Jacksonville company picks up 172,400 acres of land across the South
In two deals, Jacksonville-based Rayonier Inc. has acquired 172,400 acres of timberland in Texas, Georgia, Alabama and Louisiana.
The property is well stocked, said Rayonier, a timberland real estate investment trust, with expectations that the company will be able to harvest approximately 860,000 tons of timber each year for the coming decade. "The acquisitions announced today underscore our commitment to improving our portfolio quality and sustainable yield through disciplined growth," CEO David Nunes said in a statement."It is rare to come across a collection of premier quality timberland assets with such a strong fit to our existing portfolio."
Both this third quarter and last year's had one-time charges that affected earnings, including a $1.1 million write off due to a fire in Washington state that destroyed timber. Last year, earnings included $25.5 million in revenue related to several large sales and other events.
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