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ATLANTA, Feb. 11, 2021 /PRNewswire/ --CatchMark Timber Trust, Inc. (NYSE: CTT) today reported fourth quarter and full-year 2020 results. The company also declared a cash dividend of $0.135 per share for its common stockholders of record as of February 26, 2021, payable on March 15, 2021. CatchMark Timber Trust Brian M. Davis, CatchMark's Chief Executive Officer, said: "Despite unprecedented pandemic-related business disruptions and economic turbulence, CatchMark exceeded our full-year 2020 guidance, benefiting from a very strong fourth quarter in our core operations, securing premium timber sale prices substantially above market averages, realizing higher annual harvest volumes and completing higher-than-targeted timberland sales. Our resilient business model, based on investments in prime timberlands in leading mill markets and superior management, has proved out again through a difficult year for the U.S. economy, keeping us on the front-end to meet customer demand. During the year, we exceeded key performance metrics, maintained healthy liquidity and stable leverage, and we effectively managed our debt capital, while making significant progress in furthering our long-term strategic objectives. Most importantly, we continued to deliver fully-covered quarterly dividends. "For the year ahead, we are particularly encouraged by momentum in housing markets, which has been sustained through the recent problematic economy and bodes well post-COVID-19. A sustained elevated housing market should ultimately support product pricing, especially given our significant stake in leading U.S. South mill markets, which are steadily gaining market share as a result of increased mill capacity with higher operating rates by historical standards." FOURTH QUARTER 2020 RESULTSThe following table summarizes the current quarter and comparable prior year period results: FINANCIAL HIGHLIGHTS (in millions except for tons and acres) Three Months Ended December 31, Change 2020 2019 Dollars, Tons or Acres % Results of Operations Revenues $ 30.9 $ 29.1 $ 1.8 6 % Net Loss $ (3.0) $ (11.8) $ 8.8 75 % Adjusted EBITDA $ 17.3 $ 15.1 $ 2.2 15 % Harvest Volume (tons) 578,033 627,824 (49,791) (8) % Acres Sold 4,000 3,200 800 29 % Business Segments Overview A strong fourth quarter generated total revenues, net loss and Adjusted EBITDA favorable to both plan and prior year, primarily due to higher net timber sales, timberland sales and asset management fee revenue and lower losses from the unconsolidated Triple T joint venture. Harvest Operations Three Months Ended December 31, Change (in millions) 2020 2019 $ % Timber Sales Revenue $ 19.9 $ 20.0 $ (0.1) % Harvest EBITDA $ 9.7 $ 9.7 $ % Steadily increasing U.S. housing starts and home renovations helped boost fourth quarter results as CatchMark's harvest plans were geared to capitalize on strong mill demand for sawtimber and an improved pricing environment in the Pacific Northwest.Timber sales revenue and Harvest EBITDA were comparable to prior year as increased harvests and pricing in the Pacific Northwest helped offset anticipated decreases in U.S. South harvest volumes and pricing. Todd P. Reitz, CatchMark's Chief Resources Officer, said: "The strong fourth quarter was ultimately driven by heightened housing demand. We capitalized on mill demand and a better pricing environment in the Pacific Northwest, generating an outsized quarter compared to prior year. Lumber order files remained robust, which in turn allowed mills to run wide-open, only taking downtime around the holidays. We expect the positive trends for log prices and revenues in the Pacific Northwest to continue in coming quarters and to register further gains in the U.S. South as new mill projects come on-line in and around our micro-markets."U.S. South Activity: As planned, fourth quarter harvest volume held steady with third quarter levels and was 12% lower year-over-year. After weather-related delays early in 2019, CatchMark had increased harvests in the third and fourth quarters of 2019. Overall, 2020 harvest levels were more consistent quarter-to-quarter, resulting in the comparatively lower year-over-year fourth quarter results. CatchMark's pulpwood and sawtimber pricing continued to hold substantial premiums 46% and 18% respectively over weighted TimberMart-South U.S. South-wide stumpage prices. Pacific Northwest Activity: CatchMark results were boosted by demand from sawmills with depleted inventories after third quarter forest fires led to temporary logging shutdowns across the region. The strong domestic housing market and competition from exporters further amplified demand for timber and increased log pricing. Harvest volume