CatchMark Timber Trust (CTT) 10-K 1 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Feb. 28, 2019	Jun. 29, 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-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		49,083,475
Entity Public Float			$ 619.5
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Smaller Reporting Company	true
Entity Emerging Growth Company	false
Entity Shell Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 5,614	$ 7,805
Accounts receivable	7,355	4,575
Prepaid expenses and other assets	7,369	5,436
Deferred financing costs	327	403
Timber assets (Note 3):
Timber and timberlands, net	687,851	710,246
Intangible lease assets, less accumulated amortization of $945 and $941 as of December 31, 2018 and 2017, respectively	12	16
Investments in unconsolidated joint ventures (Note 4)	96,244	11,677
Total assets	804,772	740,158
Liabilities:
Accounts payable and accrued expenses	4,936	4,721
Other liabilities	5,940	2,969
Notes payable and lines of credit, less net deferred financing costs (Note 5)	472,240	330,088
Total liabilities	483,116	337,778
Commitments and Contingencies (Note 7)	0	0
Stockholders’ Equity:
Class A common stock, $0.01 par value; 900,000 shares authorized; 49,127 and 43,425 shares issued and outstanding as of December 31, 2018 and 2017, respectively	492	434
Additional paid-in capital	730,416	661,222
Accumulated deficit and distributions	(409,260)	(261,652)
Accumulated other comprehensive income	8	2,376
Total stockholders’ equity	321,656	402,380
Total liabilities and stockholders’ equity	$ 804,772	$ 740,158

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Intangible lease assets, accumulated amortization	$ 945	$ 941
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)	49,100,000
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)	49,127,000	43,425,000
Common stock, shares outstanding (in shares)	49,127,000	43,425,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Total		$ 97,857	$ 91,295	$ 81,855
Expenses:
Depletion		25,912	29,035	28,897
General and administrative expenses		12,425	11,660	9,309
Land rent expense		660	621	625
Other operating expenses		6,303	5,264	5,017
Operating costs and expenses		96,564	94,869	86,263
Operating income (loss)		1,293	(3,574)	(4,408)
Other income (expense):
Interest income		262	113	44
Interest expense		(16,255)	(11,187)	(6,706)
Total other income (expense)		(15,993)	(11,074)	(6,662)
Loss before large dispositions and joint ventures		(14,700)	(14,648)	(11,070)
Gain (loss) on large dispositions	[1]	(390)	0	0
Income (loss) from unconsolidated joint ventures		(106,917)	1,138	0
Net loss		$ (122,007)	$ (13,510)	$ (11,070)
Weighted-average common shares outstanding —basic and diluted (in shares)		47,937	39,751	38,830
Net loss per share - basic and diluted (in dollars per share)		$ (2.55)	$ (0.34)	$ (0.29)
Timber sales
Revenues:
Total		$ 69,455	$ 71,353	$ 65,035
Timberland sales
Revenues:
Total		17,520	14,768	12,515
Expenses:
Costs and expenses		13,512	10,423	10,405
Management Service
Revenues:
Total		5,603	108	0
Expenses:
Costs and expenses		6,283	6,758	6,092
Other revenues
Revenues:
Total		5,279	5,066	4,305
Contract logging and hauling costs
Expenses:
Costs and expenses		$ 31,469	$ 31,108	$ 25,918
[1]	Large dispositions are defined as larger transactions in acreage and gross sales price than recurring HBU sales. Large dispositions are not part of core operations, are infrequent in nature and would cause material variances in comparative results if not reported separately. Large dispositions may or may not have a higher or better use than timber production or result in a price premium above the land’s timber production value.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (122,007)	$ (13,510)	$ (11,070)
Other comprehensive income (loss):
Market value adjustment to interest rate swaps	(2,368)	629	3,167
Comprehensive loss	$ (124,375)	$ (12,881)	$ (7,903)

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
Balance, beginning of period (in shares) at Dec. 31, 2015						38,975,000
Balance, beginning of period at Dec. 31, 2015	$ 411,038	$ 607,409	$ (195,341)	$ (1,420)		$ 390
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
Balance, end of period at Dec. 31, 2016	381,070	605,728	(226,793)	1,747		$ 388
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity offering (in shares)						4,600,000
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)						(97,000)
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					43,425,000	43,425,000
Balance, end of period at Dec. 31, 2017	402,380	661,222	(261,652)	2,376		$ 434
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity offering (in shares)						5,750,000
Equity offering	72,450	72,392				$ 58
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)						50,000
LTIP, net of forfeitures and amounts withheld for income taxes	1,342	1,341				$ 1
Stock issuance cost	(3,537)	(3,537)
Dividends on common stock	$ (25,601)		(25,601)
Repurchase of common stock (in shares)	(98,459)					(98,000)
Repurchase of common stock	$ (1,003)	(1,002)				$ (1)
Net loss	(122,007)		(122,007)
Other comprehensive income (loss)	$ (2,368)			(2,368)
Balance, end of period (in shares) at Dec. 31, 2018	49,100,000				49,127,000	49,127,000
Balance, end of period at Dec. 31, 2018	$ 321,656	$ 730,416	$ (409,260)	$ 8		$ 492

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in dollars per share)	$ 0.54	$ 0.54	$ 0.53

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash Flows from Operating Activities:
Net loss		$ (122,007)	$ (13,510)	$ (11,070)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depletion		25,912	29,035	28,897
Basis of timberland sold, lease terminations and other	[1]	13,053	10,112	10,089
Stock-based compensation expense		2,689	2,786	1,724
Noncash interest expense		2,612	1,094	954
Other amortization		210	176	139
Loss (income) from unconsolidated joint ventures		106,917	(1,138)	0
Operating distributions from unconsolidated joint ventures		3,771	0	0
Loss from large dispositions	[2]	390	0	0
Changes in assets and liabilities:
Accounts receivable		(3,449)	(1,208)	(1,201)
Prepaid expenses and other assets		(260)	160	(224)
Accounts payable and accrued expenses		122	279	1,141
Other liabilities		(164)	(367)	400
Net cash provided by operating activities		29,796	27,419	30,849
Cash Flows from Investing Activities:
Timberland acquisitions and earnest money paid		(91,821)	(52,260)	(141,570)
Capital expenditures (excluding timberland acquisitions)		(4,571)	(5,617)	(3,195)
Investment in unconsolidated joint ventures		(200,000)	(10,539)	0
Distributions from unconsolidated joint ventures		4,744	0	0
Net proceeds from large dispositions		79,134	0	0
Net cash used in investing activities		(212,514)	(68,416)	(144,765)
Cash Flows from Financing Activities:
Proceeds from notes payable		289,000	304,119	143,500
Repayment of notes payable		(148,000)	(292,156)	(2,846)
Financing costs paid		(1,434)	(3,674)	(1,866)
Issuance of common stock		72,450	56,810	0
Dividends paid to common stockholders		(25,601)	(21,349)	(20,382)
Repurchase of common shares under the share repurchase program		(1,003)	(1,036)	(3,208)
Repurchase of common shares for minimum tax withholdings		(1,348)	(311)	(199)
Other offering costs paid		(3,537)	(2,709)	0
Net cash provided by financing activities		180,527	39,694	114,999
Net change in cash and cash equivalents		(2,191)	(1,303)	1,083
Cash and cash equivalents, beginning of period		7,805	9,108	8,025
Cash and cash equivalents, end of period		$ 5,614	$ 7,805	$ 9,108
[1]	Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses.
[2]	Large dispositions are defined as larger transactions in acreage and gross sales price than recurring HBU sales. Large dispositions are not part of core operations, are infrequent in nature and would cause material variances in comparative results if not reported separately. Large dispositions may or may not have a higher or better use than timber production or result in a price premium above the land’s timber production value.

Organization

Organization	12 Months Ended
	Dec. 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 Delaware limited liability company and 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 formed as a wholly owned subsidiary of CatchMark Timber OP in 2006, is our taxable REIT subsidiary. Unless otherwise noted, references herein to CatchMark 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, 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 have been prepared in accordance with GAAP and include the accounts of CatchMark and any VIE in which CatchMark is deemed the primary beneficiary. With respect to entities that are not VIEs, CatchMark’s consolidated financial statements also include the accounts of any entity in which CatchMark owns a controlling financial interest and any limited partnership in which CatchMark owns a controlling general partnership interest. In determining whether a controlling interest exists, CatchMark considers, among other factors, the ownership of voting interests, protective rights, and participatory rights of the investors. 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 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 on 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 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 mainly consists of timber sales receivable, asset management fees receivable, and patronage refunds 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, 2018 , accounts receivable balance included $3.3 million of estimated patronage refunds due from our lenders, which we expect to receive in March 2019, and $2.8 million of asset management fees from the Triple T Joint Venture, which was received in January 2019. See Note 5, Notes Payable and Lines of Credit for further information regarding the patronage refunds and Note 4 – Unconsolidated Joint Ventures for further information regarding asset management fees earned from the Triple T Joint Venture. Prepaid Expenses and Other Assets Prepaid expenses and other assets are generally comprised of fair value of interest rate swaps, earnest money, equity in patronage banks, prepaid insurance, prepaid rent, prepaid 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 the 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's credit agreements, outstanding balance of debt and associated deferred financing costs, please refer to Note 5 – Notes Payable and Lines of Credit . CatchMark recognized amortization of deferred financing costs for the years ended December 31, 2018 , 2017 , and 2016 of approximately $2.6 million , $1.0 million , and $0.9 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 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 recognizes depletion expense as timber is harvested using the straight-line method. Depletion rates are established at least annually by dividing the remaining merchantable timber inventory book value by current merchantable timber inventory volume. 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. Evaluating the Recoverability of Timber Assets CatchMark continually monitors events and changes in circumstances that could indicate that the carrying amounts of the timber assets in which CatchMark 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 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’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 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 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 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 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 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. Investments in Unconsolidated Joint Ventures For joint ventures that it does not control but exercises significant influence, CatchMark uses the equity method of accounting. CatchMark'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 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’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 classified 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 evaluates the recoverability of its investments 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 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’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 reduces the investment to its estimated fair value. For information on CatchMark’s unconsolidated joint ventures, which are accounted for using the equity method of accounting, see Note 4 — Unconsolidated Joint Ventures . Fair Value of Debt Instruments CatchMark applies 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. Interest Rate Swaps CatchMark has entered into interest rate swaps to mitigate its exposure to changing interest rates on its variable rate debt instruments. CatchMark 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 interest rate swaps that are designated as hedges are recorded as other comprehensive income (loss). 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 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's credit standing, credit risk of counterparties, and reasonable estimates about relevant future market conditions. Common Stock The par value of CatchMark’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. Revenue Recognition Effective January 1, 2018, CatchMark adopted ASU 2014-09 , Revenue from Contracts with Customers (Topic 606), a new revenue recognition model that supersedes most revenue recognition guidance under GAAP. Under this ASU and subsequently issued amendments, an entity is required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that it expects to receive for the goods or services. CatchMark adopted ASU 2014-09 and its amendments using the modified retrospective method. Management performed a comprehensive evaluation of the impact of the new standard across all revenue streams and determined that the timing of revenue recognition and its classification in CatchMark’s consolidated financial statements remain substantially unchanged; however, additional disclosures are required. Prior to the adoption, CatchMark'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) collectability was reasonably assured. Under the new standard, CatchMark recognizes revenue when the following criteria are met: (i) persuasive evidence of a contract with a customer exists, (ii) identifiable performance obligations under the contract exist, (iii) transaction price is determinable for each performance obligation, (iv) the transaction price is allocated to each performance obligation, and (v) when the performance obligations are satisfied. CatchMark derives a majority of its revenues from timber sales, timberland sales, recreational leases, and asset management fees. (a) Timber Sales Revenue CatchMark generates its timber sales revenue from delivered wood sales, stumpage sales, and lump-sum sales with retained economic interests. Revenue for timber sales is recognized when the risk of loss passes to the customer. Only one performance obligation is associated with timber sales and it is satisfied when timber is delivered to or severed by the customer in an amount that reflects the consideration expected to be received. Contractual terms of each timber sale, including pricing and volume for the respective product, are negotiated and entered into by the field managers. In delivered wood sales, product pricing includes amount sufficient to cover costs of contracting third-party logging crews to harvest and haul timber to the customers. Revenue is recognized when timber is delivered to the customer and the sales volume/value is known when timber crosses the customers’ scale. Stumpage sales are typically executed using pay-as-cut contracts, where a purchaser acquires the right to harvest specified timber on a designated tract for a set period of time at agreed-upon unit prices. Revenue is recognized when timber is severed under pay-as-cut contracts. In a lump-sum sales contract with retained economic interests, CatchMark receives advance payments for the standing timber specified in the contract and the customer is responsible for cutting and hauling the timber. CatchMark satisfies its performance obligation when timber is severed, at which time revenue is recognized. Contract payments are generally due within a month from the date timber is harvested and/or delivered. The transaction price for timber sales is determined using contractual rates applied to harvest volumes. (b) Timberland Sales Revenue Performance obligations associated with timberland sales are met when all conditions of closing have been satisfied, which generally occurs at closing. Revenue for timberland sales is recognized at closing when title passes, payments are received or full collectability is probable, and control is passed to the buyer. (c) Recreational Lease Revenue Recreational lease revenue is derived from the leasing of the right to use CatchMark’s timberland. The agreed-upon transaction price of a lease is generally paid in full at the beginning of the lease term and recorded as deferred revenue. Performance obligations associated with a recreational lease are generally met over the period of the lease term. Revenue is recognized evenly over the lease term as CatchMark has satisfied its performance obligation. (d) Asset Management Fees Revenue Under asset management agreements with its unconsolidated joint ventures, CatchMark earns management fees for performing asset management functions, as further described in Note 4 — Unconsolidated Joint Ventures. As asset management services are ongoing and provided on a recurring basis, the associated performance obligations are generally met over the service period at an agreed-upon price stated in the agreements. Revenue for asset management services is recognized at the end of each service period. Large Dispositions Large dispositions are sales of large blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities, including, but not limited to redeployment into more desirable timberland investments, paying down outstanding debt, or repurchasing shares of our common stock. Such large dispositions are infrequent in nature, are not part of core operations, and would cause material variances in comparative results if not reported separately. Large dispositions may or may not have a higher or better use than timber production or result in a price premium above the land's timber production value. Proceeds from sales designated as large dispositions are classified as cash flows from investing activities in the accompanying consolidated statements of cash flows. Stock-based Compensation CatchMark issues equity-based awards to its independent directors and employees pursuant to its long-term incentive plans. 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, 2018 , CatchMark excluded the impact of outstanding RSUs 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 qualified to be taxed as a REIT since the year ended December 31, 2009. As a REIT, CatchMark Timber Trust is generally not subject to federal income taxes provided that it meets certain ownership, distribution, income, asset, and other REIT qualification tests. CatchMark has elected to treat CatchMark TRS as a taxable REIT subsidiary. CatchMark conducts its delivered log business and 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. 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. See Note 12 — Income Taxes for more information. CatchMark 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. When applicable, CatchMark records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations. Segment Information CatchMark primarily engages in the acquisition, ownership, operation, management, and disposition of timberland properties located in the United States, either directly through wholly-owned subsidiaries or through equity method investments in affiliated joint ventures. CatchMark defines operating segments in accordance with ASC Topic 280, Segment Reporting, to reflect the manner in which its chief operating decision maker, the Chief Executive Officer, evaluates performance and allocates resources in managing the business. During the year ended December 31, 2018, CatchMark made a material investment in the Triple T Joint Venture, significantly expanded its investment management business by entering into an asset management agreement to manage the day-to-day operations of the Triple T Joint Venture, completed its first large disposition and began to publicly disclose its primary operating performance measure, Adjusted EBITDA, by source. As such, CatchMark has aggregated those operating segments into three reportable segments: Harvest, Real Estate and Investment Management. See Note 15 - Segment Information for additional information. Reclassification Certain prior period amounts have been reclassified to conform with the current period's financial statement presentation. Within revenues on the accompanying statements of operations, for the year ended December 31, 2017, asset management fees have been reclassified out of other revenues in the amount of $0.1 million . Recent Accounting Pronouncements 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. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases , to further improve existing guidance; and ASU 2018-11, Leases (Topic 842) : Targeted Improvements, to provide entities with relief from the costs of implementing certain aspects of ASU 2016-02. The standard requires a modified retrospective transition approach, but allows the entities to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest comparative period presented. ASU 2016-02 and its subsequent updates are effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, with early adoption permitted. CatchMark anticipates recognizing a right of use asset and lease liability of approximately $3.4 million for its corporate office lease. CatchMark anticipates using both of the practical expedients. 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 was effective prospectively for CatchMark on January 1, 2018. The adoption of ASU 2017-01 did not have a material impact on CatchMark's 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 was effective for fiscal years beginning after December 15, 2017. The adoption did not have a material impact on CatchMark’s consolidated financial statements and related disclosures. 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 ." In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes . 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. The amendments in ASU 2018-16 permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815. CatchMark adopted ASU 2017-12 on January 1, 2018 and ASU 2018-16 on January 1, 2019. These adoptions did not have a material effect on CatchMark's consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which expands the scope of ASC 718 to include share-based payments granted to non-employees in exchange for goods or services used or consumed in an entity’s own operations. This guidance aligns the measurement and classification for share-based payments to non-employees with the guidance for share-based payments to employees, with certain exceptions. ASU 2018-07 is effective for public entities for fiscal years beginning after December 15, 2018, and interim periods therein. CatchMark is currently assessing the impact ASU 2018-07 will have on its consolidated financial statements. On July 16, 2018, the FASB issued ASU 2018-09, Codification Improvements. The amendments in this update represent changes to clarify the ASC, correct unintended application of guidance, or make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Some of the amendments make the ASC easier to understand and easier to apply by eliminating inconsistencies, providing needed clarifications, and improving the presentation of guidance in the ASC. ASU 2018-09 is effective for public entities for fiscal years beginning after December 15, 2018, and interim periods therein. CatchMark is currently assessing the impact ASU 2018-09 will have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) : Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which added new disclosure requirements, eliminated and modified existing disclosure requirements on fair value measurement to improve the effectiveness of ASC 820. ASU 2018-13 is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. CatchMark is currently assessing the impact ASU 2018-13 will have on its consolidate

