CatchMark Timber Trust (CTT) 10-Q 29 Oct 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 28, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-36239
Entity Registrant Name	CATCHMARK TIMBER TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-3536671
Entity Address, Address Line One	5 Concourse Parkway
Entity Address, Address Line Two	Suite 2650
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30328
City Area Code	855
Local Phone Number	858-9794
Title of 12(b) Security	Class A Common Stock, $0.01 Par Value Per Share
Trading Symbol	CTT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		48,765,497
Entity Central Index Key	0001341141
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 8,034	$ 11,487
Accounts receivable	8,090	7,998
Prepaid expenses and other assets	6,435	5,459
Operating lease right-of-use asset (Note 7)	2,903	3,120
Deferred financing costs	189	246
Timber assets (Note 3):
Timber and timberlands, net	590,297	633,581
Intangible lease assets	6	9
Investments in unconsolidated joint ventures (Note 4)	1,838	1,965
Total assets	617,792	663,865
Liabilities:
Accounts payable and accrued expenses	5,923	3,580
Operating lease liability (Note 7)	3,054	3,242
Other liabilities	36,086	10,853
Notes payable and lines of credit, net of deferred financing costs (Note 5)	437,236	452,987
Total liabilities	482,299	470,662
Commitments and Contingencies (Note 7)	0	0
Stockholders’ Equity:
Class A Common stock, $0.01 par value; 900,000 shares authorized; 48,765 and 49,008 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	488	490
Additional paid-in capital	727,767	729,274
Accumulated deficit and distributions	(563,041)	(528,847)
Accumulated other comprehensive loss	(31,204)	(8,276)
Total stockholders’ equity	134,010	192,641
Noncontrolling Interests	1,483	562
Total equity	135,493	193,203
Total liabilities and equity	$ 617,792	$ 663,865

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (PARENTHETICAL) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
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)	48,765,000	49,008,000
Common stock, shares outstanding (in shares)	48,765,000	49,008,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Total revenues		$ 24,613	$ 26,380	$ 73,342	$ 77,613
Expenses:
Depletion		7,286	8,235	20,934	19,533
General and administrative expenses		2,768	2,984	13,059	9,550
Land rent expense		114	125	334	400
Other operating expenses		1,458	1,341	4,679	4,614
Operating costs and expenses		22,906	24,691	72,931	72,419
Other income (expense):
Interest income		1	80	51	142
Interest expense		(3,563)	(4,472)	(11,590)	(13,803)
Gain on large dispositions	[1]	0	7,197	1,274	7,961
Total other income (expense)		(3,562)	2,805	(10,265)	(5,700)
Income (loss) before unconsolidated joint ventures		(1,855)	4,494	(9,854)	(506)
Loss from unconsolidated joint ventures (Note 4)		(2,294)	(25,051)	(4,727)	(81,011)
Net loss		$ (4,149)	$ (20,557)	$ (14,581)	$ (81,517)
Weighted-average common shares outstanding - basic and diluted (in shares)		48,766	49,008	48,833	49,049
Net loss per share - basic and diluted (in dollars per share)		$ (0.09)	$ (0.42)	$ (0.30)	$ (1.66)
Timber sales
Revenues:
Total revenues		$ 18,060	$ 19,706	$ 52,399	$ 52,530
Timberland sales
Revenues:
Total revenues		2,430	2,264	8,882	12,578
Expenses:
Costs and expenses		1,926	2,081	6,811	10,562
Management fees and expenses
Revenues:
Total revenues		3,118	3,436	8,950	9,119
Expenses:
Costs and expenses		1,666	1,656	5,171	4,982
Other revenues
Revenues:
Total revenues		1,005	974	3,111	3,386
Contract logging and hauling costs
Expenses:
Costs and expenses		$ 7,688	$ 8,269	$ 21,943	$ 22,778
[1]	Large dispositions are sales of blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. 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. Such dispositions are infrequent in nature, are not part of core operations, and would cause material variances in comparative results if not reported separately.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (4,149)	$ (20,557)	$ (14,581)	$ (81,517)
Other comprehensive income (loss):
Market value adjustment to interest rate swaps	3,799	(3,104)	(22,928)	(14,025)
Comprehensive loss	$ (350)	$ (23,661)	$ (37,509)	$ (95,542)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-In Capital	Accumulated Deficit and Distributions	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Balance, beginning of period (in shares) at Dec. 31, 2018			49,127
Balance, beginning of period at Dec. 31, 2018	$ 321,656	$ 321,656	$ 492	$ 730,416	$ (409,260)	$ 8	$ 0
Common stock issued pursuant to:
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)			92
LTIP, net of forfeitures and amounts withheld for income taxes	293	293	$ 1	292
Dividends to common stockholders ($0.135 per share)	(6,578)	(6,578)			(6,578)
Repurchase of common stock (in shares)			(136)
Repurchase of common stock	(1,004)	(1,004)	$ (1)	(1,003)
Net loss	(30,395)	(30,395)			(30,395)
Other comprehensive income (loss)	(3,941)	(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	280,031	$ 492	729,705	(446,233)	(3,933)	0
Balance, beginning of period (in shares) at Dec. 31, 2018			49,127
Balance, beginning of period at Dec. 31, 2018	321,656	321,656	$ 492	730,416	(409,260)	8	0
Common stock issued pursuant to:
Net loss	(81,517)
Balance, end of period (in shares) at Sep. 30, 2019			49,007
Balance, end of period at Sep. 30, 2019	204,985	204,985	$ 490	729,000	(510,488)	(14,017)	0
Balance, beginning of period (in shares) at Mar. 31, 2019			49,083
Balance, beginning of period at Mar. 31, 2019	280,031	280,031	$ 492	729,705	(446,233)	(3,933)	0
Common stock issued pursuant to:
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		490
Dividends to common stockholders ($0.135 per share)	(6,578)	(6,578)			(6,578)
Repurchase of common stock (in shares)			(135)
Repurchase of common stock	(1,405)	(1,405)	$ (2)	(1,403)
Net loss	(30,565)	(30,565)			(30,565)
Other comprehensive income (loss)	(6,980)	(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	234,993	$ 490	728,792	(483,376)	(10,913)	0
Common stock issued pursuant to:
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)			100
LTIP, net of forfeitures and amounts withheld for income taxes	803	803	$ 1	802
Dividends to common stockholders ($0.135 per share)	(6,555)	(6,555)			(6,555)
Repurchase of common stock (in shares)			(58)
Repurchase of common stock	(595)	(595)	$ (1)	(594)
Net loss	(20,557)	(20,557)			(20,557)
Other comprehensive income (loss)	(3,104)	(3,104)				(3,104)
Balance, end of period (in shares) at Sep. 30, 2019			49,007
Balance, end of period at Sep. 30, 2019	$ 204,985	204,985	$ 490	729,000	(510,488)	(14,017)	0
Balance, beginning of period (in shares) at Dec. 31, 2019	49,008		49,008
Balance, beginning of period at Dec. 31, 2019	$ 193,203	192,641	$ 490	729,274	(528,847)	(8,276)	562
Common stock issued pursuant to:
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)			91
LTIP, net of forfeitures and amounts withheld for income taxes	907	216	$ 1	215			691
Dividends/distributions ($0.135 per share/unit)	(6,648)	(6,564)			(6,564)		(84)
Repurchase of common stock (in shares)			(352)
Repurchase of common stock	(2,554)	(2,554)	$ (4)	(2,550)
Net loss	(4,249)	(4,249)			(4,249)
Other comprehensive income (loss)	(24,478)	(24,478)				(24,478)
Balance, end of period (in shares) at Mar. 31, 2020			48,747
Balance, end of period at Mar. 31, 2020	$ 156,181	155,012	$ 487	726,939	(539,660)	(32,754)	1,169
Balance, beginning of period (in shares) at Dec. 31, 2019	49,008		49,008
Balance, beginning of period at Dec. 31, 2019	$ 193,203	192,641	$ 490	729,274	(528,847)	(8,276)	562
Common stock issued pursuant to:
LTIP, net of forfeitures and amounts withheld for income taxes							1,000
Net loss	$ (14,581)
Balance, end of period (in shares) at Sep. 30, 2020	48,765		48,765
Balance, end of period at Sep. 30, 2020	$ 135,493	134,010	$ 488	727,767	(563,041)	(31,204)	1,483
Balance, beginning of period (in shares) at Mar. 31, 2020			48,747
Balance, beginning of period at Mar. 31, 2020	156,181	155,012	$ 487	726,939	(539,660)	(32,754)	1,169
Common stock issued pursuant to:
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)			33
LTIP, net of forfeitures and amounts withheld for income taxes	663	538	$ 1	537			125
Dividends/distributions ($0.135 per share/unit)	(6,541)	(6,524)			(6,524)		(17)
Repurchase of common stock (in shares)			(9)
Repurchase of common stock	(67)	(67)		(67)
Net loss	(6,183)	(6,183)			(6,183)
Other comprehensive income (loss)	(2,249)	(2,249)				(2,249)
Balance, end of period (in shares) at Jun. 30, 2020			48,771
Balance, end of period at Jun. 30, 2020	141,804	140,527	$ 488	727,409	(552,367)	(35,003)	1,277
Common stock issued pursuant to:
LTIP, net of forfeitures and amounts withheld for income taxes (in shares)			(6)
LTIP, net of forfeitures and amounts withheld for income taxes	576	358		358			218
Dividends/distributions ($0.135 per share/unit)	(6,537)	(6,525)			(6,525)		(12)
Net loss	(4,149)	(4,149)			(4,149)
Other comprehensive income (loss)	$ 3,799	3,799				3,799
Balance, end of period (in shares) at Sep. 30, 2020	48,765		48,765
Balance, end of period at Sep. 30, 2020	$ 135,493	$ 134,010	$ 488	$ 727,767	$ (563,041)	$ (31,204)	$ 1,483

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (PARENTHETICAL) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends/distributions on common stock/limited partnership units (in dollars per share)	$ 0.135	$ 0.135	$ 0.135

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities:
Net loss		$ (14,581)	$ (81,517)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depletion		20,934	19,533
Basis of timberland sold, lease terminations and other	[1]	6,988	10,329
Stock-based compensation expense		3,207	1,952
Noncash interest expense		2,469	816
Other amortization		152	170
Gain on large dispositions	[2]	(1,274)	(7,961)
Loss from unconsolidated joint ventures		4,727	81,011
Operating distributions from unconsolidated joint ventures		273	789
Interest paid under swaps with other-than-insignificant financing element		2,904	0
Changes in assets and liabilities:
Accounts receivable		(1,092)	2,007
Prepaid expenses and other assets		(5)	221
Accounts payable and accrued expenses		1,959	138
Other liabilities		986	1,025
Net cash provided by operating activities		27,647	28,513
Cash Flows from Investing Activities:
Capital expenditures (excluding timberland acquisitions)		(4,332)	(3,031)
Investment in unconsolidated joint ventures		(5,000)	0
Distributions from unconsolidated joint ventures		127	4,019
Net proceeds from large dispositions		20,863	25,151
Net cash provided by investing activities		11,658	26,139
Cash Flows from Financing Activities:
Repayment of notes payable		(20,850)	(20,064)
Proceeds from notes payable		5,000	0
Financing costs paid		(1,019)	(48)
Interest paid under swaps with other-than-insignificant financing element		(2,904)	0
Dividends/distributions paid		(19,726)	(19,711)
Repurchase of common shares		(2,207)	(3,004)
Repurchase of common shares for minimum tax withholding		(1,052)	(365)
Net cash used in financing activities		(42,758)	(43,192)
Net change in cash and cash equivalents		(3,453)	11,460
Cash and cash equivalents, beginning of period		11,487	5,614
Cash and cash equivalents, end of period		$ 8,034	$ 17,074
[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 blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. 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. Such dispositions are infrequent in nature, are not part of core operations, and would cause material variances in comparative results if not reported separately.

