Rayonier Announces Intent to Offer New Zealand Timberland for Sale
19 Agosto 2008 - 9:00AM
Business Wire
Rayonier (NYSE:RYN) today announced that the New Zealand joint
venture Matariki Forests, in which it has a 40 percent interest,
has decided to offer its timberlands for sale. Matariki Forests
owns the third largest forest estate in New Zealand, with
approximately 343,000 acres of timberland well positioned
throughout the country. In addition to its equity interest,
Rayonier provides timberland management services to the joint
venture. �The decision to offer this high quality Radiata pine
estate allows the joint venture to tap the private market�s strong
appetite for timberland as an attractive asset class,� said
Rayonier chairman, president and CEO, Lee M. Thomas. �We will work
with the other Matariki owners to select a financial advisor and
begin marketing this property within the next three months.� A sale
of the joint venture�s timberlands would be expected to close
sometime in 2009. About Rayonier Rayonier is a leading
international forest products company with three core businesses:
Timber, Real Estate and Performance Fibers. The company owns,
leases or manages 2.6 million acres of timber and land in the
United States and New Zealand. The company�s real estate
development subsidiary, TerraPointe LLC, maximizes 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. Rayonier is structured as a real
estate investment trust. More information is available at
www.rayonier.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 laws.
These forward-looking statements, which include statements
regarding anticipated earnings, revenues, taxes 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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