CTT - Earnings call transcript Q3 2019 | CatchMark Timber Trust Inc

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Operator

Good morning. And welcome to the CatchMark Timber Trust Third Quarter 2019 Earnings Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Brian Davis. Please go ahead.

Brian Davis

you Trust us results thank of a and Timber CatchMark for morning, for for joining review Good third XXXX. Davis, Brian CatchMark. am President Financial Chief I Officer and of

Jerry call Joining on and John Triple Forest are Barag; of Reitz; Senior President Chief Resources, me Todd Vice the Executive T. today Rasor, of President Officer,

and based CatchMark's call, beliefs risks and current to CatchMark forward-looking that actual During by expectation. management's will uncertainties will this affected statements. These actual materially differ its ability currently available. beyond on make management forward-looking results be from could results statements control are predict to are information cause certain or our and

information the refer subsequent XX-K more such and the our SEC. cause that on could differences, you file we Form For reports we with factors XXXX about that to Annual Report

our measures. are and Today's our in financial release are includes non-GAAP I presentation on of XX, Todd, SEC certain pleased answer your XXXX. posted will of our our any XX-Q supplement, these measurements presentation, third questions. John to After included Reconciliations and Jerry, yesterday, Thursday, in Form quarter which filed October our be with earnings financial website

over results. cover Barag to call third quarter CatchMark's XXXX turn Jerry I'll Now the to

Jerry Barag

wide Thank operating because us third and CatchMark market all had continuing of Good quarter and markets and an our mill strategy. meeting for you, averages Brian. on thank outperform you to excellent morning superior joining today's call. our targets

loss Timber higher an asset the solid management driven significantly fee achieve were sales EBITDA. South business. results strong harvest revenues. from adjusted lower a increased substantially management in pricing quarter higher investment total and increases net revenue, US Third and volumes, pulpwood and fees by in We

for in board revenues, flow a on fully shareholders pricing. plan, dividends And and payable common the we share and on of sales dividend remains saw across harvest Year-to-date increases pulpwood have been our declared solid. business volumes, $X.XXX at available covered we In record XX, a cash per distribution. cash were November meeting Increases timber quarterly year-over-year cash XXth. with December yesterday for our

We And business joint the management investment also perform to and T promotes. distributions venture exceeded targets Dawsonville continues well. for Bluffs to the Triple related

market drive strategy excellent agreements delivered operating wood superior results, these and mill South particular to achieved pricing over continue and helped supply locations, in CatchMark wide averages. Timber-Mart premiums

pulpwood third Our for for sawtimber. increased average. volumes pulpwood pricing the the wide South achieved X% and over US, In quarter with a XX% up year-over-year XX% pricing premium CatchMark Timber-Mart flat

XX,XXX the XX% soft generating revenue for soft and in a volumes premium we the Northwest, And harvest harvested comprising increase contributed pricing timber increased CatchMark's Pacific benchmark. in to our a achieved tons timber XX% XX% The the quarter. In total quarter. timber pine the better and during EBITDA sales over same overall million $X.X

predictable business boost quality has in management in investment owned producing Our to revenue our stable continued to those cash growth timberland and portfolio. flow from to equal wholly properties

high-quality same in our performed In joint the efficiencies. through the our timberlands as nature cash fees we its used our platform, The investment and of wholly-owned Timberland venture owned with in as our capital This the wholly quarter. our free opportunity timberlands months strategies producing invested flow, management $X.X than as assets joint with asset in as million land case earning joint first as and predictable high-quality asset CatchMark management the to employing same Triple-T have scale timber better fees with well as attributes third and management well has us is leverage venture these our including underwriting, certainly steady the Triple-T provides earn through attract portfolio. operational ventures,

has asset management generated our investment additional also schedule, term We and returns ahead of Dawsonville promotes provided over superior from Bluffs above produced based planned Dawsonville incentive had for reliable CatchMark. results its venture. joint fees

the and received in joint the CatchMark cash of its $XX.X $X.Xmillion ventures we the million for remaining cash in distributions. all joint in During investment X,XXX $XX.X timberland completed million from acres XXXX, of September substantially received has XX, distributions the of Since quarter, disposition inception through venture.

