Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 02, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
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, $0.01 Par Value Per Share | |
Trading Symbol | CTT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 48,899,174 | |
Entity Central Index Key | 0001341141 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash and cash equivalents | $ 22,291 | $ 11,924 |
Accounts receivable | 7,615 | 8,333 |
Prepaid expenses and other assets | 6,349 | 5,878 |
Operating lease right-of-use asset (Note 7) | 2,680 | 2,831 |
Deferred financing costs | 125 | 167 |
Timber assets (Note 3): | ||
Timber and timberlands, net | 475,354 | 576,680 |
Intangible lease assets | 3 | 5 |
Assets held for sale (Note 3) | 75,940 | 0 |
Investments in unconsolidated joint ventures (Note 4) | 1,907 | 1,510 |
Total assets | 592,264 | 607,328 |
Liabilities: | ||
Accounts payable and accrued expenses | 5,595 | 4,808 |
Operating lease liability (Note 7) | 2,849 | 2,988 |
Other liabilities | 23,149 | 32,130 |
Notes payable and lines of credit, net of deferred financing costs (Note 5) | 430,659 | 437,490 |
Total liabilities | 462,252 | 477,416 |
Commitments and Contingencies (Note 7) | 0 | 0 |
Stockholders’ Equity: | ||
Class A Common stock, $0.01 par value; 900,000 shares authorized; 48,906 and 48,765 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 489 | 488 |
Additional paid-in capital | 729,155 | 728,662 |
Accumulated deficit and distributions | (584,368) | (572,493) |
Accumulated other comprehensive loss | (16,731) | (27,893) |
Total stockholders’ equity | 128,545 | 128,764 |
Noncontrolling Interests | 1,467 | 1,148 |
Total equity | 130,012 | 129,912 |
Total liabilities and equity | $ 592,264 | $ 607,328 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - Class A Common Stock - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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) | 48,906,000 | 48,765,000 |
Common stock, shares outstanding (in shares) | 48,906,000 | 48,765,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Revenues: | |||||
Total revenues | $ 31,940 | $ 21,757 | $ 59,626 | $ 48,729 | |
Expenses: | |||||
Depletion | 6,657 | 6,707 | 14,382 | 13,648 | |
General and administrative expenses | 3,094 | 3,024 | 6,694 | 10,291 | |
Land rent expense | 20 | 96 | 133 | 220 | |
Other operating expenses | 1,714 | 1,585 | 3,427 | 3,221 | |
Operating costs and expenses | 27,658 | 21,524 | 53,582 | 50,025 | |
Other income (expense): | |||||
Interest income | 0 | 4 | 1 | 50 | |
Interest expense | (3,337) | (4,070) | (6,265) | (8,027) | |
Gain (loss) on large dispositions | [1] | 759 | (5) | 759 | 1,274 |
Total other income (expense) | (2,578) | (4,071) | (5,505) | (6,703) | |
Income (loss) before unconsolidated joint ventures | 1,704 | (3,838) | 539 | (7,999) | |
Income (loss) from unconsolidated joint ventures (Note 4) | 49 | (2,345) | 663 | (2,433) | |
Net income (loss) | 1,753 | (6,183) | 1,202 | (10,432) | |
Net income attributable to noncontrolling interest | 4 | 0 | 3 | 0 | |
Net income (loss) attributable to common stockholders | $ 1,749 | $ (6,183) | $ 1,199 | $ (10,432) | |
Weighted-average common shares outstanding - basic (in shares) | 48,421 | 48,744 | 48,398 | 48,866 | |
Income (loss) per share - basic (in dollars per share) | $ 0.04 | $ (0.13) | $ 0.02 | $ (0.21) | |
Weighted-average common shares outstanding - diluted (in shares) | 48,562 | 48,744 | 48,513 | 48,866 | |
Income (loss) per share - diluted (in dollars per share) | $ 0.04 | $ (0.13) | $ 0.02 | $ (0.21) | |
Timber sales | |||||
Revenues: | |||||
Total revenues | $ 20,111 | $ 16,173 | $ 40,260 | $ 34,339 | |
Timberland sales | |||||
Revenues: | |||||
Total revenues | 7,632 | 1,673 | 10,989 | 6,452 | |
Expenses: | |||||
Costs and expenses | 5,641 | 1,463 | 7,796 | 4,885 | |
Management fees and expenses | |||||
Revenues: | |||||
Total revenues | 3,211 | 2,857 | 6,329 | 5,832 | |
Expenses: | |||||
Costs and expenses | 1,707 | 1,671 | 3,594 | 3,505 | |
Other revenues | |||||
Revenues: | |||||
Total revenues | 986 | 1,054 | 2,048 | 2,106 | |
Contract logging and hauling costs | |||||
Expenses: | |||||
Costs and expenses | $ 8,825 | $ 6,978 | $ 17,556 | $ 14,255 | |
[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 INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 1,753 | $ (6,183) | $ 1,202 | $ (10,432) |
Other comprehensive income (loss): | ||||
Market value adjustment to interest rate swaps | (4,504) | (2,249) | 11,181 | (26,727) |
Comprehensive income (loss) | (2,751) | (8,432) | 12,383 | (37,159) |
Comprehensive income (loss) attributable to noncontrolling interest | (11) | 0 | 19 | 0 |
Comprehensive income (loss) attributable to common stockholders | $ (2,740) | $ (8,432) | $ 12,364 | $ (37,159) |
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 Interest |
Balance, beginning of period (in shares) at Dec. 31, 2019 | 49,008 | ||||||
Balance, beginning of period at Dec. 31, 2019 | $ 193,203 | $ 192,641 | $ 490 | $ 729,274 | $ (528,847) | $ (8,276) | $ 562 |
Issuance of common stock 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 on common stock ($0.135 per share) | (6,564) | (6,564) | (6,564) | ||||
Distributions to noncontrolling interest | (84) | (84) | |||||
Repurchase of common stock (in shares) | (352) | ||||||
Repurchase of common stock | (2,554) | (2,554) | $ (4) | (2,550) | |||
Net income (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 | ||||||
Balance, beginning of period at Dec. 31, 2019 | 193,203 | 192,641 | $ 490 | 729,274 | (528,847) | (8,276) | 562 |
Issuance of common stock pursuant to: | |||||||
Net income (loss) | (10,432) | ||||||
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 |
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 |
Issuance of common stock 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 on common stock ($0.135 per share) | (6,524) | (6,524) | (6,524) | ||||
Distributions to noncontrolling interest | (17) | (17) | |||||
Repurchase of common stock (in shares) | (9) | ||||||
Repurchase of common stock | (67) | (67) | (67) | ||||
Net income (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 |
Balance, beginning of period (in shares) at Dec. 31, 2020 | 48,765 | ||||||
Balance, beginning of period at Dec. 31, 2020 | 129,912 | 128,764 | $ 488 | 728,662 | (572,493) | (27,893) | 1,148 |
Issuance of common stock pursuant to: | |||||||
LTIP, net of forfeitures and amounts withheld for income taxes (in shares) | 139 | ||||||
LTIP, net of forfeitures and amounts withheld for income taxes | 129 | (45) | $ 1 | (46) | 174 | ||
Dividends on common stock ($0.135 per share) | (6,537) | (6,537) | (6,537) | ||||
Distributions to noncontrolling interest | (28) | (28) | |||||
Net income (loss) | (551) | (550) | (550) | (1) | |||
Other comprehensive income (loss) | 15,685 | 15,655 | 15,655 | 30 | |||
Balance, end of period (in shares) at Mar. 31, 2021 | 48,904 | ||||||
Balance, end of period at Mar. 31, 2021 | 138,610 | 137,287 | $ 489 | 728,616 | (579,580) | (12,238) | 1,323 |
Balance, beginning of period (in shares) at Dec. 31, 2020 | 48,765 | ||||||
Balance, beginning of period at Dec. 31, 2020 | 129,912 | 128,764 | $ 488 | 728,662 | (572,493) | (27,893) | 1,148 |
Issuance of common stock pursuant to: | |||||||
Net income (loss) | 1,202 | ||||||
Balance, end of period (in shares) at Jun. 30, 2021 | 48,906 | ||||||
Balance, end of period at Jun. 30, 2021 | 130,012 | 128,545 | $ 489 | 729,155 | (584,368) | (16,731) | 1,467 |
Balance, beginning of period (in shares) at Mar. 31, 2021 | 48,904 | ||||||
Balance, beginning of period at Mar. 31, 2021 | 138,610 | 137,287 | $ 489 | 728,616 | (579,580) | (12,238) | 1,323 |
Issuance of common stock pursuant to: | |||||||
LTIP, net of forfeitures and amounts withheld for income taxes (in shares) | 2 | ||||||
LTIP, net of forfeitures and amounts withheld for income taxes | 716 | 539 | 539 | 177 | |||
Dividends on common stock ($0.135 per share) | (6,537) | (6,537) | (6,537) | ||||
Distributions to noncontrolling interest | (26) | (26) | |||||
Net income (loss) | 1,753 | 1,749 | 1,749 | 4 | |||
Other comprehensive income (loss) | (4,504) | (4,493) | (4,493) | (11) | |||
Balance, end of period (in shares) at Jun. 30, 2021 | 48,906 | ||||||
Balance, end of period at Jun. 30, 2021 | $ 130,012 | $ 128,545 | $ 489 | $ 729,155 | $ (584,368) | $ (16,731) | $ 1,467 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (PARENTHETICAL) - $ / shares | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends on common stock (in dollars per share) | $ 0.135 | $ 0.135 | $ 0.135 | $ 0.135 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 1,202 | $ (10,432) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depletion | 14,382 | 13,648 | |
Basis of timberland sold, lease terminations and other | [1] | 7,667 | 4,997 |
Stock-based compensation expense | 1,386 | 2,577 | |
Noncash interest expense | 1,171 | 1,771 | |
Noncash lease expense | 11 | 20 | |
Other amortization | 87 | 83 | |
Gain on large dispositions | [2] | (759) | (1,274) |
(Income) loss from unconsolidated joint ventures | (663) | 2,433 | |
Interest paid under swaps with other-than-insignificant financing element | 2,845 | 1,492 | |
Changes in assets and liabilities: | |||
Accounts receivable | (258) | 473 | |
Prepaid expenses and other assets | 497 | 409 | |
Accounts payable and accrued expenses | 878 | 2,656 | |
Other liabilities | 1,606 | 1,177 | |
Net cash provided by operating activities | 30,052 | 20,030 | |
Cash Flows from Investing Activities: | |||
Capital expenditures (excluding timberland acquisitions) | (3,320) | (3,766) | |
Investment in unconsolidated joint ventures | 0 | (5,000) | |
Distributions from unconsolidated joint ventures | 266 | 400 | |
Net proceeds from large dispositions | 7,340 | 20,863 | |
Net cash provided by investing activities | 4,286 | 12,497 | |
Cash Flows from Financing Activities: | |||
Repayment of notes payable | (7,295) | (20,850) | |
Proceeds from notes payable | 0 | 5,000 | |
Financing costs paid | (7) | (1,004) | |
Interest paid under swaps with other-than-insignificant financing element | (2,845) | (1,492) | |
Dividends/distributions paid | (13,128) | (13,189) | |
Repurchase of common shares | (158) | (2,130) | |
Repurchase of common shares for minimum tax withholding | (538) | (999) | |
Net cash used in financing activities | (23,971) | (34,664) | |
Net change in cash and cash equivalents | 10,367 | (2,137) | |
Cash and cash equivalents, beginning of period | 11,924 | 11,487 | |
Cash and cash equivalents, end of period | $ 22,291 | $ 9,350 | |
[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 | 6 Months Ended |
Jun. 30, 2021 | |
