CatchMark Timber Trust (CTT) 10-Q 3 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	CatchMark Timber Trust, Inc.
Entity Central Index Key	1,341,141
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		49,102,403

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 8,087	$ 7,805
Accounts receivable	2,576	4,575
Prepaid expenses and other assets	10,342	5,436
Deferred financing costs	389	403
Timber assets (Note 3):
Timber and timberlands, net	701,836	710,246
Intangible lease assets, less accumulated amortization of $942 and $941 as of March 31, 2018 and December 31, 2017, respectively	15	16
Investment in unconsolidated joint venture (Note 4)	11,311	11,677
Total assets	734,556	740,158
Liabilities:
Accounts payable and accrued expenses	5,887	4,721
Other liabilities	1,919	2,969
Notes payable and lines of credit, less net deferred financing costs (Note 5)	262,765	330,088
Total liabilities	270,571	337,778
Commitments and Contingencies (Note 7)	0	0
Stockholders’ Equity:
Class A Common stock, $0.01 par value; 900,000 shares authorized; 49,129 and 43,425 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	491	434
Additional paid-in capital	730,039	661,222
Accumulated deficit and distributions	(270,852)	(261,652)
Accumulated other comprehensive income	4,307	2,376
Total stockholders’ equity	463,985	402,380
Total liabilities and stockholders’ equity	$ 734,556	$ 740,158

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Intangible lease assets, accumulated amortization	$ 942	$ 941
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)	49,129,000	43,425,000
Common stock, shares outstanding (in shares)	49,129,000	43,425,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Timber sales	$ 18,653	$ 16,492
Timberland sales	4,252	5,450
Other revenues	1,199	1,183
Total revenues	24,104	23,125
Expenses:
Contract logging and hauling costs	8,582	7,421
Depletion	7,062	6,038
Cost of timberland sales	3,147	3,863
Forestry management expenses	1,830	1,413
General and administrative expenses	2,945	2,478
Land rent expense	161	150
Other operating expenses	1,396	1,195
Operating costs and expenses	25,123	22,558
Operating (loss) income	(1,019)	567
Other income (expense):
Interest income	64	11
Interest expense	(4,251)	(2,556)
Total other income (expense)	(4,187)	(2,545)
Net loss before unconsolidated joint venture	(5,206)	(1,978)
Income from unconsolidated joint venture	1,821	0
Net loss	$ (3,385)	$ (1,978)
Weighted-average common shares outstanding - basic and diluted (in shares)	44,380	38,769
Net loss per share - basic and diluted (in dollars per shares)	$ (0.08)	$ (0.05)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net loss	$ (3,385)	$ (1,978)
Other comprehensive income (loss):
Market value adjustment to interest rate swaps	1,931	(279)
Comprehensive loss	$ (1,454)	$ (2,257)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit and Distributions	Accumulated Other Comprehensive Income
Balance, beginning of period (in shares) at Dec. 31, 2016		38,797
Balance, beginning of period at Dec. 31, 2016	$ 381,070	$ 388	$ 605,728	$ (226,793)	$ 1,747
Increase (Decrease) in Stockholders' Equity [Roll Forward]
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)		53
LTIP, net of forfeitures and amounts withheld for income taxes	168	$ 1	167
Dividends to common stockholders	(5,183)			(5,183)
Repurchases of common shares (in shares)		(97)
Repurchases of common shares	(1,036)	$ (1)	(1,035)
Net loss	(1,978)			(1,978)
Other comprehensive income (loss)	(279)				(279)
Balance, end of period (in shares) at Mar. 31, 2017		38,753
Balance, end of period at Mar. 31, 2017	$ 372,762	$ 388	604,860	(233,954)	1,468
Balance, beginning of period (in shares) at Dec. 31, 2017	43,425	43,425
Balance, beginning of period at Dec. 31, 2017	$ 402,380	$ 434	661,222	(261,652)	2,376
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity Offering (in shares)		5,750
Equity Offering	72,450	$ 58	72,392
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)		(46)
LTIP, net of forfeitures and amounts withheld for income taxes	(86)	$ (1)	(85)
Stock issuance cost	(3,490)		(3,490)
Dividends to common stockholders	(5,815)			(5,815)
Net loss	(3,385)			(3,385)
Other comprehensive income (loss)	$ 1,931				1,931
Balance, end of period (in shares) at Mar. 31, 2018	49,129	49,129
Balance, end of period at Mar. 31, 2018	$ 463,985	$ 491	$ 730,039	$ (270,852)	$ 4,307

CONSOLIDATED STATEMENTS OF STO7

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (PARENTHETICAL) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders (in dollars per share)	$ 0.135	$ 0.135

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows from Operating Activities:
Net loss	$ (3,385)	$ (1,978)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depletion	7,062	6,038
Basis of timberland sold, lease terminations and other	2,856	3,536
Stock-based compensation expense	765	420
Noncash interest expense	1,671	262
Other amortization	54	42
Income from unconsolidated joint venture	(1,821)	0
Operating distribution from unconsolidated joint venture	2,188	0
Changes in assets and liabilities:
Accounts receivable	1,330	1,483
Prepaid expenses and other assets	76	(398)
Accounts payable and accrued expenses	1,284	(193)
Other liabilities	(1,133)	(906)
Net cash provided by operating activities	10,947	8,306
Cash Flows from Investing Activities:
Timberland acquisitions, earnest money paid and other	(2,319)	(979)
Capital expenditures (excluding timberland acquisitions)	(1,545)	(2,195)
Net cash used in investing activities	(3,864)	(3,174)
Cash Flows from Financing Activities:
Repayments of note payable	(69,000)	0
Financing costs paid	(95)	(30)
Issuance of common stock	72,450	0
Other offering costs paid	(3,490)	0
Dividends paid to common stockholders	(5,815)	(5,183)
Repurchase of common shares under the share repurchase program	0	(1,036)
Repurchase of common shares for minimum tax withholdings	(851)	(252)
Net cash used in financing activities	(6,801)	(6,501)
Net increase (decrease) in cash and cash equivalents	282	(1,369)
Cash and cash equivalents, beginning of period	7,805	9,108
Cash and cash equivalents, end of period	$ 8,087	$ 7,739

