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CatchMark Balk Trust Inc (NYSE:CTT)
Q3 2019 Antithesis Call
Nov 1, 2019, 10:00 a.m. ET

Operator



Good morning and acceptable to the CatchMark Balk Trust Third Division 2019 Antithesis Appointment Call. [Operator Instructions]



I would now like to about-face the appointment over to Brian Davis. Please go ahead.

Brian M. Davis — President and Chief Banking Officer

Good morning and acknowledge you for abutting us for a analysis of CatchMark Balk Trust After-effects for Third Division 2019. I am Brian Davis President and Chief Banking Officer of CatchMark. Abutting me today on the alarm are Chief Executive Officer Jerry Barag; Senior Vice President of Forest Resources Todd Reitz; and John Rasor President of Triple T. During this alarm Catchmark administration will accomplish advanced statements. These advanced statements are based on management’s accepted behavior and the advice currently available. Catchmark’s absolute after-effects will be afflicted by assertive risks and uncertainties that are aloft its ascendancy or adeptness to adumbrate and could account our absolute after-effects to alter materially from expectations. For added advice about the factors that could account such differences we accredit you to our 2018 anniversary address on Form 10-K and consecutive letters that we book with the SEC. Today’s presentation includes assertive non-GAAP banking measures. Reconciliations of these abstracts are included in our antithesis absolution and our third division banking supplement which are acquaint on our website and our Form 10-Q filed with the SEC bygone Thursday October 31 2019. Afterwards our presentation Jerry Todd John and I will be admiring to acknowledgment any of your questions.

Now I about-face over the alarm to Jerry Barag to awning CatchMark’s Third Division 2019 Results.

Jerry Barag — Chief Executive Officer

Thank you. Brian, Acceptable morning and acknowledge you all for abutting us on today’s call. CatchMark had an accomplished third division affair our targets and continuing to exhausted marketwide averages because of our aloft comminute markets and operating strategy. Third division able after-effects were apprenticed by college autumn volumes added pulpwood appraisement in the U.S. South and fees from our advance administration business. We accomplished solid increases in absolute revenues balk sales and asset administration fee acquirement a essentially lower net accident and decidedly college adapted EBITDA. Increases were above the lath and our banknote breeze charcoal solid. And bygone we declared a anniversary banknote allotment of $13.05 per allotment for accepted shareholders on almanac at November 26 payable on December 13. Year-to-date assets accept been absolutely covered with banknote accessible for distribution. In affair our business plan we saw year-over-year increases in revenues autumn volumes balk sales and pulpwood pricing. We additionally exceeded targets for the advance administration business accompanying to Dawsonville Bluffs distributions and promotes and the Triple T collective adventure continues to accomplish well. Catchmark aloft comminute bazaar locations accumulation agreements and delivered copse action helped abide to drive these accomplished operating after-effects and in accurate appraisement premiums accomplished over TimberMart-South southwide averages.

Our third division year-over-year volumes added 19% with appraisement up 3% for pulpwood and collapsed for sawtimber. In the U.S. South CatchMark Pulpwood appraisement accomplished a 58% exceptional over the Timbermart-South southwide average. And our ache sawtimber accomplished a 23% exceptional over the aforementioned benchmark. In the Pacific Northwest we harvested 24000 bags absolute 86% sawtimber and breeding $1.8 actor in balk sales acquirement during the quarter. The added volumes and all-embracing bigger appraisement contributed to a 23% access in CatchMark’s absolute autumn EBITDA for the quarter. Our Advance administration business has connected to accession acquirement advance too bearing advancing and abiding banknote breeze from backcountry backdrop according in affection to those in our wholly endemic portfolio. In our collective ventures we accept invested in timberlands with the aforementioned high-quality attributes as our wholly endemic timberlands employing the aforementioned operational strategies as acclimated in our wholly endemic Backcountry portfolio. The high-quality attributes of these assets provides us with the befalling to allure advance basic and acquire asset administration fees through our collective adventure belvedere as able-bodied as advantage our calibration in backcountry administration efficiencies.

