repurchase common shares for minimum tax withholdings $ 252 $ 133 $ — A rollforward of CatchMark Timber Trust's unvested, service-based restricted stock awards to employees for the year ended December 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 133,591 $ 11.19 Vested (105,556 ) $ 11.75 Forfeited (4,500 ) $ 10.80 Unvested at December 31, 2017 278,633 $ 11.05 Performance-based Restricted Stock Grants Performance-based restricted stock grants are awarded to the executive officers and the total number of shares may be earned based on the level of achievements of certain pre-determined performance goals over the performance period. Earned awards are determined by the Compensation Committee of CatchMark Timber Trust's board of directors after the end of the performance period and vest over a period specific to each performance grant. On February 18, 2015, CatchMark Timber Trust granted 112,900 shares of performance-based restricted stock (the "2015 Performance Awards") to its executives, which represents the maximum number of shares that could be earned by the executive officers based on the relative performance of CatchMark Timber Trust's TSR as compared to a pre-established peer group's TSR and to the Russell 3000 Index over the performance period of January 1, 2015 to December 31, 2017. The fair value of the 2015 Performance Award was calculated using the Monte-Carlo simulation with the following assumptions: Grant date market price (February 18, 2015) $ 11.63 Weighted-average fair value per granted share $ 7.01 Assumptions: Volatility 38.54 % Expected term (years) 3.0 Dividend yield 4.30 % Risk-free interest rate 1.06 % A rollforward of CatchMark Timber Trust's unvested, 2015 performance-based restricted stock awards for the year ended December 31, 2017 is as follows: Number of Underlying Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2016 112,900 $ 7.01 Granted — $ — Vested — $ — Forfeited — $ — Unvested at December 31, 2017 112,900 $ 7.01 On January 19, 2018, the Compensation Committee determined that the executive officers earned a total of 57,970 shares of what was granted under the 2015 Performance Awards. Accordingly, 54,930 share of performance-based awards were forfeited on that date. Also on the determination date, 50% of the earned awards vested. The remaining 50% vests on the one-year anniversary of the determination date. Performance-based Restricted Stock Units On May 5, 2016, CatchMark Timber Trust issued 80,366 RSUs to its executive officers (the "2016 Performance Awards"), with a weighted-average grant date per-unit fair value of $14.28 . A RSU gives the holder thereof the right, subject to certain restrictions and risk of forfeiture, to receive shares of common stock of CatchMark Timber Trust in the future. The number of RSUs earned is determined based on CatchMark Timber Trust's TSR as compared to a pre-established peer group's TSR and to the Russell 3000 Index over the performance period of January 1, 2016 to December 31, 2018. 50% of any RSUs awarded vest on the date it is determined by the Compensation Committee and the remaining 50% vest on the one-year anniversary of the determination date. The fair value of the 2016 Performance Awards was calculated using a Monte-Carlo simulation with the following assumptions: Grant date market price (May 5, 2016) $ 10.57 Weighted-average fair value per granted share $ 14.28 Assumptions: Volatility 28.54 % Expected term (years) 3.0 Dividend yield 5.11 % Risk-free interest rate 0.95 % A rollforward of CatchMark Timber Trust's unvested, 2016 performance-based restricted stock unit awards for the year ended December 31, 2017 is as follows: Number of Underlying Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2016 80,366 $ 14.28 Granted — $ — Vested — $ — Forfeited — $ — Unvested at December 31, 2017 80,366 $ 14.28 Outperformance Awards On May 2, 2017, the board of directors approved a special, one-time stock-settled outperfomance award (the "OPP") to eligible 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. The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the year December 31, 2017: Grant date market price (May 2, 2017) $ 11.73 Assumptions: Volatility 21.85 % Expected term (years) 3.0 Dividend yield 4.6 % Risk-free interest rate 1.57 % Stock-based Compensation Expense A summary of CatchMark Timber Trust 's stock-based compensation expense is presented below: (in thousands) 2017 2016 2015 General and administrative expenses $ 1,956 $ 1,411 $ 718 Forestry management expenses 830 313 171 Total $ 2,786 $ 1,724 $ 889 As of December 31, 2017 , approximately $3.2 million of unrecognized compensation expense related to non-vested restricted stock and RSUs remained and will be recognized over a weighted-average period of 2.0 years . |
Recreational Leases
Recreational Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Recreational Leases | Recreational Leases CatchMark Timber Trust leases certain access rights to individuals and companies for recreational purposes. These operating leases generally have terms of one year with certain provisions to extend the lease agreements for another one -year term. CatchMark Timber Trust retains substantially all of the risks and benefits of ownership of the timberland properties leased to tenants. As of December 31, 2017 , approximately 494,200 acres, or 99.9% , of CatchMark Timber Trust ’s timberland available for hunting and recreational uses had been leased to tenants under operating leases that expire between May and July 2018. Under the terms of the recreational leases, tenants are required to pay the entire rent upon execution of the lease agreement. Such rental receipts are recorded as other liabilities until earned over the terms of the respective recreational leases and recognized as other revenue. As of December 31, 2017 and 2016 , approximately $2.0 million and $2.0 million , respectively, of such rental receipts are recorded as other liabilities in the accompanying consolidated balance sheets. For the three years ended December 31, 2017 , 2016 , and 2015 , CatchMark Timber Trust recognized other revenues related to recreational leases of approximately $4.5 million , $4.0 million , $3.5 million , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes CatchMark Timber Trust has elected to be taxed as a REIT, and therefore its operations are generally not subject to U.S. federal and state income taxes. As of January 1, 2009 (the "REIT Commencement Date"), CatchMark Timber Trust had net built-in gains on its timber assets of approximately $18.3 million . CatchMark Timber Trust elected not to take such net built-in gains into income immediately prior to the REIT Commencement Date, but rather subsequently recognize gain on the disposition of any assets it holds at the REIT Commencement Date, if disposed of within the applicable period beginning on the REIT Commencement Date. With the passage of the Protecting Americans from Tax Hikes Act in 2015, the built-in gain period was permanently reduced to five years. CatchMark Timber Trust has exceeded the five -year built-in gain period since the REIT commencement date and is, therefore, no longer subject to the built-in gain tax. CatchMark Timber Trust records deferred income taxes using enacted tax laws and rates for the years in which the taxes are expected to be paid. Deferred income tax assets and liabilities are recorded based on the differences between the financial reporting and income tax bases of assets and liabilities. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. On December 22, 2017, the Tax Cuts and Jobs Act tax reform legislation (the "Act") was signed into law. The Act made many significant changes to the U.S. tax law, including a reduction in the corporate tax rates, changes to net operating loss carryforwards and carrybacks, and a repeal of the corporate alternative minimum tax, among other changes effective January 1, 2018. The Act reduced the U.S. corporate tax rate from the current rate of 35% to 21%. For the year ended December 31, 2017, CatchMark TRS was in a taxable loss position. Therefore, the changes effected by the Act have no impact on current income tax expense. However, CatchMark TRS was required to revalue its cumulative deferred tax assets and liability as of December 31, 2017 at the newly-enacted rate. As a result, CatchMark TRS' deferred tax liability was reduced by $8,800 and deferred tax assets were reduced by $4.8 million . CatchMark TRS maintains a full valuation allowance on its net deferred tax assets; as such, the revaluation resulted in no effect to deferred income tax expense. At December 31, 2017 , CatchMark Timber Trust had federal and state net operating loss carryforwards of approximately $144.2 million and $119.5 million , respectively. Such net operating loss carryforwards may be utilized, subject to certain limitations, to offset future taxable income. Prior to the Act, the federal net operating loss carryforwards would have begun to expire in 2027 and the state net operating loss carryforwards would begin to expire in 2022 . The Act allows CatchMark Timber Trust to carry forward its federal net operating loss indefinitely. The other provisions of the Act did not have a material impact on the accompanying consolidated financial statements of CatchMark Timber Trust for the year ended December 31, 2017. Components of the deferred tax asset as of December 31, 2017 and 2016 were attributable to the operations of CatchMark TRS only and were as follows: (in thousands) As of December 31, 2017 2016 Deferred tax assets: Net operating loss carryforward $ 10,075 $ 11,410 Gain on timberland sales 9 13 Other 468 259 Total gross deferred tax asset 10,552 11,682 Valuation allowance (10,371 ) (11,509 ) Total net deferred tax asset $ 181 $ 173 Deferred tax liability: Timber depletion 181 173 Total gross deferred tax liability $ 181 $ 173 Deferred tax asset, net $ — $ — Income taxes for financial reporting purposes differ from the amount computed by applying the statutory federal rate primarily due to the effect of state income taxes and valuation allowances (net of federal benefit). A reconciliation of the federal statutory income tax rate to CatchMark TRS ’ effective tax rate for the years ended December 31, 2017 , 2016 , and 2015 is as follows: 2017 2016 2015 Federal statutory income tax rate 34.00 % 34.00 % 34.00 % State income taxes, net of federal benefit — — 3.13 Other temporary differences (0.42 ) 1.30 0.27 Other permanent differences (0.14 ) (0.15 ) (0.01 ) Effects of federal rate change (83.74 ) — — Valuation allowance 50.30 (35.15 ) (37.39 ) Effective tax rate — % — % — % As of December 31, 2017 and 2016 , the tax basis carrying value of CatchMark Timber Trust ’s total timber assets was approximately $700.0 million and approximately $676.2 million , respectively. |