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 99.76% of its Common 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 Units. The remaining 0.23% of CatchMark Timber OP’s common units are owned by current and former officers and directors of CatchMark Timber Trust. In addition, CatchMark Timber Trust conducts certain aspects 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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 notes included in CatchMark’s Annual Report on Form 10-K for the year ended December 31, 2020. 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 percentage. Any difference between the carrying amount of these investments on CatchMark’s balance sheets and the underlying equity in net assets on the joint venture’s balance sheets is adjusted as the related underlying assets are depreciated, amortized, or sold. Distributions received from unconsolidated joint ventures are classified in the accompanying consolidated statements of cash flows using the cumulative earnings approach under which distributions received in an amount equal to cumulative equity in earnings are classified as cash inflows from operating activities and distributions received in excess of cumulative equity in earnings represent returns of investment and therefore are classified as cash inflows from investing activities. CatchMark evaluates the recoverability of its investments in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, CatchMark estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management assesses whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) CatchMark’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," CatchMark reduces the investment to its estimated fair value. For information on CatchMark’s unconsolidated joint ventures, which are accounted for using the equity method of accounting, see Note 4 — Unconsolidated Joint Ventures. Assets Held for Sale CatchMark generally considers assets to be held for sale at the point at which a sale contract is executed, the buyer has made a significant non-refundable earnest money deposit against the contracted purchase price and there is a high degree of certainty a transaction will close. See Note 3 — Timber Assets for additional information. 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 June 30, 2021. Earnings Per Share Attributable to Common Stockholders Basic earnings (loss) per common share is calculated as net income (loss) attributable to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share equals basic earnings (loss) per common share, adjusted to reflect the dilution that would occur if all outstanding securities convertible into common shares or contracts to issue common shares were converted or exercise d and the related proceeds are then used to repurchase common shares. The following table provides the reconciliation of CatchMark's basic weighted-average common shares to diluted weighted-average common shares for the three months and six months ended June 30, 2021: Three Months Ended June 30, Six Months Ended June 30, 2021 2021 Weighted-average common shares outstanding - basic 48,421 48,398 Effect of potentially dilutive securities 141 115 Weighted-average common shares outstanding - diluted 48,562 48,513 Anti-dilutive shares excluded from diluted weighted-average common shares 22 132 For the three months and six months ended June 30, 2021, potentially dilutive securities included unvested shares of service-based restricted stock and contingently issuable performance-based restricted stock and LTIP Units as of June 30, 2021. Vested Common Units have been excluded from the computation of earnings per common share because all income attributable to the Common Units has been recorded as noncontrolling interest and excluded from net income attributable to common stockholders. All securities outstanding during the three months and six months ended June 30, 2020 were anti-dilutive. 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 those operating segments into three reportable segments: Harvest, Real Estate and Investment Management. See Note 9 — Segment Information for additional information. Recent Accounting Pronouncements 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 , which provides entities with optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform if certain criteria are met. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) |
Timber Assets
Timber Assets | 6 Months Ended |
Jun. 30, 2021 | |
Real Estate [Abstract] | |
Timber Assets | Timber Assets As of June 30, 2021 and December 31, 2020, timber and timberlands, excluding assets held for sale, consisted of the following, respectively: As of June 30, 2021 (in thousands) Gross Accumulated Net Timber $ 184,394 $ 9,146 $ 175,248 Timberlands 299,908 — 299,908 Mainline roads 1,053 855 198 Timber and timberlands $ 485,355 $ 10,001 $ 475,354 As of December 31, 2020 (in thousands) Gross Accumulated Net Timber $ 278,361 $ 29,112 $ 249,249 Timberlands 327,089 — 327,089 Mainline roads 1,176 834 342 Timber and timberlands $ 606,626 $ 29,946 $ 576,680 Timberland Sales During the three months ended June 30, 2021 and 2020, CatchMark sold 4,300 and 1,100 acres of timberland for $7.6 million and $1.7 million, respectively. CatchMark's cost basis in the timberland sold was $5.3 million and $1.4 million, respectively. During the six months ended June 30, 2021 and 2020, CatchMark sold 6,100 and 4,100 acres of timberland for $11.0 million and $6.5 million, respectively. CatchMark's cost basis in the timberland sold was $7.3 million and $4.5 million, respectively. Large Dispositions CatchMark closed one large disposition during each of the six months ended June 30, 2021 and 2020, respectively. On June 23, 2021, CatchMark completed the sale of 5,000 acres of its wholly-owned timberlands in Georgia for $7.5 million. CatchMark's cost basis was $6.6 million. CatchMark recognized a gain of $0.8 million from this large disposition. Of the total net proceeds, $7.3 million was used to pay down CatchMark's outstanding debt balance on the Multi-Draw Term Facility. On January 31, 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. Timberland sales a nd large dispositions acreage by state is listed below: Six Months Ended June 30, Acres Sold In 2021 2020 South Timberland Sales Alabama 1,600 2,200 Florida 500 — Georgia 3,900 1,300 South Carolina 100 300 Tennessee — 300 6,100 4,100 Large Dispositions Georgia 5,000 14,400 5,000 14,400 Total 11,100 18,500 Timber Assets Held For Sale On June 21, 2021, CatchMark entered into a purchase and sale agreement (the “Purchase Agreement”) with Roseburg Resources Co. (the “Buyer” or "Roseburg"), to sell 18,100 acres of Oregon timberlands (the “Bandon Property”) for $100 million. Upon entering into the Purchase Agreement, the Buyer made a $5 million non-refundable earnest money deposit with an escrow agent, which will be credited against the purchase price upon closing. The disposition is expected to close in the third quarter of 2021. Under the terms of CatchMark's amended credit agreement, as amended on August 4, 2021, net proceeds from the Bandon Property disposition will be required to be used to pay down CatchMark's Multi-Draw Term Facility and Term Loan A-3. See Note 10 — Subsequent Events for more information. CatchMark classified the Bandon Property as assets held for sale on its consolidated balance sheet as of June 30, 2021 in accordance with ASC 360. CatchMark generally considers assets to be held for sale at the point at which a sale contract is executed, the buyer has made a significant non-refundable earnest money deposit against the contracted purchase price and there is a high degree of certainty a transaction will close. The disposition of the Bandon Property was not considered a strategic shift that had or will have a major effect on CatchMark's operations or financial results and, therefore, did not meet the requirements for presentation as discontinued operations. As of June 30, 2021, the Bandon Property had a book basis of $75.9 million, which was lower than its contracted selling price, net of expected cost of sale. Accordingly, there has been no impairment as of June 30, 2021. Condensed income statement information for the Bandon Property is as follows: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Revenues $ 3,713 $ 1,611 $ 8,656 $ 3,505 Depletion expense $ 2,215 $ 1,191 $ 5,235 $ 2,501 Other operating expenses (1) $ 2,230 $ 1,291 $ 5,517 $ 2,590 $ (732) $ (871) $ (2,096) $ (1,586) (1) Excludes general and administrative expense and interest expense, which are not allocated to the property level. As of June 30, 2021, assets held for sales consisted of the following amounts: As of June 30, 2021 (in thousands) Gross Accumulated Net Timber $ 64,044 $ 5,235 $ 58,809 Timberlands 16,898 — 16,898 Mainline roads 265 32 233 Timber and timberlands $ 81,207 $ 5,267 $ 75,940 CatchMark did not have assets held for sale as of December 31, 2020. Current Timberland Portfolio As of June 30, 2021, CatchMark directly owned interests in 390,400 acres of timberlands in the U.S. South and Pacific Northwest, 375,400 acres of which were fee-simple interests and 15,000 acres were leasehold interests. Land acreage by state is listed below: Acres by state as of June 30, 2021 (1) Fee Lease Total South Alabama 65,800 1,800 67,600 Georgia 221,900 13,200 235,100 South Carolina 69,600 — 69,600 357,300 15,000 372,300 Pacific Northwest Oregon (2) 18,100 — 18,100 Total 375,400 15,000 390,400 (1) Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures. (2) Represents assets currently held for sale. |
Unconsolidated Joint Ventures
Unconsolidated Joint Ventures | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Unconsolidated Joint Ventures | Unconsolidated Joint VenturesAs of June 30, 2021, 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 June 30, 2021 Dawsonville Bluffs Joint Venture Triple T Joint Venture Ownership percentage 50.0% 22.0% (1) Acreage owned by the joint venture — 1,079,500 Merchantable timber inventory (million tons) — 42.6 (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 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 secured, non-recourse 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) June 30, 2021 December 31, 2020 Triple T Joint Venture Total assets $ 1,539,961 $ 1,547,344 Total liabilities $ 767,663 $ 763,715 Total equity $ 772,298 $ 783,629 CatchMark Carrying value of investment $ — $ — Condensed income statement information for the Triple T Joint Venture is as follows: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Triple T Joint Venture Total revenues $ 28,708 $ 34,588 $ 60,591 $ 69,869 Net loss $ (9,773) $ (9,935) $ (16,306) $ (15,663) CatchMark Equity share of net loss $ — $ (2,311) $ — $ (2,311) Condensed statement of cash flow information for the Triple T Joint Venture is as follows: Six Months Ended June 30, (in thousands) 2021 2020 Triple T Joint Venture Net cash provided by (used in) operating activities $ 9,828 $ (145,665) Net cash used in investing activities $ (2,433) $ (3,270) Net cash provided by (used in) financing activities $ (8) $ 154,111 Net change in cash and cash equivalents $ 7,387 $ 5,176 Cash and cash equivalents, beginning of period $ 35,321 $ 39,614 Cash and cash equivalents, end of period $ 42,708 $ 44,790 The statement of cash flow information for the six months ended June 30, 2020 has been revised to correctly present the $147.2 million paid by the Triple T Joint Venture in June 2020 in connection with an amendment to its sawtimber supply agreement with GP as an operating activity. The amount was previously classified as an investing cash flow. As of December 31, 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. Subsequent Event Related to Triple T Joint Venture On July 30, 2021, the Triple T Joint Venture entered into a purchase and sale agreement with an entity (the "Purchaser") that is a client of Hancock Natural Resource Group, Inc. ("Hancock") to sell approximately 301,000 acres of its East Texas timberlands for $498 million, or $1,656 per acre (the "Purchase Price"). The acres to be sold represent a portion of the 1.1 million acres of East Texas timberlands owned by the Triple T Joint Venture and the proceeds from the sale are expected to be used to reduce the Triple T Joint Venture’s leverage and to pay down a portion of the preferred partnership interests in the joint venture held by Preferred Investors. The Purchaser deposited $30 million with an escrow agent, which amount will be credited against the Purchase Price upon the closing of the disposition. Prior to closing, a third party will undertake a timber cruise of the timberlands to be transferred in connection with the disposition. If the timber cruise determines that the total cruised value varies from the estimated timber value contemplated by the Purchase Price by more than a designated threshold then the Purchase Price shall be adjusted downward or upward by the amount such variation exceeds the threshold. The disposition is expected to close in the third quarter of 2021, subject to satisfaction of normal and customary closing conditions. 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 June 30, 2021, the Dawsonville Bluffs Joint Venture had a mitigation bank with a book basis of $2.1 million remaining in its portfolio. Condensed balance sheet information for the Dawsonville Bluffs Joint Venture is as follows: As of (in thousands) June 30, 2021 December 31, 2020 Dawsonville Bluffs Joint Venture Total assets $ 3,857 $ 3,059 Total liabilities $ 43 $ 39 Total equity $ 3,814 $ 3,020 CatchMark Carrying value of investment $ 1,907 $ 1,510 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Dawsonville Bluffs Joint Venture Total revenues $ 270 $ — $ 1,898 $ — Net income (loss) $ 98 $ (69) $ 1,325 $ (244) CatchMark Equity share of net income (loss) $ 49 $ (34) $ 663 $ (122) Condensed statement of cash flow information for the Dawsonville Joint Venture is as follows: Six Months Ended June 30, (in thousands) 2021 2020 Dawsonville Joint Venture Net cash provided by (used in) operating activities $ 1,736 $ (261) Net cash used in financing activities $ (531) $ (800) Net change in cash and cash equivalents $ 1,205 $ (1,061) Cash and cash equivalents, beginning of period $ 559 $ 1,441 Cash and cash equivalents, end of period $ 1,764 $ 380 For the six months ended June 30, 2021 and 2020, CatchMark received cash distributions of $0.3 million and $0.4 million, respectively, from the Dawsonville Bluffs Joint Venture. 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 m onths and six months ended June 30, 2021 and 2020, CatchMark earned the following fees from these unconsolidated joint ventures: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Triple T Joint Venture (1) $ 3,112 $ 2,850 $ 6,224 $ 5,678 Dawsonville Bluffs Joint Venture (2) 99 7 105 154 $ 3,211 $ 2,857 $ 6,329 $ 5,832 (1) Includes $0.1 million of reimbursements of compensation costs for the three months ended June 30, 2021 and 2020, respectively. Includes $0.2 million of reimbursements of compensation costs for the six months ended June 30, 2021 and 2020, respectively. (2) Includes $0.1 million of incentive-based promote earned for exceeding investment hurdles for the six months ended June 30, 2021 and 2020, respectively . |
