2009-01-13 01:22:02 -
Potlatch Corporation (NYSE:PCH) today announced the sale of approximately 24,800 acres of timberland in southwest Arkansas to an affiliate of the RMK Timberland Group, a division of Regions Bank, for approximately $43.3 million, or $1,745 per acre.
The timberland, located near Prescott, Ark., is situated on the westerly and southerly edge of Potlatch's Arkansas land ownership and consists
primarily of stands of pre-merchantable timber. Following the sale, Potlatch will own approximately 439,000 acres of timberland in Arkansas.
"The sale of these lands at the outer edge of our operating area in southwest Arkansas captures a strong selling price in a strong timberland market, and highlights the fundamental value of our assets," said Michael J. Covey, chairman, president and CEO of Potlatch.
ABOUT POTLATCH
Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.6 million acres of timberland in Arkansas, Idaho, Minnesota and Wisconsin. Potlatch, a verified forest practices leader, is committed to providing superior returns to stockholders through long-term stewardship of its forest resources. The company also conducts a land sales and development business and operates wood products manufacturing facilities through its taxable REIT subsidiary.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements within the meaning of the Private Litigation Reform Act of 1995 as amended. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause Potlatch's actual results to differ materially include those risks and uncertainties described from time to time in Potlatch's public filings with the Securities and Exchange Commission. Potlatch does not undertake to update any forward-looking statements.
Potlatch Corporation
Media: Mark Benson, 509-835-1513
Investors: Eric Cremers, 509-835-1548
