Rayonier (RYN) is more diversified than it looks, which protects the high dividend payout from this real estate investment trust (REIT) when times are tough. The company sells timber, a good business when construction is booming but not so good now. It also sells specialty cellulose products used in cigarette filters, textiles, and plastics. This performance fiber division has benefitted lately from rising prices. And finally, there’s the company’s real estate operation. Rayonier owns, leases, or controls about 2.2 million acres of timberland. Some of that is located in high growth areas of the Southeast in Georgia and Florida. The company’s real estate operation, Terre Point, sells raw and partially developed land. The yield as of October 14, 2009 was 4.81%
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