CatchMark Timber Trust (CTT) 10-Q 31 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	CatchMark Timber Trust, Inc.
Entity Central Index Key	0001341141
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Smaller Reporting Company	true
Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		49,007,142

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 17,074	$ 5,614
Accounts receivable	4,519	7,355
Prepaid expenses and other assets	4,591	7,369
Operating lease right-of-use asset, less accumulated amortization of $209 as of September 30, 2019 (Note 2)	3,191
Deferred financing costs	266	327
Timber assets (Note 3):
Timber and timberlands, net	643,663	687,851
Intangible lease assets, less accumulated amortization of $948 and $945 as of September 30, 2019 and December 31, 2018, respectively	9	12
Investments in unconsolidated joint ventures (Note 4)	10,425	96,244
Total assets	683,738	804,772
Liabilities:
Accounts payable and accrued expenses	5,047	4,936
Operating lease liability (Note 2)	3,302
Other liabilities	17,636	5,940
Notes payable and lines of credit, net of deferred financing costs (Note 5)	452,768	472,240
Total liabilities	478,753	483,116
Commitments and Contingencies (Note 7)	0	0
Stockholders’ Equity:
Class A Common stock, $0.01 par value; 900,000 shares authorized; 49,007 and 49,127 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively	490	492
Additional paid-in capital	729,000	730,416
Accumulated deficit and distributions	(510,488)	(409,260)
Accumulated other comprehensive income (loss)	(14,017)	8
Total stockholders’ equity	204,985	321,656
Total liabilities and stockholders’ equity	$ 683,738	$ 804,772

CONSOLIDATED BALANCE SHEETS (PA

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Intangible lease assets, accumulated amortization	$ 948	$ 945
Operating lease, right-of-use asset, accumulated amortization	$ 209
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)	49,007,000	49,127,000
Common stock, shares outstanding (in shares)	49,007,000	49,127,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Revenues		$ 26,380	$ 24,577	$ 77,613	$ 74,930
Expenses:
Depletion		8,235	6,224	19,533	19,884
General and administrative expenses		2,984	2,484	9,550	8,602
Land rent expense		125	153	400	490
Other operating expenses		1,341	1,356	4,614	4,197
Operating costs and expenses		24,691	22,410	72,419	73,539
Other income (expense):
Interest income		80	20	142	180
Interest expense		(4,472)	(4,321)	(13,803)	(11,125)
Gain on large dispositions	[1]	7,197	0	7,961	0
Total other income (expense)		2,805	(4,301)	(5,700)	(10,945)
Income (loss) before unconsolidated joint ventures		4,494	(2,134)	(506)	(9,554)
Loss from unconsolidated joint ventures (Note 4)		(25,051)	(76,765)	(81,011)	(74,235)
Net loss		$ (20,557)	$ (78,899)	$ (81,517)	$ (83,789)
Weighted-average common shares outstanding - basic and diluted (in shares)		49,008	49,118	49,049	47,551
Net loss per share - basic and diluted (in dollars per share)		$ (0.42)	$ (1.61)	$ (1.66)	$ (1.76)
Timber sales
Revenues:
Revenues		$ 19,706	$ 16,742	$ 52,530	$ 53,140
Timberland sales
Revenues:
Revenues		2,264	3,818	12,578	14,904
Expenses:
Costs and expenses		2,081	3,210	10,562	11,590
Management services
Revenues:
Revenues		3,436	2,698	9,119	2,759
Expenses:
Costs and expenses		1,656	1,370	4,982	4,622
Other revenues
Revenues:
Revenues		974	1,319	3,386	4,127
Contract logging and hauling costs
Expenses:
Costs and expenses		$ 8,269	$ 7,613	$ 22,778	$ 24,154
[1]	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. Large dispositions are typically larger transactions in acreage and gross sales price than recurring HBU sales and 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 INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (20,557)	$ (78,899)	$ (81,517)	$ (83,789)
Other comprehensive income (loss):
Market value adjustment to interest rate swaps	(3,104)	891	(14,025)	4,342
Comprehensive loss	$ (23,661)	$ (78,008)	$ (95,542)	$ (79,447)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit and Distributions	Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period (in shares) at Dec. 31, 2017		43,425
Balance, beginning of period at Dec. 31, 2017	$ 402,380	$ 434	$ 661,222	$ (261,652)	$ 2,376
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity Offering (in shares)		5,750
Equity Offering	72,450	$ 58	72,392
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)		(46)
LTIP, net of forfeitures and amounts withheld for income taxes	(86)	$ (1)	(85)
Stock issuance cost	(3,490)		(3,490)
Dividends to common stockholders	(5,815)			(5,815)
Net loss	(3,385)			(3,385)
Other comprehensive income (loss)	1,931				1,931
Balance, end of period (in shares) at Mar. 31, 2018		49,129
Balance, end of period at Mar. 31, 2018	463,985	$ 491	730,039	(270,852)	4,307
Balance, beginning of period (in shares) at Dec. 31, 2017		43,425
Balance, beginning of period at Dec. 31, 2017	402,380	$ 434	661,222	(261,652)	2,376
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(83,789)
Balance, end of period (in shares) at Sep. 30, 2018		49,125
Balance, end of period at Sep. 30, 2018	373,569	$ 491	730,814	(364,454)	6,718
Balance, beginning of period (in shares) at Mar. 31, 2018		49,129
Balance, beginning of period at Mar. 31, 2018	463,985	$ 491	730,039	(270,852)	4,307
Increase (Decrease) in Stockholders' Equity [Roll Forward]
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)		(6)
LTIP, net of forfeitures and amounts withheld for income taxes	422		422
Stock issuance cost	(100)		(100)
Dividends to common stockholders	(6,597)			(6,597)
Net loss	(1,505)			(1,505)
Other comprehensive income (loss)	1,520				1,520
Balance, end of period (in shares) at Jun. 30, 2018		49,123
Balance, end of period at Jun. 30, 2018	457,725	$ 491	730,361	(278,954)	5,827
Increase (Decrease) in Stockholders' Equity [Roll Forward]
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)		2
LTIP, net of forfeitures and amounts withheld for income taxes	486		486
Stock issuance cost	(33)		(33)
Dividends to common stockholders	(6,601)			(6,601)
Net loss	(78,899)			(78,899)
Other comprehensive income (loss)	891				891
Balance, end of period (in shares) at Sep. 30, 2018		49,125
Balance, end of period at Sep. 30, 2018	$ 373,569	$ 491	730,814	(364,454)	6,718
Balance, beginning of period (in shares) at Dec. 31, 2018	49,127	49,127
Balance, beginning of period at Dec. 31, 2018	$ 321,656	$ 492	730,416	(409,260)	8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)		92
LTIP, net of forfeitures and amounts withheld for income taxes	293	$ 1	292
Dividends to common stockholders	(6,578)			(6,578)
Repurchase of common stock (in shares)		(136)
Repurchase of common stock	(1,004)	$ (1)	(1,003)
Net loss	(30,395)			(30,395)
Other comprehensive income (loss)	(3,941)				(3,941)
Balance, end of period (in shares) at Mar. 31, 2019		49,083
Balance, end of period at Mar. 31, 2019	$ 280,031	$ 492	729,705	(446,233)	(3,933)
Balance, beginning of period (in shares) at Dec. 31, 2018	49,127	49,127
Balance, beginning of period at Dec. 31, 2018	$ 321,656	$ 492	730,416	(409,260)	8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (81,517)
Balance, end of period (in shares) at Sep. 30, 2019	49,007	49,007
Balance, end of period at Sep. 30, 2019	$ 204,985	$ 490	729,000	(510,488)	(14,017)
Balance, beginning of period (in shares) at Mar. 31, 2019		49,083
Balance, beginning of period at Mar. 31, 2019	280,031	$ 492	729,705	(446,233)	(3,933)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)		17
LTIP, net of forfeitures and amounts withheld for income taxes	490		490
Dividends to common stockholders	(6,578)			(6,578)
Repurchase of common stock (in shares)		(135)
Repurchase of common stock	(1,405)	$ (2)	(1,403)
Net loss	(30,565)			(30,565)
Other comprehensive income (loss)	(6,980)				(6,980)
Balance, end of period (in shares) at Jun. 30, 2019		48,965
Balance, end of period at Jun. 30, 2019	234,993	$ 490	728,792	(483,376)	(10,913)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)		100
LTIP, net of forfeitures and amounts withheld for income taxes	803	$ 1	802
Dividends to common stockholders	(6,555)			(6,555)
Repurchase of common stock (in shares)		(58)
Repurchase of common stock	(595)	$ (1)	(594)
Net loss	(20,557)			(20,557)
Other comprehensive income (loss)	$ (3,104)				(3,104)
Balance, end of period (in shares) at Sep. 30, 2019	49,007	49,007
Balance, end of period at Sep. 30, 2019	$ 204,985	$ 490	$ 729,000	$ (510,488)	$ (14,017)