almost in Bluffs. from realized we've asset addition, $X In fees million management Dawsonville

sales our Moving lands Year-to-date to a to approximately $X.X we guidance. an sold through have up million to X,XXX additional quarter, sale the third price meeting $X.X the and sales Timberland per quarter XX% realized we completed $X.X $XX.X acres complete in sales, approximately during year-over-year. acre million million timber of for year-end at million by in timberland expect nearly

quarter to from the third to We Triple-T. at revenues XXXX, third compared September to losses $XX.X XX% CatchMark's quarter XX, ended total by increased closer decrease by in reduced X% $XX.X a losses to Taking million net the third quarter in allocated operating results, million to we due a compared primarily look $XX.X million XXXX.

joint primarily EBITDA increased XX%; We by adjusted by the XX% year-over-year. asset and second increase EBITDA fees, venture. sales to XXX%, by and a quarter by by We harvest adjusted investment Bluffs from volumes increased by based compared more that We XXX,XXX incentive XXXX. than year-over-year increased was XX% Dawsonville harvest XX% a tons XX% management increased management timber EBITDA generated to EBITDA increased

XX,XXX promote for We of addition $X.X investment million a based recognizing $XX.X hurdles. of completed to Bluffs million, exceeding fee In disposition incentive X% million. $X.X joint earning revenue that from X,XXX we management $X.X the Dawsonville sold venture investment to acres an for million, acres including by of reduce to increased gain timberlands a

we dividend And of stockholders per share a on XXXX. XX, $X.XXX paid September to

excellent results. quarter Taken altogether, it was and productive an extremely delivered busy highly which

to Now balance I'll debt to successful Brian reduction sheet and initiatives. it discuss our over turn

Brian Davis

Jerry. Thank

XXXX. have in year-to-date management our dispositions. year, This and reducing EBITDA. we and significant impact debt Over Triple-T $XX totaled to relative of of adjusted past successful progress more program company the reflects full-year Those been fee dispositions recycling in than from the the execution earned capital course accomplishment of through revenues have making asset million

the end XXth. June as net to from of the of decreased XX.Xx third adjusted had of debt EBITDA quarter, As X.Xx

on Xx remain by we a reach ratio sub result, a debt to course adjusted net to EBITDA As year-end.

the outstanding the using XX,XXX in $X.X of also pricing total for attractive reduction, procurement of down Alabama disposition. in a in gain on most During of debt impact was million while paid proceeds acres debt Georgia the standpoint significant The on resulting of million balance outside large favorable our timberlands of area. the had the from $XX.X dispositions on transaction million. The $XX.X our recently preferred CatchMark facility, quarter, our extremely from a achieved of

than and $XXX.X debt of a XXth, more As in of cash $XXX million million September s million liquidity, total our we various facilities. $XX.X have including in under

a active rate risk strategy Last our lower extend average by our favorable and on fixed our is execute hedging The transactions X.XX%. terminated swaps debt. week, entering at entered management nine and the already two into of to rate years interest outstanding average existing rates continue average our on We we our rate new fixed that swaps of of costs term to borrowing life into $XXX debt. XX weighted interest million

credit savings $X spread patronage of four for expected to and annual the swaps, million refunds. million. their results $X.X X.XX% compares That years in to an and previous of Before applicable under average term

common program. an million additional and shares The stock for of program. of Year-to-date, during have quarter. company up approximately repurchased million may to Under shares repurchased we under CatchMark's repurchase approximately we repurchase the transactions million $XX $X its $XX.X market in for third open XXX,XXX worth share approximately the $XXX,XXX XX,XXX shares

Now Todd I review will for turn of it our over to operations.