Timber Assets

Timber Assets	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Timber Assets	Timber Assets As of December 31, 2018 and 2017 , timber and timberlands consisted of the following, respectively: As of December 31, 2018 (in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 345,972 $ 25,912 $ 320,060 Timberlands 367,488 — 367,488 Mainline roads 954 651 303 Timber and timberlands $ 714,414 $ 26,563 $ 687,851 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 years ended December 31, 2018 , 2017 and 2016 , CatchMark acquired approximately 18,100 acres, 19,600 acres, and 81,900 acres of timberland, respectively, for approximately $89.7 million , $51.6 million , and $141.0 million , respectively, excluding closing costs. Acreage acquired by state is listed below: Acres Acquired In (1) : 2018 2017 2016 (2) South Alabama — — 4,500 Georgia — 15,000 13,500 South Carolina — 4,600 63,900 — 19,600 81,900 Pacific Northwest Oregon 18,100 — — Total 18,100 19,600 81,900 (1) Represents CatchMark's wholly-owned acreage only; excludes ownership interest in acreage acquired by joint ventures. (2) Includes 8,300 acres of timberland previously held in leasehold interest in Georgia. Timberland Sales During the years ended December 31, 2018 , 2017 , and 2016 , CatchMark sold approximately 8,500 acres, 7,700 acres, and 7,300 acres of timberland, respectively, for approximately $17.5 million , $14.8 million , and $12.5 million , respectively. CatchMark’s cost basis in the timberland sold was approximately $12.4 million , $9.9 million , and $9.7 million respectively. Large Dispositions On November 30, 2018, CatchMark completed the sale of approximately 56,100 acres of its wholly-owned timberlands located in Texas and Louisiana (the "Southwest Property") for approximately $79.3 million . CatchMark's cost basis in the Southwest Property was approximately $79.5 million . CatchMark retained approximately 202,000 tons of merchantable inventory ( 49% sawtimber / 51% pulpwood) to be harvested over the next 18 to 24 months . The net proceeds received from this large disposition was used to pay down $79.0 million of CatchMark's outstanding debt balance. Timberland sales and large disposition acreage by state is listed below: Acres Sold In: 2018 2017 2016 South Alabama 1,500 2,300 600 Florida — — 600 Georgia 2,300 5,000 6,100 Louisiana 20,900 400 — North Carolina 1,000 — — South Carolina 3,300 — — Texas 35,600 — — Total 64,600 7,700 7,300 Current Timberland Portfolio As of December 31, 2018 , CatchMark directly owned interests in approximately 463,100 acres of timberlands in the U.S. South and the Pacific Northwest, approximately 432,900 acres of which were fee-simple interests and approximately 30,200 acres were leasehold interests. Land acreage by state is listed below: Acres by state as of December 31, 2018 (1) Fee Lease Total South Alabama 72,900 5,300 78,200 Florida 2,000 — 2,000 Georgia 261,300 24,900 286,200 North Carolina 600 — 600 South Carolina 77,700 — 77,700 Tennessee 300 — 300 414,800 30,200 445,000 Pacific Northwest Oregon 18,100 — 18,100 Total: 432,900 30,200 463,100 (1) Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Unconsolidated Joint Ventures

Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Unconsolidated Joint Ventures	Unconsolidated Joint Ventures As of December 31, 2018 , CatchMark owned interests in two joint ventures with unrelated parties: the Triple T Joint Venture and the Dawsonville Bluffs Joint Venture (each as defined and described below). As of December 31, 2018 Dawsonville Bluffs Joint Venture Triple T Joint Venture Ownership percentage 50.0% 21.6 % (1) Acreage owned by the joint venture 5,000 1,099,800 Merchantable timber inventory (million tons) 0.3 42.9 (2) Location Georgia Texas (1) Represents our share of total partner capital contributions. (2) The Triple T Joint Venture considers inventory to be merchantable at age 12. Merchantable timber inventory includes growth and adjustments identified during the annual recruise of the Triple T Timberlands. CatchMark accounts for these investments using the equity method of accounting. Triple T Joint Venture On July 6, 2018, CatchMark entered into a limited partnership agreement for TexMark Timber Treasury, L.P. (the “Triple T Joint Venture”) with a consortium of institutional investors (the “Preferred Investors”), including BTG Pactual Timberland Investment Group, Highland Capital Management, Medley Management Inc., and British Columbia Investment Management Corporation. CatchMark invested $200.0 million in the Triple T Joint Venture, equal to 21.6% of the total equity contributions, in exchange for a common limited partnership interest in the Triple T Joint Venture. CatchMark, through a separate wholly-owned and consolidated subsidiary, is the sole general partner of the Triple T Joint Venture. The Preferred Investors invested $725.9 million in the Triple T Joint Venture, equal to 78.4% of the total equity contributions. The Triple T Joint Venture limited partnership agreement provides for a term of five years (extendable, subject to certain approvals, to seven and ten years ), a preferred return of 10.25% to the Preferred Investors and a complete return of their equity contribution; a subsequent preferred return of 10.25% to CatchMark and return of CatchMark's equity contribution; and, finally, participation by CatchMark and the Preferred Investors in remaining distributions in percentages equal to 30% / 70% , respectively, until the Preferred Investors have received an internal rate of return of 12.5% and then 50% / 50% or, alternatively, 80% / 20% , respectively, to the extent the Preferred Investors received a return of their equity contributions prior to the second anniversary of the effective date of the limited partnership agreement, entitling the Preferred Investors to early repayment premiums. Also on July 6, 2018, the Triple T Joint Venture completed an acquisition of 1.1 million acres of high-quality East Texas industrial timberlands (the “Triple T Timberlands”), for approximately $1.39 billion (the “Acquisition Price”), exclusive of transaction costs. The Acquisition Price, transaction costs, and working capital were funded by $925.9 million of equity contributions from the Triple T Joint Venture partners and a $600 million seven - year term loan made pursuant to a credit agreement, dated July 6, 2018, between the Triple T Joint Venture's subsidiaries and affiliates and the lenders. Borrowings under the term loan bear interest at one-month LIBOR plus a margin determined based upon a LTV ratio and are secured by the assets of the Triple T Joint Venture and its subsidiaries. CatchMark funded its $200.0 million equity contribution with borrowings under its multi-draw term facility (see Note 5 — Notes Payable and Lines of Credit ), including $30.0 million borrowed for an earnest money deposit made in May 2018 and $170.0 million borrowed on July 5, 2018. CatchMark uses the equity method to account for its investment in the Triple T Joint Venture since it does not possess the power to direct the activities that most significantly impact the economic performance of the Triple T Joint Venture, and accordingly, CatchMark does not possess the first characteristic of a primary beneficiary described in GAAP. CatchMark appointed three common board members of the Triple T Joint Venture, including its Chief Executive Officer, Chief Financial Officer, and Senior Vice President of Forest Resources, which provides CatchMark with significant influence over the Triple T Joint Venture. Accordingly, pursuant to the applicable accounting literature, it is appropriate for CatchMark to apply the equity method of accounting to its investment in the Triple T Joint Venture. The Triple T Joint Venture agreement provides for liquidation rights and distribution priorities that are significantly different from CatchMark's stated ownership percentage based on total equity contributions. The Preferred Investors are entitled to a minimum 10.25% cumulative return on their equity contributions, plus a complete return of their equity contributions before any distributions may be made on CatchMark’s common limited partnership interest. As such, CatchMark uses the hypothetical-liquidation-at-book-value method (“HLBV”) to determine its equity in the earnings of the Triple T Joint Venture. The HLBV method is commonly applied to equity investments in real estate, where cash distribution percentages vary at different points in time and are not directly linked to an investor's ownership percentage. For investments accounted for under the HLBV method, applying the percentage ownership interest to GAAP net income in order to determine earnings or losses would not accurately represent the income allocation and cash flow distributions that will ultimately be received by the investors. CatchMark applies HLBV using a balance sheet approach. A calculation is prepared at each balance sheet date to determine the amount that CatchMark would receive if the Triple T Joint Venture were to liquidate all of its assets (as valued in accordance with GAAP) on that date and distribute the cash to the partners based on the contractually-defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is CatchMark's income or loss from the Triple T Joint Venture for the period. Condensed balance sheet information for the Triple T Joint Venture as of December 31, 2018 is as follows: As of (in thousands) December 31, 2018 Triple T Joint Venture: Total assets $ 1,607,413 Total liabilities $ 754,610 Total equity $ 852,803 CatchMark: Carrying value of investment $ 90,450 Condensed income statement information for the Triple T Joint Venture from July 6, 2018 (inception) to December 31, 2018 is as follows: From Inception through (in thousands) December 31, 2018 Triple T Joint Venture: Total revenues $ 56,977 Operating loss $ (7,900 ) Net loss $ (20,646 ) CatchMark: Equity share of net loss $ (109,550 ) Condensed statement of cash flow information for the Triple T Joint Venture from July 6, 2018 (inception) to December 31, 2018 is as follows: From Inception through (in thousands) December 31, 2018 Triple T Joint Venture: Net cash used in operating activities $ (8,982 ) Net cash used in investing activities $ (1,413,082 ) Net cash provided by financing activities $ 1,461,364 Net change in cash and cash equivalents $ 39,300 Cash and cash equivalents, beginning of period $ — Cash and cash equivalents, end of period $ 39,300 CatchMark's equity share of the Triple T Joint Venture's net loss determined using the HLBV method is calculated as follows: (in thousands) Triple T Joint Venture: Total equity as of December 31, 2018 $ 852,803 Preferred Investors: Equity in Triple T Joint Venture, beginning balance $ 725,866 Minimum preferred return as of December 31, 2018 $ 36,487 HLBV distribution as of December 31, 2018 $ 762,353 CatchMark: Equity in Triple T Joint Venture as of December 31, 2018 $ 90,450 Equity in Triple T Joint Venture, beginning balance $ 200,000 Equity share of Triple T Joint Venture's net loss $ (109,550 ) Dawsonville Bluffs Joint Venture In April 2017, CatchMark entered into a limited liability agreement for Dawsonville Bluffs, LLC (the “Dawsonville Bluffs Joint Venture”) with MPERS. The Dawsonville Bluffs Joint Venture 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 owns a 50% membership interest in the Dawsonville Bluffs Joint Venture and MPERS owns the remaining 50% interest. CatchMark 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: Year Ended December 31, (in thousands) 2018 2017 Dawsonville Bluffs Joint Venture: Total assets $ 12,164 $ 24,014 Total liabilities $ 575 $ 660 Total equity $ 11,589 $ 23,354 CatchMark: Carrying value of investment $ 5,795 $ 11,677 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows: Year Ended December 31, (in thousands) 2018 2017 Dawsonville Bluffs Joint Venture: Total Revenues $ 14,852 $ 4,886 Net Income $ 5,267 $ 2,275 CatchMark: Equity share of net income (loss) $ 2,634 $ 1,138 Condensed statement of cash flow information for the Dawsonville Joint Venture is as follows: Year Ended December 31, (in thousands) 2018 2017 Dawsonville Joint Venture: Net cash provided by operating activities $ 13,388 $ 4,645 Net cash used in investing activities $ — $ (20,348 ) Net cash (used in) provided by financing activities $ (17,032 ) $ 21,078 Net change in cash and cash equivalents $ (3,644 ) $ 5,375 Cash and cash equivalents, beginning of period $ 5,375 $ — Cash and cash equivalents, end of period $ 1,731 $ 5,375 For the year ended December 31, 2018, CatchMark received cash distributions of $8.5 million from the Dawsonville Bluffs Joint Venture, $3.8 million of which was classified as operating distributions and $4.7 million was classified as return of capital in the investing section of the accompanying consolidated statement of cash flows. No cash distributions were received for the year ended December 31, 2017. Asset Management Fees CatchMark provides asset management services to the Triple T Joint Venture and the Dawsonville Bluffs Joint Venture. Under these arrangements, CatchMark oversees the day-to-day operations of these joint ventures and their properties, including accounting, reporting and other administrative services, subject to certain major decisions that require partner approval. For management of the Triple T Joint Venture, CatchMark receives a fee equal to 1% per annum, subject to reduction and deferment in certain circumstances, of the Acquisition Price multiplied by 78.4% , which represents the percentage of the total equity contributions made to the Triple T Joint Venture by the Preferred Investors. For management of the Dawsonville Bluffs Joint Venture, CatchMark receives a percentage fee based on invested capital, as defined by the joint venture agreement. For the years ended December 31, 2018 and 2017, CatchMark earned the following fees from its unconsolidated joint ventures: (in thousands) 2018 2017 Triple T Joint Venture (1) $ 5,496 $ — Dawsonville Bluffs Joint Venture $ 107 $ 108 $ 5,603 $ 108 (1) Includes approximately $0.2 million of reimbursements of compensation costs for the year ended December 31, 2018.

