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Management Side
Rayonier Closes Real Estate Transactions Worth USD 54 Million in North Florida
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Jacksonville, Florida, USA, 03 October 2006 --(BUSINESS WIRE)-- Rayonier (NYSE:RYN) said today that it has closed three significant real estate transactions worth approximately USD 54 million and comprising 6600 acres in North Florida. Two of the transactions involved development properties, including one in which Rayonier will participate with the developer over the next 10 years. The third transaction was a sale of conservation and recreation property to a county government. These transactions represent an after-tax gain of USD 31 million, or 39 cents per share, with 27 cents to be recorded in the third quarter and 12 cents in the fourth.

The company noted that these transactions are consistent with the earnings guidance given in its second quarter earnings announcement.

The largest transaction - USD 28.3 million for 1950 acres near Jacksonville - was with ICI Homes, a prominent Southeast U.S. home builder, and reflects Rayonier's strategy to increase per acre values by partnering with prestigious developers and participating in downstream revenues. In addition to the USD 22.6 million received at closing, Rayonier will receive and record USD 5.7 million within a 10-year period from revenue earned by ICI from the sale of homes on the property.

About Rayonier

Rayonier is a leading international forest products company with three core businesses: Timber, Real Estate and Performance Fibers. It owns, leases or manages 2.5 million acres of timber and land in the United States, New Zealand, and Australia. The company's holdings include approximately 200,000 acres with residential and commercial development potential along the fast-growing Interstate 95 corridor between Savannah, Georgia, and Daytona Beach, Florida. Its Performance Fibers business is the world's leading producer of high-value specialty cellulose. Approximately 40% of the company's sales are outside the United States to customers in more than 50 countries.

 

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