Rayonier to Acquire 55,000 Acres of Timberland in Texas
30 Novembro 2006 - 7:05PM
Business Wire
Rayonier (NYSE:RYN) announced today it has agreed to acquire 55,000
acres of high-quality timberland in Texas for $121 million from an
investment fund advised by Global Forest Partners LP. The
transaction is expected to close by year-end. The well-managed
timberland has an unusually large percentage of immediately
harvestable, high-value pine sawtimber. In addition, the property
is located approximately 70 miles north of Houston along Interstate
45 in an area with good demand for rural land. �This property is an
excellent fit for Rayonier,� said Lee Nutter, Chairman, President
and CEO. �Because of the very high percentage of mature timber and
its exceptional quality, the transaction will be immediately cash
accretive. The property also complements the 31,000 acres of
timberland we recently acquired in Texas. In addition to increasing
our timberland base, this purchase provides very significant
like-kind-exchange tax benefits, giving us further opportunity to
efficiently develop our high-value real estate business along the
I-95 coastal corridor in Georgia and Northeast Florida.� 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 2.7 million acres of
timber and land in the U.S., 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 fibers.
Approximately 40 percent of the company�s sales are outside the
U.S. to customers in more than 50 countries. About Global Forest
Partners LP Global Forest Partners LP is an SEC-registered
investment adviser that structures and manages innovative
timberland investments on behalf of institutional and other
qualified investors worldwide. As of September 30, 2006, the firm
managed approximately $1.6 billion for over 100 clients. Except for
historical information, the statements made in this press release
are �forward-looking statements� made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and other federal securities laws. These forward-looking
statements, which include statements regarding anticipated
earnings, revenues, tax savings and other statements relating to
Rayonier�s financial and operational performance, in some cases are
identified by the use of words such as �may,� �will,� �should,�
�expect,� �estimate,� �believe,� �anticipate� and other similar
language. The following important factors, among others, could
cause actual results to differ materially from those expressed in
the forward-looking statements contained in this release:
unexpected delays in the entry into or closing of real estate sale
transactions, including, without limitation, the above-described
transaction; changes in law or policy that might condition, limit
or restrict the development of real estate; the ability of the
company to identify and complete timberland and higher-value real
estate acquisitions, including the transactions referenced above;
the ability of the company to complete tax-efficient, like-kind
exchanges of real estate; and implementation or revision of
governmental policies and regulations affecting taxes, including
changes in tax laws that could reduce the benefits associated with
REIT status or like-kind exchanges of real estate. For additional
factors that could impact future results, please see the company�s
most recent Form 10-K on file with the Securities and Exchange
Commission. Rayonier assumes no obligation to update these
statements except as may be required by law. Rayonier (NYSE:RYN)
announced today it has agreed to acquire 55,000 acres of
high-quality timberland in Texas for $121 million from an
investment fund advised by Global Forest Partners LP. The
transaction is expected to close by year-end. The well-managed
timberland has an unusually large percentage of immediately
harvestable, high-value pine sawtimber. In addition, the property
is located approximately 70 miles north of Houston along Interstate
45 in an area with good demand for rural land. "This property is an
excellent fit for Rayonier," said Lee Nutter, Chairman, President
and CEO. "Because of the very high percentage of mature timber and
its exceptional quality, the transaction will be immediately cash
accretive. The property also complements the 31,000 acres of
timberland we recently acquired in Texas. In addition to increasing
our timberland base, this purchase provides very significant
like-kind-exchange tax benefits, giving us further opportunity to
efficiently develop our high-value real estate business along the
I-95 coastal corridor in Georgia and Northeast Florida." 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 2.7 million acres of
timber and land in the U.S., 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 fibers.
Approximately 40 percent of the company's sales are outside the
U.S. to customers in more than 50 countries. About Global Forest
Partners LP Global Forest Partners LP is an SEC-registered
investment adviser that structures and manages innovative
timberland investments on behalf of institutional and other
qualified investors worldwide. As of September 30, 2006, the firm
managed approximately $1.6 billion for over 100 clients. Except for
historical information, the statements made in this press release
are "forward-looking statements" made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and other federal securities laws. These forward-looking
statements, which include statements regarding anticipated
earnings, revenues, tax savings and other statements relating to
Rayonier's financial and operational performance, in some cases are
identified by the use of words such as "may," "will," "should,"
"expect," "estimate," "believe," "anticipate" and other similar
language. The following important factors, among others, could
cause actual results to differ materially from those expressed in
the forward-looking statements contained in this release:
unexpected delays in the entry into or closing of real estate sale
transactions, including, without limitation, the above-described
transaction; changes in law or policy that might condition, limit
or restrict the development of real estate; the ability of the
company to identify and complete timberland and higher-value real
estate acquisitions, including the transactions referenced above;
the ability of the company to complete tax-efficient, like-kind
exchanges of real estate; and implementation or revision of
governmental policies and regulations affecting taxes, including
changes in tax laws that could reduce the benefits associated with
REIT status or like-kind exchanges of real estate. For additional
factors that could impact future results, please see the company's
most recent Form 10-K on file with the Securities and Exchange
Commission. Rayonier assumes no obligation to update these
statements except as may be required by law.
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