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (PARENTHETICAL) - $ / shares	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders (in dollars per share)	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities:
Net loss		$ (81,517)	$ (83,789)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depletion		19,533	19,884
Basis of timberland sold, lease terminations and other	[1]	10,329	10,771
Stock-based compensation expense		1,952	2,171
Noncash interest expense		816	2,371
Other amortization		170	160
Loss from unconsolidated joint ventures		81,011	74,235
Operating distributions from unconsolidated joint ventures		789	3,658
Gain on large dispositions	[2]	(7,961)	0
Changes in assets and liabilities:
Accounts receivable		2,007	(2,643)
Prepaid expenses and other assets		221	(295)
Accounts payable and accrued expenses		138	1,627
Other liabilities		1,025	1,121
Net cash provided by operating activities		28,513	29,271
Cash Flows from Investing Activities:
Timberland acquisitions and earnest money paid		0	(91,424)
Capital expenditures (excluding timberland acquisitions)		(3,031)	(2,821)
Investment in unconsolidated joint ventures		0	(200,000)
Distributions from unconsolidated joint ventures		4,019	4,858
Net proceeds from large dispositions		25,151	0
Net cash provided by (used in) investing activities		26,139	(289,387)
Cash Flows from Financing Activities:
Repayments of notes payable		(20,064)	(69,000)
Proceeds from note payable		0	289,000
Financing costs paid		(48)	(832)
Issuance of common stock		0	72,450
Other offering costs paid		0	(3,623)
Dividends paid to common stockholders		(19,711)	(19,013)
Repurchase of common shares under the share repurchase program		(3,004)	0
Repurchase of common shares for minimum tax withholdings		(365)	(1,348)
Net cash provided by (used in) financing activities		(43,192)	267,634
Net change in cash and cash equivalents		11,460	7,518
Cash and cash equivalents, beginning of period		5,614	7,805
Cash and cash equivalents, end of period		$ 17,074	$ 15,323
[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 sales of large blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. Large dispositions are typically larger transactions in acreage and gross sales price than recurring HBU sales and 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	9 Months Ended
	Sep. 30, 2019
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	9 Months Ended
	Sep. 30, 2019
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 the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of results for a full year. CatchMark’s consolidated financial statements 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. For further information, refer to the audited financial statements and footnotes included in CatchMark’s Annual Report on Form 10-K for the year ended December 31, 2018. Investments in 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 percentages. 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. For information on CatchMark’s unconsolidated joint ventures, which are accounted for using the equity method of accounting, see Note 4 — Unconsolidated Joint Ventures . 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. CatchMark has aggregated its operating segments into three reportable segments: Harvest, Real Estate and Investment Management. See Note 9 — Segment Information for additional information. New Lease Accounting Standard In February 2016, the FASB issued ASU 2016-02, Leases ("ASC 842"). ASC 842 establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on its balance sheet for all leases, subject to certain scope exceptions. Leases are required to be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. CatchMark adopted ASC 842 effective January 1, 2019 using the modified retrospective approach with the cumulative effect of the application recognized at the effective date. CatchMark elected the package of practical expedients, including the option to account for each separate lease component of a contract and its associated non-lease component as a single lease component, thus causing all fixed payments to be capitalized; and the practical expedient, which among other things, allows CatchMark to carry forward historical lease classification. Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates or usage, are not included in the operating lease ROU asset or liability. These are expensed as incurred and recorded as variable lease expense. Management identified and evaluated all of its in-place leases, subleases, and contracts with a lease component, and determined that its office lease is the only lease within the scope of ASC 842. CatchMark elected the practical expedient to not apply the recognition requirements of ASC 842 to its short-term leases. CatchMark determined its long-term timber lease to be a lease of biological assets, a scope exception to ASC 842. Long-term timber lease expense is reported as land rent expense on CatchMark's consolidated statements of operations. See Note 7 — Commitments and Contingencies, Obligations under Operating Leases for additional information on the long-term timber lease. Additionally, CatchMark determined that its hunting and recreational leases do not qualify as leases under ASC 842. See Note 2 — Summary of Significant Accounting Policies and Note 11 — Recreational Leases to CatchMark’s audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2018 for additional information on its hunting and recreational leases. CatchMark's office lease commenced in January 2019 and expires in November 2028 and qualifies as an operating lease under ASC 842. As of January 1, 2019, CatchMark recorded an operating lease ROU asset and an operating lease liability of $3.4 million on its balance sheet, which represents the net present value of lease payments over the lease term discounted using CatchMark's incremental borrowing rate at commencement date. CatchMark’s office lease contains renewal options; however, the options were not included in the calculation of the operating lease ROU and operating lease liability as it is not reasonably certain that CatchMark will exercise the renewal options. CatchMark recorded $11,000 and $111,000 of amortization expense related to the operating lease ROU asset and the operating lease liability, respectively, for the three and nine months ended September 30, 2019 , which was included in general and administrative expenses on its consolidated statement of operations and in other amortization on its consolidated statement of cash flows. For the three and nine months ended September 30, 2019, CatchMark paid $98,000 and $215,000 , respectively, in cash for its office lease. The adoption of ASC 842 did not result in a cumulative-effect adjustment to CatchMark's retained earnings, as its office lease commenced in January 2019. CatchMark had the following future annual payments for its operating lease as of September 30, 2019 and December 31, 2018: As of ( in thousands ) September 30, 2019 December 31, 2018 Required payments 2019 $ 97 $ 312 2020 397 397 2021 412 412 2022 424 424 2023 435 435 2024 447 447 Thereafter 1,873 1,873 $ 4,085 $ 4,300 Less: imputed interest (783 ) Operating lease liability $ 3,302 Remaining lease term (years) 9.2 Discount rate 4.58 % Recent Accounting Pronouncements 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 adopted ASU 2018-07 on January 1, 2019 and the adoption did not have a material effect 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 adopted ASU 2018-09 on January 1, 2019 and the adoption did not have a material effect 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

Timber Assets	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Timber Assets	Timber Assets As of September 30, 2019 and December 31, 2018 , timber and timberlands consisted of the following, respectively: As of September 30, 2019 (in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 312,747 $ 19,533 $ 293,214 Timberlands 350,123 — 350,123 Mainline roads 1,041 715 326 Timber and timberlands $ 663,911 $ 20,248 $ 643,663 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 Timberland Acquisitions CatchMark did not complete any timberland acquisitions during the three and nine months ended September 30, 2019. In August 2018, CatchMark acquired fee simple interests in 18,100 acres of timberland in Oregon (the "Bandon Property") for $89.7 million , exclusive of closing costs. Timberland Sales During the three months ended September 30, 2019 and 2018 , CatchMark sold 1,100 and 1,900 acres of timberland for $2.3 million and $3.8 million , respectively. CatchMark's cost basis in the timberland sold was $1.8 million and $3.0 million , respectively. During the nine months ended September 30, 2019 and 2018 , CatchMark sold 6,000 and 7,200 acres of timberland for $12.6 million and $14.9 million , respectively. CatchMark's cost basis in the timberland sold was $9.8 million and $10.7 million , respectively. Large Dispositions On July 26, 2019, CatchMark completed the sale of 10,800 acres of its wholly-owned timberlands located in Georgia and Alabama for $19.9 million . CatchMark's total cost basis was $12.6 million . Of the total net proceeds of $19.8 million , $14.8 million was used to pay down CatchMark's outstanding debt balance on the Multi-Draw Term Facility. Timberland sales and large dispositions acreage by state is listed below: Nine Months Ended September 30, Acres Sold In: 2019 2018 Alabama 2,900 800 Georgia 13,300 2,200 Louisiana — 200 North Carolina 500 1,000 South Carolina 3,700 2,900 Texas — 100 Total 20,400 7,200 Current Timberland Portfolio As of September 30, 2019 , CatchMark directly owned interests in 438,800 acres of timberlands in the U.S. South and Pacific Northwest, 412,500 acres of which were fee-simple interests and 26,300 acres were leasehold interests. Land acreage by state is listed below: Acres by state as of September 30, 2019 (1) Fee Lease Total South Alabama 70,000 1,800 71,800 Florida 2,000 — 2,000 Georgia 248,000 24,500 272,500 North Carolina 100 — 100 South Carolina 74,000 — 74,000 Tennessee 300 — 300 394,400 26,300 420,700 Pacific Northwest Oregon 18,100 — 18,100 Total 412,500 26,300 438,800 (1) Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Unconsolidated Joint Ventures

Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Unconsolidated Joint Ventures	Unconsolidated Joint Ventures As of September 30, 2019 , 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 September 30, 2019 Dawsonville Bluffs Joint Venture Triple T Joint Venture Ownership percentage 50.0% 21.6% (1) Acreage owned by the joint venture 65 1,094,000 Merchantable timber inventory (tons) 2,500 40.3 million (2) Location Georgia Texas (1) Represents our share of total partner capital contributions. (2) Merchantable timber inventory does not include current year growth. CatchMark accounts for these investments using the equity method of accounting. Triple T Joint Venture During 2018, CatchMark formed a joint venture, TexMark Timber Treasury, L.P., a Delaware limited partnership (the "Triple T Joint Venture"), with a consortium of institutional investors (the "Preferred Investors") to acquire 1.1 million acres of high-quality East Texas industrial timberlands (the “Triple T Timberlands”), for $1.39 billion (the “Acquisition Price”), exclusive of transaction costs. The Triple T Joint Venture completed the acquisition of the Triple T Timberlands in July 2018. 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. CatchMark, through a separate wholly-owned and consolidated subsidiary, is the sole general partner of the Triple T Joint Venture. 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 (at book value in accordance with GAAP) on that date and distribute the proceeds 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 is as follows: As of (in thousands) September 30, 2019 December 31, 2018 Triple T Joint Venture: Total assets $ 1,586,687 $ 1,607,413 Total liabilities $ 757,110 $ 754,610 Total equity $ 829,577 $ 852,803 CatchMark: Carrying value of investment $ 8,650 $ 90,450 Condensed income statement information for the Triple T Joint Venture is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Triple T Joint Venture: Total revenues $ 41,509 $ 28,255 $ 121,450 $ 28,255 Operating income (loss) $ 2,490 $ (3,329 ) $ 10,437 $ (3,329 ) Net loss $ (4,613 ) $ (9,407 ) $ (10,480 ) $ (9,407 ) CatchMark: Equity share of net loss $ (25,712 ) $ (76,755 ) $ (81,800 ) $ (76,755 ) Condensed statement of cash flow information for the Triple T Joint Venture is as follows: Nine Months Ended September 30, (in thousands) 2019 2018 Triple T Joint Venture: Net cash provided by (used in) operating activities $ 9,040 $ (1,753 ) Net cash used in investing activities $ (3,263 ) $ (1,410,066 ) Net cash provided by financing activities $ 87 $ 1,461,452 Net change in cash and cash equivalents $ 5,864 $ 49,633 Cash and cash equivalents, beginning of period $ 39,300 $ — Cash and cash equivalents, end of period $ 45,164 $ 49,633 CatchMark's equity share of the Triple T Joint Venture's net loss determined using the HLBV method as of September 30, 2019 is calculated as follows: (in thousands) Triple T Joint Venture: Total equity as of September 30, 2019 $ 829,577 Preferred Investors: Equity in Triple T Joint Venture as of January 1, 2019 $ 762,353 Minimum preferred return as of September 30, 2019 $ 58,445 Class A preferred equity as of September 30, 2019 $ 129 HLBV distribution as of September 30, 2019 $ 820,927 CatchMark: Equity in Triple T Joint Venture as of September 30, 2019 $ 8,650 Equity in Triple T Joint Venture, as of January 1, 2019 $ 90,450 Equity share of Triple T Joint Venture's net loss $ (81,800 ) Dawsonville Bluffs Joint Venture During 2017, CatchMark formed the Dawsonville Bluffs Joint Venture with MPERS, and each owns a 50% membership 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. During the third quarter of 2019, the Dawsonville Bluffs Joint Venture completed the disposition of substantially all of its remaining 4,400 acres of timberlands for $8.7 million . On August 1, 2019, CatchMark received a $3.8 million cash distribution as a result of this disposition. For the nine months ended September 30, 2019 and 2018, CatchMark received cash distributions of $4.8 million and $8.5 million , respectively, from the Dawsonville Bluffs Joint Venture. As of September 30, 2019, the Dawsonville Bluffs Joint Venture had mitigation bank credits with a book basis of $2.9 million in addition to 65 acres of timberland remaining in its portfolio. Condensed balance sheet information for the Dawsonville Bluffs Joint Venture is as follows: As of (in thousands) September 30, 2019 December 31, 2018 Dawsonville Bluffs Joint Venture: Total assets $ 4,148 $ 12,164 Total liabilities $ 597 $ 575 Total equity $ 3,551 $ 11,589 CatchMark: Carrying value of investment $ 1,776 $ 5,795 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Dawsonville Bluffs Joint Venture: Total revenues $ 8,648 $ 198 $ 10,068 $ 13,813 Net income (loss) $ 1,323 $ (19 ) $ 1,578 $ 5,040 CatchMark: Equity share of net income (loss) $ 661 $ (10 ) $ 789 $ 2,520 Condensed statement of cash flow information for the Dawsonville Joint Venture is as follows: Nine Months Ended September 30, (in thousands) 2019 2018 Dawsonville Joint Venture: Net cash provided by operating activities $ 8,873 $ 12,673 Net cash provided by investing activities $ — $ — Net cash used in financing activities $ (9,616 ) $ (17,031 ) Net change in cash and cash equivalents $ (743 ) $ (4,358 ) Cash and cash equivalents, beginning of period $ 1,731 $ 5,375 Cash and cash equivalents, end of period $ 988 $ 1,017 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. Additionally, CatchMark receives an incentive-based promote earned for exceeding investment hurdles. During the three and nine months ended September 30, 2019 and 2018, CatchMark earned the following fees from these unconsolidated joint ventures: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Triple T Joint Venture (1) $ 2,821 $ 2,675 $ 8,464 $ 2,675 Dawsonville Bluffs Joint Venture (2) 615 23 655 84 $ 3,436 $ 2,698 $ 9,119 $ 2,759 (1) Includes $0.1 million and $0.4 million of reimbursements of compensation costs for the three and nine months ended September 30, 2019, respectively. Includes $0.1 million and $0.1 million of reimbursements of compensation costs for the three and nine months ended September 30, 2018, respectively. (2) The three and nine months ended September 30, 2019 includes $0.6 million of incentive-based promote earned for exceeding investment hurdles.

Notes Payable and Lines of Cred

Notes Payable and Lines of Credit	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Notes Payable and Lines of Credit	Notes Payable and Lines of Credit During the three months ended September 30, 2019, CatchMark paid down $20.1 million of its outstanding balance on the Multi-Draw Term Facility with proceeds from large dispositions. As of September 30, 2019 and December 31, 2018 , CatchMark had the following debt balances outstanding: (in thousands) Maturity Date Current Interest Rate (1) Outstanding Balance as of Credit Facility Interest Rate September 30, 2019 December 31, 2018 Term Loan A-1 12/23/2024 LIBOR + 1.75% 3.80 % $ 100,000 $ 100,000 Term Loan A-2 12/1/2026 LIBOR + 1.90% 3.94 % 100,000 100,000 Term Loan A-3 12/1/2027 LIBOR + 2.00% 4.04 % 68,619 68,619 Term Loan A-4 8/22/2025 LIBOR + 1.70% 3.76 % 140,000 140,000 Multi-Draw Term Facility 12/1/2024 LIBOR + 2.20% 4.25 % 49,936 70,000 Total principal balance $ 458,555 $ 478,619 Less: net unamortized deferred financing costs (5,787 ) $ (6,379 ) Total $ 452,768 $ 472,240 (1) For the Multi-Draw Term Facility, the interest rate represents weighted-average interest rate as of September 30, 2019 . The weighted-average interest rate excludes the impact of the interest rate swaps (see Note 6 — Interest Rate Swaps ), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds. Amended Credit Agreement CatchMark is party to a credit agreement dated as of December 1, 2017, as amended on August 22, 2018 and June 28, 2019 (the “Amended Credit Agreement”), with a syndicate of lenders, including CoBank. The Amended Credit Agreement provides for borrowing under credit facilities consisting of the following: • a $35.0 million five -year revolving credit facility (the “Revolving Credit Facility”); • a $200.0 million seven -year multi-draw term credit facility (the “Multi-Draw Term Facility”); • a $100.0 million ten -year term loan (the “Term Loan A-1”); • a $100.0 million nine -year term loan (the “Term Loan A-2”); • a $68.6 million ten -year term loan (the “Term Loan A-3”); and • a $140.0 million seven -year term loan (the "Term Loan A-4"). As of September 30, 2019 , $185.1 million remained available under CatchMark's credit facilities, consisting of $150.1 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 for 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 timberland 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 portions 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. The eligibility remains the same under the 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. For the three months ended September 30, 2019 and 2018, CatchMark accrued $0.9 million and $1.0 million , respectively, as patronage refunds receivable on its consolidated balance sheets and as an offset against interest expense on the consolidated statements of operations. For the nine months ended September 30, 2019 and 2018, CatchMark accrued $2.9 million and $2.2 million , respectively, as patronage refunds receivable on its consolidated balance sheets and as an offset against interest expense on the consolidated statements of operations. In March 2019 and 2018, CatchMark received patronage refunds of $3.3 million and $2.7 million , respectively, on its patronage eligible borrowings. Of the total patronage refunds received in both years, 75% was received in cash and 25% was received in equity of the Patronage Banks. As of September 30, 2019 and December 31, 2018 , the following balances related to the patronage refunds program were included on CatchMark's consolidated balance sheets: (in thousands) As of Patronage refunds classified as: September 30, 2019 December 31, 2018 Accounts receivable $ 2,873 $ 3,323 Prepaid expenses and other assets (1) 2,329 1,499 Total $ 5,202 $ 4,822 (1) Represents cumulative patronage refunds received as equity in the Patronage Banks. Debt Covenants The Amended Credit Agreement contains, among others, the following financial covenants which: • limit the LTV ratio to (i) 50% at any time prior to December 31, 2021, and (ii) 45% at any time thereafter; • require maintenance of a FCCR of not less than 1.05:1.00 at any time; • 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 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. The 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 credit agreement as of September 30, 2019 . Interest Paid and Fair Value of Outstanding Debt During the three months ended September 30, 2019 and 2018 , CatchMark made interest payments of $5.0 million and $4.4 million , respectively, on its borrowings. No unused commitment fee was paid during the three months ended September 30, 2019 and $0.1 million was paid during the same period in 2018. During the nine months ended September 30, 2019 and 2018 , CatchMark made interest payment of $15.6 million and $10.0 million , respectively, on its borrowings. Included in the interest payments for the nine months ended September 30, 2019 and 2018 were unused commitment fees of $0.1 million and $0.2 million , respectively. As of September 30, 2019 and December 31, 2018 , the weighted-average interest rate on CatchMark's borrowings, after consideration of its interest rate swaps (see Note 6 — Interest Rate Swaps ), was 4.21% and 4.31% , respectively. After further consideration of expected patronage refunds, CatchMark's weighted-average interest rate as of September 30, 2019 and December 31, 2018 was 3.41% and 3.51% , respectively.

