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Replies to post #144 on Plum Creek Timber (PCL)
10/26/15 5:57 PM
10/26/15 6:04 PM
Adjusted EBITDA for the first nine months of 2015 was $472 million, higher than the $389 million in the same period of 2014. The growth in adjusted EBITDA is largely the result of the timing of Real Estate activity during 2015.
10/26/15 6:10 PM
During the third quarter of 2015, the company announced it had formed a joint venture with several institutional investors to own and sustainably manage a portfolio of U.S. timberlands. The joint venture, Twin Creeks Timber, LLC, will provide the institutional investors an opportunity to co-invest in timberlands currently owned by Plum Creek and to purchase other high quality timberlands on the open market.*
The initial portfolio, valued at approximately $560 million ($2,150 per acre), will consist of 260,000 acres of Southern U.S. timberland located in five states and will be sourced from Plum Creek timberlands in the region.
In January 2016, Plum Creek will sell timberlands valued at approximately $420 million to Twin Creeks for cash, and contribute timberlands valued at approximately $140 million for a 25 percent equity interest in the joint venture. The venture is expected to begin operations in January 2016.
“The formation of Twin Creeks is an exciting opportunity for Plum Creek. We’ve structured the venture to align the interests of both our institutional investor partners and Plum Creek,” continued Holley. “The transaction confirms the value of our Southern timberland portfolio, preserves our market presence and economies of scale, creates a platform for future growth, and sources capital that can be used to benefit our long-term shareholders.”