Notes Payable and Lines of Cred
Notes Payable and Lines of Credit | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable and Lines of Credit | Notes Payable and Lines of Credit Amended Credit Agreement As of June 30, 2021, 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"). During the six months ended June 30, 2021, CatchMark paid down $7.3 million of its outstanding balance on the Multi-Draw Term Facility with proceeds from a large disposition. As of June 30, 2021 and December 31, 2020, 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 June 30, 2021 December 31, 2020 Term Loan A-1 12/23/2024 LIBOR + 1.75% 1.85% $ 100,000 $ 100,000 Term Loan A-2 12/1/2026 LIBOR + 1.90% 2.00% 100,000 100,000 Term Loan A-3 12/1/2027 LIBOR + 2.00% 2.10% 68,619 68,619 Term Loan A-4 8/22/2025 LIBOR + 1.70% 1.80% 140,000 140,000 Multi-Draw Term Facility 12/1/2024 LIBOR + 2.20% 2.28% 26,791 34,086 Total principal balance $ 435,410 $ 442,705 Less: net unamortized deferred financing costs (4,751) (5,215) Total $ 430,659 $ 437,490 (1) For the Multi-Draw Term Facility, the interest rate represents weighted-average interest rate as of June 30, 2021. 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 June 30, 2021, CatchMark had $158.2 million of borrowing capacity remaining under its credit facilities, consisting of $123.2 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, as of June 30, 2021, was to terminate and all amounts outstanding under the facility due and payable on December 1, 2022. On August 4, 2021, the maturity date of the Revolving Credit Facility was extended from December 1, 2022 to August 4, 2026. See Note 10 — Subsequent Events for more information. 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 each of the three months ended June 30, 2021 and 2020 , CatchMark recognized $0.1 million of unused commitment fees as interest expense on its consolidated statements of operations, respectively. For each of the six months ended June 30, 2021, and 2020, CatchMark recognized $0.3 million of unused commitment fees as interest expense on its consolidated statements of operations, respectively. CatchMark’s obligations under the Amended 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 Amended Credit Agreement are jointly and severally guaranteed by CatchMark and all of its subsidiaries pursuant to the terms of the Amended 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 the three months ended June 30, 2021 and 2020, CatchMark accrued $1.0 million and $0.9 million, respectively, as patronage dividends receivable on its consolidated balance sheets and as an offset against interest expense on the consolidated statements of operations. For the six months ended June 30, 2021 and 2020, CatchMark accrued $1.9 million and $1.8 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 2021, CatchMark received patronage dividends of $4.1 million on its patronage eligible borrowings. Of the total patronage dividends received, $3.1 million was received in cash and $1.0 million was received in equity of the Patronage Banks. As of June 30, 2021 and December 31, 2020, 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: June 30, 2021 December 31, 2020 Accounts receivable $ 1,891 $ 3,597 Prepaid expenses and other assets (1) 4,311 3,335 Total $ 6,202 $ 6,932 (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 Amended Credit Agreement. However, if CatchMark has suffered a bankruptcy event or a change of control, the Amended 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 the Amended Credit Agreement as of June 30, 2021. Interest Paid and Fair Value of Outstanding Debt During the three months and six months ended June 30, 2021 and 2020, CatchMark made the following cash interest payments on its borrowings: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Cash paid for interest $ 2,300 $ 2,800 $ 4,600 $ 6,900 Included in the interest payments for the three months ended June 30, 2021 and 2020, were unused commitment fees of $0.1 million and $0.2 million, respectively. Included in the interest payments for the six months ended June 30, 2021 and 2020, were unused commitment fees of $0.3 million and $0.4 million, respectively. As of June 30, 2021 and December 31, 2020, the weighted-average interest rate on CatchMark's borrowings, after consideration of its interest rate swaps (see Note 6 — Interest Rate Swaps ), was 3.24% and 3.25%, respectively. After further consideration of expected patronage dividends, CatchMark's weighted-average interest rate as of June 30, 2021 and December 31, 2020 wa s 2.44% an d 2.45%, respectively. As of June 30, 2021 and December 31, 2020, the fair value of CatchMark's outstanding debt approximated its book value. The fair value was estimated based on discounted cash flow analysis using the current market borrowing rates for similar types of borrowing arrangements as of the measurement dates. |
Interest Rate Swaps
Interest Rate Swaps | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021, 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 June 30, 2021, CatchMark’s interest rate swaps effectively fixed the interest rate on $275.0 million of its $435.4 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. All of CatchMark's outstanding interest rate swaps during the six months ended June 30, 2021 and 2020 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 June 30, 2021 and December 31, 2020: (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification June 30, 2021 December 31, 2020 Derivatives designated as hedging instruments: Interest rate swaps Other liabilities $ (19,442) $ (30,029) During the three months ended June 30, 2021 and 2020, CatchMark recognized a change in fair value of its interest rate swaps of $4.5 million and $2.2 million, as other comprehensive loss, respectively. During the six months ended June 30, 2021 and 2020, CatchMark recognized a change in fair value of its interest rate swaps of $11.2 million and $26.7 million, as other comprehensive income and comprehensive loss, respectively. Pursuant to the terms of its interest rate swaps, CatchMark paid $1.4 million and $1.2 million during the three months ended June 30, 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, CatchMark paid $2.8 million and $1.5 million, respectively. All amounts were included in interest expense in the consolidated statements of operations. During the three months ended June 30, 2021 and 2020, CatchMark reclassified $0.3 million and $0.5 million from accumulated other comprehensive loss to interest expense related to the off-market swap value at hedge inception. During the six months ended June 30, 2021 and 2020, CatchMark reclassified $0.6 million and $0.9 million fr om accumulated other comprehensive loss to interest expense related to the off-market swap value at hedge inception. As of June 30, 2021, CatchMark estimated that approximately $6.2 million |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
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 2021, WestRock is required to purchase a minimum of 380,800 tons and we are committed to make available for purchase by WestRock a minimum of 443,200 tons of timber under the Mahrt Timber Agreements. For the six months ended June 30, 2021, WestRock purchased 184,300 tons under the Mahrt Timber Agreements, which represented 11% 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, 2022, 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 $107,000 and $108,400 of operating lease expense for the three months ended June 30, 2021 and 2020, respectively. For each of the six months ended June 30, 2021 and 2020, CatchMark recorded $217,000 of operating lease expense, respectively. For the three months ended June 30, 2021 and 2020, CatchMark paid $102,000 and $98,000, respectively, in cash for its office lease. For the six months ended June 30, 2021 and 2020, CatchMark paid $207,000 and $197,000 , respectively, in cash for its office lease, which was included in operating cash flows on its consolidated statements of cash flows. CatchMark had the following future annual payments for its operating lease as of June 30, 2021 and December 31, 2020: As of ( in thousands ) June 30, 2021 December 31, 2020 Required payments 2021 $ 206 412 2022 424 424 2023 435 435 2024 447 447 2025 459 459 Thereafter 1,414 1,414 $ 3,385 $ 3,591 Less: imputed interest (536) Operating lease liability $ 2,849 Remaining lease term (years) 7.4 Discount rate 4.58 % CatchMark holds leasehold interests in 15,000 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 June 30, 2021, CatchMark had the following future lease payments under the LTC Lease: (in thousands) Required Payments 2021 $ 311 2022 299 $ 610 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, |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation Long-Term Incentive Plans On June 24, 2021, CatchMark's stockholders approved a long-term incentive plan (the "2021 Incentive Plan") at its 2021 annual meeting of stockholders. The 2021 Incentive Plan replaced CatchMark's 2017 long-term incentive plan. The 2021 Incentive Plan allows for the award of options, stock appreciation rights, restricted stock, RSUs, deferred stock units, performance awards, other stock-based awards, LTIP Units or any other right or interest relating to stock or cash to the employees, directors, and consultants of CatchMark or its affiliates. A total of 2.0 million shares of CatchMark's common stock are reserved and available for issuance pursuant to awards granted under the 2021 Incentive Plan. Service-based Restricted Stock Grants to Employees During the three months ended June 30, 2021, CatchMark did not issue any shares of service-based restricted stock to its employees. During the six months ended June 30, 2021, CatchMark granted 148,817 shares of service-based restricted stock to its employees, vesting in equal installments over a four-year period. The fair value of $1.6 million was determined based on the closing price of CatchMark's common stock on the grant date and is amortized evenly over the vesting period. A rollforward of CatchMark's unvested, service-based restricted stock awards to employees for the six months ended June 30, 2021 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 374,822 $ 10.51 Granted 148,817 $ 10.77 