"We purchased the central Idaho timberlands in 2007 intending to take advantage of what was a strong rural recreational real estate market around McCall, Idaho. Unfortunately, that market declined significantly due to the recession and the bankruptcy of the Tamarack Resort," said Mike Covey, chairman and CEO.
"The attractive offer for our less productive central Idaho timberlands frees up our capital without having to wait for the real estate market to rebound. This will allow us to take advantage of our low public market valuation by repurchasing shares, as well as reduce our leverage by retiring debt," concluded Mr. Covey.
Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.4 million acres of timberland in Alabama, Arkansas, Idaho, Minnesota and Mississippi.
