CTT - CatchMark to sell 18063 acres of Brandon property for $100M cash

vitpho/iStock via Getty Images CatchMark (CTT) agrees to sell 18,063 acres of prime Oregon timberlands for $100M in cash, or ~$5,536/acre to Rosenberg Resources. It purchased the site, known as the Brandon property, in August 2018 for $88.8M, or $4,916/acre, excluding transaction costs, and expects $20M+ of realized gains in Q3 2021. As of June 17, CTT harvested ~70% of its targeted 2021 volume for the Pacific Northwest and expects to reach 75% to 80% by transaction close, which is expected in Q3. Brian Davis, CEO of CatchMark, says, "The sale of our Brandon timberlands highlights our ability to execute accretive capital recycling transactions that allow us to continue to pursue our strategy of investing in prime timberlands in high-demand mill markets and managing operations to generate stable and predictable cash flow."

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CatchMark to sell 18,063 acres of Brandon property for $100M cash