Rayonier Inc. (RYN) announced on Monday that it has authorized a new share repurchase program valued at $300 million. This new authorization effectively replaces the previous $100 million share repurchase program.
"This enhanced share repurchase authorization grants us additional flexibility to buy back shares, reflecting our strong belief in the intrinsic net asset value of Rayonier," stated Mark McHugh, President and CEO of the company. He highlighted the ongoing disparity between public and private timberland valuations.
In addition, Rayonier declared a special one-time dividend of $1.80 per share, which will be distributed as a mix of cash and the company's common stock. This dividend is set to be paid on January 30, 2025, to shareholders on record as of December 12, 2024.
This special dividend is a response to the taxable gains from the $495 million in timberland sales that Rayonier finalized during the fourth quarter. These transactions are part of the company's broader strategy aimed at asset disposition and capital structure optimization.