Organization

Organization	3 Months Ended
	Mar. 31, 2018
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	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements of CatchMark Timber Trust have been prepared in accordance with the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for these unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of results for a full year. CatchMark Timber Trust’s consolidated financial statements include the accounts of any entity in which CatchMark Timber Trust or its subsidiaries owns a controlling financial interest and any limited partnership in which CatchMark Timber Trust or its subsidiaries owns a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the audited financial statements and footnotes included in CatchMark Timber Trust ’s Annual Report on Form 10-K for the year ended December 31, 2017 . Investment in Joint Venture For joint ventures that it does not control, but exercises significant influence, CatchMark Timber Trust uses the equity method of accounting. CatchMark Timber Trust's judgment about its level of influence or control of an entity involves consideration of various factors including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace CatchMark Timber Trust as manager, and/or to liquidate the venture. Under the equity method, the investment in a joint venture is recorded at cost and adjusted for equity in earnings and cash contributions and distributions. Income or loss and cash distributions from an unconsolidated joint venture are allocated according to the provisions of the respective joint venture agreement, which may be different from its stated ownership percentage. Any difference between the carrying amount of these investments on CatchMark Timber Trust’s balance sheets and the underlying equity in net assets on the joint venture’s balance sheets is adjusted as the related underlying assets are depreciated, amortized, or sold. Distributions received from unconsolidated joint ventures are classified in the accompanying consolidated statements of cash flows using the cumulative earnings approach under which distributions received in an amount equal to cumulative equity in earnings are recognized as cash inflows from operating activities and distributions received in excess of cumulative equity in earnings represent returns of investment and therefore are classified as cash inflows from investing activities. CatchMark Timber Trust evaluates the recoverability of its investment in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, CatchMark Timber Trust estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management assesses whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) CatchMark Timber Trust’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," CatchMark Timber Trust reduces the investment to its estimated fair value. Reclassification Certain prior period amounts have been reclassified to conform with the current period's financial statement presentation. Within expenses on the accompanying statements of operations, basis of timber related to lease terminations, timber deed expirations and casualty losses have been reclassified from depletion or basis of timberland sold, in the amount of $19,000 and $9,000 , respectively, to other operating expenses, for all periods presented. Within net cash provided by operating activities on the accompanying statements of cash flows, $19,000 has been reclassified from depletion to basis of timberland sold, lease terminations and other, for all periods presented. 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 ), became effective for CatchMark Timber Trust 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 continues to assess the impact ASU 2016-02 will have on its consolidated financial statement but does not expect the adoption of this standard will have a material effect on its consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities (Topic 815), which amends the hedge accounting recognition and presentation requirements in ASC 815, " Derivatives and Hedging ." ASU 2017-12 expands an entity's ability to hedge nonfinancial and financial risk components and reduces the complexity in fair value hedges of interest rate risk. It eliminates the requirement to separately measure and report hedge ineffectiveness and requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item when the hedged item affects earnings. 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 adopted ASU 2017-12 on January 1, 2018 and the adoption did not have a material effect on its consolidated financial statements.

Timber Assets

Timber Assets	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Timber Assets	Timber Assets As of March 31, 2018 and December 31, 2017 , timber and timberlands consisted of the following, respectively: As of March 31, 2018 (in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 303,939 $ 7,062 $ 296,877 Timberlands 404,201 — 404,201 Mainline roads 1,400 642 758 Timber and timberlands $ 709,540 $ 7,704 $ 701,836 As of December 31, 2017 (in thousands) 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 Timberland Acquisitions During the three months ended March 31, 2018 and 2017, CatchMark Timber Trust did no t complete any timberland acquisitions. CatchMark Timber Trust paid $0.9 million in earnest money in the first quarter of 2017 related to the property acquired by the Dawsonville Bluffs Joint Venture. Timberland Sales During the three months ended March 31, 2018 and 2017 , CatchMark Timber Trust sold approximately 2,200 and 2,800 acres of timberland for $4.3 million and $5.4 million , respectively. CatchMark Timber Trust 's cost basis in the timberland sold was $2.9 million and $3.5 million , respectively. Land sale acreage by state is listed below: Three Months Ended Acres Sold In: 2018 2017 Alabama — 1,700 Georgia 1,400 700 South Carolina 600 — Texas 100 — Louisiana 100 400 Total 2,200 2,800 Current Timberland Portfolio As of March 31, 2018 , CatchMark Timber Trust directly owned interests in approximately 508,100 acres of timberlands in the U.S. South, approximately 477,200 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 March 31, 2018 Fee Lease Total Alabama 74,400 5,600 80,000 Florida 2,000 — 2,000 Georgia 262,200 25,300 287,500 Louisiana 20,800 — 20,800 North Carolina 1,600 — 1,600 South Carolina 80,400 — 80,400 Tennessee 300 — 300 Texas 35,500 — 35,500 Total: 477,200 30,900 508,100

Unconsolidated Joint Venture

Unconsolidated Joint Venture	3 Months Ended
	Mar. 31, 2018
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): March 31, 2018 December 31, 2017 Dawsonville Bluffs Joint Venture: Total Assets $ 23,204 $ 24,014 Total Liabilities $ 583 $ 660 Total Equity $ 22,621 $ 23,354 CatchMark Timber Trust: Carrying Value of Investment $ 11,311 $ 11,677 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows (in thousands): Three Months Ended March 31, 2018 2017 Dawsonville Bluffs Joint Venture: Total Revenues $ 10,793 $ — Net Income $ 3,642 $ — CatchMark Timber Trust: Equity Share of Net Income $ 1,821 $ — In February 2018, CatchMark Timber Trust received a cash distribution of $2.2 million from the Dawsonville Bluffs Joint Venture. 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. During the three months ended March 31, 2018, CatchMark Timber Trust recognized approximately $37,000 of management fees in other revenues.