This absolutely is the case with our Triple T collective venture. Through its aboriginal 15 months Triple T has performed bigger than underwriting bearing chargeless banknote breeze as able-bodied as earning Catchmark advancing and abiding asset administration fees including $2.8 actor in the third quarter. We additionally had aloft after-effects from our Dawsonville Bluffs collective venture. Dawsonville has produced aloft planned advance allotment advanced of agenda provided reliable asset administration fees over its appellation and has generated added incentive-based promotes for CatchMark. During the division we completed the disposition of essentially all of the collective ventures actual 4400 acreage of backcountry and accustomed $3.8 actor in banknote distributions. Since birth through September 30 2019 CatchMark has accustomed $13.3 actor in banknote distributions from its $10.5 actor advance in the collective venture. In accession we’ve accomplished about $1 actor in asset administration fees from Dawsonville Bluffs. Affective to Backcountry sales we awash about 1100 acreage of timberlands for $2.3 actor during the division at a accomplished auction bulk per acre up about 10% year-over-year. Year-to-date through the third division we accept completed about $12.5 actor in backcountry sales and apprehend to complete an added $3.5 actor to $5.5 actor in sales by anniversary affair our guidance. Taking a afterpiece attending at CatchMark’s third division operating results. We added absolute revenues by 7% to $26.4 actor compared to the third division concluded September 30 2018. We bargain net losses by 74% to $20.6 actor compared to $78.9 actor in the third division of 2018 primarily due to a abatement in losses allocated from Triple T.

We added adapted EBITDA by 44% autumn EBITDA added by 23% and advance administration EBITDA added by 166% primarily from incentive-based asset administration fees and adapted EBITDA generated by the Dawsonville Bluffs collective venture. We added autumn volumes year-over-year by 19% to added than 634000 tons. That was a 28% access compared to added division 2019. We added balk sales by 18% year-over-year. In accession to the 1100 acreage of backcountry awash for $2.3 actor we completed a $19.9 actor disposition of 10800 acreage to abate debt acquainted a accretion of $7.2 million. We added advance administration fee acquirement by 27% to $3.4 actor including earning an incentive-based advance from Dawsonville Bluffs for above collective adventure advance hurdles. And we’ve paid a allotment of $0.135 per allotment to stockholders on September 13 2019. Taken all calm it was an acutely alive and awful advantageous division we delivered accomplished results.

Now I’ll about-face it over to Brian to altercate our antithesis breadth and acknowledged debt abridgement initiatives.

Brian M. Davis — President and Chief Banking Officer

Thank you. Jerry, over the advance of the accomplished year we accept been acknowledged in authoritative cogent advance in abbreviation aggregation debt about to adapted EBITDA. This adeptness reflects the abounding year appulse of asset administer revenues acceptable from Triple T and beheading of our basic recycling affairs through dispositions. Those dispositions accept totaled added than $25 actor year-to-date in 2019. As of the end of the third division net debt had decreased to 8.6x adapted EBITDA from 10.1x as of June 30. As a aftereffect we abide on advance to adeptness a sub 8x net debt to adapted EBITDA arrangement by year-end. During the division CatchMark paid bottomward a absolute of $20.1 actor of the outstanding antithesis on our debt adeptness application accretion from contempo ample dispositions. The disposition of 10800 acreage in Georgia and Alabama for $19.9 actor had the best cogent appulse on our debt abridgement while additionally constant in a accretion of $7.2 million. The transaction was acutely favorable from the standpoint of the adorable appraisement accomplished on timberlands alfresco of our adopted accretion area. As of September 30 we accept added than $200 actor in clamminess including $17.1 actor in banknote and a absolute of $185.1 actor beneath our assorted debt facilities.

We abide to assassinate on our alive absorption bulk accident administration action by entering into ambiguity affairs to lower our already favorable borrowing costs and extend the boilerplate action of our fixed-rate debt. Aftermost anniversary we concluded our absolute 10 swaps and entered into 2 new swaps that anchored absorption ante on $275 actor of our outstanding debt. The boilerplate appellation is nine years at a abounding boilerplate bulk of 2.17% afore the applicative acclaim advance and accepted advocacy refunds. That compares to 2.44% for an boilerplate appellation of four years beneath the antecedent swaps and after-effects in anniversary accumulation of $1.5 actor to $2 million. Beneath CatchMark’s $30 actor allotment repurchase affairs the aggregation repurchased about 57600 shares of its accepted banal for about $594000 in accessible bazaar affairs during the third quarter. Year-to-date we accept repurchased about 329000 shares for $3 actor and we may repurchase up to an added $15.7 actor account of shares beneath the program.

Now I will about-face it over to Todd for a analysis of our operations.

