Jacksonville, Florida, USA, 19 May 2006 -- (BUSINESS WIRE) -- Rayonier (NYSE:RYN) announced today that the company's board of directors has declared a second quarter cash dividend of 47 cents per common share. The dividend is payable 30 June 2006, to shareholders of record on 09 June 2006.

Rayonier owns, leases or manages 2.5 million acres of timberland in the United States, New Zealand, and Australia. Its real estate subsidiary, TerraPointe LLC, is focused on maximizing the value of its extensive higher-and-better use properties, particularly in the fast-growing counties along Interstate 95 between Savannah, Georgia, and Daytona Beach, Florida, where Rayonier owns approximately 200,000 acres. The company is also a leading producer of high performance cellulose specialty products. Approximately 40% of Rayonier's sales are outside the United States to customers in more than 50 countries.