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CatchMark Timber to acquire timberlands for $106M

CatchMark Timber announced agreements to acquire a total of 55,671 acres of timberlands in two separate transactions totaling $106M. The properties are located primarily in middle and south Georgia as well as north Florida. These acquisitions are expected to add 2.5M tons of timber to CatchMark's merchantable inventory, comprising 72% pine plantations by acreage and 48% sawtimber by tons, and are expected to increase the company's annual harvest volumes over the next decade to 250K tons from 230K tons. The two transactions are expected to close in Q3. The transactions will be financed through a combination of CatchMark's credit facility and cash on hand.