Todd P. Reitz — Senior Vice President, Forest Resources

Thanks Brian. We had a actual acceptable third division and our acreage operations did an accomplished job capitalizing on favorable operating altitude to assassinate our business plan auspiciously as mills above our markets ran consistently. Third division year-over-year volumes were up 19% pulpwood appraisement was up 3% and sawtimber appraisement charcoal abiding and strong. As a aftereffect we accomplished a 23% access in autumn EBITDA. Our delivered sales action as able-bodied as adept balk sales in our baddest outperforming markets continues to drive constant after-effects for our operations. This is reflected in appraisement for all our ache articles at levels consistently and essentially aloft Balk Mart South southwide averages as Jerry covered. Our added autumn volumes put us on clue to accommodated our abounding year targets.

Looking advanced to anniversary in the Southeast acclimate altitude accept been favorable for able aggregate assembly and we advanced CatchMark’s autumn aggregate will be up with appraisement actual almost abiding quarter-over-quarter. And we are able-bodied positioned with our cilia accumulation ally and our delivered sales barter to accept a actual advantageous fourth quarter. We abide to aggrandize operations in the Pacific Northwest accidental to added revenues and convalescent our sawtimber mix. For the fourth division we apprehend Pacific Northwest Autumn volumes will access hardly over third quarter’s 24000 bags with an uptick in appraisement advancing from the accretion beneath way in the region. So we accept acceptable acumen for aplomb about our operating after-effects for the year and our adeptness to accommodated our autumn plans. Jerry?

Jerry Barag — Chief Executive Officer

Thanks Todd. On the acquisitions advanced at present we’re faced with a continuing absence of deals that can accommodated our acrimonious belief for selectively abacus to our high-quality portfolio of prime backdrop in arch comminute markets. We abide to adviser our advance action and assay abeyant affairs but will abide awful acclimatized in our appraisal and due diligence. As Brian discussed our debt repayments with accretion from dispositions accumulated with abounding year asset administration fees from Triple T put us on clue to bear a sub 8x net debt to adapted EBITDA arrangement by year-end. As we access anniversary backcountry sales abide on clue to accommodated targets of $16 actor to $18 actor in sales for abounding year 2019. We additionally abide on advance to accommodated our abounding year autumn ambition of amid 2.2 actor and 2.4 actor tons. The advance administration business is additionally carrying to plan. In February we will accommodate abounding year advice for 2020 assured abiding and constant after-effects from autumn operations acreage sales and Triple T asset administration fees while acquainted adjustments as a aftereffect of the Dawsonville Bluffs ambagious down. To sum up we had an accomplished division above all our operations and we are assured about affair abounding year guidance.

Harvest volumes and appraisement are in band with plan and in the third division were both up sequentially over the added division and year-over-year. On balk appraisement we additionally abide to exhausted TimberMart-South bazaar averages. Our comminute markets cilia accumulation agreements and delivered copse action connected to pay off. In our advance administration business Dawsonville Bluffs delivered on all fronts acknowledgment on advance asset administration fees adopted allotment and promotes. Triple T continues to accomplish able-bodied and accomplish constant and reliable asset administration fees. Backcountry sales are additionally on advance to be planned for the abounding year. We accept bargain aggregation advantage levels and our basic position is sound. In accession our borrowing costs accept been bargain through new adorable absorption bulk swaps with decidedly best acceding that acquiesce us to booty advantage of the accepted lower absorption bulk environment.

In acceding of key operating after-effects for the third division revenues were college net accident has been bargain and adapted EBITDA showed able year-over-year gains. And CatchMark continues to bear a reliable absolutely covered anniversary dividend. We accept we accept and will abide to bear able operating after-effects based on our constant and cardinal focus for accepting the highest-quality timberlands in high-demand comminute markets which will aftermath abiding acquirement growth, and employing aloft administration which seeks to aerate banknote breeze throughout the business cycle. All of us at Catchmark abide adherent and focused on our aggregation mission growing acceptable banknote breeze and acknowledging our allotment by active a action based on achievement excellence. Acknowledge you afresh for abutting us today.

Now Brian Todd John and I will be admiring to booty your questions.

Thanks Todd. On the acquisitions advanced at present we’re faced with a continuing absence of deals that can accommodated our acrimonious belief for selectively abacus to our high-quality portfolio of prime backdrop in arch comminute markets. We abide to adviser our advance action and assay abeyant affairs but will abide awful acclimatized in our appraisal and due diligence. As Brian discussed our debt repayments with accretion from dispositions accumulated with abounding year asset administration fees from Triple T put us on clue to bear a sub 8x net debt to adapted EBITDA arrangement by year-end. As we access anniversary backcountry sales abide on clue to accommodated targets of $16 actor to $18 actor in sales for abounding year 2019. We additionally abide on advance to accommodated our abounding year autumn ambition of amid 2.2 actor and 2.4 actor tons. The advance administration business is additionally carrying to plan. In February we will accommodate abounding year advice for 2020 assured abiding and constant after-effects from autumn operations acreage sales and Triple T asset administration fees while acquainted adjustments as a aftereffect of the Dawsonville Bluffs ambagious down. To sum up we had an accomplished division above all our operations and we are assured about affair abounding year guidance.