Notes Payable and Lines of Cred

Notes Payable and Lines of Credit	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Notes Payable and Lines of Credit	Notes Payable and Lines of Credit As of December 31, 2018 and 2017, CatchMark had the following debt balances outstanding: (in thousands) Maturity Date Current Interest Rate (1) Outstanding Balance As of December 31, Credit Facility Interest Rate 2018 2017 Term Loan A-1 12/23/2024 LIBOR + 1.75% 4.25% $ 100,000 $ 100,000 Term Loan A-2 12/01/2026 LIBOR + 1.90% 4.41% 100,000 118,809 Term Loan A-3 12/01/2027 LIBOR + 2.00% 4.51% 68,619 118,810 Term Loan A-4 08/22/2025 LIBOR + 1.70% 4.09% 140,000 — Multi-Draw Term Facility 12/01/2024 LIBOR + 2.20% 4.65% 70,000 — Total Principal Balance $ 478,619 $ 337,619 Less: Net Unamortized Deferred Financing Costs $ (6,379 ) $ (7,531 ) Total $ 472,240 $ 330,088 (1) Represents weighted-average interest rate as of December 31, 2018. The weighted-average interest rate excludes the impact of interest rate swaps (see Note 6 — Interest Rate Swaps ), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds. Credit Agreement Amendment CatchMark is party to a credit agreement dated as of December 1, 2017, as amended on August 22, 2018 (the “2018 Amended Credit Agreement”), with a syndicate of lenders, including CoBank. The 2018 Amended Credit Agreement expanded the total borrowing capacity by $75 million to $643.6 million , added a new $140.0 million seven -year term loan (the “Term A-4 Loan”) to replace existing debt, and reduced the capacity under the seven -year multi-draw term credit facility from $265.0 million to $200.0 million . The 2018 Amended Credit Agreement provides for borrowing under credit facilities consisting of the following: • a continuation of a $35.0 million five -year revolving credit facility (the “Revolving Credit Facility”); • a reduced $200.0 million seven -year multi-draw term credit facility (the “Multi-Draw Term Facility”); • a continuation of a $100.0 million ten -year term loan (the “Term Loan A-1”); • a continuation of a $100.0 million nine -year term loan (the “Term Loan A-2”); • a continuation of a $68.6 million ten -year term loan (the “Term Loan A-3”); and • a new $140.0 million seven -year term loan (the "Term Loan A-4"). As of December 31, 2018 , $165.0 million remained available under CatchMark's credit facilities, consisting of $130.0 million under the Multi-Draw Term Facility and $35.0 million under the Revolving Credit Facility. Borrowings under the 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 Revolving Credit Facility bears 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’s LTV Ratio, and will terminate and all amounts outstanding under the facility will be due and payable on December 1, 2022. The 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 Multi-Draw Term Facility, which is interest only until its maturity date, bears 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’s LTV Ratio, and will terminate and all amounts outstanding under the facility will be due and payable on December 1, 2024. CatchMark pays the lenders an unused commitment fee on the unused portion of the Revolving Credit Facility and the Multi-Draw Term Facility at an adjustable rate ranging from 0.15% to 0.35% , depending on the LTV Ratio. CatchMark’s obligations under the credit agreement are collateralized by a first priority lien on the timberlands owned by CatchMark’s subsidiaries and substantially all of CatchMark’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, the obligations under the credit agreement are jointly and severally guaranteed by CatchMark and all of its subsidiaries pursuant to the terms of the credit agreement. CatchMark has also agreed to guarantee certain losses caused by certain willful acts of CatchMark or its subsidiaries. Patronage Refunds CatchMark 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. CatchMark has received a patronage refund on its eligible patronage loans annually since 2015. Of the total patronage refunds received, 75% was received in cash and 25% was received in equity of the Patronage Banks. The eligibility remains the same under the 2018 Amended Credit Agreement. Therefore, CatchMark accrues patronage refunds it expects to receive based on actual patronage refunds received as a percentage of its weighted-average eligible debt balance. As of December 31, 2018, 2017, and 2016, CatchMark accrued approximately $3.3 million , $2.7 million , and $2.3 million , respectively, as patronage refunds receivable on its consolidated balance sheets and as an offset against interest expense on its consolidated statement of operations. As of December 31, 2018 and 2017, CatchMark recorded the following balances related to the patronage refunds program on its balance sheets: (in thousands) As of Patronage refunds classified as: December 31, 2018 December 31, 2017 Accounts receivable $ 3,323 $ 2,694 Prepaid expenses and other assets (1) 1,499 831 Total $ 4,822 $ 3,525 (1) Represents 25% of cumulative patronage refunds received to date as equity of the Patronage Banks. Debt Covenants CatchMark's credit agreement contains, among others, the following financial covenants: • limit the LTV Ratio to (i) 50% at any time prior to the last day of the fiscal quarter corresponding to December 1, 2021, and (ii) 45% at any time thereafter; • require maintenance of a FCCR of not less than 1.05:1; and • require maintenance of a minimum liquidity balance of no less than $25.0 million at any time; and • limit the aggregated capital expenditures to 1% of the value of the timberlands during any fiscal year. The 2018 Amended Credit Agreement permits CatchMark to declare, set aside funds for, or pay dividends, distributions, or other payments to stockholders so long as it is not in default under the credit agreement and its minimum liquidity balance, after giving effect to the payment, is at least $25 million . However, if CatchMark has suffered a bankruptcy event or a change of control, the credit agreement prohibits CatchMark from declaring, setting aside, or paying any dividend, distribution, or other payment other than as required to maintain its REIT qualification. Restrictions in CatchMark’s credit agreements in the past have restricted CatchMark's ability to pay cash distributions to its stockholders. The 2018 Amended Credit Agreement also subjects CatchMark to mandatory prepayment from proceeds generated from dispositions of timberlands or lease terminations, which may have the effect of limiting its ability to make distributions to stockholders under certain circumstances. CatchMark was in compliance with the financial covenants of its amended credit agreement as of December 31, 2018 . Interests Paid and Fair Value of Outstanding Debt During the years ended December 31, 2018 , 2017 , and 2016 , CatchMark made the following cash interest payments on its borrowings: (in thousands) 2018 2017 2016 Cash paid for interest $ 15,816 $ 11,412 $ 7,119 Included in the interest payments for the years ended December 31, 2018 , 2017 and 2016 were unused commitment fees of $0.2 million , $0.6 million and $0.7 million , respectively. No interest paid was capitalized during the years ended December 31, 2018 , 2017 and 2016. As of December 31, 2018 and 2017 , the weighted-average interest rate on these borrowings, after consideration of its interest rate swaps (see Note 6 – Interest Rate Swaps ), was 4.31% and 3.60% , respectively. After further consideration of the expected patronage refunds, CatchMark's weighted-average interest rate as of December 31, 2018 and 2017 was 3.51% and 2.80% , respectively. As of December 31, 2018 and 2017 , the fair value of CatchMark'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, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	Interest Rate Swaps CatchMark uses interest rate swaps to mitigate its exposure to changing interest rates on its variable rate debt instruments. During the year ended December 31, 2018 , CatchMark entered into five separate interest rate swaps with Rabobank. As of December 31, 2018 , CatchMark had ten outstanding interest rate swaps with terms below: (in thousands) Interest Rate Swap Effective Date Maturity Date Pay Rate Receive Rate Notional Amount 2017 Swap - 3YR 3/28/2017 3/28/2020 1.800% one-month LIBOR $ 30,000 2018 Swap - 2YR 9/6/2018 9/6/2020 2.796% one-month LIBOR $ 50,000 2018 Swap - 3YR 9/6/2018 9/6/2021 2.869% one-month LIBOR $ 50,000 2017 Swap - 4YR 3/28/2017 11/28/2021 2.045% one-month LIBOR $ 20,000 2018 Swap - 4YR 2/28/2018 11/28/2022 2.703% one-month LIBOR $ 30,000 2017 Swap - 7YR 3/23/2017 3/23/2024 2.330% one-month LIBOR $ 20,000 2014 Swap - 10YR 12/23/2014 12/23/2024 2.395% one-month LIBOR $ 35,000 2016 Swap - 8YR 8/23/2016 12/23/2024 1.280% one-month LIBOR $ 45,000 2018 Swap - 8YR 2/28/2018 11/28/2026 2.884% one-month LIBOR $ 20,000 2018 Swap - 9YR 8/28/2018 8/28/2027 3.014% one-month LIBOR $ 50,000 Total $ 350,000 As of December 31, 2018 , CatchMark's interest rate swaps effectively fixed the interest rate on $ 350.0 million of its $478.6 million variable rate debt at 4.26% , inclusive of the applicable spread. All ten 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’s interest rate swaps measured at fair value as of December 31, 2018 and 2017 : (in thousands) Estimated Fair Value as of December 31, Instrument Type Balance Sheet Classification 2018 2017 Derivatives designated as hedging instruments: Interest rate swaps Prepaid expenses and other assets $ 3,643 $ 2,935 Interest rate swaps Other liabilities $ (3,635 ) $ (559 ) As of December 31, 2018, CatchMark estimated that approximately $0.3 million will be reclassified from accumulated other comprehensive income to interest expense over the next 12 months. During the year ended December 31, 2018 , CatchMark recognized a change in fair value of its interest rate swaps of approximately $2.4 million as other comprehensive loss. During the years ended December 31, 2018 , 2017 , and 2016 , net payments of approximately $0.5 million , $1.0 million , and $0.8 million were made under the interest rate swaps by CatchMark and were recorded as interest expense, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Mahrt Timber Agreements In connection with its acquisition of timberlands from WestRock, CatchMark 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 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 a 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 with a reliable customer for the wood products from its timberlands. For the years ended December 31, 2018 , 2017 , and 2016 , approximately 17% , 17% , and 17% , respectively, of CatchMark'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 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 can terminate the Mahrt Timber Agreements if WestRock (i) ceases to operate the Mahrt mill for a period that exceeds 12 consecutive months, (ii) fails to purchase a specified tonnage of timber for two consecutive years, subject to certain limited exceptions or (iii) 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 and FRC (the "FRC Timberland Operating Agreement"), FRC manages and operates certain of CatchMark'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 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, 2020, and is automatically extended for one -year periods unless written notice is provided by CatchMark 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 with or without cause upon providing 120 days’ prior written notice. Pursuant to the terms of the timberland operating agreement between CatchMark and AFM (the "AFM Timberland Operating Agreement"), AFM manages and operates certain of CatchMark'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 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, 2019 for the U.S. South region and December 31, 2019 for the Pacific Northwest region, and is automatically extended for one -year periods unless written notice is provided by CatchMark 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 with or without cause upon providing 120 days’ prior written notice. Obligations under Operating Leases CatchMark held leasehold interests related to the use of approximately 26,800 acres of leased timberlands under a long-term lease that expires in May 2022 (the “LTC Lease”). The per-acre rent was $20.41 for the lease year ended May 2018 , which was used to calculate the following remaining required payments under the LTC Lease as of December 31, 2018 : (in thousands) Required Payments 2019 $ 511 2020 511 2021 511 2022 453 2023 and thereafter — $ 1,986 Additionally, CatchMark had the following future annual payments under its office lease as of December 31, 2018: (in thousands) Required Payments 2019 $ 312 2020 397 2021 412 2022 424 2023 435 Thereafter 2,320 $ 4,300 Litigation From time to time, CatchMark 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 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 accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, CatchMark accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, CatchMark 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 discloses the nature and estimate of the possible loss of the litigation. CatchMark does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote. CatchMark 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. CatchMark is not aware of any legal proceedings contemplated by governmental authorities.

Noncontrolling Interest

Noncontrolling Interest	12 Months Ended
	Dec. 31, 2018
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. On October 31, 2018, CatchMark Timber Trust, as general partner of CatchMark Timber OP, executed the Second Amended and Restated Agreement of Limited Partnership of CatchMark Timber OP (as amended, the “Partnership Agreement”) with CatchMark LP Holder. The Partnership Agreement, as amended, added provisions authorizing CatchMark Timber OP to issue a class of limited partnership interests (the “LTIP Units"), to certain officers, directors, and employees of CatchMark. LTIP Units are a class of units structured to qualify as “profits interests” for federal income tax purposes that, subject to certain conditions, including vesting, are convertible by the holder into CatchMark Timber OP's common units. The LTIP Units initially will not have full parity, on a per unit basis, with CatchMark Timber OP common units with respect to liquidating distributions. Upon the occurrence of specified events, the LTIP Units can over time achieve full parity with CatchMark Timber OP common units, at which time vested LTIP Units will be converted into CatchMark Timber OP common units on a one-for-one basis. Vested LTIP Units that have not achieved full parity with CatchMark Timber OP common units may also convert into CatchMark Timber OP common units on less than a one-for-one basis based on relative capital accounts. Regular and other non-liquidating distributions will be made by CatchMark Timber OP with respect to unvested LTIP Units as provided in the applicable award agreement for such units. Limited partners holding CatchMark Timber OP common units, including those converted from LTIP Units, have the option to cause CatchMark Timber OP 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 in exchange for shares of its common stock, CatchMark Timber OP would redeem such units with cash equal to the value of such shares on a one-for-one basis. On November 29, 2018, CatchMark granted LTIP Units to certain executive officers. See Note 10 — Stock-based Compensation for more details.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Under CatchMark's charter, it has authority to issue a total of one 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. Share Repurchase Program On August 7, 2015, the board of directors authorized a stock repurchase program under which CatchMark 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, 2018 , CatchMark repurchased 98,459 shares of common stock for approximately $1.0 million . All common stock purchases through the end of December 2018 under the stock repurchase program were made in open-market transactions. As of December 31, 2018 , CatchMark had 49.1 million shares of common stock outstanding and may purchase up to an additional $18.7 million under the program. Equity Offering On June 2, 2017, CatchMark filed a shelf registration statement on Form S-3 with the SEC (the "Shelf Registration Statement"), which was declared effective by the SEC on June 16, 2017. The Shelf Registration Statement provides CatchMark 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 issued 5.75 million shares of its 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 received net proceeds of $69.0 million from the 2018 Equity Offering which was used to pay down a portion of its outstanding debt. In October 2017, CatchMark issued 4.6 million shares of its Class A common stock and received gross proceeds of $56.8 million . Distributions Since December 2013, CatchMark has made and intends to continue to make quarterly distributions to holders of its common stock. The table below summarizes the distributions CatchMark made during each of the three years ended December 31, 2018, and the tax characterization of the distributions: 2018 2017 2016 Total Cash Distributions per Common Share $ 0.54 $ 0.54 $ 0.53 Tax Characterization Capital Gain — — — Return of Capital 100 % 100 % 100 % The amount of distributions and the tax treatment thereof in prior periods are not necessarily indicative of amounts anticipated in future periods.

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	Stock-based Compensation Long-Term Incentive Plans CatchMark'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'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'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, 2018, 1,369,291 shares remained available for issuance under the 2017 Plan. Equity Compensation for Independent Directors In March 2018, 3,356 shares of restricted stock issued in 2015 to independent directors became vested. As a result, no restricted shares previously issued to independent directors remained unvested. On June 25, 2018, pursuant to the Amended and Restated Independent Directors' Compensation Plan (a sub-plan of CatchMark's LTIPs), CatchMark's six independent directors each received 3,956 shares having a value of $50,000 . The shares granted are fully vested and non-forfeitable on the grant date. CatchMark repurchased 4,154 shares from all independent directors for income tax withholdings. CatchMark recognized approximately $0.3 million of general and administrative expenses related to these awards during the year ended December 31, 2018 . Additionally, one of the independent directors elected to receive $30,000 of his annual cash retainer in shares of CatchMark's common stock in lieu of cash. Below is a summary of independent directors' stock-based compensation for the years ended December 31, 2018 , 2017 , and 2016 : (dollars in thousands, except for per share amounts) 2018 2017 2016 Fully-vested shares granted 26,568 24,412 25,089 Weighted-average grant date fair value per share $ 12.42 $ 11.47 $ 12.04 Shares of restricted stock granted — — — Grant date fair value of fully vested stock granted in period $ 330 $ 280 $ 302 Grant date fair value of restricted stock vested in period $ — $ — $ 146 Cash used to repurchase common shares for minimum tax withholdings $ 53 $ 59 $ 66 Service-based Restricted Stock Grants to Employees During 2018, CatchMark issued 88,161 shares of service-based restricted stock to its non-executive employees, vesting in four equal installments in February of 2019, 2020, 2021, and 2022. The fair value of serviced-based restricted stock grants was determined by the closing price of CatchMark's common stock on the grant date. On November 29, 2018, CatchMark granted 45,622 shares (the "2017 Service Awards") and 41,946 shares (the "2018 Service Awards") of service-based restricted stock to eligible executive officers pursuant to the 2017 and 2018 executive compensation plans previously approved by the Compensation Committee of the board of directors (the "Compensation Committee"). The 2017 Service Awards will vest in two equal installments in February of 2020 and 2021. The 2018 Service Awards will vest in three equal installments in February of 2020, 2021, and 2022. Below is a summary of service-based restricted stock grants to the employees during the years ended December 31, 2018 , 2017 , and 2016 : 2018 2017 2016 Shares granted 175,729 133,591 125,123 Weighted-average grant date fair value per share $ 10.60 $ 11.19 $ 10.51 Grant date fair value of restricted stock vested in period ('000) $ 1,756 $ 1,294 $ 422 Cash used to repurchase common shares for minimum tax withholdings ('000) $ 445 $ 252 $ 133 A rollforward of CatchMark's unvested, service-based restricted stock awards to employees for the year ended December 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 175,729 $ 10.60 Vested (1) (153,967 ) $ 11.41 Forfeited — $ — Unvested at December 31, 2018 300,395 $ 10.60 (1) Includes 12,983 shares of service-based restricted stock held by John Rasor, the vesting of which was accelerated upon his resignation as Chief Operating Officer of CatchMark on July 6, 2018, the date Mr. Rasor was named President of the Triple T Joint Venture. Also includes the vesting of 57,940 shares of service-based restricted stock issued to Mr. Rasor in April 2017. These vesting events are non-recurring in nature. Performance-based Restricted Stock Grants Performance-based restricted stock grants are awarded to the executive officers and the total number of shares may be earned based on the level of achievements of certain pre-determined performance goals over the performance period. Earned awards are determined by the Compensation Committee after the end of the performance period and vest over a period specific to each performance grant. On January 19, 2018, based on the level of achievements from January 1, 2015 to December 31, 2017 pursuant to a set of performance goals with respect to the 2015 performance-based awards (the "2015 Performance Awards") , the Compensation Committee determined that 57,970 shares of the restricted stock granted under the 2015 Performance Awards were earned and 54,930 shares were forfeited. 50% of the earned awards vested on the determination date and the remaining 50% vested on the one -year anniversary of the determination date. A rollforward of CatchMark's 2015 performance-based restricted stock awards for the year ended December 31, 2018 is as follows: Number of Underlying Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2017 112,900 $ 7.01 Granted — $ — Vested (1) (36,938 ) $ 7.21 Forfeited (54,930 ) $ 7.21 Unvested at December 31, 2018 21,032 $ 7.21 (1) Includes 7,953 shares of accelerated vesting of Mr. Rasor's remaining 2015 Performance Awards previously scheduled to vest in January 2019, upon his resignation as Chief Operating Officer of CatchMark on July 6, 2018, the date Mr. Rasor was named President of the Triple T Joint Venture. On November 29, 2018, CatchMark granted 7,938 shares of performance-based restricted stock (the "2018 Performance Restricted Stock Awards") to one of its executive officers, which represents the maximum number of shares that could be earned based on the relative performance of CatchMark's TSR between January 1, 2018 and December 31, 2020 as compared to a pre-established peer group's TSR, to the Russell 3000 Index, and to the NCREIF Timberland Index. Earned awards, once determined by the Compensation Committee after the end of performance period, will vest in two equal installments in the first quarter of 2021 and 2022. The fair value of the 2018 Performance Restricted Stock Awards was calculated using a Monte-Carlo simulation with the following assumptions: Grant date market price (November 29, 2018) $ 8.47 Weighted-average fair value per granted share $ 1.84 Assumptions: Volatility 25.30 % Expected term (years) 3.0 Risk-free interest rate 2.89 % Performance-based Restricted Stock Units On January 22, 2019, the Compensation Committee determined that, based on the performance of CatchMark's TSR between January 1, 2016 and December 31, 2018, the 80,366 RSUs issued to the executive officers in May 2016 (the "2016 Performance Awards") were forfeited. No RSUs remained outstanding as of February 28, 2019. 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, 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 common stock during a performance period from April 1, 2017 to March 31, 2020. Earned awards will be settled in shares of CatchMark 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 % Performance-based LTIP Units Grants The Compensation Committee has determined to grant long-term equity incentive awards to its executive officers in the form of equity interests in CatchMark Timber OP, as an alternative to restricted shares of CatchMark Timber Trust's common stock or restricted stock units. In furtherance of this determination, on October 31, 2018, CatchMark Timber Trust, as the general partner, executed the amended CatchMark Timber OP Partnership Agreement with CatchMark LP Holder, LLC, the sole limited partner of CatchMark Timber OP (see Note 8 — Noncontrolling Interest for details of the Partnership Agreement). On November 29, 2018, CatchMark granted 116,439 LTIP Units (the "2017 Performance LTIP Units") and 102,847 LTIP Units (the "2018 Performance LTIP Units") to two of its executive officers, which represent the maximum number of LTIP Units that could be earned based on the relative performance of CatchMark's TSR as compared to a pre-established peer group's TSR, to the Russell 3000 Index, and to the NCRIEF Timberland Index. The performance/measurement period is a three -year period from January 1, 2017 to December 31, 2019 for the 2017 Performance LTIP Units and from January 1, 2018 to December 31, 2020 for the 2018 Performance LTIP Units. The Compensation Committee will determine the earned awards for each award following the end of the respective performance period, and the earned awards will vest in two equal installments on the respective determination date and the one -year anniversary of the respective determination date. The fair value of the 2017 Performance LTIP Awards was calculated using a Monte-Carlo simulation with the following assumptions: Grant date market price (November 29, 2018) $ 8.47 Weighted-average fair value per granted share $ 1.31 Assumptions: Volatility 25.30 % Expected term (years) 3.0 Risk-free interest rate 2.89 % The fair value of the 2018 Performance LTIP Awards was calculated using a Monte-Carlo simulation with the following assumptions: Grant date market price (November 29, 2018) $ 8.47 Weighted-average fair value per granted share $ 1.82 Assumptions: Volatility 25.30 % Expected term (years) 3.0 Risk-free interest rate 2.89 % Stock-based Compensation Expense A summary of CatchMark's stock-based compensation expense is presented below: (in thousands) 2018 2017 2016 General and administrative expenses $ 2,356 $ 1,956 $ 1,411 Forestry management expenses 333 830 313 Total $ 2,689 $ 2,786 $ 1,724 As of December 31, 2018 , approximately $3.3 million of unrecognized compensation expense related to non-vested restricted stock and RSUs remained and will be recognized over a weighted-average period of 2.2 years .

