CTT - Earnings call transcript Q1 2021 | CatchMark Timber Trust Inc

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Operator

Good morning and welcome to the CatchMark Timber Trust’s Results for the First Quarter 2021. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Ursula Godoy, Chief Financial Officer of CatchMark. ahead. go Please

Ursula Godoy-Arbelaez

thank of And XXXX. joining for of us am Good Timber you Trust review CatchMark. Officer Financial CatchMark Godoy, quarter results our Ursula morning. Chief for for I fourth

call the Officer, T Resources and Timberlands. on today Reitz; me are, Executive Davis; Todd of Officer, President Rasor, Chief John Chief Brian Triple Joining

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

that posted filed first John non-GAAP financial quarter any website. After question. For Today's XX-K on will earnings financial are your differences, cause form certain release Form presentation, such you with And X, and our pleased to presentation subsequent includes which be of annual Reconciliations XXXX more included I the we that of filed Todd, the reports Brian, the in report information and May SEC on factors SEC. our our we could measurements these to about measures. XXXX. yesterday refer our and XX-Q our with answer are supplement, XXXX

to Now, Executive I'll Officer, over the Chief turn call Brian Davis.

Brian Davis

us call Thanks, for Ursula. all And today. with you on the being thank

and safe. timber U.S. driven off the hope colleagues, CatchMark prices continue got However, stay families XXXX your in you, healthy an friends both CatchMark higher start exceptionally and to a by for strong to

Northwest. South and Pacific

harvest for over premiums south-wide in significant averages we Now achieve continue the U.S. to our pricing market

higher and Pacific home prices significantly interest during quarter. prices Low market strong activity resulted strong with the higher South continued repair together demand in rates, activity Northwest. mill and while in timber housing year-over-year the increased remodeling capturing

a couple market British discussed the some of and U.S. for mill capital in a closures building re-location the began Columbian time. of with This call, ago, our last to been of As price mill in corresponding has expansion the point inflection capacity years

the These factors are market a encouraging southern now the sustained resilient and log and improved over endurable products, select potential the more micro of reducing South consumption U.S. for is market wood all housing driving pricing product and supply now housing in the recovery.

South. forming Various supply including demographic housing place that generate millennials outstripping for baby and household are trends and and construction. ageing igniting demand boomers new has helping

will year above nearly XXXX. product in is In rate owned permits result economic buoyant ago add fact, and a benefiting the the annual by which market million privately units ongoing is the a the seasonally $X.X level and highest housing stimulus XX% from. timber significant than more of authorized adjusted in since building a CatchMark March; Add

as base in We well-suited delivered customer operating we by our utilize particularly believe model. timberlands markets the our business is from reliable to supplier a prime In continue consistently from pricing located to addition, as we should achieve outstanding premiums to as stumpage a in as sales. sales, Employing excel our premier market. well model mill we opportunistic gain current supplemented differentiated preferred and

For longstanding U.S. realized performance first the in CatchMark quarter, company increases tracking

South in pulpwood increases X% U.S. X% to and X% outpacing and sawtimber and stumpage prior year X% respectively quarter, prices compared of

prices. average Southwide

strong Our year-over-year demand increased Pacific to XX% due Northwest sawtimber continued price fundamentals.

quarter As harvest lower planned, total during the volumes year-over-year. were

annual guidance. Timberland consistent to potential pricing. timber meet sustain current with acre track meet to remain harvest to volumes full-year are productivity also basis as per on on the a full-year guidance on Importantly, we sales maintain course strong

sales asset capitalized last from a asset management successful Triple management we T the Dawsonville during resulted results on second demand mitigation number amended due while quarter improved strong from expect timberland supply market contributions the Bluffs from to joint substantial with agreement. sales year-over-year T venture first earned year's management for due significantly of the higher years of in Dawsonville fees renegotiation acres. Triple and pure Georgia-Pacific. XX% to quarter, credits sales were pricing increased to lower agreement wood last the selling Per quarter. timberland the complete the On acre Investment and