Todd Reitz

as plan had good to successfully operating favorable Thanks, execute quarter, We markets an consistently. our business conditions did and a Brian. job our operations our ran excellent mills very third field capitalizing on across

up and stumpage Third quarter year-over-year sawtimber X% strong. volumes was steady up were and remain pricing pricing XX%,

As that XX% a result, in we harvest EBITDA. realized increase

outperforming drive covered. for our wide in Our consistent well substantially Timber-Mart pricing operations. delivered sales opportunistic plan all and those stumpage markets to continue This levels as is results strategy Averages as Jerry above and South for our our as consistently products sales select reflected

Our on put track to our us meet target. full year increased volumes harvest

Looking productive positioned steady production fiber harvest with up and ahead we to been have sales Southeast, will partners delivered anticipate relatively very fourth our quarter. have in and pricing conditions volume supply year-end, remaining for a CatchMark's quarter-over-quarter. to And volume with the be customers we're well strong favorable our weather

and contributing timber revenues the mix. expand Northwest, our We enhance Pacific continue operations South to in to improving

fourth will slightly increase over underway quarter's Pacific region. the in the expect tons in volumes quarter, XX,XXX uptick an Northwest pricing we the recovery with harvest third For from anticipated

So our we meet for for our reason results good plans. harvest to about have the confidence operating our ability year Jerry? and

Jerry Barag

Thanks Bob.

our properties in On the with portfolio adding premier present, At that of high criteria continuing faced meet stringent mill can selectively for to dearth markets. quality prime front. of acquisitions our deals a we're

but We monitor evaluation and will our our potential disciplined in pipeline and analyze remain continue transactions, diligence. investment to due highly

to from fees dispositions, asset Triple-T us sub repayments deliver adjusted debt our by with discussed, year net Xx Brian year-end. with from track EBITDA on a management full debt ratio combined proceeds put As to

meet track we As million full approach to to $XX targets XXXX. for on million in timberland year sales of year-end, sales remain $XX

remain full steady result also on while target as asset investment will land tons. we management wind business management down. is sales year plan. and our adjustments X.X Triple-T In consistent recognizing between expecting year of delivering to fees, and provide from full also and guidance of Dawsonville The course We February, a harvest meet for X.X the XXXX results loss Bluffs million million operations, to harvest

and about over to across we an market also in are averages. sequentially continue pricing quarter all confident line quarter year plan in sum and pricing, On year-over-year. South volumes quarter To second up, timber meeting and we excellent the the had Timber-Mart up Harvest both full we're our third be and gardens. we operations with are

agreements continue fiber strategy supply delivered Our payoff. markets, mills and with to

on is We've In course continues consistent delivered company sales capital return to our Triple-T on fees. well Timberland fees reliable Bluffs and to reduced management and asset leverage business me generate levels also perform management management sound. our and fronts preferred asset promotes. investment plan the are year. full position and on for returns all Dawsonville investment,

interest rate In the lowered environment. swaps that rate addition, allow borrowing significantly of have advantage interest costs lower take been to terms through longer with attractive current us new our

durable loss gains, adjusted were the a lowered CatchMark on which growth, management, continue and and results of results employing strategic fully continues deliver for and quarterly produce operating revenue reliable, which cash flow strong and terms key has and operating In mill to and our timberlands covered we superior demand shows will the for higher. year-over-year high quality EBITDA We maximize have markets, business throughout quarter, seeks been deliver will believe third revenues the dividend. consistent Net to highest strong cycle. focus based to acquiring

performance growing All dividend strategy of company based a by cash mission, and sustainable executing devoted remains CatchMark on flow our and focused us on excellence. supporting at our

for us again Thank today. joining you

pleased Now questions. Brian, your take Todd, John and I to will be

Operator

Instructions] [Operator

comes Raymond Mings question from first Colin with Our ahead. go Please James.