Organization

Organization	9 Months Ended
	Sep. 30, 2020
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 99.82% 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 a limited partner of CatchMark Timber OP and owns 0.01% of its common partnership units. The remaining 0.17% of CatchMark Timber OP’s common partnership units are owned by current and former officers and directors of CatchMark Timber Trust. In addition, CatchMark Timber Trust conducts certain of its business through CatchMark Timber TRS, Inc. (“CatchMark TRS”), a Delaware corporation formed as a wholly-owned subsidiary of CatchMark Timber OP in 2006. CatchMark TRS is a 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. Risks and Uncertainties CatchMark is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on CatchMark’s business and that of its customers and contractors is uncertain and difficult to predict. The rapid spread of the outbreak has caused significant disruptions in the U.S. and global economies and capital markets, and the impact is expected to continue to be significant during the remainder of 2020 and into 2021. Such economic disruption could have a material adverse effect on CatchMark’s business due to declines in sawtimber harvest volumes resulting from a deterioration in the housing market; a decline in production level at CatchMark’s customers' mills due to instances of COVID-19 among their employees or decreased demand for their products; the inability to complete timberland sales due to the inability of potential buyers to complete title searches and other customary due diligence, including as a result of state and local government office closures; effects on key employees, including operational management personnel and those charged with preparing, monitoring and evaluating CatchMark’s financial reporting and internal controls; and market volatility and market downturns negatively impacting the trading of CatchMark’s common stock. The severity of the impact of the COVID-19 pandemic on CatchMark’s business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on CatchMark’s customers, all of which are uncertain and cannot be predicted. CatchMark’s future results of operations and liquidity could be adversely impacted by uncertain customer demand and the impact of any initiatives or programs that CatchMark may undertake to address financial and operational challenges faced by its customers. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact CatchMark’s financial condition, liquidity, or results of operations is uncertain. See Note 5 — Notes Payable and Lines of Credit

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
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, 2019. 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. CatchMark evaluates the recoverability of its investments in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, CatchMark estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management assesses whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) CatchMark’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," CatchMark reduces the investment to its estimated fair value. For information on CatchMark’s unconsolidated joint ventures, which are accounted for using the equity method of accounting, see Note 4 — Unconsolidated Joint Ventures . Impairment Testing ASC 360-10 requires impairment testing to be completed whenever events or changes in circumstances indicate the asset's carrying value may not be recoverable. Examples of such circumstances for CatchMark include, but are not limited to, a significant decrease in market price of the timber assets, a significant adverse change in the extent or manner in which timber assets are being used, or a significant adverse change in legal factors or in the business climate that could affect the value of the timber assets. CatchMark monitors such events and changes in circumstances, and when indicators of potential impairment are present, evaluates if the carrying amounts of its timber assets exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposal of its timber assets (the "Recoverable Amount") and if the carrying amount exceeds the timber assets' fair value. The Recoverable Amount and fair value are estimated based on the following information in order of preference, dependent upon availability: (i) recently quoted market prices, (ii) market prices for comparable assets, or (iii) the present value of undiscounted cash flows, including estimated salvage value, using data from one harvest cycle. CatchMark has determined that there has been no impairment to its timber assets as of September 30, 2020. 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. Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes , which removed certain exceptions for intra-period tax allocation, recognition of deferred tax liabilities, and calculation of income taxes in interim periods. This ASU also added guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020, and interim periods therein. CatchMark is currently assessing the impact ASU 2019-12 will have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments, which provides clarifications on seven topics related to financial instruments in the ASC. The update became effective for CatchMark upon issuance and the adoption did not have a material impact on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

Timber Assets

Timber Assets	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Timber Assets	Timber Assets As of September 30, 2020 and December 31, 2019, timber and timberlands consisted of the following, respectively: As of September 30, 2020 (in thousands) Gross Accumulated Net Timber $ 280,284 $ 20,934 $ 259,350 Timberlands 330,605 — 330,605 Mainline roads 1,153 811 342 Timber and timberlands $ 612,042 $ 21,745 $ 590,297 As of December 31, 2019 (in thousands) Gross Accumulated Net Timber $ 312,452 $ 28,064 $ 284,388 Timberlands 348,825 — 348,825 Mainline roads 1,106 738 368 Timber and timberlands $ 662,383 $ 28,802 $ 633,581 Timberland Sales During the three months ended September 30, 2020 and 2019, CatchMark sold 1,200 and 1,100 acres of timberland for $2.4 million and $2.3 million, respectively. CatchMark's cost basis in the timberland sold was $1.8 million and $1.8 million, respectively. During the nine months ended September 30, 2020 and 2019, CatchMark sold 5,200 and 6,000 acres of timberland for $8.9 million and $12.6 million, respectively. CatchMark's cost basis in the timberland sold was $6.3 million and $9.8 million, respectively. Large Dispositions CatchMark did not close any large dispositions in the current quarter. During the nine months ended September 30, 2020, CatchMark completed the sale of 14,400 acres of its wholly-owned timberlands for $21.3 million. CatchMark's cost basis was $19.6 million. Of the total net proceeds, $20.9 million was used to pay down CatchMark's outstanding debt balance on the Multi-Draw Term Facility. During the three months ended September 30, 2019, CatchMark completed the sale of 10,800 acres of its wholly-owned timberlands for $19.9 million. CatchMark's total cost basis was $12.6 million. During the nine months ended September 30, 2019, CatchMark completed the sale of 14,400 acres of its wholly-owned timberlands for $25.4 million in two transactions. CatchMark's total cost basis was $17.2 million. Of the total net proceeds, $20.1 million was used to pay down CatchMark's outstanding debt balance on the Multi-Draw Term Facility. Timberland sales a nd large dispositions acreage by state is listed below: Nine Months Ended September 30, Acres Sold In 2020 2019 South Timberland Sales Alabama 2,200 700 Georgia 1,500 1,100 North Carolina — 500 South Carolina 1,200 3,700 Tennessee 300 — 5,200 6,000 Large Dispositions Alabama — 2,200 Georgia 14,400 12,200 14,400 14,400 Total 19,600 20,400 Current Timberland Portfolio As of September 30, 2020, CatchMark directly owned interests in 412,500 acres of timberlands in the U.S. South and Pacific Northwest, 390,500 acres of which were fee-simple interests and 22,000 acres were leasehold interests. Land acreage by state is listed below: Acres by state as of September 30, 2020 (1) Fee Lease Total South Alabama 67,800 1,800 69,600 Florida 2,000 — 2,000 Georgia 232,100 20,200 252,300 North Carolina 100 — 100 South Carolina 70,400 — 70,400 372,400 22,000 394,400 Pacific Northwest Oregon 18,100 — 18,100 Total 390,500 22,000 412,500 (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, 2020
Equity Method Investments and Joint Ventures [Abstract]
Unconsolidated Joint Ventures	Unconsolidated Joint Ventures As of September 30, 2020, 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, 2020 Dawsonville Bluffs Joint Venture Triple T Joint Venture Ownership percentage 50.0% 22.0% (1) Acreage owned by the joint venture — 1,085,000 Merchantable timber inventory (million tons) — 41.1 (2) Location Georgia Texas (1) Represents our share of total partner capital contributions. (2) The Triple T Joint Venture considers inventory to be merchantable at age 12. Merchantable timber inventory 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 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 at that time, 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. On June 24, 2020, CatchMark invested an additional $5.0 million of equity on the same terms and conditions as its existing investment in the Triple T Joint Venture in connection with amendments to the joint venture agreement and asset management agreement. The amended asset management agreement designated Brian M. Davis, Chief Executive Officer and President of CatchMark, as the “Key Man” and increased the asset management fee payable to CatchMark as described below in Asset Management Fees . The amended joint venture agreement increased the 10.25% cumulative return on the preferred investors’ interests in the Triple T Joint Venture’s subsidiary REIT by 0.5% per quarter, subject to a maximum increase of 2.0% and subject to decreases in other circumstances. The proceeds of CatchMark’s additional $5.0 million investment, along with the proceeds from $140.0 million of borrowings under the Triple T Joint Venture’s credit facility, were used to make a payment of $145.0 million to GP in connection with an amendment to a wood supply agreement between the Triple T Joint Venture and GP. This amendment was intended to achieve market-based pricing on timber sales, increase reimbursement for extended haul distances, provide the ability for the Triple T Joint Venture to sell sawtimber to other third parties, and expand the Triple T Joint Venture’s ability to sell large timberland parcels to third-party buyers. The supply agreement between the Triple T Joint Venture and GP was also extended by two years from 2029 to 2031. 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 has appointed three common board members of the Triple T Joint Venture, including its Chief Executive Officer, Chief Resources Officer and Vice President - Acquisitions, 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 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, 2020 December 31, 2019 Triple T Joint Venture Total assets $ 1,567,084 $ 1,573,172 Total liabilities $ 773,660 $ 751,655 Total equity $ 793,424 $ 821,517 CatchMark Carrying value of investment $ — $ — 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) 2020 2019 2020 2019 Triple T Joint Venture Total revenues $ 44,222 $ 41,509 $ 114,091 $ 121,450 Net loss $ (9,973) $ (4,613) $ (25,636) $ (10,480) CatchMark Equity share of net loss $ (2,689) $ (25,712) $ (5,000) $ (81,800) Condensed statement of cash flow information for the Triple T Joint Venture is as follows: Nine Months Ended September 30, (in thousands) 2020 2019 Triple T Joint Venture Net cash provided by operating activities $ 2,305 $ 9,040 Net cash used in investing activities $ (151,473) $ (3,263) Net cash provided by financing activities $ 154,111 $ 87 Net change in cash and cash equivalents $ 4,943 $ 5,864 Cash and cash equivalents, beginning of period $ 39,614 $ 39,300 Cash and cash equivalents, end of period $ 44,557 $ 45,164 As of September 30 2020, CatchMark had recognized cumulative HLBV losses of $205.0 million, reducing the carrying value of its investment to zero. CatchMark does not expect to recognize any additional losses from the Triple T Joint Venture as CatchMark has not guaranteed obligations of the venture and is not otherwise committed to provide it additional financial support. 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. As of September 30, 2020, the Dawsonville Bluffs Joint Venture had a mitigation bank with a book basis of $2.3 million remaining in its portfolio. Condensed balance sheet information for the Dawsonville Bluffs Joint Venture is as follows: As of (in thousands) September 30, 2020 December 31, 2019 Dawsonville Bluffs Joint Venture Total assets $ 3,707 $ 4,041 Total liabilities $ 31 $ 111 Total equity $ 3,676 $ 3,930 CatchMark Carrying value of investment $ 1,838 $ 1,965 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows: Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Dawsonville Bluffs Joint Venture Total revenues $ 1,246 $ 8,648 $ 1,246 $ 10,068 Net income $ 790 $ 1,323 $ 546 $ 1,578 CatchMark Equity share of net income $ 395 $ 661 $ 273 $ 789 Condensed statement of cash flow information for the Dawsonville Joint Venture is as follows: Nine Months Ended (in thousands) 2020 2019 Dawsonville Joint Venture Net cash provided by operating activities $ 633 $ 8,873 Net cash used in financing activities $ (800) $ (9,616) Net change in cash and cash equivalents $ (167) $ (743) Cash and cash equivalents, beginning of period $ 1,441 $ 1,731 Cash and cash equivalents, end of period $ 1,274 $ 988 For the nine months ended September 30, 2020 and 2019, CatchMark received cash distributions of $0.4 million and $4.8 million, r espectively, from the Dawsonville Bluffs Joint Venture. Risks and Uncer tainties Related to Unconsolidated Joint Ventures CatchMark’s unconsolidated joint ventures, most notably the Triple T Joint Venture, are subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Triple T Joint Venture’s business and that of its customers and contractors is uncertain and difficult to predict. The rapid spread of the outbreak has caused significant disruptions in the U.S. and global economies and capital markets, and the impact is expected to continue to be significant during the remainder of 2020 and into 2021. Such economic disruption could have a material adverse effect on the Triple T Joint Venture’s business due to the same reasons discussed in Note 1 — Organization with respect to CatchMark. The severity of the impact of the COVID-19 pandemic on the Triple T Joint Venture’s business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Triple T Joint Venture’s customers, all of which are uncertain and cannot be predicted. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the financial condition, liquidity, or results of operations of CatchMark’s unconsolidated joint ventures is uncertain. 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. On June 24, 2020, in connection with its additional $5.0 million equity investment in the Triple T Joint Venture, CatchMark entered into an amended and restated asset management agreement with the Triple T Joint Venture. Prior to this amendment, for management of the Triple T Joint Venture, CatchMark received a fee equal to 1% of the Acquisition Price multiplied by 78.4%, which represented the percentage of the original equity contributions made to the Triple T Joint Venture by the Preferred Investors. In the event the Preferred Investors had not received a return of their capital contributions plus their preferred return as described above, then the asset management fee percentage would have decreased from 1% to 0.75% at October 1, 2021, and to 0.50% at October 1, 2022. The amended asset management agreement provides that, effective June 24, 2020, CatchMark earns an asset management fee equal to 1% of (a) the sum of the Acquisition Price and the $145.0 million paid to GP, multiplied by (b) 78.4%, and in the event the Preferred Investors have not received a return of their capital contributions plus their preferred return, then the asset management fee percentage decreases from 1% to 0.75% at October 1, 2021, and to 0.25% at July 1, 2022. The fee is also subject to deferment in certain circumstances. Fo r 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 months and nine months ended September 30, 2020 and 2019, CatchMark earned the following fees from these unconsolidated joint ventures: Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Triple T Joint Venture (1) $ 3,112 $ 2,821 $ 8,789 $ 8,464 Dawsonville Bluffs Joint Venture (2) 6 615 161 655 $ 3,118 $ 3,436 $ 8,950 $ 9,119 (1) Includes $0.1 million of reimbursements of compensation costs for the three months ended September 30, 2020 and 2019. Includes $0.4 million of reimbursements of compensation costs for the nine months ended September 30, 2020 and 2019. (2) Includes $0.1 million and $0.6 million of incentive-based promote earned for exceeding investment hurdle in the first quarter of 2020 and in the third quarter of 2019, respectively.