performance. We with of continue T renegotiated acre Georgia-Pacific Triple in financial ability to for have several Through wood we the in capture wood for standing are a timberlands and regional in agreement, wood Triple enhanced nearly parties. T's of deep T's pursuing on venture Triple agreement a renegotiated the and third cultural partners to we value management per wake progress opportunities and three in market-based institutional result Georgia-Pacific pricing third years attributes delivered harvest to joint parties make sell to a harvest recapitalization T's consortium market allows operational basket Return forest as to to investment increased supply which force within believe supply which products Triple and management improved expands ago, superior T improved and force Triple significantly increased the of practices inventory. opportunities

from objectives. well-positioned we improved payable the our model investment stable quarter. healthy environment our no Again can deliver predictable, of a pricing, market net EBITDA stable was We flow capital advantageous from a as declared dividend $X.XXX and positive up dynamics. common on most cash dividends a for of are there to June debt at share sum, management maintain quarter. Looking generate resulting fully loss covered pricing With In we and record continue EBITDA, strength adjusted Timber primary telling, management current timber benefits cash changes leverage sales for remain business to operating harvest liquidity, very our also outlook EBITDA, strong per leverage the May and improving during and of on increased higher stockholders timber structure, of the sales, year-over-year. major capital. the XX.. revenue XX Yesterday,

Now, detail review and results greater capital first cover quarter Ursula will our in position.

Ursula Godoy-Arbelaez

which not outperformed only harvest averages market from benefited pricing also sale U.S. the Was in an We've for Brian. operation. captured results had by with you, boasted timber Thank excellent quarter higher comfortably pricing our but

we South while our concentrate activities.

to three business full-year meet management segment, operations, are and on Our well. are guidance. investment harvest performing plan And all real-estate we

XX, the XXXX as ended Timber revenues $XX harvest lower than quarter of quarter increase. million of result revenue XX% X% practically XXXX compared to in $XX.X first With million totaled first timber higher March generated by South offset $XX.X XXXX; quarter a a CatchMark million higher prices volumes.

million Net reduction harvest annual maintained earlier. productivity recent in expected recycling total that year harvest capital despite $X.X As $X.X XXXX. timberland felt Driven on sold. to segment. harvest plan, tons XX% or from by by sale basis. adjusted improved we a by acres per EBITDA harvest compared and our in a fewer and lower first pricing million timberland timber quarter to EBITDA tons XXXX from planned sales. Raising XXX,XXX Adjusted and $XX.X consistent quarter total we decreased XXX,XXX Highlighting higher strong volume first volume volume have The lower comparable million of and year-over-year with strategic revenues to expenses. as initiative loss to acre for

harvest fees due by management EBITDA an million per acres Dawsonville quarter $X.X mitigation over for acre Triple and helped a T. strong Bluffs the X% in was XXXX. $X.X EBITDA million increased first XX% XX% market from XXXX million but quarter price higher to credit EBITDA to year-over-year asset demand first XX% selling million to Investment the management $X.X compared increase. $X.X we increased fewer first year-over-year decreased to achieved the For Real-estate quarter XXXX,

We cash paid was on dividend share a by per also of which stockholders March operations. fully to $X.XXX XX covered from

Now capital position. to let's turn CatchMark's

to investment we growth, desirable We continue outstanding the taking foundation timberland have debt, capital evaluate our strategic generate maintained stock to down funding priority. opportunity bringing on for ample liquidity same repurchasing at proceeds in of both allocation common time the shares capital recycling capital strong and other for

of capacity our facility. consisting maturity company of a favorable debt in under available revolving and management under XXXX, had million $XXX Attractive rate of borrowing million XX rate March stagger our the $XXX debt facilities borrowing highlight to multi-draw cost the fixed of a $XX credit interest active term million As mix the strategy. under floating continue long-term facility, credit

as future common remain did shares stock repurchases program repurchase repurchase of not $XX.X As our share in under still March quarter. the program million XX, we during for the any

And deliver provided $X.X operating fully quarterly received cash commitment by and Our dividend. stockholders quarter, overriding net the remained in by covered distribution objective to activities. dividend during million fully covered

Now, is Todd highlighted produced review solid Todd? we quarter. which have operation the will extremely results in

