CatchMark Timber Trust's revenues for the three months ended September 30, 2019 were $26.4 million, $1.8 million higher than the three months ended September 30, 2018 primarily as a result of a $3 million increase in timber sales revenue and a $0.7 million increase in asset management fee revenue, offset by a $1.6 million decrease in timberland sales revenue from fewer acres sold.
Net loss decreased to $20.6 million for the three months ended September 30, 2019 from $78.9 million for the three months ended September 30, 2018 primarily due to a $51 million decrease in losses allocated from the Triple T joint venture under the HLBV method and a $7.2 million gain recognized on large dispositions.
Increased Adjusted EBITDA by 44% to $16.5 million, compared to $11.5 million in the third quarter 2018. Harvest EBITDA increased by 23% to $9.4 million from $7.6 million and Investment Management EBITDA increased by 166% to $7.3 million from $2.7 million, primarily from Adjusted EBITDA generated by the Dawsonville Bluffs joint venture.
Headquartered in Atlanta and 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 Carolina, Tennessee and Texas.
