PotlatchDeltic(PCH) - 2021 Q2 - Earnings Call Presentation

Company Overview and Growth - CatchMark seeks consistent and growing per share cash flow from disciplined acquisitions and superior management of prime timberlands in high-demand U S mill markets[7] - From IPO in December 2013 through December 31, 2020, CatchMark's revenues had a compound annual growth rate of 18%[19] - Adjusted EBITDA grew at a compound annual growth rate of 47% from IPO in December 2013 through December 31, 2020[19] - Annual harvest increased by 152% to 23 million tons from IPO in December 2013 through December 31, 2020[19] Timberland Portfolio and Management - As of June 30, 2021, CatchMark controlled 1469900 acres of timberland, including 390400 wholly-owned acres and 1079500 joint venture acres in Texas[16,18,19] - Since the 2013 IPO, CatchMark acquired 266900 fee acres for $6383 million[66] - Harvest productivity grew from 41 tons/acre in 2014 to 55 tons/acre in 2020 in U S South timberlands[27] - 89% of CatchMark's timberlands are located in two of the top five markets in the U S South[27,88] Financial Strategy and Capital Allocation - CatchMark aims to lower overall leverage in the near-term and maintain balance sheet flexibility for opportunistic investments[127] - 21% of 2020 total harvest volume came from supply agreements with International Paper and WestRock[27,123] - Triple T joint venture recapitalization began with an agreement to sell 301000 acres for approximately $498 million in cash, or $1656 per acre in July 2021[147,161]