The increase in available funds from CoBank, ACB and AgFirst Farm Credit Bank provides ready capital for CatchMark to pursue additional acquisitions of high quality timberlands to support long-term growth in shareholder value and cash available for distribution
Jerry Barag, CatchMark President and CEO, said: “Continuing to grow our dividend through an acquisition strategy remains a key strategic imperative for the company. We continue to build our pipeline of potential acquisitions focused in the U.S. South, where we see the best value opportunities, and the increase in our available credit capacity should facilitate closing on additional transactions expeditiously.”
In four separate transactions year-to-date, CatchMark has acquired 44,500 acres of timberland in Georgia and Texas for $86 million, including last week’s $10 million purchase of 7,044 acres in Clinch County Georgia.
CatchMark Timber Trust, Inc. is a self-administered and self-managed publicly traded REIT that began operations in 2007 and owns interests in approximately 320,900 acres of timberland located in Georgia, Alabama, and Texas.