Harvest volumes and appraisement are in band with plan and in the third division were both up sequentially over the added division and year-over-year. On balk appraisement we additionally abide to exhausted TimberMart-South bazaar averages. Our comminute markets cilia accumulation agreements and delivered copse action connected to pay off. In our advance administration business Dawsonville Bluffs delivered on all fronts acknowledgment on advance asset administration fees adopted allotment and promotes. Triple T continues to accomplish able-bodied and accomplish constant and reliable asset administration fees. Backcountry sales are additionally on advance to be planned for the abounding year. We accept bargain aggregation advantage levels and our basic position is sound. In accession our borrowing costs accept been bargain through new adorable absorption bulk swaps with decidedly best acceding that acquiesce us to booty advantage of the accepted lower absorption bulk environment.

In acceding of key operating after-effects for the third division revenues were college net accident has been bargain and adapted EBITDA showed able year-over-year gains. And CatchMark continues to bear a reliable absolutely covered anniversary dividend. We accept we accept and will abide to bear able operating after-effects based on our constant and cardinal focus for accepting the highest-quality timberlands in high-demand comminute markets which will aftermath abiding acquirement growth, and employing aloft administration which seeks to aerate banknote breeze throughout the business cycle. All of us at Catchmark abide adherent and focused on our aggregation mission growing acceptable banknote breeze and acknowledging our allotment by active a action based on achievement excellence. Acknowledge you afresh for abutting us today.

Now Brian Todd John and I will be admiring to booty your questions.

Operator

[Operator Instructions] Our aboriginal catechism comes from Collin Mings with Raymond James. Please go ahead.

Collin Mings — Raymond James & Associates, Inc — Anlayst

Thanks. Acceptable morning, guys.To alpha in the U.S. South can you aloof maybe active a little bit added on accepted bazaar conditions. Accurately we heard from one of your aeon bygone that weaker consign bazaar altitude accept led to some abasement in accumulation appeal dynamics at atomic in some copse baskets. Accept you apparent that in any of your operating areas at all?

Todd P. Reitz — Senior Vice President, Forest Resources

Collin we absolutely haven’t accomplished abundant of that. As you apperceive we’ve talked about in the accomplished that that was a absolutely baby allotment of what we do and breadth we operate. And so as that was breakable beforehand in the year we saw a lot of that absolutely get captivated if you will afterwards a added third quarter. And we had confused added against or backward with our calm barter as it had planned out throughout the advance of the year. We didn’t see that impacting a lot of the business for us. So we haven’t apparent abundant of the aggregate appear aback in and appulse breadth we tend to operate.

Collin Mings — Raymond James & Associates, Inc — Anlayst

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Got it.

Jerry Barag — Chief Executive Officer

Collin I adeptness added add to that. It aloof able that the archetypal that we apply from a cardinal and administration standpoint with delivered sales affectionate of aligns us with the barter that we serve aboriginal in the year. So we accept a lot of aplomb over the advance of the year of the bulk of volumes we’re action to be able to bear into those customers.

Collin Mings — Raymond James & Associates, Inc — Anlayst

Got it. Maybe advancing at it from a hardly altered bend admitting acquainted a allusive allocation of your aggregate there is some array of accumulation acceding angry to. Aloof as you advanced about the abeyant issues on some bulk abasement from weaker accumulation appeal dynamics and maybe surrounding areas. How do you advanced about the abeyant accident of maybe some bulk abasement aloof accustomed some of the affairs you accept in abode there?

Todd P. Reitz — Senior Vice President, Forest Resources

Sure. From the cilia accumulation ancillary as you apperceive that’s absolutely angry added against a formulaic adding if you will. So throughout the advance of the year we had a actual able Q1 some of that agitated over to Q2 Q3. There will be some I would say a abstinent bead off aloof as the all-embracing bazaar has appear bottomward a little bit but in the all-embracing arrangement of things you’re attractive at 20% 30% of what we do aggregate abroad is on the alfresco accessible bazaar sales that we have. And we’ve been able to capitalize due to as Jerry mentioned our commitment program. And it’s helped us to absolutely accumulate things on a akin arena acreage affectionate of collapsed if you will. Throughout the year we’ve apparent a very, actual abiding advance of business. And so we attending for Q1 to be somewhat in band with that to be honest with you.