Vested (124,745) $ 10.54 Forfeited — $ — Unvested at June 30, 2021 398,894 $ 10.60 Performance-based Awards On March 11, 2021, the Compensation Committee approved the 2021 executives' LTIP and, pursuant to which, CatchMark granted 202,930 performance-based LTIP Units to its executive officers and 44,180 shares of performance-based restricted stock to its eligible officers (the "2021 Performance-based Grant"). The issuance represents the maximum number of LTIP Units or shares of restricted stock that could be earned based on the relative performance of CatchMark's TSR as compared to a pre-established peer group's TSR and to the Russell Microcap Index in each case over a three-year performance period from January 1, 2021 to December 31, 2023. The Compensation Committee will determine the earned awards after the end of the performance period, and the earned awards will vest in two Grant date market price (March 11, 2021) $ 10.90 Weighted-average fair value per granted share $ 6.26 Assumptions: Volatility 43.08 % Expected term (years) 3.0 Risk-free interest rate 0.39 % A rollforward of CatchMark's unvested, performance-based LTIP Units grants for the six months ended June 30, 2021 is as follows: Number of Units Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 349,703 $ 6.03 Granted 202,930 $ 6.26 Vested (7,705) $ 1.31 Forfeited (39,020) $ 1.82 Unvested at June 30, 2021 505,908 $ 6.52 A rollforward of CatchMark's unvested, performance-based restricted stock grants for the six months ended June 30, 2021 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 31,526 $ 4.90 Granted 44,180 $ 6.26 Vested — $ — Forfeited (7,937) $ 1.84 Unvested at June 30, 2021 67,769 $ 6.14 Equity Grants to Independent Directors On April 9, 2021, 3,876 shares of CatchMark's restricted common stock granted to two independent directors upon their appointments to CatchMark's board of directors in April 2020 became vested. CatchMark repurchased 426 shares to satisfy income tax liabilities upon vesting. On June 24, 2021, CatchMark's independent directors' 2020 annual equity-based grants vested, which included 16,868 shares of restricted stock and 25,302 LTIP Units. CatchMark repurchased 3,710 shares from two independent directors to satisfy income tax liabilities upon vesting of the restricted stock. On June 25, 2021, CatchMark issued the annual equity-based grants to its independent directors who were elected at its 2021 annual meeting of stockholders. Each independent director received a grant with a fair value of $70,000, which will vest on the date of CatchMark's 2022 annual meeting of stockholders. Upon their respective elections, one independent director received 5,838 shares of CatchMark's restricted common stock and the remaining four independent directors each received 5,838 LTIP Units in CatchMark Timber OP. A rollforward of CatchMark's unvested restricted stock and LTIP Unit grants to the directors for the six months ended June 30, 2021 is as follows: Restricted Stock LTIP Units Number of Shares Weighted-Average Grant Date Fair Value Number of Units Weighted-Average Grant Date Fair Value Unvested as of December 31, 2020 20,744 $ 8.17 25,302 $ 8.30 Granted 5,838 $ 11.99 23,353 $ 11.99 Vested (20,744) $ 8.17 (25,302) $ 8.30 Forfeited — $ — — $ — Unvested as of June 30, 2021 5,838 $ 11.99 23,353 $ 11.99 Stock-based Compensation Expense A summary of CatchMark's stock-based compensation expense for the three months and six months ended June 30, 2021 and 2020 is presented below: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 General and administrative expenses (1) $ 624 $ 623 $ 1,136 $ 2,380 Forestry management expenses 143 82 250 197 Total (2) $ 767 $ 705 $ 1,386 $ 2,577 (1) The six months ended June 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) The three months and six months ended June 30, 2021 includes $0.3 million and $0.5 million of stock-based compensation recognized as noncontrolling interest, respectively. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information As of June 30, 2021, 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 Six Months Ended (in thousands) 2021 2020 2021 2020 Harvest $ 21,097 $ 17,227 $ 42,308 $ 36,445 Real Estate 7,632 1,673 10,989 6,452 Investment Management 3,211 2,857 6,329 5,832 Total $ 31,940 $ 21,757 $ 59,626 $ 48,729 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 Six Months Ended (in thousands) 2021 2020 2021 2020 Harvest $ 9,367 $ 7,388 $ 18,294 $ 15,995 Real Estate 7,333 1,552 10,477 6,070 Investment Management 3,275 2,823 7,095 5,710 Corporate (2,398) (2,328) (5,352) (5,451) Total $ 17,577 $ 9,435 $ 30,514 $ 22,324 A reconciliation of Adjusted EBITDA to GAAP net income (loss) is presented below: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Adjusted EBITDA $ 17,577 $ 9,435 $ 30,514 $ 22,324 Subtract: Depletion 6,657 6,707 14,382 13,648 Interest expense (1) 2,752 3,006 5,094 6,256 Amortization (1) 636 1,116 1,269 1,874 Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture (2) 15 — 103 — Basis of timberland sold, lease terminations and other (3) 5,701 1,721 7,667 4,997 Stock-based compensation expense 767 705 1,386 2,577 (Gain) loss on large dispositions (4) (759) 5 (759) (1,274) HLBV loss from unconsolidated joint venture (5) — 2,311 — 2,311 Post-employment benefits (6) 7 11 23 2,297 Other (7) 48 36 147 70 Net income (loss) $ 1,753 $ (6,183) $ 1,202 $ (10,432) (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. (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 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 paid in installments over agreed-upon periods of time. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend Declaration On August 5, 2021, CatchMark declared a cash dividend of $0.135 per share for its common stockholders of record on August 31, 2021, payable on September 15, 2021. Credit Agreement Amendment On August 4, 2021, CatchMark amended its Amended Credit Agreement (the “Amendment”) to, a mong other things: (1) consent to CatchMark’s prepayment of the outstanding balance on its Multi-Draw Term Facility and Term Loan A-3 with the proceeds from the pending Bandon Property disposition, and after the outstanding balance of any Multi-Draw Term Facility and Term Loan A-3 have been repaid in full, permit CatchMark to retain up to $5.0 million of such remaining proceeds for working capital purposes; (2) to permit CatchMark, for a period of 18 months from the effective date of the Amendment, to, upon the repayment of the outstanding Term Loan A-3, reborrow Term Loan A-3 using borrowing mechanics substantially similar to those that apply to the Revolving Credit Facility, the proceeds of which shall be used solely to finance acquisitions of additional real property, all as set forth in the Amendment, with the same pricing and maturity date as the existing Term Loan A-3; and (3) the extension of the maturity date of the Revolving Credit Facility from December 1, 2022 to the fifth anniversary of the effective date of the Amendment. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements of CatchMark have been prepared in accordance with the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of results for a full year. |
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 percentage. Any difference between the carrying amount of these investments on CatchMark’s balance sheets and the underlying equity in net assets on the joint venture’s balance sheets is adjusted as the related underlying assets are depreciated, amortized, or sold. Distributions received from unconsolidated joint ventures are classified in the accompanying consolidated statements of cash flows using the cumulative earnings approach under which distributions received in an amount equal to cumulative equity in earnings are classified as cash inflows from operating activities and distributions received in excess of cumulative equity in earnings represent returns of investment and therefore are classified as cash inflows from investing activities. |
Assets Held for Sale | Assets Held for SaleCatchMark generally considers assets to be held for sale at the point at which a sale contract is executed, the buyer has made a significant non-refundable earnest money deposit against the contracted purchase price and there is a high degree of certainty a transaction will close. |
Impairment Testing | Impairment TestingASC 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. |
Earnings Per Share Attributable to Common Stockholders | Earnings Per Share Attributable to Common StockholdersBasic earnings (loss) per common share is calculated as net income (loss) attributable to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share equals basic earnings (loss) per common share, adjusted to reflect the dilution that would occur if all outstanding securities convertible into common shares or contracts to issue common shares were converted or exercised and the related proceeds are then used to repurchase common shares. |
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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides entities with optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform if certain criteria are met. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) |
Accounting Policies (Tables)
Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Weighted Average Common Shares | The following table provides the reconciliation of CatchMark's basic weighted-average common shares to diluted weighted-average common shares for the three months and six months ended June 30, 2021: Three Months Ended June 30, Six Months Ended June 30, 2021 2021 Weighted-average common shares outstanding - basic 48,421 48,398 Effect of potentially dilutive securities 141 115 Weighted-average common shares outstanding - diluted 48,562 48,513 Anti-dilutive shares excluded from diluted weighted-average common shares 22 132 |
Timber Assets (Tables)
Timber Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Real Estate [Abstract] | |
Schedule of Timber and Timberlands, Excluding Assets Held for Sale | As of June 30, 2021 and December 31, 2020, timber and timberlands, excluding assets held for sale, consisted of the following, respectively: As of June 30, 2021 (in thousands) Gross Accumulated Net Timber $ 184,394 $ 9,146 $ 175,248 Timberlands 299,908 — 299,908 Mainline roads 1,053 855 198 Timber and timberlands $ 485,355 $ 10,001 $ 475,354 As of December 31, 2020 (in thousands) Gross Accumulated Net Timber $ 278,361 $ 29,112 $ 249,249 Timberlands 327,089 — 327,089 Mainline roads 1,176 834 342 Timber and timberlands $ 606,626 $ 29,946 $ 576,680 Acres by state as of June 30, 2021 (1) Fee Lease Total South Alabama 65,800 1,800 67,600 Georgia 221,900 13,200 235,100 South Carolina 69,600 — 69,600 357,300 15,000 372,300 Pacific Northwest Oregon (2) 18,100 — 18,100 Total 375,400 15,000 390,400 (1) Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures. (2) Represents assets currently held for sale. |
Schedule of Timberland Sales and Large Dispositions by State | Timberland sales a nd large dispositions acreage by state is listed below: Six Months Ended June 30, Acres Sold In 2021 2020 South Timberland Sales Alabama 1,600 2,200 Florida 500 — Georgia 3,900 1,300 South Carolina 100 300 Tennessee — 300 6,100 4,100 Large Dispositions Georgia 5,000 14,400 5,000 14,400 Total 11,100 18,500 |
Schedule of Assets Held For Sale and Income Statement Information | Condensed income statement information for the Bandon Property is as follows: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Revenues $ 3,713 $ 1,611 $ 8,656 $ 3,505 Depletion expense $ 2,215 $ 1,191 $ 5,235 $ 2,501 Other operating expenses (1) $ 2,230 $ 1,291 $ 5,517 $ 2,590 $ (732) $ (871) $ (2,096) $ (1,586) (1) Excludes general and administrative expense and interest expense, which are not allocated to the property level. As of June 30, 2021, assets held for sales consisted of the following amounts: As of June 30, 2021 (in thousands) Gross Accumulated Net Timber $ 64,044 $ 5,235 $ 58,809 Timberlands 16,898 — 16,898 Mainline roads 265 32 233 Timber and timberlands $ 81,207 $ 5,267 $ 75,940 |