Notes Payable and Lines of Cred

Notes Payable and Lines of Credit	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Notes Payable and Lines of Credit	Notes Payable and Lines of Credit Amended Credit Agreement As of September 30, 2020, CatchMark was party to a credit agreement dated as of December 1, 2017, as amended on August 22, 2018, June 28, 2019, February 12, 2020, and May 1, 2020 (the "Amended Credit Agreement"), with a syndicate of lenders, including CoBank, which serves as the administrative agent. 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 $150.0 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"). The amendment dated May 1, 2020 provided for, among other things: (1) the removal of the LTV ratio covenant reduction, from 50% to 45%, which would have otherwise been effective on December 31, 2021; (2) the removal of the minimum liquidity balance of $25.0 million, which enables CatchMark to draw down more proceeds for working capital or other purposes if needed under its Revolving Credit Facility; (3) a reduction in the Multi-Draw Term Facility commitment from $200 million to $150 million, which provides CatchMark ample capacity for future acquisitions while lowering its unused commitment fees; and (4) the ability to make additional investments in joint ventures during 2020 if CatchMark meets certain LTV ratio requirements. During the nine months ended September 30, 2020, CatchMark borrowed $5.0 million under its Multi-Draw Term Facility to fund its additional equity investment in the Triple T Joint Venture (see Note 4 — Unconsolidated Joint Ventures ). CatchMark paid down $20.9 million of its outstanding balance on the Multi-Draw Term Facility with proceeds from a large disposition during the first quarter of 2020. As of September 30, 2020 and December 31, 2019, CatchMark had the following debt balances outstanding: (dollar amounts in thousands) Current Interest Rate (1) Outstanding Balance as of Credit Facility Maturity Date Interest Rate September 30, 2020 December 31, 2019 Term Loan A-1 12/23/2024 LIBOR + 1.75% 1.90% $ 100,000 $ 100,000 Term Loan A-2 12/1/2026 LIBOR + 1.90% 2.05% 100,000 100,000 Term Loan A-3 12/1/2027 LIBOR + 2.00% 2.15% 68,619 68,619 Term Loan A-4 8/22/2025 LIBOR + 1.70% 1.85% 140,000 140,000 Multi-Draw Term Facility 12/1/2024 LIBOR + 1.90% 2.05% 34,086 49,936 Total principal balance $ 442,705 $ 458,555 Less: net unamortized deferred financing costs (5,469) (5,568) Total $ 437,236 $ 452,987 (1) For the Multi-Draw Term Facility, the interest rate represents weighted-average interest rate as of September 30, 2020. 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 dividends. As of September 30, 2020, CatchMark had $150.9 million of borrowing capacity remaining under its credit facilities, consisting of $115.9 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, to fund the repurchase of CatchMark's common stock, 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. For the three months ended September 30, 2020 and 2019, CatchMark recognized $0.1 million and $0.2 million of unused commitment fees as interest expense on its consolidated statements of operations. For the nine month ended September 30, 2020 and 2019, CatchMark recognized $0.4 million and $0.5 million of unused commitment fees as interest expense on its consolidated statements of operations. 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 Dividends CatchMark is eligible to receive annual patronage dividends 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 dividend on its eligible patronage loans annually since 2015. The eligibility remains the same under the Amended Credit Agreement. Therefore, CatchMark accrues patronage dividends it expects to receive based on actual patronage dividends received as a percentage of its weighted-average eligible debt balance. For each of the three months ended September 30, 2020 and 2019, CatchMark accrued $0.9 million as patronage dividends 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, 2020 and 2019, CatchMark accrued $2.7 million and $2.9 million, respectively, as patronage dividends receivable on its consolidated balance sheets and as an offset against interest expense on the consolidated statements of operations. In March 2020 and 2019, CatchMark received patronage dividends of $4.1 million and $3.3 million, respectively, on its patronage eligible borrowings. Of the total patronage dividends received in March 2020, $3.1 million was received in cash, including a $0.1 million special cash distribution, and $1.0 million was received in equity of the Patronage Banks. As of September 30, 2020 and December 31, 2019, the following balances related to the patronage dividend program were included on CatchMark's consolidated balance sheets: (in thousands) As of Patronage dividends classified as: September 30, 2020 December 31, 2019 Accounts receivable $ 2,691 $ 3,810 Prepaid expenses and other assets (1) 3,335 2,329 Total $ 6,026 $ 6,139 (1) Represents cumulative patronage dividends 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 50% at any time; • require maintenance of a FCCR of not less than 1.05:1.00 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 p ermits 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. 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, 2020. See Note 1 — Organization for discussion of uncertainties and risks to CatchMark’s financial position, liquidity and results of operations, including impacts of the global COVID-19 pandemic. Interest Paid and Fair Value of Outstanding Debt During the three months ended September 30, 2020 and 2019, CatchMark made interest payments of $2.2 million and $5.0 million, respectively, on its borrowings. No unused commitment fee was paid during the three months ended September 30, 2020 and 2019. During the nine months ended September 30, 2020 and 2019, CatchMark made interest payments of $9.2 million an d $15.6 million, respectively, on its borrowings. Included in the interest payments for the nine months ended September 30, 2020 and 2019 were unused commitment fees of $0.3 million and $0.1 million, respectively. As of September 30, 2020 and December 31, 2019, the weighted-average interest rate on CatchMark's borrowings, after consideration of its interest rate swaps (see Note 6 — Interest Rate Swaps ), was 3.22% and 3.87%, respectively. After further consideration of expected patronage dividends, CatchMark's weighted-average interest rate as of September 30, 2020 and December 31, 2019 wa s 2.42% an