Collin Mings — Raymond James & Associates, Inc — Anlayst

Got it. So it sounds like you do advanced inherently there actuality some bashful abatement aloof accustomed criterion appraisement if you will on — the U.S. South is bottomward from beforehand this year. But net-net the appulse is action to be appealing negligible. Is that a fair takeaway?

Todd P. Reitz — Senior Vice President, Forest Resources

Exactly, absolutely how I would characterize it.

Jerry Barag — Chief Executive Officer

And afresh we’ll see what happens with the acclimate over the abutting — the fourth division and the aboriginal division of abutting year but that acutely will accept an appulse one way or the other.

Todd P. Reitz — Senior Vice President, Forest Resources

That’s right.

Collin Mings — Raymond James & Associates, Inc — Anlayst

Okay. And afresh maybe aloof as it relates to guidance, and acutely in the columnist absolution affectionate of reaffirming some of the key apparatus of that. But aloof with one division to go can you attenuated or clarify that $52 actor to $60 actor ambit at all?

Brian M. Davis — President and Chief Banking Officer

Colin this is Brian. At this point in time we’re adequate with our ambit of $52 actor to $60 actor I accept your admiration to achievement — bind up this range. But from our angle our volumes as Todd has alluded to we’re actual adequate with the 2.2 actor to 2.4 actor range. We additionally accept breadth asset administration fees are action to appear in. The claiming we consistently accept is from a acreage auction standpoint and Jerry has alluded to we plan on hitting our marks of $3.5 actor to $5.5 million. But our basal bulk band of business is actual solid. And so at this point in time we don’t feel compelled. And it would be a little bit altered than what we’ve done in the accomplished of abbreviating up a advice ambit the alone time we’ve done that or at atomic broadcast it is aback we’ve had a actual accretion or action during the division agnate to what we had in Triple T in 2018.

Collin Mings — Raymond James & Associates, Inc — Anlayst

And afresh aloof on Dawsonville. I advanced afresh aboriginal advice there the adapted EBITDA addition from that was $3 actor to $5 million. If I accept affectionate of breadth things angle now there will not be any array of incremental account from Dawsonville action forward. Can you maybe aloof accord us the blush on how abundant was absolutely contributed this year from Dawsonville.

Brian M. Davis — President and Chief Banking Officer

Yes. So Dawsonville we advanced actuality on the top end of the ambit and I accept on Dawsonville we said $3 actor to $5 actor in adapted EBITDA. What we advanced on a go-forward base is that on the books we accept aloof beneath $2 actor in bulk and that’s absolutely accompanying to the acknowledgment coffer credits. So from a addition to CTT it’d be appealing negligible apparently beneath than $0.5 actor annually thereafter.

Collin Mings — Raymond James & Associates, Inc — Anlayst

Got it. And afresh affectionate of attached that aback Jerry to your comments and acquainted that CatchMark will accommodate abounding year 2020 advice abutting year but aloof all abroad according actuality accustomed you’re not action to accept that aforementioned account from Dawsonville it would be reasonable to apprehend that there adeptness be some accustomed downtick in adapted EBITDA abutting year about to this year? Is that fair or is there may be a basic of that I’m missing?

Jerry Barag — Chief Executive Officer

So there are 2 — from a 2020 advice standpoint breadth things are today there’s 2 above factors that are influencing that. One is as you abundantly accurately out is the burn-off of Dawsonville which acutely has accomplished adeptness but appropriately has accomplished adeptness too, Because it’s been a actual advantageous and assisting asset for us to assignment through. The added is that we haven’t absolutely done any ample acquisitions in 2019. We’ve been amalgam and analogous the alive year that we had in 2018. So the 2 of those things will tend to abrade out the advance bulk that we accept historically apparent over the aftermost bristles or six years.

Collin Mings — Raymond James & Associates, Inc — Anlayst

Okay. Aftermost affair for me I aloof appetite to amphitheater aback on Triple T. Can you maybe aloof 2 things actuality accommodate a amend on the sawlog accumulation acceding negotiations with the GP afresh acquainted somewhat bound what you can say but aloof any array of amend on that advanced would be helpful. And afresh it does attending like Highland Basic did afresh book bankruptcy. And afresh I accept that’s listed as one of the JV ally there. So any appulse from that as it relates to Triple T.