Notes Payable and Lines of Cred

Notes Payable and Lines of Credit	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Notes Payable and Lines of Credit	Notes Payable and Lines of Credit As of March 31, 2018 and December 31, 2017 , CatchMark Timber Trust had the following debt balances outstanding (in thousands): Outstanding Balance as of Credit Facility Maturity Date Interest Rate Current Interest Rate (1) March 31, 2018 December 31, 2017 Term Loan A-1 12/23/2024 LIBOR + 1.75% 3.61% $ 100,000 $ 100,000 Term Loan A-2 12/1/2026 LIBOR + 1.90% 3.78% 100,000 118,809 Term Loan A-3 12/1/2027 LIBOR + 2.00% 3.88% 68,619 118,810 Total Principal Balance $ 268,619 $ 337,619 Less: Net Unamortized Deferred Financing Costs $ (5,854 ) $ (7,531 ) Total $ 262,765 $ 330,088 (1) Represents weighted-average interest rate as of March 31, 2018. The weighted-average 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. During the three months ended March 31, 2018, CatchMark Timber Trust repaid $69.0 million of its outstanding debt balance on the Term Loan A-2 and A-3 with net proceeds received from the 2018 Equity Offering (See Note 8 - Stockholders' Equity for further information). CatchMark Timber Trust expensed $1.4 million of previously deferred financing costs as a result of the repayments. As of March 31, 2018, $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. Patronage CatchMark Timber Trust is eligible to receive annual patronage refunds from its lenders (the "Patronage Banks") under a profit-sharing program made available to borrowers of the Farm Credit System. In March 2018 and 2017, CatchMark Timber Trust received patronage refunds of $2.7 million and $2.1 million , respectively, on its eligible borrowings under the 2017 Amended Credit Agreement and the previous credit agreement. Of the total amount received, 75% was received in cash and 25% was received in equity in Patronage Banks. As of March 31, 2018 and March 31, 2017, CatchMark Timber Trust had approximately $1.5 million and $0.8 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 its previous 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 2019 based on actual patronage refunds received as a percentage of its weighted-average debt balance. For the three months ended March 31, 2018 and 2017, CatchMark Timber Trust recorded $0.7 million and $0.7 million , respectively, in expected patronage refunds against interest expense on the consolidated statements of operations. As of March 31, 2018 and December 31, 2017 , approximately $0.7 million and $2.7 million of patronage refunds were included in accounts receivable on the consolidated balance sheets. 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 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 1.05:1.00; 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. CatchMark Timber Trust was in compliance with the financial covenants of the 2017 Amended Credit Agreement as of March 31, 2018 . Interest Paid and Fair Value of Outstanding Debt During the three months ended March 31, 2018 and 2017 , CatchMark Timber Trust made interest payments of $2.9 million and $2.5 million , respectively, on its borrowings. Included in the interest payments for the three months ended March 31, 2018 and 2017 were unused commitment fees of $0.1 million and $0.2 million , respectively. As of March 31, 2018 and December 31, 2017 , the weighted-average interest rate on these borrowings, after consideration of interest rate swaps (see Note 6 - Interest Rate Swaps ), was 3.91% and 3.60% , respectively. After further consideration of expected patronage refunds, CatchMark Timber Trust 's weighted-average interest rate as of March 31, 2018 and December 31, 2017 was 3.11% and 2.80% , respectively. As of March 31, 2018 , 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	3 Months Ended
	Mar. 31, 2018
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 2018, CatchMark Timber Trust entered into two separate interest rate swaps with Rabobank on $30.0 million and $20.0 million of the 2017 Term Loan Facilities (collectively, the "2018 Rabobank Swaps"). CatchMark Timber Trust had seven interest rate swaps outstanding as of March 31, 2018 , with terms below: (in thousands) Interest Rate Swap Effective Date Maturity Date Pay Rate Receive Rate Notional Amount 2014 Rabobank Swap 12/23/2014 12/23/2024 2.395% one-month LIBOR $ 35,000 2016 Rabobank Swap 8/23/2016 12/23/2024 1.280% one-month LIBOR $ 45,000 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 2018 Rabobank Swap 2/28/2018 11/28/2022 2.703% one-month LIBOR $ 30,000 2018 Rabobank Swap 2/28/2018 11/28/2026 2.884% one-month LIBOR $ 20,000 $ 200,000 As of March 31, 2018 , CatchMark Timber Trust’s interest rate swaps effectively fixed the interest rate on $200.0 million of its $268.6 million variable rate debt at 3.92% . All seven interest rate swaps qualify for hedge accounting treatment. Fair Value and Cash Paid for Interest Under Interest Rate Swaps The following table presents information about CatchMark Timber Trust 's interest rate swaps measured at fair value as of March 31, 2018 and December 31, 2017 : (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification March 31, 2018 December 31, 2017 Derivatives designated as hedging instruments: Interest rate swaps Prepaid expenses and other assets $ 4,947 $ 2,935 Interest rate swaps Other liabilities $ (640 ) $ (559 ) As of March 31, 2018, CatchMark Timber Trust estimated that approximately $61,000 will be reclassified from accumulated other comprehensive income to interest expense over the next 12 months. During the three months ended March 31, 2018 and 2017 , CatchMark Timber Trust recognized a change in fair value of the interest rate swaps of approximately $1.9 million and $0.3 million as other comprehensive income and other comprehensive loss, respectively. There was no hedge ineffectiveness on the interest rate swaps required to be recognized in current earnings. During the three months ended March 31, 2018 and 2017 , net payments of approximately $0.2 million and $0.2 million were made under the interest rates swaps, respectively. Interest rate swaps payments were recorded as interest expense.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Mahrt Timber Agreements CatchMark Timber Trust is party to a fiber supply agreement and a master stumpage agreement (collectively, the “Mahrt Timber Agreements”) with a wholly owned subsidiary of WestRock . The fiber supply agreement provides that WestRock will purchase specified tonnage of timber from CatchMark TRS at specified prices per ton, depending upon the type of timber. The fiber supply agreement is subject to quarterly market pricing adjustments based on an index published by Timber Mart-South, a quarterly trade publication that reports raw forest product prices in 11 southern states. The master stumpage agreement provides that CatchMark Timber Trust will sell specified amounts of timber and make available certain portions of its timberlands to CatchMark TRS for harvesting. The initial term of the Mahrt Timber Agreements is October 9, 2007 through December 31, 2032 , subject to extension and early termination provisions. The Mahrt Timber Agreements ensure a long-term source of supply of wood fiber products for WestRock in order to meet its paperboard and lumber production requirements at specified mills and provide CatchMark Timber Trust with a reliable customer for the wood products from its timberlands. Timberland Operating Agreements Pursuant to the terms of the timberland operating agreement between CatchMark Timber Trust and FRC (the "FRC Timberland Operating Agreement"), FRC manages and operates 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, 2019, 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. 