Interest Rate Swaps

Interest Rate Swaps	9 Months Ended
	Sep. 30, 2019
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. As of September 30, 2019 , 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 $ 350,000 As of September 30, 2019 , CatchMark’s interest rate swaps effectively fixed the interest rate on $350.0 million of its $458.6 million variable-rate debt at 4.26% , inclusive of the applicable spread and before consideration of expected patronage refunds. 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 September 30, 2019 and December 31, 2018 : (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification September 30, 2019 December 31, 2018 Derivatives designated as hedging instruments: Interest rate swaps Prepaid expenses and other assets $ 218 $ 3,643 Interest rate swaps Other liabilities $ (14,235 ) $ (3,635 ) As of September 30, 2019 , CatchMark estimated that approximately $2.7 million will be reclassified from accumulated other comprehensive loss to interest expense over the next 12 months. Pursuant to the terms of its interest rate swaps, CatchMark paid $0.1 million and $0.1 million during the three months ended September 30, 2019 and 2018, respectively. For the nine months ended September 30, 2019 and 2018, CatchMark paid $0.1 million and $0.3 million , respectively. All amounts were included in interest expense in the consolidated statements of operations.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
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. 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. Further, 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 management fee based on the actual acreage that 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 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, which is payable quarterly in arrears. The AFM Timberland Operating Agreement is effective through November 30, 2020 for the U.S. South region and December 31, 2020 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 holds leasehold interests in 26,300 acres of timberlands under a long-term lease that expires in May 2022 (the “LTC Lease”). The LTC Lease provides CatchMark access rights to harvest timber as specified in the LTC Lease, which is, therefore, a lease of biological assets, and is excluded from the scope of ASC 842. As of September 30, 2019, CatchMark had the following future lease payments under its LTC Lease: (in thousands) Required Payments 2019 $ 19 2020 504 2021 504 2022 449 $ 1,476 See Note 2 — Summary of Significant Accounting Policies for information on CatchMark's office lease, which is within the scope of ASC 842. 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.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Stock-based Compensation - Employees On July 12, 2019, CatchMark issued 99,385 shares of service-based restricted stock to its executive officers. Along with the 131,500 shares of service-based restricted stock granted to its non-executive employees in the first quarter of 2019, CatchMark has issued 230,885 shares of service-based restricted stock to its employees in 2019, all vesting over a four-year period. The fair value of serviced-based restricted stock grants was determined by the closing price of CatchMark's common stock on the grant date. A rollforward of CatchMark's unvested, service-based restricted stock awards to employees for the nine months ended September 30, 2019 is as follows: Number of Underlying Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2018 300,395 $ 10.60 Granted 230,885 $ 9.66 Vested (83,817 ) $ 11.37 Forfeited (5,062 ) $ 10.85 Unvested at September 30, 2019 442,401 $ 9.96 Performance-based LTIP Units Grants On July 12, 2019, CatchMark granted 184,944 units of a class of limited partnership interests (the "LTIP Units") in CatchMark Timber OP to its executive officers, which represents the maximum number of LTIP Units that could be earned based on the relative performance of CatchMark's TSR as compared to pre-established peer groups’ TSRs and to the Russell 3000 Index. The LTIP Units are 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. See Note 8 - Noncontrolling Interest in our Annual Report on Form 10-K for the year ended December 31, 2018 for further information on LTIP Units. The performance measurement period is a three-year period from January 1, 2019 to December 31, 2021. The Compensation Committee will determine the earned awards after the end of the performance period, and the earned awards will vest in two equal installments in the first quarter of 2022 and 2023. The fair value of the 2019 Performance LTIP Units awards was calculated using a Monte-Carlo simulation with the following: Grant date market price (July 12, 2019) $ 10.08 Weighted-average fair value per granted share $ 8.13 Assumptions: Volatility 22.88 % Expected term (years) 3.0 Risk-free interest rate 1.85 % Stock-based Compensation Expense A summary of CatchMark's stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018 is presented below: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, Stock-based Compensation Expense classified as: 2019 2018 2019 2018 General and administrative expenses $ 729 $ 587 $ 1,763 $ 1,861 Forestry management expenses 74 23 189 310 Total $ 803 $ 610 $ 1,952 $ 2,171 As of September 30, 2019 , approximately $5.5 million of unrecognized compensation expense related to unvested restricted stock and LTIP Units remained and will be recognized over a weighted-average period of 2.6 years.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information As of September 30, 2019 , 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 revenues by reportable segment: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Harvest $ 20,680 $ 18,061 $ 55,916 $ 57,267 Real Estate 2,264 3,818 12,578 14,904 Investment Management 3,436 2,698 9,119 2,759 Total $ 26,380 $ 24,577 $ 77,613 $ 74,930 The following table presents Adjusted EBITDA by reportable segment: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Harvest $ 9,390 $ 7,635 $ 23,935 $ 24,339 Real Estate 2,036 3,592 11,821 13,988 Investment Management 7,250 2,727 13,455 9,164 Corporate (2,154 ) (2,498 ) $ (7,440 ) $ (7,125 ) Total $ 16,522 $ 11,456 $ 41,771 $ 40,366 A reconciliation of Adjusted EBITDA to GAAP net loss is presented below: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Adjusted EBITDA $ 16,522 $ 11,456 $ 41,771 $ 40,366 Subtract: Depletion 8,235 6,224 19,533 19,884 Basis of timberland sold, lease terminations and other (1) 1,854 2,983 10,329 10,771 Amortization (2) 299 493 986 2,532 Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture (3) 3,152 39 3,547 3,885 HLBV loss from unconsolidated joint venture (4) 25,712 76,755 81,800 76,755 Stock-based compensation expense 803 610 1,952 2,171 Interest expense (2) 4,220 3,883 12,987 8,754 Gain on large dispositions (5) (7,197 ) — (7,961 ) — Other (6) 1 (632 ) 115 (597 ) Net loss $ (20,557 ) $ (78,899 ) $ (81,517 ) $ (83,789 ) (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 operating lease assets and liabilities, 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 sales of large blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. Large dispositions are typically larger transactions in acreage and gross sales price than recurring HBU sales and 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividend Declaration On October 31, 2019, CatchMark declared a cash dividend of $0.135 per share for its common stockholders of record on, November 26, 2019, payable on December 13, 2019. Interest Rate Swaps On October 21, 2019, CatchMark, through CatchMark Timber OP, terminated its ten outstanding interest rate swaps with Rabobank (see Note 6 — Interest Rate Swaps ) and entered into two new interest rate swaps with Rabobank, one with a notional amount of $200 million and the other with a notional amount of $75 million , with a total fair value at inception equal to the net fair value of the terminated interest rate swaps on the date of their termination. Both of the new interest rate swaps have an effective date of November 29, 2019. The $200 million swap has a term of ten years and will bear interest at a fixed rate of 2.2067% per annum, and the $75 million swap has a term of seven years and will bear interest at a fixed rate of 2.083% per annum. As a result of these transactions, CatchMark extended the weighted-average term of its effectively-fixed rate debt from four years to nine years and effectively reduced the amount of its fixed rate debt from 76% to 60% .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
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 the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of results for a full year. CatchMark’s consolidated financial statements 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.
Investments in Joint Ventures	Investments in 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 percentages. 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.
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.
New Lease Accounting Standard / Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 adopted ASU 2018-07 on January 1, 2019 and the adoption did not have a material effect 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 adopted ASU 2018-09 on January 1, 2019 and the adoption did not have a material effect 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. New Lease Accounting Standard In February 2016, the FASB issued ASU 2016-02, Leases ("ASC 842"). ASC 842 establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on its balance sheet for all leases, subject to certain scope exceptions. Leases are required to be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. CatchMark adopted ASC 842 effective January 1, 2019 using the modified retrospective approach with the cumulative effect of the application recognized at the effective date. CatchMark elected the package of practical expedients, including the option to account for each separate lease component of a contract and its associated non-lease component as a single lease component, thus causing all fixed payments to be capitalized; and the practical expedient, which among other things, allows CatchMark to carry forward historical lease classification. Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates or usage, are not included in the operating lease ROU asset or liability. These are expensed as incurred and recorded as variable lease expense. Management identified and evaluated all of its in-place leases, subleases, and contracts with a lease component, and determined that its office lease is the only lease within the scope of ASC 842. CatchMark elected the practical expedient to not apply the recognition requirements of ASC 842 to its short-term leases. CatchMark determined its long-term timber lease to be a lease of biological assets, a scope exception to ASC 842. Long-term timber lease expense is reported as land rent expense on CatchMark's consolidated statements of operations. See Note 7 — Commitments and Contingencies, Obligations under Operating Leases for additional information on the long-term timber lease. Additionally, CatchMark determined that its hunting and recreational leases do not qualify as leases under ASC 842. See Note 2 — Summary of Significant Accounting Policies and Note 11 — Recreational Leases to CatchMark’s audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2018 for additional information on its hunting and recreational leases.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Operating Lease Future Annual Payments, Before Adopting 842	CatchMark had the following future annual payments for its operating lease as of September 30, 2019 and December 31, 2018: As of ( in thousands ) September 30, 2019 December 31, 2018 Required payments 2019 $ 97 $ 312 2020 397 397 2021 412 412 2022 424 424 2023 435 435 2024 447 447 Thereafter 1,873 1,873 $ 4,085 $ 4,300 Less: imputed interest (783 ) Operating lease liability $ 3,302 Remaining lease term (years) 9.2 Discount rate 4.58 % As of September 30, 2019, CatchMark had the following future lease payments under its LTC Lease: (in thousands) Required Payments 2019 $ 19 2020 504 2021 504 2022 449 $ 1,476
Summary of Operating Lease Future Annual Payments, After Adopting 842	CatchMark had the following future annual payments for its operating lease as of September 30, 2019 and December 31, 2018: As of ( in thousands ) September 30, 2019 December 31, 2018 Required payments 2019 $ 97 $ 312 2020 397 397 2021 412 412 2022 424 424 2023 435 435 2024 447 447 Thereafter 1,873 1,873 $ 4,085 $ 4,300 Less: imputed interest (783 ) Operating lease liability $ 3,302 Remaining lease term (years) 9.2 Discount rate 4.58 %

Timber Assets (Tables)

Timber Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Schedule of Timber and Timberlands	As of September 30, 2019 and December 31, 2018 , timber and timberlands consisted of the following, respectively: As of September 30, 2019 (in thousands) Gross Accumulated Depletion or Amortization Net Timber $ 312,747 $ 19,533 $ 293,214 Timberlands 350,123 — 350,123 Mainline roads 1,041 715 326 Timber and timberlands $ 663,911 $ 20,248 $ 643,663 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 Land acreage by state is listed below: Acres by state as of September 30, 2019 (1) Fee Lease Total South Alabama 70,000 1,800 71,800 Florida 2,000 — 2,000 Georgia 248,000 24,500 272,500 North Carolina 100 — 100 South Carolina 74,000 — 74,000 Tennessee 300 — 300 394,400 26,300 420,700 Pacific Northwest Oregon 18,100 — 18,100 Total 412,500 26,300 438,800 (1) Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.
Schedule of Land Sale Acreage By State	Timberland sales and large dispositions acreage by state is listed below: Nine Months Ended September 30, Acres Sold In: 2019 2018 Alabama 2,900 800 Georgia 13,300 2,200 Louisiana — 200 North Carolina 500 1,000 South Carolina 3,700 2,900 Texas — 100 Total 20,400 7,200