Quarterly Results (unaudited)
Quarterly Results (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (unaudited) | Quarterly Results (unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2017 and 2016 : (in thousands, except for per-share amounts) 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 23,125 $ 26,836 $ 18,612 $ 22,722 Operating income (loss) $ 567 $ 361 $ (1,220 ) $ (3,282 ) Net loss $ (1,978 ) $ (2,466 ) $ (4,044 ) $ (5,022 ) Basic and diluted net loss per share (1) $ (0.05 ) $ (0.06 ) $ (0.10 ) $ (0.12 ) (1) The sum of the quarterly amounts do not equal loss per share for the year ended December 31, 2017 due to increases in weighted-average shares outstanding over the year. 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 27,181 $ 15,966 $ 18,310 $ 20,398 Operating income (loss) $ 670 $ (1,245 ) $ (1,022 ) $ (2,811 ) Net loss $ (587 ) $ (2,645 ) $ (2,897 ) $ (4,941 ) Basic and diluted net loss per share (1) $ (0.02 ) $ (0.07 ) $ (0.07 ) $ (0.13 ) |
Customer Concentration
Customer Concentration | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Customer Concentration | Customer Concentration For the years ended December 31, 2017 , 2016 , and 2015 , WestRock represented 21% , 24% , and 31% of CatchMark Timber Trust's total revenues, respectively, and IP represented 10% , 4% , and 5% of CatchMark Timber Trust's total revenues, respectively. No other customer represented more than 10% of CatchMark Timber Trust's total revenues during these periods. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend Declaration On February 15, 2018, CatchMark Timber Trust declared a cash dividend of $0.135 per share for its common stockholders of record on February 28, 2018, payable on March 16, 2018. Interest Rate Swaps On February 15, 2018, CatchMark Timber Trust entered into two separate interest rate swaps with Rabobank to mitigate its exposure to changing interest rates on $30.0 million and $20.0 million of its 2017 Term Loan Facilities (the "2018 Rabobank Swaps"). The 2018 Rabobank Swaps became effective on February 28, 2018. Under one of the 2018 Rabobank Swaps, CatchMark Timber Trust pays interest on $30.0 million at a fixed interest rate of 2.703% per annum and receives one-month LIBOR-based interest payments through November 28, 2022. Under the second 2018 Rabobank Swaps, CatchMark Timber Trust pays interest on $20.0 million at a fixed rate of 2.884% per annum and receives one-month LIBOR-based interest payments through November 28, 2026. As of the effective date of the 2018 Rabobank Swaps, CatchMark Timber Trust effectively fixed the interest rate on $200.0 million of its $337.6 million variable debt balance at 3.46% using interest rate swaps. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 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 GAAP and shall include the accounts of any VIE in which CatchMark Timber Trust or its subsidiaries is deemed the primary beneficiary. With respect to entities that are not VIEs, CatchMark Timber Trust ’s consolidated financial statements shall also include the accounts of any entity in which CatchMark Timber Trust or its subsidiaries owns a controlling financial interest and any limited partnership in which CatchMark Timber Trust or its subsidiaries owns a controlling general partnership interest. In determining whether a controlling interest exists, CatchMark Timber Trust considers, among other factors, the ownership of voting interests, protective rights, and participatory rights of the investors. CatchMark Timber Trust owns a controlling financial interest in CatchMark Timber OP , CatchMark LP Holder and CatchMark TRS and, accordingly, includes the accounts of these entities in its consolidated financial statements. The financial statements of CatchMark Timber OP , CatchMark LP Holder and CatchMark TRS are prepared using accounting policies consistent with those used by CatchMark Timber Trust . All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Actual results could differ from those estimates. |
Fair Value Measurements and Fair Value of Debt Instruments | Fair Value of Debt Instruments CatchMark Timber Trust applied the provisions of the accounting standard for fair value measurements and disclosures in estimations of fair value of its debt instruments based on Level 2 assumptions. The fair value of the outstanding notes payable was estimated based on discounted cash flow analysis using the current observable market borrowing rates for similar types of borrowing arrangements as of the measurement date. The discounted cash flow method of assessing fair value results in a general approximation of book value, and such value may never actually be realized. Fair Value Measurements CatchMark Timber Trust estimates the fair value of its assets and liabilities where currently required under GAAP consistent with the provisions of the accounting standard for fair value measurements and disclosures. Under this guidance, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. |
Cash and Cash Equivalents | Cash and Cash Equivalents CatchMark Timber Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts. |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded at the original amount earned, net of allowances for doubtful accounts, which approximates fair value. Accounts receivable are deemed past due based on their respective payment terms. Management assesses the realizability of accounts receivable on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. |
Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets Prepaid expenses and other assets are primarily comprised of fair value of interest rate swaps, earnest money, equity in patronage banks, prepaid insurance, prepaid rent, operating costs, fixed assets, and deferred costs associated with pending acquisitions. Prepaid expenses are expensed over the applicable usage period or reclassified to other asset accounts upon being put into service in future periods. Balances without future economic benefit are written off as they are identified. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs are comprised of costs incurred in connection with securing financing from third-party lenders and are capitalized and amortized on a straight-line basis (which approximates the effective interest rate method) over the terms of the related financing arrangements. Deferred financing costs relating to term loans and multi-draw term facility are presented as a direct deduction from the carrying amount of the related debt liability on the accompanying consolidated balance sheets and costs associated with the revolving credit facility are presented as an asset on the accompanying consolidated balance sheets. |
Timber Assets | Timber Assets Timber and timberlands, including logging roads, are stated at cost less accumulated depletion for timber harvested and accumulated road amortization. CatchMark Timber Trust capitalizes timber and timberland purchases. Reforestation costs, including all costs associated with stand establishment, such as site preparation, cost of seedlings, fertilization, and herbicide application, are capitalized and tracked as premerchantable timber assets by vintage year. Annually, capitalized reforestation costs for timber that has reached a merchantable age is reclassified into merchantable timber inventory and are depleted as harvested. Timber carrying costs, such as real estate taxes, insect control, wildlife control, leases of timberlands, and forestry management personnel salaries and fringe benefits, are expensed as incurred. Costs of major roads are capitalized and amortized over their estimated useful lives. Costs of roads built to access multiple logging sites over numerous years are capitalized and amortized over seven years. Costs of roads built to access a single logging site are expensed as incurred. |
Depletion | Depletion CatchMark Timber Trust recognizes depletion expense as timber is harvested using the straight-line method. Depletion rates are established at least annually by dividing the remaining merchantable inventory book value by current merchantable timber inventory volume. CatchMark Timber Trust changed the depletion method on its long-term timber from normalized depletion method to the straight-line method effective January 1, 2015. Management believes that the straight-line method is preferable as it is based on the actual costs recorded and actual merchantable timber volume as of the date that the depletion rates are determined. The straight-line method is less reliant on subjective and complex estimates of future costs and expected timber growth that were involved in the normalized depletion method. In accordance with ASC 250, CatchMark Timber Trust determined that the change in depletion method was a change in accounting estimate effected by a change in accounting principle, and accordingly, the straight-line method was applied on a prospective basis. |
Evaluating the Recoverability of Timber Assets | Evaluating the Recoverability of Timber Assets CatchMark Timber Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of the timber assets in which CatchMark Timber Trust has an ownership interest may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of timber assets may not be recoverable, CatchMark Timber Trust assesses the recoverability of these assets by determining whether the carrying value will be recovered through the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. Impairment losses would be recognized for (i) long-lived assets used in CatchMark Timber Trust ’s operations when the carrying value of such assets exceeds the undiscounted cash flows estimated to be generated from the future operations of those assets, and (ii) long-lived assets held for sale when the carrying value of such assets exceeds an amount equal to their fair value less selling costs. Estimated fair values are calculated based on the following information in order of preference, dependent upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of undiscounted cash flows, including estimated salvage value. CatchMark Timber Trust intends to use one harvest cycle for the purpose of evaluating the recoverability of timber and timberlands used in its operations. Future cash flow estimates are based on discounted probability-weighted projections for a range of possible outcomes. CatchMark Timber Trust considers assets to be held for sale at the point at which a sale contract is executed and the buyer has made a non-refundable earnest money deposit against the contracted purchase price. |