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.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stockholders' Equity	Stockholders' Equity 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. In March 2018, under the Shelf Registration Statement, CatchMark Timber Trust issued 5.75 million shares of its Class A common stock at a price of $12.60 per share (the "2018 Equity Offering"). After deducting $3.5 million in underwriting commissions and fees and other issuance costs, CatchMark Timber Trust received net proceeds of $69.0 million from the 2018 Equity Offering. CatchMark Timber Trust used the net proceeds from the 2018 Equity Offering to pay down its outstanding debt.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	Stock-based Compensation Stock-based Compensation - Independent Directors During the three months ended March 31, 2018, CatchMark Timber Trust issued 1,239 shares to a new independent director who was appointed to CatchMark Timber Trust's board of directors on February 27, 2018. Additionally, 590 shares were issued to one independent director based on his election to receive a portion of his compensation in shares of CatchMark Timber Trust's common stock in lieu of cash. These shares vested immediately upon issuance. The per-share fair value of these grants was determined based on the closing price of CatchMark Timber Trust's common stock on the respective grant date. A rollforward of CatchMark Timber Trust's restricted stock awards previously issued to its independent directors is as follows: Number of Underlying Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2017 3,356 $ 11.92 Granted — Vested (3,356 ) $ 11.92 Forfeited — $ — Unvested at March 31, 2018 — $ — Stock-based Compensation - Employees During the three months ended March 31, 2018 , CatchMark Timber Trust issued 73,000 shares of service-based restricted stock grants to its non-executive employees, vesting over a four -year period. The fair value of service-based restricted stock grants was determined by the closing price of CatchMark Timber Trust's common stock on the grant date. A rollforward of CatchMark Timber Trust's unvested, service-based restricted stock awards to employees for the three months ended March 31, 2018 is as follows: Number of Underlying Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2017 278,633 $ 11.05 Granted 73,000 $ 12.97 Vested (83,043 ) $ 11.33 Forfeited — $ — Unvested at March 31, 2018 268,590 $ 11.49 Stock-based Compensation Expense A summary of CatchMark Timber Trust 's stock-based compensation expense for the three months ended March 31, 2018 and 2017 is presented below: (in thousands) Three Months Ended Stock-based Compensation Expense classified as: 2018 2017 General and administrative expenses $ 516 $ 326 Forestry management expenses 249 94 Total $ 765 $ 420 As of March 31, 2018 , approximately $3.7 million of unrecognized compensation expense related to non-vested restricted stock and RSU's remained and will be recognized over a weighted-average period of 2.4 years.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Dividend Declaration On May 3, 2018, CatchMark Timber Trust declared a cash dividend of $0.135 per share for its common stockholders of record on May 31, 2017, payable on June 15, 2018.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements of CatchMark Timber Trust have been prepared in accordance with the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for these unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of results for a full year. CatchMark Timber Trust’s consolidated financial statements include the accounts of any entity in which CatchMark Timber Trust or its subsidiaries owns a controlling financial interest and any limited partnership in which CatchMark Timber Trust or its subsidiaries owns a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation.
Investment in Joint Venture	Investment in Joint Venture For joint ventures that it does not control, but exercises significant influence, CatchMark Timber Trust uses the equity method of accounting. CatchMark Timber Trust's judgment about its level of influence or control of an entity involves consideration of various factors including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace CatchMark Timber Trust as manager, and/or to liquidate the venture. Under the equity method, the investment in a joint venture is recorded at cost and adjusted for equity in earnings and cash contributions and distributions. Income or loss and cash distributions from an unconsolidated joint venture are allocated according to the provisions of the respective joint venture agreement, which may be different from its stated ownership percentage. Any difference between the carrying amount of these investments on CatchMark Timber Trust’s balance sheets and the underlying equity in net assets on the joint venture’s balance sheets is adjusted as the related underlying assets are depreciated, amortized, or sold. Distributions received from unconsolidated joint ventures are classified in the accompanying consolidated statements of cash flows using the cumulative earnings approach under which distributions received in an amount equal to cumulative equity in earnings are recognized as cash inflows from operating activities and distributions received in excess of cumulative equity in earnings represent returns of investment and therefore are classified as cash inflows from investing activities. CatchMark Timber Trust evaluates the recoverability of its investment in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, CatchMark Timber Trust estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management assesses whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) CatchMark Timber Trust’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," CatchMark Timber Trust reduces the investment to its estimated fair value.
Reclassification	Reclassification Certain prior period amounts have been reclassified to conform with the current period's financial statement presentation.
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 ), became effective for CatchMark Timber Trust 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 continues to assess the impact ASU 2016-02 will have on its consolidated financial statement but does not expect the adoption of this standard will have a material effect on its consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities (Topic 815), which amends the hedge accounting recognition and presentation requirements in ASC 815, " Derivatives and Hedging ." ASU 2017-12 expands an entity's ability to hedge nonfinancial and financial risk components and reduces the complexity in fair value hedges of interest rate risk. It eliminates the requirement to separately measure and report hedge ineffectiveness and requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item when the hedged item affects earnings. 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 adopted ASU 2017-12 on January 1, 2018 and the adoption did not have a material effect on its consolidated financial statements.

