SEATTLE, Sept. 22, 2021 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today announced that its board of directors declared an interim supplemental dividend of $0.50 per share on the common stock of the company, payable in cash on October 19, 2021, to holders of record of such common stock as of the close of business on October 5, 2021.

Additionally, the board has authorized a new share repurchase program of up to $1 billion of the company's common shares. This program replaces the existing $500 million share repurchase program authorized in February 2019. Repurchases under the new program may be made through a variety of methods, including open market purchases, unsolicited or solicited privately negotiated transactions, tender offer, block trades, accelerated share repurchase transactions, or pursuant to 10b5-1 trading plans.

"In light of Weyerhaeuser's record first-half 2021 cash flow generation, the board of directors is accelerating a portion of the company's first quarter 2022 supplemental dividend and authorizing a new share repurchase program, consistent with our commitment to return capital to shareholders," said Devin W. Stockfish, president and chief executive officer. "This enables our shareholders to benefit from extraordinary market conditions in the first calendar year of our new dividend framework and also permits us to take advantage of a one-time tax planning opportunity.

"Moving forward, we expect to pay the entirety of our supplemental dividend on an annual basis in the first quarter, consistent with our dividend framework," Stockfish continued. "We are excited to accelerate this return of cash, and we look forward to paying a meaningful supplemental dividend in the first quarter of 2022."

In fourth quarter 2020, Weyerhaeuser implemented a "base plus variable supplemental" dividend framework. Under this framework, the company expects to supplement its quarterly base cash dividend, as appropriate, with a variable return of cash to achieve a targeted total annual return to shareholders of 75 to 80 percent of annual Adjusted Funds Available for Distribution (Adjusted FAD). Weyerhaeuser expects this variable return of cash will occur primarily through a supplemental cash dividend which will normally be declared and paid annually in the first quarter. The company continues to expect it will declare and pay a supplemental dividend in first quarter 2022.

Adjusted FAD, a non-GAAP measure, is defined by Weyerhaeuser as net cash from operations adjusted for capital expenditures and significant non-recurring items.

ABOUT WEYERHAEUSER
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in North America. Our company is a real estate investment trust. In 2020, we generated $7.5 billion in net sales and employed approximately 9,400 people who serve customers worldwide. We are listed on the Dow Jones Sustainability North America Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES

This news release contains statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the company's expectations about the amount, timing and occurrence of future quarterly and supplemental cash dividends as well as the company's dividend framework. Forward-looking statements are generally identified by words such as "expect," "targeted," and "will," and similar words and expressions referencing future events. Forward-looking statements are based on our current expectations and assumptions, the accuracy of which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, those identified in our 2020 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements and reports, including reports, registration statements, prospectuses, information statements and other filings with the Securities and Exchange Commission.

It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

Also included in this news release are references to Adjusted FAD, which is a non-GAAP financial measure. Adjusted FAD may not be comparable to similarly named or captioned non-GAAP financial measures of other companies due to potential inconsistencies in how such measures are calculated. Adjusted FAD measures, when presented, should not be considered in isolation from, and are not intended to represent an alternative to, our GAAP results.

For more information contact:
Analysts – Beth Baum or Andy Taylor, 206-539-3907
Media – Nancy Thompson, 919-861-0342

SOURCE Weyerhaeuser Company