nearly doubled over fourth quarter 2019 levels and CatchMark's sawtimber price increased by 36% in the Pacific Northwest. Real Estate Three Months Ended December 31, Change (in millions) 2020 2019 $ % Timberland Sales Revenue $ 6.8 $ 5.0 $ 1.8 35 % Real Estate EBITDA $ 6.4 $ 4.7 $ 1.7 35 % Timberland Sales: During the fourth quarter, CatchMark completed sales deferred earlier in the year due to pandemic-related delays and capitalized on new opportunities. CatchMark sold 4,000 acres for $6.8 million compared to 3,200 acres for $5.0 million in fourth quarter 2019. The transactions captured a 5% increase in the per-acre sales price $1,662 in fourth quarter 2020 compared to $1,588 in fourth quarter 2019 and consisted of tracts with lower average total merchantable timber stocking. The improved margins 19% in fourth quarter 2020 versus 10% in fourth quarter 2019 resulted from selling tracts with a lower cost basis due to a longer average hold period and lower average merchantable timber stocking. Acquisitions and Large Dispositions: No acquisitions or large dispositions occurred during the fourth quarter.Investment Management Three Months Ended December 31, Change (in millions) 2020 2019 $ % Asset Management Fee Revenue $ 3.2 $ 2.8 $ 0.4 14 % Investment Management EBITDA $ 3.2 $ 3.3 $ (0.1) (1) % Asset management fee revenue increased due to the amendment to the Triple T joint venture's asset management agreement completed in the second quarter 2020. As expected, Investment Management EBITDA decreased slightly due to lower EBITDA generated by Dawsonville Bluffs since the successful liquidation of the joint venture's timberland holdings in 2019.Triple T Joint Venture: Triple T's harvest operations, benefiting from the renegotiated wood supply agreement with Georgia-Pacific, exceeded underwriting during the quarter.FULL YEAR 2020 RESULTSThe following table summarizes the full-year and comparable prior year results: FINANCIAL HIGHLIGHTS (in millions except for tons and acres) Year Ended December 31, Change 2020 2019 Dollars, Tons or Acres % Results of Operations Revenues $ 104.3 $ 106.7 $ (2.4) (2) % Net Loss $ (17.5) $ (93.3) $ 75.8 81 % Adjusted EBITDA $ 52.1 $ 56.9 $ (4.8) (9) % Harvest Volume (tons) 2,321,363 2,243,073 78,290 3 % Acres Sold 9,300 9,200 100 1 % Business Segments Overview Harvest Operations Year Ended December 31, Change (in millions) 2020 2019 $ % Timber Sales Revenue $ 72.3 $ 72.6 $ (0.3) % Harvest EBITDA $ 34.2 $ 33.7 $ 0.5 2 % CatchMark generated full-year 2020 timber sales of $72.3 million, comparable to full-year 2019 results, overcoming challenges from theCOVID-19 pandemic, hurricane-related wet weather conditions and Pacific Northwest wildfires occurring during the year: CatchMark's delivered wood model which accounts for 78% of its timber sales in U.S. South and 98% in the Pacific Northwest helped control the supply chain, producing more stable cash flows with greater visibility, while enabling advantageous stumpage sales opportunities. The homebuilding recovery and strong demand for pulp-related products continuing through the pandemic helped support consistent harvest volume flow in CatchMark's mill markets. Total harvest volume increased 3% to 2.32 million tons and net timber revenue and Harvest EBITDA increased 2% due to higher volumes, lower cut and haul costs, and increased pricing in the Pacific Northwest where CatchMark avoided any adverse impact of regional wildfires to its holdings and capitalized on favorable supply/demand fundamentals. Sawtimber increased to 43% of total harvest volume, driven by fully integrated Pacific Northwest operations. U.S. South Activity:CatchMark capitalized on opportunistic stumpage sales throughout the year, including sales to key customers outside of existing supply agreements, to temper lower net pricing. Net timber revenue decreased 6% compared to full-year 2019, resulting from a 7% decrease in blended pricing offset by a 1% increase in harvest volume. Realized stumpage prices for pulpwood and sawtimber registered premiums of 49% and 20%, respectively, above TMS South-wide market averages. Sawtimber mix (40%) held steady despite curtailed sawmill activity at the start of the pandemic. Pacific Northwest Activity: Net timber revenue of $5.7 million, more than doubled 2019 results, driven by an 80% increase in harvest volume and reflecting CatchMark's fully-integrated regional operations. Delivered wood sales boosted results 98% of timber sales were delivered sales at pricing 18% above 2019 levels contributing to net timber revenue gains. Strong fourth-quarter regional demand was fueled by increased housing starts, lack of finished lumber in the supply chain, and reduced mill inventories caused by temporary