Timber Assets (Tables)

Timber Assets (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Schedule of Timber and Timberlands	A detailed breakout of land acreage by state is listed below: Acres by state as of March 31, 2018 Fee Lease Total Alabama 74,400 5,600 80,000 Florida 2,000 — 2,000 Georgia 262,200 25,300 287,500 Louisiana 20,800 — 20,800 North Carolina 1,600 — 1,600 South Carolina 80,400 — 80,400 Tennessee 300 — 300 Texas 35,500 — 35,500 Total: 477,200 30,900 508,100 As of March 31, 2018 and December 31, 2017 , timber and timberlands consisted of the following, respectively: As of March 31, 2018 (in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 303,939 $ 7,062 $ 296,877 Timberlands 404,201 — 404,201 Mainline roads 1,400 642 758 Timber and timberlands $ 709,540 $ 7,704 $ 701,836 As of December 31, 2017 (in thousands) 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
Schedule of Land Sale Acreage By State	Land sale acreage by state is listed below: Three Months Ended Acres Sold In: 2018 2017 Alabama — 1,700 Georgia 1,400 700 South Carolina 600 — Texas 100 — Louisiana 100 400 Total 2,200 2,800

Unconsolidated Joint Venture (T

Unconsolidated Joint Venture (Tables)	3 Months Ended
	Mar. 31, 2018
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): March 31, 2018 December 31, 2017 Dawsonville Bluffs Joint Venture: Total Assets $ 23,204 $ 24,014 Total Liabilities $ 583 $ 660 Total Equity $ 22,621 $ 23,354 CatchMark Timber Trust: Carrying Value of Investment $ 11,311 $ 11,677 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows (in thousands): Three Months Ended March 31, 2018 2017 Dawsonville Bluffs Joint Venture: Total Revenues $ 10,793 $ — Net Income $ 3,642 $ — CatchMark Timber Trust: Equity Share of Net Income $ 1,821 $ —

Notes Payable and Lines of Cr22

Notes Payable and Lines of Credit (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	As of March 31, 2018 and December 31, 2017 , CatchMark Timber Trust had the following debt balances outstanding (in thousands): Outstanding Balance as of Credit Facility Maturity Date Interest Rate Current Interest Rate (1) March 31, 2018 December 31, 2017 Term Loan A-1 12/23/2024 LIBOR + 1.75% 3.61% $ 100,000 $ 100,000 Term Loan A-2 12/1/2026 LIBOR + 1.90% 3.78% 100,000 118,809 Term Loan A-3 12/1/2027 LIBOR + 2.00% 3.88% 68,619 118,810 Total Principal Balance $ 268,619 $ 337,619 Less: Net Unamortized Deferred Financing Costs $ (5,854 ) $ (7,531 ) Total $ 262,765 $ 330,088 (1) Represents weighted-average interest rate as of March 31, 2018. The weighted-average 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.

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swaps	CatchMark Timber Trust had seven interest rate swaps outstanding as of March 31, 2018 , with terms below: (in thousands) Interest Rate Swap Effective Date Maturity Date Pay Rate Receive Rate Notional Amount 2014 Rabobank Swap 12/23/2014 12/23/2024 2.395% one-month LIBOR $ 35,000 2016 Rabobank Swap 8/23/2016 12/23/2024 1.280% one-month LIBOR $ 45,000 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 2018 Rabobank Swap 2/28/2018 11/28/2022 2.703% one-month LIBOR $ 30,000 2018 Rabobank Swap 2/28/2018 11/28/2026 2.884% one-month LIBOR $ 20,000 $ 200,000 The following table presents information about CatchMark Timber Trust 's interest rate swaps measured at fair value as of March 31, 2018 and December 31, 2017 : (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification March 31, 2018 December 31, 2017 Derivatives designated as hedging instruments: Interest rate swaps Prepaid expenses and other assets $ 4,947 $ 2,935 Interest rate swaps Other liabilities $ (640 ) $ (559 )

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Unvested Restricted Stock Awards Activity	A rollforward of CatchMark Timber Trust's unvested, service-based restricted stock awards to employees for the three months ended March 31, 2018 is as follows: Number of Underlying Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2017 278,633 $ 11.05 Granted 73,000 $ 12.97 Vested (83,043 ) $ 11.33 Forfeited — $ — Unvested at March 31, 2018 268,590 $ 11.49 A rollforward of CatchMark Timber Trust's restricted stock awards previously issued to its independent directors is as follows: Number of Underlying Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2017 3,356 $ 11.92 Granted — Vested (3,356 ) $ 11.92 Forfeited — $ — Unvested at March 31, 2018 — $ —
Schedule of Stock-Based Compensation Expense	A summary of CatchMark Timber Trust 's stock-based compensation expense for the three months ended March 31, 2018 and 2017 is presented below: (in thousands) Three Months Ended Stock-based Compensation Expense classified as: 2018 2017 General and administrative expenses $ 516 $ 326 Forestry management expenses 249 94 Total $ 765 $ 420