Unconsolidated Joint Ventures (
Unconsolidated Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedules of Financial Information, Equity Method Investment | As of June 30, 2021, 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 June 30, 2021 Dawsonville Bluffs Joint Venture Triple T Joint Venture Ownership percentage 50.0% 22.0% (1) Acreage owned by the joint venture — 1,079,500 Merchantable timber inventory (million tons) — 42.6 (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) June 30, 2021 December 31, 2020 Triple T Joint Venture Total assets $ 1,539,961 $ 1,547,344 Total liabilities $ 767,663 $ 763,715 Total equity $ 772,298 $ 783,629 CatchMark Carrying value of investment $ — $ — Condensed income statement information for the Triple T Joint Venture is as follows: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Triple T Joint Venture Total revenues $ 28,708 $ 34,588 $ 60,591 $ 69,869 Net loss $ (9,773) $ (9,935) $ (16,306) $ (15,663) CatchMark Equity share of net loss $ — $ (2,311) $ — $ (2,311) Condensed statement of cash flow information for the Triple T Joint Venture is as follows: Six Months Ended June 30, (in thousands) 2021 2020 Triple T Joint Venture Net cash provided by (used in) operating activities $ 9,828 $ (145,665) Net cash used in investing activities $ (2,433) $ (3,270) Net cash provided by (used in) financing activities $ (8) $ 154,111 Net change in cash and cash equivalents $ 7,387 $ 5,176 Cash and cash equivalents, beginning of period $ 35,321 $ 39,614 Cash and cash equivalents, end of period $ 42,708 $ 44,790 As of (in thousands) June 30, 2021 December 31, 2020 Dawsonville Bluffs Joint Venture Total assets $ 3,857 $ 3,059 Total liabilities $ 43 $ 39 Total equity $ 3,814 $ 3,020 CatchMark Carrying value of investment $ 1,907 $ 1,510 Condensed income statement information for the Dawsonville Bluffs Joint Venture is as follows: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Dawsonville Bluffs Joint Venture Total revenues $ 270 $ — $ 1,898 $ — Net income (loss) $ 98 $ (69) $ 1,325 $ (244) CatchMark Equity share of net income (loss) $ 49 $ (34) $ 663 $ (122) Condensed statement of cash flow information for the Dawsonville Joint Venture is as follows: Six Months Ended June 30, (in thousands) 2021 2020 Dawsonville Joint Venture Net cash provided by (used in) operating activities $ 1,736 $ (261) Net cash used in financing activities $ (531) $ (800) Net change in cash and cash equivalents $ 1,205 $ (1,061) Cash and cash equivalents, beginning of period $ 559 $ 1,441 Cash and cash equivalents, end of period $ 1,764 $ 380 During the three m onths and six months ended June 30, 2021 and 2020, CatchMark earned the following fees from these unconsolidated joint ventures: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Triple T Joint Venture (1) $ 3,112 $ 2,850 $ 6,224 $ 5,678 Dawsonville Bluffs Joint Venture (2) 99 7 105 154 $ 3,211 $ 2,857 $ 6,329 $ 5,832 (1) Includes $0.1 million of reimbursements of compensation costs for the three months ended June 30, 2021 and 2020, respectively. Includes $0.2 million of reimbursements of compensation costs for the six months ended June 30, 2021 and 2020, respectively. (2) Includes $0.1 million of incentive-based promote earned for exceeding investment hurdles for the six months ended June 30, 2021 and 2020, respectively . |
Notes Payable and Lines of Cr_2
Notes Payable and Lines of Credit (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Outstanding | As of June 30, 2021 and December 31, 2020, 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 June 30, 2021 December 31, 2020 Term Loan A-1 12/23/2024 LIBOR + 1.75% 1.85% $ 100,000 $ 100,000 Term Loan A-2 12/1/2026 LIBOR + 1.90% 2.00% 100,000 100,000 Term Loan A-3 12/1/2027 LIBOR + 2.00% 2.10% 68,619 68,619 Term Loan A-4 8/22/2025 LIBOR + 1.70% 1.80% 140,000 140,000 Multi-Draw Term Facility 12/1/2024 LIBOR + 2.20% 2.28% 26,791 34,086 Total principal balance $ 435,410 $ 442,705 Less: net unamortized deferred financing costs (4,751) (5,215) Total $ 430,659 $ 437,490 (1) For the Multi-Draw Term Facility, the interest rate represents weighted-average interest rate as of June 30, 2021. 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 June 30, 2021 and December 31, 2020, 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: June 30, 2021 December 31, 2020 Accounts receivable $ 1,891 $ 3,597 Prepaid expenses and other assets (1) 4,311 3,335 Total $ 6,202 $ 6,932 (1) Represents cumulative patronage dividends received as equity in the Patronage Banks. |
Schedule of Cash Interest Payments on Borrowings | During the three months and six months ended June 30, 2021 and 2020, CatchMark made the following cash interest payments on its borrowings: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Cash paid for interest $ 2,300 $ 2,800 $ 4,600 $ 6,900 |
Interest Rate Swaps (Tables)
Interest Rate Swaps (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Swaps | As of June 30, 2021, 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 June 30, 2021 and December 31, 2020: (in thousands) Estimated Fair Value as of Instrument Type Balance Sheet Classification June 30, 2021 December 31, 2020 Derivatives designated as hedging instruments: Interest rate swaps Other liabilities $ (19,442) $ (30,029) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020: As of ( in thousands ) June 30, 2021 December 31, 2020 Required payments 2021 $ 206 412 2022 424 424 2023 435 435 2024 447 447 2025 459 459 Thereafter 1,414 1,414 $ 3,385 $ 3,591 Less: imputed interest (536) Operating lease liability $ 2,849 Remaining lease term (years) 7.4 Discount rate 4.58 % |
Summary of Operating Lease Future Annual Payments, LTC Lease | As of June 30, 2021, CatchMark had the following future lease payments under the LTC Lease: (in thousands) Required Payments 2021 $ 311 2022 299 $ 610 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Unvested Restricted Stock Award Activity | A rollforward of CatchMark's unvested, service-based restricted stock awards to employees for the six months ended June 30, 2021 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 374,822 $ 10.51 Granted 148,817 $ 10.77 Vested (124,745) $ 10.54 Forfeited — $ — Unvested at June 30, 2021 398,894 $ 10.60 A rollforward of CatchMark's unvested, performance-based restricted stock grants for the six months ended June 30, 2021 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 31,526 $ 4.90 Granted 44,180 $ 6.26 Vested — $ — Forfeited (7,937) $ 1.84 Unvested at June 30, 2021 67,769 $ 6.14 |
Schedule of Valuation Assumptions | The fair value of each LTIP Unit and share of restricted stock was calculated using Monte-Carlo simulation with the following assumptions: Grant date market price (March 11, 2021) $ 10.90 Weighted-average fair value per granted share $ 6.26 Assumptions: Volatility 43.08 % Expected term (years) 3.0 Risk-free interest rate 0.39 % |
Schedule of Unvested Performance-based LTIP Units Activity | A rollforward of CatchMark's unvested, performance-based LTIP Units grants for the six months ended June 30, 2021 is as follows: Number of Units Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 349,703 $ 6.03 Granted 202,930 $ 6.26 Vested (7,705) $ 1.31 Forfeited (39,020) $ 1.82 Unvested at June 30, 2021 505,908 $ 6.52 |
Schedule of Unvested Restricted Stock and LTIP Unit Activity to Directors | A rollforward of CatchMark's unvested restricted stock and LTIP Unit grants to the directors for the six months ended June 30, 2021 is as follows: Restricted Stock LTIP Units Number of Shares Weighted-Average Grant Date Fair Value Number of Units Weighted-Average Grant Date Fair Value Unvested as of December 31, 2020 20,744 $ 8.17 25,302 $ 8.30 Granted 5,838 $ 11.99 23,353 $ 11.99 Vested (20,744) $ 8.17 (25,302) $ 8.30 Forfeited — $ — — $ — Unvested as of June 30, 2021 5,838 $ 11.99 23,353 $ 11.99 |
Schedule of Stock-Based Compensation Expense | A summary of CatchMark's stock-based compensation expense for the three months and six months ended June 30, 2021 and 2020 is presented below: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 General and administrative expenses (1) $ 624 $ 623 $ 1,136 $ 2,380 Forestry management expenses 143 82 250 197 Total (2) $ 767 $ 705 $ 1,386 $ 2,577 (1) The six months ended June 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) The three months and six months ended June 30, 2021 includes $0.3 million and $0.5 million of stock-based compensation recognized as noncontrolling interest, respectively. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following table presents revenues by reportable segment: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Harvest $ 21,097 $ 17,227 $ 42,308 $ 36,445 Real Estate 7,632 1,673 10,989 6,452 Investment Management 3,211 2,857 6,329 5,832 Total $ 31,940 $ 21,757 $ 59,626 $ 48,729 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 Six Months Ended (in thousands) 2021 2020 2021 2020 Harvest $ 9,367 $ 7,388 $ 18,294 $ 15,995 Real Estate 7,333 1,552 10,477 6,070 Investment Management 3,275 2,823 7,095 5,710 Corporate (2,398) (2,328) (5,352) (5,451) Total $ 17,577 $ 9,435 $ 30,514 $ 22,324 A reconciliation of Adjusted EBITDA to GAAP net income (loss) is presented below: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Adjusted EBITDA $ 17,577 $ 9,435 $ 30,514 $ 22,324 Subtract: Depletion 6,657 6,707 14,382 13,648 Interest expense (1) 2,752 3,006 5,094 6,256 Amortization (1) 636 1,116 1,269 1,874 Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture (2) 15 — 103 — Basis of timberland sold, lease terminations and other (3) 5,701 1,721 7,667 4,997 Stock-based compensation expense 767 705 1,386 2,577 (Gain) loss on large dispositions (4) (759) 5 (759) (1,274) HLBV loss from unconsolidated joint venture (5) — 2,311 — 2,311 Post-employment benefits (6) 7 11 23 2,297 Other (7) 48 36 147 70 Net income (loss) $ 1,753 $ (6,183) $ 1,202 $ (10,432) (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. (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 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 paid in installments over agreed-upon periods of time. |
Organization - Narrative (Detai
Organization - Narrative (Details) - CatchMark Timber OP | 6 Months Ended |
Jun. 30, 2021 | |
Class of Stock [Line Items] | |
Percentage of interest owned of its common partnership units | 99.76% |
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 | 0.23% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 3 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Reconciliation of Weighted Average Common Shares (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Weighted-average common shares outstanding - basic (in shares) | 48,421 | 48,744 | 48,398 | 48,866 |
Effect of potentially dilutive securities (in shares) | 141 | 115 | ||
Weighted-average common shares outstanding - diluted (in shares) | 48,562 | 48,744 | 48,513 | 48,866 |
Anti-dilutive shares excluded from diluted weighted-average common shares (in shares) | 22 | 132 |
Timber Assets - Schedule of Tim
Timber Assets - Schedule of Timber and Timberlands (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Gross | $ 485,355 | $ 606,626 |
Accumulated Depletion or Amortization | 10,001 | 29,946 |
Net | 475,354 | 576,680 |
Timber | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 184,394 | 278,361 |
Accumulated Depletion or Amortization | 9,146 | 29,112 |
Net | 175,248 | 249,249 |
Timberlands | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 299,908 | 327,089 |
Accumulated Depletion or Amortization | 0 | 0 |
Net | 299,908 | 327,089 |
Mainline roads | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 1,053 | 1,176 |
Accumulated Depletion or Amortization | 855 | 834 |
Net | $ 198 | $ 342 |
Timber Assets - Narrative (Deta
Timber Assets - Narrative (Details) | Jun. 23, 2021USD ($)a | Jan. 31, 2020USD ($)a | Sep. 30, 2021USD ($)a | Jun. 30, 2021USD ($)a | Jun. 30, 2020USD ($)a | Jun. 30, 2021USD ($)adisposition | Jun. 30, 2020USD ($)adisposition | Jun. 21, 2021USD ($) | Dec. 31, 2020USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||||||