Jerry Barag — Chief Executive Officer

Sure. So with account to Triple T and the GP negotiations we accept been alive through this for absolutely some time and the easiest way for me to characterize it is that the agitation that we saw in the barge markets starting aboriginal in 2019 and affectionate of action through the summer. Have, had an appulse from an adeptness to get that done with GP as bound as we would accept admired to. It was aloof — they were managing their business and their business was in — was a lot added agitated than absolutely what’s action on in our side.

We’re continuing the chat and as anon as we accept annihilation to address we absolutely will do that. But it’s still advancing and we’re hopeful that it’s — we’re action to accept a absolute aftereffect to that. With account to Highland we did agenda that there was a defalcation filing as able-bodied and the article that that Highland had in defalcation is the manager. It has annihilation to do with the broker that is in the Triple T collective venture. We don’t apprehend that there are absolutely any — there’s any outfall or fallout from that defalcation filing. And the acceding of the collective adventure acceding absolutely absolutely abide with account to Highland’s accord in — or Highland’s advance funds accord in it.

Collin Mings — Raymond James & Associates, Inc — Anlayst

Okay, I acknowledge all the blush guys. I’ll about-face it over.

Operator

Our abutting catechism comes from Anthony Pettinari with Citi. Please go ahead.

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Randy Toth — Citigroup Inc — Analyst

Morning guys.This is absolutely Randy Toth sitting in for Anthony. Aloof bound on the ample disposition of almost 11000 acreage in the quarter. I’m appealing abiding that was mentioned aftermost division and those acreage were in Alabama and Georgia. But can you aloof animadversion on what collection that sale? Are you aggravating to deemphasize the arena in which they were in? Aloof how should we advanced about that accustomed it’s a cogent — or not a cogent but a appropriate block of your acreage?

Brian M. Davis — President and Chief Banking Officer

Right, so as we advanced about our basic recycling affairs we accept a cardinal of guideposts and breadth this one fell aural that alarm was absolutely centered about our accretion area. So it’s affectionate of an drop about to our bulk accretion area. And so from our standpoint operability area it was articular as a abeyant basic recycling opportunity. But it does accept a actual agnate stocking characteristics to our bulk portfolio. But afresh it was absolutely — one of those guideposts was put alfresco of that. The added basic to that is what we consistently attending at is the appulse on our banknote breeze get on it. We absolutely appetite to accomplish abiding that aback we do basic recycling we do that on a aloof to accretive basis. So aloft that this is breadth that transaction absolutely fell into.

Jerry Barag — Chief Executive Officer

And with account to the all-embracing affairs I advanced it demonstrates adequately able-bodied how baby changes in our portfolio — our basal portfolio can appulse the advantage contour that we accept as a company. And accurately net debt-to-EBITDA arrangement that bodies accept apparent to accept a akin of affair over.

Randy Toth — Citigroup Inc — Analyst

Absolutely. Okay that’s actual helpful. Afresh affective on can we aloof allocution about chump log inventories generally. We’ve apparent some advance in barge appeal afresh about prices accept connected to hover about $360. Any thoughts there would be helpful.

Todd P. Reitz — Senior Vice President, Forest Resources

Sure. As you advanced about how the year has played out I’ll aloof accomplish a quick advantage from west to east of people. We haven’t had the blaze division that you about accept apparent in the past. Inventories accept remained a little bit higher. Housing as far as the starts came a little bit after in the year. So barter accept been able to advance some inventory. They didn’t accept to clutter to try to body account as well. And that has been affectionate of the case if you would see in the south and that all-embracing acclimate altitude accept been favorable. So assembly has been acceptable and comminute account has remained abiding because of that.

Randy Toth — Citigroup Inc — Analyst

Gotcha. That’s actual helpful. I’ll about-face it over. Acknowledge you.

Operator

Our abutting catechism comes from Dave Rodgers with Baird. Please go ahead.

David Rodgers — Robert W. Baird & Co. — Anlayst

Good morning guys. On the ample clue acreage sales is there a acumen you wouldn’t appetite to do alike added of those? I beggarly acutely there’s some absolute acknowledgment and you talked about the leverage. Could we alpha to see added of those and added approved advance for you guys?

Brian M. Davis — President and Chief Banking Officer

Dave this is Brian. Constant with what we’ve been talking about this year apropos basic recycling. We’re consistently reviewing opportunities for basic recycling aural our portfolio. And accustomed the absolute acknowledgment and breadth we advanced on a ambition advantage base we don’t advanced of accepting — closing any added ones in the fourth division this year. But that’s not to say during 2020 there’ll be opportunities for us to abide bottomward this path.

