Timberland manager Pope Resources (NASDAQ:POPE) announced today it would be paying its second-quarter distribution of $0.45 per unit, the same rate it paid for the last four quarters after it raised the payout  from $0.35 per unit.

The board of directors said the quarterly distribution is payable on June 14 to the holders of record at the close of business on May 29.

Pope has made a distribution virtually every quarter since 1997 and before that it made annual distributions for five straight years. No distributions were made in the first or second quarters of 2002 or for the full year of 2001. 

The regular distribution payment equates to a $1.80-per-share annual dividend yielding 2.9% based on the closing price of Pope Resources' stock on May 8.

POPE Dividend Chart

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