On 10 February 2016, Rayonier’s Board of Directors approved an additional US$100 million share repurchase authorization. Source: Street Insider
Repurchases may be made at management’s discretion from time to time on the open market or through privately negotiated transactions.
The repurchase program has no time limit and may be suspended for periods or discontinued at any time.
“In 2016, we expect a modest increase in Southern harvest volume, reflecting recent acquisitions, at prices generally comparable to 2015,” Rayoneir CEO David Nunes said.
“We continue to believe that US housing starts will improve gradually, but that in 2016 we will not reach conditions favorable to significantly improve sawlog pricing.”
In the Pacific Northwest, the company expects volumes comparable to 2015 and it is cautiously optimistic that prices will improve from current levels, which will largely depend upon export market conditions.
In its New Zealand joint venture, the company anticipates a reduction in harvest volume of approximately 10% due to timber age-class variations, with average prices broadly in line with 2015.
The company said that it was on track with previously announced plans to recapitalize the New Zealand joint venture and thereby reduce consolidated interest expense while increasing ownership interest from 65% to an estimated 77%.
“In our real estate segment, we expect continued steady demand for rural properties,” Mr Nunes said.
“We also anticipate strengthening interest in selected development properties, particularly as we begin to sell parcels within our East Nassau mixed use development project, which we anticipate in the second half of 2016. We are also planning on a higher level of investment in 2016 as we ramp up our development efforts in this area.”
