Spokane, Washington-based real estate investment trust, Potlatch Corp. announced with its quarterly results that it has signed a purchase agreement to acquire 201,000 acres of timber land in Mississippi and Alabama for $384 million from Resource Management Service LLC. The deal, which is expected to close by the end of the year will almost double Potlatch’s timber land holdings in the southern U.S. Currently Potlatch’s total holdings across the U.S. West, Midwest, and South to 1.4 million acres. High prices for lumber and logs drove up earnings for the trust in its latest quarter. Potlatch posted net income of $33.2 million on revenues of $177.2 million for the third quarter of 2014 compared to net income of $22.2 million on revenues of $157.9 million in the third quarter of 2013.
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