Unconsolidated Joint Ventures (

Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Schedules of Financial Information, Equity Method Investment	Condensed balance sheet information for the Triple T Joint Venture is as follows: As of (in thousands) September 30, 2019 December 31, 2018 Triple T Joint Venture: Total assets $ 1,586,687 $ 1,607,413 Total liabilities $ 757,110 $ 754,610 Total equity $ 829,577 $ 852,803 CatchMark: Carrying value of investment $ 8,650 $ 90,450 Condensed income statement information for the Triple T Joint Venture is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Triple T Joint Venture: Total revenues $ 41,509 $ 28,255 $ 121,450 $ 28,255 Operating income (loss) $ 2,490 $ (3,329 ) $ 10,437 $ (3,329 ) Net loss $ (4,613 ) $ (9,407 ) $ (10,480 ) $ (9,407 ) CatchMark: Equity share of net loss $ (25,712 ) $ (76,755 ) $ (81,800 ) $ (76,755 ) Condensed statement of cash flow information for the Triple T Joint Venture is as follows: Nine Months Ended September 30, (in thousands) 2019 2018 Triple T Joint Venture: Net cash provided by (used in) operating activities $ 9,040 $ (1,753 ) Net cash used in investing activities $ (3,263 ) $ (1,410,066 ) Net cash provided by financing activities $ 87 $ 1,461,452 Net change in cash and cash equivalents $ 5,864 $ 49,633 Cash and cash equivalents, beginning of period $ 39,300 $ — Cash and cash equivalents, end of period $ 45,164 $ 49,633 CatchMark's equity share of the Triple T Joint Venture's net loss determined using the HLBV method as of September 30, 2019 is calculated as follows: (in thousands) Triple T Joint Venture: Total equity as of September 30, 2019 $ 829,577 Preferred Investors: Equity in Triple T Joint Venture as of January 1, 2019 $ 762,353 Minimum preferred return as of September 30, 2019 $ 58,445 Class A preferred equity as of September 30, 2019 $ 129 HLBV distribution as of September 30, 2019 $ 820,927 CatchMark: Equity in Triple T Joint Venture as of September 30, 2019 $ 8,650 Equity in Triple T Joint Venture, as of January 1, 2019 $ 90,450 Equity share of Triple T Joint Venture's net loss $ (81,800 ) Condensed balance sheet information for the Dawsonville Bluffs Joint Venture is as follows: As of (in thousands) September 30, 2019 December 31, 2018 Dawsonville Bluffs Joint Venture: Total assets $ 4,148 $ 12,164 Total liabilities $ 597 $ 575 Total equity $ 3,551 $ 11,589 CatchMark: Carrying value of investment $ 1,776 $ 5,795 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Dawsonville Bluffs Joint Venture: Total revenues $ 8,648 $ 198 $ 10,068 $ 13,813 Net income (loss) $ 1,323 $ (19 ) $ 1,578 $ 5,040 CatchMark: Equity share of net income (loss) $ 661 $ (10 ) $ 789 $ 2,520 Condensed statement of cash flow information for the Dawsonville Joint Venture is as follows: Nine Months Ended September 30, (in thousands) 2019 2018 Dawsonville Joint Venture: Net cash provided by operating activities $ 8,873 $ 12,673 Net cash provided by investing activities $ — $ — Net cash used in financing activities $ (9,616 ) $ (17,031 ) Net change in cash and cash equivalents $ (743 ) $ (4,358 ) Cash and cash equivalents, beginning of period $ 1,731 $ 5,375 Cash and cash equivalents, end of period $ 988 $ 1,017 As of September 30, 2019 , 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 September 30, 2019 Dawsonville Bluffs Joint Venture Triple T Joint Venture Ownership percentage 50.0% 21.6% (1) Acreage owned by the joint venture 65 1,094,000 Merchantable timber inventory (tons) 2,500 40.3 million (2) Location Georgia Texas (1) Represents our share of total partner capital contributions. (2) Merchantable timber inventory does not include current year growth. During the three and nine months ended September 30, 2019 and 2018, CatchMark earned the following fees from these unconsolidated joint ventures: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Triple T Joint Venture (1) $ 2,821 $ 2,675 $ 8,464 $ 2,675 Dawsonville Bluffs Joint Venture (2) 615 23 655 84 $ 3,436 $ 2,698 $ 9,119 $ 2,759 (1) Includes $0.1 million and $0.4 million of reimbursements of compensation costs for the three and nine months ended September 30, 2019, respectively. Includes $0.1 million and $0.1 million of reimbursements of compensation costs for the three and nine months ended September 30, 2018, respectively. (2) The three and nine months ended September 30, 2019 includes $0.6 million of incentive-based promote earned for exceeding investment hurdles.

Notes Payable and Lines of Cr_2

Notes Payable and Lines of Credit (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	As of September 30, 2019 and December 31, 2018 , CatchMark had the following debt balances outstanding: (in thousands) Maturity Date Current Interest Rate (1) Outstanding Balance as of Credit Facility Interest Rate September 30, 2019 December 31, 2018 Term Loan A-1 12/23/2024 LIBOR + 1.75% 3.80 % $ 100,000 $ 100,000 Term Loan A-2 12/1/2026 LIBOR + 1.90% 3.94 % 100,000 100,000 Term Loan A-3 12/1/2027 LIBOR + 2.00% 4.04 % 68,619 68,619 Term Loan A-4 8/22/2025 LIBOR + 1.70% 3.76 % 140,000 140,000 Multi-Draw Term Facility 12/1/2024 LIBOR + 2.20% 4.25 % 49,936 70,000 Total principal balance $ 458,555 $ 478,619 Less: net unamortized deferred financing costs (5,787 ) $ (6,379 ) Total $ 452,768 $ 472,240 (1) For the Multi-Draw Term Facility, the interest rate represents weighted-average interest rate as of September 30, 2019 . The weighted-average interest rate excludes the impact of the interest rate swaps (see Note 6 — Interest Rate Swaps ), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds.
Schedule of Patronage Refund Classification	As of September 30, 2019 and December 31, 2018 , the following balances related to the patronage refunds program were included on CatchMark's consolidated balance sheets: (in thousands) As of Patronage refunds classified as: September 30, 2019 December 31, 2018 Accounts receivable $ 2,873 $ 3,323 Prepaid expenses and other assets (1) 2,329 1,499 Total $ 5,202 $ 4,822 (1) Represents cumulative patronage refunds received as equity in the Patronage Banks.

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swaps	The following table presents information about CatchMark's interest rate swaps measured at fair value as of September 30, 2019 and December 31, 2018 : (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification September 30, 2019 December 31, 2018 Derivatives designated as hedging instruments: Interest rate swaps Prepaid expenses and other assets $ 218 $ 3,643 Interest rate swaps Other liabilities $ (14,235 ) $ (3,635 ) As of September 30, 2019 , 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 $ 350,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Summary of Operating Lease Future Annual Payments	CatchMark had the following future annual payments for its operating lease as of September 30, 2019 and December 31, 2018: As of ( in thousands ) September 30, 2019 December 31, 2018 Required payments 2019 $ 97 $ 312 2020 397 397 2021 412 412 2022 424 424 2023 435 435 2024 447 447 Thereafter 1,873 1,873 $ 4,085 $ 4,300 Less: imputed interest (783 ) Operating lease liability $ 3,302 Remaining lease term (years) 9.2 Discount rate 4.58 % As of September 30, 2019, CatchMark had the following future lease payments under its LTC Lease: (in thousands) Required Payments 2019 $ 19 2020 504 2021 504 2022 449 $ 1,476

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Unvested Restricted Stock Awards Activity	A rollforward of CatchMark's unvested, service-based restricted stock awards to employees for the nine months ended September 30, 2019 is as follows: Number of Underlying Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2018 300,395 $ 10.60 Granted 230,885 $ 9.66 Vested (83,817 ) $ 11.37 Forfeited (5,062 ) $ 10.85 Unvested at September 30, 2019 442,401 $ 9.96
Schedule of Valuation Assumptions	The fair value of the 2019 Performance LTIP Units awards was calculated using a Monte-Carlo simulation with the following: Grant date market price (July 12, 2019) $ 10.08 Weighted-average fair value per granted share $ 8.13 Assumptions: Volatility 22.88 % Expected term (years) 3.0 Risk-free interest rate 1.85 %
Schedule of Stock-Based Compensation Expense	A summary of CatchMark's stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018 is presented below: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, Stock-based Compensation Expense classified as: 2019 2018 2019 2018 General and administrative expenses $ 729 $ 587 $ 1,763 $ 1,861 Forestry management expenses 74 23 189 310 Total $ 803 $ 610 $ 1,952 $ 2,171