Recreational Leases

Recreational Leases	12 Months Ended
	Dec. 31, 2018
Leases [Abstract]
Recreational Leases	Recreational Leases CatchMark 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 retains substantially all of the risks and benefits of ownership of the timberland properties leased to tenants. As of December 31, 2018 , approximately 438,900 acres, or 99.9% of CatchMark’s timberland available for recreational uses, had been leased to tenants under operating leases that expire between May and July 2019. 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 deferred revenues until earned over the terms of the respective lease terms and recognized as other revenue. As of December 31, 2018 and 2017 , approximately $1.9 million and $2.0 million , respectively, of such rental receipts are included in other liabilities in the accompanying consolidated balance sheets. For the three years ended December 31, 2018 , 2017 , and 2016 , CatchMark recognized other revenues related to recreational leases of approximately $4.7 million , $4.5 million , $4.0 million , respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes CatchMark TRS is generally the only subsidiary of CatchMark subject to U.S. federal and state income taxes. CatchMark TRS 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. For each of the three years ended December 31, 2018, 2017, and 2016, CatchMark TRS has recorded a full valuation allowance on its net deferred tax assets. The Tax Cuts and Jobs Act ("TCJA") was signed into law on December 22, 2017 and became effective on January 1, 2018. TCJA 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. TCJA reduced the U.S. corporate tax rate to 21% from 35%, and accordingly, CatchMark TRS revalued 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 , deferred tax assets were reduced by $4.8 million , and the valuation allowance was reduced by $4.8 million . As of December 31, 2018, CatchMark Timber Trust and CatchMark TRS had the following federal and state net operating loss ("NOL") carryforwards: (in millions) Federal State Total CatchMark Timber Trust $ 121.9 (1) $ 102.8 $ 224.7 CatchMark TRS $ 35.5 (2) $ 27.0 $ 62.5 Total $ 157.4 $ 129.8 $ 287.2 (1) Includes $108.3 million of NOL generated prior to January 1, 2018. (2) Includes $35.8 million of NOL generated prior to January 1, 2018. Such NOL carryforwards may be utilized, subject to certain limitations, to offset future taxable income. The federal NOL generated prior to January 1, 2018 would begin to expire in 2027 and the state NOL generated prior to January 1, 2018 would begin to expire in 2022 . TCJA allows CatchMark Timber Trust and CatchMark TRS to carry forward its federal NOL generated beginning January 1, 2018 indefinitely, however, the use of the NOL in any given tax year will be limited to 80% of the annual taxable income. The other provisions of TCJA did not have a material impact on the accompanying consolidated financial statements of CatchMark for the years ended December 31, 2018, 2017 and 2016. Components of the deferred tax asset as of December 31, 2018 and 2017 were attributable to the operations of CatchMark TRS only and were as follows: As of December 31, (in thousands) 2018 2017 Deferred tax assets: Net operating loss carryforward $ 8,612 $ 10,075 Gain on timberland sales 8 9 Other 418 468 Total gross deferred tax asset 9,038 10,552 Valuation allowance (8,949 ) (10,371 ) Total net deferred tax asset $ 89 $ 181 Deferred tax liability: Timber depletion 89 181 Total gross deferred tax liability $ 89 $ 181 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, 2018 , 2017 , and 2016 is as follows: 2018 2017 2016 Federal statutory income tax rate 21.0 % 34.0 % 34.0 % State income taxes, net of federal benefit — — % — % Other temporary differences (0.2 )% (0.4 )% 1.3 % Other permanent differences 5.4 % (0.1 )% (0.1 )% Effects of federal rate change — % (83.8 )% — % Valuation allowance (26.2 )% 50.3 % (35.2 )% Effective tax rate — % — % — % As of December 31, 2018 and 2017 , the tax basis carrying value of CatchMark’s total timber assets was approximately $679.5 million and $700.0 million , respectively.

Quarterly Results (unaudited)

Quarterly Results (unaudited)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 : 2018 (in thousands, except for per-share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 24,104 $ 26,249 $ 24,577 $ 22,927 Operating income (loss) $ (1,019 ) $ 243 $ 2,167 $ (98 ) Net loss $ (3,385 ) $ (1,505 ) $ (78,899 ) $ (38,218 ) Basic and diluted net loss per share (1) $ (0.08 ) $ (0.03 ) $ (1.61 ) $ (0.78 ) (1) The sum of the quarterly amounts does not equal net loss per share for the year due to increases in weighted-average shares outstanding over the year. 2017 (in thousands, except for per-share amounts) 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 does not equal net loss per share for the year due to increases in weighted-average shares outstanding over the year.

Customer Concentration

Customer Concentration	12 Months Ended
	Dec. 31, 2018
Risks and Uncertainties [Abstract]
Customer Concentration	Customer Concentration For the years ended December 31, 2018 , 2017 , and 2016 , WestRock represented 20% , 21% , and 24% of CatchMark's total revenues, respectively, and IP represented 12% , 10% , and 4% of CatchMark's total revenues, respectively. No other customer represented more than 10% of CatchMark's total revenues during these periods.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Dividend Declaration On February 14, 2019, CatchMark declared a cash dividend of $0.135 per share for its common stockholders of record on February 28, 2019, payable on March 15, 2019.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information As of December 31, 2018, CatchMark had the following reportable segments: Harvest, Real Estate and Investment Management. Harvest includes wholly-owned timber assets and associated timber sales, other revenues and related expenses. Real Estate includes timberland sales, cost of timberland sales and large dispositions. Investment Management includes investment in and income (loss) from unconsolidated joint ventures and asset management fee revenues earned for the management of these joint ventures. General and administrative expenses, along with other expense and income items, are not allocated among segments. Asset information and capital expenditures by segment are not reported because CatchMark does not use these measures to assess performance. CatchMark’s investments in unconsolidated joint ventures is reported separately on the accompanying consolidated balance sheets. During the periods presented, there have been no material intersegment transactions. Adjusted EBITDA is the primary performance measure reviewed by management to assess operating performance. EBITDA is a non-GAAP financial measure of operating performance. EBITDA is defined by the SEC as earnings before interest, taxes, depreciation and amortization; however, CatchMark has excluded certain other expenses that CatchMark believes are not indicative of the ongoing operating results of its timberland portfolio and investment management business, and CatchMark refers to this measure as Adjusted EBITDA. As such, CatchMark's Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. The following table presents operating revenues by reportable segment: For the Years Ended December 31, (in thousands) 2018 2017 2016 Harvest $ 74,734 $ 76,419 $ 69,340 Real Estate 17,520 14,768 12,515 Investment Management 5,603 108 — Total $ 97,857 $ 91,295 $ 81,855 The following table presents Adjusted EBITDA by reportable segment: For the Years Ended December 31, (in thousands) 2018 2017 2016 Harvest $ 31,191 $ 33,855 $ 32,472 Real Estate 16,388 14,235 11,838 Investment Management 12,431 2,111 — Non-allocated / Corporate EBITDA $ (10,224 ) $ (8,231 ) $ (7,502 ) Total $ 49,786 $ 41,970 $ 36,808 A reconciliation of Adjusted EBITDA to GAAP net loss is presented below: (in thousands) 2018 2017 2016 Adjusted EBITDA $ 49,786 $ 41,970 $ 36,808 Subtract: Depletion 25,912 29,035 28,897 Basis of timberland sold, lease terminations and other (1) 13,053 10,112 10,089 Amortization (2) 2,821 1,270 1,093 Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture (3) 4,195 865 — HLBV loss from unconsolidated joint venture (4) 109,550 — — Stock-based compensation expense 2,689 2,786 1,724 Interest expense (2) 13,643 10,093 5,753 (Gain) loss from large dispositions (5) 390 — — Other (6) (460 ) 1,319 322 Net loss $ (122,007 ) $ (13,510 ) $ (11,070 ) (1) Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses. (2) For the purpose of the above reconciliation, amortization includes amortization of deferred financing costs, amortization of intangible lease assets, and amortization of mainline road costs, which are included in either interest expense, land rent expense, or other operating expenses in the consolidated statements of operations. (3) Reflects our share of depletion, amortization, and basis of timberland and mitigation credits sold of the unconsolidated Dawsonville Bluffs Joint Venture. (4) Reflects HLBV (income) losses from the Triple T Joint Venture, which is determined based on a hypothetical liquidation of the underlying joint venture at book value as of the reporting date. (5) Large dispositions are defined as larger transactions in acreage and gross sales price than recurring HBU sales. Large dispositions are not part of core operations, are infrequent in nature and would cause material variances in comparative results if not reported separately. Large dispositions may or may not have a higher or better use than timber production or result in a price premium above the land’s timber production value. (6) Includes certain cash expenses paid, or reimbursement received, that management believes do not directly reflect the core business operations of our timberland portfolio on an on-going basis, including costs required to be expensed by GAAP related to acquisitions, transactions, joint ventures or new business initiatives.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 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 have been prepared in accordance with GAAP and include the accounts of CatchMark and any VIE in which CatchMark is deemed the primary beneficiary. With respect to entities that are not VIEs, CatchMark’s consolidated financial statements also include the accounts of any entity in which CatchMark owns a controlling financial interest and any limited partnership in which CatchMark owns a controlling general partnership interest. In determining whether a controlling interest exists, CatchMark considers, among other factors, the ownership of voting interests, protective rights, and participatory rights of the investors. 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 Measurements CatchMark 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. Fair Value of Debt Instruments CatchMark applies 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.
Cash and Cash Equivalents	Cash and Cash Equivalents CatchMark 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 mainly consists of timber sales receivable, asset management fees receivable, and patronage refunds 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 generally comprised of fair value of interest rate swaps, earnest money, equity in patronage banks, prepaid insurance, prepaid rent, prepaid 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 the 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 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 recognizes depletion expense as timber is harvested using the straight-line method. Depletion rates are established at least annually by dividing the remaining merchantable timber inventory book value by current merchantable timber inventory volume. 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.
Evaluating the Recoverability of Timber Assets	Evaluating the Recoverability of Timber Assets CatchMark continually monitors events and changes in circumstances that could indicate that the carrying amounts of the timber assets in which CatchMark 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 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’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 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 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 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 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.
Investments in Unconsolidated Joint Venture	Investments in Unconsolidated Joint Ventures For joint ventures that it does not control but exercises significant influence, CatchMark uses the equity method of accounting. CatchMark'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 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’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 classified 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 evaluates the recoverability of its investments 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 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’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 reduces the investment to its estimated fair value.
Interest Rate Swaps	Interest Rate Swaps CatchMark has entered into interest rate swaps to mitigate its exposure to changing interest rates on its variable rate debt instruments. CatchMark 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 interest rate swaps that are designated as hedges are recorded as other comprehensive income (loss). 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 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's credit standing, credit risk of counterparties, and reasonable estimates about relevant future market conditions.
Common Stock	Common Stock The par value of CatchMark’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.
Revenue Recognition	Revenue Recognition Effective January 1, 2018, CatchMark adopted ASU 2014-09 , Revenue from Contracts with Customers (Topic 606), a new revenue recognition model that supersedes most revenue recognition guidance under GAAP. Under this ASU and subsequently issued amendments, an entity is required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that it expects to receive for the goods or services. CatchMark adopted ASU 2014-09 and its amendments using the modified retrospective method. Management performed a comprehensive evaluation of the impact of the new standard across all revenue streams and determined that the timing of revenue recognition and its classification in CatchMark’s consolidated financial statements remain substantially unchanged; however, additional disclosures are required. Prior to the adoption, CatchMark'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) collectability was reasonably assured. Under the new standard, CatchMark recognizes revenue when the following criteria are met: (i) persuasive evidence of a contract with a customer exists, (ii) identifiable performance obligations under the contract exist, (iii) transaction price is determinable for each performance obligation, (iv) the transaction price is allocated to each performance obligation, and (v) when the performance obligations are satisfied. CatchMark derives a majority of its revenues from timber sales, timberland sales, recreational leases, and asset management fees. (a) Timber Sales Revenue CatchMark generates its timber sales revenue from delivered wood sales, stumpage sales, and lump-sum sales with retained economic interests. Revenue for timber sales is recognized when the risk of loss passes to the customer. Only one performance obligation is associated with timber sales and it is satisfied when timber is delivered to or severed by the customer in an amount that reflects the consideration expected to be received. Contractual terms of each timber sale, including pricing and volume for the respective product, are negotiated and entered into by the field managers. In delivered wood sales, product pricing includes amount sufficient to cover costs of contracting third-party logging crews to harvest and haul timber to the customers. Revenue is recognized when timber is delivered to the customer and the sales volume/value is known when timber crosses the customers’ scale. Stumpage sales are typically executed using pay-as-cut contracts, where a purchaser acquires the right to harvest specified timber on a designated tract for a set period of time at agreed-upon unit prices. Revenue is recognized when timber is severed under pay-as-cut contracts. In a lump-sum sales contract with retained economic interests, CatchMark receives advance payments for the standing timber specified in the contract and the customer is responsible for cutting and hauling the timber. CatchMark satisfies its performance obligation when timber is severed, at which time revenue is recognized. Contract payments are generally due within a month from the date timber is harvested and/or delivered. The transaction price for timber sales is determined using contractual rates applied to harvest volumes. (b) Timberland Sales Revenue Performance obligations associated with timberland sales are met when all conditions of closing have been satisfied, which generally occurs at closing. Revenue for timberland sales is recognized at closing when title passes, payments are received or full collectability is probable, and control is passed to the buyer. (c) Recreational Lease Revenue Recreational lease revenue is derived from the leasing of the right to use CatchMark’s timberland. The agreed-upon transaction price of a lease is generally paid in full at the beginning of the lease term and recorded as deferred revenue. Performance obligations associated with a recreational lease are generally met over the period of the lease term. Revenue is recognized evenly over the lease term as CatchMark has satisfied its performance obligation. (d) Asset Management Fees Revenue Under asset management agreements with its unconsolidated joint ventures, CatchMark earns management fees for performing asset management functions, as further described in Note 4 — Unconsolidated Joint Ventures. As asset management services are ongoing and provided on a recurring basis, the associated performance obligations are generally met over the service period at an agreed-upon price stated in the agreements. Revenue for asset management services is recognized at the end of each service period.
Large Dispositions	Large Dispositions Large dispositions are sales of large blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities, including, but not limited to redeployment into more desirable timberland investments, paying down outstanding debt, or repurchasing shares of our common stock. Such large dispositions are infrequent in nature, are not part of core operations, and would cause material variances in comparative results if not reported separately. Large dispositions may or may not have a higher or better use than timber production or result in a price premium above the land's timber production value. Proceeds from sales designated as large dispositions are classified as cash flows from investing activities in the accompanying consolidated statements of cash flows.
Stock-based Compensation	Stock-based Compensation CatchMark issues equity-based awards to its independent directors and employees pursuant to its long-term incentive plans. 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 qualified to be taxed as a REIT since the year ended December 31, 2009. As a REIT, CatchMark Timber Trust is generally not subject to federal income taxes provided that it meets certain ownership, distribution, income, asset, and other REIT qualification tests. CatchMark has elected to treat CatchMark TRS as a taxable REIT subsidiary. CatchMark conducts its delivered log business and 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. 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. See Note 12 — Income Taxes for more information. CatchMark 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. When applicable, CatchMark records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations.
Segment Information	Segment Information CatchMark primarily engages in the acquisition, ownership, operation, management, and disposition of timberland properties located in the United States, either directly through wholly-owned subsidiaries or through equity method investments in affiliated joint ventures. CatchMark defines operating segments in accordance with ASC Topic 280, Segment Reporting, to reflect the manner in which its chief operating decision maker, the Chief Executive Officer, evaluates performance and allocates resources in managing the business. During the year ended December 31, 2018, CatchMark made a material investment in the Triple T Joint Venture, significantly expanded its investment management business by entering into an asset management agreement to manage the day-to-day operations of the Triple T Joint Venture, completed its first large disposition and began to publicly disclose its primary operating performance measure, Adjusted EBITDA, by source. As such, CatchMark has aggregated those operating segments into three reportable segments: Harvest, Real Estate and Investment Management.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases , to further improve existing guidance; and ASU 2018-11, Leases (Topic 842) : Targeted Improvements, to provide entities with relief from the costs of implementing certain aspects of ASU 2016-02. The standard requires a modified retrospective transition approach, but allows the entities to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest comparative period presented. ASU 2016-02 and its subsequent updates are effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, with early adoption permitted. CatchMark anticipates recognizing a right of use asset and lease liability of approximately $3.4 million for its corporate office lease. CatchMark anticipates using both of the practical expedients. 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 was effective prospectively for CatchMark on January 1, 2018. The adoption of ASU 2017-01 did not have a material impact on CatchMark's 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 was effective for fiscal years beginning after December 15, 2017. The adoption did not have a material impact on CatchMark’s consolidated financial statements and related disclosures. 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 ." In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes . 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. The amendments in ASU 2018-16 permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815. CatchMark adopted ASU 2017-12 on January 1, 2018 and ASU 2018-16 on January 1, 2019. These adoptions did not have a material effect on CatchMark's consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which expands the scope of ASC 718 to include share-based payments granted to non-employees in exchange for goods or services used or consumed in an entity’s own operations. This guidance aligns the measurement and classification for share-based payments to non-employees with the guidance for share-based payments to employees, with certain exceptions. ASU 2018-07 is effective for public entities for fiscal years beginning after December 15, 2018, and interim periods therein. CatchMark is currently assessing the impact ASU 2018-07 will have on its consolidated financial statements. On July 16, 2018, the FASB issued ASU 2018-09, Codification Improvements. The amendments in this update represent changes to clarify the ASC, correct unintended application of guidance, or make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Some of the amendments make the ASC easier to understand and easier to apply by eliminating inconsistencies, providing needed clarifications, and improving the presentation of guidance in the ASC. ASU 2018-09 is effective for public entities for fiscal years beginning after December 15, 2018, and interim periods therein. CatchMark is currently assessing the impact ASU 2018-09 will have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) : Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which added new disclosure requirements, eliminated and modified existing disclosure requirements on fair value measurement to improve the effectiveness of ASC 820. ASU 2018-13 is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. CatchMark is currently assessing the impact ASU 2018-13 will have on its consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, which reduces the cost and complexity of financial reporting associated with consolidation of VIEs. This guidance supersedes the private company alternative for common control leasing arrangements issued in 2014 and expands it to all qualifying common control arrangements. ASU 2018-17 is effective for public entities for fiscal years beginning after December 15, 2019, and interim periods therein. CatchMark is currently assessing the impact ASU 2018-17 will have on its consolidated financial statements.