Allocation of Purchase Price of Acquired Assets | Allocation of Purchase Price of Acquired Assets Upon the acquisition of timberland properties, CatchMark Timber Trust allocates the purchase price to tangible assets, consisting of timberland and timber, and identified intangible assets and liabilities, which may include values associated with in-place leases or supply agreements, based in each case on management’s estimate of their fair values. The values of tangible assets are then allocated to timberland and timber based on management’s determination of the relative fair value of these assets. |
Intangible Lease Assets | Intangible Lease Assets In-place ground leases with CatchMark Timber Trust as the lessee have value associated with effective contractual rental rates that are below market rates. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management’s estimate of fair market lease rates for the corresponding in-place lease, measured over a period equal to the remaining terms of the leases. The capitalized below-market in-place lease values are recorded as intangible lease assets and are amortized as adjustments to land rent expense over the weighted-average remaining term of the respective leases. |
Investment in Unconsolidated Joint Venture | Investment in Unconsolidated 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. |
Common Stock | Common Stock The par value of CatchMark Timber Trust ’s issued and outstanding shares of common stock is recorded as common stock. The remaining gross proceeds, net of offering costs, are recorded as additional paid-in capital. |
Interest Rate Swaps | Interest Rate Swaps CatchMark Timber Trust has entered into interest rate swaps to mitigate its exposure to changing interest rates on its variable rate debt instruments. CatchMark Timber Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. The fair values of interest rate swaps are recorded as either prepaid expenses and other assets or other liabilities in the accompanying consolidated balance sheets. Changes in the fair value of the effective portion of interest rate swaps that are designated as hedges are recorded as other comprehensive income (loss), while changes in the fair value of the ineffective portion of hedges, if any, are recognized in current earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swap in the consolidated statements of operations. Amounts received or paid under interest rate swaps are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain (loss) on interest rate swaps for contracts that do not qualify for hedge accounting treatment. CatchMark Timber Trust applied the provisions of the accounting standard for fair value measurements and disclosures in recording its interest rate swaps at fair value. The fair value of the interest rate swaps, classified under Level 2, was determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated LIBOR information, consideration of CatchMark Timber Trust 's credit standing, credit risk of counterparties, and reasonable estimates about relevant future market conditions. |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, CatchMark Timber Trust adopted ASU 2014-09 , Revenue from Contracts with Customers (Topic 606) . Prior to the adoption, CatchMark Timber Trust's revenue from the sale of timber was recognized when the following criteria were met: (i) persuasive evidence of an agreement existed, (ii) legal ownership and the risk of loss were transferred to the purchaser, (iii) price and quantity were determinable, and (iv) collectibility was reasonably assured. Beginning January 1, 2018, CatchMark Timber Trust’s revenue from the sales of timber will be recognized when the following criteria are met: (i) persuasive evidence of a contract with customer exists, (ii) identifiable performance obligations under the contract exists, (iii) price and quantity are determinable for each performance obligation, (iv) transaction price is allocated to each performance obligation, and (v) legal ownership and the risk of loss are transferred to the purchaser for each performance obligation. CatchMark Timber Trust’s primary sources of revenue are generally recognized as follows: (1) For delivered sales contracts, which include amounts sufficient to cover costs of logging and hauling of timber, revenues are recognized upon delivery to the customer. (2) For pay-as-cut contracts, the purchaser acquires the right to harvest specified timber on a tract, at an agreed-upon price per unit. Payments and contract advances are recognized as revenue as the timber is harvested based on the contracted sale rate per unit. (3) Revenues from the sale of HBU and nonstrategic timberlands are recognized when title passes and full payment or a minimum down payment is received and full collectibility is assured. If a down payment of less than the minimum down payment is received at closing, CatchMark Timber Trust will record revenue based on the installment method. (4) For recreational leases, rental income collected in advance is recorded as other liabilities in the accompanying consolidated balance sheets until earned over the term of the respective recreational lease and recognized as other revenue. |
Stock-based Compensation | Stock-based Compensation CatchMark Timber Trust issues equity-based awards to its independent directors and employees pursuant to its LTIP. Stock-based compensation is measured by the fair value of the respective award on the date of grant or modification. Expenses are recognized over the requisite service period of each award and reported as either forestry management expenses or as general and administrative expenses. |
Earnings Per Share | Earnings Per Share Basic earnings (loss) per share is calculated as net income (loss) divided by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share equals basic earnings per share, adjusted to reflect the dilution that would occur if all outstanding securities convertible into common shares or contracts to issue common shares were converted or exercised and the related proceeds are then used to repurchase common shares. Basic and diluted earnings (loss) per share were the same for all periods presented. |
Income Taxes | Income Taxes CatchMark Timber Trust has elected to be taxed as a REIT under the Code and has operated as such beginning with its taxable year ended December 31, 2009. To qualify to be taxed as a REIT, CatchMark Timber Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its ordinary taxable income to its stockholders. As a REIT, CatchMark Timber Trust generally is not subject to federal income tax on taxable income it distributes to stockholders. If CatchMark Timber Trust fails to qualify as a REIT in any taxable year, it will then be subject to federal and state income taxes on its taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the IRS grants CatchMark Timber Trust relief under certain statutory provisions. CatchMark Timber Trust has elected to treat CatchMark TRS as a taxable REIT subsidiary. CatchMark Timber Trust may perform certain non-customary services, including real estate or non-real-estate related services, through CatchMark TRS . Earnings from services performed through CatchMark TRS are subject to federal and state income taxes irrespective of the dividends paid deduction available to REITs for federal income tax purposes. In addition, for CatchMark Timber Trust to continue to qualify to be taxed as a REIT, CatchMark Timber Trust ’s investment in CatchMark TRS and any other TRSs may not exceed 25% ( 20% for taxable years beginning after December 31, 2017) of the value of the total assets of CatchMark Timber Trust . Deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. Deferred tax expense or benefit is recognized in the financial statements according to the changes in deferred tax assets or liabilities between years. Valuation allowances are established to reduce deferred tax assets when it becomes more likely than not that such assets, or portions thereof, will not be realized. No provision for federal income taxes has been made in the accompanying consolidated financial statements, other than the provision relating to CatchMark TRS , as CatchMark Timber Trust did not generate taxable income for the periods presented. See Note 12 – Income Taxes for more information. CatchMark Timber Trust is also subject to certain state and local taxes related to the operations of timberland properties in certain locations, which have been provided for in the accompanying consolidated financial statements. CatchMark Timber Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations. |
Operating Segment | Operating Segment CatchMark Timber Trust owns and operates timberland properties in the U.S. South. CatchMark Timber Trust operates in a single reporting segment, and the presentation of CatchMark Timber Trust’s financial condition and performance is consistent with the way in which CatchMark Timber Trust’s operations are managed . |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . Under this guidance, an entity is required to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the expected consideration for those goods or services. The update requires significant additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09, as amended by ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date (Topic 606) , is effective for years beginning after December 15, 2017, including interim periods, with early adoption permitted for years beginning after December 15, 2016. CatchMark Timber Trust will adopt ASU 2014-09 in our consolidated financial statements on January 1, 2018. The adoption of ASU 2014-09 did not have a material effect on CatchMark Timber Trust's consolidated financial statements. In February 2016, the FASB issued ASU 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. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842, to address concerns about the costs and complexity of complying with the transition provision of the new lease requirements under ASU 2016-02 . The amendments in ASU 2018-01 permit an entity to elect an optional transition practical expedient to not evaluate under Topic 842 its land easements that exist or expired before its adoption of Topic 842 that were not previously accounted for as leases under Topic 840. 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 ASU 2016-02 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 , 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 ASU 2017-01, Clarifying the Definition of a Business , 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 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. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. ASU 2017-09 provides guidance about which changes to the terms and conditions of a share-based payment award requires an entity to apply modification accounting under Topic 718. This update clarifies the definition of “modification of terms and conditions” in order to reduce the diversity in practice, the cost and complexity when applying Topic 718. Under ASU 2017-09, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the changes to an award’s terms or conditions. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. The adoption did not have an impact on CatchMark Timber Trust’s consolidated financial statements and related disclosures. In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, which amends the hedge accounting recognition and presentation requirements in ASC 815, Derivatives and Hedging . The amendments in this update are to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting by preparers. ASU 2017-12 is effective for public entities for fiscal years beginning after December 15, 2018, and interim periods therein. Early adoption is permitted in any interim period after issuance of ASU 2017-12. CatchMark Timber Trust does not expect it to have a material impact on its consolidated financial statements. |
