Weyerhaeuser declares supplemental dividend of US$1.45/share on common stock, taking total dividends to US$2.63/share based on 2021 results; CEO says opportunities in timberlands, natural climate solutions will drive growth in quarterly base dividend

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SEATTLE , January 28, 2022 (press release) –

- Returning $1.45 per share supplemental dividend, resulting in $2.63 per share of total dividends based on 2021 results
- Delivering total cash return to shareholders of more than $2 billion, or 79 percent of Adjusted Funds Available for Distribution, based on 2021 results

Weyerhaeuser Company (NYSE: WY) today announced that its board of directors declared a supplemental dividend of $1.45 per share on the common stock of the company, payable in cash on February 28, 2022, to holders of record of such common stock as of the close of business on February 18, 2022.

Weyerhaeuser Company logo. (PRNewsFoto/Weyerhaeuser Company)

In 2021, Weyerhaeuser generated Adjusted Funds Available for Distribution (Adjusted FAD) of more than $2.6 billion. Including the supplemental dividend to be paid on February 28, 2022, Weyerhaeuser is returning $2.63 per share of dividends to shareholders based on 2021 financial results, or 75 percent of 2021 Adjusted FAD, including:

  • $509 million, or $0.68 per share, of quarterly base dividends paid in 2021;
  • $375 million, or $0.50 per share, from an interim supplemental dividend paid in October 2021; and
  • nearly $1.1 billion, or $1.45 per share, from the supplemental dividend declared today.

Including $100 million of shares repurchased during 2021, Weyerhaeuser is returning more than $2 billion of total cash to shareholders based on 2021 results, or 79 percent of 2021 Adjusted FAD, in line with the company's previously communicated annual payout range of 75 to 80 percent of Adjusted FAD. As of December 31, 2021, the company had approximately $926 million of remaining capacity under the previously announced $1 billion share repurchase program authorized by the Weyerhaeuser board of directors in September 2021.

"We are excited to announce the final installment of cash return to shareholders based on 2021 financial results," said Devin W. Stockfish, president and chief executive officer. "The meaningful supplemental dividend declared today, when combined with dividend payments and share repurchase activity in 2021, demonstrates our commitment to returning a significant portion of our cash flow back to shareholders and the strong cash generation capability of our unmatched portfolio of assets and industry-leading operating performance.

"As we move forward in 2022," Stockfish continued, "we remain committed to returning a significant amount of cash to shareholders. This commitment will continue to be supported by our sustainable quarterly base dividend, which we intend to grow by 5 percent annually through 2025 driven by growth opportunities in our Timberlands and Natural Climate Solutions businesses. We will supplement our base dividend with an additional return of cash, as appropriate, to achieve our targeted annual payout of 75 to 80 percent of Adjusted FAD. As demonstrated in 2021, we have the flexibility in our capital allocation framework to return this additional cash either in the form of a supplemental cash dividend, which would be paid in the first quarter of 2023 based on full-year 2022 results, or through a combination of supplemental dividend and opportunistic share repurchase. We continue to believe this framework will enhance our ability to drive long-term shareholder value by returning meaningful and appropriate amounts of cash back to our shareholders across a variety of market conditions."

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 2021, we generated $10.2 billion in net sales and employed approximately 9,200 people who serve customers worldwide. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

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Dan Rivard
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