Timber Assets (Tables)

Timber Assets (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule of Timber and Timberlands	Land acreage by state is listed below: Acres by state as of December 31, 2018 (1) Fee Lease Total South Alabama 72,900 5,300 78,200 Florida 2,000 — 2,000 Georgia 261,300 24,900 286,200 North Carolina 600 — 600 South Carolina 77,700 — 77,700 Tennessee 300 — 300 414,800 30,200 445,000 Pacific Northwest Oregon 18,100 — 18,100 Total: 432,900 30,200 463,100 (1) Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures. As of December 31, 2018 and 2017 , timber and timberlands consisted of the following, respectively: As of December 31, 2018 (in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 345,972 $ 25,912 $ 320,060 Timberlands 367,488 — 367,488 Mainline roads 954 651 303 Timber and timberlands $ 714,414 $ 26,563 $ 687,851 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 Timberland Acquired by State	Acreage acquired by state is listed below: Acres Acquired In (1) : 2018 2017 2016 (2) South Alabama — — 4,500 Georgia — 15,000 13,500 South Carolina — 4,600 63,900 — 19,600 81,900 Pacific Northwest Oregon 18,100 — — Total 18,100 19,600 81,900 (1) Represents CatchMark's wholly-owned acreage only; excludes ownership interest in acreage acquired by joint ventures. (2) Includes 8,300 acres of timberland previously held in leasehold interest in Georgia.
Schedule of Timberland Sale and Large Disposition by State	Timberland sales and large disposition acreage by state is listed below: Acres Sold In: 2018 2017 2016 South Alabama 1,500 2,300 600 Florida — — 600 Georgia 2,300 5,000 6,100 Louisiana 20,900 400 — North Carolina 1,000 — — South Carolina 3,300 — — Texas 35,600 — — Total 64,600 7,700 7,300

Unconsolidated Joint Ventures (

Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Schedules of Equity Method Investment Information	Condensed balance sheet information for the Triple T Joint Venture as of December 31, 2018 is as follows: As of (in thousands) December 31, 2018 Triple T Joint Venture: Total assets $ 1,607,413 Total liabilities $ 754,610 Total equity $ 852,803 CatchMark: Carrying value of investment $ 90,450 Condensed income statement information for the Triple T Joint Venture from July 6, 2018 (inception) to December 31, 2018 is as follows: From Inception through (in thousands) December 31, 2018 Triple T Joint Venture: Total revenues $ 56,977 Operating loss $ (7,900 ) Net loss $ (20,646 ) CatchMark: Equity share of net loss $ (109,550 ) Condensed statement of cash flow information for the Triple T Joint Venture from July 6, 2018 (inception) to December 31, 2018 is as follows: From Inception through (in thousands) December 31, 2018 Triple T Joint Venture: Net cash used in operating activities $ (8,982 ) Net cash used in investing activities $ (1,413,082 ) Net cash provided by financing activities $ 1,461,364 Net change in cash and cash equivalents $ 39,300 Cash and cash equivalents, beginning of period $ — Cash and cash equivalents, end of period $ 39,300 CatchMark's equity share of the Triple T Joint Venture's net loss determined using the HLBV method is calculated as follows: (in thousands) Triple T Joint Venture: Total equity as of December 31, 2018 $ 852,803 Preferred Investors: Equity in Triple T Joint Venture, beginning balance $ 725,866 Minimum preferred return as of December 31, 2018 $ 36,487 HLBV distribution as of December 31, 2018 $ 762,353 CatchMark: Equity in Triple T Joint Venture as of December 31, 2018 $ 90,450 Equity in Triple T Joint Venture, beginning balance $ 200,000 Equity share of Triple T Joint Venture's net loss $ (109,550 ) For the years ended December 31, 2018 and 2017, CatchMark earned the following fees from its unconsolidated joint ventures: (in thousands) 2018 2017 Triple T Joint Venture (1) $ 5,496 $ — Dawsonville Bluffs Joint Venture $ 107 $ 108 $ 5,603 $ 108 (1) Includes approximately $0.2 million of reimbursements of compensation costs for the year ended December 31, 2018. As of December 31, 2018 , CatchMark owned interests in two joint ventures with unrelated parties: the Triple T Joint Venture and the Dawsonville Bluffs Joint Venture (each as defined and described below). As of December 31, 2018 Dawsonville Bluffs Joint Venture Triple T Joint Venture Ownership percentage 50.0% 21.6 % (1) Acreage owned by the joint venture 5,000 1,099,800 Merchantable timber inventory (million tons) 0.3 42.9 (2) Location Georgia Texas (1) Represents our share of total partner capital contributions. (2) The Triple T Joint Venture considers inventory to be merchantable at age 12. Merchantable timber inventory includes growth and adjustments identified during the annual recruise of the Triple T Timberlands. Condensed balance sheet information for the Dawsonville Bluffs Joint Venture is as follows: Year Ended December 31, (in thousands) 2018 2017 Dawsonville Bluffs Joint Venture: Total assets $ 12,164 $ 24,014 Total liabilities $ 575 $ 660 Total equity $ 11,589 $ 23,354 CatchMark: Carrying value of investment $ 5,795 $ 11,677 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows: Year Ended December 31, (in thousands) 2018 2017 Dawsonville Bluffs Joint Venture: Total Revenues $ 14,852 $ 4,886 Net Income $ 5,267 $ 2,275 CatchMark: Equity share of net income (loss) $ 2,634 $ 1,138 Condensed statement of cash flow information for the Dawsonville Joint Venture is as follows: Year Ended December 31, (in thousands) 2018 2017 Dawsonville Joint Venture: Net cash provided by operating activities $ 13,388 $ 4,645 Net cash used in investing activities $ — $ (20,348 ) Net cash (used in) provided by financing activities $ (17,032 ) $ 21,078 Net change in cash and cash equivalents $ (3,644 ) $ 5,375 Cash and cash equivalents, beginning of period $ 5,375 $ — Cash and cash equivalents, end of period $ 1,731 $ 5,375

Notes Payable and Lines of Cr_2

Notes Payable and Lines of Credit (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	As of December 31, 2018 and 2017, CatchMark had the following debt balances outstanding: (in thousands) Maturity Date Current Interest Rate (1) Outstanding Balance As of December 31, Credit Facility Interest Rate 2018 2017 Term Loan A-1 12/23/2024 LIBOR + 1.75% 4.25% $ 100,000 $ 100,000 Term Loan A-2 12/01/2026 LIBOR + 1.90% 4.41% 100,000 118,809 Term Loan A-3 12/01/2027 LIBOR + 2.00% 4.51% 68,619 118,810 Term Loan A-4 08/22/2025 LIBOR + 1.70% 4.09% 140,000 — Multi-Draw Term Facility 12/01/2024 LIBOR + 2.20% 4.65% 70,000 — Total Principal Balance $ 478,619 $ 337,619 Less: Net Unamortized Deferred Financing Costs $ (6,379 ) $ (7,531 ) Total $ 472,240 $ 330,088 (1) Represents weighted-average interest rate as of December 31, 2018. The weighted-average interest rate excludes the impact of interest rate swaps (see Note 6 — Interest Rate Swaps ), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds.
Schedule of Patronage Refund Classification	As of December 31, 2018 and 2017, CatchMark recorded the following balances related to the patronage refunds program on its balance sheets: (in thousands) As of Patronage refunds classified as: December 31, 2018 December 31, 2017 Accounts receivable $ 3,323 $ 2,694 Prepaid expenses and other assets (1) 1,499 831 Total $ 4,822 $ 3,525 (1) Represents 25% of cumulative patronage refunds received to date as equity of the Patronage Banks.
Schedule of Interest Payments	During the years ended December 31, 2018 , 2017 , and 2016 , CatchMark made the following cash interest payments on its borrowings: (in thousands) 2018 2017 2016 Cash paid for interest $ 15,816 $ 11,412 $ 7,119

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following table presents information about CatchMark’s interest rate swaps measured at fair value as of December 31, 2018 and 2017 : (in thousands) Estimated Fair Value as of December 31, Instrument Type Balance Sheet Classification 2018 2017 Derivatives designated as hedging instruments: Interest rate swaps Prepaid expenses and other assets $ 3,643 $ 2,935 Interest rate swaps Other liabilities $ (3,635 ) $ (559 ) As of December 31, 2018 , CatchMark had ten outstanding interest rate swaps with terms below: (in thousands) Interest Rate Swap Effective Date Maturity Date Pay Rate Receive Rate Notional Amount 2017 Swap - 3YR 3/28/2017 3/28/2020 1.800% one-month LIBOR $ 30,000 2018 Swap - 2YR 9/6/2018 9/6/2020 2.796% one-month LIBOR $ 50,000 2018 Swap - 3YR 9/6/2018 9/6/2021 2.869% one-month LIBOR $ 50,000 2017 Swap - 4YR 3/28/2017 11/28/2021 2.045% one-month LIBOR $ 20,000 2018 Swap - 4YR 2/28/2018 11/28/2022 2.703% one-month LIBOR $ 30,000 2017 Swap - 7YR 3/23/2017 3/23/2024 2.330% one-month LIBOR $ 20,000 2014 Swap - 10YR 12/23/2014 12/23/2024 2.395% one-month LIBOR $ 35,000 2016 Swap - 8YR 8/23/2016 12/23/2024 1.280% one-month LIBOR $ 45,000 2018 Swap - 8YR 2/28/2018 11/28/2026 2.884% one-month LIBOR $ 20,000 2018 Swap - 9YR 8/28/2018 8/28/2027 3.014% one-month LIBOR $ 50,000 Total $ 350,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Rental Payments for Operating Leases	The per-acre rent was $20.41 for the lease year ended May 2018 , which was used to calculate the following remaining required payments under the LTC Lease as of December 31, 2018 : (in thousands) Required Payments 2019 $ 511 2020 511 2021 511 2022 453 2023 and thereafter — $ 1,986 Additionally, CatchMark had the following future annual payments under its office lease as of December 31, 2018: (in thousands) Required Payments 2019 $ 312 2020 397 2021 412 2022 424 2023 435 Thereafter 2,320 $ 4,300

Stockholders' Equity Stockholde

Stockholders' Equity Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Distributions to Holders of Common Stock	The table below summarizes the distributions CatchMark made during each of the three years ended December 31, 2018, and the tax characterization of the distributions: 2018 2017 2016 Total Cash Distributions per Common Share $ 0.54 $ 0.54 $ 0.53 Tax Characterization Capital Gain — — — Return of Capital 100 % 100 % 100 %

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Independent Directors' Equity Compensation	Below is a summary of independent directors' stock-based compensation for the years ended December 31, 2018 , 2017 , and 2016 : (dollars in thousands, except for per share amounts) 2018 2017 2016 Fully-vested shares granted 26,568 24,412 25,089 Weighted-average grant date fair value per share $ 12.42 $ 11.47 $ 12.04 Shares of restricted stock granted — — — Grant date fair value of fully vested stock granted in period $ 330 $ 280 $ 302 Grant date fair value of restricted stock vested in period $ — $ — $ 146 Cash used to repurchase common shares for minimum tax withholdings $ 53 $ 59 $ 66
Nonvested Restricted Stock Shares Activity	A rollforward of CatchMark's 2015 performance-based restricted stock awards for the year ended December 31, 2018 is as follows: Number of Underlying Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2017 112,900 $ 7.01 Granted — $ — Vested (1) (36,938 ) $ 7.21 Forfeited (54,930 ) $ 7.21 Unvested at December 31, 2018 21,032 $ 7.21 (1) Includes 7,953 shares of accelerated vesting of Mr. Rasor's remaining 2015 Performance Awards previously scheduled to vest in January 2019, upon his resignation as Chief Operating Officer of CatchMark on July 6, 2018, the date Mr. Rasor was named President of the Triple T Joint Venture. A rollforward of CatchMark's unvested, service-based restricted stock awards to employees for the year ended December 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 175,729 $ 10.60 Vested (1) (153,967 ) $ 11.41 Forfeited — $ — Unvested at December 31, 2018 300,395 $ 10.60 (1) Includes 12,983 shares of service-based restricted stock held by John Rasor, the vesting of which was accelerated upon his resignation as Chief Operating Officer of CatchMark on July 6, 2018, the date Mr. Rasor was named President of the Triple T Joint Venture. Also includes the vesting of 57,940 shares of service-based restricted stock issued to Mr. Rasor in April 2017. These vesting events are non-recurring in nature.
Schedule of Service-Based Restricted Stock Grants	Below is a summary of service-based restricted stock grants to the employees during the years ended December 31, 2018 , 2017 , and 2016 : 2018 2017 2016 Shares granted 175,729 133,591 125,123 Weighted-average grant date fair value per share $ 10.60 $ 11.19 $ 10.51 Grant date fair value of restricted stock vested in period ('000) $ 1,756 $ 1,294 $ 422 Cash used to repurchase common shares for minimum tax withholdings ('000) $ 445 $ 252 $ 133
Schedule of Valuation Assumptions	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 % The fair value of the 2018 Performance Restricted Stock Awards was calculated using a Monte-Carlo simulation with the following assumptions: Grant date market price (November 29, 2018) $ 8.47 Weighted-average fair value per granted share $ 1.84 Assumptions: Volatility 25.30 % Expected term (years) 3.0 Risk-free interest rate 2.89 % The fair value of the 2018 Performance LTIP Awards was calculated using a Monte-Carlo simulation with the following assumptions: Grant date market price (November 29, 2018) $ 8.47 Weighted-average fair value per granted share $ 1.82 Assumptions: Volatility 25.30 % Expected term (years) 3.0 Risk-free interest rate 2.89 % The fair value of the 2017 Performance LTIP Awards was calculated using a Monte-Carlo simulation with the following assumptions: Grant date market price (November 29, 2018) $ 8.47 Weighted-average fair value per granted share $ 1.31 Assumptions: Volatility 25.30 % Expected term (years) 3.0 Risk-free interest rate 2.89 %
Schedule of Stock-Based Compensation Expense	A summary of CatchMark's stock-based compensation expense is presented below: (in thousands) 2018 2017 2016 General and administrative expenses $ 2,356 $ 1,956 $ 1,411 Forestry management expenses 333 830 313 Total $ 2,689 $ 2,786 $ 1,724

