Weyerhaeuser Scraps Development Projects

Weyerhaeuser Co. land in five states where residential and commercial development had been planned will be sold instead because of an accounting change, the forest products company said Wednesday.

The accounting change and accelerated sales, which affect nearly a third of the real estate assets in two Weyerhaeuser subsidiaries, mean a one-time charge of $184 million in the third quarter.

Assets being sold in the next two years are primarily raw land that had been held for residential and commercial development in California, Maryland, Virginia, Texas and Florida, Male said.

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