Revenues, timberland sold | $ 31,940,000 | $ 21,757,000 | $ 59,626,000 | $ 48,729,000 | ||||||
Timberland dispositions, large dispositions | a | 5,000 | |||||||||
Gain on large disposition | [1] | 759,000 | (5,000) | 759,000 | 1,274,000 | |||||
Net proceeds from large dispositions | 7,340,000 | 20,863,000 | ||||||||
Book basis | 75,940,000 | 75,940,000 | $ 0 | |||||||
Timberland sales | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Revenues, timberland sold | $ 7,632,000 | $ 1,673,000 | $ 10,989,000 | $ 6,452,000 | ||||||
Timber | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Acres of timberland sold, excluding large disposition | a | 4,300 | 1,100 | 6,100 | 4,100 | ||||||
Cost basis of timberland sold | $ 5,300,000 | $ 1,400,000 | $ 7,300,000 | $ 4,500,000 | ||||||
Area of land, owned interests | a | [2] | 390,400 | 390,400 | |||||||
Area of land, held in fee simple interests | a | [2] | 375,400 | 375,400 | |||||||
Area of land, held in leasehold interests | a | [2] | 15,000 | 15,000 | |||||||
Timber | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Book basis | $ 0 | |||||||||
Timber | Disposal Group, Held-for-sale, Not Discontinued Operations | Brandon Property | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Book basis | $ 75,900,000 | $ 75,900,000 | ||||||||
Impairment of timber assets | 0 | |||||||||
Timber | Disposal Group, Held-for-sale, Not Discontinued Operations | Brandon Property | Roseburg Resources Co. | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Earnest money deposit | $ 5,000,000 | |||||||||
Timber | Forecast | Disposal Group, Held-for-sale, Not Discontinued Operations | Brandon Property | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Acres of timberland sold, excluding large disposition | a | 18,100 | |||||||||
Timber | Timberland sales | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Revenues, timberland sold | $ 7,600,000 | $ 1,700,000 | $ 11,000,000 | $ 6,500,000 | ||||||
Timber | Timberland sales | Forecast | Disposal Group, Held-for-sale, Not Discontinued Operations | Brandon Property | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Revenues, timberland sold | $ 100,000,000 | |||||||||
Timber, Large Disposition | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Cost basis of timberland sold | $ 6,600,000 | $ 19,600,000 | ||||||||
Number of large dispositions closed | disposition | 1 | 1 | ||||||||
Timberland dispositions, large dispositions | a | 14,400 | |||||||||
Net proceeds from large dispositions | 7,300,000 | $ 20,900,000 | ||||||||
Timber, Large Disposition | Timberland sales | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Revenues, timberland sold | $ 7,500,000 | $ 21,300,000 | ||||||||
[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. | |||||||||
[2] | 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) - a | Jun. 23, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Property, Plant and Equipment [Line Items] | |||
Large Dispositions | 5,000 | ||
Timber | South | |||
Property, Plant and Equipment [Line Items] | |||
Timberland Sales | 6,100 | 4,100 | |
Large Dispositions | 5,000 | 14,400 | |
Total | 11,100 | 18,500 | |
Timber | Alabama | South | |||
Property, Plant and Equipment [Line Items] | |||
Timberland Sales | 1,600 | 2,200 | |
Timber | Florida | South | |||
Property, Plant and Equipment [Line Items] | |||
Timberland Sales | 500 | 0 | |
Timber | Georgia | South | |||
Property, Plant and Equipment [Line Items] | |||
Timberland Sales | 3,900 | 1,300 | |
Large Dispositions | 5,000 | 14,400 | |
Timber | South Carolina | South | |||
Property, Plant and Equipment [Line Items] | |||
Timberland Sales | 100 | 300 | |
Timber | Tennessee | South | |||
Property, Plant and Equipment [Line Items] | |||
Timberland Sales | 0 | 300 |
Timber Assets - Income Statemen
Timber Assets - Income Statement Information, Disposal (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Depletion expense | $ 2,215 | $ 1,191 | $ 5,235 | $ 2,501 | ||
Gross | 485,355 | 485,355 | $ 606,626 | |||
Accumulated Depletion or Amortization | 10,001 | 10,001 | 29,946 | |||
Net | 475,354 | 475,354 | 576,680 | |||
Timber | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gross | 184,394 | 184,394 | 278,361 | |||
Accumulated Depletion or Amortization | 9,146 | 9,146 | 29,112 | |||
Net | 175,248 | 175,248 | 249,249 | |||
Timberlands | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gross | 299,908 | 299,908 | 327,089 | |||
Accumulated Depletion or Amortization | 0 | 0 | 0 | |||
Net | 299,908 | 299,908 | 327,089 | |||
Mainline roads | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gross | 1,053 | 1,053 | 1,176 | |||
Accumulated Depletion or Amortization | 855 | 855 | 834 | |||
Net | 198 | 198 | $ 342 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations | Brandon Property | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gross | 81,207 | 81,207 | ||||
Accumulated Depletion or Amortization | 5,267 | 5,267 | ||||
Net | 75,940 | 75,940 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Brandon Property | Timber | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Revenues | 3,713 | 1,611 | 8,656 | 3,505 | ||
Other operating expenses | [1] | 2,230 | 1,291 | 5,517 | 2,590 | |
Operating loss | (732) | $ (871) | (2,096) | $ (1,586) | ||
Gross | 64,044 | 64,044 | ||||
Accumulated Depletion or Amortization | 5,235 | 5,235 | ||||
Net | 58,809 | 58,809 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Brandon Property | Timberlands | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gross | 16,898 | 16,898 | ||||
Accumulated Depletion or Amortization | 0 | 0 | ||||
Net | 16,898 | 16,898 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Brandon Property | Mainline roads | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gross | 265 | 265 | ||||
Accumulated Depletion or Amortization | 32 | 32 | ||||
Net | $ 233 | $ 233 | ||||
[1] | Excludes general and administrative expense and interest expense, which are not allocated to the property level. |
Timber Assets - Schedule of T_2
Timber Assets - Schedule of Timberland Portfolio (Details) - Timber | Jun. 30, 2021a | [1] |
Property, Plant and Equipment [Line Items] | ||
Fee | 375,400 | |
Lease | 15,000 | |
Total | 390,400 | |
South | ||
Property, Plant and Equipment [Line Items] | ||
Fee | 357,300 | |
Lease | 15,000 | |
Total | 372,300 | |
South | Alabama | ||
Property, Plant and Equipment [Line Items] | ||
Fee | 65,800 | |
Lease | 1,800 | |
Total | 67,600 | |
South | Georgia | ||
Property, Plant and Equipment [Line Items] | ||
Fee | 221,900 | |
Lease | 13,200 | |
Total | 235,100 | |
South | South Carolina | ||
Property, Plant and Equipment [Line Items] | ||
Fee | 69,600 | |
Lease | 0 | |
Total | 69,600 | |
Pacific Northwest | Oregon | ||
Property, Plant and Equipment [Line Items] | ||
Fee | 18,100 | [2] |
Lease | 0 | [2] |
Total | 18,100 | [2] |
[1] | Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures. | |
[2] | Represents assets currently held for sale. |
Unconsolidated Joint Ventures -
Unconsolidated Joint Ventures - Narrative (Details) | Jun. 24, 2020USD ($) | Sep. 30, 2021USD ($)a$ / a | Jun. 30, 2021USD ($)ajoint_venture | Jun. 30, 2020USD ($)a | Jun. 30, 2021USD ($)ajoint_venture | Jun. 30, 2020USD ($)a | Dec. 31, 2018USD ($)a | Oct. 01, 2022 | Jul. 01, 2022 | Oct. 01, 2021 | Dec. 31, 2020USD ($) | Jun. 23, 2020 | Jul. 31, 2018USD ($)boardOfDirectorMember | Dec. 31, 2017 | |||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Number of joint ventures with unrelated parties | joint_venture | 2 | 2 | |||||||||||||||
Amount reclassified to operating activities, from investing activities | $ 30,052,000 | $ 20,030,000 | |||||||||||||||
Carrying value of investment | $ 1,907,000 | 1,907,000 | $ 1,510,000 | ||||||||||||||
Total revenues | 31,940,000 | $ 21,757,000 | 59,626,000 | 48,729,000 | |||||||||||||
Real Estate [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Total revenues | $ 7,632,000 | $ 1,673,000 | $ 10,989,000 | $ 6,452,000 | |||||||||||||
Timber | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Acres of land | a | [1] | 390,400 | 390,400 | ||||||||||||||
Acres of timberland sold, excluding large disposition | a | 4,300 | 1,100 | 6,100 | 4,100 | |||||||||||||
Timber | Real Estate [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Total revenues | $ 7,600,000 | $ 1,700,000 | $ 11,000,000 | $ 6,500,000 | |||||||||||||
Triple T Joint Venture | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Amount reclassified to operating activities, from investing activities | 9,828,000 | (145,665,000) | |||||||||||||||
Total revenues | $ 28,708,000 | $ 34,588,000 | $ 60,591,000 | 69,869,000 | |||||||||||||
Triple T Joint Venture | Restatement Adjustment | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Amount reclassified to operating activities, from investing activities | 147,200,000 | ||||||||||||||||
Triple T Joint Venture | Forecast | Subsequent Event | Timber | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Acreage owned by the joint venture | a | 1,100,000 | ||||||||||||||||
Triple T Joint Venture | Client of Hancock natural Resource Group, Inc. | Forecast | Subsequent Event | Timber | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Acres of timberland sold, excluding large disposition | a | 301,000 | ||||||||||||||||
Triple T Joint Venture | Client of Hancock natural Resource Group, Inc. | Forecast | Subsequent Event | Timber | Real Estate [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Total revenues | $ 498,000,000 | ||||||||||||||||
Revenue, price per acre | $ / a | 1,656 | ||||||||||||||||
Client of Hancock natural Resource Group, Inc. | Triple T Joint Venture | Forecast | Subsequent Event | Timber | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Escrow deposit required | $ 30,000,000 | ||||||||||||||||
Triple T Timberlands | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Acres of land | a | 1,100,000 | ||||||||||||||||
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% | [2] | 22.00% | [2] | 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 | 0 | ||||||||||||||
Acreage owned by the joint venture | a | 1,079,500 | 1,079,500 | |||||||||||||||
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% | 50.00% | ||||||||||||||
Carrying value of investment | $ 1,907,000 | $ 1,907,000 | $ 1,510,000 | ||||||||||||||
Acreage owned by the joint venture | a | 0 | 0 | |||||||||||||||
Mitigation bank credits, book basis | $ 2,100,000 | $ 2,100,000 | |||||||||||||||
Cash distributions received | $ 300,000 | $ 400,000 | |||||||||||||||
[1] | Represents CatchMark wholly-owned acreage only; excludes ownership interest in acreage held by joint ventures. | ||||||||||||||||
[2] | Represents our share of total partner capital contributions. |
Unconsolidated Joint Ventures_2
Unconsolidated Joint Ventures - Schedule of Equity Method Investments (Details) T in Millions | 6 Months Ended | ||||
Jun. 30, 2021aT | 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 | 1,079,500 | ||||
Merchantable timber inventory (million tons) | T | [2] | 42.6 | |||
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 ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Joint Venture: | ||
Total assets | $ 592,264,000 | $ 607,328,000 |
Total liabilities | 462,252,000 | 477,416,000 |
Total equity | 128,545,000 | 128,764,000 |
CatchMark | ||
Carrying value of investment | 1,907,000 | 1,510,000 |
Triple T Joint Venture | ||
CatchMark | ||
Carrying value of investment | 0 | 0 |
Dawsonville Bluffs Joint Venture | ||
CatchMark | ||
Carrying value of investment | 1,907,000 | 1,510,000 |
Triple T Joint Venture | ||
Joint Venture: | ||
Total assets | 1,539,961,000 | 1,547,344,000 |
Total liabilities | 767,663,000 | 763,715,000 |
Total equity | 772,298,000 | 783,629,000 |
Dawsonville Bluffs Joint Venture | ||
Joint Venture: | ||
Total assets | 3,857,000 | 3,059,000 |
Total liabilities | 43,000 | 39,000 |
Total equity | $ 3,814,000 | $ 3,020,000 |
Unconsolidated Joint Ventures_4
Unconsolidated Joint Ventures - Schedule of Condensed Income Statement Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Joint Venture: | ||||||
