CatchMark Timber Trust, Inc. reported increases in key year-over-year performance results for full-year 2017 while achieving enhanced productivity on existing timberlands, acquiring new high-quality timberlands with average stocking well-above industry averages, and increasing borrowing capacity for future institutional joint venture acquisitions.
Revenues increased to $91.3 million for the year ended December 31, 2017 from $81.9 million for the year ended December 31, 2016 due to an increase in timber sales revenue of $6.3 million, an increase in timberland sales revenue of $2.3 million, and an increase in other revenues of $0.9 million.
Net loss increased to $13.5 million for the year ended December 31, 2017 from $11.1 million for the year ended December 31, 2016 due to a $4.5 million increase in interest expense, offset by $1.1 million in income from the MPERS joint venture and a $0.8 million improvement in operating loss.
For the quarter ended December 31, 2017, Adjusted EBITDA was $9.9 million, a $2.7 million increase from the quarter ended December 31, 2016, primarily due to $2.0 million generated by the unconsolidated MPERS joint venture and a $1.1 million increase in net timber sales, offset by a $0.7 million decrease in timberland sales.
CatchMark Timber Trust, Inc. is a self-administered and self-managed, publicly-traded REIT that strives to deliver superior risk-adjusted returns for all stakeholders through disciplined acquisitions, sustainable harvests and well-timed sales.