Timber Assets (Tables)
Timber Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule of Timber and Timberlands | A detailed breakout of land acreage by state is listed below: Acres by state as of December 31, 2017 Fee Lease Total Alabama 74,400 5,600 80,000 Florida 2,000 — 2,000 Georgia 263,600 25,300 288,900 Louisiana 20,900 — 20,900 North Carolina 1,600 — 1,600 South Carolina 81,000 — 81,000 Tennessee 300 — 300 Texas 35,600 — 35,600 Total: 479,400 30,900 510,300 As of December 31, 2017 and 2016 , timber and timberlands consisted of the following, respectively: (in thousands) As of December 31, 2017 Gross Accumulated Depletion or Amortization Net Timber $ 332,253 $ 29,035 $ 303,218 Timberlands 406,284 — 406,284 Mainline roads 1,349 604 744 Timber and timberlands $ 739,886 $ 29,639 $ 710,246 (in thousands) As of December 31, 2016 Gross Accumulated Depletion or Amortization Net Timber $ 324,796 $ 28,897 $ 295,899 Timberlands 395,348 — 395,348 Mainline roads 935 495 440 Timber and timberlands $ 721,079 $ 29,392 $ 691,687 |
Schedule of Timberland Acquired by State | A detailed breakout of acreage acquired by state is listed below: Acres Acquired In: 2017 2016 (1) 2015 Alabama — 4,500 — Florida — — — Georgia 15,000 13,500 9,900 Louisiana — — 300 North Carolina — — 1,600 South Carolina 4,600 63,900 12,500 Tennessee — — 300 Texas — — 18,300 Total 19,600 81,900 42,900 (1) Includes 8,300 acres of leasehold interest acquired in Georgia. |
Schedule of Timberland Sale by State | A detailed breakout of land sale acreage by state is listed below: Acres Sold In: 2017 2016 2015 Alabama 2,300 600 3,000 Georgia 5,000 6,100 2,200 Florida — 600 — Louisiana 400 — — Texas — — 1,200 Total 7,700 7,300 6,400 |
Unconsolidated Joint Venture (T
Unconsolidated Joint Venture (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 Total Assets $ 24,014 Total Liabilities $ 660 Total Equity $ 23,354 CatchMark Timber Trust’s investment $ 11,677 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows (in thousands): From Inception through December 31, 2017 Total Revenues $ 4,886 Net Income $ 2,275 CatchMark Timber Trust's share $ 1,138 |
Notes Payable and Lines of Cr27
Notes Payable and Lines of Credit (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Outstanding | As of December 31, 2017 and 2016, CatchMark Timber Trust had the following debt balances outstanding (in thousands): Maturity Date Outstanding Balance As of December 31, Credit Facility Interest Rate (1) Interest Rate (2) 2017 2016 Term Loan A-1 12/23/2024 LIBOR + 1.75% 3.30% $ 100,000 $ 100,000 Term Loan A-2 12/01/2026 LIBOR + 1.90% 3.46% 118,809 — Term Loan A-3 12/01/2027 LIBOR + 2.00% 3.56% 118,810 — Multi-Draw Term Facility 12/01/2024 LIBOR + 2.00% 2.99% — 225,656 Total Principal Balance $ 337,619 $ 325,656 Less: Net Unamortized Deferred Financing Costs (1) $ (7,531 ) $ (4,905 ) Total $ 330,088 $ 320,751 (1) The applicable LIBOR margin on the 2017 Multi-Draw Term Facility ranges between 1.50% and 2.20% , depending on the LTV ratio. (2) Represents weighted-interest rate as of December 31, 2017, except for the Multi-Draw Term Facility, which represents weighted-interest rate as of December 31, 2016. The interest rate excludes the impact of the interest rate swaps (see Note 6 – Interest Rate Swaps ), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds. |
Schedule of Interest Payments | During the years ended December 31, 2017 , 2016 and 2015 , CatchMark Timber Trust made the following cash interest payments on its borrowings (in thousands): 2017 2016 2015 Cash paid for interest $ 11,412 $ 7,119 $ 3,253 |
Interest Rate Swaps (Tables)
Interest Rate Swaps (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | As of December 31, 2017 , CatchMark Timber Trust had five outstanding interest rate swaps with terms below: Interest Rate Swap Effective Date Maturity Date Pay Rate Receive Rate (in thousands) Notional Amount 2014 Rabobank Swap 12/23/2014 12/23/2024 2.395% one-month LIBOR $ 35,000 2016 Rabobank Swap 8/23/2016 12/23/2024 1.280% one-month LIBOR $ 45,000 2017 Rabobank Swap 3/23/2017 3/23/2024 2.330% one-month LIBOR $ 20,000 2017 Rabobank Swap 3/28/2017 3/28/2020 1.800% one-month LIBOR $ 30,000 2017 Rabobank Swap 3/28/2017 11/28/2021 2.045% one-month LIBOR $ 20,000 Total $ 150,000 The following table presents information about CatchMark Timber Trust ’s interest rate swaps measured at fair value as of December 31, 2017 and 2016 : (in thousands) Estimated Fair Value as of December 31, Instrument Type Balance Sheet Classification 2017 2016 Derivatives designated as hedging instruments: Interest rate swaps Prepaid expenses and other assets $ 2,935 $ 2,632 Interest rate swaps Other liabilities $ (559 ) $ (885 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Rental Payments for Operating Leases | The all-in, per-lease acre rate, after considering both the quarterly and the annual adjustment payments, was $19.60 for the lease year ended May 2017 , which was used to calculate the following remaining required payments under the terms of the operating leases as of December 31, 2017 : Required Payments (in thousands) 2018 $ 850 2019 752 2020 692 2021 493 2022 434 Thereafter — $ 3,221 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 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 year ended December 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 133,591 $ 11.19 Vested (105,556 ) $ 11.75 Forfeited (4,500 ) $ 10.80 Unvested at December 31, 2017 278,633 $ 11.05 A rollforward of CatchMark Timber Trust's unvested, 2016 performance-based restricted stock unit awards for the year ended December 31, 2017 is as follows: Number of Underlying Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2016 80,366 $ 14.28 Granted — $ — Vested — $ — Forfeited — $ — Unvested at December 31, 2017 80,366 $ 14.28 A rollforward of CatchMark Timber Trust's unvested, 2015 performance-based restricted stock awards for the year ended December 31, 2017 is as follows: Number of Underlying Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2016 112,900 $ 7.01 Granted — $ — Vested — $ — Forfeited — $ — Unvested at December 31, 2017 112,900 $ 7.01 A rollforward of CatchMark Timber Trust's unvested, service-based restricted stock award activity to its independent directors for the year ended December 31, 2017 is as follows: Number of Underlying Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2016 9,611 $ 12.48 Granted — $ — Vested (6,255 ) $ 12.79 Forfeited — $ — Unvested at December 31, 2017 3,356 $ 11.92 |
Schedule of Independent Directors' Equity Compensation | Below is a summary of independent directors' equity compensation for the years ended December 31, 2017 , 2016 , and 2015 : (dollars in thousands, except for per share amounts) 2017 2016 2015 Fully-vested shares granted 24,412 25,089 2,392 Weighted-average grant date fair value $ 11.47 $ 12.04 $ 11.15 Restricted stock granted — — 12,585 Weighted-average grant date fair value $ — $ — $ 11.92 Grant date fair value of fully vested stock granted in period $ 280 $ 302 $ 27 Grant date fair value of restricted stock vested in period $ — $ 146 $ 81 Cash used to repurchase common shares for minimum tax withholdings $ 59 $ 66 $ — |
Schedule of Service-Based Restricted Stock Grants | A summary of service-based restricted stock grants to the employees during the years ended December 31, 2017 , 2016 , and 2015 is listed below: (dollars in thousands, except for per share amounts) 2017 2016 2015 Shares granted 133,591 125,123 83,900 Weighted-average grant date fair value $ 11.19 $ 10.51 $ 11.54 Grant date fair value of restricted stock vested in period $ 1,294 $ 422 $ — Cash used to repurchase common shares for minimum tax withholdings $ 252 $ 133 $ — |
Schedule of Valuation Assumptions | The fair value of the 2015 Performance Award was calculated using the Monte-Carlo simulation with the following assumptions: Grant date market price (February 18, 2015) $ 11.63 Weighted-average fair value per granted share $ 7.01 Assumptions: Volatility 38.54 % Expected term (years) 3.0 Dividend yield 4.30 % Risk-free interest rate 1.06 % The fair value of the 2016 Performance Awards was calculated using a Monte-Carlo simulation with the following assumptions: Grant date market price (May 5, 2016) $ 10.57 Weighted-average fair value per granted share $ 14.28 Assumptions: Volatility 28.54 % Expected term (years) 3.0 Dividend yield 5.11 % Risk-free interest rate 0.95 % The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the year December 31, 2017: Grant date market price (May 2, 2017) $ 11.73 Assumptions: Volatility 21.85 % Expected term (years) 3.0 Dividend yield 4.6 % Risk-free interest rate 1.57 % |
