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Rayonier Inc, headquartered in Yulee, Florida is a timberland real estate investment trust ("REIT") with assets located in softwood timber growing regions in the United States and New Zealand. Its core business segments are timber and real estate.[5]

Key Information

As of December 31, 2024, the company owned or leased approximately 2.5 million acres of timberlands overall, located in the U.S. South (1.75 million acres) and U.S. Pacific Northwest (308,000 acres). The company also has a 77% ownership interest in Matariki Forestry Group, a joint venture, that owns or leases approximately 412,000 acres of timberlands in New Zealand.[2]

History

[edit]

Rayonier was founded in 1926 as the Rainier Pulp and Paper Company in Shelton, Washington, with a headquarters office in San Francisco, California. Its name was inspired by Mount Rainier in Washington state. Its first mill opened the next year in Shelton Washington, on the Olympic Peninsula. The mill used Tsuga heterophylla (western hemlock) trees to create a premium bleached paper pulp.

In September 1930, Rainier Pulp and Paper began working with the DuPont chemical company to produce hemlock pulp for the manufacture of rayon.[6] Two additional pulp mills were constructed and began operation in the state of Washington at Hoquiam, Washington and Port Angeles, Washington.

Rainier Pulp and Paper changed its name to Rayonier, a portmanteau of the words rayon and Rainier, in 1937, when it became a publicly traded company. The following year, the company acquired timber stands in the southeastern United States, and began construction of a Fernandina Beach, Florida, pulp mill, which began production in 1939.[7]

In 1944, the company moved its offices to New York City.[8] As World War II ended, Rayonier began making large land purchases in the Pacific Northwest. The Rayonier Foundation was created in 1952 to provide assistance to charitable, civic and education organizations in the communities where Rayonier did business.

Rayonier opened international sales offices in Europe and Asia during 1954. That same year, another pulp mill in the southeast was constructed at Jesup, Georgia.[8] High demand prompted the facility to double its capacity by 1957.

ITT purchased the company in 1968 and the name changed to ITT Rayonier.[9]

The Jesup mill was expanded in 1974, becoming the largest pulp mill on earth.[10]

Company headquarters were moved again in 1978; this time to Stamford, Connecticut.

Diplomatic relations with China were restored in 1979. The following year, Rayonier received orders for pulp and logs. It took almost five years to receive permission to open an office in Beijing in 1985.[citation needed]

A log-trading office was opened in New Zealand during 1988. The New Zealand government sold Rayonier 250,000 acres (1,000 km2) of timberland in 1992.[11]

The company was spun off from ITT in 1994 with the company name reverting to Rayonier and shares again traded on the New York Stock Exchange.

Rayonier purchased 969,000 acres (3,920 km2) of timberland in Florida, Georgia and Alabama in 1999, then relocated the corporate offices to Jacksonville, Florida, to be closer to company employees and properties.[12]

Rayonier converted to a real estate investment trust (REIT) on January 1, 2004.[13] TerraPointe LLC was established in 2005 to manage properties with development potential.[14]

The 2006 purchase of 228,000 acres (920 km2) in six states brought the company's total of land owned, leased or managed to 2,600,000 acres (11,000 km2) in the U.S. and New Zealand.

In March 2008, the company purchased 56,300 acres (228 km2) for $215 million in southwest Washington state from Sierra Pacific [15]

In March 2013, the company sold its wood products division, including its mills in Baxley, Swainsboro, and Eatonton, Georgia, to British Columbia-based International Forest Products (Interfor) for $80 million.[16]

In April 2013, the company increased its shareholding in the joint venture Matariki Forestry Group in New Zealand from 26% to 65% for $140 million.[4]

In May 2014, Rayonier named David L. Nunes as post-separation president and CEO for Rayonier.[17]

A class action against members of the former management team by certain shareholders was launched for the period from October 26, 2010, to November 7, 2014, claiming over-harvesting while communicating publicly harvesting below a sustainable rate.[18] On October 5, 2017, the court entered orders approving the settlement and a plan of distribution terminating these class actions.

