Under terms of the agreement with the buyer, which had exercised a previously existing option on the property, no other details were announced.
Jerry Barag, President and CEO of CatchMark, said: "This transaction is in keeping with our recent guidance for completing land sales in the higher range of up to $10 million during 2014. While we focus on expanding our holdings of prime timberlands to increase harvest volumes, provide durable earnings, and grow our dividend, we continue to assess opportunistic dispositions across our portfolio with a view toward maximizing the value of our land base and taking advantage of higher-and-better use land sale opportunities when available."
CatchMark Timber Trust, Inc. is a self-administered and self-managed publicly traded REIT that began operations in 2007 and owns interests in approximately 397,100 acres of timberland located in Alabama, Florida, Georgia, Louisiana and Texas.