Organization - Narrative (Detai

Organization - Narrative (Details)	3 Months Ended
	Mar. 31, 2018
General Partner
Class of Stock [Line Items]
Percentage of interest owned of its common partnership units	99.99%
Limited Partner
Class of Stock [Line Items]
Percentage of interest owned of its common partnership units	0.01%

Summary of Significant Accoun26

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Significant Accounting Policies [Line Items]
Reclassification depletion	$ (7,062)	$ (6,038)
Reclassification basis of timberland sold	(3,147)	(3,863)
Reclassification other operating expenses	1,396	1,195
Reclassification basis of timberland sold, lease terminations and other	2,856	3,536
Restatement Adjustment One
Significant Accounting Policies [Line Items]
Reclassification depletion	19	19
Reclassification other operating expenses	19	19
Reclassification basis of timberland sold, lease terminations and other	19	19
Restatement Adjustment Two
Significant Accounting Policies [Line Items]
Reclassification basis of timberland sold	9	9
Reclassification other operating expenses	$ 9	$ 9

Timber Assets - Schedule of Tim

Timber Assets - Schedule of Timber and Timberlands (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Gross	$ 709,540	$ 739,886
Accumulated Depletion or Amortization	7,704	29,639
Net	701,836	710,246
Timber
Property, Plant and Equipment [Line Items]
Gross	303,939	332,253
Accumulated Depletion or Amortization	7,062	29,035
Net	296,877	303,218
Timberlands
Property, Plant and Equipment [Line Items]
Gross	404,201	406,284
Accumulated Depletion or Amortization	0	0
Net	404,201	406,284
Mainline roads
Property, Plant and Equipment [Line Items]
Gross	1,400	1,349
Accumulated Depletion or Amortization	642	604
Net	$ 758	$ 744

Timber Assets - Narrative (Deta

Timber Assets - Narrative (Details)	3 Months Ended
	Mar. 31, 2018USD ($)a	Mar. 31, 2017USD ($)a
Property, Plant and Equipment [Line Items]
Payments to acquire timberland	$ 2,319,000	$ 979,000
Sale of timberland, value	4,252,000	5,450,000
Timber
Property, Plant and Equipment [Line Items]
Payments to acquire timberland	$ 0	0
Earnest money		$ 900,000
Acres of timberland sold | a	2,200	2,800
Sale of timberland, value	$ 4,300,000	$ 5,400,000
Cost basis of timberland sold	$ 2,900,000	$ 3,500,000
Area of land, owned interests | a	508,100
Area of land, held in fee-simple interests | a	477,200
Area of land, held in leasehold interests | a	30,900

Timber Assets - Timberland Disp

Timber Assets - Timberland Disposition (Details) - Timber - a	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Property, Plant and Equipment [Line Items]
Timberland, acres sold	2,200	2,800
Alabama
Property, Plant and Equipment [Line Items]
Timberland, acres sold	0	1,700
Georgia
Property, Plant and Equipment [Line Items]
Timberland, acres sold	1,400	700
South Carolina
Property, Plant and Equipment [Line Items]
Timberland, acres sold	600	0
Texas
Property, Plant and Equipment [Line Items]
Timberland, acres sold	100	0
Louisiana
Property, Plant and Equipment [Line Items]
Timberland, acres sold	100	400

Timber Assets - Schedule of T30

Timber Assets - Schedule of Timberland Portfolio (Details) - Timber	Mar. 31, 2018a
Property, Plant and Equipment [Line Items]
Fee	477,200
Lease	30,900
Total	508,100
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	262,200
Lease	25,300
Total	287,500
Louisiana
Property, Plant and Equipment [Line Items]
Fee	20,800
Lease	0
Total	20,800
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	80,400
Lease	0
Total	80,400
Tennessee
Property, Plant and Equipment [Line Items]
Fee	300
Lease	0
Total	300
Texas
Property, Plant and Equipment [Line Items]
Fee	35,500
Lease	0
Total	35,500

Unconsolidated Joint Venture -

Unconsolidated Joint Venture - Narrative (Details) a in Thousands, $ in Thousands	Apr. 25, 2017USD ($)a	Feb. 28, 2018USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Payments to acquire timberland			$ 2,319	$ 979
Operating distribution from unconsolidated joint venture			2,188	$ 0
Dawsonville Bluffs
Schedule of Equity Method Investments [Line Items]
Area of land | a	11
Payments to acquire timberland	$ 20,000
Ownership interest	50.00%
Operating distribution from unconsolidated joint venture		$ 2,200
Dawsonville Bluffs | Other Revenues
Schedule of Equity Method Investments [Line Items]
Management fees recognized in other revenues			$ 37
Dawsonville Bluffs | MPERS
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%

Unconsolidated Joint Venture 32

Unconsolidated Joint Venture - Schedule of Condensed Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
CatchMark Timber Trust:
Carrying Value of Investment	$ 11,311	$ 11,677
Dawsonville Bluffs
Dawsonville Bluffs Joint Venture:
Total Assets	23,204	24,014
Total Liabilities	583	660
Total Equity	22,621	23,354
CatchMark Timber Trust:
Carrying Value of Investment	$ 11,311	$ 11,677

Unconsolidated Joint Venture 33

Unconsolidated Joint Venture - Schedule of Condensed Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CatchMark Timber Trust:
Equity Share of Net Income	$ 1,821	$ 0
Dawsonville Bluffs
Dawsonville Bluffs Joint Venture:
Total Revenues	10,793	0
Net Income	3,642	0
CatchMark Timber Trust:
Equity Share of Net Income	$ 1,821	$ 0