Schedule of Stock-Based Compensation Expense | A summary of CatchMark Timber Trust 's stock-based compensation expense is presented below: (in thousands) 2017 2016 2015 General and administrative expenses $ 1,956 $ 1,411 $ 718 Forestry management expenses 830 313 171 Total $ 2,786 $ 1,724 $ 889 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | Components of the deferred tax asset as of December 31, 2017 and 2016 were attributable to the operations of CatchMark TRS only and were as follows: (in thousands) As of December 31, 2017 2016 Deferred tax assets: Net operating loss carryforward $ 10,075 $ 11,410 Gain on timberland sales 9 13 Other 468 259 Total gross deferred tax asset 10,552 11,682 Valuation allowance (10,371 ) (11,509 ) Total net deferred tax asset $ 181 $ 173 Deferred tax liability: Timber depletion 181 173 Total gross deferred tax liability $ 181 $ 173 Deferred tax asset, net $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the federal statutory income tax rate to CatchMark TRS ’ effective tax rate for the years ended December 31, 2017 , 2016 , and 2015 is as follows: 2017 2016 2015 Federal statutory income tax rate 34.00 % 34.00 % 34.00 % State income taxes, net of federal benefit — — 3.13 Other temporary differences (0.42 ) 1.30 0.27 Other permanent differences (0.14 ) (0.15 ) (0.01 ) Effects of federal rate change (83.74 ) — — Valuation allowance 50.30 (35.15 ) (37.39 ) Effective tax rate — % — % — % |
Quarterly Results (unaudited) (
Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of the Unaudited Quarterly Financial Information | Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2017 and 2016 : (in thousands, except for per-share amounts) 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 23,125 $ 26,836 $ 18,612 $ 22,722 Operating income (loss) $ 567 $ 361 $ (1,220 ) $ (3,282 ) Net loss $ (1,978 ) $ (2,466 ) $ (4,044 ) $ (5,022 ) Basic and diluted net loss per share (1) $ (0.05 ) $ (0.06 ) $ (0.10 ) $ (0.12 ) (1) The sum of the quarterly amounts do not equal loss per share for the year ended December 31, 2017 due to increases in weighted-average shares outstanding over the year. 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 27,181 $ 15,966 $ 18,310 $ 20,398 Operating income (loss) $ 670 $ (1,245 ) $ (1,022 ) $ (2,811 ) Net loss $ (587 ) $ (2,645 ) $ (2,897 ) $ (4,941 ) Basic and diluted net loss per share (1) $ (0.02 ) $ (0.07 ) $ (0.07 ) $ (0.13 ) |
Organization - Narrative (Detai
Organization - Narrative (Details) | 12 Months Ended |
Dec. 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% |
Sole Limited Partner | |
Class of Stock [Line Items] | |
Percentage of general partnership interest owned by the company in the Operating Partnership common units | 0.01% |
Summary of Significant Accoun34
Summary of Significant Accounting Policies - Narrative (Details) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)harvest_cycleshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Significant Accounting Policies | |||
Allowances provided against accounts receivable | $ 46,000 | $ 0 | |
Amortization of deferred financing costs | $ 1,000,000 | 900,000 | $ 600,000 |
Number of harvest cycles | harvest_cycle | 1 | ||
Impairment of long-lived assets | $ 0 | ||
Restricted Stock Units (RSUs) | |||
Significant Accounting Policies | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | shares | 81 | ||
Mainline roads | |||
Significant Accounting Policies | |||
Amortization period | 7 years | ||
2014 Amended Credit Agreement | |||
Significant Accounting Policies | |||
Estimated patronage refunds | $ 2,700,000 | $ 2,300,000 |
Timber Assets - Schedule of Tim
Timber Assets - Schedule of Timber and Timberlands (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Gross | $ 739,886 | $ 721,079 |
Accumulated Depletion or Amortization | 29,639 | 29,392 |
Net | 710,246 | 691,687 |
Timber | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 332,253 | 324,796 |
Accumulated Depletion or Amortization | 29,035 | 28,897 |
Net | 303,218 | 295,899 |
Timberlands | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 406,284 | 395,348 |
Accumulated Depletion or Amortization | 0 | 0 |
Net | 406,284 | 395,348 |
Mainline roads | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 1,349 | 935 |
Accumulated Depletion or Amortization | 604 | 495 |
Net | $ 744 | $ 440 |
Timber Assets - Narrative (Deta
Timber Assets - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($)a | Dec. 31, 2015USD ($)a | ||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 19,600 | 81,900 | [1] | 42,900 |
Payments to acquire timberland | $ | $ 52,260 | $ 141,570 | $ 75,793 | |
Timberland, acres sold | 7,700 | 7,300 | 6,400 | |
Timberland sales | $ | $ 14,768 | $ 12,515 | $ 11,845 | |
Basis of timberland sold, lease terminations and other | $ | $ 10,112 | $ 10,089 | $ 8,886 | |
Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 19,600 | 81,900 | 42,900 | |
Payments to acquire timberland | $ | $ 51,600 | $ 141,000 | $ 73,300 | |
Timberland, acres sold | 7,700 | 7,300 | 6,400 | |
Timberland sales | $ | $ 14,800 | $ 12,500 | $ 11,800 | |
Cost basis of timberland sold | $ | $ 9,900 | $ 9,700 | $ 8,900 | |
Area of land (in acres) | 510,300 | |||
Area of land held in fee-simple interests | 479,400 | |||
Area of land held in leasehold interests | 30,900 | |||
[1] | Includes 8,300 acres of leasehold interest acquired in Georgia. |
Timber Assets - Timberland Acqu
Timber Assets - Timberland Acquisitions (Details) - a | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 19,600 | 81,900 | [1] | 42,900 |
Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 19,600 | 81,900 | 42,900 | |
Alabama | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 0 | 4,500 | 0 | |
Florida | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 0 | 0 | 0 | |
Georgia | ||||
Property, Plant and Equipment [Line Items] | ||||
Acres of leasehold interest acquired in Georgia | 8,300 | |||
Georgia | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 15,000 | 13,500 | [1] | 9,900 |
Louisiana | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 0 | 0 | 300 | |
North Carolina | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 0 | 0 | 1,600 | |
South Carolina | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 4,600 | 63,900 | 12,500 | |
Tennessee | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 0 | 0 | 300 | |
Texas | Timber Properties | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | 0 | 0 | 18,300 | |
[1] | Includes 8,300 acres of leasehold interest acquired in Georgia. |
Timber Assets - Timberland Disp
Timber Assets - Timberland Dispositions (Details) - a | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Timberland, acres sold | 7,700 | 7,300 | 6,400 |
Timber | |||
Property, Plant and Equipment [Line Items] | |||
Timberland, acres sold | 7,700 | 7,300 | 6,400 |
Alabama | Timber | |||
Property, Plant and Equipment [Line Items] | |||
Timberland, acres sold | 2,300 | 600 | 3,000 |
Georgia | Timber | |||
Property, Plant and Equipment [Line Items] | |||
Timberland, acres sold | 5,000 | 6,100 | 2,200 |
Florida | Timber | |||
Property, Plant and Equipment [Line Items] | |||
Timberland, acres sold | 0 | 600 | 0 |
Louisiana | Timber | |||
Property, Plant and Equipment [Line Items] | |||
Timberland, acres sold | 400 | 0 | 0 |
Texas | Timber | |||
Property, Plant and Equipment [Line Items] | |||
Timberland, acres sold | 0 | 0 | 1,200 |
Timber Assets - Timberland Port
Timber Assets - Timberland Portfolio (Details) - Timber Properties | Dec. 31, 2017a |
Property, Plant and Equipment [Line Items] | |
Fee | 479,400 |
Lease | 30,900 |
Total | 510,300 |
Alabama | |
Property, Plant and Equipment [Line Items] | |
Fee | 74,400 |
Lease | 5,600 |
Total | 80,000 |
Florida | |
Property, Plant and Equipment [Line Items] | |
Fee | 2,000 |
Lease | 0 |
Total | 2,000 |
Georgia | |
Property, Plant and Equipment [Line Items] | |
Fee | 263,600 |
Lease | 25,300 |
Total | 288,900 |
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 | 81,000 |
Lease | 0 |
Total | 81,000 |
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 ($)a | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||
Payments to acquire timberland | $ 52,260 | $ 141,570 | $ 75,793 | |
Equity method investment | 11,677 | $ 0 | ||
Dawsonville Bluffs | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Area of land (in acres) | a | 11 | |||
Payments to acquire timberland | $ 20,000 | |||
Ownership interest | 50.00% | |||
Equity method investment | $ 11,677 | |||
Dawsonville Bluffs | MPERS | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest | 50.00% |
Unconsolidated Joint Venture 41
Unconsolidated Joint Venture - Schedule of Condensed Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
CatchMark Timber Trust’s investment | $ 11,677 | $ 0 |
Dawsonville Bluffs | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 24,014 | |
Total Liabilities | 660 | |
Total Equity | 23,354 | |
CatchMark Timber Trust’s investment | $ 11,677 |
Unconsolidated Joint Venture 42
Unconsolidated Joint Venture - Schedule of Condensed Income Statement Information (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
CatchMark Timber Trust's share | $ 1,138 | $ 0 | $ 0 | |
Dawsonville Bluffs | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Revenues | $ 4,886 | |||
Net Income | 2,275 | |||
CatchMark Timber Trust's share | $ 1,138 |
Notes Payable and Lines of Cr43
Notes Payable and Lines of Credit - Schedule of Debt Outstanding (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
Debt Instrument [Line Items] | ||||
Outstanding Balance | $ 337,619 | $ 325,656 | ||
Less: Net Unamortized Deferred Financing Costs | (7,531) | [1] | (4,905) | |
Total | $ 330,088 | 320,751 | ||
Term Loan Facility A-1 | 2017 Amended Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | Dec. 23, 2024 | |||
Interest Rate | [2] | 3.30% | ||
Outstanding Balance | $ 100,000 | |||
Term Loan Facility A-1 | 2017 Amended Credit Agreement | LIBOR | ||||
Debt Instrument [Line Items] | ||||
LIBOR | LIBOR | |||
Basis spread on variable rate (percent) | 1.75% | |||
Term Loan Facility A-1 | 2014 Amended Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Outstanding Balance | 100,000 | |||
Term Loan Facility A-2 | 2017 Amended Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | Dec. 1, 2026 | |||
Interest Rate | [2] | 3.46% | ||
Outstanding Balance | $ 118,809 | |||
Term Loan Facility A-2 | 2017 Amended Credit Agreement | LIBOR | ||||
Debt Instrument [Line Items] | ||||
LIBOR | LIBOR | |||
Basis spread on variable rate (percent) | 1.90% | |||
Term Loan Facility A-3 | 2017 Amended Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | Dec. 1, 2027 | |||
Interest Rate | [2] | 3.56% | ||
Outstanding Balance | $ 118,810 | |||
Term Loan Facility A-3 | 2017 Amended Credit Agreement | LIBOR | ||||
Debt Instrument [Line Items] | ||||
LIBOR | LIBOR | |||
Basis spread on variable rate (percent) | 2.00% | |||
2014 Multi-Draw Term Facility | 2014 Amended Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Outstanding Balance | $ 225,656 | |||
2017 Multi-Draw Term Facility | 2017 Amended Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | Dec. 1, 2024 | |||
Interest Rate | [2] | 2.99% | ||
Outstanding Balance | $ 0 | |||
2017 Multi-Draw Term Facility | 2017 Amended Credit Agreement | LIBOR | ||||
Debt Instrument [Line Items] | ||||
LIBOR | [2] | LIBOR | ||
