WILDLIGHT, Fla. (News release) -- Rayonier Inc. announced the results of shareholder elections relating to the special dividend declared by its Board of Directors on December 2, 2024. The dividend of $1.80 per common share will be paid on January 30, 2025, to shareholders of record on December 12, 2024.

The dividend will be paid in the form of approximately $67 million in cash and approximately 7.6 million common shares. The number of common shares included in the dividend was calculated based on the volume weighted average trading prices of the Company's common shares on the New York Stock Exchange on January 17, January 21, and January 22, 2025, or $26.5116 per share.

Shareholders of record on December 12, 2024, were asked to make an election to receive the dividend all in cash or all in common shares, with the total cash component limited to 25% of the aggregate special dividend. Shareholders who did not make an election before 5:00 p.m. Eastern Time on January 16, 2025, will receive the dividend in the form of $0.45 per share in cash and $1.35 per share in common shares.

Summarized results of the dividend elections are as follows:

• To shareholders that elected to receive the dividend in all shares, Rayonier will pay the dividend in common shares.
• To shareholders that elected to receive the dividend in all cash, Rayonier will pay the dividend in the form of $0.61333416 per share in cash and $1.18666584 per share in common shares.
• Rayonier will pay fractional shares in cash.

The Company expects the dividend to be a taxable dividend to shareholders, regardless of whether a particular shareholder receives the dividend in the form of cash or common shares.

Shareholders who hold their shares through a bank, broker or nominee and have questions regarding the dividend should contact such bank, broker or nominee. If you are a registered shareholder and have questions regarding the dividend, you may call Computershare Trust Company, N.A. at (800) 659-0158, or (201) 680-6578 for international callers.

The Company also announced today that holders of operating partnership units will receive the distribution in the form of $0.45 per unit in cash and $1.35 per unit in operating partnership units.