Notes Payable and Lines of Cr34

Notes Payable and Lines of Credit - Schedule of Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Outstanding Balance		$ 268,619	$ 337,619
Less: Net Unamortized Deferred Financing Costs		(5,854)	(7,531)
Total		$ 262,765	330,088
2017 Amended Credit Agreement | Term Loan A-1
Debt Instrument [Line Items]
Maturity Date		Dec. 23, 2024
Basis spread on variable rate		1.75%
Current Interest Rate	[1]	3.61%
Outstanding Balance		$ 100,000	100,000
2017 Amended Credit Agreement | Term Loan A-1 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
2017 Amended Credit Agreement | Term Loan A-2
Debt Instrument [Line Items]
Maturity Date		Dec. 1, 2026
Basis spread on variable rate		1.90%
Current Interest Rate	[1]	3.78%
Outstanding Balance		$ 100,000	118,809
2017 Amended Credit Agreement | Term Loan A-2 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
2017 Amended Credit Agreement | Term Loan A-3
Debt Instrument [Line Items]
Maturity Date		Dec. 1, 2027
Basis spread on variable rate		2.00%
Current Interest Rate	[1]	3.88%
Outstanding Balance		$ 68,619	$ 118,810
2017 Amended Credit Agreement | Term Loan A-3 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
[1]	Represents weighted-average interest rate as of March 31, 2018. The weighted-average 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 Cr35

Notes Payable and Lines of Credit - 2017 Amended Credit Agreement - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2017	Mar. 31, 2018	Dec. 01, 2017	Nov. 30, 2017
2014 Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 500,000,000
2017 Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 637,600,000
Remaining borrowing capacity		$ 300,000,000
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
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 | Base Rate
Debt Instrument [Line Items]
Description of variable rate basis		base rate
2017 Amended Credit Agreement | 2017 Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
2017 Amended Credit Agreement | 2017 Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
2017 Amended Credit Agreement | 2017 Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
2017 Amended Credit Agreement | 2017 Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
2017 Amended Credit Agreement | 2017 Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		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
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]
Description of variable rate basis		base rate
2017 Amended Credit Agreement | 2017 Multi-Draw Term Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
2017 Amended Credit Agreement | 2017 Multi-Draw Term Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
2017 Amended Credit Agreement | 2017 Multi-Draw Term Facility | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
2017 Amended Credit Agreement | 2017 Multi-Draw Term Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
2017 Amended Credit Agreement | 2017 Multi-Draw Term Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		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
Basis spread on variable rate		1.75%
2017 Amended Credit Agreement | 2017 Term Loan Facility A-1 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
2017 Amended Credit Agreement | 2017 Term Loan Facility A-2
Debt Instrument [Line Items]
Maximum borrowing capacity			118,800,000
Debt term	9 years
Basis spread on variable rate		1.90%
2017 Amended Credit Agreement | 2017 Term Loan Facility A-2 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
2017 Amended Credit Agreement | 2017 Term Loan Facility A-3
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 118,800,000
Debt term	10 years
Basis spread on variable rate		2.00%
2017 Amended Credit Agreement | 2017 Term Loan Facility A-3 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
2017 Amended Credit Agreement | 2017 Term Loan Facility A-2 And 2017 Term Loan Facility A-3
Debt Instrument [Line Items]
Repayment of debt		$ 69,000,000
Write off of deferred financing costs		$ 1,400,000

Notes Payable and Lines of Cr36

Notes Payable and Lines of Credit - Patronage - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Debt Disclosure [Abstract]
Patronage refunds received	$ 2.7	$ 2.1
Patronage refunds, percentage received in cash	75.00%
Patronage refunds, percentage received in equity	25.00%
Patronage refunds, value of equity in patronage banks	$ 1.5	0.8
Patronage refund accrual	0.7	$ 0.7
Patronage refund receivable	$ 0.7		$ 2.7

Notes Payable and Lines of Cr37

Notes Payable and Lines of Credit - Debt Covenants - Narrative (Details) - 2017 Amended Credit Agreement	3 Months Ended
	Mar. 31, 2018USD ($)
Debt Instrument [Line Items]
Covenant term, loan to value (LTV) ratio (percent)	45.00%
Covenant terms, fixed charge coverage ratio (not less than)	1.05
Capital expenditure percentage of timberlands	1.00%
Maximum
Debt Instrument [Line Items]
Covenant term, loan to value (LTV) ratio (percent)	50.00%
Minimum
Debt Instrument [Line Items]
Covenant terms, minimum liquidity balance required (no less than)	$ 25,000,000

Notes Payable and Lines of Cr38

Notes Payable and Lines of Credit - Interest Paid and Fair Value of Outstanding Debt - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Debt Instrument [Line Items]
Interest payments	$ 2.9	$ 2.5
Unused borrowing capacity fee	$ 0.1	$ 0.2
Secured Debt
Debt Instrument [Line Items]
Weighted-average interest rate	3.91%		3.60%
Weighted-average interest rate, after patronage refunds	3.11%		2.80%

Interest Rate Swaps - Narrative

Interest Rate Swaps - Narrative (Details)	3 Months Ended
	Mar. 31, 2018USD ($)derivative	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Derivative [Line Items]
Variable rate debt	$ 268,619,000		$ 337,619,000
Change in fair value of interest rate swaps, other comprehensive income (loss)	1,931,000	$ (279,000)
Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 200,000,000
Derivative, fixed interest rate	3.92%
Amount to be reclassified from accumulated other comprehensive income to interest expense net 12 months	$ 61,000
Change in fair value of interest rate swaps, other comprehensive income (loss)	1,900,000	(300,000)
Amount of ineffectiveness on interest rate swaps	0	0
Payments for interest rate swap	$ 200,000	$ 200,000
Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Number of interest rate derivatives added | derivative	2
Number of interest rate derivatives outstanding | derivative	7
2018 Rabobank Swap, One | Designated as Hedging Instrument | LIBOR
Derivative [Line Items]
Notional amount	$ 30,000,000
Derivative, fixed interest rate	2.703%
2018 Rabobank Swap, Two | Designated as Hedging Instrument | LIBOR
Derivative [Line Items]
Notional amount	$ 20,000,000
Derivative, fixed interest rate	2.884%

