Founded in 1926, Rayonier is now a leading international forest products company with three core businesses: Timber, Real Estate and Performance Fibers. We are structured as a timber Real Estate Investment Trust (REIT) and our stock is traded on the New York Stock Exchange under the symbol RYN. We have offices on three continents and more than 1,800 employees. Approximately 45 percent of our sales are outside the U.S.
Timber is the foundation of our business. Rayonier owns, leases or manages approximately 2.4 million acres of timber and land in the U.S. and New Zealand. We grow and sell timber for use by pulp, paper, lumber and other wood product manufacturers in the U.S. and the Asia Pacific region.
Rayonier's Real Estate holdings include approximately 200,000 acres of property with residential and commercial development potential in the high value coastal areas of Georgia and Florida. Our real estate subsidiary, TerraPointe LLC, is focused on maximizing the value of its properties through entitlements and by partnering with premier developers.
Serving customers in approximately 40 countries, Rayonier's Performance Fibers business is one of the world's leading producers of high-value specialty cellulose fibers. Our performance fibers are used by our customers to make a wide variety of consumer products such as LCD screens for televisions and computers, pharmaceuticals, paints, cosmetics, textiles, cigarette filters, impact-resistant plastics and food products. We also produce highly absorbent fluff fibers for use in diapers, feminine hygiene products and adult incontinence products.
As a timber REIT, we're not a typical forest products company. Each of our three core businesses holds a unique position in its respective market. Together, this mix along with geographic and market diversity, consistently provides quality earnings and strong cash flow through the economic cycle.
We use this cash flow to pay an attractive dividend. However, unlike most REITs, our dividend is generally treated as a long-term capital gain and taxed at a maximum rate of 15 percent.
