Jul 23, 2007. /Lesprom Network/. Rayonier announced on July 23, 2007 that its board of directors has declared a third quarter cash dividend of $0.5 per common share, an increase of $0.03 per share, or 6.4%. The dividend is payable on September 28, 2007, to shareholders of record as of September 7, 2007. "The increased dividend reflects the strength of our well-positioned core businesses and our confidence in their ability to consistently generate strong cash flow," said Lee M. Thomas, chairman, president and CEO. "As a REIT, providing shareholders with an attractive dividend is one of our key objectives." Rayonier's dividend is expected to be characterized as long-term capital gain and taxed at a maximum rate of 15% for most U.S. taxpayers. Rayonier is a leading international forest products company with three core businesses: timber, real estate and performance fibers. It owns, leases or manages 2.7 million acres of timber and land in the U.S., New Zealand and Australia. Its performance fibers business is the world's leading producer of high-value specialty cellulose fibers.