Interest Rate Swaps - Schedule

Interest Rate Swaps - Schedule of Interest Rate Swaps Outstanding (Details) - Designated as Hedging Instrument	Mar. 31, 2018USD ($)
Derivative [Line Items]
Pay Rate	3.92%
Notional Amount	$ 200,000,000
2014 Rabobank Swap | LIBOR
Derivative [Line Items]
Pay Rate	2.395%
Notional Amount	$ 35,000,000
2016 Rabobank Swap | LIBOR
Derivative [Line Items]
Pay Rate	1.28%
Notional Amount	$ 45,000,000
2017 Rabobank Swap, One | LIBOR
Derivative [Line Items]
Pay Rate	2.33%
Notional Amount	$ 20,000,000
2017 Rabobank Swap, Two | LIBOR
Derivative [Line Items]
Pay Rate	1.80%
Notional Amount	$ 30,000,000
2017 Rabobank Swap, Three | LIBOR
Derivative [Line Items]
Pay Rate	2.045%
Notional Amount	$ 20,000,000
2018 Rabobank Swap, One | LIBOR
Derivative [Line Items]
Pay Rate	2.703%
Notional Amount	$ 30,000,000
2018 Rabobank Swap, Two | LIBOR
Derivative [Line Items]
Pay Rate	2.884%
Notional Amount	$ 20,000,000

Interest Rate Swaps - Schedul41

Interest Rate Swaps - Schedule of Interest Rate Swaps Measured at Fair Value (Details) - Interest rate swaps - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Prepaid expenses and other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives designated as hedging instruments, estimated fair value	$ 4,947	$ 2,935
Other liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives designated as hedging instruments, estimated fair value	$ (640)	$ (559)

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended
	Mar. 31, 2018USD ($)state
Commitments and Contingencies [Line Items]
Number of southern states reporting raw forest product prices | state	11
Legal proceedings | $	$ 0
Forest Resource Consultants, Inc.
Commitments and Contingencies [Line Items]
Operating agreement, notice of termination option	120 days
American Forestry Management, Inc.
Commitments and Contingencies [Line Items]
Operating agreement, notice of termination option	120 days
Forest Resource Consultants, Inc.
Commitments and Contingencies [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.
Commitments and Contingencies [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

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2018	Mar. 31, 2017	Mar. 22, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity offering, shares issued (in shares)	5,750
Equity offering, shares issued, price per share (in dollars per share)	$ 12.60	$ 12.60		$ 12.60
Other offering costs paid	$ 3,500	$ 3,490	$ 0
Issuance of common stock	$ 69,000	$ 72,450	$ 0

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-based Compensation-Independent Directors - Narrative (Details) - Amended 2005 Long-Term Incentive Plan	Feb. 27, 2018directorshares	Mar. 31, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of independent directors issued additional shares | director	1
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued in period (in shares) | shares	590	1,239

Stock-based Compensation - Roll

Stock-based Compensation - Rollforward of Restricted Stock to Independent Directors (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Number of Underlying Shares
Unvested, beginning of period (in shares) | shares	278,633
Granted (in shares) | shares	73,000
Vested (in shares) | shares	(83,043)
Forfeited (in shares) | shares	0
Unvested, end of period (in shares) | shares	268,590
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 11.05
Granted (in dollars per share) | $ / shares	12.97
Vested (in dollars per share) | $ / shares	11.33
Forfeited (in dollars per share) | $ / shares	0
Unvested, end of period (in dollars per share) | $ / shares	$ 11.49
Director
Number of Underlying Shares
Unvested, beginning of period (in shares) | shares	3,356
Granted (in shares) | shares	0
Vested (in shares) | shares	(3,356)
Forfeited (in shares) | shares	0
Unvested, end of period (in shares) | shares	0
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 11.92
Granted (in dollars per share) | $ / shares
Vested (in dollars per share) | $ / shares	11.92
Forfeited (in dollars per share) | $ / shares	0
Unvested, end of period (in dollars per share) | $ / shares	$ 0

Stock-based Compensation - St46

Stock-based Compensation - Stock-based Compensation-Employees - Narrative (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued in period (in shares)	73,000
Vesting period	4 years

Stock-based Compensation - Ro47

Stock-based Compensation - Rollforward of Service-based Restricted Stock to Employees (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Number of Underlying Shares
Unvested, beginning of period (in shares) | shares	278,633
Granted (in shares) | shares	73,000
Vested (in shares) | shares	(83,043)
Forfeited (in shares) | shares	0
Unvested, end of period (in shares) | shares	268,590
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 11.05
Granted (in dollars per share) | $ / shares	12.97
Vested (in dollars per share) | $ / shares	11.33
Forfeited (in dollars per share) | $ / shares	0
Unvested, end of period (in dollars per share) | $ / shares	$ 11.49

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 765	$ 420
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	516	326
Forestry management expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 249	$ 94

Stock-based Compensation - St49

Stock-based Compensation - Stock-based Compensation Expense - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Nonvested awards, unrecognized compensation expense	$ 3.7
Nonvested awards, unrecognized compensation expense, period for recognition	2 years 5 months 1 day

Subsequent Event - Narrative (D

Subsequent Event - Narrative (Details) - $ / shares	May 03, 2018	Mar. 31, 2018	Mar. 31, 2017
Subsequent Event [Line Items]
Cash dividend declared, per share (in dollars per share)		$ 0.135	$ 0.135
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared, per share (in dollars per share)	$ 0.135