shutdowns mandated by local authorities during third-quarter wildfire outbreaks. Real Estate Year Ended December 31, Change (in millions) 2020 2019 $ % Timberland Sales Revenue $ 15.6 $ 17.6 $ (2.0) (11) % Real Estate EBITDA $ 14.7 $ 16.6 $ (1.9) (11) % Timberland Sales:Timberland sales exceeded the upper-end of guidance with improved margins compared to 2019. CatchMark sold 9,300 acres for $15.6 million during 2020 compared to 9,200 acres for $17.6 million during 2019. The lower per-acre sales price $1,689 in 2020 versus $1,920 in 2019 resulted from selling tracts with lower average merchantable timber stocking. The improved margins 21% in 2020 versus 14% in 2019 resulted from selling tracts with a lower cost basis due to a longer average hold period and lower average merchantable timber stocking. Large Dispositions and Acquisitions: As part of its capital recycling program, CatchMark sold 14,400 acres in Georgia for $21.3 million in the first quarter of 2020, generating a $1.3 million gain, and used $20.9 million of net proceeds to pay down outstanding debt. The sold acres consisted of fringe tracts with lower-than-average stocking, targeted mostly for stumpage sales. No acquisitions were completed during the year, consistent with our capital allocation priorities. Investment Management Year Ended December 31, Change (in millions) 2020 2019 $ % Asset Management Fee Revenue $ 12.2 $ 11.9 $ 0.3 2 % Investment Management EBITDA $ 12.6 $ 16.7 $ (4.1) (25) % Asset management fee revenue increased as a result of the amendment to the management agreement with Triple T completed in June 2020, offset by an expected decrease in fees earned from Dawsonville Bluffs. Investment Management EBITDA decreased from prior year due to the effective winddown of the successful Dawsonville Bluffs joint venture in 2019. The management agreement between CatchMark and Triple T, amended in connection with Triple T's renegotiated wood supply agreement with Georgia-Pacific, is expected to increase asset management fee revenues from Triple T through mid-year 2022. CatchMark received $0.7 million in distributions from Dawsonville Bluffs and recognized $0.1 million in incentive-based promotes for Dawsonville Bluff's performance exceeding investment hurdles. Triple T Joint Venture: Triple T harvest operations exceeded its underwriting and generated positive net cash flow from operating activities. The successful renegotiation of the Georgia-Pacific wood supply agreement paves the way for generating improved joint venture performance going forward as well as enhancing long-term asset value. The renegotiated wood supply agreement with Georgia-Pacific allows for market-based pricing on timber sales, increases reimbursement for extended haul distances, permits selling sawtimber to other third parties, and expands opportunities to sell large timberland parcels to third parties. By extending the Georgia-Pacific supply agreement by two years to 2031, Triple T's harvest volume obligations can be further optimized to enhance and preserve long-term asset value.CAPITAL POSITION AND SHARE REPURCHASESCapital recycling, renegotiated financial covenants and reduced unused commitment fees helped strengthen CatchMark's capital position during the year as the company: Completed $21.3 million in capital recycling through a large disposition, realizing $1.3 million in gains and paying down debt by $20.9 million while enhancing portfolio average stocking and core operating areas. Maintained healthy liquidity $162.9 million of liquidity at year-end consisting of $115.9million under the multi-draw term facility, $35.0 million under the revolving credit facility and $12.0 million of cash on-hand at December 31, 2020. Removed certain restrictive financial covenants providing increased working capital under credit facilities and lowered unused commitment fees. Maintained a stable leverage profile with net debt-to-Adjusted EBITDA in-line with the company's average since IPO. Share Repurchases:No share repurchases occurred under the share repurchase program during the fourth quarter.During the year, CatchMarkrepurchased 304,719shares fora total of $2.0 million under its share repurchase program. CatchMark had approximately $13.7 million remaining in the program for future repurchases as of December 31, 2020.Ursula Godoy-Arbelaez, CatchMark's Chief Financial Officer, said: "Capital recycling, credit agreement amendments and an active interest-rate risk management strategy combined to put CatchMark in a strong liquidity and capital position for meeting 2020's challenges as well as positioning the company for the anticipated economic recovery.In the meantime, we will continue to remain rigorous and thoughtful in our