Rayonier Approves $300 Mln Share Repurchase Authorization

(RTTNews) - Rayonier Inc. (RYN) Monday announced it has approved a new $300 million share repurchase authorization.

The new authorization replaces and supersedes the company's existing $100 million share repurchase authorization.

"Our new share repurchase authorization provides us additional capacity to execute on share repurchases, demonstrating our conviction in the underlying net asset value of the company amid the continued disconnect between public and private timberland values," said Mark McHugh, President & CEO of Rayonier.

Separately, Rayonier also announced declared a one-time, special dividend of $1.80 per share, consisting of a combination of cash and the company's common shares. The dividend is payable on January 30, 2025 to shareholders of record on December 12, 2024.

The special dividend is being made in connection with the taxable gains arising from the $495 million of timberland dispositions the company completed during the fourth quarter as part of its previously announced asset disposition and capital structure realignment plan.