CollinMings

guys. start Thanks. To U.S. morning the Good in

on more market bit can little conditions. current South, maybe just you elaborate a

of have we one market led Specifically, some you weaker least seen in deterioration to wood Have in all? in areas conditions export of yesterday heard at from that your any that your at baskets. operating some dynamics, peers supply-demand

JerryBarag

Hey, Collin, of percentage the what really do experienced good morning. of a was operate. know, We as that, we've small you we past talked where that about really in we and much haven't

in the a we second third And get of course of so deteriorating a planned customers, was towards the had with our really that a more you it we year, year, business out earlier absorbed quarter the as force. see saw impacting and throughout lot moved that after lot the if had that our as of state domestic we didn't will

tend back volume we in we operate. So and to impact much seen come where haven't the of

CollinMings

it. Got

JerryBarag

I and customers might management aligns a reinforce employ of standpoint, kind we customers. a that model year, from lot the further the of we have the going delivered be we so the strategic us amount the to sales we we're year that serve add in that to to course of into confidence those a with able of early of deliver just volumes over

CollinMings

a Got recognizing slightly different portion from there though, it. supply Maybe to. agreement a tied meaningful volume, coming of angle at sort your of is some it

price some as think areas. there? about weaker you of deterioration risk have on some just How some you of potential contracts surrounding dynamics think place Just you about in supply-demand do and from given maybe issues the the price deterioration potential the maybe

BrianDavis

Sure, side, from you know, supply tied calculation, the you towards more a that's fiber as formulaic really if will.

very, XX% year say I be we to has as moderate QX, the the the to, kind that due of market throughout as would able bit, just we will that mentioned, we've over to really course Jerry year, of you're keep of open course what field but we we QX to there and line look strong at in of is seen throughout business little down on to some our with somewhat to us in very overall level overall and carried be a things very a the playing things, with the market of flat, been will scheme you. for be drop so some, at of program, the outside QX, we've sales you helped a honest have have, it's if and steady off, QX capitalize everything delivery else come looking that So a XX% do, to

CollinMings

it. Got

do like modest decline sounds U.S. benchmark it there will, pricing, So you inherently, if on being some the just you anticipate, given -

going year. down takeaway? that is to this But is South be pretty Is from a the negligible. earlier fair net-net, impact

JerryBarag

Exactly, exactly how would characterize it.

BrianDavis

way the of the quarter next see the but weather we'll next have first impact or quarter will one what year, happens with obviously over other. the then And that fourth and an

CollinMings

to release just key of million in guidance. of that. at to quarter clearly, million one to some with reaffirming Okay. narrow $XX relates $XX And And or refine you kind of as maybe the it press range go, can But then that the just components all?

BrianDavis

underlying alluded this this we're a to understand Collin, to very comfortable fees as $X.X line million. understand And plan up our X.X marks range; from your our a always asset where of tighten we but Brian. alluded with At our core $X.X are But is management Todd we're range, XX. hitting with challenge this time, Jerry's as in of to; business land sales to perspective, come in. very also desire on Good The range to have XX comfortable I Hey, X.X we volumes point from is solid. of the is help our million going we morning. standpoint. to,

or compelled don't little would be material And we've it Triple-T range. expanded what done in different past quarter tightening is time only to the when done so what it during guidance activity than at acquisition feel a we The least a time, in similar we've or we at up that, this in XXXX. point had and a the is we've had bit

CollinMings

Dawsonville. on just then And

the any from things be was was how kind actually there I sort year Can again, not million. going If maybe I million of just give original color forward. this that from think, adjusted stand guidance Dawsonville? us there, benefit of to you understand contributed now, much contribution EBITDA will $X Dawsonville $X from the where on incremental

BrianDavis

million books, range. top on we I credits. the will Dawsonville the we what in $X Dawsonville, really million on So, anticipate forward and have million bank to in being EBITDA. is believe on related end to on that's we of adjusted $X said just under the basis mitigation the we $X What value, anticipate a go that

annually be million contribution probably from negligible, it'd pretty a thereafter. to than So CTT, $X.X less

