Jul 12, 2010. /Lesprom Network/. Weyerhaeuser Company announced the Board of Directors has declared a special dividend of $5.6 billion. This marks a major milestone in the company’s plan to convert to a real estate investment trust (REIT) by distributing its earnings and profits to shareholders. The special dividend includes the regular quarterly dividend of approximately $11 million and is payable to shareholders of record as of July 22, 2010. Weyerhaeuser expects to pay the special dividend on Sept. 1, 2010. “Today’s announcement represents the final major step in executing our plan to convert to a REIT,” said Dan Fulton, President and CEO. “The REIT structure best supports our strategic direction and positions Weyerhaeuser for future growth. The tax efficiency of the REIT structure also will enable us to increase our timberland earnings and make higher distributions to our shareholders.” A company makes a REIT election when it files the tax return for the effective year. Weyerhaeuser intends to make the REIT election when it files its 2010 tax return in 2011. The election would be effective beginning Jan. 1, 2010. Weyerhaeuser Company, one of the world’s largest forest products companies.