capital allocation priorities healthy liquidity, ample working capital, continued debt repayment, disciplined acquisitions and opportunistic share repurchases with a focus and commitment to delivering our quarterly dividend."2021 GUIDANCEFor full-year 2021, CatchMark projects a GAAP net loss of between $6 million and $10 million with no expected additional losses from Triple T. The company anticipates its Adjusted EBITDA will register between $43 million and $50 million, consistent with 2020 guidance. Harvest volumes are forecast between 2.0 million and 2.2 million tons, reflecting consistent annual productivity on a per-acre basis. Harvests are expected to increase during each of the first three quarters with fourth quarter volume approximating the average of the first three quarters. Approximately 95% of forecasted harvest volumes will be derived from the U.S. South region with a sawtimber mix of between 40% and 45% from the U.S. South and between 85% and 90% from the Pacific Northwest. Asset management fee revenue is projected at approximately $12 million and timberland sales targets of $13 million to $15 million remain around 2% of fee acreage.Davis said: "We anticipate continuing to meet our strategic goals during the year ahead, focused on continuing to deliver stable and predictable cash flow, sustaining our industry leading metrics for high productivity per acre, maintaining good liquidity, positioning the company for transformative opportunities through capital recycling, and most importantly generating a fully-covered dividend. We expect the favorable long-term outlook for housing and a more normalized, post-pandemic economy to help support demand fundamentals and to benefit from ongoing mill market expansion in and around our prime U.S. South timberland assets." Conference CallThe company will host a conference call and live webcast at 10 a.m. ET on Friday, February 12, 2021 to discuss these results. Investors may listen to the conference call by dialing1-888-347-1165 for U.S/Canada and 1-412-902-4276 for international callers. Participants should ask to be joined into the CatchMark call. Access to the live webcast is available at www.catchmark.comorhere. A replay of this webcast will be archived on the company's website immediately after the call. About CatchMarkCatchMark (NYSE: CTT) seeks to deliver consistent and growing per share cash flow from disciplined acquisitions and superior management of prime timberlands located in high demand U.S. mill markets.Concentrating on maximizing cash flows throughout business cycles, the company strategically harvests its high-quality timberlands to produce durable revenue growth and takes advantage of proximate mill markets, which provide a reliable outlet for merchantable inventory. Headquartered in Atlantaand focused exclusively on timberland ownership and management, CatchMark began operations in 2007 and owns interests in 1.5 million acres* of timberlands located in Alabama, Florida, Georgia, North Carolina, Oregon, South Carolinaand Texas. For more information, visit www.catchmark.com. * As of December 31, 2020Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are not guarantees of performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Forward-looking statements in this press release include, but are not limited to, statements about the momentum in the housing markets and the potential for increased product pricing, the positive impact of new mill projects coming on-line, the expected improved performance for the Triple T joint venture going forward as well as enhanced long-term asset value resulting from the amendment to the Georgia-Pacific wood supply agreement, remaining rigorous and thoughtful in our capital allocation priorities and our financial outlook and guidance for full-year 2021. Risks and uncertainties that could cause our actual results to differ from these forward-looking statements include, but are not limited to,that (i) we may not generate the harvest volumes from our timberlands that we currently anticipate; (ii) the demand for our timber may not increase at the rate we currently anticipate or could decline due to changes in general economic and business conditions in the geographic regions where our timberlands are located, including as a result of the COVID-19 pandemic and the measures taken as a response thereto; (iii) a downturn in the real estate market, including decreases in demand and valuations, may adversely impact our ability to generate income and cash flow from sales of higher-and-better use properties; (iv) timber prices could decline, which would negatively impact our revenues; (v) the supply of timberlands available for acquisition that meet our investment criteria