Todd Reitz

quarter strong carried timberland holdings housing XXXX the over CatchMark continues markets fundamentals you, U.S. the fourth quarter. A from benefit Ursula. into both mill in first and Thank prime to leading

stumpage four delivered model which wood as well lumber to they and been opportunistic capacity. drive finish building by Robust to XX% rather as files being running Northwest supplemented mill production weeks order Pacific have filled it lumber now product strong out. from produce housing with than can saw better at quickly has selling inventories continued six sales. South been Mills but as our as

mill our also overall consumption mill which mill harvest added Wet saw inventories acre increased micro year-over-year. logging and contribute meet to weather New on market demand. per and in to pulp pressure helped a which X% both superior production EBITDA mills increase the limited light within rates generate contributed deliver markets operators

U.S. sale Total timber which $X.X $XX.X Pacific million production In in captured capitalize offset a the harvest driven excellent addition helped to opportunities million $X by EBITDA. delivered to XX% on that decrease a exceptional sales by increased the in study our we pricing stumpage our boost also million overall year-over-year increase revenue Northwest

with in and line In planned U.S. the the decrease volume. South harvest regional a

South, $X.X generate on favorable to wood significant Pacific increased to XX% mark we and volume year-over-year to market in XX% timber south, both revenue again south In sawtimber for pulpwood XX% premiums increase and wide a million conditions pulpwood. realized timber sales and sales the and pricing. stumpage harvest capitalized prices our sawtimber XX%. Northwest, sawtimber XXX% a for increased delivered for We both model averages.

first we XXXX Now versus resulted average sales year fewer higher a sales. acre timing, Due XX% increase and we an part XXXX. per year-over-year in timberland $XXXX market levels. of stocking from merchantable price XXXX first let's saw compared achieved improved price in to ago. But acres quarter quarter average acre per to review timber XXXX in acres

well XXXX quarter levels XX still in were quarter portfolio per The versus per tons first XXXX than also higher sales an acre. first XX% versus margin, XXXX. in While company acre restocking average. XX% ton the quarter first improved below XX generated sales,

flow to potential. near As cash lower productive we on focus have acres less term continue are that or sales

and of timberland revenue a selling sales down As year-over-year. fewer XX% EBITDA were result real-estate acres,

in make track for benefitting and disposition have a million transact $X.X remains targets up of timberland full quarter the quarter. in However, timberland we quarter-to-date. total could We are sales second sales on we're nearly in full-year. million on pipeline to sales the pricing and strong favorable from Market transactions $XX for closed the to

staying business mills their continue remodeling run expect housing nation's and robust. to the saw we to repair with ahead, the in Looking capacity full market and

compete price In to export for tension volume many of the in in markets our addition, creating are both reviving more domestic with U.S. markets markets micro

prices should million and and South Pacific reiterate production pulpwood into OSB thinning consistent $X.X when Strong and of acre prices for also million reflecting months help Northwest. We productivity typically move on guidance summer down. between basis. annual as we activity tons, a trend full-year markets $X.X harvest occurs our support per

seasonally quarter We anticipate the third be highest that's be tends to also case. to our will continue production quarter

activity, Regarding U.S. of to harvest the to XX% we come regional continue full-year from expect

meet momentum Northwest short, second South back our operations point carrying model harvest all harvest delivered a first XXXX wood and to and occur quarters. CatchMark's to Pacific with by the In you. solid for to to forward our most two guidance. during Brian, supported stumpage of quarter full-year sales signs

Brian Davis

United be housing and solid our the market, advantageous demand from strong, emerging around from Todd. CatchMark's economy sales and the COVID-XX mill micro for products. Thanks, looks pandemic. pulpwood States expansions The benefitting are markets to improving appears The timber in

operating continue extremely Our wood improving stumpage pricing focused opportunistic strategy sales premiums. in to produce delivered using sales

select We on we're superior leading strategy. premier of from execution concentrating our and markets. And continue investments profiting from in to timberlands benefit mill

our continue portfolio supply a we recycling opportunities recapitalization During new including committed as further And capital the the to retractive will strengthening remaining they will prime growth renegotiated continue sheet our Georgia-Pacific since T move balance to and year, we Triple arise. to agreement. year's wood evaluate while objective forward on opportunities to optimizing strategy, last

will cash our are As long-term track for sustainable valuable to flow now take Todd, and and John, by covered to continue noted, I responsible you, to create your stewardship an delivering on value And full-year from of meet to Ursula, happy guidance attractive questions. highly timberlands. today. shareholder operations we your Thank attention dividend and fully be