Total revenues | $ 31,940 | $ 21,757 | $ 59,626 | $ 48,729 | ||
Net income (loss) | 1,753 | $ (551) | (6,183) | $ (4,249) | 1,202 | (10,432) |
CatchMark | ||||||
Equity share of net income (loss) | 49 | (2,345) | 663 | (2,433) | ||
Triple T Joint Venture | ||||||
CatchMark | ||||||
Equity share of net income (loss) | 0 | (2,311) | 0 | (2,311) | ||
Dawsonville Bluffs Joint Venture | ||||||
CatchMark | ||||||
Equity share of net income (loss) | 49 | (34) | 663 | (122) | ||
Triple T Joint Venture | ||||||
Joint Venture: | ||||||
Total revenues | 28,708 | 34,588 | 60,591 | 69,869 | ||
Net income (loss) | (9,773) | (9,935) | (16,306) | (15,663) | ||
Dawsonville Bluffs Joint Venture | ||||||
Joint Venture: | ||||||
Total revenues | 270 | 0 | 1,898 | 0 | ||
Net income (loss) | $ 98 | $ (69) | $ 1,325 | $ (244) |
Unconsolidated Joint Ventures_5
Unconsolidated Joint Ventures - Schedule of Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||
Net cash provided by (used in) operating activities | $ 30,052 | $ 20,030 |
Net cash used in investing activities | 4,286 | 12,497 |
Net cash provided by (used in) financing activities | (23,971) | (34,664) |
Net change in cash and cash equivalents | 10,367 | (2,137) |
Cash and cash equivalents, beginning of period | 11,924 | 11,487 |
Cash and cash equivalents, end of period | 22,291 | 9,350 |
Triple T Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Net cash provided by (used in) operating activities | 9,828 | (145,665) |
Net cash used in investing activities | (2,433) | (3,270) |
Net cash provided by (used in) financing activities | (8) | 154,111 |
Net change in cash and cash equivalents | 7,387 | 5,176 |
Cash and cash equivalents, beginning of period | 35,321 | 39,614 |
Cash and cash equivalents, end of period | 42,708 | 44,790 |
Dawsonville Bluffs Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Net cash provided by (used in) operating activities | 1,736 | (261) |
Net cash provided by (used in) financing activities | (531) | (800) |
Net change in cash and cash equivalents | 1,205 | (1,061) |
Cash and cash equivalents, beginning of period | 559 | 1,441 |
Cash and cash equivalents, end of period | $ 1,764 | $ 380 |
Unconsolidated Joint Ventures_6
Unconsolidated Joint Ventures - Schedule of Fees Earned (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||||
Schedule of Equity Method Investments [Line Items] | |||||||
Fees earned | $ 31,940 | $ 21,757 | $ 59,626 | $ 48,729 | |||
Management services | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Fees earned | 3,211 | 2,857 | 6,329 | 5,832 | |||
Management services | Triple T Joint Venture | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Fees earned | [1] | 3,112 | 2,850 | 6,224 | 5,678 | ||
Reimbursed compensation costs, included in fees earned | 100 | 100 | 200 | 200 | |||
Management services | Dawsonville Bluffs Joint Venture | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Fees earned | $ 99 | $ 7 | 105 | [2] | 154 | [2] | |
Incentive-based promotion earned, included in fees earned | $ 100 | $ 100 | |||||
[1] | Includes $0.1 million of reimbursements of compensation costs for the three months ended June 30, 2021 and 2020, respectively. Includes $0.2 million of reimbursements of compensation costs for the six months ended June 30, 2021 and 2020, respectively. | ||||||
[2] | Includes $0.1 million of incentive-based promote earned for exceeding investment hurdles for the six months ended June 30, 2021 and 2020, respectively . |
Notes Payable and Lines of Cr_3
Notes Payable and Lines of Credit - Amended Credit Agreement - Narrative (Details) - USD ($) | May 01, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Debt Instrument [Line Items] | |||||
Repayments of notes payable | $ 7,295,000 | $ 20,850,000 | |||
Unused commitment fee, paid | $ 100,000 | $ 100,000 | 300,000 | $ 300,000 | |
Amended Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Remaining borrowing capacity | 158,200,000 | 158,200,000 | |||
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 | ||||
Debt term | 7 years | ||||
Repayments of notes payable | $ 7,300,000 | ||||
Remaining borrowing capacity | $ 123,200,000 | $ 123,200,000 | |||
Interest rate | 2.20% | ||||
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 | 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 | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | ||
Debt Instrument [Line Items] | |||
Total principal balance | $ 435,410 | $ 442,705 | |
Less: net unamortized deferred financing costs | (4,751) | (5,215) | |
Total | $ 430,659 | 437,490 | |
Amended Credit Agreement | Term Loan A-1 | |||
Debt Instrument [Line Items] | |||
Maturity Date | Dec. 23, 2024 | ||
Interest Rate | 1.75% | ||
Current Interest Rate | [1] | 1.85% | |
Total principal balance | $ 100,000 | 100,000 | |
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 | ||
Interest Rate | 1.90% | ||
Current Interest Rate | [1] | 2.00% | |
Total principal balance | $ 100,000 | 100,000 | |
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 | ||
Interest Rate | 2.00% | ||
Current Interest Rate | [1] | 2.10% | |
Total principal balance | $ 68,619 | 68,619 | |
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 | ||
Interest Rate | 1.70% | ||
Current Interest Rate | [1] | 1.80% | |
Total principal balance | $ 140,000 | 140,000 | |
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 | ||
Interest Rate | 2.20% | ||
Current Interest Rate | [1] | 2.28% | |
Total principal balance | $ 26,791 | $ 34,086 | |
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 June 30, 2021. 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 | 6 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |||||
Patronage refund accrual | $ 1 | $ 0.9 | $ 1.9 | $ 1.8 | |
Patronage dividends received | $ 4.1 | ||||
Patronage dividends received in cash | 3.1 | ||||
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 | Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Total | $ 6,202 | $ 6,932 | |
Accounts receivable | |||
Debt Instrument [Line Items] | |||
Total | 1,891 | 3,597 | |
Prepaid expenses and other assets | |||
Debt Instrument [Line Items] | |||
Total | [1] | $ 4,311 | $ 3,335 |
[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 | 6 Months Ended |
Jun. 30, 2021 | |
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% |
Notes Payable and Lines of Cr_8
Notes Payable and Lines of Credit - Schedule of Interest Payments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Debt Disclosure [Abstract] | ||||
Cash paid for interest | $ 2,300 | $ 2,800 | $ 4,600 | $ 6,900 |
Notes Payable and Lines of Cr_9
Notes Payable and Lines of Credit - Interest Paid and Fair Value of Outstanding Debt - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||
Unused commitment fees, paid | $ 0.1 | $ 0.2 | $ 0.3 | $ 0.4 | |
Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Weighted-average interest rate | 3.24% | 3.24% | 3.25% | ||
Weighted-average interest rate, after patronage refunds | 2.44% | 2.44% | 2.45% |
Interest Rate Swaps - Narrative
Interest Rate Swaps - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)derivative | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)derivative | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Derivative [Line Items] | |||||
Variable rate debt | $ 435,410,000 | $ 435,410,000 | $ 442,705,000 | ||
Change in fair value, other comprehensive income (loss), interest rate swaps | 4,504,000 | $ 2,249,000 | (11,181,000) | $ 26,727,000 | |
Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Notional amount | $ 275,000,000 | $ 275,000,000 | |||
Derivative, fixed interest rate | 3.98% | 3.98% | |||
Amount to be reclassified from accumulated other comprehensive loss to interest expense net 12 months | $ 6,200,000 | $ 6,200,000 | |||
Designated as Hedging Instrument | Interest rate swaps | |||||
Derivative [Line Items] | |||||
Number of interest rate derivatives outstanding | derivative | 2 | 2 | |||
Change in fair value, other comprehensive income (loss), interest rate swaps | $ 4,500,000 | 2,200,000 | $ (11,200,000) | (26,700,000) | |
Payments for interest rate swaps | 1,400,000 | 1,200,000 | 2,800,000 | 1,500,000 | |
Reclassification from accumulated other comprehensive loss to interest expense | $ 300,000 | $ 500,000 | $ 600,000 | $ 900,000 |
Interest Rate Swaps - Schedule
Interest Rate Swaps - Schedule of Interest Rate Swaps Outstanding (Details) - Designated as Hedging Instrument | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Derivative [Line Items] | |
Pay Rate | 3.98% |
Notional Amount | $ 275,000,000 |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Interest rate swaps | Designated as Hedging Instrument | Other liabilities | ||
Derivatives designated as hedging instruments: | ||
Derivative liabilities, fair value | $ (19,442) | $ (30,029) |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2021USD ($)a | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)aT | Jun. 30, 2020USD ($) | Dec. 31, 2021T | Dec. 31, 2007state | Dec. 31, 2020USD ($) | Jan. 01, 2019USD ($) | ||
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 | $ 2,680,000 | $ 2,680,000 | $ 2,831,000 | $ 3,400,000 | |||||
Operating lease liability | 2,849,000 | 2,849,000 | $ 2,988,000 | $ 3,400,000 | |||||
Operating lease expense | 107,000 | $ 108,400 | 217,000 | $ 217,000 | |||||
Cash paid for office leases | 102,000 | $ 98,000 | 207,000 | $ 197,000 | |||||
Legal proceedings | $ 0 | $ 0 | |||||||
Timber | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Area of land, held in leasehold interests | a | [1] | 15,000 | 15,000 | ||||||
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 | 11.00% | ||||||||
WestRock Corporation | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Timber sold, Mahrt Timber Agreements | T | 184,300 | ||||||||
WestRock Corporation | Forecast | Subsequent Event | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Minimum availability required | T | 443,200 | ||||||||
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 | ||||||||
WestRock Corporation | Forecast | Subsequent Event | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Minimum purchase requirement | T | 380,800 | ||||||||
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 | Jun. 30, 2021 | Dec. 31, 2020 | Jan. 01, 2019 |
Required payments, Current Year | |||
2021 | $ 206 | ||
2022 | 424 | $ 412 | |
2023 | 435 | 424 | |
2024 | 447 | 435 | |
2025 | 459 | 447 | |
Thereafter | 1,414 | ||
Total Required Payments | 3,385 | 3,591 | |
Less: imputed interest | (536) | ||
Operating lease liability | $ 2,849 | $ 2,988 | $ 3,400 |
Remaining lease term (years) | 7 years 4 months 24 days | ||
Discount rate | 4.58% |
Commitments and Contingencies_3
Commitments and Contingencies - Operating Lease Future Annual Payments, Prior Year (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Required payments, Prior Year | ||
2021 | $ 424 | $ 412 |
2022 | 435 | 424 |
2023 | 447 | 435 |
2024 | 459 | 447 |
2025 | 459 | |
Thereafter | 1,414 | |
Total Required Payments | $ 3,385 | $ 3,591 |
Commitments and Contingencies_4
Commitments and Contingencies - Operating Lease Future Annual Payments, LTC Lease (Details) - Timber $ in Thousands | Jun. 30, 2021USD ($) |
Lessee, Lease, Description [Line Items] | |
2021 | $ 311 |
2022 | 299 |
Total Required Payments | $ 610 |
Stock-based Compensation - Long
Stock-based Compensation - Long-Term Incentive Plans - Narrative (Details) shares in Millions | Jun. 24, 2021shares |
2021 Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares reserved for future issuance (in shares) | 2 |
Stock-based Compensation - Serv
Stock-based Compensation - Service-based Restricted Stock Grants to Employees - Narrative (Details) - Service-based Restricted Stock - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Issued in period (in shares) | 0 | |
Granted in period (in shares) | 148,817 | |
Award vesting period | 4 years | |
Granted in period, fair value | $ 1.6 | |
Vesting Period One | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights, percentage | 25.00% | |