CollinMings

downtick here, that that year comments Got there or that it. to equal given you're will back, be your reasonable benefit fair component have year year of I'm next Is that else kind going might that from be recognizing of CatchMark same in And that then there provide this Jerry, tying not to expect relative full guidance be XXXX next EBITDA a may just and missing? to to all it year? would adjusted Dawsonville, is some natural but

JerryBarag

Dawsonville, reached there which a two factors XXXX reached standpoint burn sadly rightly maturity One is happily you Because are the very So things us and pointed There off maturity through. from asset work are it's where profitable been are for as two influencing but to is guidance of that out are that. today. productive a is has major too.

really had haven't that in other XXXX. in busy coordinating We've acquisitions we the XXXX. is The and we year any done integrating sizable that been

rate those or historically the that over of we've things flatten out years. two six tend to the five exhibited last the growth will So

CollinMings

Can for here, it agreement be listed there. the want just back things again, any front I helpful. believe would issue you as bankruptcy. supply the And does but Highland limited I then, that update like say, circle provide Last file partners Capital And somewhat just just on look did an on of Okay. to one me, of Triple-T. maybe negotiations on sawlog update again, JV recognizing can recently GP, you that's sort two what with the

any relates Triple So as to T. that it from impact

JerryBarag

Triple-T Sure, so to with and respect GP negotiations. the

working through some starting markets it is early to that characterize this just our going quickly through been have lumber ability for the lot more the to. kind the get their summer were as impact - liked that have in quite done we turmoil tumultuous time. managing me easiest on for have And in was It We from we and with what's they way that an business in was XXXX the going of saw side. GP their was as than and a certainly to business - in had would

conversation, to soon outcome we it's do and to report, - still positive We're as will we're ongoing that. have hopeful have continuing and anything that as But certainly the it's that. we to going a we're

did We that is had bankruptcy joint expect funds the persist it do filing. to respect well. to the there's know that a that the Highland's with from there to terms really Triple-T agreement manager, bankruptcy With there entity don't the joint filing in investor fallout bankruptcy any as or that the it. And Highland, in investment participation Highland is with has nothing was And that participation outfall Highland's that venture. respect - really in or venture the of any we

Operator

go Anthony from comes with ahead. Citi. question next Please Pettinari Our

RandyToth

Good is in Randy guys. actually This filling Toth Anthony. morning, for

large in. that, decent it's chunk were Georgia. those acreage? I’m they mentioned should region not significant in deemphasize your just How you the Are about drove that the pretty you. of significant, which comment think a sale? Thank what given you to trying sure and but Just the in and were we XX,XXX last disposition roughly on Alabama quarter. that can quickly of acres But was in on acres quarter

BrianDavis

Right.

So recycling fell have area. our as this we where we a think centered guideposts our really around number within about those program, of procurement capital was one guideposts and

of to it's orphan relative procurement an kind area. So our core

from operability core one outside does location, so it have was characteristics our again, standpoint put But stocking was to very our those that. capital of was a identified portfolio. opportunity. potential And it of guideposts it really recycling as similar But

that we of we capital neutral the cash is to always The make want to our is what sure we on that at component get impact do do when a that flow, second look it, basis. accretive we really on on recycling,

So transaction really beyond where that that, fell is into. this

JerryBarag

I to our the it changes underlying fairly to people demonstrates or small respect have have the program, impact well to EBITDA have seen that company ratio overall can over. with that think a leverage concern how portfolio net we And as level debt and specifically in portfolio a profile the of

RandyToth

Absolutely.

$XXX. Then very moving on, about seen just hover continued yes, have Okay, around be We've thoughts we lumber log prices some talk there to that's inventories in recently; generally? Any improvement helpful. however, helpful? would demand customer can

JerryBarag

quick you a fire little past. typically Sure, is a Inventories year. later how season had West as little the in have I as that the the came far haven't seen year played remained have and from about just the bit starts East, you think housing, you in out, coverage if make as a the higher, bit

to customers didn't weather build scramble see that some conditions been as And case And the inventory. you if able in been maintain south kind would try favorable. so and the to of have well. been inventory have overall to has have that to They

steady has mill inventory and production that. because been has of So remained good

Operator

question comes go Please Dave ahead. from next with Rogers Our Baird.

