For the three months ended September 30, 2018, CatchMark Timber Trust revenues totaled $24.6 million, a $6 million increase over the three months ended September 30, 2017, as the company said in the press release received by Lesprom Network.
Net loss increased to $78.9 million for the three months ended September 30, 2018 from $4 million for the three months ended September 30, 2017 primarily due to a $76.8 million loss from the Triple T joint venture, a $1.5 million increase in interest expense, offset by a $3.4 million increase in operating income.
Jerry Barag, CatchMark President and CEO, said: "The extremely strong 3Q operating performance kept us on track to meet full-year guidance for Adjusted EBITDA, and resulted directly from our long-held strategy to invest our capital only in top markets which are poised for near-term growth. As a result, we have consistently aggregated the industry's highest-quality timberlands, focusing primarily on the U.S. South where our targeted micro markets continue to outperform regional averages. Not only did we add more than 1.1 million acres of ownership interests in premium timberlands to our portfolio during the quarter, but the Triple T venture in Texas also has immediately contributed significant non-volatile asset management fee income. "
CatchMark Timber Trust, Inc. is a self-administered and self-managed, publicly-traded timberland REIT that strives to deliver superior risk-adjusted returns for all stakeholders through disciplined acquisitions, sustainable harvests, and well-timed real estate sales.