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table presents revenues by reportable segment: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Harvest $ 20,680 $ 18,061 $ 55,916 $ 57,267 Real Estate 2,264 3,818 12,578 14,904 Investment Management 3,436 2,698 9,119 2,759 Total $ 26,380 $ 24,577 $ 77,613 $ 74,930 The following table presents Adjusted EBITDA by reportable segment: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Harvest $ 9,390 $ 7,635 $ 23,935 $ 24,339 Real Estate 2,036 3,592 11,821 13,988 Investment Management 7,250 2,727 13,455 9,164 Corporate (2,154 ) (2,498 ) $ (7,440 ) $ (7,125 ) Total $ 16,522 $ 11,456 $ 41,771 $ 40,366 A reconciliation of Adjusted EBITDA to GAAP net loss is presented below: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Adjusted EBITDA $ 16,522 $ 11,456 $ 41,771 $ 40,366 Subtract: Depletion 8,235 6,224 19,533 19,884 Basis of timberland sold, lease terminations and other (1) 1,854 2,983 10,329 10,771 Amortization (2) 299 493 986 2,532 Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture (3) 3,152 39 3,547 3,885 HLBV loss from unconsolidated joint venture (4) 25,712 76,755 81,800 76,755 Stock-based compensation expense 803 610 1,952 2,171 Interest expense (2) 4,220 3,883 12,987 8,754 Gain on large dispositions (5) (7,197 ) — (7,961 ) — Other (6) 1 (632 ) 115 (597 ) Net loss $ (20,557 ) $ (78,899 ) $ (81,517 ) $ (83,789 ) (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 operating lease assets and liabilities, 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 sales of large blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. Large dispositions are typically larger transactions in acreage and gross sales price than recurring HBU sales and 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)	9 Months Ended
	Sep. 30, 2019
General Partner
Class of Stock [Line Items]
Percentage of interest owned of its common partnership units	99.99%
Limited Partner
Class of Stock [Line Items]
Percentage of interest owned of its common partnership units	0.01%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)segment	Jan. 01, 2019USD ($)
Accounting Policies [Abstract]
Number of reportable segments | segment		3
Operating lease right-of-use asset	$ 3,191	$ 3,191	$ 3,400
Amortization expense	11	111
Cash paid for office leases	$ 98	$ 215

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Operating Lease Future Annual Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Leases, After Adoption 842
2019	$ 97
2020	397
2021	412
2022	424
2023	435
2024	447
Thereafter	1,873
Total Required Payments	4,085
Less: imputed interest	(783)
Operating lease liability	$ 3,302	$ 3,400
Operating Leases, Before Adoption 842
2019			$ 312
2020			397
2021			412
2022			424
2023			435
2024			447
Thereafter			1,873
Total Required Payments			$ 4,300
Remaining lease term (years)	9 years 2 months 12 days
Discount rate	4.58%

Timber Assets - Schedule of Tim

Timber Assets - Schedule of Timber and Timberlands (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Gross	$ 663,911	$ 714,414
Accumulated Depletion or Amortization	20,248	26,563
Net	643,663	687,851
Timber
Property, Plant and Equipment [Line Items]
Gross	312,747	345,972
Accumulated Depletion or Amortization	19,533	25,912
Net	293,214	320,060
Timberlands
Property, Plant and Equipment [Line Items]
Gross	350,123	367,488
Accumulated Depletion or Amortization	0	0
Net	350,123	367,488
Mainline roads
Property, Plant and Equipment [Line Items]
Gross	1,041	954
Accumulated Depletion or Amortization	715	651
Net	$ 326	$ 303

Timber Assets - Narrative (Deta

Timber Assets - Narrative (Details) $ in Thousands		Jul. 26, 2019USD ($)a	Sep. 30, 2019USD ($)a	Sep. 30, 2018USD ($)a	Sep. 30, 2019USD ($)a	Sep. 30, 2018USD ($)a	Aug. 31, 2019USD ($)a
Property, Plant and Equipment [Line Items]
Payments to acquire timberlands					$ 0	$ 91,424
Revenues, timberland sold			$ 26,380	$ 24,577	77,613	74,930
Total net proceeds					25,151	0
Timberland sales
Property, Plant and Equipment [Line Items]
Revenues, timberland sold			$ 2,264	$ 3,818	$ 12,578	$ 14,904
Timber
Property, Plant and Equipment [Line Items]
Area of land acquired | a							18,100
Payments to acquire timberlands							$ 89,700
Acres of timberland sold, excluding large disposition | a			1,100	1,900	6,000	7,200
Cost basis of timberland sold		$ 12,600	$ 1,800	$ 3,000	$ 9,800	$ 10,700
Acres of timberland sold, large disposition | a		10,800
Total net proceeds		$ 19,800
Area of land, owned interests | a	[1]		438,800		438,800
Area of land, held in fee simple interests | a	[1]		412,500		412,500
Area of land, held in leasehold interests | a	[1]		26,300		26,300
Timber | Multi-Draw Term Facility
Property, Plant and Equipment [Line Items]
Net proceeds used from large disposition to pay down outstanding debt		14,800
Timber | Timberland sales
Property, Plant and Equipment [Line Items]
Revenues, timberland sold		$ 19,900	$ 2,300	$ 3,800	$ 12,600	$ 14,900
[1]	Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Timber Assets - Timberland Disp

Timber Assets - Timberland Disposition (Details) - Timber - a	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Property, Plant and Equipment [Line Items]
Total	20,400	7,200
Alabama
Property, Plant and Equipment [Line Items]
Total	2,900	800
Georgia
Property, Plant and Equipment [Line Items]
Total	13,300	2,200
Louisiana
Property, Plant and Equipment [Line Items]
Total	0	200
North Carolina
Property, Plant and Equipment [Line Items]
Total	500	1,000
South Carolina
Property, Plant and Equipment [Line Items]
Total	3,700	2,900
Texas
Property, Plant and Equipment [Line Items]
Total	0	100

Timber Assets - Schedule of T_2

Timber Assets - Schedule of Timberland Portfolio (Details) - Timber	Sep. 30, 2019a	[1]
Property, Plant and Equipment [Line Items]
Fee	412,500
Lease	26,300
Total	438,800
South
Property, Plant and Equipment [Line Items]
Fee	394,400
Lease	26,300
Total	420,700
South | Alabama
Property, Plant and Equipment [Line Items]
Fee	70,000
Lease	1,800
Total	71,800
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	248,000
Lease	24,500
Total	272,500
South | North Carolina
Property, Plant and Equipment [Line Items]
Fee	100
Lease	0
Total	100
South | South Carolina
Property, Plant and Equipment [Line Items]
Fee	74,000
Lease	0
Total	74,000
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) $ in Thousands		Aug. 01, 2019USD ($)	Sep. 30, 2019USD ($)ajoint_venture		Sep. 30, 2019USD ($)ajoint_venture		Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)a	Aug. 31, 2019USD ($)	Jul. 31, 2018USD ($)members	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Number of joint ventures with unrelated parties | joint_venture			2		2
Payments to acquire timberland					$ 0		$ 91,424
Timber
Schedule of Equity Method Investments [Line Items]
Acres of land | a	[1]		438,800		438,800
Payments to acquire timberland									$ 89,700
Dawsonville Bluffs Joint Venture | Timber
Schedule of Equity Method Investments [Line Items]
Acres of timberland sold, excluding large disposition | a			4,400
Proceeds from sale of timberlands			$ 8,700
Triple T Timberlands
Schedule of Equity Method Investments [Line Items]
Acres of land | a								1,100,000
Payments to acquire timberland								$ 1,390,000
Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity method investment, value of equity interest										$ 200,000
Ownership percentage			21.60%	[2]	21.60%	[2]				21.60%
Number of common board members | members										3
Acres of timberland remaining in portfolio | a			1,094,000		1,094,000
Asset management fee, percentage			1.00%		1.00%
Triple T Joint Venture | Preferred Investors
Schedule of Equity Method Investments [Line Items]
Ownership percentage			78.40%		78.40%
Minimum cumulative return on equity contribution, percentage										10.25%
Dawsonville Bluffs Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50.00%		50.00%						50.00%
Mitigation bank credits, book basis			$ 2,900		$ 2,900
Acres of timberland remaining in portfolio | a			65		65
Dawsonville Bluffs Joint Venture | Timber
Schedule of Equity Method Investments [Line Items]
Cash distribution received as a result of this disposition		$ 3,800			$ 4,800		$ 8,500
[1]	Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.
[2]	Represents our share of total partner capital contributions.

Unconsolidated Joint Ventures_2

Unconsolidated Joint Ventures - Schedule of Equity Method Investments (Details)		9 Months Ended
		Sep. 30, 2019aT		Jul. 31, 2018	Dec. 31, 2017
Dawsonville Bluffs Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage		50.00%			50.00%
Acreage owned by the joint venture | a		65
Merchantable timber inventory (tons) | T		2,500
Location		Georgia
Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage		21.60%	[1]	21.60%
Acreage owned by the joint venture | a		1,094,000
Merchantable timber inventory (tons) | T	[2]	40,300,000
Location		Texas
[1]	Represents our share of total partner capital contributions.
[2]	Merchantable timber inventory does not include current year growth.

Unconsolidated Joint Ventures_3

Unconsolidated Joint Ventures - Schedule of Condensed Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
CatchMark:
Carrying value of investment	$ 10,425		$ 96,244
Triple T Joint Venture
Joint Venture:
Total assets	1,586,687		1,607,413
Total liabilities	757,110		754,610
Total equity	829,577		852,803
CatchMark:
Carrying value of investment	8,650	$ 90,450	90,450
Dawsonville Bluffs Joint Venture
Joint Venture:
Total assets	4,148		12,164
Total liabilities	597		575
Total equity	3,551		11,589
CatchMark:
Carrying value of investment	$ 1,776		$ 5,795

Unconsolidated Joint Ventures_4

Unconsolidated Joint Ventures - Schedule of Condensed Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		15 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019
CatchMark:
Equity share of net income (loss)	$ (25,051)	$ (76,765)	$ (81,011)	$ (74,235)
Triple T Joint Venture
Joint Venture:
Total revenues	41,509	28,255	121,450	28,255
Operating income (loss)	2,490	(3,329)	10,437	(3,329)
Net income (loss)	(4,613)	(9,407)	(10,480)	(9,407)
CatchMark:
Equity share of net income (loss)	(25,712)	(76,755)	(81,800)	(76,755)	$ (81,800)
Dawsonville Bluffs Joint Venture
Joint Venture:
Total revenues	8,648	198	10,068	13,813
Net income (loss)	1,323	(19)	1,578	5,040
CatchMark:
Equity share of net income (loss)	$ 661	$ (10)	$ 789	$ 2,520

