Rayonier Declares $1.40 Special Dividend Following New Zealand Sale
Rayonier, L.P. (NYSE: RYN), a timber real estate investment trust, declared a $1.40 per share special dividend payable December 12, 2025 to shareholders of record October 24, 2025. High cash demand forced proration to $0.35 per share in cash.
Rayonier, L.P. (NYSE: RYN), a timber real estate investment trust, declared a $1.40 per share special dividend following taxable gains from the sale of its New Zealand joint venture. The dividend will be paid December 12, 2025 to shareholders of record as of October 24, 2025. Read more dividend announcements.
The distribution structure was designed as 25% cash and 75% common shares, but shareholder elections overwhelmed the cash cap. Investors who opted for full cash payment received approximately $0.35 per share in cash, with the remainder delivered in Rayonier common stock. Shareholders who made no election automatically received the 25% cash and 75% stock split.
The special dividend stems from capital gains generated by Rayonier's exit from its New Zealand forestry joint venture. The company structured the payout to balance cash preservation with shareholder returns while managing the tax consequences of the asset sale.
| Dividend Details | Information |
|---|---|
| Amount | $1.40 per share |
| Type | Special (one-time) |
| Cash Component | ~$0.35 per share (prorated) |
| Stock Component | Balance in common shares |
| Record Date | October 24, 2025 |
| Payment Date | December 12, 2025 |
Recent Merger Activity
The special dividend comes as Rayonier completed its merger with PotlatchDeltic. The company issued $3.2 billion in common stock and recorded $24.9 million in replacement equity awards for vested PotlatchDeltic stock grants as part of the combination.
One-time merger costs totaled $33.5 million, while a special payment to the PotlatchDeltic CEO added $6.7 million to transaction expenses. The combined entity now carries an expanded portfolio of timberland assets across multiple U.S. regions.