WY
#Yes, <UNK>.
This is <UNK>.
We definitely spend time with the rating agencies to make sure that they understand our deposition and our EBITDA generation and we're very comfortable with where we're at with the rating agencies and our current investment grade rating.
And, <UNK>, if you [reference] the share repurchase, we have ---+ as we said, we were going to do it on an accelerated basis.
We've essentially completed the $2 billion in, I guess, less than six months and did it at what we think at an attractive value from our shareholder perspective of less than $29.50 per share.
So pleased with the progress that we've made on the share repurchase.
I think that is a component of what's happened on the log pricing.
Small land owners ---+ you never know exactly what motivates them or when they bring things to market.
But clearly there we have seen some of that happening over the past year or two.
Thank you.
Hi, <UNK>.
Yes.
So you're exactly right, <UNK>.
What we said is that the authorization was for $2.5 billion.
That we would do $2 billion on an accelerated basis.
And as I just mentioned, we've essentially completed that.
We've also said consistently that once we do that, we'll take a pause and we'll work closely with our board to determine the timing of the additional $500 million.
So that's what we'll be doing.
Sure.
We are, as you would anticipate, constantly evaluating markets and the way to grow markets.
As you also he know, the South is very small in terms of export market currently.
But we'll continue to look at opportunities as we move forward and we think that market will in fact develop over time.
Yes.
So those are the joint venture partnerships that Plum Creek entered into.
And we have been in discussions with them.
And we're aware that they're seeking to do an accelerated program to divest some of those properties.
Given that's a joint venture, we treat that as equity accounting.
We'll see the benefit of that as they execute on that plan.
So, <UNK>, this is <UNK>.
We'll see a mix but we may see some more Plum Creek lands coming in in the third and fourth quarter, which will result in a little higher basis because of that step-up.
As we look at the combined portfolio, obviously we're focused on getting through the Weyerhaeuser lands through the AVO process.
But in conjunction with that, we're looking at all the opportunities on the combined portfolio.
And it really does provide us with a lot of optionality as far as which lands to bring to market.
<UNK>, as you know, we're committed to a growing and sustainable dividend.
2016 is going to be very noisy as we continue to move forward and lots of moving pieces.
As we look into 2017, we're going to continue to benefit from cost and operational synergies, continued OpEx improvement, strong housing markets, all those type of things.
We will be spending time with our board as we move forward to figure out exactly how to think about the dividend on a go-forward basis with the mix of assets that we now have, with the much more stable earnings streams that comes from Timberland and then the improvements that we've made in our wood products to take some of the volatility out of that and, most important probably, to eliminate some of the down side in our wood products operation on a go-forward basis.
So all things that will be factoring into what the appropriate level of our dividend is on a go-forward basis.
So, <UNK>, we're guiding to 18% to 20% for our full-year taxer rate.
As far as the allocation of the interest expense between the taxable REIT subsidiary and the REIT, we actually have debt that is associated with taxable REIT subsidiary.
So that's allocated and tax affected accordingly.
And then there's debt associated with the REIT asset.
So you'll get a blended rate.
Yes.
Thanks, everybody, for joining ---+ indicated that was our final question.
And just like to close by thanking everybody for their interest in Weyerhaeuser.
That care.
