Atlanta, Georgia, USA 26 April 2017 -- CatchMark Timber Trust, Inc. (NYSE: CTT) announced that it has formed a joint venture with the Missouri Department of Transportation & Patrol Retirement System (MPERS), which today acquired 11,031 acres of high-quality timberlands in North Georgia, known as the Dawsonville Package. Under terms of the 50-50 joint venture with MPERS, CatchMark will be the fiduciary for the public pension fund's investment and will manage the timberlands.
The timberlands acquired in the Dawsonville Package border the Chattahoochee National Forest and are located within 90 miles of both Atlanta and Chattanooga. Heavily stocked at an average of 51 tons of merchantable timber per acre, the timberlands are 75% pine with 41% sawtimber.
Jerry Barag, CatchMark's President and CEO, said: "The acquisition marks CatchMark's first transaction with an institutional partner and is in keeping with our strategy to acquire prime timberlands with sustainable characteristics and well above average harvest stockings to propel durable revenue growth. The tracts are extremely well located in metropolitan growth paths and over the long-term offer higher-and-better use options."
Barag added that CatchMark "sees further opportunity to partner with pension funds and other institutions as these investors seek the diversification characteristics and income-generating benefits of timberland investments. In particular, we look forward to expanding our relationship with MPERS."
CatchMark funded its investment in the joint venture through its credit facility.
About CatchMark
CatchMark Timber Trust, Inc. (NYSE: CTT) is a self-administered and self-managed, publicly-traded REIT that strives to deliver superior risk-adjusted returns for all stakeholders through disciplined acquisitions, sustainable harvests, and well-timed sales. Headquartered in Atlanta and focused exclusively on timberland ownership, CatchMark began operations in 2007 and owns interests in approximately 499,600 acres* of timberland located in Alabama, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Texas. For more information, visit www.catchmark.com. From time to time, CatchMark releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts regarding new postings. Enrollment information is found in the "Investors Relations" section of www.catchmark.com.
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