Basis spread on variable rate (percent) | [2] | 2.00% | ||
2017 Multi-Draw Term Facility | 2017 Amended Credit Agreement | Minimum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 1.50% | |||
2017 Multi-Draw Term Facility | 2017 Amended Credit Agreement | Maximum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 2.20% | |||
[1] | The applicable LIBOR margin on the 2017 Multi-Draw Term Facility ranges between 1.50% and 2.20%, depending on the LTV ratio. | |||
[2] | Represents weighted-interest rate as of December 31, 2017, except for the Multi-Draw Term Facility, which represents weighted-interest rate as of December 31, 2016. The interest rate excludes the impact of the interest rate swaps (see Note 6 – Interest Rate Swaps), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds. |
Notes Payable and Lines of Cr44
Notes Payable and Lines of Credit - Narrative (Details) - USD ($) | May 13, 2016 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 01, 2017 | Nov. 30, 2017 | |
Debt Instrument [Line Items] | ||||||||
Unused commitment fees | $ 600,000 | $ 700,000 | $ 400,000 | |||||
Interest paid, capitalized | $ 0 | $ 0 | $ 0 | |||||
Secured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted-average interest rate | 3.60% | 3.60% | 3.09% | |||||
Weighted-average interest rate, after patronage refunds | 2.80% | 2.80% | 2.19% | |||||
2017 Amended Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 637,600,000 | |||||||
Remaining borrowing capacity | $ 300,000,000 | $ 300,000,000 | ||||||
Covenant terms, loan to value (LTV) ratio (percent) | 45.00% | |||||||
Capital expenditure percentage of timberlands | 1.00% | |||||||
Covenant, fixed charge coverage ratio (not less than) | 1.05 | |||||||
2017 Amended Credit Agreement | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Covenant terms, minimum liquidity balance required (no less than) | $ 25,000,000 | $ 25,000,000 | ||||||
2017 Amended Credit Agreement | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Covenant terms, loan to value (LTV) ratio (percent) | 50.00% | |||||||
2017 Amended Credit Agreement | 2017 Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 35,000,000 | |||||||
Debt term | 5 years | |||||||
Remaining borrowing capacity | $ 35,000,000 | $ 35,000,000 | ||||||
Amount of credit facility allowed to be used for timberland acquisitions (not to exceed) | $ 5,000,000 | |||||||
2017 Amended Credit Agreement | 2017 Revolving Credit Facility | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee percentage on unused portion | 0.15% | |||||||
2017 Amended Credit Agreement | 2017 Revolving Credit Facility | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee percentage on unused portion | 0.35% | |||||||
2017 Amended Credit Agreement | 2017 Revolving Credit Facility | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Adjustable rate description | base rate | |||||||
2017 Amended Credit Agreement | 2017 Revolving Credit Facility | Base Rate | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 0.50% | |||||||
2017 Amended Credit Agreement | 2017 Revolving Credit Facility | Base Rate | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 1.20% | |||||||
2017 Amended Credit Agreement | 2017 Revolving Credit Facility | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Adjustable rate description | LIBOR | |||||||
2017 Amended Credit Agreement | 2017 Revolving Credit Facility | LIBOR | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 1.50% | |||||||
2017 Amended Credit Agreement | 2017 Revolving Credit Facility | LIBOR | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 2.20% | |||||||
2017 Amended Credit Agreement | 2017 Multi-Draw Term Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 265,000,000 | |||||||
Debt term | 7 years | |||||||
Remaining borrowing capacity | $ 265,000,000 | $ 265,000,000 | ||||||
Weighted-average interest rate | [1] | 2.99% | 2.99% | |||||
2017 Amended Credit Agreement | 2017 Multi-Draw Term Facility | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee percentage on unused portion | 0.15% | |||||||
2017 Amended Credit Agreement | 2017 Multi-Draw Term Facility | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee percentage on unused portion | 0.35% | |||||||
2017 Amended Credit Agreement | 2017 Multi-Draw Term Facility | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Adjustable rate description | base rate | |||||||
2017 Amended Credit Agreement | 2017 Multi-Draw Term Facility | Base Rate | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 0.50% | |||||||
2017 Amended Credit Agreement | 2017 Multi-Draw Term Facility | Base Rate | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 1.20% | |||||||
2017 Amended Credit Agreement | 2017 Multi-Draw Term Facility | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Adjustable rate description | [1] | LIBOR | ||||||
Basis spread on variable rate (percent) | [1] | 2.00% | ||||||
2017 Amended Credit Agreement | 2017 Multi-Draw Term Facility | LIBOR | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 1.50% | |||||||
2017 Amended Credit Agreement | 2017 Multi-Draw Term Facility | LIBOR | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 2.20% | |||||||
2017 Amended Credit Agreement | 2017 Term Loan Facility A-1 | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 100,000,000 | |||||||
Debt term | 10 years | |||||||
Weighted-average interest rate | [1] | 3.30% | 3.30% | |||||
2017 Amended Credit Agreement | 2017 Term Loan Facility A-1 | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Adjustable rate description | LIBOR | |||||||
Basis spread on variable rate (percent) | 1.75% | |||||||
2017 Amended Credit Agreement | Term Loan Facility A-2 | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 118,800,000 | |||||||
Debt term | 9 years | |||||||
Weighted-average interest rate | [1] | 3.46% | 3.46% | |||||
2017 Amended Credit Agreement | Term Loan Facility A-2 | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Adjustable rate description | LIBOR | |||||||
Basis spread on variable rate (percent) | 1.90% | |||||||
2017 Amended Credit Agreement | Term Loan Facility A-3 | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 118,800,000 | |||||||
Debt term | 10 years | |||||||
Weighted-average interest rate | [1] | 3.56% | 3.56% | |||||
2017 Amended Credit Agreement | Term Loan Facility A-3 | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Adjustable rate description | LIBOR | |||||||
Basis spread on variable rate (percent) | 2.00% | |||||||
2014 Amended Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 500,000,000 | |||||||
Patronage refunds received | $ 2,100,000 | $ 1,200,000 | ||||||
Patronage refunds, value of equity in patronage banks | $ 800,000 | 800,000 | 300,000 | |||||
Expected patronage refunds | 2,700,000 | 2,300,000 | ||||||
Estimated patronage refunds | $ 2,700,000 | $ 2,700,000 | $ 2,300,000 | |||||
Covenant, fixed charge coverage ratio (not less than) | 1.05 | |||||||
2014 Amended Credit Agreement | 2014 Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 35,000,000 | |||||||
Amount of credit facility allowed to be used for timberland acquisitions (not to exceed) | $ 5,000,000 | |||||||
2014 Amended Credit Agreement | 2014 Revolving Credit Facility | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Adjustable rate description | base rate | |||||||
2014 Amended Credit Agreement | 2014 Revolving Credit Facility | Base Rate | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 0.50% | |||||||
2014 Amended Credit Agreement | 2014 Revolving Credit Facility | Base Rate | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 1.50% | |||||||
2014 Amended Credit Agreement | 2014 Revolving Credit Facility | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Adjustable rate description | LIBOR | |||||||
2014 Amended Credit Agreement | 2014 Revolving Credit Facility | LIBOR | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 1.50% | |||||||
2014 Amended Credit Agreement | 2014 Revolving Credit Facility | LIBOR | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 2.50% | |||||||
2014 Amended Credit Agreement | 2014 Multi-Draw Term Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 365,000,000 | |||||||
Amount of credit facility allowed to be used for share repurchases (up to) | 25,000,000 | |||||||
2014 Amended Credit Agreement | 2014 Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 100,000,000 | |||||||
2014 Amended Credit Agreement | 2014 Multi-Draw Term Facility and 2014 Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Patronage refunds, percentage received in cash | 75.00% | 75.00% | ||||||
Patronage refunds, percentage received in equity in patronage banks | 25.00% | 25.00% | ||||||
[1] | Represents weighted-interest rate as of December 31, 2017, except for the Multi-Draw Term Facility, which represents weighted-interest rate as of December 31, 2016. The interest rate excludes the impact of the interest rate swaps (see Note 6 – Interest Rate Swaps), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds. |
Notes Payable and Lines of Cr45
Notes Payable and Lines of Credit - Schedule of Interest Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |||
Cash paid for interest | $ 11,412 | $ 7,119 | $ 3,253 |
Interest Rate Swaps - Narrative
Interest Rate Swaps - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017derivative | Dec. 31, 2017USD ($)derivative | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | ||||
Variable rate debt | $ 337,619,000 | $ 325,656,000 | ||
Market value adjustment to interest rate swaps | $ 629,000 | 3,167,000 | $ (564,000) | |
Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Number of interest rate derivatives outstanding | derivative | 5 | |||
Notional amount of interest rate derivatives | $ 150,000,000 | |||
Fixed interest rate | 3.69% | |||
Market value adjustment to interest rate swaps | $ 600,000 | |||
Amount of ineffectiveness on forward swap | 0 | 0 | 0 | |
Cash payment received from forward swap settlement | $ 1,000,000 | $ 800,000 | $ 800,000 | |
Designated as Hedging Instrument | Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Number of interest rate derivatives added | derivative | 3 | |||
Number of interest rate derivatives outstanding | derivative | 5 |
Interest Rate Swaps - Schedule
Interest Rate Swaps - Schedule of Interest Rate Swaps Outstanding (Details) - Designated as Hedging Instrument | Dec. 31, 2017USD ($) |
Derivative [Line Items] | |
Pay Rate | 3.69% |
(in thousands) Notional Amount | $ 150,000,000 |
LIBOR | 2014 Rabobank Swap | |
Derivative [Line Items] | |
Pay Rate | 2.395% |
(in thousands) Notional Amount | $ 35,000,000 |
LIBOR | 2016 Rabobank Swap | |
Derivative [Line Items] | |