Operator

ahead. [Operator Instructions] Please comes first Pettinari from with The question Anthony Citi. go

Unidentified Analyst

Hi, in good Toth morning, is guys. actually This Randy for sitting Anthony.

Brian Davis

morning. good Randy, Hi

Unidentified Analyst

guys morning. You about good talked --

for in sales you sales timberland million to $XX if previously? million Do guided XQ with full-year to plan million you that XX sales strong have to exceeding about talked $XX You up pipeline everything in roughly the goes anticipate the well.

Todd Reitz

is Hi Randy, Todd. this

of it right to X% As pushing don’t X% stands really for right line get us see that. that kind years. in would target that with now, the We we beyond

Unidentified Analyst

you. Got

Todd Reitz

Approaching territory at but look we as that no.

Unidentified Analyst

Okay, yes.

volume, this know what customers it. to switching actual Can the comment different maybe a broadly can, shifts. adding got the to from So customers how you you expand And mill is maybe are hearing you're mills, timber exit then, on just well sales. just walked to

any helpful? there color very Just would be

Brian Davis

Absolutely.

outbound fast building was it's QX whatever as because that. in So and could. it of produced roll coming they what far kind lot of logged either like just as really of everything a of as QX we a to as continuation weren’t or rolling was on kind saw being into inventory out there that look They inbound of and

or worked we a remains And summer begin Lumber board bit because traditionally, much. months inventory very As you any little winter this they were see light. of following can do to point, we heavy producers working kind looking that at of log the building months, a inventory carry of across if move log run additionally with through real the that had. into you inventory as not you into that's kind not at still

For you blue run some were over, stain like and inventory issues things you that. your into reason some turning could

woods out in with really also now equilibrium production a of right mill of there. So between lot up aligning there the productions

yes shifts, of that. to lot adding do producers a far the think as love I would As

saying while our of to and jobs in a As think multiple in in far I'm areas, that. rural of max capacity capacity if do check areas. the being kind a lot just as stimulus head my walking heard the to shifts going love to running going the will adding yes paying producers add typically these have they of I little so because these there. to an I'm order shifts, come are now pretty kind go think home labor. the hey We've a constrained of for hour and are would you biggest I labor they bit They're is stories a which right of but is because in additional constraint employees little scratch good these and are and $XX shifts at

therefore is and now can uptick as we're should So now. you near get out and mills I right a would we're see of running add as hard would at other and adder everything in shifts this the capacity that of two the seeing for point kind shifts an production. right max But hearing

Unidentified Analyst

you of same well. impact from delivered log the that as summer. with there from and Got will cost And expectation continue it. are that does model shield be freight. with kind talking A for because the any guys just reporting of companies any seeing color over you're or you it. helpful that shifting the lot into the higher freight Are maybe to Got

Brian Davis

another it work know and the goes of and the hit we of it's working. head of to contractor see the Yes, the that there we back on is where user benefit with. absolutely. from model nail Because end delivered that the consistency the year-over-year that areas to aspect the of really you just not And kind to kind force ability customer, you're there

as better. but or as adjustment completely has something place steady the fuel so manage a we It that be to adjustments a in place on a positive place night borne going a have few that have standpoint, negative the on helps to far quite going our From is what it's covering or can You're to cause a costs. land adders little go. be have customer time that we with on owner not in depending fuel

the So your we for of question be that's that bottleneck the see to hauling traditionally kind allude industry here, hauling to long a that and time. tends greatest in been way

from Because you've it trucks their and where forth. been can Just contracted where it of It's go seen that back all they out. be troublesome hauling all those we producers being side to fuel trucking own things. producers the very We closely, there. so getting on biggest proactively the cut of work production monitor and not that do short very driver cost with and

our radar of mitigate that impact. some have on ways consistently fortunately it's to So but we some

Unidentified Analyst

it, I'll very Got it okay. you. thank helpful. that's turn Yes, over,

Brian Davis

bet, Randy. thanks You

Operator

from with comes question Quinn Paul next The ahead. Please RBC. go

Paul Quinn

Yes thanks, And much. very good morning, guys.

