JACKSONVILLE, Fla.--(BUSINESS WIRE)--Jun. 30, 2015--
Rayonier Inc. (NYSE:RYN) announced today the company has acquired
approximately 18,000 acres of high-quality timberlands in southwest
Louisiana and northwest Oregon in two separate transactions from BTG
Pactual Timberland Investment Group. Both properties are located near
existing Rayonier landholdings:
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The Louisiana property – known as the King parcel – consists of
approximately 12,200 acres of high quality, well managed southern pine
timberland located in strong timber markets. The property was
purchased for $25.5 million. It contains merchantable inventory of
approximately 560,000 tons, is comprised of approximately 86%
plantable lands, and is expected to improve the company’s sustainable
yield by approximately 45,000 tons per year. This acquisition expands
Rayonier’s ownership in Louisiana to approximately 150,000 acres.
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The Oregon property – known as the Scappoose parcel – consists of
approximately 5,600 acres of highly productive, well-stocked and
highly-operable timberland tributary to strong domestic and export
markets in the northwest corner of the state, near current company
holdings in southwest Washington. The property was purchased for $34
million. It complements the age-class profile of the company’s Pacific
Northwest timber holdings, contains merchantable inventory of
approximately 102,000 tons (12.7 MMBF) of which an estimated 95% is
high-value Douglas-fir, is comprised of approximately 88% operable
lands, and is expected to improve the company’s sustainable yield by
approximately 35,000 tons (4.4 MMBF) per year. This acquisition
expands Rayonier’s footprint into the state of Oregon and grows
Rayonier’s total Pacific Northwest ownership to approximately 374,000
acres.
The company also acquired approximately 4,600 acres located in Florida
and Georgia in the second quarter of 2015 through a series of small
transactions with non-industrial private landowners. Year-to-date,
Rayonier has acquired 35,000 acres of high quality timberland in the
U.S. South and Pacific Northwest for a total of approximately $88
million.
“We are pleased to close these two acquisitions with BTG Pactual
Timberland Investment Group,” said David Nunes, Rayonier President and
CEO. “The properties have been well-managed and are high-quality assets
located in strong timber markets. These transactions reflect our
disciplined growth strategy to focus on select acquisitions that upgrade
our land portfolio, grow our sustainable harvest and generate accretion
to our cash available for distribution per share.”
About Rayonier
Rayonier is a leading timberland real estate investment trust with
assets located in some of the most productive softwood timber growing
regions in the United States and New Zealand. Rayonier owns, leases or
manages approximately 2.7 million acres of timberlands located in the
U.S. South, U.S. Pacific Northwest and New Zealand. More information is
available at www.rayonier.com.
Forward-Looking Statements
This press release contains forward-looking statements, as defined by
the Private Securities Litigation Reform Act of 1995 and other federal
securities laws, related to the company’s inventories and harvest
capacity, which involve, among other things, uncertainties inherent in
business, inventory estimation and harvest scheduling. These
forward-looking statements are identified by the use of words such as
“may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,”
“project,” “anticipate” and other similar language. However, the absence
of these or similar words or expressions does not mean that a statement
is not forward-looking. While management believes that these
forward-looking statements are reasonable when made, forward-looking
statements are not guarantees of future performance or events and undue
reliance should not be placed on these statements. The reader is
cautioned not to rely on these forward-looking statements. If underlying
assumptions prove inaccurate or known or unknown risks or uncertainties
materialize, actual results could vary materially from the expectations
and projections of Rayonier. Risks and uncertainties include anticipated
financial outcomes, business and market conditions, outlook, expected
dividend rate and the implementation of the company’s business
strategies and other similar outcomes relating to the company’s future
events, developments or financial or operational performance or results.
For additional factors that could impact future results, please see Item
1A — Risk Factors in the company’s most recent Annual Report on Form
10-K and similar discussions included in other reports that we
subsequently file with the Securities and Exchange Commission (the
“SEC”). Forward-looking statements are only as of the date they are
made, and the Company undertakes no duty to update its forward- looking
statements except as required by law. You are advised, however, to
review any further disclosures we make on related subjects in our
subsequent reports filed with the SEC.
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Source: Rayonier Inc.
Rayonier
Investors
Mark McHugh, 904-357-3757
or
Media
Roseann
Wentworth, 904-357-9185
roseann.wentworth@rayonier.com