The board of directors of PotlatchDeltic Corporation declared a special dividend on the company’s common stock. The distribution of $4 per share is payable December 31, 2021 to stockholders of record on December 22, 2021.
The board of directors of PotlatchDeltic Corporation also declared a quarterly distribution on the company’s common stock. The distribution of 44 cents per share is payable December 31, 2021 to stockholders of record on December 15, 2021. This is a 7.3% increase compared to the prior quarterly dividend of $0.41 per share.
“The alignment of our lumber-leveraged operating strategy with strong housing fundamentals is generating a record amount of cash,” said Jerry Richards, vice president and chief financial officer. “Returning approximately $275 million of this cash to shareholders in the form of a special dividend is part of a balanced capital allocation strategy that rewards shareholders. After paying the special dividend, we will still have significant capital available, including over $300 million of cash, to continue growing shareholder value,” said Richards.
“Returning cash to shareholders through a secure, growing dividend is a key part of our capital allocation strategy,” said Eric Cremers, president and chief executive officer. “Since 2012, we have increased our dividend 42% on a per-share basis and our payout has more than doubled. This is the second year in a row that we increased our quarterly dividend, demonstrating our bullishness on the ability of our business to continue generating strong returns,” said Cremers.
