Rayonier announced today that its board of directors voted to increase the company's regular quarterly cash dividend by $.05 per common share, or 11.4% percent, from $.44 per share to $.49, effective for the third quarter distribution.

The third quarter dividend is payable Sept. 30, 2013, to shareholders of record on Sept. 16, 2013. This is the company's ninth dividend increase in the last 11 years.

"Rayonier's businesses continue to provide steady and growing returns for our shareholders," said Paul G. Boynton, Chairman, President and CEO. "This significant dividend increase reflects the successful start-up of our Cellulose Specialties Expansion project, strengthening timber and real estate markets and our confidence regarding future cash flows."