Rayonier announced recently that its board of directors voted to increase the company's regular quarterly cash dividend by $.04 per common share, or 8 percent, from $.50 per share to $.54, effective for the fourth quarter distribution.
The fourth quarter dividend is payable Dec. 31, 2010, to shareholders of record on Dec. 10, 2010. This is the company's fifth dividend increase since its announcement to convert to a REIT structure in 2003.
"Increasing the dividend demonstrates the strength of Rayonier's balanced business mix and ability to generate cash, as well as our confidence in growing future cash flows," said Lee M. Thomas, chairman and CEO. "As a REIT, providing shareholders with an attractive, tax-advantaged dividend is one of our key objectives."
Rayonier's dividend is expected to be characterized as long-term capital gain and taxed at a maximum rate of 15 percent for most U.S. taxpayers.