Brian Davis

morning, Good Paul.

Paul Quinn

Okay, good morning.

you a you gave can sales maybe look could hardwood. like location quarter-over-quarter be percentage price? some specific on the there that about Just premium Is give color it stock more the us that quarter. in I of down timberland higher mean, sort these the of something in

Brian Davis

Yes.

that owners, real little in who had it's The productive, not trying to pie falls bigger one focus it lower we've a so it's might about. focus any driver you really there's cash been there. scarcity we little with continue be behind really flows piece near on talked the line sea more So interesting We're cash yes some flow, to tracks adjacent term as the the if that Joiners, land, and of will. growing own the a less

flight this greater maybe wanting folks space. out more of got of You've have coming of a demand cities little to

that trust, different market been would money and just potentially from instead the in kind of rather of to those So those hard speculating really it's on a assets family host place buyers of individuals things.

QX through carries to end needed unique nothing location us. the than a the a and QX you greater that dynamics, we and demand placed holdings of just whenever money is And light on there other we demand. very have the disposition really quality high front kind to for opportunity. have just that too demand about coming -- supply well. required And little are that back you're [indiscernible] a be in some knew been We there's will positive So be as seeing and the

Paul Quinn

Okay.

are mark, sales be the to after QX that supposed $XXXX? break expected or the $XXXX for the So XX around that the high as million should

Todd Reitz

XX. still pending, XXXX that deals It's closer to then probably going than to that we're are the and stronger than mark. being working few would track XXXX anticipate through around higher anything others XXXX, There yes we but

Paul Quinn

a to I we've guess of be just it back is to little that obstacles a done. but for I I just bit then, seems And you're this the more. T, it that Okay. recapitalization like get wondering able talking what to main Triple been kind through mean, working and understand while get

Brian Davis

Yes, Brian. its been Paul, Well we through talking it. have

So not X.X a of is to thing. is small it managing million have a remember acres sequencing you

year. much pretty So for the first

We supply as running. performing and was are getting after summer. next when for about with completed that, last was which the amendments leadership, took think wood that operation getting any and is it agreement down over wood what part or not are Rasor's you up you sure got buyer humming. and step you The what that tracking It to really have When well. asset, that to asset John based we The agreement a to Paul, make market next we negotiated. wrote you we to supply want a you up

track And that that demonstrate the and wood market is so agreement supply record working. to the you have mechanism price

familiar original of from this. Weinberg disposition couple the calendar Partners Partners well to industrial the including us with And in to of of really with We earnest. this strategy so, probably when as times Weinberg really as Raymond the year last execution the probably from is a James on worked this when the we turn banker that has ownership recapitalization engaged represented help asset the

And have so, this. on team a we working great

this And gone of into really this so, capital has formation this. that sentiment is the next the positive around sector part

market. can last XX while things been discreet we move on hurdles. of internally. size year to we're that Alabama do the standpoint anything a close by able close we're inside some of feel clock two a so It's and complete indicated from the on XX,XXX work These be this amount of will And may transparent we've we our to to sitting days. not as a time, July of operating you take encouraged time year progressing And or hit take on Western acres that on. track and to We're not

the to And so the to point-in-time we're we can demonstrate that marketplace. where encouraged

Paul Quinn

Thanks U.S. Okay. the in of then, for had much the peers timberland lastly, we've And report, on pretty flat just pricing some REIT that. your side

while. South specifically a quite for

I You be seen wondering price guess guys uptick, seem think just to to inflation sustainable you your, how going have going is an forward?

