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PotlatchDeltic Corporation (Nasdaq: PCH) has provided details on the tax treatment of CatchMark Timber Trust (NYSE: CTT) dividend distributions for 2022. CatchMark paid a total of $0.15 per share in cash dividends before its merger with PotlatchDeltic on September 14, 2022. The dividend breakdown includes payments of $0.075 on February 28 and May 31.
Investors are encouraged to review their 1099-DIV forms for accuracy and consult tax advisers as needed.
CatchMark Timber Trust's stockholders approved the merger with PotlatchDeltic Corporation at a special meeting held on September 13, 2022. The merger, following the Agreement and Plan of Merger dated May 29, 2022, is set to close around September 14, 2022, pending customary conditions. Shareholders will receive 0.230 shares of PotlatchDeltic for each share of CatchMark they own, along with cash for fractional shares. Following the merger, CatchMark's common stock will be delisted.
CatchMark Timber Trust, Inc. (CTT) reported a second-quarter net loss of $4.6 million, largely due to merger-related expenses with PotlatchDeltic. Total revenues were $24.6 million, down 23% year over year, accompanied by a 22% drop in Adjusted EBITDA to $13.7 million. Timber sales pricing increased by 10%, with sawtimber prices rising 21%. Timberland sales generated $8.8 million, while prime timberland acquisition in Alabama cost $2.2 million. The merger is set to close by the end of Q3 2022, with dividends dependent on its timing.
CatchMark Timber Trust (NYSE: CTT) is set to announce its second quarter 2022 earnings on August 4, 2022, after market close. The company specializes in investing in prime timberlands across the U.S. South, aiming for sustainable yields through efficient management. Established in 2007, CatchMark owns approximately 350,000 acres of timberlands, focusing on maximizing value per acre.
PotlatchDeltic Corporation (Nasdaq: PCH) and CatchMark Timber Trust (NYSE: CTT) announced a definitive agreement for an all-stock merger. This combination aims to create a timber REIT with approximately 2.2 million acres of diversified timberlands, enhancing shareholder value. PotlatchDeltic's market capitalization post-merger is projected to exceed $4 billion, with total enterprise value over $5 billion. The transaction, providing a 55% premium on CatchMark’s stock price, is set to close in H2 2022, pending stockholder approval.
CatchMark Timber Trust reported a first-quarter 2022 net income of $3.2 million ($0.07 per share) and an Adjusted EBITDA of $14.8 million, up 15% year-over-year. Timber sales in the U.S. South saw a 17% revenue increase, driven by a 30% rise in sawtimber prices. The company declared a cash dividend of $0.075 per share, payable on June 15, 2022. CatchMark also announced two acquisitions totaling over 2,400 acres for approximately $5 million. However, overall timber sales revenue decreased by 3% due to lower harvest volumes.
CatchMark Timber Trust (NYSE: CTT) will release its Q1 2022 earnings on May 5, 2022, post-market close. A conference call will follow on May 6, 2022, at 10 a.m. ET where results will be discussed. Interested investors can participate by dialing the provided numbers, or tune in via www.catchmark.com. CatchMark focuses on sustainable timberland management and owns interests in 369,700 acres of prime timberland in the U.S. South. For further details, access their original press release.
CatchMark Timber Trust (NYSE: CTT) announced that CEO Brian M. Davis will present at Citi's 2022 Global Property CEO Conference on March 8, 2022, at 9:00 am ET. The presentation will be accessible via the Investor Relations section of CatchMark's website. CatchMark focuses on timberland ownership and management, owning about 369,700 acres across Alabama, Georgia, and South Carolina, aiming for sustainable yields through disciplined management. For more details, visit www.catchmark.com.
CatchMark Timber Trust (CTT) announced its Q4 and full-year 2021 results, reporting a net income of $33.9 million, a 1,246% increase year-on-year, driven by the exit from the Triple T joint venture. The company declared a dividend of $0.075 per share, payable on March 15, 2022, for stockholders of record by February 28, 2022. Revenue for Q4 was $20.5 million, down 34% from the previous year, primarily due to lower harvest volumes. Despite a decline in timber sales revenue, prices for pulpwood and sawtimber rose significantly, signaling a strong market demand.
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