Rayonier (RYN) 8-K Expects First Year Dividend to be Approximately $110 Million

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT — August 20, 2003

COMMISSION FILE NUMBER 1-6780

RAYONIER INC.

Incorporated in the State of North Carolina

I.R.S. Employer Identification Number l3-2607329

50 North Laura Street, Jacksonville, Florida 32202

(Principal Executive Office)

Telephone Number: (904) 357-9100

RAYONIER INC.

TABLE OF CONTENTS

	PAGE
Item 5.  Other Events	1
Item 7.  Financial Statements and Exhibits	1
Signature	2
Exhibit Index	3

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ITEM 5. OTHER EVENTS

Incorporated by reference is a press release issued by Rayonier Inc. on August 19, 2003, attached as Exhibit 99.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

See Exhibit Index on Page 3.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of l934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

RAYONIER INC. (Registrant)
By:	/s/ HANS E. VANDEN NOORT
	Hans E. Vanden Noort Vice President and Corporate Controller

August 20, 2003

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EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION	LOCATION
99	Press release entitled, “Rayonier to Convert to a REIT, Expects First Year Dividend to be Approximately $110 Million,” issued August 19, 2003	Filed herewith

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