For the year ended December 31, 2018, CatchMark Timber Trust, Inc. increased revenues to $97.9 million from $91.3 million for the year ended December 31, 2017 due to increases in timberland sales revenue of $2.8 million and asset management fees of $5.5 million, which were offset by a $1.9 million decrease in timber sales revenue.
Net loss increased to $122 million for FY 2018 from $13.5 million for 2017 primarily due to the $109.6 million loss allocated from the Triple T joint venture in accordance with GAAP and a $5.1 million increase in interest expense, offset by a $4.9 million increase in operating income.
For the year ended December 31, 2018, Adjusted EBITDA was $49.8 million, a $7.8 million increase from the year ended December 31, 2017.
4Q 2018, CatchMark revenues increased to $22.9 million compared to $22.7 million for the quarter ended December 31, 2017, resulting from a $1.6 million increase in timberland sales revenue and a $2.8 million increase in asset management fees, which were offset by a $4.1 million decrease in timber sales.
4Q 2018 net loss increased to $38.2 million for the three months ended December 31, 2018 from $5 million for the three months ended December 31, 2017.
For the three months ended December 31, 2018, Adjusted EBITDA was $9.4 million, a $0.5 million decrease from the prior year period.
CatchMark is a pure play timberland REIT that strives to deliver consistent and predictable per-share cash flow growth through disciplined acquisitions, active management, sustainable harvests and well-timed real estate sales.
