CatchMark Timber Trust, Inc. had completed the sale of 18,063 acres of prime Oregon timberlands – known as the Bandon property – for $100 million in cash, or approximately $5,536 per acre, to Roseburg Resources Co. The property had been purchased in August 2018 for $88.8 million or $4,916 per acre.
The company recognized a gain on the sale of approximately $23 million. CatchMark increased its guidance for full-year net income to a range of $13 to $17 million to reflect the sale but has not made any other adjustments to its full year 2021 guidance. CatchMark had harvested approximately 80% of its targeted full-year 2021 volume for the Bandon property by transaction close.
Roseburg Forest Products is a privately-owned company and one of North America's leading producers of particleboard, medium density fiberboard and thermally fused laminates.
CatchMark owns interests in 1.5 million acres of timberlands located in Alabama, Georgia, Oregon, South Carolina and Texas.