may be less than we currently anticipate; (vi) we may be unsuccessful in winning bids for timberland that are sold through an auction process; (vii) we may not be able to make large dispositions of timberland in capital recycling transactions at prices that are attractive to us or at all; (viii) we may not be able to access external sources of capital at attractive rates or at all; (ix) potential increases in interest rates could have a negative impact on our business; (x) our share repurchase program may not be successful in improving stockholder value over the long-term; (xi) our joint venture strategy may not enable us to access non-dilutive capital and enhance our ability to make acquisitions; (xii) we may not be successful in effectively managing the Triple T joint venture and the anticipated benefits of the joint venture may not be realized, including that our asset management fee could be deferred or decreased, we may not earn an incentive-based promote and our investment in the joint venture may lose value; and (xiii) the factors described in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, Part II, Item 1A. Risk Factors of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and our other filings with the Securities and Exchange Commission. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to update our forward-looking statements, except as required by law. CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(in thousands, except for per-share amounts) Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 Revenues: Timber sales $ 19,945 $ 20,027 $ 72,344 $ 72,557 Timberland sales 6,760 4,994 15,642 17,572 Asset management fees 3,234 2,829 12,184 11,948 Other revenues 1,009 1,246 4,120 4,632 30,948 29,096 104,290 106,709 Expenses Contract logging and hauling costs 8,160 8,351 30,103 31,129 Depletion 8,178 8,531 29,112 28,064 Cost of timberland sales 5,479 4,505 12,290 15,067 Forestry management expenses 1,721 1,709 6,892 6,691 General and administrative expenses 3,166 3,750 16,225 13,300 Land rent expense 113 124 447 524 Other operating expenses 2,898 1,846 7,577 6,460 29,715 28,816 102,646 101,235 Other income (expense): Interest income 62 51 204 Interest expense (3,533) (4,813) (15,123) (18,616) Gain on large dispositions 1,274 7,961 (3,533) (4,751) (13,798) (10,451) Loss before unconsolidated joint ventures and income taxes (2,300) (4,471) (12,154) (4,977) Income (loss) from unconsolidated joint ventures: Triple T (8,650) (5,000) (90,450) Dawsonville Bluffs 1 190 274 979 1 (8,460) (4,726) (89,471) Loss before income taxes (2,299) (12,931) (16,880) (94,448) Income tax benefit (expense) (658) 1,127 (658) 1,127 Net loss (2,957) (11,804) (17,538) (93,321) Net loss attributable to noncontrolling interest (5) (30) Net loss attributable to common stockholders $ (2,952) $ (11,804) $ (17,508) $ (93,321) Weighted-average common shares outstanding - basic and diluted 48,765 49,007 48,816 49,038 Net loss per common share - basic and diluted $ (0.06) $ (0.24) $ (0.36) $ (1.90) CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)(in thousands, except for per-share amounts) December 31, 2020 December 31, 2019 Assets: Cash and cash equivalents $ 11,924 $ 11,487 Accounts receivable 8,333 7,998 Prepaid expenses and other assets 5,878 5,459 Operating lease right-of-use asset 2,831 3,120 Deferred financing costs 167 246 Timber assets: Timber and timberlands, net 576,680 633,581 Intangible lease assets 5 9 Investment in unconsolidated joint ventures 1,510 1,965 Total assets $ 607,328 $ 663,865 Liabilities: Accounts payable and accrued expenses $ 4,808 $ 3,580 Operating lease liability 2,988 3,242 Other liabilities 32,130 10,853 Notes payable and lines of credit, net of deferred financing costs 437,490 452,987 Total liabilities 477,416 470,662 Commitments and Contingencies Stockholders' Equity: Class A common stock, $0.01 par value; 900,000 shares authorized; 48,765 and 49,008 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively 488 490 Additional paid-in capital 728,662 729,274 Accumulated deficit and distributions (572,493) (528,847) Accumulated other comprehensive loss (27,893) (8,276) Total stockholders' equity 128,764 192,641 Noncontrolling Interest 1,148 562 Total equity 129,912 193,203 Total liabilities and equity $ 607,328 $ 663,865 CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(in thousands) Three Months Ended December 31, Year EndedDecember 31, 2020 2019 2020 2019 Cash Flows from Operating Activities: Net loss $ (2,957) $ (11,804) $ (17,538) $ (93,321) Adjustments to reconcile net loss to net cash provided by operatingactivities: Depletion 8,178 8,531 29,112 28,064 Basis of timberland sold, lease terminations and other 6,618 4,635 13,606 