Vesting Period Two | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights, percentage | 25.00% | |
Vesting Period Three | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights, percentage | 25.00% | |
Vesting Period Four | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights, percentage | 25.00% |
Stock-based Compensation - Roll
Stock-based Compensation - Rollforward of Unvested Non-Option Award Activity (Details) - $ / shares | Jun. 24, 2021 | Apr. 09, 2021 | Mar. 11, 2021 | Jun. 30, 2021 |
Service-based Restricted Stock | ||||
Number of Shares | ||||
Unvested, beginning of period (in shares) | 374,822 | |||
Granted in period (in shares) | 148,817 | |||
Vested (in shares) | (124,745) | |||
Forfeited (in shares) | 0 | |||
Unvested, end of period (in shares) | 398,894 | |||
Weighted-Average Grant Date Fair Value | ||||
Unvested, beginning of period (in dollars per share) | $ 10.51 | |||
Granted (in dollars per share) | 10.77 | |||
Vested (in dollars per share) | 10.54 | |||
Forfeited (in dollars per share) | 0 | |||
Unvested, end of period (in dollars per share) | $ 10.60 | |||
Performance-Based LTIP Units | ||||
Number of Shares | ||||
Unvested, beginning of period (in shares) | 349,703 | |||
Granted in period (in shares) | 202,930 | |||
Vested (in shares) | (7,705) | |||
Forfeited (in shares) | (39,020) | |||
Unvested, end of period (in shares) | 505,908 | |||
Weighted-Average Grant Date Fair Value | ||||
Unvested, beginning of period (in dollars per share) | $ 6.03 | |||
Granted (in dollars per share) | $ 6.26 | 6.26 | ||
Vested (in dollars per share) | 1.31 | |||
Forfeited (in dollars per share) | 1.82 | |||
Unvested, end of period (in dollars per share) | $ 6.52 | |||
Performance-Based LTIP Units | Director | Share-based Payment Arrangement, Nonemployee | ||||
Number of Shares | ||||
Unvested, beginning of period (in shares) | 25,302 | |||
Granted in period (in shares) | 23,353 | |||
Vested (in shares) | (25,302) | (25,302) | ||
Forfeited (in shares) | 0 | |||
Unvested, end of period (in shares) | 23,353 | |||
Weighted-Average Grant Date Fair Value | ||||
Unvested, beginning of period (in dollars per share) | $ 8.30 | |||
Granted (in dollars per share) | 11.99 | |||
Vested (in dollars per share) | 8.30 | |||
Forfeited (in dollars per share) | 0 | |||
Unvested, end of period (in dollars per share) | $ 11.99 | |||
Performance-Based Restricted Stock | ||||
Number of Shares | ||||
Unvested, beginning of period (in shares) | 31,526 | |||
Granted in period (in shares) | 44,180 | |||
Vested (in shares) | 0 | |||
Forfeited (in shares) | (7,937) | |||
Unvested, end of period (in shares) | 67,769 | |||
Weighted-Average Grant Date Fair Value | ||||
Unvested, beginning of period (in dollars per share) | $ 4.90 | |||
Granted (in dollars per share) | 6.26 | |||
Vested (in dollars per share) | 0 | |||
Forfeited (in dollars per share) | 1.84 | |||
Unvested, end of period (in dollars per share) | $ 6.14 | |||
Share-based Payment Arrangement | Director | Share-based Payment Arrangement, Nonemployee | Restricted Common Stock | ||||
Number of Shares | ||||
Unvested, beginning of period (in shares) | 20,744 | |||
Granted in period (in shares) | 3,876 | 5,838 | ||
Vested (in shares) | (16,868) | (20,744) | ||
Forfeited (in shares) | 0 | |||
Unvested, end of period (in shares) | 5,838 | |||
Weighted-Average Grant Date Fair Value | ||||
Unvested, beginning of period (in dollars per share) | $ 8.17 | |||
Granted (in dollars per share) | 11.99 | |||
Vested (in dollars per share) | 8.17 | |||
Forfeited (in dollars per share) | 0 | |||
Unvested, end of period (in dollars per share) | $ 11.99 |
Stock-based Compensation - Perf
Stock-based Compensation - Performance-based Awards - Narrative (Details) - USD ($) $ in Millions | Mar. 11, 2021 | Jun. 30, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested awards, unrecognized compensation expense | $ 6.4 | |
Nonvested awards, unrecognized compensation expense, period for recognition | 2 years 7 months 6 days | |
Executive Officer | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested awards, unrecognized compensation expense | $ 1.5 | |
Nonvested awards, unrecognized compensation expense, period for recognition | 3 years 6 months | |
Performance-Based LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted in period (in shares) | 202,930 | |
Performance-Based LTIP Units | Executive Officer | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted in period (in shares) | 202,930 | |
Performance measurement period | 3 years | |
Award vesting period | 2 years | |
Performance-Based LTIP Units | Executive Officer | Vesting Period One | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights, percentage | 50.00% | |
Performance-Based LTIP Units | Executive Officer | Vesting Period Two | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights, percentage | 50.00% | |
Performance-Based Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted in period (in shares) | 44,180 | |
Performance-Based Restricted Stock | Executive Officer | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted in period (in shares) | 44,180 | |
Performance measurement period | 3 years | |
Award vesting period | 2 years | |
Performance-Based Restricted Stock | Executive Officer | Vesting Period One | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights, percentage | 50.00% | |
Performance-Based Restricted Stock | Executive Officer | Vesting Period Two | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights, percentage | 50.00% |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Fair Value Assumptions (Details) - Performance-Based LTIP Units - $ / shares | Mar. 11, 2021 | Jun. 30, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant date market price (March 11, 2021) (in dollars per share) | $ 10.90 | |
Weighted-average fair value per granted LTIP Unit/share (in dollars per share) | $ 6.26 | $ 6.26 |
Assumptions: | ||
Volatility | 43.08% | |
Expected term (years) | 3 years | |
Risk-free interest rate | 0.39% |
Stock-based Compensation - Equi
Stock-based Compensation - Equity Grants to Independent Directors - Narrative (Details) $ in Thousands | Jun. 25, 2021USD ($)independentDirectorshares | Jun. 24, 2021independentDirectorshares | Apr. 09, 2021independentDirectorshares | Jun. 30, 2021shares |
LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted in period (in shares) | 202,930 | |||
Vested (in shares) | 7,705 | |||
Director | Share-based Payment Arrangement, Nonemployee | LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted in period (in shares) | 23,353 | |||
Number of independent directors | independentDirector | 4 | |||
Vested (in shares) | 25,302 | 25,302 | ||
Issued in period (in shares) | 5,838 | |||
Director | Share-based Payment Arrangement, Nonemployee | Equity-Based Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted in period, fair value | $ | $ 70 | |||
Restricted Common Stock | Director | Share-based Payment Arrangement, Nonemployee | Share-based Payment Arrangement | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted in period (in shares) | 3,876 | 5,838 | ||
Number of independent directors | independentDirector | 1 | 2 | 2 | |
Number of shares repurchased tax withholding (in shares) | 3,710 | 426 | ||
Vested (in shares) | 16,868 | 20,744 | ||
Issued in period (in shares) | 5,838 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Total | $ 767 | $ 705 | $ 1,386 | $ 2,577 | |||||
Recognized as noncontrolling interest | 716 | $ 129 | 663 | $ 907 | |||||
Recognized as noncontrolling interest | 300 | 500 | |||||||
Chief Executive Officer | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Accelerated stock-based compensation expense | 1,200 | ||||||||
General and administrative expenses | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Total | 624 | 623 | 1,136 | 2,380 | [1] | ||||
Forestry management expenses | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Total | $ 143 | [2] | $ 82 | [2] | $ 250 | $ 197 | |||
[1] | The six months ended June 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] | The three months and six months ended June 30, 2021 includes $0.3 million and $0.5 million of stock-based compensation recognized as noncontrolling interest, respectively. |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock-based Compensation Expense - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Share-based Payment Arrangement [Abstract] | |
Nonvested awards, unrecognized compensation expense | $ 6.4 |
Nonvested awards, unrecognized compensation expense, period for recognition | 2 years 7 months 6 days |
Segment Information - Schedule
Segment Information - Schedule of Operating Revenue, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 31,940 | $ 21,757 | $ 59,626 | $ 48,729 |
Harvest | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 21,097 | 17,227 | 42,308 | 36,445 |
Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 7,632 | 1,673 | 10,989 | 6,452 |
Investment Management | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 3,211 | $ 2,857 | $ 6,329 | $ 5,832 |
Segment Information - Schedul_2
Segment Information - Schedule of Adjusted EBITDA, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total | $ 17,577 | $ 9,435 | $ 30,514 | $ 22,324 |
Operating Segments | Harvest | ||||
Segment Reporting Information [Line Items] | ||||
Total | 9,367 | 7,388 | 18,294 | 15,995 |
Operating Segments | Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
Total | 7,333 | 1,552 | 10,477 | 6,070 |
Operating Segments | Investment Management | ||||
Segment Reporting Information [Line Items] | ||||
Total | 3,275 | 2,823 | 7,095 | 5,710 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Total | $ (2,398) | $ (2,328) | $ (5,352) | $ (5,451) |
Segment Information - Reconcili
Segment Information - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Segment Reporting Information [Line Items] | |||||||
Adjusted EBITDA | $ 17,577 | $ 9,435 | $ 30,514 | $ 22,324 | |||
Subtract: | |||||||
Depletion | 6,657 | 6,707 | 14,382 | 13,648 | |||
Interest expense | [1] | 2,752 | 3,006 | 5,094 | 6,256 | ||
Amortization | [1] | 636 | 1,116 | 1,269 | 1,874 | ||
Depletion, amortization, and basis of timberland and mitigation credits sold included in loss from unconsolidated joint venture | [2] | 15 | 0 | 103 | 0 | ||
Basis of timberland sold, lease terminations and other | [3] | 5,701 | 1,721 | 7,667 | 4,997 | ||
Stock-based compensation expense | 1,386 | 2,577 | |||||
(Gain) loss on large dispositions | [4] | (759) | 5 | (759) | (1,274) | ||
HLBV loss from unconsolidated joint venture | [5] | 0 | 2,311 | 0 | 2,311 | ||
Other | [6] | 48 | 36 | 147 | 70 | ||
Net income (loss) | 1,753 | $ (551) | (6,183) | $ (4,249) | 1,202 | (10,432) | |
Chief Executive Officer | |||||||
Subtract: | |||||||
Post-employment benefits | [7] | 7 | 11 | 23 | 2,297 | ||
Dawsonville Bluffs Joint Venture | |||||||
Subtract: | |||||||
Stock-based compensation expense | $ 767 | $ 705 | $ 1,386 | $ 2,577 | |||
[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. | ||||||
[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 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] | 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. | ||||||
[7] | 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 paid in installments over agreed-upon periods of time. |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - USD ($) | Aug. 05, 2021 | Aug. 04, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 |
Subsequent Event [Line Items] | ||||||
Cash dividend declared, per share (in dollars per share) | $ 0.135 | $ 0.135 | $ 0.135 | $ 0.135 | ||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividend declared, per share (in dollars per share) | $ 0.135 | |||||
Subsequent Event | Amended Credit Agreement [Member] | Line of Credit | ||||||
Subsequent Event [Line Items] | ||||||
Working capital requirement (up to) | $ 5,000,000 | |||||
Subsequent Event | Amended Credit Agreement [Member] | Term Loan A-3 | ||||||
Subsequent Event [Line Items] | ||||||
Reborrowing period, if circumstances met | 18 months |