Brian Davis

Right.

want or war. under going the win the that's you're bad So, you the category to

you've as has Paul, the else sector as around so, following long And optimistic. it's and been anyone And corner. everybody the cautiously been said we're

talked on really you're market X% it's down a that we last about and we positive out think rather price is obviously -- earnings expecting But call and I depreciation we basis. mid of driven. kind It’s shut micro our X% on reasons what thought. which

the direction still there in here into we between week have is sit this heat go demand a we where about we nothing sales XX think associated four confident showed It there it. fundamentals, really Is homes. the is listen feel sentiment in are another for You builders? weeks think type maps quarter. quarter. relative other very increase and here as today have March when sit to to to is, yesterday of price be able the The relapse sustainability first XX% COVID. able the one pass with there but something cause that builder the their January housing of along in change well there that what of But the pricing to sit house would reproduce and showed you in that, going where we is and We you was to you to we're on

a And a so is but pent get four won't until we three element. up We know to demand this you have year chance we look run think back, to Paul. this

here during said the weeks and quarter. cautious as we I like four I'm do second where are So but into we

Paul Quinn

of Okay, guys. best And color. the thanks luck, for

Brian Davis

appreciate Paul, I it. Thanks

Operator

ahead. Baird. from with [Operator The comes Please question next Instructions] Dave Rodgers go

Dave Rodgers

it’s you that I And don’t market. costing more on a kind just up and I I you're morning touched more know revenues mix on shift to get if guess the X% so I second as something I labor. the able be with was seeing greater on pressure what getting everybody. hold that's on. year broader good necessarily your to harvest of guess moves follow-up you kind product you as product just into the going pressure that's you quarter Hey, maybe not curious mills a at what wanted own XX% market. labor And to EBITDA seeing to issues margin, of to on earlier. of you're into move become only up but if kind

Todd Reitz

of Sure, the doubled we We some work bit additional production and increased says things Dave. higher going And directly be what those much you what tied inherent got the cause so some kind if really the a out in some be at as kind little out total south cost going reflection did production was very hi might with we side a to But associate. scheduled. look of to on wet of keep the to of nothing of have is you of also saw Northwest. of We cost and actually kind feel have will. still there. trend annual you on know weather you then quarterly is line back in able logging some we've There forward. load this But going that an there and basis And of that production things. presumably

We're where seeing not a labor, trending real back different Randy's issues or any there hauling alarming real bottleneck, stumped be side. side. more call guess truck question tend let's anything little kind production long more I goes to a little In hauling pressure, regards around of to around earlier nothing the of the way. it to the So a from there a the bit here

been Nothing we trucks crews XX the This little we've like drivers at with been turned always is and is ability do are XX of a point-in-time we're us And year dedicated concern track causing have a bit track. this because challenge. keep year relationships that to we And so, to may it just has guys. these that these while working with. crews that

all that build a track we history it's about have relationship with I here, the record them. long So

even And have they're of lot they so, labor and would becomes lot a truck to, the in purchase They contract our own though they and ability have fill go If have gaps what have doing. stability would a to we're them out and and they not steady and business they their want issue. may that employee behind could knowing unit. utilizing those an of ability the to

part of more are all would the lead but you're for the heaven you'll seasonality an costs. monitor you path you'll business closely really us we mean, of not have anything we do seeing it's the see increase So thinning that down I major of with catalogue moving involved we'd lot a pressure go because up up? handling to closely is there just more cost product. we that labor would work some go in very and more see fuel our that end-customers. Well, Should have begin to on

through not cost the own. our we're bear able of all pass on that sure and chain trying whole that some making Just place value to that those fuel adjustments of and kind are in to

Dave Rodgers

are still is guess part process people, question that the you might you thanks if it of small just marketing, a the guess guess you loved still little the Todd Triple are that. to Brian this negotiating actually maybe in I color helpful. helpful, [feelers], I for to in where number terms any down and with I But I added more I road know of process, or is follow-up of That's answer on be apologize. T described the And then, a it missed I

Brian Davis

that fourth we I explain maybe you relates are hopefully appreciate Dave, give the can that the around where would the in it in to third would where the early understand as understand And Do inning a great context process. I the we question. -- is inning game. desire we're in bottom to call non-ending help process. and some with are of the