Interest Rate Swaps

Interest Rate Swaps	9 Months Ended
	Sep. 30, 2020
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, 2020, CatchMark had two outstanding interest rate swaps with terms below: (dollar amounts in thousands) Notional Amount Interest Rate Swap Effective Date Maturity Date Pay Rate Receive Rate 2019 Swap - 10YR 11/29/2019 11/30/2029 2.2067% one-month LIBOR $ 200,000 2019 Swap - 7YR 11/29/2019 11/30/2026 2.0830% one-month LIBOR $ 75,000 $ 275,000 As of September 30, 2020, CatchMark’s interest rate swaps effectively fixed the interest rate on $275.0 million of its $442.7 million variable-rate debt at 3.98%, inclusive of the applicable spread and before consideration of expected patronage dividends. The 2019 swaps contain an other-than-insignificant financing element and, accordingly, the associated cash flows are reported as financing activities in the accompanying consolidated statements of cash flows. During the nine months ended September 30, 2019, CatchMark had ten interest rate swaps that effectively fixed the interest rates on $350.0 million of CatchMark's variable-rate debt at 4.26%, inclusive of the applicable spread but before considering patronage dividends. All of CatchMark's outstanding interest rate swaps during the nine months ended September 30, 2020 and 2019 qualified 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, 2020 and December 31, 2019: (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification September 30, 2020 December 31, 2019 Derivatives designated as hedging instruments: Interest rate swaps Other liabilities $ (33,015) $ (8,769) During the three months ended September 30, 2020 and 2019, CatchMark recognized a change in fair value of its interest rate swaps of $3.4 million and $3.1 million , as other comprehensive gain and other comprehensive loss, respectively. During the three months ended September 30, 2020, CatchMark reclassified $0.4 million from accumulated other comprehensive loss to interest expense related to the off-market swap value at hedge inception. During the nine months ended September 30, 2020 and 2019, CatchMark recognized a change in fair value of its interest rate swaps of $24.2 million and $14.0 million, respectively, as other comprehensive loss. During the nine months ended September 30, 2020, CatchMark reclassified $1.3 million from accumulated other comprehensive loss to interest expense related to the off-market swap value at hedge inception. Pursuant to the terms of its interest rate swaps, CatchMark paid $1.4 million and $0.1 million during the three months ended September 30, 2020 and 2019, respectively. For the nine months ended September 30, 2020 and 2019, CatchMark paid $2.9 million and $0.1 million, respectively. All amounts were included in interest expense in the consolidated statements of operations. As of September 30, 2020, CatchMark estimated that approximately $6.7 million

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Mahrt Timber Agreements In connection with its acquisition of timberlands from WestRock in 2007, 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 In addition, either party can terminate the Mahrt Timber Agreements if the other party commits a material breach (and fails to cure within 60 days) or becomes insolvent. In addition, the Mahrt Timber Agreements provide for adjustments to both parties' obligations in the event of a force majeure, which is defined to include, among other things, lightning, fires, storms, floods, infestation and other acts of God or nature. For the nine months ended September 30, 2020, WestRock purchased 308,900 tons under the Mahrt Timber Agreements, which represented 12% of CatchMark's net timber sales revenue. 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, 2021, 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 throu gh November 30, 2021 for the U.S. South region and December 31, 2021 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'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 right-of-use (“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 asset and operating lease liability as it is not reasonably certain that CatchMark will exercise the renewal options. CatchMark recor ded $108,400 of operating lease expense for each of the three months ended September 30, 2020 and 2019. For the nine months ended September 30, 2020 and 2019, CatchMark recorded $325,000 and $256,000 of operating lease expense, respectively, which was included in general and administrative expenses on its consolidated statements of operations. For the three months ended September 30, 2020 and 2019, CatchMark paid $100,000 and $98,000, respectively, in cash for its office lease. For the nine months ended September 30, 2020 and 2019, CatchMark paid $297,000 and $215,000, respectively, in cash for its office lease, which was included in operating cash flows on its consolidated statements of cash flows. 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, 2020 and December 31, 2019: As of ( in thousands ) September 30, 2020 December 31, 2019 Required payments 2020 $ 100 397 2021 412 412 2022 424 424 2023 435 435 2024 447 447 Thereafter 1,873 1,873 $ 3,691 $ 3,988 Less: imputed interest (637) Operating lease liability $ 3,054 Remaining lease term (years) 8.2 Discount rate 4.58 % CatchMark holds leasehold interests in 22,000 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, 2020, CatchMark had the following future lease payments under the LTC Lease: (in thousands) Required Payments 2020 $ 16 2021 397 2022 349 $ 762 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.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Accelerated Vesting of Former CEO's Outstanding Equity Awards On January 21, 2020, Jerrold Barag retired as the Chief Executive Officer of CatchMark and as a member of CatchMark's board of directors. In connection with Mr. Barag's retirement, 103,135 shares of his time-based restricted stock awards vested immediately, 46,912 shares of which were withheld to cover required tax withholding. CatchMark repurchased the remaining 56,223 fully vested shares at a per-share price of $11.05, which was the average closing price of the common stock for the five-day trading period ended prior to January 21, 2020, payable to Mr. Barag in 24 equal installments through January 2022. During the three months and nine months ended September 30, 2020, CatchMark made installment payments totaling $78,000 and $207,000 related to the repurchase of 56,223 shares from Mr. Barag. Mr. Barag’s 72,272 performance-based LTIP Units issued under the executive officer’s 2017 compensation program had a performance period from January 1, 2017 to December 31, 2019. 25,218 of these 72,272 LTIP Units were earned and vested on January 29, 2020. Mr. Barag’s remaining 142,909 performance-based LTIP units issued under the executive officers' 2018 and 2019 compensation programs were treated as if the performance period for such awards ended on January 21, 2020. The Compensation Committee determined that Mr. Barag earned a total of 32,780 LTIP Units, which were vested on January 29, 2020. In accordance with ASC 718: Compensation - Stock Compensation, CatchMark applied modification accounting and recognized the incremental fair value of these awards in the amount of $1.2 million as stock-based compensation expense in the first quarter of 2020. For complete terms and conditions of the Separation Agreement, see the Form 8-K filed with the SEC on January 21, 2020. Restricted Stock Vesting On July 13, 2020, 14,224 shares of service-based restricted stock granted to CatchMark's executive officers vested, which represents one quarter of shares of restricted stock granted on July 12, 2019 pursuant to the 2019 executive compensation plan previously approved by the compensation committee of the board of directors. Of these vested shares, 5,810 shares were withheld to satisfy tax withholding requirements. Stock-based Compensation Expense A summary of CatchMark's stock-based compensation expense for the three months and nine months ended September 30, 2020 and 2019 is presented below: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 General and administrative expenses (1) $ 520 $ 729 $ 2,900 $ 1,763 Forestry management expenses 110 74 307 189 Total (2) $ 630 $ 803 $ 3,207 $ 1,952 (1) The nine months ended September 30, 2020 includes $1.2 million of accelerated stock-based compensation expense related to the retirement of CatchMark's former CEO in January 2020. (2) Includes $0.2 million and $1.0 million of stock-based compensation recognized as noncontrolling interest for the three months and nine months ended September 30, 2020, respectively.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information As of September 30, 2020, 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 are reported separately on the accompanying consolidated balance sheets. During the periods presented, there have been no material intersegment transactions. The following table presents revenues by reportable segment: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Harvest $ 19,065 $ 20,680 $ 55,510 $ 55,916 Real Estate 2,430 2,264 8,882 12,578 Investment Management 3,118 3,436 8,950 9,119 Total $ 24,613 $ 26,380 $ 73,342 $ 77,613 Adjusted EBITDA is the primary performance measure reviewed by management to assess operating performance. The following table presents Adjusted EBITDA by reportable segment: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Harvest $ 8,502 $ 9,390 $ 24,497 $ 23,935 Real Estate 2,272 2,036 8,342 11,821 Investment Management 3,653 7,250 9,363 13,455 Corporate (2,028) (2,154) (7,479) (7,440) Total $ 12,399 $ 16,522 $ 34,723 $ 41,771 A reconciliation of Adjusted EBITDA to GAAP net loss is presented below: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Adjusted EBITDA $ 12,399 $ 16,522 $ 34,723 $ 41,771 Subtract: Depletion 7,286 8,235 20,934 19,533 Interest expense (1) 2,865 4,220 9,121 12,987 Amortization (1) 747 299 2,621 986 Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture (2) 140 3,152 140 3,547 Basis of timberland sold, lease terminations and other (3) 1,991 1,854 6,988 10,329 Stock-based compensation expense 630 803 3,207 1,952 Gain on large dispositions (4) — (7,197) (1,274) (7,961) HLBV loss from unconsolidated joint venture (5) 2,689 25,712 5,000 81,800 Post-employment benefits (6) 10 — 2,307 — Other (7) 190 1 260 115 Net loss $ (4,149) $ (20,557) $ (14,581) $ (81,517) (1) 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 accompanying consolidated statements of operations. Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses. (2) Reflects our share of depletion, amortization, and basis of timberland and mitigation credits sold of the unconsolidated Dawsonville Bluffs Joint Venture. (3) Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses. (4) Large dispositions are sales of blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. 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. Such dispositions are infrequent in nature, are not part of core operations, and would cause material variances in comparative results if not reported separately. (5) 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. (6) Reflects one-time, non-recurring post-employment benefits associated with the retirement of our former CEO, including severance pay, payroll taxes, professional fees, and accrued dividend equivalents.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Dividend Declaration On October 29, 2020, CatchMark declared a cash dividend of $0.135 per share for its common stockholders of record on November 30, 2020, payable on December 15, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
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
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. CatchMark evaluates the recoverability of its investments in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, CatchMark estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management assesses whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) CatchMark’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," CatchMark reduces the investment to its estimated fair value.
Impairment Testing	Impairment Testing ASC 360-10 requires impairment testing to be completed whenever events or changes in circumstances indicate the asset's carrying value may not be recoverable. Examples of such circumstances for CatchMark include, but are not limited to, a significant decrease in market price of the timber assets, a significant adverse change in the extent or manner in which timber assets are being used, or a significant adverse change in legal factors or in the business climate that could affect the value of the timber assets. CatchMark monitors such events and changes in circumstances, and when indicators of potential impairment are present, evaluates if the carrying amounts of its timber assets exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposal of its timber assets (the "Recoverable Amount") and if the carrying amount exceeds the timber assets' fair value. The
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,
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes , which removed certain exceptions for intra-period tax allocation, recognition of deferred tax liabilities, and calculation of income taxes in interim periods. This ASU also added guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020, and interim periods therein. CatchMark is currently assessing the impact ASU 2019-12 will have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments, which provides clarifications on seven topics related to financial instruments in the ASC. The update became effective for CatchMark upon issuance and the adoption did not have a material impact on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