Unconsolidated Joint Ventures_5

Unconsolidated Joint Ventures - Schedule of Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Schedule of Equity Method Investments [Line Items]
Net cash provided by (used in) operating activities	$ 28,513	$ 29,271
Net cash used in investing activities	26,139	(289,387)
Net cash provided by financing activities	(43,192)	267,634
Net change in cash and cash equivalents	11,460	7,518
Cash and cash equivalents, beginning of period	5,614	7,805
Cash and cash equivalents, end of period	17,074	15,323
Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Net cash provided by (used in) operating activities	9,040	(1,753)
Net cash used in investing activities	(3,263)	(1,410,066)
Net cash provided by financing activities	87	1,461,452
Net change in cash and cash equivalents	5,864	49,633
Cash and cash equivalents, beginning of period	39,300	0
Cash and cash equivalents, end of period	45,164	49,633
Dawsonville Bluffs Joint Venture
Schedule of Equity Method Investments [Line Items]
Net cash provided by (used in) operating activities	8,873	12,673
Net cash used in investing activities	0	0
Net cash provided by financing activities	(9,616)	(17,031)
Net change in cash and cash equivalents	(743)	(4,358)
Cash and cash equivalents, beginning of period	1,731	5,375
Cash and cash equivalents, end of period	$ 988	$ 1,017

Unconsolidated Joint Ventures_6

Unconsolidated Joint Ventures - Schedule of Equity Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		15 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Preferred Investors:
Equity in Triple T Joint Venture	$ 10,425		$ 10,425		$ 10,425		$ 96,244
CatchMark:
Equity share of Triple T Joint Venture's net loss	(25,051)	$ (76,765)	(81,011)	$ (74,235)
Triple T Joint Venture
Triple T Joint Venture:
Total equity as of September 30, 2019	829,577		829,577		829,577
Preferred Investors:
Equity in Triple T Joint Venture	8,650		8,650		8,650	$ 90,450	$ 90,450
CatchMark:
Equity share of Triple T Joint Venture's net loss	(25,712)	$ (76,755)	(81,800)	$ (76,755)	(81,800)
Triple T Joint Venture | Preferred Investors
Preferred Investors:
Equity in Triple T Joint Venture						$ 762,353
Minimum preferred return as of September 30, 2019	58,445		58,445		58,445
HLBV distribution as of September 30, 2019	820,927		820,927		820,927
Triple T Joint Venture | Class A Preferred
Preferred Investors:
Equity in Triple T Joint Venture	$ 129		$ 129		$ 129

Unconsolidated Joint Ventures_7

Unconsolidated Joint Ventures - Schedule of Fees Earned (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2019		Sep. 30, 2018	Sep. 30, 2019		Sep. 30, 2018
Schedule of Equity Method Investments [Line Items]
Fees earned		$ 26,380		$ 24,577	$ 77,613		$ 74,930
Management services
Schedule of Equity Method Investments [Line Items]
Fees earned		3,436		2,698	9,119		2,759
Management services | Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Fees earned	[1]	2,821		2,675	8,464		2,675
Reimbursed compensation costs, included in fees earned		100		100	400		100
Management services | Dawsonville Bluffs Joint Venture
Schedule of Equity Method Investments [Line Items]
Fees earned		615	[2]	$ 23	655	[2]	$ 84
Incentive-based promotion earned, included in fees earned	[2]	$ 600			$ 600
[1]	Includes $0.1 million and $0.4 million of reimbursements of compensation costs for the three and nine months ended September 30, 2019, respectively. Includes $0.1 million and $0.1 million of reimbursements of compensation costs for the three and nine months ended September 30, 2018, respectively.
[2]	The three and nine months ended September 30, 2019 includes $0.6 million of incentive-based promote earned for exceeding investment hurdles.

Notes Payable and Lines of Cr_3

Notes Payable and Lines of Credit - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Debt Instrument [Line Items]
Repayments of notes payable		$ 20,064	$ 69,000
Multi-Draw Term Facility | Amended Credit Agreement
Debt Instrument [Line Items]
Repayments of notes payable	$ 20,100

Notes Payable and Lines of Cr_4

Notes Payable and Lines of Credit - Schedule of Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total principal balance		$ 458,555	$ 478,619
Less: net unamortized deferred financing costs		(5,787)	(6,379)
Total		$ 452,768	472,240
Amended Credit Agreement | Multi-Draw Term Facility
Debt Instrument [Line Items]
Maturity Date		Dec. 1, 2024
Current Interest Rate	[1]	4.25%
Total principal balance		$ 49,936	70,000
Basis spread on variable rate		2.20%
Amended Credit Agreement | Multi-Draw Term Facility | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
Amended Credit Agreement | Term Loan A-1
Debt Instrument [Line Items]
Maturity Date		Dec. 23, 2024
Current Interest Rate	[1]	3.80%
Total principal balance		$ 100,000	100,000
Basis spread on variable rate		1.75%
Amended Credit Agreement | Term Loan A-1 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
Amended Credit Agreement | Term Loan A-2
Debt Instrument [Line Items]
Maturity Date		Dec. 1, 2026
Current Interest Rate	[1]	3.94%
Total principal balance		$ 100,000	100,000
Basis spread on variable rate		1.90%
Amended Credit Agreement | Term Loan A-2 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
Amended Credit Agreement | Term Loan A-3
Debt Instrument [Line Items]
Maturity Date		Dec. 1, 2027
Current Interest Rate	[1]	4.04%
Total principal balance		$ 68,619	68,619
Basis spread on variable rate		2.00%
Amended Credit Agreement | Term Loan A-3 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
Amended Credit Agreement | Term Loan A-4
Debt Instrument [Line Items]
Maturity Date		Aug. 22, 2025
Current Interest Rate	[1]	3.76%
Total principal balance		$ 140,000	$ 140,000
Basis spread on variable rate		1.70%
Amended Credit Agreement | Term Loan A-4 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
[1]	For the Multi-Draw Term Facility, the interest rate represents weighted-average interest rate as of September 30, 2019. The weighted-average interest rate excludes the impact of the interest rate swaps (see Note 6 — Interest Rate Swaps), amortization of deferred financing costs, unused commitment fees, and estimated patronage refunds.

Notes Payable and Lines of Cr_5

Notes Payable and Lines of Credit - Credit Agreement Amendment - Narrative (Details) - Amended Credit Agreement - USD ($)	Aug. 22, 2018	Sep. 30, 2019
Debt Instrument [Line Items]
Remaining borrowing capacity		$ 185,100,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 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
Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Description of variable rate basis		base rate
Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.20%
Multi-Draw Term Facility
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 200,000,000
Debt term	7 years
Remaining borrowing capacity		$ 150,100,000
Basis spread on variable rate		2.20%
Multi-Draw Term Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage on unused portion		0.15%
Multi-Draw Term Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage on unused portion		0.35%
Multi-Draw Term Facility | Base Rate
Debt Instrument [Line Items]
Description of variable rate basis		base rate
Multi-Draw Term Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Multi-Draw Term Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
Multi-Draw Term Facility | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
Multi-Draw Term Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Multi-Draw Term Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.20%
Term Loan A-1
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 100,000,000
Debt term	10 years
Basis spread on variable rate		1.75%
Term Loan A-1 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
Term Loan A-2
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 100,000,000
Debt term	9 years
Basis spread on variable rate		1.90%
Term Loan A-2 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
Term Loan A-3
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 68,600,000
Debt term	10 years
Basis spread on variable rate		2.00%
Term Loan A-3 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
Term Loan A-4
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 140,000,000
Debt term	7 years
Basis spread on variable rate		1.70%
Term Loan A-4 | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR

Notes Payable and Lines of Cr_6

Notes Payable and Lines of Credit - Patronage Refunds - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Debt Disclosure [Abstract]
Patronage refund accrual	$ 900		$ 1,000		$ 2,900	$ 2,200
Patronage refund receivable	$ 5,202	$ 3,300		$ 2,700	$ 5,202		$ 4,822
Patronage refund percentage, cash		75.00%		75.00%
Patronage refund percentage, equity in Patronage Banks		25.00%		25.00%

Notes Payable and Lines of Cr_7

Notes Payable and Lines of Credit - Patronage Refunds - Schedule of Patronage Refund Classification (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Debt Instrument [Line Items]
Total		$ 5,202	$ 3,300	$ 4,822	$ 2,700
Accounts receivable
Debt Instrument [Line Items]
Total		2,873		3,323
Prepaid expenses and other assets
Debt Instrument [Line Items]
Total	[1]	$ 2,329		$ 1,499
[1]	Represents cumulative patronage refunds received as equity in the Patronage Banks.