Dave Rodgers

you. right, All thank

Operator

Sebastian The Albert Advisors. next from Prospect go question ahead. comes with Please

Albert Sebastian

good and morning. Thank you

Brian Davis

Al. morning, Good

Albert Sebastian

questions. of Couple

land that quarter. was on the First, the in sold

acre Can land tons us XX with EBITDA You sales? portfolio per to you some the acre. existing versus indication per associated tons of XX your indicated give sort

Brian Davis

be which you land the productivity from Are now? the we about and would selling talking

Albert Sebastian

sort for the I'm trying of Yes. an acre sold just on EBITDA a Brian, out was XXXX the basis sold. feel, it to get per multiple

Brian Davis

Yes.

offline work off average we it have we you but sold about means yes, to do So an tons the that think if of XX U.S. portfolio way XX with that of asset. is off

And of so asset itself. that with you've associated the off taken productivity and

recreational expectations so on really which offset limited cash And contribution and near term you'd be earning leases property which will property to our be be your taxes. by would on

saying our it. we these do or on it's way prices retail sales to cash value at to at called that in is analysis approach present So regular a of essentially flow better sell

essentially from accretive basis actually us. accretive is an hitting bid And feel deluded at to of like we prices so, a those the

Albert Sebastian

it Well, --. like sounds

Brian Davis

the where mechanic along go ship can with may that. We Yes?

Albert Sebastian

like negligible, course was I of sounds it's to EBITDA the the It mean pretty EBIT. there is

Brian Davis

right. And Correct. that's

Albert Sebastian

looks at. Yes. good to very a at multiples share when high able And That's prices sell even land is your thing trading to it be --.

similar it's type the have low. associated sales So to this to going of quarter, be I XX assume the Similar the pretty you the sales land sort is the that sales first had where a nature million of in of you're would the land EBITDA quarter? with

Brian Davis

the been kind our going don’t of on I different got to we've that be out what approach what model already really drastically and That's see we've moving. to. we're It focus anything right. fits into moving there than is and

yes so programs, disposition much very the as far line. be As I'd in

Albert Sebastian

numbers say touching in hauling of out sort I on Yes. This about higher up and quarter have There's will cost. or million here. the these $X.X cost from asked about one does guess your went contract in thing I that logging stick year-over-year. a little,

mean would bit. volumes what be expect flat down, quite can up is maybe because would were hauling that So be to down. cost just expect that you a it they I harvest But are going if one would to we there, you're expect down, actually drilling

of So of going for think sort to indication go some year? give can you you remainder the us where that's the of

Ursula Godoy-Arbelaez

Hey.

will. by you So and contact by hauling is million. on up the the driven really if side, went $X.X mix, about mix you're cost the logging right regional the that But

than volumes the rate As higher Todd has the earlier, to alluded Pacific harvest our we logging a contact which hauling increased in southern region. on Northwest

on from is touched remarks, expect our continue overall we mix. so going come prepared for In harvest And year. of by XX% U.S. it's really regional the really to to also the driven the that Todd the

other X% the South Northwest. from coming and Pacific the is

can bit of as in year more could remainder what a the little that still hopefully expect. guidance So give the you to you

Albert Sebastian

quick on quarter, just have down to there, tell noticed you other there? $XX.X question. the that a for quite the Yes, the one bit, Ursula, reduction reduction the since for what just liabilities was And was other line, I Yes. what I $XX million was us so million.

Ursula Godoy-Arbelaez

there swaps in reduction that to really the The the mark-to-market with on we Yes. has have place. do

it’s a non-cash. So

Albert Sebastian

appreciate I you. Okay. Fantastic, thank it.

Brian Davis

Al. Thanks,

Operator

Brian question I answer This concludes conference the for and any session. to remarks. back over would Davis like to turn our closing

Brian Davis

great Thanks, Take and Andrew. thank care. weekend. today. And you to remember And this show next us until a joining call, summer mum's have our for your appreciation

Operator

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

may You not disconnect.

CatchMark Timber Trust (CTT) 7 May 212021 Q1 Earnings call transcript