Rayonier to Acquire Pope Resources
POPE RESOURCES (POPE)
US:NASDAQ Investor Relations:
orm.com/investorrelations.aspx
Company Research
Source: Business Wire
Values Pope Resources limited partnership equity at $554 million, or $126.91 per unitAdds fee ownership of 125,000 acres(1) of high-quality, predominantly Douglas-fir timberlands to Rayonier’s Pacific Northwest timberland portfolio; increases sustainable yield by 57 MMBF (or 455,000 tons) annually and proportion of Douglas-fir merchantable inventory from 60% to 68%Adds private equity timber fund business with three funds comprising 141,000 acres and assets under management of $545 million; Pope Resources co-investment of 12% represents “look-through” ownership of additional 17,000 acresAugments higher-and-better-use real estate pipeline with rural and conservation land sale opportunities and high-potential improved development projects in west Puget Sound areaResults in targeted annual cost synergies of $5 million, consisting primarily of rationalization of corporate overheadExpected to generate accretion to cash available for distribution (“CAD”)(2)(3)(4) per share in first full year
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