DavidRodgers

guys. Yes, good morning

there's see leverage. landfill, positive those? even regular On we some more about of reason want talked to you the and is wouldn't you to a those track more course and guys? for the start you more reaction Obviously, Could do of large there

BrianDavis

Consistent this is don't down we've This continue during we're to Good But any capital about reviewing our year XXXX fourth we regarding Dave. recycling, basis, say always for having that's given not capital year. this closing positive talking ones the leverage to in there’ll target a Brian. been us on this anticipate reaction additional opportunities opportunities the quarter and we of recycling path. and within for morning, what portfolio, where anticipate

DavidRodgers

the how your And in sawtimber, the in easier compare And I is getting the recently, Helpful. you've wide talked way that for the or is gave challenging, about South compare, the you term? just I that more you premium portfolio? longer does getting that even were of it comments, think you given was been Jerry is numbers becoming kind and that guess to tailoring pulp averages how

JerryBarag

we've diverging I for actually point No, even the South as mean, getting to than holding fairly better or the US bit markets either the are markets across to steady some south more we've a markets improving. wide stress and average, mark been now, as little the And flagging significantly, probably recently. it's the trying because easier seen are time are the more out undergoing

to by the just across US so allocation the probably the And the make it's situated across the and and assertion that getting continued only premium, grow. has the we're or the premium are it best portfolio operating in same Northwest, in getting markets the of we going grow fact South South portfolio that to would average, and wide Pacific and very construction, significant I best and to continue we're

DavidRodgers

Todd, you that the your capacity market And anticipate would to did maybe you? Helpful, your you, be what you fully delivering seems impact comment the increases that and about would You talk this XXXX? just functional. earlier. current Can on that how markets in mill in for hear where say didn't I you XXXX maybe be

expect be what to So the see just your that you'd capacity increases would portfolio? overlapping

ToddReitz

Sure.

would would marketplace they you the nice fully probablyXX% in from that picked Canadian But I it could up a XX% So online, overall all they're more will come where an tell up as running should pullback, placed XX%. customers, capital, not at know fully see Time the I south. which in and we're has the those full for utilization, get - you will, us. gets these a guess, as how markets operating utilization in impact bump you that facilities in the from to, those think lot of we probably call been if additional key while all

DavidRodgers

on call ahead? the do to a at Bandon What me production? then is maybe for what more think full about from capacity to last And of from incremental that tons. perspective number volume, I kind that? think or you do And there that delivered attention XX,XXX Is the we're didn't be indicating we we expect

JerryBarag

Sure.

third we range, it. sitting We're XX,XXX. in - is And fourth and [XX,XXX sale coming a that it was coming call -XX,XXX] close there. to here have moved from of had to looking at quarter on So the be quarter, quarter that but part that this we out going is buyer it stumpage in was coming forth,

that say So in I in, number. run is a would we knew was coming range forward to good XX probably XX looking that rate

DavidRodgers

on quarter a That XX years XX to basis. per

JerryBarag

Right.

Operator

Our next comes RBC with Quinn go from Markets. Please Capital ahead. Paul question

PaulQuinn

much, Yes, thanks guys. very

why side just flat levels? and pricing just back sitting to pre-recession here, timber really of the remains really going sort sawlog back wondering to what still Just it's to on take get