Pay Rate | 1.28% |
(in thousands) Notional Amount | $ 45,000,000 |
LIBOR | 2017 Rabobank Swap, One | |
Derivative [Line Items] | |
Pay Rate | 2.33% |
(in thousands) Notional Amount | $ 20,000,000 |
LIBOR | 2017 Rabobank Swap, Two | |
Derivative [Line Items] | |
Pay Rate | 1.80% |
(in thousands) Notional Amount | $ 30,000,000 |
LIBOR | 2017 Rabobank Swap, Three | |
Derivative [Line Items] | |
Pay Rate | 2.045% |
(in thousands) Notional Amount | $ 20,000,000 |
Interest Rate Swaps - Schedul48
Interest Rate Swaps - Schedule of Interest Rate Swaps and Fair Value Measurements (Details) - Interest rate swaps - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Prepaid expenses and other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value interest rate swaps | $ 2,935 | $ 2,632 |
Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value interest rate swaps | $ (559) | $ (885) |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)astate$ / a | Dec. 31, 2016 | Dec. 31, 2015 | |
Concentration Risk [Line Items] | |||
Negotiation period of timber price | 2 years | ||
Number of states reporting raw forest product prices | state | 11 | ||
Cease to operate mill termination right, period (that exceeds) | 12 months | ||
Failure to purchase specified tonnage of timber termination right, period | 2 years | ||
Payment failure to cure termination right, period | 30 days | ||
Material breach failure to cure termination right, period | 60 days | ||
Legal proceedings | $ | $ 0 | ||
Timber Properties | |||
Concentration Risk [Line Items] | |||
Area of land held in leasehold interests | a | 30,900 | ||
Timberland | Property Subject to Operating Lease | |||
Concentration Risk [Line Items] | |||
Area of land held in leasehold interests | a | 27,500 | ||
Quarterly base rate rental payment (per acre) | $ / a | 3.10 | ||
Adjusted rental payment rate (per acre) | $ / a | 19.60 | ||
Forest Resource Consultants, Inc. | |||
Concentration Risk [Line Items] | |||
Operating agreement, term of extension option | 1 year | ||
Days notice required before automatic renewal | 120 days | ||
Operating agreement, notice of termination option | 120 days | ||
American Forestry Management, Inc. | |||
Concentration Risk [Line Items] | |||
Operating agreement, term of extension option | 1 year | ||
Days notice required before automatic renewal | 120 days | ||
Operating agreement, notice of termination option | 120 days | ||
WestRock Corporation | |||
Concentration Risk [Line Items] | |||
Material breach failure to cure termination right, period | 60 days | ||
Sales Revenue, Net | Customer Concentration Risk | WestRock Corporation | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 17.00% | 17.00% | 23.00% |
Commitments and Contingencies50
Commitments and Contingencies - Future Minimum Rental Payments (Details) - Timberland - Property Subject to Operating Lease $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies [Line Items] | |
2,018 | $ 850 |
2,019 | 752 |
2,020 | 692 |
2,021 | 493 |
2,022 | 434 |
Thereafter | 0 |
Future Minimum Payments Due | $ 3,221 |
Noncontrolling Interest - Narra
Noncontrolling Interest - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017shares | |
Subsidiaries | |
Noncontrolling Interest [Line Items] | |
Ownership of common unit owned by limited partner (in units) | 200 |
Percentage of partnership interests | 0.01% |
General Partner | |
Noncontrolling Interest [Line Items] | |
Percentage of general partnership interest owned by the company in the Operating Partnership common units | 99.99% |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | Oct. 17, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 07, 2015 |
Stockholders' Equity Note [Abstract] | |||||
Common stock and preferred stock, shares authorized (in shares) | 1,000,000,000 | ||||
Common stock, shares authorized (in shares) | 900,000,000 | ||||
Common stock, par value (in dollars per share) | $ 0.01 | ||||
Preferred stock, shares authorized (in shares) | 100,000,000 | ||||
Authorized amount under the stock repurchase program | $ 30,000,000 | ||||
Repurchase of common stock (in shares) | 97,469 | ||||
Amount of repurchased common stock | $ 1,036,000 | $ 3,208,000 | $ 6,004,000 | ||
Common stock, shares outstanding (in shares) | 43,400,000 | ||||
Remaining authorized repurchase amount | $ 19,800,000 | ||||
Equity offering, shares issued (in shares) | 4,600,000 | ||||
Equity offering, shares issued, price per share (in dollars per share) | $ 12.35 | ||||
Equity offering, underwriting commissions, fees, and other issuance costs | $ 2,700,000 | $ 2,709,000 | $ 0 | $ 0 | |
Equity offering, net proceeds used to finance acquisition | $ 54,200,000 |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) | Jan. 19, 2018shares | Jun. 22, 2017directorshares | May 02, 2017USD ($) | May 05, 2016$ / sharesshares | Oct. 01, 2015USD ($) | Feb. 18, 2015$ / sharesshares | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Jun. 23, 2017shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation expense | $ | $ 2,786,000 | $ 1,724,000 | $ 889,000 | |||||||||
Nonvested awards, unrecognized compensation expense | $ | $ 3,200,000 | |||||||||||
Nonvested awards, unrecognized compensation expense, period for recognition | 2 years | |||||||||||
General and Administrative Expense | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation expense | $ | $ 1,956,000 | $ 1,411,000 | $ 718,000 | |||||||||
Restricted Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period | 4 years | |||||||||||
Granted (in shares) | 133,591 | 125,123 | 83,900 | |||||||||
Earned (in shares) | 105,556 | |||||||||||
Forfeited (in shares) | 4,500 | |||||||||||
Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 11.19 | $ 10.51 | $ 11.54 | |||||||||
Director | Restricted Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted (in shares) | 0 | 0 | 12,585 | |||||||||
Earned (in shares) | 6,255 | |||||||||||
Forfeited (in shares) | 0 | |||||||||||
Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 11.92 | |||||||||
Amended 2005 Long-Term Incentive Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of independent directors | director | 5 | |||||||||||
Number of independent directors, chose to receive portion in shares | director | 1 | |||||||||||
Amended 2005 Long-Term Incentive Plan | Director | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Grant date, value | $ | $ 50,000 | $ 30,000 | $ 30,000 | |||||||||
Issued in period (in shares) | 21,890 | |||||||||||
Shares repurchased for estimated income tax payments (in shares) | 5,166 | |||||||||||
Amended 2005 Long-Term Incentive Plan | Director | General and Administrative Expense | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation expense | $ | $ 300,000 | |||||||||||
Amended 2005 Long-Term Incentive Plan | Director | Restricted Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period | 3 years | 3 years | ||||||||||
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 | Class A Common Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of additional shares authorized (in shares) (up to) | 1,300,000 | |||||||||||
Remaining number of shares to be issued (in shares) | 406,667 | |||||||||||
2017 Incentive Plan | Class A Common Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares authorized (in shares) (up to) | 1,800,000 | |||||||||||
2015 Performance Awards | Executive Officer | Performance-based Restricted Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted (in shares) | 112,900 | 0 | ||||||||||
Earned (in shares) | 0 | |||||||||||
Forfeited (in shares) | 0 | |||||||||||
Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 7.01 | $ 0 | ||||||||||
2015 Performance Awards | Executive Officer | Performance-based Restricted Stock | Subsequent Event | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Earned (in shares) | 57,970 | |||||||||||
Forfeited (in shares) | 54,930 | |||||||||||
2015 Performance Awards | Executive Officer | Performance-based Restricted Stock | Determination Date | Subsequent Event | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting rights, percentage | 50.00% | |||||||||||
2015 Performance Awards | Executive Officer | Performance-based Restricted Stock | One Year Anniversary of Determination Date | Subsequent Event | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting rights, percentage | 50.00% | |||||||||||
2016 Performance Awards | Executive Officer | Restricted Stock Units (RSUs) | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted (in shares) | 80,366 | 0 | ||||||||||
Earned (in shares) | 0 | |||||||||||
Forfeited (in shares) | 0 | |||||||||||
Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 14.28 | $ 0 | ||||||||||
2016 Performance Awards | Executive Officer | Restricted Stock Units (RSUs) | Determination Date | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting rights, percentage | 50.00% | |||||||||||
2016 Performance Awards | Executive Officer | Restricted Stock Units (RSUs) | One Year Anniversary of Determination Date | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting rights, percentage | 50.00% |
Stock-based Compensation - Roll
Stock-based Compensation - Rollforward of Unvested Restricted Stock Award Activity (Details) - $ / shares | May 05, 2016 | Feb. 18, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Stock | |||||
Number of Underlying Shares | |||||
Unvested, beginning of period (in shares) | 255,098 | ||||
Granted (in shares) | 133,591 | 125,123 | 83,900 | ||
Vested (in shares) | (105,556) | ||||
Forfeited (in shares) | (4,500) | ||||
Unvested, end of period (in shares) | 278,633 | 255,098 | |||
Weighted Average Grant Date Fair Value | |||||
Unvested, beginning of period (in dollars per share) | $ 11.56 | ||||
Granted (in dollars per share) | 11.19 | $ 10.51 | $ 11.54 | ||
Vested (in dollars per share) | 11.75 | ||||
Forfeited (in dollars per share) | 10.80 | ||||
Unvested, end of period (in dollars per share) | $ 11.05 | $ 11.56 | |||
Restricted Stock | Director | |||||
Number of Underlying Shares | |||||
Unvested, beginning of period (in shares) | 9,611 | ||||
Granted (in shares) | 0 | 0 | 12,585 | ||
Vested (in shares) | (6,255) | ||||
Forfeited (in shares) | 0 | ||||
Unvested, end of period (in shares) | 3,356 | 9,611 | |||
Weighted Average Grant Date Fair Value | |||||
Unvested, beginning of period (in dollars per share) | $ 12.48 | ||||
Granted (in dollars per share) | 0 | $ 0 | $ 11.92 | ||
Vested (in dollars per share) | 12.79 | ||||
Forfeited (in dollars per share) | 0 | ||||
Unvested, end of period (in dollars per share) | $ 11.92 | $ 12.48 | |||
Performance-based Restricted Stock | Executive Officer | 2015 Performance Awards | |||||