Timber Assets (Tables)

Timber Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Schedule of Timber and Timberlands	As of September 30, 2020 and December 31, 2019, timber and timberlands consisted of the following, respectively: As of September 30, 2020 (in thousands) Gross Accumulated Net Timber $ 280,284 $ 20,934 $ 259,350 Timberlands 330,605 — 330,605 Mainline roads 1,153 811 342 Timber and timberlands $ 612,042 $ 21,745 $ 590,297 As of December 31, 2019 (in thousands) Gross Accumulated Net Timber $ 312,452 $ 28,064 $ 284,388 Timberlands 348,825 — 348,825 Mainline roads 1,106 738 368 Timber and timberlands $ 662,383 $ 28,802 $ 633,581 Acres by state as of September 30, 2020 (1) Fee Lease Total South Alabama 67,800 1,800 69,600 Florida 2,000 — 2,000 Georgia 232,100 20,200 252,300 North Carolina 100 — 100 South Carolina 70,400 — 70,400 372,400 22,000 394,400 Pacific Northwest Oregon 18,100 — 18,100 Total 390,500 22,000 412,500 (1) Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.
Schedule of Timberland Sale and Large Dispositions by State	Timberland sales a nd large dispositions acreage by state is listed below: Nine Months Ended September 30, Acres Sold In 2020 2019 South Timberland Sales Alabama 2,200 700 Georgia 1,500 1,100 North Carolina — 500 South Carolina 1,200 3,700 Tennessee 300 — 5,200 6,000 Large Dispositions Alabama — 2,200 Georgia 14,400 12,200 14,400 14,400 Total 19,600 20,400

Unconsolidated Joint Ventures (

Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedules of Financial Information, Equity Method Investment	As of September 30, 2020, 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, 2020 Dawsonville Bluffs Joint Venture Triple T Joint Venture Ownership percentage 50.0% 22.0% (1) Acreage owned by the joint venture — 1,085,000 Merchantable timber inventory (million tons) — 41.1 (2) Location Georgia Texas (1) Represents our share of total partner capital contributions. (2) The Triple T Joint Venture considers inventory to be merchantable at age 12. Merchantable timber inventory does not include current year growth. Condensed balance sheet information for the Triple T Joint Venture is as follows: As of (in thousands) September 30, 2020 December 31, 2019 Triple T Joint Venture Total assets $ 1,567,084 $ 1,573,172 Total liabilities $ 773,660 $ 751,655 Total equity $ 793,424 $ 821,517 CatchMark Carrying value of investment $ — $ — 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) 2020 2019 2020 2019 Triple T Joint Venture Total revenues $ 44,222 $ 41,509 $ 114,091 $ 121,450 Net loss $ (9,973) $ (4,613) $ (25,636) $ (10,480) CatchMark Equity share of net loss $ (2,689) $ (25,712) $ (5,000) $ (81,800) Condensed statement of cash flow information for the Triple T Joint Venture is as follows: Nine Months Ended September 30, (in thousands) 2020 2019 Triple T Joint Venture Net cash provided by operating activities $ 2,305 $ 9,040 Net cash used in investing activities $ (151,473) $ (3,263) Net cash provided by financing activities $ 154,111 $ 87 Net change in cash and cash equivalents $ 4,943 $ 5,864 Cash and cash equivalents, beginning of period $ 39,614 $ 39,300 Cash and cash equivalents, end of period $ 44,557 $ 45,164 As of (in thousands) September 30, 2020 December 31, 2019 Dawsonville Bluffs Joint Venture Total assets $ 3,707 $ 4,041 Total liabilities $ 31 $ 111 Total equity $ 3,676 $ 3,930 CatchMark Carrying value of investment $ 1,838 $ 1,965 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows: Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Dawsonville Bluffs Joint Venture Total revenues $ 1,246 $ 8,648 $ 1,246 $ 10,068 Net income $ 790 $ 1,323 $ 546 $ 1,578 CatchMark Equity share of net income $ 395 $ 661 $ 273 $ 789 Condensed statement of cash flow information for the Dawsonville Joint Venture is as follows: Nine Months Ended (in thousands) 2020 2019 Dawsonville Joint Venture Net cash provided by operating activities $ 633 $ 8,873 Net cash used in financing activities $ (800) $ (9,616) Net change in cash and cash equivalents $ (167) $ (743) Cash and cash equivalents, beginning of period $ 1,441 $ 1,731 Cash and cash equivalents, end of period $ 1,274 $ 988 During the three months and nine months ended September 30, 2020 and 2019, CatchMark earned the following fees from these unconsolidated joint ventures: Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Triple T Joint Venture (1) $ 3,112 $ 2,821 $ 8,789 $ 8,464 Dawsonville Bluffs Joint Venture (2) 6 615 161 655 $ 3,118 $ 3,436 $ 8,950 $ 9,119 (1) Includes $0.1 million of reimbursements of compensation costs for the three months ended September 30, 2020 and 2019. Includes $0.4 million of reimbursements of compensation costs for the nine months ended September 30, 2020 and 2019. (2) Includes $0.1 million and $0.6 million of incentive-based promote earned for exceeding investment hurdle in the first quarter of 2020 and in the third quarter of 2019, respectively.

Notes Payable and Lines of Cr_2

Notes Payable and Lines of Credit (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	As of September 30, 2020 and December 31, 2019, CatchMark had the following debt balances outstanding: (dollar amounts in thousands) Current Interest Rate (1) Outstanding Balance as of Credit Facility Maturity Date Interest Rate September 30, 2020 December 31, 2019 Term Loan A-1 12/23/2024 LIBOR + 1.75% 1.90% $ 100,000 $ 100,000 Term Loan A-2 12/1/2026 LIBOR + 1.90% 2.05% 100,000 100,000 Term Loan A-3 12/1/2027 LIBOR + 2.00% 2.15% 68,619 68,619 Term Loan A-4 8/22/2025 LIBOR + 1.70% 1.85% 140,000 140,000 Multi-Draw Term Facility 12/1/2024 LIBOR + 1.90% 2.05% 34,086 49,936 Total principal balance $ 442,705 $ 458,555 Less: net unamortized deferred financing costs (5,469) (5,568) Total $ 437,236 $ 452,987 (1) For the Multi-Draw Term Facility, the interest rate represents weighted-average interest rate as of September 30, 2020. 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 dividends.
Schedule of Patronage Dividend Classification	As of September 30, 2020 and December 31, 2019, the following balances related to the patronage dividend program were included on CatchMark's consolidated balance sheets: (in thousands) As of Patronage dividends classified as: September 30, 2020 December 31, 2019 Accounts receivable $ 2,691 $ 3,810 Prepaid expenses and other assets (1) 3,335 2,329 Total $ 6,026 $ 6,139 (1) Represents cumulative patronage dividends received as equity in the Patronage Banks.

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swaps	As of September 30, 2020, CatchMark had two outstanding interest rate swaps with terms below: (dollar amounts in thousands) Notional Amount Interest Rate Swap Effective Date Maturity Date Pay Rate Receive Rate 2019 Swap - 10YR 11/29/2019 11/30/2029 2.2067% one-month LIBOR $ 200,000 2019 Swap - 7YR 11/29/2019 11/30/2026 2.0830% one-month LIBOR $ 75,000 $ 275,000 The following table presents information about CatchMark's interest rate swaps measured at fair value as of September 30, 2020 and December 31, 2019: (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification September 30, 2020 December 31, 2019 Derivatives designated as hedging instruments: Interest rate swaps Other liabilities $ (33,015) $ (8,769)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
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, 2020 and December 31, 2019: As of ( in thousands ) September 30, 2020 December 31, 2019 Required payments 2020 $ 100 397 2021 412 412 2022 424 424 2023 435 435 2024 447 447 Thereafter 1,873 1,873 $ 3,691 $ 3,988 Less: imputed interest (637) Operating lease liability $ 3,054 Remaining lease term (years) 8.2 Discount rate 4.58 %
Summary of Operating Lease Future Annual Payments, LTC Lease	As of September 30, 2020, CatchMark had the following future lease payments under the LTC Lease: (in thousands) Required Payments 2020 $ 16 2021 397 2022 349 $ 762

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	A summary of CatchMark's stock-based compensation expense for the three months and nine months ended September 30, 2020 and 2019 is presented below: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 General and administrative expenses (1) $ 520 $ 729 $ 2,900 $ 1,763 Forestry management expenses 110 74 307 189 Total (2) $ 630 $ 803 $ 3,207 $ 1,952 (1) The nine months ended September 30, 2020 includes $1.2 million of accelerated stock-based compensation expense related to the retirement of CatchMark's former CEO in January 2020. (2) Includes $0.2 million and $1.0 million of stock-based compensation recognized as noncontrolling interest for the three months and nine months ended September 30, 2020, respectively.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
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) 2020 2019 2020 2019 Harvest $ 19,065 $ 20,680 $ 55,510 $ 55,916 Real Estate 2,430 2,264 8,882 12,578 Investment Management 3,118 3,436 8,950 9,119 Total $ 24,613 $ 26,380 $ 73,342 $ 77,613 Adjusted EBITDA is the primary performance measure reviewed by management to assess operating performance. The following table presents Adjusted EBITDA by reportable segment: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Harvest $ 8,502 $ 9,390 $ 24,497 $ 23,935 Real Estate 2,272 2,036 8,342 11,821 Investment Management 3,653 7,250 9,363 13,455 Corporate (2,028) (2,154) (7,479) (7,440) Total $ 12,399 $ 16,522 $ 34,723 $ 41,771 A reconciliation of Adjusted EBITDA to GAAP net loss is presented below: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Adjusted EBITDA $ 12,399 $ 16,522 $ 34,723 $ 41,771 Subtract: Depletion 7,286 8,235 20,934 19,533 Interest expense (1) 2,865 4,220 9,121 12,987 Amortization (1) 747 299 2,621 986 Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture (2) 140 3,152 140 3,547 Basis of timberland sold, lease terminations and other (3) 1,991 1,854 6,988 10,329 Stock-based compensation expense 630 803 3,207 1,952 Gain on large dispositions (4) — (7,197) (1,274) (7,961) HLBV loss from unconsolidated joint venture (5) 2,689 25,712 5,000 81,800 Post-employment benefits (6) 10 — 2,307 — Other (7) 190 1 260 115 Net loss $ (4,149) $ (20,557) $ (14,581) $ (81,517) (1) 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 accompanying consolidated statements of operations. Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses. (2) Reflects our share of depletion, amortization, and basis of timberland and mitigation credits sold of the unconsolidated Dawsonville Bluffs Joint Venture. (3) Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses. (4) Large dispositions are sales of blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. 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. Such dispositions are infrequent in nature, are not part of core operations, and would cause material variances in comparative results if not reported separately. (5) 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. (6) Reflects one-time, non-recurring post-employment benefits associated with the retirement of our former CEO, including severance pay, payroll taxes, professional fees, and accrued dividend equivalents.

