SPOKANE, Wash., August 31, 2022--(BUSINESS WIRE)--PotlatchDeltic Corporation (Nasdaq: PCH) announced today that its Board of Directors approved a new $200 million share repurchase program. This program replaces the existing $100 million share repurchase program authorized in August 2018.
"Returning cash to our shareholders through opportunistic share repurchases remains an important part of our capital allocation strategy," said Jerry Richards, vice president and chief financial officer. "Today’s announcement reflects our Board’s confidence in our ability to continue generating robust cash flows, as well as our commitment to growing shareholder value over the long term," stated Mr. Richards.
PotlatchDeltic (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) that owns approximately 1.8 million acres of timberlands in Alabama, Arkansas, Idaho, Louisiana, and Mississippi. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program. PotlatchDeltic, a leader in sustainable forest practices, is committed to environmental and social responsibility and to responsible governance. More information can be found at www.potlatchdeltic.com.
This communication contains certain forward-looking statements about PotlatchDeltic that are intended to be covered by the safe harbor provided by the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact are forward-looking statements. In some cases, you can identify forward-looking statements by words such as "anticipate," "expect," "will," "intend," "plan," "target," "project," "believe," "seek," "continue," "estimate," "could," "can," "may," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements relating to discussions of strategy, business outlook, cash flows, and the intended use of the share repurchase authorization. You should carefully read forward-looking statements, including statements that contain these words, because they discuss the future expectations or state other "forward-looking" information about PotlatchDeltic. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements, many of which are beyond PotlatchDeltic’s control, including changes in our outlook, and the other factors described in PotlatchDeltic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in the company’s other filings with the SEC. PotlatchDeltic assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, all of which speak only as of the date hereof.
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