8-K

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

Date of Report (Date of earliest event reported): February 27, 2024

POTLATCHDELTIC CORPORATION

(Exact name of Registrant as Specified in Its Charter)

Delaware	1-32729	82-0156045
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
601 West First Avenue, Suite 1600
Spokane, Washington		99201
(Address of Principal Executive Offices)		(Zip Code)

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:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock ($1 par value)	PCH	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 February 27, 2024, 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 March 31, 2024.

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.

Exhibit Number	Description
99.1	PotlatchDeltic Presentation, Q1 2024
104	Cover Page interactive data file (Embedded within the Inline XBRL document)

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.

			PotlatchDeltic Corporation
Date:	February 27, 2024	By:	/s/ Michele L. Tyler
			Michele L. Tyler Vice President, General Counsel and Corporate Secretary

EX-99.1

Why Invest in PotlatchDeltic

Forward-Looking Statements & Non-GAAP Measures

Company and Industry Overview

PotlatchDeltic is a $4.0 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 Fluctuated 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

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 More Tensioned 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

Definitions

XML

Document And Entity Information	Feb. 27, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 27, 2024
Entity Registrant Name	POTLATCHDELTIC CORPORATION
Entity Central Index Key	0001338749
Entity Emerging Growth Company	false
Entity File Number	1-32729
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-0156045
Entity Address, Address Line One	601 West First Avenue, Suite 1600
Entity Address, City or Town	Spokane
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99201
City Area Code	509
Local Phone Number	835-1500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock ($1 par value)
Trading Symbol	PCH
Security Exchange Name	NASDAQ