Organization - Narrative (Detai

Organization - Narrative (Details) - CatchMark Timber OP	9 Months Ended
	Sep. 30, 2020
Class of Stock [Line Items]
Percentage of interest owned of its common partnership units	99.82%
CatchMark LP Holder, LLC
Class of Stock [Line Items]
Percentage of interest owned of its common partnership units, limited partner	0.01%
Current and Former Officers and Directors
Class of Stock [Line Items]
Percentage of interest owned of its common partnership units, limited partner	0.17%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended
	Sep. 30, 2020USD ($)segment
Accounting Policies [Abstract]
Impairment of timber assets | $	$ 0
Number of reportable segments | segment	3

Timber Assets - Schedule of Tim

Timber Assets - Schedule of Timber and Timberlands (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Gross	$ 612,042	$ 662,383
Accumulated Depletion or Amortization	21,745	28,802
Net	590,297	633,581
Timber
Property, Plant and Equipment [Line Items]
Gross	280,284	312,452
Accumulated Depletion or Amortization	20,934	28,064
Net	259,350	284,388
Timberlands
Property, Plant and Equipment [Line Items]
Gross	330,605	348,825
Accumulated Depletion or Amortization	0	0
Net	330,605	348,825
Mainline roads
Property, Plant and Equipment [Line Items]
Gross	1,153	1,106
Accumulated Depletion or Amortization	811	738
Net	$ 342	$ 368

Timber Assets - Narrative (Deta

Timber Assets - Narrative (Details) $ in Thousands		Jan. 31, 2020USD ($)a	Sep. 30, 2020USD ($)adisposition	Sep. 30, 2019USD ($)a	Sep. 30, 2020USD ($)a	Sep. 30, 2019USD ($)atransaction
Property, Plant and Equipment [Line Items]
Revenues, timberland sold			$ 24,613	$ 26,380	$ 73,342	$ 77,613
Multi-Draw Term Facility
Property, Plant and Equipment [Line Items]
Net proceeds used from large disposition to pay down outstanding debt						20,100
Timberland sales
Property, Plant and Equipment [Line Items]
Revenues, timberland sold			$ 2,430	$ 2,264	$ 8,882	$ 12,578
Timber
Property, Plant and Equipment [Line Items]
Acres of timberland sold, excluding large disposition | a			1,200	1,100	5,200	6,000
Cost basis of timberland sold			$ 1,800	$ 1,800	$ 6,300	$ 9,800
Area of land, owned interests | a	[1]		412,500		412,500
Area of land, held in fee simple interests | a	[1]		390,500		390,500
Area of land, held in leasehold interests | a	[1]		22,000		22,000
Timber | Timberland sales
Property, Plant and Equipment [Line Items]
Revenues, timberland sold			$ 2,400	2,300	$ 8,900	12,600
Timber, Large Disposition
Property, Plant and Equipment [Line Items]
Cost basis of timberland sold		$ 19,600		$ 12,600		$ 17,200
Number of large dispositions closed | disposition			0
Acres of timberland sold, large disposition | a		14,400		10,800		14,400
Number of transactions in period | transaction						2
Timber, Large Disposition | Multi-Draw Term Facility
Property, Plant and Equipment [Line Items]
Net proceeds used from large disposition to pay down outstanding debt		$ 20,900
Timber, Large Disposition | Timberland sales
Property, Plant and Equipment [Line Items]
Revenues, timberland sold		$ 21,300		$ 19,900		$ 25,400
[1]	Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Timber Assets - Timberland Sale

Timber Assets - Timberland Sales and Large Dispositions (Details) - Timber - South - a	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Line Items]
Timberland Sales	5,200	6,000
Large Dispositions	14,400	14,400
Total	19,600	20,400
Alabama
Property, Plant and Equipment [Line Items]
Timberland Sales	2,200	700
Large Dispositions	0	2,200
Georgia
Property, Plant and Equipment [Line Items]
Timberland Sales	1,500	1,100
Large Dispositions	14,400	12,200
North Carolina
Property, Plant and Equipment [Line Items]
Timberland Sales	0	500
South Carolina
Property, Plant and Equipment [Line Items]
Timberland Sales	1,200	3,700
Tennessee
Property, Plant and Equipment [Line Items]
Timberland Sales	300	0

Timber Assets - Schedule of T_2

Timber Assets - Schedule of Timberland Portfolio (Details) - Timber	Sep. 30, 2020a	[1]
Property, Plant and Equipment [Line Items]
Fee	390,500
Lease	22,000
Total	412,500
South
Property, Plant and Equipment [Line Items]
Fee	372,400
Lease	22,000
Total	394,400
South | Alabama
Property, Plant and Equipment [Line Items]
Fee	67,800
Lease	1,800
Total	69,600
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	232,100
Lease	20,200
Total	252,300
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	70,400
Lease	0
Total	70,400
Pacific Northwest | Oregon
Property, Plant and Equipment [Line Items]
Fee	18,100
Lease	0
Total	18,100
[1]	Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures.

Unconsolidated Joint Ventures -

Unconsolidated Joint Ventures - Narrative (Details) a in Millions

Jun. 24, 2020USD ($)

Sep. 30, 2020USD ($)joint_venture

Sep. 30, 2019USD ($)

Dec. 31, 2018USD ($)a

Oct. 01, 2022

Jul. 01, 2022

Oct. 01, 2021

Jun. 23, 2020

Dec. 31, 2019USD ($)

Jul. 31, 2018USD ($)boardOfDirectorMember

Dec. 31, 2017

Schedule of Equity Method Investments [Line Items]

Number of joint ventures with unrelated parties | joint_venture

2

Carrying value of investment

$ 1,838,000

$ 1,965,000

Triple T Timberlands

Schedule of Equity Method Investments [Line Items]

Acres of land | a

1.1

Payments to acquire timberland

$ 1,390,000,000

Triple T Joint Venture

Schedule of Equity Method Investments [Line Items]

Equity method investment, value of equity interest

$ 5,000,000

$ 200,000,000

Ownership percentage

22.00%

[1]

21.60%

Number of common board members | boardOfDirectorMember

3

HLBV cumulative loss from unconsolidated joint venture

$ 205,000,000

Carrying value of investment

$ 0

0

Annual asset management fee, percentage

1.00%

1.00%

Annual asset management fee, return of capital contributions not received plus preferred return, removed with amendment, percentage

0.50%

Triple T Joint Venture | Forecast

Schedule of Equity Method Investments [Line Items]

Annual asset management fee, return of capital contributions not received plus preferred return, percentage

0.50%

0.25%

0.75%

Triple T Joint Venture | Wood Supply Agreement | GP

Schedule of Equity Method Investments [Line Items]

Payment for supply agreement

$ 145,000,000

Supply agreement, extension period, extended from 2029 to 2031

2 years

Triple T Joint Venture | Revolving Credit Facility

Schedule of Equity Method Investments [Line Items]

Proceeds from borrowings

$ 140,000,000

Triple T Joint Venture | Preferred Investors

Schedule of Equity Method Investments [Line Items]

Ownership percentage

78.40%

78.40%

Cumulative return on preferred investors' interests percentage

10.25%

Cumulative return on preferred investors' interests percentage, quarterly increase

0.50%

Cumulative return on preferred investors' interests percentage, maximum increase

2.00%

Dawsonville Bluffs Joint Venture

Schedule of Equity Method Investments [Line Items]

Ownership percentage

50.00%

50.00%

Carrying value of investment

$ 1,838,000

$ 1,965,000

Mitigation bank credits, book basis

2,300,000

Cash distributions received

$ 400,000

$ 4,800,000

[1]

Represents our share of total partner capital contributions.

Unconsolidated Joint Ventures_2

Unconsolidated Joint Ventures - Schedule of Equity Method Investments (Details) T in Millions		9 Months Ended
		Sep. 30, 2020aT		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		0
Merchantable timber inventory (million tons) | T		0
Location		Georgia
Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage		22.00%	[1]	21.60%
Acreage owned by the joint venture | a		1,085,000
Merchantable timber inventory (million tons) | T	[2]	41.1
Location		Texas
[1]	Represents our share of total partner capital contributions.
[2]	The Triple T Joint Venture considers inventory to be merchantable at age 12. Merchantable timber inventory does not include current year growth.