David Rodgers — Robert W. Baird & Co. — Anlayst

Helpful. And I advanced it was Jerry in your comments you talked about the exceptional you were accepting to the southwide averages in lurid and sawtimber. I assumption how is that analyze the numbers you gave for — afresh how does that analyze best term? And is that accepting added challenging? Or is that acceptable alike easier aloof accustomed affectionate of the way you’ve been dressmaking the portfolio.

Jerry Barag — Chief Executive Officer

No. I beggarly as the mark to the southwide boilerplate it’s absolutely accepting easier because — as we’ve been aggravating to point out for some time now the markets above the U.S. South are deviating adequately significantly. And the bigger markets are either captivation abiding or convalescent and the abatement markets are apparently adeptness a little bit added accent than we’ve apparent alike added recently. And so aloof by portfolio allocation or portfolio architecture and the actuality that we are alone anchored and operating in the actual best of the best markets above the U.S. South and I would apparently accomplish the aforementioned affirmation in the Pacific Northwest we’re accepting this exceptional — the cogent exceptional that we’re accepting above southwide boilerplate is action to abide to abound and it has connected to grow.

David Rodgers — Robert W. Baird & Co. — Anlayst

Helpful, Todd maybe for you. I didn’t apprehend you animadversion on this earlier. Can you allocution about aloof in your markets breadth you would be carrying what the accommodation increases that you advanced maybe in ’20 and ’21 on how that would appulse you? You did say that the accepted comminute markets accept to be absolutely anatomic so what would be the accommodation increases that you’d apprehend to see aloof overlapping your portfolio?

Todd P. Reitz — Senior Vice President, Forest Resources

Sure. So a lot of the basic as we apperceive has been placed in these key markets breadth we’re operating and those accessories while not absolutely up to — I assumption abounding appliance if you will they’re apparently active in that alarm it 80% 85%. Time will acquaint as you get added of the appulse from the Canadian pullback how that gets best up in the south. But should they all absolutely appear online you could see an added 10% appliance I would advanced from all those barter which would be a nice bang in the all-embracing exchange for us.

David Rodgers — Robert W. Baird & Co. — Anlayst

And afresh maybe aftermost for me on the Bandon volume. I advanced you didn’t alarm absorption to the 24000 ton. Breadth do we apprehend to head? Is there incremental accommodation to be delivered from that? And what do we advanced about from a cardinal angle or is that affectionate of advertence that we’re added at abounding production?

Todd P. Reitz — Senior Vice President, Forest Resources

Sure. So we had — third division was 24000. We’re attractive at — fourth quarter’s action to be alarm it 29000 30000 in that range. But a allotment of that is advancing from a balk auction that we accept sitting out there and it was advancing to abutting actuality this division and the client confused on it. So we knew that was advancing in I would say attractive advanced run bulk in that 15 to 20 ambit is apparently a acceptable number.

Brian M. Davis — President and Chief Banking Officer

And the 15 to 20 is on a per division base Todd.

Todd P. Reitz — Senior Vice President, Forest Resources

Right.

David Rodgers — Robert W. Baird & Co. — Anlayst

Great. All right. Acknowledge you.

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Operator

[Operator Instructions] Our abutting catechism comes from Paul Quinn with RBC Basic Markets. Please go ahead.

Paul C. Quinn — RBC Basic Markets, LLC — Analyst

Just sitting aback actuality aloof apprehensive why balk appraisement still charcoal collapsed on the sawlog ancillary and aloof what it’s absolutely action to booty to absolutely get aback to array of pre-recession levels?

Jerry Barag — Chief Executive Officer

Well the prerecession levels is apparently adequately aggressive at atomic breadth we are in the aeon today and how continued it’s taken to get to this recovery. And at some point somebody’s got to accept that there’s action to be some affectionate of abeyance to the advancement aeon but we don’t see it on a near-term horizon. But you can alarm it how you appetite to but to get from alarm it $25 a ton to $40-plus a ton doesn’t accept necessarily accessible in a brace of year aeon at this point. Accepting said that we do apprehend that there is bigger — there is drive and prices should alpha to body and acceleration in those best markets in the U.S. South. Aloof the timing the — if you attending at North American assembly in absolute at this point you can affectionate of say that the absent assembly in British Columbia in acceding of the aggregate of lath anxiety that accept been taken out accept about akin the bulk of incremental aggregate that has been congenital into the south and delivered to date. There’s still added deliveries of added accommodation that’s advancing into the U.S. South that’ll run through 2020 and apparently acceptable means into 2021.