14,964 Stock-based compensation expense 629 838 3,836 2,790 Noncash interest expense 584 743 3,053 1,559 Noncash lease expense 8 15 36 53 Other amortization 42 42 166 174 Gain on large dispositions (1,274) (7,961) Loss (income) from unconsolidated joint ventures (1) 8,460 4,726 89,471 Operating distributions from unconsolidated joint ventures 1 189 274 978 Income tax expense (benefit) 658 (1,127) 658 (1,127) Interest paid under swaps with other-than-insignificant financing element 1,424 115 4,328 115 Changes in assets and liabilities: Accounts receivable (248) (3,480) (1,340) (1,473) Prepaid expenses and other assets (115) 35 (120) 256 Accounts payable and accrued expenses (1,043) (1,447) 916 (1,309) Other liabilities (970) (1,316) 16 (291) Net cash provided by operating activities 12,808 4,429 40,455 32,942 Cash Flows from Investing Activities: Timberland acquisitions and earnest money paid (1,973) (1,973) Capital expenditures (excluding timberland acquisitions) (1,195) (1,147) (5,527) (4,178) Investment in unconsolidated joint venture (5,000) Distributions from unconsolidated joint ventures 328 (189) 455 3,830 Net proceeds from large dispositions 20,863 25,151 Net cash provided by (used in) investing activities (867) (3,309) 10,791 22,830 Cash Flows from Financing Activities: Repayments of notes payable (20,850) (20,064) Proceeds from notes payable 5,000 Financing costs paid (12) (34) (1,031) (82) Interest paid under swaps with other-than-insignificant financing element (1,424) (115) (4,328) (115) Dividends/distributions paid (6,537) (6,558) (26,263) (26,269) Repurchases of common shares (78) (2,285) (3,004) Repurchase of common shares for minimum tax withholding (1,052) (365) Net cash used in financing activities (8,051) (6,707) (50,809) (49,899) Net change in cash and cash equivalents 3,890 (5,587) 437 5,873 Cash and cash equivalents, beginning of period 8,034 17,074 11,487 5,614 Cash and cash equivalents, end of period $ 11,924 $ 11,487 $ 11,924 $ 11,487 CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIESSELECTED DATA (UNAUDITED) 2020 2019 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Consolidated Timber Sales Volume (tons, '000) Pulpwood 324 354 349 308 1,335 294 304 376 336 1,310 Sawtimber (1) 271 214 231 270 986 193 191 258 292 933 Total 595 568 580 578 2,321 487 495 634 628 2,243 Harvest Mix Pulpwood 54 % 62 % 60 % 53 % 58 % 60 % 61 % 59 % 54 % 58 % Sawtimber (1) 46 % 38 % 40 % 47 % 42 % 40 % 39 % 41 % 46 % 42 % Direct Timberland Acquisitions, Exclusive of Transaction Costs Gross Acquisitions ('000) $ $ $ $ $ $ $ $ $ 1,925 $ 1,925 Acres Acquired 900 900 Price per acre $ $ $ $ $ $ $ $ $ 2,185 $ 2,185 Period-end Acres ('000) Fee 393 392 391 387 387 432 424 413 410 410 Lease 22 22 22 22 22 27 26 26 25 25 Wholly-owned total 415 414 413 409 409 459 450 439 435 435 Joint venture interest (5) 1,092 1,092 1,085 1,083 1,083 1,104 1,100 1,094 1,092 1,092 Total 1,507 1,506 1,498 1,492 1,492 1,563 1,550 1,533 1,527 1,527 U.S. South Timber Sales Volume (tons, '000) Pulpwood 320 352 346 303 1,321 294 303 373 332 1,302 Sawtimber (1) 250 195 206 226 877 188 177 237 271 873 Total 570 547 552 529 2,198 482 480 610 603 2,175 Harvest Mix Pulpwood 56 % 64 % 63 % 57 % 60 % 61 % 63 % 61 % 55 % 60 % Sawtimber (1) 44 % 36 % 37 % 43 % 40 % 39 % 37 % 39 % 45 % 40 % Delivered % as of total volume 63 % 61 % 63 % 59 % 62 % 79 % 74 % 64 % 67 % 71 % Stumpage % as of total volume 37 % 39 % 37 % 41 % 38 % 21 % 26 % 36 % 33 % 29 % Net Timber Sales Price ($ per ton) (2) Pulpwood $ 13 $ 12 $ 13 $ 12 $ 13 $ 15 $ 14 $ 14 $ 13 $ 14 Sawtimber (1) $ 23 $ 23 $ 22 $ 23 $ 23 $ 24 $ 24 $ 24 $ 23 $ 24 Timberland Sales Gross sales ('000) $ 4,779 $ 1,673 $ 2,430 $ 6,760 $ 15,642 $ 2,090 $ 8,224 $ 2,264 $ 4,994 $ 17,572 Acres sold 3,000 1,100 1,200 4,000 9,300 900 4,000 1,100 3,200 9,200 % of fee acres 0.7 % 0.3 % 0.3 % 1.0 % 2.3 % 0.2 % 0.9 % 0.2 % 0.9 % 2.2 % Price per acre (3) $ 1,627 $ 1,564 $ 2,047 $ 1,662 $ 1,689 $ 2,236 $ 2,072 $ 2,166 $ 1,588 $ 1,920 Large Dispositions (4) Gross sales ('000) $ 21,250 $ $ $ $ 21,250 $ $ 5,475 $ 19,920 $ $ 25,395 Acres sold 14,400 14,400 3,600 10,800 14,400 Price per acre (7) $ 1,474 $ $ $ $ 1,474 $ $ 1,500 $ 1,845 $ $ 1,758 Gain ('000) $ 1,274 $ $ $ $ 1,274 $ $ 764 $ 7,197 $ $ 7,961 Pacific Northwest Timber Sales Volume (tons,'000) Pulpwood 4 3 3 4 14 1 3 4 8 Sawtimber (1) 21 18 25 45 109 5 13 21 21 60 Total 25 21 28 49 123 5 14 24 25 68 Harvest Mix Pulpwood 18 % 13 % 12 % 7 % 11 % % 9 % 13 % 15 % 12 % Sawtimber 82 % 87 % 88 % 93 % 89 % 100 % 91 % 87 % 85 % 88 % Delivered % as of total volume 84 % 100 % 100 % 100 % 97 % 100 % 87 % 100 % 74 % 88 % Stumpage % as of total volume 16 % % % % 3 % % 13 % % 26 % 12 % Delivered Timber Sales Price ($ per