false000133874900013387492023-08-282023-08-28
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): August 28, 2023 |
POTLATCHDELTIC CORPORATION
(Exact name of Registrant as Specified in Its Charter)
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Delaware |
1-32729 |
82-0156045 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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601 West First Avenue, Suite 1600 |
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Spokane, Washington |
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99201 |
(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: 509 835-1500 |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s) |
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Name of each exchange on which registered
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Common Stock ($1 par value) |
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PCH |
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Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On August 28, 2023, PotlatchDeltic Corporation (the “Company”) posted presentation materials on the Investor Relations section of the Company’s website. The presentation materials (the “Investor Presentation”) are attached as Exhibit 99.1 to this report and incorporated herein by reference. The Company expects to use the Investor Presentation, or portions, with possible modifications, in connection with presentations to investors, analysts and others during the fiscal quarter ending September 30, 2023.
The Company has reconciled all non-GAAP measures in the Investor Presentation to the most directly comparable GAAP measures.
The information in this Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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PotlatchDeltic Corporation |
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Date: |
August 28, 2023 |
By: |
/s/ Michele L. Tyler |
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Michele L. Tyler Vice President, General Counsel and Corporate Secretary |
Why Invest in PotlatchDeltic
Forward-Looking Statements & Non-GAAP Measures
Company and Industry Overview
PotlatchDeltic is a $4 Billion Timber Real Estate Investment Trust (REIT) Focused on:
We Operate Three Business Segments
We are the Best Timber REIT Play on Housing Because Our Integrated Strategy Provides the Highest Direct Leverage to Lumber Prices
Lumber Prices Have Been Exceptionally Strong the Last Few Years
PotlatchDeltic is Well Positioned to Take Advantage of Favorable Housing Fundamentals
Higher Mortgage Rates Have Caused Housing Starts to Slow Down
There Has Been a Cumulative Underbuilding of U.S. Homes in the Last Decade
There is a Strong Millennial Demographic Tailwind
U.S. Housing Stock Has Aged Considerably
Growing Residential Improvement Spending Supports Lumber Demand
Demand for Lumber Used in Nonresidential Construction is Also Poised for Growth as Environmentally Beneficial Tall Wood Buildings Take Market Share from Steel and Concrete
The Outlook for Mass Timber as a Natural Climate Solution is Favorable
Our Natural Climate Solutions Opportunities are Expanding
Timberlands Segment
We Own Nearly 2.2 Million Acres of Timberlands in Seven States
Our Idaho Timberlands are Highly Profitable and Productive
Our Legacy Operations are Naturally Hedged in the U.S. South
The Hedge is Important Because Our Legacy Southern Sawlog Prices Have Been Below Trend Levels
Sawmill Capacity Additions are Tightening Our Legacy Log Markets
Log Markets are Already Tight For Timberlands Acquired in the CatchMark Merger
Climate Change is Providing Southern Timberlands Opportunities
Our Timberlands Segment Adjusted EBITDDA
Wood Products Segment
Our Wood Products Facilities are Located Close to Major End Markets
Our Capacity is Growing With Acquisitions and Productivity Improvements
North American Lumber Supply
Lumber Production Shifting to the U.S. South
Waldo Sawmill Modernization IRR Estimated to be 22% in Base Case
Continuous Capital Investments Meet Hurdle Rates, Improve Productivity, Lower Costs, and Reduce Environmental Impact
We are Relentlessly Focused on Continuously Improving Our Environmental Performance
Our Wood Products Segment Adjusted EBITDDA
Real Estate Segment
We Expect to Sell Approximately One Percent of Our Rural Acres at a Premium to Timberland Value Each Year
We Create Significant Conservation Outcomes Through Rural Land Transactions
We Create Significant Conservation Outcomes Through Rural Land Transactions
Interest in Solar Opportunities on Our Timberlands is Increasing
We Also Develop and Sell Building Lots in a Highly Desirable 4,800 Acre Master-Planned Community
Real Estate Segment Adjusted EBITDDA Continues to be a Strong Contributor
Capital Allocation and Balance Sheet
We are Focused on Growing Shareholder Value Over the Long Term Through a Balanced Capital Allocation Strategy
We are Growing Our Business in a Disciplined Way Over Time
Maintaining a Strong Balance Sheet and Ample Liquidity Provides the Flexibility to be Opportunistic
The Power of Our Strategy is Evidenced by Our Strong Financial Performance
We are Committed to Environmental and Social Responsibility and to Responsible Governance
Appendix
Adjusted EBITDDA Reconciliation
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