Rayonier Sells 1,940 Acres Near Jacksonville, Florida, to LandMar With Option to Share in Development Proceeds
06 Dezembro 2006 - 11:00AM
Business Wire
Rayonier (NYSE:RYN) said today it has completed the sale of
approximately 1,940 acres of development property south of
Jacksonville to LandMar, a premier Southeast U.S. land developer
and home builder, for $27.5 million. The agreement includes a
provision that provides Rayonier with the option to convert the
transaction to a �participation� arrangement and share in proceeds
as the property is developed. Rayonier received and recorded $10
million in revenue at closing and, under the terms of the
agreement, has the option to receive the remaining $17.5 million
when the property is entitled, or, at that time, to convert the
balance to a �participation� arrangement and share in the gross
revenue from sales of home lots. The after-tax impact of the
transaction in the fourth quarter is $5.9 million, or 8 cents per
share. �This transaction reflects our strategy to maximize per acre
returns of our high-value real estate properties by partnering with
companies that have extensive entitlement and development
expertise,� said Charles Margiotta, President of TerraPointe,
Rayonier�s real estate development subsidiary. �We are particularly
pleased to be working with LandMar due to its reputation for
creating high-quality, financially successful developments. Not
only is Rayonier guaranteed $27.5 million ($14,160/acre), but we
have the potential, through the �participation� option, to receive
considerably greater value as the property is developed.� The
property is located in St. Johns County between the St. Johns River
and Interstate 95 and is adjacent to the Julington Creek and South
Hampton residential developments. LandMar has not announced plans
or timing for development of 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 2.7 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 LandMar LandMar has been a leading community
developer since 1987, creating some of Florida�s best communities.
Today, LandMar features a wide array of residential, commercial and
mixed-use offerings throughout Florida and Georgia. LandMar
communities offer homesites, homes and condominiums in a wide range
of prices and feature a wealth of amenities including signature
golf courses by legendary players Jack Nicklaus, Arnold Palmer,
Gary Player, Mark McCumber, Pete Dye, Davis Love III, Ben Crenshaw
and Bill Coore. The company�s vision is inspired by three primary
building blocks: Creating unparalleled master planned communities
and condominiums, offering premier club and amenity management with
its affiliated company Hampton Golf, and supporting the efforts of
its charitable organization, The Monique Burr Foundation for
Children. For more information on LandMar, visit
www.landmargroup.com. 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 law. These forward-looking statements, which include
statements regarding anticipated earnings, revenues, volumes,
pricing, costs 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: fluctuations
in demand for, or supply of, real estate, entitled properties and
housing in the Northeast Florida market; unexpected delays in the
entry into or closing of real estate sale transactions; changes in
law, policy or political environment that might condition, limit or
restrict the development of real estate; and implementation or
revision of governmental policies and regulations affecting the
environment, endangered species, timber harvesting, import and
export controls or taxes, including changes in tax laws that could
reduce the benefits associated with REIT status. 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)
said today it has completed the sale of approximately 1,940 acres
of development property south of Jacksonville to LandMar, a premier
Southeast U.S. land developer and home builder, for $27.5 million.
The agreement includes a provision that provides Rayonier with the
option to convert the transaction to a "participation" arrangement
and share in proceeds as the property is developed. Rayonier
received and recorded $10 million in revenue at closing and, under
the terms of the agreement, has the option to receive the remaining
$17.5 million when the property is entitled, or, at that time, to
convert the balance to a "participation" arrangement and share in
the gross revenue from sales of home lots. The after-tax impact of
the transaction in the fourth quarter is $5.9 million, or 8 cents
per share. "This transaction reflects our strategy to maximize per
acre returns of our high-value real estate properties by partnering
with companies that have extensive entitlement and development
expertise," said Charles Margiotta, President of TerraPointe,
Rayonier's real estate development subsidiary. "We are particularly
pleased to be working with LandMar due to its reputation for
creating high-quality, financially successful developments. Not
only is Rayonier guaranteed $27.5 million ($14,160/acre), but we
have the potential, through the 'participation' option, to receive
considerably greater value as the property is developed." The
property is located in St. Johns County between the St. Johns River
and Interstate 95 and is adjacent to the Julington Creek and South
Hampton residential developments. LandMar has not announced plans
or timing for development of 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 2.7 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 LandMar LandMar has been a leading community
developer since 1987, creating some of Florida's best communities.
Today, LandMar features a wide array of residential, commercial and
mixed-use offerings throughout Florida and Georgia. LandMar
communities offer homesites, homes and condominiums in a wide range
of prices and feature a wealth of amenities including signature
golf courses by legendary players Jack Nicklaus, Arnold Palmer,
Gary Player, Mark McCumber, Pete Dye, Davis Love III, Ben Crenshaw
and Bill Coore. The company's vision is inspired by three primary
building blocks: Creating unparalleled master planned communities
and condominiums, offering premier club and amenity management with
its affiliated company Hampton Golf, and supporting the efforts of
its charitable organization, The Monique Burr Foundation for
Children. For more information on LandMar, visit
www.landmargroup.com. 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 law. These forward-looking statements, which include
statements regarding anticipated earnings, revenues, volumes,
pricing, costs 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: fluctuations
in demand for, or supply of, real estate, entitled properties and
housing in the Northeast Florida market; unexpected delays in the
entry into or closing of real estate sale transactions; changes in
law, policy or political environment that might condition, limit or
restrict the development of real estate; and implementation or
revision of governmental policies and regulations affecting the
environment, endangered species, timber harvesting, import and
export controls or taxes, including changes in tax laws that could
reduce the benefits associated with REIT status. 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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