ton) (2) (6) Pulpwood $ 31 $ 29 $ 28 $ 28 $ 29 $ 40 $ 37 $ 30 $ 31 $ 32 Sawtimber $ 91 $ 84 $ 105 $ 116 $ 104 $ 101 $ 94 $ 83 $ 85 $ 88 (1) Includes chip-n-saw and sawtimber. (2) Prices per ton are rounded to the nearest dollar. (3) Excludes value of timber reservations. For the year ended December 31, 2020 and 2019, we retained 132,200 tons and 14,700 tons of merchantable inventory, with a sawtimber mix of 49% and 12%, respectively, for 2020 and 2019. (4) Large dispositions are sales of blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. Large dispositions may or may not have a higher or better use than timber production or result in a price premium above the land's timber production value. Such dispositions are infrequent in nature, are not part of core operations, and would cause material variances in comparative results if not reported separately. (5) Represents properties owned by Triple T joint venture in which CatchMark owns a common partnership interest and has contributed 22.0% of total equity contributions; and Dawsonville Bluffs, LLC, a joint venture in which CatchMark owns a 50% membership interest. CatchMark serves as the manager for both of these joint ventures. (6) Delivered timber sales price includes contract logging and hauling costs. (7) Excludes value of timber reservations. For the year ended December 31, 2020 and 2019, we retained 56,300 tons and 47,300 tons of merchantable inventory, with a sawtimber mix of 55% and 47%, respectively, for 2020 and 2019. CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIESRECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (UNAUDITED)(in thousands) Three Months EndedDecember 31, Year Ended December 31, (in thousands) 2021 Guidance 2020 2019 2020 2019 Net loss $(6,000) (10,000) $ (2,957) $ (11,804) $ (17,538) $ (93,321) Add: Depletion 25,000 27,000 8,178 8,531 29,112 28,064 Interest expense (2) 14,000 2,949 4,071 12,070 17,058 Amortization (2) 634 800 3,255 1,786 Income tax expense 658 (1,127) 658 (1,127) Depletion, amortization, basis of timberland, mitigation credits sold included in loss from unconsolidated joint venture (3) 11 276 151 3,823 Basis of timberland sold, lease terminations and other (4) 10,000 11,000 6,618 4,635 13,606 14,964 Stock-based compensation expense 3,000 629 838 3,836 2,790 Gain on large dispositions (5) (1,274) (7,961) HLBV loss from unconsolidated joint venture (6) 8,650 5,000 90,450 Post-employment benefits (7) 17 2,324 Other (8) 1,000 605 265 865 380 Adjusted EBITDA(1) $43,000 50,000 $ 17,342 $ 15,135 $ 52,065 $ 56,906 (1) Adjusted EBITDA is a non-GAAP financial measure of operating performance. EBITDA is defined by the SEC as earnings before interest, taxes, depreciation and amortization; however, we have excluded certain other expenses which we believe are not indicative of the ongoing operating results of our timberland portfolio, and we refer to this measure as Adjusted EBITDA. As such, our Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Due to the significant amount of timber assets subject to depletion, significant income (losses) from unconsolidated joint ventures based on hypothetical liquidation book value, or HLBV, and the significant amount of financing subject to interest and amortization expense, management considers Adjusted EBITDA to be an important measure of our financial performance. By providing this non-GAAP financial measure, together with the reconciliation above, we believe we are enhancing investors' understanding of our business and our ongoing results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. Items excluded from Adjusted EBITDA are significant components in understanding and assessing financial performance. Adjusted EBITDA is a supplemental measure of operating performance that does not represent and should not be considered in isolation or as an alternative to, or substitute for net income, cash flow from operations, or other financial statement data presented in accordance with GAAP in our consolidated financial statements as indicators of our operating performance. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. (2) For the purpose of the above reconciliation, amortization includes amortization of deferred financing costs, amortization of operating lease assets and liabilities, amortization of intangible lease assets, and amortization of mainline road costs, which are included in either interest expense, land rent expense, or other operating expenses in the accompanying consolidated statements of operations. Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses. (3) Reflects our share of depletion, amortization, and basis of timberland and mitigation credits sold of the unconsolidated Dawsonville Bluffs joint venture. (4) Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses. (5) Large dispositions are sales of blocks of timberland properties in one or several transactions with the objective to generate proceeds to fund capital allocation priorities. Large dispositions may or may not have a higher or better use than timber production or result in a price premium above the land's timber production value. Such dispositions are infrequent in nature, are not part of core operations, and would cause material variances in comparative results if not reported separately. (6) Reflects HLBV (income) losses from the Triple T joint venture, which is determined based on apothetical liquidation of the underlying joint venture at book value as of the reporting date. (7) Reflects one-time, non-recurring post-employment benefits associated with the retirement of our former CEO, including severance pay, payroll taxes, professional fees, and accrued dividend equivalents. (8) Includes certain cash expenses paid, or reimbursement received, that management believes do not directly reflect the core business operations of our timberland portfolio on an on-going basis, including costs required to be expensed by GAAP related to acquisitions, transactions, joint ventures or new business initiatives. CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES ADJUSTED EBITDA BY SEGMENT (UNAUDITED)(in thousands) Three Months EndedDecember 31, Year Ended December 31, 2020 2019 2020 2019 Timber sales $ 19,945 $ 20,027 $ 72,344 $ 72,557 Other revenue 1,009 1,246 4,120 4,632 (-) Contract logging and hauling costs (8,160) (8,351) (30,103) (31,129) (-) Forestry management expenses (1,721) (1,709) (6,892) (6,691) (-) Land rent expense (113) (124) (447) (524) (-) Other operating expenses (2,898) (1,846) (7,577) (6,460) (+) Stock-based compensation 110 74 417 263 (+/-) Other 1,521 418 2,328 1,022 Harvest EBITDA 9,693 9,735 34,190 33,670 Timberland sales 6,760 4,994 15,642 17,572 (-) Cost of timberland sales (5,479) (4,505) (12,290) (15,067) (+) Basis of timberland sold 5,125 4,249 11,396 14,054 Real Estate EBITDA 6,406 4,738 14,748 16,559 Asset management fees 3,234 2,829 12,184 11,948 Unconsolidated Dawsonville Bluffs joint venture EBITDA 12 465 425 4,801 Investment Management EBITDA 3,246 3,294 12,609 16,749 Total Operating EBITDA 19,345 17,767 61,547 66,978 (-) General and administrative expenses (3,166) (3,750) (16,225) (13,300) (+) Stock-based compensation 519 764 3,419 2,527 (+) Interest income 62 51 204 (+) Post-employment benefits 17 2,324 (+/-) Other 627 292 949 497 Corporate EBITDA (2,003) (2,632) (9,482) (10,072) Adjusted EBITDA $ 17,342 $ 15,135 $ 52,065 $ 56,906 CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES CASH AVAILABLE FOR DISTRIBUTION (UNAUDITED)(in thousands, except for per share data) Three Months Ended December 31, Year EndedDecember, 31 2020 2019 2020 2019 Cash Provided by Operating Activities $ 12,808 $ 4,429 $ 40,455 $ 32,942 Capital expenditures (excluding timberland acquisitions) (1,195) (1,147) (5,527) (4,178) Working capital change 2,376 6,208 528 2,817 Distributions from unconsolidated joint ventures 328 (189) 455 3,830 Post-employment benefits 17 2,324 Interest paid under swaps with other-than-insignificant financing element (1,424) (115) (4,328) (115) Other 605 265 865 381 Cash Available for Distribution (1) $ 13,515 $ 9,451 $ 34,772 $ 35,677 Adjusted EBITDA $ 17,342 $ 15,135 $ 52,065 $ 56,906 Interest paid (2,949) (4,071) (12,070) (17,058) Capital expenditures (excluding timberland acquisitions) (1,195) (1,147) (5,527) (4,178) Distributions from unconsolidated joint ventures 329 729 4,808 Adjusted EBITDA from unconsolidated joint ventures (12) (466) (425) (4,801) Cash Available for Distributions (1) $ 13,515 $ 9,451 $ 34,772 $ 35,677 Dividends / distributions paid $ 6,537 $ 6,558 $ 26,263 $ 26,269 Weighted-average shares outstanding, end of period 48,765 49,007 48,816 49,038 Dividends per Share $ 0.135 $ 0.135 $ 0.540 $ 0.540 (1) Cash Available for Distribution (CAD) is a non-GAAP financial measure. It is calculated as cash provided by operating activities, adjusted for capital expenditures (excluding timberland acquisitions), working capital changes, cash distributions from unconsolidated joint ventures and certain cash expenditures that management believes do not directly reflect the core business operations of our timberland portfolio on an on-going basis, including costs required to be expensed by GAAP related to acquisitions, transactions, joint ventures or new business activities. SOURCE CatchMark Timber Trust, Inc. Related Links http://www.catchmark.com

Answer: CatchMark Reports Fourth Quarter and Full-Year 2020 Results, Declares Dividend, and Provides 2021 Guidance