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Operating Loss Carryforwards	As of December 31, 2018, CatchMark Timber Trust and CatchMark TRS had the following federal and state net operating loss ("NOL") carryforwards: (in millions) Federal State Total CatchMark Timber Trust $ 121.9 (1) $ 102.8 $ 224.7 CatchMark TRS $ 35.5 (2) $ 27.0 $ 62.5 Total $ 157.4 $ 129.8 $ 287.2 (1) Includes $108.3 million of NOL generated prior to January 1, 2018. (2) Includes $35.8 million of NOL generated prior to January 1, 2018.
Schedule of Deferred Tax Assets and Liabilities	Components of the deferred tax asset as of December 31, 2018 and 2017 were attributable to the operations of CatchMark TRS only and were as follows: As of December 31, (in thousands) 2018 2017 Deferred tax assets: Net operating loss carryforward $ 8,612 $ 10,075 Gain on timberland sales 8 9 Other 418 468 Total gross deferred tax asset 9,038 10,552 Valuation allowance (8,949 ) (10,371 ) Total net deferred tax asset $ 89 $ 181 Deferred tax liability: Timber depletion 89 181 Total gross deferred tax liability $ 89 $ 181 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, 2018 , 2017 , and 2016 is as follows: 2018 2017 2016 Federal statutory income tax rate 21.0 % 34.0 % 34.0 % State income taxes, net of federal benefit — — % — % Other temporary differences (0.2 )% (0.4 )% 1.3 % Other permanent differences 5.4 % (0.1 )% (0.1 )% Effects of federal rate change — % (83.8 )% — % Valuation allowance (26.2 )% 50.3 % (35.2 )% Effective tax rate — % — % — %

Quarterly Results (unaudited) (

Quarterly Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 : 2018 (in thousands, except for per-share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 24,104 $ 26,249 $ 24,577 $ 22,927 Operating income (loss) $ (1,019 ) $ 243 $ 2,167 $ (98 ) Net loss $ (3,385 ) $ (1,505 ) $ (78,899 ) $ (38,218 ) Basic and diluted net loss per share (1) $ (0.08 ) $ (0.03 ) $ (1.61 ) $ (0.78 ) (1) The sum of the quarterly amounts does not equal net loss per share for the year due to increases in weighted-average shares outstanding over the year. 2017 (in thousands, except for per-share amounts) 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 does not equal net loss per share for the year due to increases in weighted-average shares outstanding over the year.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents operating revenues by reportable segment: For the Years Ended December 31, (in thousands) 2018 2017 2016 Harvest $ 74,734 $ 76,419 $ 69,340 Real Estate 17,520 14,768 12,515 Investment Management 5,603 108 — Total $ 97,857 $ 91,295 $ 81,855 The following table presents Adjusted EBITDA by reportable segment: For the Years Ended December 31, (in thousands) 2018 2017 2016 Harvest $ 31,191 $ 33,855 $ 32,472 Real Estate 16,388 14,235 11,838 Investment Management 12,431 2,111 — Non-allocated / Corporate EBITDA $ (10,224 ) $ (8,231 ) $ (7,502 ) Total $ 49,786 $ 41,970 $ 36,808 A reconciliation of Adjusted EBITDA to GAAP net loss is presented below: (in thousands) 2018 2017 2016 Adjusted EBITDA $ 49,786 $ 41,970 $ 36,808 Subtract: Depletion 25,912 29,035 28,897 Basis of timberland sold, lease terminations and other (1) 13,053 10,112 10,089 Amortization (2) 2,821 1,270 1,093 Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture (3) 4,195 865 — HLBV loss from unconsolidated joint venture (4) 109,550 — — Stock-based compensation expense 2,689 2,786 1,724 Interest expense (2) 13,643 10,093 5,753 (Gain) loss from large dispositions (5) 390 — — Other (6) (460 ) 1,319 322 Net loss $ (122,007 ) $ (13,510 ) $ (11,070 ) (1) Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses. (2) For the purpose of the above reconciliation, amortization includes amortization of deferred financing costs, amortization of intangible lease assets, and amortization of mainline road costs, which are included in either interest expense, land rent expense, or other operating expenses in the consolidated statements of operations. (3) Reflects our share of depletion, amortization, and basis of timberland and mitigation credits sold of the unconsolidated Dawsonville Bluffs Joint Venture. (4) Reflects HLBV (income) losses from the Triple T Joint Venture, which is determined based on a hypothetical liquidation of the underlying joint venture at book value as of the reporting date. (5) Large dispositions are defined as larger transactions in acreage and gross sales price than recurring HBU sales. Large dispositions are not part of core operations, are infrequent in nature and would cause material variances in comparative results if not reported separately. Large dispositions may or may not have a higher or better use than timber production or result in a price premium above the land’s timber production value. (6) Includes certain cash expenses paid, or reimbursement received, that management believes do not directly reflect the core business operations of our timberland portfolio on an on-going basis, including costs required to be expensed by GAAP related to acquisitions, transactions, joint ventures or new business initiatives.

Organization - Narrative (Detai

Organization - Narrative (Details)	12 Months Ended
	Dec. 31, 2018
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 Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) shares in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)segmentharvest_cycleshares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jan. 01, 2019USD ($)
Significant Accounting Policies
Patronage refund receivable	$ 4,822,000				$ 3,525,000				$ 4,822,000	$ 3,525,000
Asset management fees included in accounts receivable	7,355,000				4,575,000				7,355,000	4,575,000
Amortization of deferred financing costs									$ 2,600,000	1,000,000	$ 900,000
Number of harvest cycles | harvest_cycle									1
Impairment of long-lived assets									$ 0
Reclassification out of other revenues	(22,927,000)	$ (24,577,000)	$ (26,249,000)	$ (24,104,000)	$ (22,722,000)	$ (18,612,000)	$ (26,836,000)	$ (23,125,000)	$ (97,857,000)	(91,295,000)	(81,855,000)
Number of operating segments | segment									3
Number of reporting segments | segment									3
Subsequent Event | Scenario, Forecast | Accounting Standards Update 2016-02
Significant Accounting Policies
Estimated right-of-use asset, upon adoption												$ 3,400,000
Estimated lease liability, upon adoption												$ 3,400,000
Other revenues
Significant Accounting Policies
Reclassification out of other revenues									$ (5,279,000)	(5,066,000)	(4,305,000)
Other revenues | Restatement Adjustment
Significant Accounting Policies
Reclassification out of other revenues										100,000
Asset Management Fees
Significant Accounting Policies
Asset management fees included in accounts receivable	2,800,000								2,800,000
Reclassification out of other revenues									$ (5,603,000)	(108,000)	$ 0
Asset Management Fees | Restatement Adjustment
Significant Accounting Policies
Reclassification out of other revenues										$ (100,000)
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
Patronage refund receivable	$ 3,300,000								$ 3,300,000

Timber Assets - Schedule of Tim

Timber Assets - Schedule of Timber and Timberlands (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Gross	$ 714,414	$ 739,886
Accumulated Depletion or Amortization	26,563	29,639
Net	687,851	710,246
Timber
Property, Plant and Equipment [Line Items]
Gross	345,972	332,253
Accumulated Depletion or Amortization	25,912	29,035
Net	320,060	303,218
Timberlands
Property, Plant and Equipment [Line Items]
Gross	367,488	406,284
Accumulated Depletion or Amortization	0	0
Net	367,488	406,284
Mainline roads
Property, Plant and Equipment [Line Items]
Gross	954	1,349
Accumulated Depletion or Amortization	651	604
Net	$ 303	$ 744

Timber Assets - Narrative (Deta

Timber Assets - Narrative (Details) T in Thousands, $ in Thousands		Nov. 30, 2018USD ($)aT	Dec. 31, 2018USD ($)a	Dec. 31, 2018USD ($)a	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)a	Dec. 31, 2017USD ($)a	Dec. 31, 2016USD ($)a
Property, Plant and Equipment [Line Items]
Payments to acquire timberland												$ 91,821	$ 52,260	$ 141,570
Total				$ 22,927	$ 24,577	$ 26,249	$ 24,104	$ 22,722	$ 18,612	$ 26,836	$ 23,125	97,857	91,295	81,855
Timberland sales
Property, Plant and Equipment [Line Items]
Total												$ 17,520	$ 14,768	$ 12,515
Timber Properties
Property, Plant and Equipment [Line Items]
Area of land acquired | a	[1]											18,100	19,600	81,900	[2]
Payments to acquire timberland												$ 89,700	$ 51,600	$ 141,000
Timberland, acres sold | a												8,500	7,700	7,300
Cost basis of timberland sold												$ 12,400	$ 9,900	$ 9,700
Area of land (in acres) | a	[3]		463,100	463,100								463,100
Area of land held in fee-simple interests | a	[3]		432,900	432,900								432,900
Area of land held in leasehold interests | a	[3]		30,200	30,200								30,200
Timber Properties | Forest Investment Associates L.P.
Property, Plant and Equipment [Line Items]
Cost basis of timberland sold		$ 79,500
Timberland, acres sold and large disposition | a		56,100
Tons of merchantable inventory | T		202
Percentage of sawtimber		49.00%
Percentage of pulpwood		51.00%
Net proceeds used from large disposition to pay down outstanding debt			$ 79,000
Timber Properties | Forest Investment Associates L.P. | Minimum
Property, Plant and Equipment [Line Items]
Harvest period		18 months
Timber Properties | Forest Investment Associates L.P. | Maximum
Property, Plant and Equipment [Line Items]
Harvest period		24 months
Timber Properties | Timberland sales
Property, Plant and Equipment [Line Items]
Total												$ 17,500	$ 14,800	$ 12,500
Timber Properties | Timberland sales | Forest Investment Associates L.P.
Property, Plant and Equipment [Line Items]
Total		$ 79,300
[1]	Represents CatchMark's wholly-owned acreage only; excludes ownership interest in acreage acquired by joint ventures.
[2]	Includes 8,300 acres of timberland previously held in leasehold interest in Georgia.
[3]	Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Timber Assets - Schedule of T_2

Timber Assets - Schedule of Timberland Acquisitions by State (Details) - a		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Georgia
Property, Plant and Equipment [Line Items]
Acres of leasehold interest acquired in Georgia				8,300
Timber Properties
Property, Plant and Equipment [Line Items]
Acres acquired	[1]	18,100	19,600	81,900	[2]
Timber Properties | South
Property, Plant and Equipment [Line Items]
Acres acquired	[1]	0	19,600	81,900	[2]
Timber Properties | South | Alabama
Property, Plant and Equipment [Line Items]
Acres acquired	[1]	0	0	4,500	[2]
Timber Properties | South | Georgia
Property, Plant and Equipment [Line Items]
Acres acquired	[1]	0	15,000	13,500	[2]
Timber Properties | South | South Carolina
Property, Plant and Equipment [Line Items]
Acres acquired	[1]	0	4,600	63,900	[2]
Timber Properties | Pacific Northwest | Oregon
Property, Plant and Equipment [Line Items]
Acres acquired	[1]	18,100	0	0	[2]
[1]	Represents CatchMark's wholly-owned acreage only; excludes ownership interest in acreage acquired by joint ventures.
[2]	Includes 8,300 acres of timberland previously held in leasehold interest in Georgia.

Timber Assets - Schedule of T_3

Timber Assets - Schedule of Timberland Sales and Large Dispositions Acreage by State (Details) - South - Timber - a	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Acres sold and large distribution	64,600	7,700	7,300
Alabama
Property, Plant and Equipment [Line Items]
Acres sold and large distribution	1,500	2,300	600
Florida
Property, Plant and Equipment [Line Items]
Acres sold and large distribution	0	0	600
Georgia
Property, Plant and Equipment [Line Items]
Acres sold and large distribution	2,300	5,000	6,100
Louisiana
Property, Plant and Equipment [Line Items]
Acres sold and large distribution	20,900	400	0
North Carolina
Property, Plant and Equipment [Line Items]
Acres sold and large distribution	1,000	0	0
South Carolina
Property, Plant and Equipment [Line Items]
Acres sold and large distribution	3,300	0	0
Texas
Property, Plant and Equipment [Line Items]
Acres sold and large distribution	35,600	0	0

Timber Assets - Timberland Port

Timber Assets - Timberland Portfolio (Details) - Timber Properties	Dec. 31, 2018a	[1]
Property, Plant and Equipment [Line Items]
Fee	432,900
Lease	30,200
Total	463,100
South
Property, Plant and Equipment [Line Items]
Fee	414,800
Lease	30,200
Total	445,000
South | Alabama
Property, Plant and Equipment [Line Items]
Fee	72,900
Lease	5,300
Total	78,200
South | Florida
Property, Plant and Equipment [Line Items]
Fee	2,000
Lease	0
Total	2,000
South | Georgia
Property, Plant and Equipment [Line Items]
Fee	261,300
Lease	24,900
Total	286,200
South | North Carolina
Property, Plant and Equipment [Line Items]
Fee	600
Lease	0
Total	600
South | South Carolina
Property, Plant and Equipment [Line Items]
Fee	77,700
Lease	0
Total	77,700
South | Tennessee
Property, Plant and Equipment [Line Items]
Fee	300
Lease	0
Total	300
Pacific Northwest | Oregon
Property, Plant and Equipment [Line Items]
Fee	18,100
Lease	0
Total	18,100
[1]	Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Unconsolidated Joint Ventures -

Unconsolidated Joint Ventures - Narrative (Details) a in Thousands	Jul. 06, 2018USD ($)a	Apr. 25, 2017USD ($)a	Dec. 31, 2018USD ($)joint_venture		Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jul. 05, 2018USD ($)	May 31, 2018USD ($)
Schedule of Equity Method Investments [Line Items]
Number of joint ventures with unrelated parties | joint_venture			2
Payments to acquire timberland			$ 91,821,000		$ 52,260,000	$ 141,570,000
Debt borrowings			472,240,000		330,088,000
Distributions received, operating			3,771,000		0	0
Distributions received, return of capital			$ 4,744,000		0	$ 0
Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity method investment, value of equity interest	$ 200,000,000
Ownership percentage	21.60%		22.00%	[1]
Joint venture agreement term	5 years
Preferred return percentage	10.25%
Return distribution percentage	30.00%
Internal rate of return	12.50%
Return distribution percentage, if internal rate of return is met	50.00%
Alternate return distribution percentage	80.00%
Annual asset management fee, percentage			1.00%
Triple T Joint Venture | Investor
Schedule of Equity Method Investments [Line Items]
Equity method investment, value of equity interest	$ 725,900,000
Ownership percentage	78.40%		78.40%
Preferred return percentage	10.25%
Return distribution percentage	70.00%
Return distribution percentage, if internal rate of return is met	50.00%
Alternate return distribution percentage	20.00%
Minimum cumulative return on equity contribution, percentage	10.25%
Triple T Joint Venture | Minimum
Schedule of Equity Method Investments [Line Items]
Joint venture agreement extendable term	7 years
Triple T Joint Venture | Maximum
Schedule of Equity Method Investments [Line Items]
Joint venture agreement extendable term	10 years
Triple T Joint Venture | 2017 Amended Credit Agreement | Multi-Draw Term Facility
Schedule of Equity Method Investments [Line Items]
Debt borrowings							$ 170,000,000	$ 30,000,000
Triple T Timberlands
Schedule of Equity Method Investments [Line Items]
Equity method investment, value of equity interest	$ 925,900,000
Area of land (in acres) | a	1,100
Payments to acquire timberland	$ 1,390,000,000
Triple T Timberlands | 2017 Amended Credit Agreement | Multi-Draw Term Facility
Schedule of Equity Method Investments [Line Items]
Debt issued	$ 600,000,000
Debt term	7 years
Dawsonville Bluffs Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage		50.00%
Area of land (in acres) | a		11
Payments to acquire timberland		$ 20,000,000
Cash distributions received			$ 8,500,000		$ 0
Distributions received, operating			3,800,000
Distributions received, return of capital			$ 4,700,000
Dawsonville Bluffs Joint Venture | MPERS
Schedule of Equity Method Investments [Line Items]
Ownership percentage		50.00%
[1]	Represents our share of total partner capital contributions.

Unconsolidated Joint Ventures_2

Unconsolidated Joint Ventures - Schedule of Equity Method Investments (Details) T in Millions		12 Months Ended
		Dec. 31, 2018aT		Jul. 06, 2018
Dawsonville Bluffs Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage		50.00%
Acreage owned by the joint venture | a		5,000
Merchantable timber inventory (million tons) | T		0.3
Location		Georgia
Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage		22.00%	[1]	21.60%
Acreage owned by the joint venture | a		1,099,800
Merchantable timber inventory (million tons) | T	[2]	42.9
Location		Texas
[1]	Represents our share of total partner capital contributions.
[2]	The Triple T Joint Venture considers inventory to be merchantable at age 12. Merchantable timber inventory includes growth and adjustments identified during the annual recruise of the Triple T Timberlands.

