Fernandina Observer

Rayonier
Press Release
January 17, 2020

• Values Pope Resources limited partnership equity at $554 million, or $126.91 per unit
• Adds 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 acres
• Augments higher-and-better-use real estate pipeline with rural and conservation land sale opportunities and high-potential improved development projects in west Puget Sound area
• Results in targeted annual cost synergies of $5 million, consisting primarily of rationalization of corporate overhead
• Expected to generate accretion to cash available for distribution (“CAD”) (2)(3)(4) per share in first full year
• Employs innovative UPREIT structure to defer capital gain recognition for Pope Resources unitholders

WILDLIGHT, Fla. & POULSBO, Wash.–(BUSINESS WIRE)–Jan. 15, 2020– Rayonier Inc. (“Rayonier”) (NYSE:RYN) and Pope Resources, A Delaware Limited Partnership (“Pope Resources”) (NASDAQ:POPE) announced today that they have entered into a definitive merger agreement under which Rayonier will acquire all of the outstanding limited partnership units of Pope Resources for consideration consisting of equity and cash. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies as well as the special committee of Pope Resources’ board composed solely of independent directors, Pope Resources unitholders will have the right to elect to receive (i) 3.929 common shares of Rayonier, (ii) 3.929 units of Rayonier Operating Partnership LP, or (iii) $125 in cash in exchange for each unit of Pope Resources, subject to a proration mechanism as described below. Based on Rayonier’s 10-day volume-weighted average price, the transaction values Pope Resources’ limited partnership equity at $554 million, or $126.91 per unit (assuming 70% of the Pope Resources units are exchanged for equity consideration and 30% are exchanged for cash consideration).

Following the closing of the transaction, Rayonier Operating Partnership LP (n/k/a Continue reading →

Barnabas Center
Press Release
Contact: Alexandra Winsor
Communications Manager
www.BarnabasNassau.org
January 17, 2020

Barnabas Center coordinated the holiday Adopt-a-Family program, which paired a local family in need with a sponsor to “adopt” that family to help provide for a joyful Christmas.

Barnabas thanks the following committee members for their assistance in the planning and implementation of the Adopt-a-Family program: St. Francis Church in Yulee, First Presbyterian Church of Fernandina Beach, Memorial United Methodist Church of Fernandina Beach, St. Michaels Catholic Church and Toys for Tots.

This year, 150 families – with a total of 340 children – were adopted by Barnabas and the following community partners: Head Start (Callahan and Fernandina Beach), Big Brothers & Big Sisters, ARC Nassau, Council on Aging and Family Support Services.

Barnabas thanks the many individuals, families and businesses that adopted families or provided financial donations including Pineland Bank, Davis Auto of Yulee, Omni Amelia Continue reading →

January 17, 2020

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