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RAYONIER TIMBERLANDS, L.P. ANNOUNCES INCREASE IN QUARTERLY CASH DISTRIBUTION

 STAMFORD, Conn., Feb. 9 /PRNewswire/ -- The board of directors of the managing general partner of Rayonier Timberlands, L.P. (NYSE: LOG), today announced an increase in the quarterly cash distribution to $1.15 per Class A unit, an increase of 25 cents over the previous quarterly distribution.
 The board indicated that, barring unforeseen developments, it expects to maintain this new distribution level for the foreseeable future. However, the board will continue to review its appropriateness on an annual basis. The first quarter's distribution will be payable on March 31, 1993, to unitholders of record on Feb. 26, 1993.
 In increasing the distribution, the board indicated that the partnership is entering the eighth full year of operations of its 15-year initial term which ends on Dec. 31, 2000. The board has determined that it is unlikely that all of the cash balance in the partnership's primary account will be required prior to the expiration of the initial term for working capital, capital expenditures, asset acquisitions and other reserves. Cash determined not to be needed for these purposes will be distributed over the remaining years beginning with this quarter's distribution.
 The board also announced that the managing general partner will be reminding unitholders that when the initial term ends on Dec. 31, 2000, the primary account of the partnership will be closed and there will not be any redemption of the partners' capital accounts. The interest of Class A unitholders in the partnership's cash flow will then decrease from 95 percent to 4 percent. It is expected that the market price of Class A units should decline substantially as the end of the initial term approaches. As a result, dividing the annual cash distribution by the unit's market price may be misleading when a unitholder computes his investment return.
 Rayonier Timberlands, L.P., grows and sell timber on 796,000 acres in the Southeast U.S. and 369,000 acres in the Northwest U.S. Its Class A units are listed on the New York Stock Exchange and trade under the symbol LOG.
 -0- 2/9/93
 /CONTACT: Martin Arnold of ITT Rayonier Inc., 203-964-4621/
 (LOG)


CO: Rayonier Timberlands, L.P. ST: Connecticut IN: PAP SU: DIV

GK-LR -- NY017 -- 4495 02/09/93 09:20 EST
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Publication:PR Newswire
Date:Feb 9, 1993
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