JACKSONVILLE, Fla.--(BUSINESS WIRE)--Rayonier (NYSE:RYN) announced today that its board of directors voted to increase the company’s regular quarterly cash dividend by $.05 per common share, or 11.4% percent, from $.44 per share to $.49, effective for the third quarter distribution.
The third quarter dividend is payable Sept. 30, 2013, to shareholders of record on Sept. 16, 2013. This is the company’s ninth dividend increase in the last 11 years.
“Rayonier’s businesses continue to provide steady and growing returns for our shareholders,” said Paul G. Boynton, Chairman, President and CEO. “This significant dividend increase reflects the successful start-up of our Cellulose Specialties Expansion project, strengthening timber and real estate markets and our confidence regarding future cash flows.”
Rayonier will announce second quarter earnings on July 25. The company will host a conference call and live webcast with the investment community at 2 p.m. EDT the same day to discuss the results. Investors may listen to the conference call by dialing 888-989-7543, passcode: Rayonier, or by logging onto http://www.rayonier.com.
Rayonier is a leading international forest products company with three core businesses: Forest Resources, Real Estate and Performance Fibers. The company owns, leases or manages 2.7 million acres of timber and land in the United States and New Zealand. The company's holdings include approximately 200,000 acres with residential and commercial development potential along the Interstate 95 corridor between Savannah, Ga., and Daytona Beach, Fla. Its Performance Fibers business is one of the world's leading producers of high-value specialty cellulose fibers, which are used in products such as filters, pharmaceuticals and LCD screens. Approximately 50 percent of the company's sales are outside the U.S. to customers in approximately 40 countries. Rayonier is structured as a real estate investment trust. More information is available at www.rayonier.com.