Unconsolidated Joint Ventures_3

Unconsolidated Joint Ventures - Schedule of Condensed Balance Sheet Information (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Joint Venture:
Total assets	$ 617,792,000	$ 663,865,000
Total liabilities	482,299,000	470,662,000
Total equity	134,010,000	192,641,000
CatchMark
Carrying value of investment	1,838,000	1,965,000
Triple T Joint Venture
CatchMark
Carrying value of investment	0	0
Dawsonville Bluffs Joint Venture
CatchMark
Carrying value of investment	1,838,000	1,965,000
Triple T Joint Venture
Joint Venture:
Total assets	1,567,084,000	1,573,172,000
Total liabilities	773,660,000	751,655,000
Total equity	793,424,000	821,517,000
Dawsonville Bluffs Joint Venture
Joint Venture:
Total assets	3,707,000	4,041,000
Total liabilities	31,000	111,000
Total equity	$ 3,676,000	$ 3,930,000

Unconsolidated Joint Ventures_4

Unconsolidated Joint Ventures - Schedule of Condensed Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Joint Venture:
Total revenues	$ 24,613			$ 26,380			$ 73,342	$ 77,613
Net income	(4,149)	$ (6,183)	$ (4,249)	(20,557)	$ (30,565)	$ (30,395)	(14,581)	(81,517)
CatchMark
Equity share of net income	(2,294)			(25,051)			(4,727)	(81,011)
Triple T Joint Venture
CatchMark
Equity share of net income	(2,689)			(25,712)			(5,000)	(81,800)
Dawsonville Bluffs Joint Venture
CatchMark
Equity share of net income	395			661			273	789
Triple T Joint Venture
Joint Venture:
Total revenues	44,222			41,509			114,091	121,450
Net income	(9,973)			(4,613)			(25,636)	(10,480)
Dawsonville Bluffs Joint Venture
Joint Venture:
Total revenues	1,246			8,648			1,246	10,068
Net income	$ 790			$ 1,323			$ 546	$ 1,578

Unconsolidated Joint Ventures_5

Unconsolidated Joint Ventures - Schedule of Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Net cash provided by operating activities	$ 27,647	$ 28,513
Net cash used in investing activities	11,658	26,139
Net cash provided by (used in) financing activities	(42,758)	(43,192)
Net change in cash and cash equivalents	(3,453)	11,460
Cash and cash equivalents, beginning of period	11,487	5,614
Cash and cash equivalents, end of period	8,034	17,074
Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Net cash provided by operating activities	2,305	9,040
Net cash used in investing activities	(151,473)	(3,263)
Net cash provided by (used in) financing activities	154,111	87
Net change in cash and cash equivalents	4,943	5,864
Cash and cash equivalents, beginning of period	39,614	39,300
Cash and cash equivalents, end of period	44,557	45,164
Dawsonville Bluffs Joint Venture
Schedule of Equity Method Investments [Line Items]
Net cash provided by operating activities	633	8,873
Net cash provided by (used in) financing activities	(800)	(9,616)
Net change in cash and cash equivalents	(167)	(743)
Cash and cash equivalents, beginning of period	1,441	1,731
Cash and cash equivalents, end of period	$ 1,274	$ 988

Unconsolidated Joint Ventures_6

Unconsolidated Joint Ventures - Schedule of Fees Earned (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Fees earned		$ 24,613		$ 26,380	$ 73,342	$ 77,613
Management services
Schedule of Equity Method Investments [Line Items]
Fees earned		3,118		3,436	8,950	9,119
Management services | Triple T Joint Venture
Schedule of Equity Method Investments [Line Items]
Fees earned	[1]	3,112		2,821	8,789	8,464
Reimbursed compensation costs, included in fees earned		100		100	400	400
Management services | Dawsonville Bluffs Joint Venture
Schedule of Equity Method Investments [Line Items]
Fees earned	[2]	$ 6		615	$ 161	$ 655
Incentive-based promotion earned, included in fees earned			$ 100	$ 600
[1]	Includes $0.1 million of reimbursements of compensation costs for the three months ended September 30, 2020 and 2019. Includes $0.4 million of reimbursements of compensation costs for the nine months ended September 30, 2020 and 2019.
[2]	Includes $0.1 million and $0.6 million of incentive-based promote earned for exceeding investment hurdle in the first quarter of 2020 and in the third quarter of 2019, respectively.

Notes Payable and Lines of Cr_3

Notes Payable and Lines of Credit - Amended Credit Agreement - Narrative (Details) - USD ($)	May 01, 2020	Apr. 30, 2020	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Repayments of notes payable						$ 20,850,000	$ 20,064,000
Unused commitment fee, paid			$ 100,000		$ 200,000	400,000	$ 500,000
Amended Credit Agreement
Debt Instrument [Line Items]
Remaining borrowing capacity			150,900,000			$ 150,900,000
Amended Credit Agreement | Maximum
Debt Instrument [Line Items]
Covenant terms, loan to value (LTV) ratio (percent)	50.00%	45.00%				50.00%
Amended Credit Agreement | Minimum
Debt Instrument [Line Items]
Covenant terms, minimum liquidity balance required (no less than)		$ 25,000,000
Covenant terms, minimum liquidity balanced required, removed (no less than)	$ 25,000,000
Amended Credit Agreement | 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			$ 35,000,000
Amount of credit facility allowed to be used for timberland acquisitions (not to exceed)						$ 5,000,000
Amended Credit Agreement | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Description of interest rate						base rate
Amended Credit Agreement | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate						1.20%
Amended Credit Agreement | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate						0.50%
Amended Credit Agreement | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Description of interest rate						LIBOR
Amended Credit Agreement | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate						2.20%
Amended Credit Agreement | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate						1.50%
Amended Credit Agreement | Multi-Draw Term Facility
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 150,000,000	$ 200,000,000
Debt term	7 years
Repayments of notes payable				$ 20,900,000
Remaining borrowing capacity			115,900,000			$ 115,900,000
Interest rate						1.90%
Amended Credit Agreement | Multi-Draw Term Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage on unused portion						0.35%
Amended Credit Agreement | Multi-Draw Term Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage on unused portion						0.15%
Amended Credit Agreement | Multi-Draw Term Facility | Base Rate
Debt Instrument [Line Items]
Description of interest rate						base rate
Amended Credit Agreement | Multi-Draw Term Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate						1.20%
Amended Credit Agreement | Multi-Draw Term Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate						0.50%
Amended Credit Agreement | Multi-Draw Term Facility | LIBOR
Debt Instrument [Line Items]
Description of interest rate						LIBOR
Amended Credit Agreement | Multi-Draw Term Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate						2.20%
Amended Credit Agreement | Multi-Draw Term Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate						1.50%
Amended Credit Agreement | Multi-Draw Term Facility | Triple T Joint Venture
Debt Instrument [Line Items]
Line of credit, amount borrowed			$ 5,000,000			$ 5,000,000
Amended Credit Agreement | Term Loan A-1
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 100,000,000
Debt term	10 years
Interest rate						1.75%
Amended Credit Agreement | Term Loan A-1 | LIBOR
Debt Instrument [Line Items]
Description of interest rate						LIBOR
Amended Credit Agreement | Term Loan A-2
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 100,000,000
Debt term	9 years
Interest rate						1.90%
Amended Credit Agreement | Term Loan A-2 | LIBOR
Debt Instrument [Line Items]
Description of interest rate						LIBOR
Amended Credit Agreement | Term Loan A-3
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 68,600,000
Debt term	10 years
Interest rate						2.00%
Amended Credit Agreement | Term Loan A-3 | LIBOR
Debt Instrument [Line Items]
Description of interest rate						LIBOR
Amended Credit Agreement | Term Loan A-4
Debt Instrument [Line Items]
Maximum amounts available for borrowing	$ 140,000,000
Debt term	7 years
Interest rate						1.70%
Amended Credit Agreement | Term Loan A-4 | LIBOR
Debt Instrument [Line Items]
Description of interest rate						LIBOR

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, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total principal balance		$ 442,705	$ 458,555
Less: net unamortized deferred financing costs		(5,469)	(5,568)
Total		$ 437,236	452,987
Amended Credit Agreement | Term Loan A-1
Debt Instrument [Line Items]
Maturity Date		Dec. 23, 2024
Current Interest Rate	[1]	1.90%
Total principal balance		$ 100,000	100,000
Interest Rate		1.75%
Amended Credit Agreement | Term Loan A-1 | LIBOR
Debt Instrument [Line Items]
Description of interest rate		LIBOR
Amended Credit Agreement | Term Loan A-2
Debt Instrument [Line Items]
Maturity Date		Dec. 1, 2026
Current Interest Rate	[1]	2.05%
Total principal balance		$ 100,000	100,000
Interest Rate		1.90%
Amended Credit Agreement | Term Loan A-2 | LIBOR
Debt Instrument [Line Items]
Description of interest rate		LIBOR
Amended Credit Agreement | Term Loan A-3
Debt Instrument [Line Items]
Maturity Date		Dec. 1, 2027
Current Interest Rate	[1]	2.15%
Total principal balance		$ 68,619	68,619
Interest Rate		2.00%
Amended Credit Agreement | Term Loan A-3 | LIBOR
Debt Instrument [Line Items]
Description of interest rate		LIBOR
Amended Credit Agreement | Term Loan A-4
Debt Instrument [Line Items]
Maturity Date		Aug. 22, 2025
Current Interest Rate	[1]	1.85%
Total principal balance		$ 140,000	140,000
Interest Rate		1.70%
Amended Credit Agreement | Term Loan A-4 | LIBOR
Debt Instrument [Line Items]
Description of interest rate		LIBOR
Amended Credit Agreement | Multi-Draw Term Facility
Debt Instrument [Line Items]
Maturity Date		Dec. 1, 2024
Current Interest Rate	[1]	2.05%
Total principal balance		$ 34,086	$ 49,936
Interest Rate		1.90%
Amended Credit Agreement | Multi-Draw Term Facility | LIBOR
Debt Instrument [Line Items]
Description of interest rate		LIBOR
[1]	For the Multi-Draw Term Facility, the interest rate represents weighted-average interest rate as of September 30, 2020. 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 dividends.

Notes Payable and Lines of Cr_5

Notes Payable and Lines of Credit - Patronage Dividends - Narrative (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Disclosure [Abstract]
Patronage refund accrual			$ 0.9	$ 0.9	$ 2.7	$ 2.9
Patronage dividends received	$ 4.1	$ 3.3
Patronage dividends received in cash	3.1
Patronage dividends received, special cash distribution for 2019	0.1
Patronage dividends received in equity of the Patronage Banks	$ 1

Notes Payable and Lines of Cr_6

Notes Payable and Lines of Credit - Patronage Dividends - Schedule of Patronage Dividend Classification (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total		$ 6,026	$ 6,139
Accounts receivable
Debt Instrument [Line Items]
Total		2,691	3,810
Prepaid expenses and other assets
Debt Instrument [Line Items]
Total	[1]	$ 3,335	$ 2,329
[1]	Represents cumulative patronage dividends received as equity in the Patronage Banks.