Number of Underlying Shares | |||||
Unvested, beginning of period (in shares) | 112,900 | ||||
Granted (in shares) | 112,900 | 0 | |||
Vested (in shares) | 0 | ||||
Forfeited (in shares) | 0 | ||||
Unvested, end of period (in shares) | 112,900 | 112,900 | |||
Weighted Average Grant Date Fair Value | |||||
Unvested, beginning of period (in dollars per share) | $ 7.01 | ||||
Granted (in dollars per share) | $ 7.01 | 0 | |||
Vested (in dollars per share) | 0 | ||||
Forfeited (in dollars per share) | 0 | ||||
Unvested, end of period (in dollars per share) | $ 7.01 | $ 7.01 | |||
Restricted Stock Units (RSUs) | Executive Officer | 2016 Performance Awards | |||||
Number of Underlying Shares | |||||
Unvested, beginning of period (in shares) | 80,366 | ||||
Granted (in shares) | 80,366 | 0 | |||
Vested (in shares) | 0 | ||||
Forfeited (in shares) | 0 | ||||
Unvested, end of period (in shares) | 80,366 | 80,366 | |||
Weighted Average Grant Date Fair Value | |||||
Unvested, beginning of period (in dollars per share) | $ 14.28 | ||||
Granted (in dollars per share) | $ 14.28 | 0 | |||
Vested (in dollars per share) | 0 | ||||
Forfeited (in dollars per share) | 0 | ||||
Unvested, end of period (in dollars per share) | $ 14.28 | $ 14.28 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Equity Compensation Granted to Independent Directors (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fully-vested shares granted (in shares) | 133,591 | 125,123 | 83,900 |
Weighted-average grant date fair value (in dollars per share) | $ 11.19 | $ 10.51 | $ 11.54 |
Restricted stock granted (in shares) | 133,591 | 125,123 | 83,900 |
Grant date fair value of fully vested stock granted in period | $ 1,294 | $ 422 | $ 0 |
Grant date fair value of restricted stock vested in period | $ 1,294 | $ 422 | $ 0 |
Director | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fully-vested shares granted (in shares) | 0 | 0 | 12,585 |
Weighted-average grant date fair value (in dollars per share) | $ 0 | $ 0 | $ 11.92 |
Restricted stock granted (in shares) | 0 | 0 | 12,585 |
Grant date fair value of fully vested stock granted in period | $ 0 | $ 146 | $ 81 |
Grant date fair value of restricted stock vested in period | $ 0 | $ 146 | $ 81 |
Director | Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fully-vested shares granted (in shares) | 24,412 | 25,089 | 2,392 |
Weighted-average grant date fair value (in dollars per share) | $ 11.47 | $ 12.04 | $ 11.15 |
Restricted stock granted (in shares) | 24,412 | 25,089 | 2,392 |
Grant date fair value of fully vested stock granted in period | $ 280 | $ 302 | $ 27 |
Grant date fair value of restricted stock vested in period | 280 | 302 | 27 |
Cash used to repurchase common shares for minimum tax withholdings | $ 59 | $ 66 | $ 0 |
Stock-based Compensation - Sc56
Stock-based Compensation - Schedule of Service-Based Restricted Stock Granted in the Period (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash used to repurchase common shares for minimum tax withholdings | $ 311 | $ 199 | $ 0 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 133,591 | 125,123 | 83,900 |
Weighted-average grant date fair value (in dollars per share) | $ 11.19 | $ 10.51 | $ 11.54 |
Grant date fair value of restricted stock vested in period | $ 1,294 | $ 422 | $ 0 |
Cash used to repurchase common shares for minimum tax withholdings | $ 252 | $ 133 | $ 0 |
Stock-based Compensation - Fair
Stock-based Compensation - Fair Value Assumptions (Details) - Executive Officer - $ / shares | May 02, 2017 | May 05, 2016 | Feb. 18, 2015 | Dec. 31, 2017 |
2015 Performance Awards | Performance-based Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant date market price (in dollars per share) | $ 11.63 | |||
Weighted-average grant date fair value (in dollars per share) | $ 7.01 | $ 0 | ||
Assumptions: | ||||
Volatility | 38.54% | |||
Expected term (years) | 3 years | |||
Dividend yield | 4.30% | |||
Risk-free interest rate | 1.06% | |||
2016 Performance Awards | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant date market price (in dollars per share) | $ 10.57 | |||
Weighted-average grant date fair value (in dollars per share) | $ 14.28 | $ 0 | ||
Assumptions: | ||||
Volatility | 28.54% | |||
Expected term (years) | 3 years | |||
Dividend yield | 5.11% | |||
Risk-free interest rate | 0.95% | |||
Amended 2005 Long-Term Incentive Plan | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant date market price (in dollars per share) | $ 11.73 | |||
Assumptions: | ||||
Volatility | 21.85% | |||
Expected term (years) | 3 years | |||
Dividend yield | 4.60% | |||
Risk-free interest rate | 1.57% |
Stock-based Compensation - Shar
Stock-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ 2,786 | $ 1,724 | $ 889 |
General and administrative expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 1,956 | 1,411 | 718 |
Forestry management expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ 830 | $ 313 | $ 171 |
Recreational Leases - Narrative
Recreational Leases - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Deferred Revenue Arrangement [Line Items] | |||
Operating leases terms | 1 year | ||
Operating leases additional term | 1 year | ||
Other Income | |||
Deferred Revenue Arrangement [Line Items] | |||
Recreational lease revenues recognized | $ 4.5 | $ 4 | $ 3.5 |
Other Liabilities | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred rental receipts | $ 2 | $ 2 | |
Timber Properties | Property Subject to Operating Lease | |||
Deferred Revenue Arrangement [Line Items] | |||
Area of land leased (in acres) | a | 494,200 | ||
Percentage of land leased | 99.90% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2016 | Jan. 01, 2009 | |
Operating Loss Carryforwards [Line Items] | ||||
Built-in gains on land upon REIT election | $ 18,300,000 | |||
Taxable periods of built-in gains upon REIT election | 5 years | |||
Reduction in deferred tax liability, Tax Cuts And Jobs Act Of 2017 | $ 8,800 | |||
Reduction in deferred tax assets, Tax Cuts And Jobs Act Of 2017 | 4,800,000 | |||
Tax basis carrying value of assets | 700,000,000 | $ 676,200,000 | ||
Domestic Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 144,200,000 | |||
State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $ 119,500,000 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Net operating loss carryforward | $ 10,075 | $ 11,410 |
Gain on timberland sales | 9 | 13 |
Other | 468 | 259 |
Total gross deferred tax asset | 10,552 | 11,682 |
Valuation allowance | (10,371) | (11,509) |
Total net deferred tax asset | 181 | 173 |
Deferred tax liability: | ||
Timber depletion | 181 | 173 |
Total gross deferred tax liability | 181 | 173 |
Deferred tax asset, net | $ 0 | $ 0 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 34.00% | 34.00% | 34.00% |
State income taxes, net of federal benefit | 0.00% | 0.00% | 3.13% |
Other temporary differences | (0.42%) | 1.30% | 0.27% |
Other permanent differences | (0.14%) | (0.15%) | (0.01%) |
Effects of federal rate change | (83.74%) | 0.00% | 0.00% |
Valuation allowance | 50.30% | (35.15%) | (37.39%) |
Effective tax rate | 0.00% | 0.00% | 0.00% |
Quarterly Results (unaudited) -
Quarterly Results (unaudited) - Schedule of Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenues | $ 22,722 | $ 18,612 | $ 26,836 | $ 23,125 | $ 20,398 | $ 18,310 | $ 15,966 | $ 27,181 | $ 91,295 | $ 81,855 | $ 69,122 | ||||||||
Operating income (loss) | (3,282) | (1,220) | 361 | 567 | (2,811) | (1,022) | (1,245) | 670 | (3,574) | (4,408) | (4,820) | ||||||||
Net loss | $ (5,022) | $ (4,044) | $ (2,466) | $ (1,978) | $ (4,941) | $ (2,897) | $ (2,645) | $ (587) | $ (13,510) | $ (11,070) | $ (8,387) | ||||||||
Basic and diluted net loss per share (in dollars per share) | $ (0.12) | [1] | $ (0.10) | [1] | $ (0.06) | [1] | $ (0.05) | [1] | $ (0.13) | [1] | $ (0.07) | [1] | $ (0.07) | [1] | $ (0.02) | [1] | $ (0.34) | $ (0.29) | $ (0.21) |
[1] | The sum of the quarterly amounts do not equal loss per share for the year ended December 31, 2017 due to increases in weighted-average shares outstanding over the year. |
Customer Concentration - Narrat
Customer Concentration - Narrative (Details) - Sales Revenue, Net - customer | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% |
Number of customers | 0 | 0 | 0 |
WestRock | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 21.00% | 24.00% | 31.00% |
IP | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 10.00% | 4.00% | 5.00% |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) | Feb. 15, 2018USD ($)derivative$ / shares | Mar. 31, 2017derivative | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015$ / shares | Feb. 28, 2018USD ($) |
Subsequent Event [Line Items] | ||||||
Common stock dividend declared (in dollars per share) | $ / shares | $ 0.54 | $ 0.53 | $ 0.50 | |||
Variable rate debt | $ 337,619,000 | $ 325,656,000 | ||||
Designated as Hedging Instrument | ||||||
Subsequent Event [Line Items] | ||||||
Notional amount of interest rate derivatives | $ 150,000,000 | |||||
Fixed interest rate | 3.69% | |||||
Designated as Hedging Instrument | Interest rate swaps | ||||||
Subsequent Event [Line Items] | ||||||
Number of interest rate derivatives added | derivative | 3 | |||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Common stock dividend declared (in dollars per share) | $ / shares | $ 0.135 | |||||
Variable rate debt | $ 337,600,000 | |||||
Subsequent Event | Designated as Hedging Instrument | ||||||
Subsequent Event [Line Items] | ||||||
Notional amount of interest rate derivatives | $ 200,000,000 | |||||
Fixed interest rate | 3.46% | |||||
Subsequent Event | Designated as Hedging Instrument | Interest rate swaps | ||||||
Subsequent Event [Line Items] | ||||||
Number of interest rate derivatives added | derivative | 2 | |||||
Subsequent Event | Designated as Hedging Instrument | Interest Rate Swap 1, 2018 | ||||||
Subsequent Event [Line Items] | ||||||
Notional amount of interest rate derivatives | $ 30,000,000 | |||||
Fixed interest rate | 2.703% | |||||
Subsequent Event | Designated as Hedging Instrument | Interest Rate Swap 2, 2018 | ||||||
Subsequent Event [Line Items] | ||||||
Notional amount of interest rate derivatives | $ 20,000,000 | |||||
Fixed interest rate | 2.884% | |||||
Subsequent Event | 2017 Term Loan Facilities | Designated as Hedging Instrument | Interest Rate Swap 1, 2018 | ||||||
Subsequent Event [Line Items] | ||||||
Notional amount of interest rate derivatives | $ 30,000,000 | |||||
Subsequent Event | 2017 Term Loan Facilities | Designated as Hedging Instrument | Interest Rate Swap 2, 2018 | ||||||
Subsequent Event [Line Items] | ||||||
Notional amount of interest rate derivatives | $ 20,000,000 |