Unconsolidated Joint Ventures_3

Unconsolidated Joint Ventures - Schedule of Condensed Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jul. 06, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Carrying value of investment	$ 96,244		$ 11,677
Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Total assets	1,607,413
Total liabilities	754,610
Total equity	852,803
Carrying value of investment	90,450	$ 200,000
Dawsonville Bluffs Joint Venture
Schedule of Equity Method Investments [Line Items]
Total assets	12,164		24,014
Total liabilities	575		660
Total equity	11,589		23,354
Carrying value of investment	$ 5,795		$ 11,677

Unconsolidated Joint Ventures_4

Unconsolidated Joint Ventures - Schedule of Condensed Income Statement Information (Details) - USD ($) $ in Thousands	6 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity share of net income (loss)			$ (106,917)	$ 1,138	$ 0
Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Total Revenues	$ 56,977
Operating loss	(7,900)
Net Income	(20,646)
Equity share of net income (loss)	$ (109,550)
Dawsonville Bluffs Joint Venture
Schedule of Equity Method Investments [Line Items]
Total Revenues		$ 4,886	14,852
Net Income		2,275	5,267
Equity share of net income (loss)		$ 1,138	$ 2,634

Unconsolidated Joint Ventures_5

Unconsolidated Joint Ventures - Schedule of Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Net cash (used in) provided by operating activities		$ 29,796	$ 27,419	$ 30,849
Net cash used in investing activities		(212,514)	(68,416)	(144,765)
Net cash (used in) provided by financing activities		180,527	39,694	114,999
Net change in cash and cash equivalents		(2,191)	(1,303)	1,083
Cash and cash equivalents, beginning of period		7,805	9,108	8,025
Cash and cash equivalents, end of period	$ 5,614	5,614	7,805	9,108
Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Net cash (used in) provided by operating activities	(8,982)
Net cash used in investing activities	(1,413,082)
Net cash (used in) provided by financing activities	1,461,364
Net change in cash and cash equivalents	39,300
Cash and cash equivalents, beginning of period	0
Cash and cash equivalents, end of period	39,300	39,300
Dawsonville Joint Venture
Schedule of Equity Method Investments [Line Items]
Net cash (used in) provided by operating activities		13,388	4,645
Net cash used in investing activities		0	(20,348)
Net cash (used in) provided by financing activities		(17,032)	21,078
Net change in cash and cash equivalents		(3,644)	5,375
Cash and cash equivalents, beginning of period		5,375	0
Cash and cash equivalents, end of period	$ 1,731	$ 1,731	$ 5,375	$ 0

Unconsolidated Joint Ventures_6

Unconsolidated Joint Ventures - Schedule of Equity Information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jul. 06, 2018
Preferred Investors:
Equity method investment	$ 96,244	$ 96,244	$ 11,677
CatchMark:
Equity share of net income (loss)		(106,917)	$ 1,138	$ 0
Triple T Joint Venture
Triple T Joint Venture:
Total equity as of December 31, 2018	852,803	852,803
Preferred Investors:
Equity method investment	90,450	90,450			$ 200,000
CatchMark:
Equity share of net income (loss)	(109,550)
Triple T Joint Venture | Investor
Preferred Investors:
Equity method investment					$ 725,866
Minimum preferred return as of December 31, 2018	36,487	36,487
HLBV distribution as of December 31, 2018	$ 762,353	$ 762,353

Unconsolidated Joint Ventures_7

Unconsolidated Joint Ventures - Schedule of Fees Earned (Details) - USD ($) $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Schedule of Equity Method Investments [Line Items]

Fees Earned

$ 22,927

$ 24,577

$ 26,249

$ 24,104

$ 22,722

$ 18,612

$ 26,836

$ 23,125

$ 97,857

$ 91,295

$ 81,855

Management Service

Schedule of Equity Method Investments [Line Items]

Fees Earned

5,603

108

$ 0

Management Service | Triple T Joint Venture

Schedule of Equity Method Investments [Line Items]

Fees Earned

5,496

[1]

0

Reimbursed compensation costs, included in fees earned

237

Management Service | Dawsonville Bluffs Joint Venture

Schedule of Equity Method Investments [Line Items]

Fees Earned

$ 107

$ 108

[1]

Includes approximately $0.2 million of reimbursements of compensation costs for the year ended December 31, 2018.

Notes Payable and Lines of Cr_3

Notes Payable and Lines of Credit - Schedule of Debt Outstanding (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Outstanding Balance		$ 478,619	$ 337,619
Less: Net Unamortized Deferred Financing Costs		(6,379)	(7,531)
Total		$ 472,240	330,088
Term Loan A-1 | 2018 Credit Agreement
Debt Instrument [Line Items]
Maturity Date		Dec. 23, 2024
Basis spread on variable rate (percent)		1.75%
Current Interest Rate	[1]	4.25%
Outstanding Balance		$ 100,000
Term Loan A-1 | 2018 Credit Agreement | LIBOR
Debt Instrument [Line Items]
LIBOR		LIBOR
Term Loan A-1 | 2017 Credit Agreement
Debt Instrument [Line Items]
Outstanding Balance			100,000
Term Loan A-2 | 2018 Credit Agreement
Debt Instrument [Line Items]
Maturity Date		Dec. 1, 2026
Basis spread on variable rate (percent)		1.90%
Current Interest Rate	[1]	4.41%
Outstanding Balance		$ 100,000
Term Loan A-2 | 2018 Credit Agreement | LIBOR
Debt Instrument [Line Items]
LIBOR		LIBOR
Term Loan A-2 | 2017 Credit Agreement
Debt Instrument [Line Items]
Outstanding Balance			118,809
Term Loan A-3 | 2018 Credit Agreement
Debt Instrument [Line Items]
Maturity Date		Dec. 1, 2027
Basis spread on variable rate (percent)		2.00%
Current Interest Rate	[1]	4.51%
Outstanding Balance		$ 68,619
Term Loan A-3 | 2018 Credit Agreement | LIBOR
Debt Instrument [Line Items]
LIBOR		LIBOR
Term Loan A-3 | 2017 Credit Agreement
Debt Instrument [Line Items]
Outstanding Balance			118,810
Term Loan A-4 | 2018 Credit Agreement
Debt Instrument [Line Items]
Maturity Date		Aug. 22, 2025
Basis spread on variable rate (percent)		1.70%
Current Interest Rate	[1]	4.09%
Outstanding Balance		$ 140,000
Term Loan A-4 | 2018 Credit Agreement | LIBOR
Debt Instrument [Line Items]
LIBOR		LIBOR
Term Loan A-4 | 2017 Credit Agreement
Debt Instrument [Line Items]
Outstanding Balance			0
Multi-Draw Term Facility | 2018 Credit Agreement
Debt Instrument [Line Items]
Maturity Date		Dec. 1, 2024
Basis spread on variable rate (percent)		2.20%
Current Interest Rate	[1]	4.65%
Outstanding Balance		$ 70,000
Multi-Draw Term Facility | 2018 Credit Agreement | LIBOR
Debt Instrument [Line Items]
LIBOR		LIBOR
Multi-Draw Term Facility | 2018 Credit Agreement | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		1.50%
Multi-Draw Term Facility | 2018 Credit Agreement | Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		2.20%
Multi-Draw Term Facility | 2017 Credit Agreement
Debt Instrument [Line Items]
Outstanding Balance			$ 0
[1]	Represents weighted-average interest rate as of December 31, 2018. The weighted-average interest rate excludes the impact of interest rate swaps (see Note 6 — Interest Rate Swaps), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds.

Notes Payable and Lines of Cr_4

Notes Payable and Lines of Credit - Narrative (Details) - USD ($)		Aug. 22, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 21, 2018
Debt Instrument [Line Items]
Patronage refunds, percentage received in cash			75.00%
Patronage refunds, percentage received in equity in patronage banks			25.00%
Expected patronage refunds			$ 3,300,000	$ 2,700,000	$ 2,300,000
Unused commitment fees			200,000	600,000	700,000
Interest paid, capitalized			$ 0	$ 0	$ 0
Secured Debt
Debt Instrument [Line Items]
Weighted-average interest rate			4.31%	3.60%
Weighted-average interest rate, after patronage refunds			3.51%	2.80%
2018 Credit Agreement
Debt Instrument [Line Items]
Additional borrowing capacity		$ 75,000,000
Maximum borrowing capacity		643,600,000
Remaining borrowing capacity			$ 165,000,000
Covenant terms, loan to value (LTV) ratio (percent)			45.00%
Covenant, fixed charge coverage ratio (not less than)			1.05
Capital expenditure percentage of timberlands			1.00%
2018 Credit Agreement | Minimum
Debt Instrument [Line Items]
Covenant terms, minimum liquidity balance required (no less than)			$ 25,000,000
2018 Credit Agreement | Maximum
Debt Instrument [Line Items]
Covenant terms, loan to value (LTV) ratio (percent)			50.00%
2018 Credit Agreement | Term Loan A-4
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 140,000,000
Debt term		7 years
Basis spread on variable rate (percent)			1.70%
Weighted-average interest rate	[1]		4.09%
2018 Credit Agreement | Term Loan A-4 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
2018 Credit Agreement | Multi-Draw Term Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 200,000,000
Debt term		7 years
Remaining borrowing capacity			$ 130,000,000
Basis spread on variable rate (percent)			2.20%
Weighted-average interest rate	[1]		4.65%
2018 Credit Agreement | Multi-Draw Term Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage on unused portion			0.15%
2018 Credit Agreement | Multi-Draw Term Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage on unused portion			0.35%
2018 Credit Agreement | Multi-Draw Term Facility | Base Rate
Debt Instrument [Line Items]
Description of variable rate basis			base rate
2018 Credit Agreement | Multi-Draw Term Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)			0.50%
2018 Credit Agreement | Multi-Draw Term Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)			1.20%
2018 Credit Agreement | Multi-Draw Term Facility | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
2018 Credit Agreement | Multi-Draw Term Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)			1.50%
2018 Credit Agreement | Multi-Draw Term Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)			2.20%
2018 Credit Agreement | 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
2018 Credit Agreement | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage on unused portion			0.15%
2018 Credit Agreement | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage on unused portion			0.35%
2018 Credit Agreement | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Description of variable rate basis			base rate
2018 Credit Agreement | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)			0.50%
2018 Credit Agreement | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)			1.20%
2018 Credit Agreement | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
2018 Credit Agreement | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)			1.50%
2018 Credit Agreement | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)			2.20%
2018 Credit Agreement | Term Loan A-1
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 100,000,000
Debt term		10 years
Basis spread on variable rate (percent)			1.75%
Weighted-average interest rate	[1]		4.25%
2018 Credit Agreement | Term Loan A-1 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
2018 Credit Agreement | Term Loan A-2
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 100,000,000
Debt term		9 years
Basis spread on variable rate (percent)			1.90%
Weighted-average interest rate	[1]		4.41%
2018 Credit Agreement | Term Loan A-2 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
2018 Credit Agreement | Term Loan A-3
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 68,600,000
Debt term		10 years
Basis spread on variable rate (percent)			2.00%
Weighted-average interest rate	[1]		4.51%
2018 Credit Agreement | Term Loan A-3 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
2017 Credit Agreement | Multi-Draw Term Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 265,000,000
[1]	Represents weighted-average interest rate as of December 31, 2018. The weighted-average interest rate excludes the impact of interest rate swaps (see Note 6 — Interest Rate Swaps), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds.

Notes Payable and Lines of Cr_5

Notes Payable and Lines of Credit - Schedule of Patronage Refund Classification (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total		$ 4,822	$ 3,525
Patronage refunds, percentage received in equity in patronage banks		25.00%
Accounts receivable
Debt Instrument [Line Items]
Total		$ 3,323	2,694
Prepaid expenses and other assets
Debt Instrument [Line Items]
Total	[1]	$ 1,499	$ 831
[1]	Represents 25% of cumulative patronage refunds received to date as equity of the Patronage Banks.

Notes Payable and Lines of Cr_6

Notes Payable and Lines of Credit - Schedule of Interest Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Cash paid for interest	$ 15,816	$ 11,412	$ 7,119

Interest Rate Swaps - Narrative

Interest Rate Swaps - Narrative (Details)	12 Months Ended
	Dec. 31, 2018USD ($)derivative	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Derivative [Line Items]
Variable rate debt	$ 478,619,000	$ 337,619,000
Change in fair value of interest rate swaps, as other comprehensive loss	$ (2,368,000)	629,000	$ 3,167,000
Designated as Hedging Instrument
Derivative [Line Items]
Number of interest rate derivatives outstanding | derivative	10
Notional amount of interest rate derivatives	$ 350,000,000
Fixed interest rate	4.26%
Reclassified to interest expense over the next 12 months	$ 300,000
Change in fair value of interest rate swaps, as other comprehensive loss	2,400,000
Cash payment received from forward swap settlement	$ 500,000	$ 1,000,000	$ 800,000
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Number of interest rate derivatives added | derivative	5
Number of interest rate derivatives outstanding | derivative	10

Interest Rate Swaps - Schedule

Interest Rate Swaps - Schedule of Interest Rate Swaps Outstanding (Details) - Designated as Hedging Instrument	12 Months Ended
	Dec. 31, 2018USD ($)
Derivative [Line Items]
Pay Rate	4.26%
Notional Amount	$ 350,000,000
LIBOR | 2017 Rabobank Swap, Two
Derivative [Line Items]
Term of contract	3 years
Pay Rate	1.80%
Notional Amount	$ 30,000,000
LIBOR | 2018 Rabobank Swap, Three
Derivative [Line Items]
Term of contract	2 years
Pay Rate	2.796%
Notional Amount	$ 50,000,000
LIBOR | 2018 Rabobank Swap, Four
Derivative [Line Items]
Term of contract	3 years
Pay Rate	2.869%
Notional Amount	$ 50,000,000
LIBOR | 2017 Rabobank Swap, Three
Derivative [Line Items]
Term of contract	4 years
Pay Rate	2.045%
Notional Amount	$ 20,000,000
LIBOR | 2018 Rabobank Swap, One
Derivative [Line Items]
Term of contract	4 years
Pay Rate	2.703%
Notional Amount	$ 30,000,000
LIBOR | 2017 Rabobank Swap, One
Derivative [Line Items]
Term of contract	7 years
Pay Rate	2.33%
Notional Amount	$ 20,000,000
LIBOR | 2014 Rabobank Swap
Derivative [Line Items]
Term of contract	10 years
Pay Rate	2.395%
Notional Amount	$ 35,000,000
LIBOR | 2016 Rabobank Swap
Derivative [Line Items]
Term of contract	8 years
Pay Rate	1.28%
Notional Amount	$ 45,000,000
LIBOR | 2018 Rabobank Swap, Two
Derivative [Line Items]
Term of contract	8 years
Pay Rate	2.884%
Notional Amount	$ 20,000,000
LIBOR | 2018 Rabobank Swap, Five
Derivative [Line Items]
Term of contract	9 years
Pay Rate	3.014%
Notional Amount	$ 50,000,000

Interest Rate Swaps - Schedul_2

Interest Rate Swaps - Schedule of Interest Rate Swaps and Fair Value Measurements (Details) - Designated as Hedging Instrument - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Prepaid expenses and other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, fair value	$ 3,643	$ 2,935
Other liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities, fair value	$ (3,635)	$ (559)

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)		12 Months Ended
		Dec. 31, 2018USD ($)astate$ / a	Dec. 31, 2017	Dec. 31, 2016
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	[1]	30,200
Timberland | Property Subject to Operating Lease
Concentration Risk [Line Items]
Area of land held in leasehold interests		26,800
Adjusted rental payment rate (per acre) | $ / a		20.41
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%	17.00%
[1]	Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Rental Payments (Details) - Timberland - Property Subject to Operating Lease $ in Thousands	Dec. 31, 2018USD ($)
Commitments and Contingencies [Line Items]
2,019	$ 511
2,020	511
2,021	511
2,022	453
2023 and thereafter	0
Future Minimum Payments Due	$ 1,986

Commitments and Contingencies_3

Commitments and Contingencies - Future Minimum Rental Payments, Office Lease (Details) - Office Lease - Property Subject to Operating Lease $ in Thousands	Dec. 31, 2018USD ($)
Commitments and Contingencies [Line Items]
2,019	$ 312
2,020	397
2,021	412
2,022	424
2,023	435
Thereafter	2,320
Future Minimum Payments Due	$ 4,300

Noncontrolling Interest - Narra

Noncontrolling Interest - Narrative (Details) - shares	Oct. 31, 2018	Dec. 31, 2018
Noncontrolling Interest [Line Items]
LTIP units, full parity, conversion ratio	100.00%
Maximum
Noncontrolling Interest [Line Items]
LTIP units, non-full parity, conversion ratio (less than)	100.00%
Subsidiaries | CatchMark LP Holder
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%
General Partner | Common Unit
Noncontrolling Interest [Line Items]
Redemption holding period	1 year

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
	Mar. 31, 2018	Oct. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 07, 2015
Class of Stock [Line Items]
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)			98,459
Amount of repurchased common stock			$ 1,003,000	$ 1,036,000	$ 3,208,000
Common stock, shares outstanding (in shares)			49,100,000
Remaining authorized repurchase amount			$ 18,700,000
Equity offering, shares issued (in shares)	5,750,000
Equity offering, shares issued, price per share (in dollars per share)	$ 12.60
Equity offering, underwriting commissions, fees, and other issuance costs	$ 3,500,000		3,537,000	2,709,000	0
Equity offering, net proceeds	$ 69,000,000		$ 72,450,000	$ 56,810,000	$ 0
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			900,000,000	900,000,000
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01
Common stock, shares outstanding (in shares)			49,127,000	43,425,000
Stock issued (in shares)		4,600,000
Equity offering, net proceeds		$ 56,800,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Distributions to Holders of Common Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Tax Characterization
Capital Gain	0.00%	0.00%	0.00%
Return of Capital	100.00%	100.00%	100.00%
Cash Distribution
Distribution Made to Limited Partner [Line Items]
Total Cash Distributions per Common Share (in dollars per share)	$ 0.54	$ 0.54	$ 0.53

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details)