Notes Payable and Lines of Cr_7

Notes Payable and Lines of Credit - Debt Covenants - Narrative (Details) - Amended Credit Agreement	May 01, 2020	Apr. 30, 2020	Sep. 30, 2020
Debt Instrument [Line Items]
Covenant terms, fixed charge coverage ratio (not less than)			1.05
Capital expenditure percentage of timberlands			1.00%
Maximum
Debt Instrument [Line Items]
Covenant terms, loan to value (LTV) ratio (percent)	50.00%	45.00%	50.00%

Notes Payable and Lines of Cr_8

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Interest payments	$ 2,200,000	$ 5,000,000	$ 9,200,000	$ 15,600,000
Unused commitment fees, paid	$ 0	$ 0	$ 300,000	$ 100,000
Secured Debt
Debt Instrument [Line Items]
Weighted-average interest rate	3.22%		3.22%		3.87%
Weighted-average interest rate, after patronage refunds	2.42%		2.42%		3.07%

Interest Rate Swaps - Narrative

Interest Rate Swaps - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)derivative	Sep. 30, 2019USD ($)derivative	Sep. 30, 2020USD ($)derivative	Sep. 30, 2019USD ($)derivative	Dec. 31, 2019USD ($)
Derivative [Line Items]
Variable rate debt	$ 442,705,000		$ 442,705,000		$ 458,555,000
Change in fair value, other comprehensive gain (loss), interest rate swaps	3,799,000	$ (3,104,000)	(22,928,000)	$ (14,025,000)
Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 275,000,000	$ 350,000,000	$ 275,000,000	$ 350,000,000
Derivative, fixed interest rate	3.98%	4.26%	3.98%	4.26%
Amount to be reclassified from accumulated other comprehensive loss to interest expense net 12 months	$ 6,700,000		$ 6,700,000
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Number of interest rate derivatives outstanding | derivative	2	10	2	10
Change in fair value, other comprehensive gain (loss), interest rate swaps	$ 3,400,000	$ (3,100,000)	$ (24,200,000)	$ (14,000,000)
Reclassification from accumulated other comprehensive loss to interest expense	400,000		1,300,000
Payments for interest rate swaps	$ 1,400,000	$ 100,000	$ 2,900,000	$ 100,000

Interest Rate Swaps - Schedule

Interest Rate Swaps - Schedule of Interest Rate Swaps Outstanding (Details) - Designated as Hedging Instrument - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Pay Rate	3.98%	4.26%
Notional Amount	$ 275,000,000	$ 350,000,000
2019 Swap - 10YR | LIBOR
Derivative [Line Items]
Term of contract	10 years
Pay Rate	2.2067%
Notional Amount	$ 200,000,000
2019 Swap - 7YR | LIBOR
Derivative [Line Items]
Term of contract	7 years
Pay Rate	2.083%
Notional Amount	$ 75,000,000

Interest Rate Swaps - Schedul_2

Interest Rate Swaps - Schedule of Interest Rate Swaps Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Interest Rate Swap | Designated as Hedging Instrument | Other liabilities
Derivatives designated as hedging instruments:
Derivative liabilities, fair value	$ (33,015)	$ (8,769)

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) a in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2020USD ($)a	Sep. 30, 2019USD ($)	Mar. 31, 2008	Sep. 30, 2020USD ($)aT	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2007state
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
Operating lease right-of-use asset		$ 2,903,000			$ 2,903,000		$ 3,120,000	$ 3,400,000
Operating lease liability		3,054,000			3,054,000		$ 3,242,000	$ 3,400,000
Operating lease expense		108,400	$ 108,400		325,000	$ 256,000
Cash paid for office leases		100,000	$ 98,000		297,000	$ 215,000
Legal proceedings		$ 0			$ 0
Timber
Commitments and Contingencies [Line Items]
Area of land, held in leasehold interests | a	[1]	22			22
WestRock Corporation | Revenue Benchmark | Customer Concentration Risk | Timber sales
Commitments and Contingencies [Line Items]
Timber sold, Mahrt Timber Agreements, percentage of net timber sales revenue					12.00%
WestRock Corporation
Commitments and Contingencies [Line Items]
Timber sold, Mahrt Timber Agreements | T					308,900
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
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, notice of termination option					120 days
American Forestry Management, Inc.
Commitments and Contingencies [Line Items]
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, Current Year (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Jan. 01, 2019
Operating Leases, Current Year
2020	$ 100
2021	412	$ 397
2022	424	412
2023	435	424
2024	447	435
Thereafter	1,873
Total Required Payments	3,691	3,988
Less: imputed interest	(637)
Operating lease liability	$ 3,054	$ 3,242	$ 3,400
Remaining lease term (years)	8 years 2 months 12 days
Discount rate	4.58%

Commitments and Contingencies_3

Commitments and Contingencies - Operating Lease Future Annual Payments, Prior Year (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Operating Leases, Prior Year
Required payments	$ 412	$ 397
2021	424	412
2022	435	424
2023	447	435
2024		447
Thereafter		1,873
Total Required Payments	$ 3,691	$ 3,988

Commitments and Contingencies_4

Commitments and Contingencies - Operating Lease Future Annual Payments, LTC Lease (Details) - Timber $ in Thousands	Sep. 30, 2020USD ($)
Lessee, Lease, Description [Line Items]
2020	$ 16
2021	397
2022	349
Total Required Payments	$ 762

Stock-based Compensation - Acce

Stock-based Compensation - Accelerated Vesting of Former CEO's Outstanding Equity Awards - Narrative (Details) - Chief Executive Officer $ / shares in Units, $ in Thousands	Jan. 29, 2020shares	Jan. 21, 2020installmentPayment$ / sharesshares	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated stock-based compensation expense | $				$ 1,200	$ 1,200
Service-based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting, number of shares (in shares)		103,135
Accelerated vesting, number of shares withheld tax withholding (in shares)		46,912
Shares repurchased during period (in shares)		56,223
Accelerated vesting, per-share price (in dollars per share) | $ / shares		$ 11.05
Accelerated vesting, per-share price, average closing price, trading period		5 days
Accelerated vesting, number of equal installments | installmentPayment		24
Shares repurchased, installment payment made | $			$ 78		$ 207
Performance-based LTIP Unit | 2017 Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued (in shares)		72,272
Earned and vested (in shares)	25,218
Performance-based LTIP Unit | 2018 and 2019 Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued (in shares)		142,909
Earned and vested (in shares)	32,780

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Vesting - Narrative (Details) - Service-based Restricted Stock - Executive Officer	Jul. 13, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	14,224
Number of shares repurchased tax withholding (in shares)	5,810

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, 2020		Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020		Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 630	[1]			$ 803			$ 3,207	[1]	$ 1,952
Recognized as noncontrolling interest	576		$ 663	$ 907	803	$ 490	$ 293
Noncontrolling Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized as noncontrolling interest	218		$ 125	691				1,000
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated stock-based compensation expense				$ 1,200				1,200
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	520				729			2,900	[2]	1,763
Forestry management expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 110				$ 74			$ 307		$ 189
[1]	Includes $0.2 million and $1.0 million of stock-based compensation recognized as noncontrolling interest for the three months and nine months ended September 30, 2020, respectively.
[2]	The nine months ended September 30, 2020 includes $1.2 million of accelerated stock-based compensation expense related to the retirement of CatchMark's former CEO in January 2020.

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-based Compensation Expense - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Share-based Payment Arrangement [Abstract]
Nonvested awards, unrecognized compensation expense	$ 5
Nonvested awards, unrecognized compensation expense, period for recognition	2 years 4 months 24 days

Segment Information - Schedule

Segment Information - Schedule of Operating Revenue, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 24,613	$ 26,380	$ 73,342	$ 77,613
Harvest
Segment Reporting Information [Line Items]
Total revenues	19,065	20,680	55,510	55,916
Real Estate
Segment Reporting Information [Line Items]
Total revenues	2,430	2,264	8,882	12,578
Investment Management
Segment Reporting Information [Line Items]
Total revenues	$ 3,118	$ 3,436	$ 8,950	$ 9,119

Segment Information - Schedul_2

Segment Information - Schedule of Adjusted EBITDA, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Total	$ 12,399	$ 16,522	$ 34,723	$ 41,771
Operating Segments | Harvest
Segment Reporting Information [Line Items]
Total	8,502	9,390	24,497	23,935
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total	2,272	2,036	8,342	11,821
Operating Segments | Investment Management
Segment Reporting Information [Line Items]
Total	3,653	7,250	9,363	13,455
Corporate
Segment Reporting Information [Line Items]
Total	$ (2,028)	$ (2,154)	$ (7,479)	$ (7,440)

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
		Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Adjusted EBITDA		$ 12,399			$ 16,522			$ 34,723	$ 41,771
Subtract:
Depletion		7,286			8,235			20,934	19,533
Interest expense	[1]	2,865			4,220			9,121	12,987
Amortization	[1]	747			299			2,621	986
Basis of timberland sold, lease terminations and other	[2]	1,991			1,854			6,988	10,329
Stock-based compensation expense		630			803			3,207	1,952
Gain on large dispositions	[3]	0			(7,197)			(1,274)	(7,961)
Other	[4]	190			1			260	115
Net loss		(4,149)	$ (6,183)	$ (4,249)	(20,557)	$ (30,565)	$ (30,395)	(14,581)	(81,517)
Chief Executive Officer
Subtract:
Post-employment benefits	[5]	10			0			2,307	0
Dawsonville Bluffs Joint Venture
Subtract:
Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture	[6]	140			3,152			140	3,547
Triple T Joint Venture
Subtract:
HLBV loss from unconsolidated joint venture	[7]	$ 2,689			$ 25,712			$ 5,000	$ 81,800
[1]	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 accompanying consolidated statements of operations. Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses.
[2]	Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses.
[3]	Large dispositions are sales of blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. 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. Such dispositions are infrequent in nature, are not part of core operations, and would cause material variances in comparative results if not reported separately.
[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 one-time, non-recurring post-employment benefits associated with the retirement of our former CEO, including severance pay, payroll taxes, professional fees, and accrued dividend equivalents.
[6]	Reflects our share of depletion, amortization, and basis of timberland and mitigation credits sold of the unconsolidated Dawsonville Bluffs Joint Venture.
[7]	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 Event - Narrative (D

Subsequent Event - Narrative (Details) - $ / shares	Oct. 29, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Subsequent Event [Line Items]
Cash dividend declared, per share (in dollars per share)		$ 0.135	$ 0.135	$ 0.135
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared, per share (in dollars per share)	$ 0.135