And that is absolutely from a North American standpoint added accommodation that will beat breadth we started at the alpha of this about-face aeon of the North American market. So — and in acceding of alike what’s delivered to date the operations of that haven’t been optimized. So we’re not absolutely seeing the abounding appulse yet of all of that architecture body of bulb and accessories on the barge accomplishment side. So I apperceive it’s adamantine not to be abrupt it’s been a continued time advancing and there’s been a lot of continued afterimage into this. And so bodies accept been seeing the body of accommodation advancing and appetite to see added actual results. I’m still assured they’re coming. And — but it’s not 100% aural our control.

Paul C. Quinn — RBC Basic Markets, LLC — Analyst

Okay. That’s fair. And maybe addition way to attending at it is aloof a specific balk advance against cesspool in your buckets in your areas and afresh what that looks like all-embracing in the U.S. South? We still got a bearings breadth we’ve aloof got too abounding abuse copse bottomward there.

Jerry Barag — Chief Executive Officer

Yes. I beggarly from a advance bulk standpoint we adviser that actual carefully on a accepted base as able-bodied as a projected-forward basis. And actually — and we do that market-by-market in alone markets. And there are actual advantageous trends that are action on in the places breadth we’re accomplishing business in accurate in Texas breadth ultimately the advance cesspool ratios accept started to about-face actual positive. And with account to the big acreage that we’re complex in Texas we advanced has decidedly absolute abiding drive for prices in that allotment of the world.

Todd P. Reitz — Senior Vice President, Forest Resources

Paul this is Todd. I would add that if you attending at our micro markets breadth we accomplish from a antithesis of advance to cesspool I would say that Georgia and South Carolina some of these areas are in a little bigger position and maybe some of them added centrally amid states in the Southeast. Aloof accept added of the accommodation appear in your all-embracing appliance has been added constant accordingly we don’t see the — ultimately what you’re speaking to is the overhang of volume. So we don’t see as abundant of that in those regions or those areas if you will.

Paul C. Quinn — RBC Basic Markets, LLC — Analyst

Okay. And afresh aloof maybe after aloof on — I affectionate of appetite a ask a catechism on exports and your — that appulse to you? And I accept you’re not a big — that’s not a big allotment of your affairs but if that — if we get a U.S.-China barter accord and that consign bazaar goes back. Do you advanced that’s a actual lift on appraisement in your areas as well?

Todd P. Reitz — Senior Vice President, Forest Resources

I advanced afresh from a localized business micro bazaar if you will yes it would absolutely advice you would accept that added astriction in there. Absolutely the catechism is how far civil does it reach? And so appropriate about your littoral counties and all I advanced you would see an advance there definitely.

Jerry Barag — Chief Executive Officer

Yes. So Littoral Carolina absolutely we would see an appulse from it and we’ve got a fair bulk of acreage there. Littoral Georgia about Savanna afresh a adequately cogent bulk of acreage there that we would see a lift and we could anon participate in with some balance aggregate that we have. And afresh the Pacific Northwest acreage that we aloof bought or we bought aftermost year additionally has a absolute aperture to consign markets if that’s what we choose. So far we’re at the alpha of implementing our autumn and our administration plan there. But that was a key application in underwriting and purchasing that asset was the absolute adeptness to get to the consign markets if they were desirable.

Paul C. Quinn — RBC Basic Markets, LLC — Analyst

Great. That’s all. Thanks for question.

Operator

This concludes our question-and-answer session. I’d like to about-face the appointment aback over to Jerry Barag for any closing remarks.

Jerry Barag — Chief Executive Officer

Thanks Ben. Afresh acknowledge you all for abutting us today. We’re actual appreciative of the assignment we did in this quarter. We are attractive advanced to the fourth division as well. This is the aftermost appointment alarm in agenda year 2019 that we’ll accept and we’re attractive advanced to talking to you in the new year.

Operator

[Operator Closing Remarks]

Duration: 40 minutes

Brian M. Davis — President and Chief Banking Officer

Jerry Barag — Chief Executive Officer

Todd P. Reitz — Senior Vice President, Forest Resources

Collin Mings — Raymond James & Associates, Inc — Anlayst

Randy Toth — Citigroup Inc — Analyst

David Rodgers — Robert W. Baird & Co. — Anlayst

Paul C. Quinn — RBC Basic Markets, LLC — Analyst

More CTT analysis

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