Jan. 22, 2019shares

Nov. 29, 2018officerdirector$ / sharesshares

Jun. 25, 2018USD ($)directorshares

Jan. 19, 2018shares

Jun. 23, 2017shares

May 02, 2017USD ($)$ / shares

Mar. 31, 2018shares

Dec. 31, 2018USD ($)$ / sharesshares

Dec. 31, 2017USD ($)$ / sharesshares

Dec. 31, 2016USD ($)$ / sharesshares

Feb. 28, 2019shares

Jun. 22, 2017shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense | $

$ 2,689,000

$ 2,786,000

$ 1,724,000

Nonvested awards, unrecognized compensation expense | $

$ 3,300,000

Nonvested awards, unrecognized compensation expense, period for recognition

2 years 2 months 27 days

General and Administrative Expense

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense | $

$ 2,356,000

$ 1,956,000

$ 1,411,000

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vested (in shares)

[1]

153,967

Unvested (in shares)

300,395

278,633

Issued in period (in shares)

88,161

Award vesting period

4 years

Shares granted (in shares)

175,729

133,591

125,123

Forfeited (in shares)

0

Weighted-average grant date fair value per share (in dollars per share) | $ / shares

$ 10.60

$ 11.19

$ 10.51

Director | Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vested (in shares)

3,356

Unvested (in shares)

0

Shares granted (in shares)

0

0

0

Amended 2005 Long-Term Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of independent directors | director

6

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]

Issued in period (in shares)

3,956

Grant date, value | $

$ 50,000

Shares repurchased for estimated income tax payments (in shares)

4,154

Value, cash retainer received in shares | $

$ 30,000

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 | Executive Officer | Performance Shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant date market price (in dollars per share) | $ / shares

$ 11.73

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

2005 Long-Term Incentive Plan | Class A Common Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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]

Remaining number of shares to be issued (in shares)

1,369,291

Number of shares authorized (in shares) (up to)

1,800,000

2015 Performance Awards | Performance-based Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vested (in shares)

[2]

36,938

Unvested (in shares)

21,032

112,900

Shares granted (in shares)

0

Forfeited (in shares)

54,930

Weighted-average grant date fair value per share (in dollars per share) | $ / shares

$ 0

2015 Performance Awards | Executive Officer | Performance-based Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vested (in shares)

57,970

Forfeited (in shares)

54,930

Vesting period, anniversary of the determination date

1 year

2015 Performance Awards | Executive Officer | Performance-based Restricted Stock | Determination Date

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

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) | Subsequent Event

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Forfeited (in shares)

80,366

Outstanding (in shares)

0

2017 Performance Awards | Executive Officer | Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

2 years

Shares granted (in shares)

45,622

2018 Performance Awards | Executive Officer | Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

3 years

Shares granted (in shares)

41,946

2018 Performance Awards | Executive Officer | Performance-based Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant date market price (in dollars per share) | $ / shares

$ 8.47

Award vesting period

2 years

Shares granted (in shares)

7,938

Number of executive officers | director

1

Weighted-average grant date fair value per share (in dollars per share) | $ / shares

$ 1.84

2017 Performance LTIP Awards | Executive Officer | Performance-based LTIP Unit

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant date market price (in dollars per share) | $ / shares

$ 8.47

Award vesting period

2 years

Shares granted (in shares)

116,439

Performance measurement period

3 years

Vesting period, anniversary of the determination date

1 year

Weighted-average grant date fair value per share (in dollars per share) | $ / shares

$ 1.31

2018 Performance LTIP Awards | Executive Officer | Performance-based LTIP Unit

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant date market price (in dollars per share) | $ / shares

$ 8.47

Shares granted (in shares)

102,847

Weighted-average grant date fair value per share (in dollars per share) | $ / shares

$ 1.82

2017 and 2018 Performance LTIP Awards | Executive Officer | Performance-based LTIP Unit

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of executive officers | officer

2

[1]

Includes 12,983 shares of service-based restricted stock held by John Rasor, the vesting of which was accelerated upon his resignation as Chief Operating Officer of CatchMark on July 6, 2018, the date Mr. Rasor was named President of the Triple T Joint Venture. Also includes the vesting of 57,940 shares of service-based restricted stock issued to Mr. Rasor in April 2017. These vesting events are non-recurring in nature.

[2]

Includes 7,953 shares of accelerated vesting of Mr. Rasor's remaining 2015 Performance Awards previously scheduled to vest in January 2019, upon his resignation as Chief Operating Officer of CatchMark on July 6, 2018, the date Mr. Rasor was named President of the Triple T Joint Venture.

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully-vested shares granted (in shares)	175,729	133,591	125,123
Weighted-average grant date fair value per share (in dollars per share)	$ 10.60	$ 11.19	$ 10.51
Shares of restricted stock granted (in shares)	175,729	133,591	125,123
Grant date fair value of fully vested stock granted in period	$ 1,756	$ 1,294	$ 422
Grant date fair value of restricted stock vested in period	$ 1,756	$ 1,294	$ 422
Director | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully-vested shares granted (in shares)	0	0	0
Shares of restricted stock granted (in shares)	0	0	0
Grant date fair value of fully vested stock granted in period	$ 0	$ 0	$ 146
Grant date fair value of restricted stock vested in period	$ 0	$ 0	$ 146
Director | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully-vested shares granted (in shares)	26,568	24,412	25,089
Weighted-average grant date fair value per share (in dollars per share)	$ 12.42	$ 11.47	$ 12.04
Shares of restricted stock granted (in shares)	26,568	24,412	25,089
Grant date fair value of fully vested stock granted in period	$ 330	$ 280	$ 302
Grant date fair value of restricted stock vested in period	330	280	302
Cash used to repurchase common shares for minimum tax withholdings	$ 53	$ 59	$ 66

Stock-based Compensation - Sc_2

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash used to repurchase common shares for minimum tax withholdings ('000)	$ 1,348	$ 311	$ 199
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	175,729	133,591	125,123
Weighted-average grant date fair value per share (in dollars per share)	$ 10.60	$ 11.19	$ 10.51
Grant date fair value of restricted stock vested in period ('000)	$ 1,756	$ 1,294	$ 422
Cash used to repurchase common shares for minimum tax withholdings ('000)	$ 445	$ 252	$ 133

Stock-based Compensation - Roll

Stock-based Compensation - Rollforward of Unvested Restricted Stock Award Activity (Details) - $ / shares		Jul. 06, 2018	Jan. 19, 2018	Mar. 31, 2018	Apr. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	[1]					(153,967)
Number of Underlying Shares
Unvested, beginning of period (in shares)						278,633
Shares granted (in shares)						175,729	133,591	125,123
Vested (in shares)	[1]					(153,967)
Forfeited (in shares)						0
Unvested, end of period (in shares)						300,395	278,633
Weighted Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share)						$ 11.05
Granted (in dollars per share)						10.60	$ 11.19	$ 10.51
Vested (in dollars per share)	[1]					11.41
Forfeited (in dollars per share)						0
Unvested, end of period (in dollars per share)						$ 10.60	$ 11.05
Restricted Stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)				(3,356)
Number of Underlying Shares
Shares granted (in shares)						0	0	0
Vested (in shares)				(3,356)
Unvested, end of period (in shares)				0
Restricted Stock | Chief Operating Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vested shares (in shares)		12,983
Vested (in shares)					(57,940)
Number of Underlying Shares
Vested (in shares)					(57,940)
Performance-based Restricted Stock | 2015 Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	[2]					(36,938)
Number of Underlying Shares
Unvested, beginning of period (in shares)						112,900
Shares granted (in shares)						0
Vested (in shares)	[2]					(36,938)
Forfeited (in shares)						(54,930)
Unvested, end of period (in shares)						21,032	112,900
Weighted Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share)						$ 7.01
Granted (in dollars per share)						0
Vested (in dollars per share)	[2]					7.21
Forfeited (in dollars per share)						7.21
Unvested, end of period (in dollars per share)						$ 7.21	$ 7.01
Performance-based Restricted Stock | Executive Officer | 2015 Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)			(57,970)
Number of Underlying Shares
Vested (in shares)			(57,970)
Forfeited (in shares)			(54,930)
Performance-based Restricted Stock | Chief Operating Officer | 2015 Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vested shares (in shares)		7,953
[1]	Includes 12,983 shares of service-based restricted stock held by John Rasor, the vesting of which was accelerated upon his resignation as Chief Operating Officer of CatchMark on July 6, 2018, the date Mr. Rasor was named President of the Triple T Joint Venture. Also includes the vesting of 57,940 shares of service-based restricted stock issued to Mr. Rasor in April 2017. These vesting events are non-recurring in nature.
[2]	Includes 7,953 shares of accelerated vesting of Mr. Rasor's remaining 2015 Performance Awards previously scheduled to vest in January 2019, upon his resignation as Chief Operating Officer of CatchMark on July 6, 2018, the date Mr. Rasor was named President of the Triple T Joint Venture.

Stock-based Compensation - Fair

Stock-based Compensation - Fair Value Assumptions (Details) - $ / shares	Nov. 29, 2018	May 02, 2017	Dec. 31, 2018
2015 Performance Awards | Performance-based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value per share (in dollars per share)			$ 0
Executive Officer | 2018 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)	$ 8.47
Weighted-average grant date fair value per share (in dollars per share)	$ 1.84
Assumptions:
Volatility	25.30%
Expected term (years)	3 years
Risk-free interest rate	2.89%
Executive Officer | 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%
Executive Officer | 2017 Performance LTIP Awards | Performance-based LTIP Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date market price (in dollars per share)	$ 8.47
Weighted-average grant date fair value per share (in dollars per share)	$ 1.31
Assumptions:
Volatility	25.30%
Expected term (years)	3 years
Risk-free interest rate	2.89%
Executive Officer | 2018 Performance LTIP Awards | Performance-based LTIP Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date market price (in dollars per share)	$ 8.47
Weighted-average grant date fair value per share (in dollars per share)	$ 1.82
Assumptions:
Volatility	25.30%
Expected term (years)	3 years
Risk-free interest rate	2.89%

Stock-based Compensation - Shar

Stock-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 2,689	$ 2,786	$ 1,724
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,356	1,956	1,411
Forestry management expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 333	$ 830	$ 313

Recreational Leases - Narrative

Recreational Leases - Narrative (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018USD ($)a	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)a	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Lessor, Lease, Description [Line Items]
Operating leases terms									1 year
Operating leases additional term									1 year
Deferred revenue recognized	$ 22,927	$ 24,577	$ 26,249	$ 24,104	$ 22,722	$ 18,612	$ 26,836	$ 23,125	$ 97,857	$ 91,295	$ 81,855
Other revenues
Lessor, Lease, Description [Line Items]
Deferred revenue recognized									5,279	5,066	4,305
Recreational Leases | Other revenues
Lessor, Lease, Description [Line Items]
Deferred revenue recognized									4,700	4,500	$ 4,000
Other Liabilities
Lessor, Lease, Description [Line Items]
Deferred rental receipts	$ 1,900				$ 2,000				$ 1,900	$ 2,000
Property Subject to Operating Lease | Timber Properties
Lessor, Lease, Description [Line Items]
Area of land leased (in acres) | a	438,900								438,900
Percentage of land leased	99.90%								99.90%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
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
Reduction in deferred tax assets valuation allowance, Tax Cuts And Jobs Act Of 2017	4,800,000
Operating loss carryforwards		$ 287,200,000
Tax basis carrying value of assets	$ 700,000,000	679,500,000
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		157,400,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		$ 129,800,000

Income Taxes - Operating Loss C

Income Taxes - Operating Loss Carryforwards (Details) - USD ($)	Dec. 31, 2018		Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 287,200,000
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	157,400,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	129,800,000
CatchMark TRS
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	62,500,000
CatchMark TRS | Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	35,500,000	[1]	$ 35,800,000
CatchMark TRS | State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	27,000,000
CatchMark Timber Trust
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	224,700,000
CatchMark Timber Trust | Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	121,900,000	[2]	$ 108,300,000
CatchMark Timber Trust | State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 102,800,000
[1]	Includes $35.8 million of NOL generated prior to January 1, 2018.
[2]	Includes $108.3 million of NOL generated prior to January 1, 2018.

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Net operating loss carryforward	$ 8,612	$ 10,075
Gain on timberland sales	8	9
Other	418	468
Total gross deferred tax asset	9,038	10,552
Valuation allowance	(8,949)	(10,371)
Total net deferred tax asset	89	181
Deferred tax liability:
Timber depletion	89	181
Total gross deferred tax liability	89	181
Deferred tax asset, net	$ 0	$ 0

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Reconciliation (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	34.00%	34.00%
State income taxes, net of federal benefit	0.00%	0.00%	0.00%
Other temporary differences	(0.18%)	(0.42%)	1.30%
Other permanent differences	5.35%	(0.14%)	(0.14%)
Effects of federal rate change	0.00%	(83.80%)	0.00%
Valuation allowance	(26.17%)	50.30%	(35.15%)
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, 2018		Sep. 30, 2018		Jun. 30, 2018		Mar. 31, 2018		Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2017		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total	$ 22,927		$ 24,577		$ 26,249		$ 24,104		$ 22,722		$ 18,612		$ 26,836		$ 23,125		$ 97,857	$ 91,295	$ 81,855
Operating income (loss)	(98)		2,167		243		(1,019)		(3,282)		(1,220)		361		567		1,293	(3,574)	(4,408)
Net loss	$ (38,218)		$ (78,899)		$ (1,505)		$ (3,385)		$ (5,022)		$ (4,044)		$ (2,466)		$ (1,978)		$ (122,007)	$ (13,510)	$ (11,070)
Basic and diluted net loss per share (in dollars per share)	$ (0.78)	[1]	$ (1.61)	[1]	$ (0.03)	[1]	$ (0.08)	[1]	$ (0.12)	[1]	$ (0.10)	[1]	$ (0.06)	[1]	$ (0.05)	[1]	$ (2.55)	$ (0.34)	$ (0.29)
[1]	The sum of the quarterly amounts do not equal loss per share for the year ended December 31, 2018 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, 2018	Dec. 31, 2017	Dec. 31, 2016
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	20.00%	21.00%	24.00%
IP
Revenue, Major Customer [Line Items]
Concentration risk, percentage	12.00%	10.00%	4.00%

Subsequent Event - Narrative (D

Subsequent Event - Narrative (Details) - $ / shares	Feb. 14, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Common stock dividend declared (in dollars per share)		$ 0.54	$ 0.54	$ 0.53
Subsequent Event
Subsequent Event [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.135

Segment Information - Schedule

Segment Information - Schedule of Operating Revenue, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total	$ 22,927	$ 24,577	$ 26,249	$ 24,104	$ 22,722	$ 18,612	$ 26,836	$ 23,125	$ 97,857	$ 91,295	$ 81,855
Harvest
Segment Reporting Information [Line Items]
Total									74,734	76,419	69,340
Real Estate
Segment Reporting Information [Line Items]
Total									17,520	14,768	12,515
Investment Management
Segment Reporting Information [Line Items]
Total									$ 5,603	$ 108	$ 0

Segment Information - Schedul_2

Segment Information - Schedule of Adjusted EBITDA, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total	$ 49,786	$ 41,970	$ 36,808
Operating Segments | Harvest
Segment Reporting Information [Line Items]
Total	31,191	33,855	32,472
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total	16,388	14,235	11,838
Operating Segments | Investment Management
Segment Reporting Information [Line Items]
Total	12,431	2,111	0
Non-allocated / Corporate EBITDA
Segment Reporting Information [Line Items]
Total	$ (10,224)	$ (8,231)	$ (7,502)

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Adjusted EBITDA										$ 49,786	$ 41,970	$ 36,808
Subtract:
Depletion										25,912	29,035	28,897
Basis of timberland sold, lease terminations and other	[1]									13,053	10,112	10,089
Amortization	[2]									2,821	1,270	1,093
Stock-based compensation expense										2,689	2,786	1,724
Interest expense	[2]									13,643	10,093	5,753
(Gain) loss from large dispositions	[3]									390	0	0
Other	[4]									(460)	1,319	322
Net loss		$ (38,218)	$ (78,899)	$ (1,505)	$ (3,385)	$ (5,022)	$ (4,044)	$ (2,466)	$ (1,978)	(122,007)	(13,510)	(11,070)
Dawsonville Bluffs Joint Venture
Subtract:
Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture	[5]									4,195	865	0
Triple T Joint Venture
Subtract:
HLBV loss from unconsolidated joint venture	[6]									$ 109,550	$ 0	$ 0
[1]	Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses.
[2]	For the purpose of the above reconciliation, amortization includes amortization of deferred financing costs, amortization of intangible lease assets, and amortization of mainline road costs, which are included in either interest expense, land rent expense, or other operating expenses in the consolidated statements of operations.
[3]	Large dispositions are defined as larger transactions in acreage and gross sales price than recurring HBU sales. Large dispositions are not part of core operations, are infrequent in nature and would cause material variances in comparative results if not reported separately. Large dispositions may or may not have a higher or better use than timber production or result in a price premium above the land’s timber production value.
[4]	Includes certain cash expenses paid, or reimbursement received, that management believes do not directly reflect the core business operations of our timberland portfolio on an on-going basis, including costs required to be expensed by GAAP related to acquisitions, transactions, joint ventures or new business initiatives.
[5]	Reflects our share of depletion, amortization, and basis of timberland and mitigation credits sold of the unconsolidated Dawsonville Bluffs Joint Venture.
[6]	Reflects HLBV (income) losses from the Triple T Joint Venture, which is determined based on a hypothetical liquidation of the underlying joint venture at book value as of the reporting date.