JerryBarag

do marks get seem those build this at ambitious, in term be call that upward least expect today we and are levels but plus to in rise ton and south. interruption we At horizon. on - is the how long assume want taken period. of got a to point, at to can momentum fairly somebody's some kind in cycle to from should there in you but in call to don't doesn't start that you how see and year the it cycle, it to US going $XX achievable there's and $XX that, of probably a we markets couple pre-recession recovery where get those best to this prices it's is it point Well, having But to near the necessarily said to some

look And in additional loss of at beginning the production that really this the taken South, this you feet at additional coming through of that standpoint volume the at still where amount and timing, of board North can into the incremental has Columbia volume capacity total, have the American say will a exceed south of about that's run that started if more British North of good out XXXX kind terms in from today. the the that have the been of of built into and There's American point, is in been US into matched capacity you American Just North market. XXXX. delivered probably the deliveries ways cycle reorganization we that'll that production

to date, the optimized. haven't terms been operations of that So in delivered what's of even

seeing build really the of not equipment of construction on yet all full the side. that impact we're So of plant manufacturing lumber

So know a this a have be people coming long it's and XXX% control. want our there's confident results. I into not not of within the hard in build impatient, seeing but they're see still tangible it's and been to capacity coming. visibility been time so long I'm been coming and to it's And more

PaulQuinn

what that like the in fair. your in areas, just then That's look looks another maybe Okay. your And overall in to way at growth versus drain and U.S. it is a specific buckets timber

situation damn got South? just We there. a trees we've many still got down too where

JerryBarag

I particular Texas, where momentum to big that we're in respect involved significantly where part growth started long-term in that positive, going positive markets. that And in in to the And by and trends individual well business. healthy has Yes, standpoint, market as very world. basis, prices in as have do a doing ultimately places there a growth monitor and basis. that turn on are we mean, the that are of think rate drain Texas, current we market very property we In and from closely a the forward on ratios we're projected the very with literally, for

ToddReitz

are would this of that centrally drain, these of of add better Paul, our I say some growth Georgia, states look I located position at in more in Todd, markets would Southeast. to areas the South micro maybe is that where a balance Hey. you Carolina, a the little some we than from operate

therefore ultimately - more come you're what been more is overhang overall the Just to speaking see volume. the consistent, had than has we in utilization capacity don't your of

we you So will. don't those those of regions that see areas, or in as much if

PaulQuinn

- not your if of a material that kind U.S.-China your impact And not And a that's but - we I a big think on lastly, you're - that and areas market that just question on understand get you maybe a then part that's of if Okay. well? back. I export Do big goes - deal and want lift program, trade in exports your a as a ask you? just to on pricing

ToddReitz

think you would the your does marketing, hat I think was there. and around in you if would an Yes, it question a counties improvement from far see there. again you micro will. Really help; I so how tension reach market, definitely all inland right it additional localized and would coastal

JerryBarag

Yes.

that's we So Coastal plan we we that. significant see export was bought the harvests we also fair asset to year markets our volume there. desirable. fair lift key and see direct direct of We're would export just could some in that there what Savannah, that that a last and we with or we've Pacific our Georgia, and Northwest the they Coastal has outlet choose consideration But management were then a again, definitely, got we would participate And a that property have. directly property in impact of from Carolina, around ability implementing an to there. purchasing excess property amount we that a amount of if the bought markets get the to if a beginning far. underwriting so at was And

Operator

any session. our concludes back conference question-and-answer This to over remarks. to Jerry turn closing the Barag I'd for like

Jerry Barag

the We're for Ben. quarter. work thank did we Thanks, proud us of in joining you all very today. this Again,

quarter New calendar having last looking call you in is year the XXXX to We are well. Year. This and conference as we to the fourth talking are we're the in forward looking to forward

Operator

Thank concluded. for The attending now conference today's presentation. is you

now disconnect. You may

Brian Davis	President and Chief Financial Officer
Jerry Barag	Chief Executive Officer
Todd Reitz	Senior Vice President of Forest Resources and Principal Operating Office
Collin Mings	Raymond James & Associates
Randy Toth	Citi
Dave Rogers	Baird
Paul Quinn	RBC Capital Markets

CatchMark Timber Trust (CTT) 1 Nov 192019 Q3 Earnings call transcript