Notes Payable and Lines of Cr_8

Notes Payable and Lines of Credit - Debt Covenants - Narrative (Details) - Amended Credit Agreement	9 Months Ended
	Sep. 30, 2019USD ($)
Debt Instrument [Line Items]
Covenant terms, fixed charge coverage ratio (not less than)	1.05
Covenant terms, loan to value (LTV) ratio (percent)	45.00%
Capital expenditure percentage of timberlands	1.00%
Maximum
Debt Instrument [Line Items]
Covenant terms, loan to value (LTV) ratio (percent)	50.00%
Minimum
Debt Instrument [Line Items]
Covenant terms, minimum liquidity balance required (no less than)	$ 25,000,000

Notes Payable and Lines of Cr_9

Notes Payable and Lines of Credit - Interest Paid and Fair Value of Outstanding Debt - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Interest payments	$ 5,000,000	$ 4,400,000	$ 15,600,000	$ 10,000,000
Unused commitment fees, paid	$ 0	$ 100,000	$ 100,000	$ 200,000
Secured Debt
Debt Instrument [Line Items]
Weighted-average interest rate	4.21%		4.21%		4.31%
Weighted-average interest rate, after patronage refunds	3.41%		3.41%		3.51%

Interest Rate Swaps - Narrative

Interest Rate Swaps - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)derivative	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)derivative	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Derivative [Line Items]
Variable rate debt	$ 458,555,000		$ 458,555,000		$ 478,619,000
Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 350,000,000		$ 350,000,000
Derivative, fixed interest rate	4.26%		4.26%
Amount to be reclassified from accumulated other comprehensive loss to interest expense net 12 months	$ 2,700,000		$ 2,700,000
Payments for interest rate swaps	$ 100,000	$ 100,000	$ 100,000	$ 300,000
Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Number of interest rate derivatives outstanding | derivative	10		10

Interest Rate Swaps - Schedule

Interest Rate Swaps - Schedule of Interest Rate Swaps Outstanding (Details) - Designated as Hedging Instrument	Sep. 30, 2019USD ($)
Derivative [Line Items]
Pay Rate	4.26%
Notional Amount	$ 350,000,000
2017 Swap - 3YR | LIBOR
Derivative [Line Items]
Pay Rate	1.80%
Notional Amount	$ 30,000,000
2018 Swap - 2YR | LIBOR
Derivative [Line Items]
Pay Rate	2.796%
Notional Amount	$ 50,000,000
2018 Swap - 3YR | LIBOR
Derivative [Line Items]
Pay Rate	2.869%
Notional Amount	$ 50,000,000
2017 Swap - 4YR | LIBOR
Derivative [Line Items]
Pay Rate	2.045%
Notional Amount	$ 20,000,000
2018 Swap - 4YR | LIBOR
Derivative [Line Items]
Pay Rate	2.703%
Notional Amount	$ 30,000,000
2017 Swap - 7YR | LIBOR
Derivative [Line Items]
Pay Rate	2.33%
Notional Amount	$ 20,000,000
2014 Swap - 10YR | LIBOR
Derivative [Line Items]
Pay Rate	2.395%
Notional Amount	$ 35,000,000
2016 Swap - 8YR | LIBOR
Derivative [Line Items]
Pay Rate	1.28%
Notional Amount	$ 45,000,000
2018 Swap - 8YR | LIBOR
Derivative [Line Items]
Pay Rate	2.884%
Notional Amount	$ 20,000,000
2018 Swap - 9YR | LIBOR
Derivative [Line Items]
Pay Rate	3.014%
Notional Amount	$ 50,000,000

Interest Rate Swaps - Schedul_2

Interest Rate Swaps - Schedule of Interest Rate Swaps Measured at Fair Value (Details) - Interest rate swaps - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Prepaid expenses and other assets
Derivatives designated as hedging instruments:
Derivative assets, fair value	$ 218	$ 3,643
Other liabilities
Derivatives designated as hedging instruments:
Derivative liabilities, fair value	$ (14,235)	$ (3,635)

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	9 Months Ended
	Sep. 30, 2019USD ($)astate
Commitments and Contingencies [Line Items]
Negotiation period of timber price	2 years
Number of southern 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
Commitments and Contingencies [Line Items]
Area of land, held in leasehold interests | a	26,300	[1]
Forest Resource Consultants, Inc.
Commitments and Contingencies [Line Items]
Operating agreement, notice of termination option	120 days
American Forestry Management, Inc.
Commitments and Contingencies [Line Items]
Operating agreement, notice of termination option	120 days
WestRock Corporation
Commitments and Contingencies [Line Items]
Material breach failure to cure termination right, period	60 days
Forest Resource Consultants, Inc.
Commitments and Contingencies [Line Items]
Operating agreement, term of extension option	1 year
Days notice required before automatic renewal	120 days
Operating agreement, notice of termination option	120 days
American Forestry Management, Inc.
Commitments and Contingencies [Line Items]
Operating agreement, term of extension option	1 year
Days notice required before automatic renewal	120 days
Operating agreement, notice of termination option	120 days
[1]	Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Commitments and Contingencies_2

Commitments and Contingencies - Operating Lease Future Annual Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
2020		$ 397
2021		412
2022		424
Total Required Payments		$ 4,300
Timber
Lessee, Lease, Description [Line Items]
2019	$ 19
2020	504
2021	504
2022	449
Total Required Payments	$ 1,476

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-based Compensation - Employees - Narrative (Details) - shares	Jul. 12, 2019	Mar. 31, 2019	Sep. 30, 2019
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued in period (in shares)		131,500	230,885
Award vesting period			4 years
Shares granted (in shares)			230,885
Restricted Stock | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued in period (in shares)	99,385
LTIP Units | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Shares granted (in shares)	184,944
Performance measurement period	3 years

Stock-based Compensation - Roll

Stock-based Compensation - Rollforward of Service-based Restricted Stock to Employees (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Number of Underlying Shares
Unvested, beginning of period (in shares) | shares	300,395
Granted (in shares) | shares	230,885
Vested (in shares) | shares	(83,817)
Forfeited (in shares) | shares	(5,062)
Unvested, end of period (in shares) | shares	442,401
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 10.60
Granted (in dollars per share) | $ / shares	9.66
Vested (in dollars per share) | $ / shares	11.37
Forfeited (in dollars per share) | $ / shares	10.85
Unvested, end of period (in dollars per share) | $ / shares	$ 9.96

Stock-based Compensation Stock-

Stock-based Compensation Stock-based Compensation - Fair Value Assumptions (Details) - Executive Officer - Performance-Based LTIP Unit	Jul. 12, 2019$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date market price (July 12, 2019) (in dollars per share)	$ 10.08
Weighted-average fair value per granted share (in shares)	$ 8.13
Assumptions:
Volatility	22.88%
Expected term (years)	3 years
Risk-free interest rate	1.85%

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 803	$ 610	$ 1,952	$ 2,171
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	729	587	1,763	1,861
Forestry management expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 74	$ 23	$ 189	$ 310

Stock-based Compensation - St_2

Stock-based Compensation - Stock-based Compensation Expense - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Share-based Payment Arrangement [Abstract]
Nonvested awards, unrecognized compensation expense	$ 5.5
Nonvested awards, unrecognized compensation expense, period for recognition	2 years 7 months 1 day

Segment Information - Schedule

Segment Information - Schedule of Operating Revenue, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Revenues	$ 26,380	$ 24,577	$ 77,613	$ 74,930
Harvest
Segment Reporting Information [Line Items]
Revenues	20,680	18,061	55,916	57,267
Real Estate
Segment Reporting Information [Line Items]
Revenues	2,264	3,818	12,578	14,904
Investment Management
Segment Reporting Information [Line Items]
Revenues	$ 3,436	$ 2,698	$ 9,119	$ 2,759

Segment Information - Schedul_2

Segment Information - Schedule of Adjusted EBITDA, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Total	$ 16,522	$ 11,456	$ 41,771	$ 40,366
Operating Segments | Harvest
Segment Reporting Information [Line Items]
Total	9,390	7,635	23,935	24,339
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total	2,036	3,592	11,821	13,988
Operating Segments | Investment Management
Segment Reporting Information [Line Items]
Total	7,250	2,727	13,455	9,164
Corporate
Segment Reporting Information [Line Items]
Total	$ (2,154)	$ (2,498)	$ (7,440)	$ (7,125)

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
		Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Adjusted EBITDA		$ 16,522			$ 11,456			$ 41,771	$ 40,366
Subtract:
Depletion		8,235			6,224			19,533	19,884
Basis of timberland sold, lease terminations and other	[1]	1,854			2,983			10,329	10,771
Amortization	[2]	299			493			986	2,532
Stock-based compensation expense		803			610			1,952	2,171
Interest expense	[2]	4,220			3,883			12,987	8,754
Gain on large dispositions	[3]	(7,197)			0			(7,961)	0
Other	[4]	1			(632)			115	(597)
Net loss		(20,557)	$ (30,565)	$ (30,395)	(78,899)	$ (1,505)	$ (3,385)	(81,517)	(83,789)
Dawsonville Bluffs Joint Venture
Subtract:
Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture	[5]	3,152			39			3,547	3,885
Triple T Joint Venture
Subtract:
HLBV loss from unconsolidated joint venture	[6]	$ 25,712			$ 76,755			$ 81,800	$ 76,755
[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 operating lease assets and liabilities, 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 sales of large blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. Large dispositions are typically larger transactions in acreage and gross sales price than recurring HBU sales and 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.

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details)	Oct. 31, 2019$ / shares	Oct. 21, 2019USD ($)derivative	Oct. 20, 2019	Sep. 30, 2019USD ($)derivative$ / shares	Jun. 30, 2019$ / shares	Mar. 31, 2019$ / shares	Sep. 30, 2018$ / shares	Jun. 30, 2018$ / shares	Mar. 31, 2018$ / shares
Subsequent Event [Line Items]
Cash dividend declared, per share (in dollars per share) | $ / shares				$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135
Designated as Hedging Instrument
Subsequent Event [Line Items]
Notional amount | $				$ 350,000,000
Derivative, fixed interest rate				4.26%
Designated as Hedging Instrument | Interest rate swaps
Subsequent Event [Line Items]
Number of interest rate derivatives outstanding | derivative				10
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared, per share (in dollars per share) | $ / shares	$ 0.135
Weighted-average term of effectively-fixed rate debt		9 years	4 years
Fixed rate debt, percent		60.00%	76.00%
Subsequent Event | Interest rate swaps
Subsequent Event [Line Items]
Number of interest rate derivatives outstanding | derivative		2
Subsequent Event | Interest Rate Swap One, 2019
Subsequent Event [Line Items]
Notional amount | $		$ 200,000,000
Derivative, term		10 years
Derivative, fixed interest rate		2.2067%
Subsequent Event | Interest Rate Swap Two, 2019
Subsequent Event [Line Items]
Notional amount | $		$ 75,000,000
Derivative, term		7 years
Derivative, fixed interest rate		2.083%
Subsequent Event | Designated as Hedging Instrument | Interest rate swaps
Subsequent Event [Line Items]
Number of interest rate derivatives terminated | derivative		10