In June 2014, Rayonier spun off its performance fibers business into an independent, publicly traded company, Rayonier Advanced Materials Inc. (NYSE: RYAM).[19][20] Shareholders of Rayonier received one share of the new Rayonier Advanced Materials company for every three shares of Rayonier on June 27, 2014.[3][21]

In August 2015, Rayonier announced its ownership in the New Zealand joint venture will increase from 65% to approximately 77%, as part of an anticipated recapitalization of the JV.[22]

In May 2016, Rayonier announced upgrades to it Pacific Northwest timberland portfolio through the acquisition of 61,000 acres of timberlands in western Oregon for $263 million, and a disposition of 55,000 acres comprising predominantly pre-merchantable timber in Washington state for $130 million.[23]

In August 2017, Rayonier consolidated its corporate headquarters, real estate, and forest resources offices into a newly constructed, state-of-the-art building in Wildlight, Florida.[24] The company is currently constructing a 23,600 acre development in Wildlight.[25] It began work on phase two of the project in 2022, developing 15,000 acres of land.[26]

In May 2020, Rayonier acquired Pope Resources in the Pacific Northwest.[2]

In March 2025, Rayonier announced the intended sale of its interest in the New Zealand Joint Venture to the Rohatyn Group for $710 million.[27]

In October 2025, Rayonier and PotlatchDeltic announced a plan to combine in an all-stock deal creating a $7.1 billion forestry company. The combined company will own roughly 4.2 million acres of US timberland.[28]

Business segments

[edit]
  • Timber (47% of total sales for 2024)
  • U.S. real estate (51% of total sales for 2024)
  • Trading (2% of total sales for 2024).[2]

References

[edit]
[edit]
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Rayonier

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Rayonier Inc. is a timberland real estate investment trust (REIT) headquartered in Wildlight, Florida, that owns and manages approximately 2.5 million acres of timberlands across the United States and New Zealand. The company engages in sustainable forest management, harvesting timber for products including pulp, paper, lumber, and other wood-based materials, while also pursuing opportunities in land resources and real estate development. Organized as an NYSE-listed entity (RYN), Rayonier creates shareholder value through its core segments of forest resources and real estate, emphasizing long-term timber growth and strategic land sales. Founded in 1926 as Rainier Pulp & Paper Company in , Rayonier initially focused on high-purity production before expanding into timberland ownership and operations. Renamed in 1931 after its pioneering pulp used in , the company grew through acquisitions, becoming publicly traded in 1937 and reorganizing as a REIT in 2004 to optimize its forest assets. In 2014, it spun off its performance fibers business into a separate entity, sharpening its emphasis on timberland management and higher-value activities. Today, Rayonier operates as the second-largest timberland REIT, with timberlands concentrated in productive regions like the U.S. South, , and , supporting , recreation, and initiatives alongside commercial .

History

Founding and Early Operations (1926-1940s)

Rayonier traces its origins to the Rainier Pulp & Paper Company, founded in 1926 in , by Edward "Ted" Mills, a self-educated immigrant from who recognized the potential of western hemlock scraps for producing high-grade bleached paper pulp. The company's inaugural mill opened the following year in on the , utilizing abundant local hemlock timber to manufacture pulp initially targeted for paper production. Amid the Great Depression, Rainier shifted focus from general paper pulp to specialty dissolving pulps for and , pioneering high-purity cellulose processes in collaboration with , which adapted hemlock as a viable alternative to pricier linters. By 1930, operations expanded with additional mills in Hoquiam, Port Angeles, and , positioning the company as the world's largest producer of dissolving pulp. In 1937, Rainier merged with two other Washington-based mills to form Rayonier Incorporated—deriving its name from "" and elements of "Rainier"—establishing it as the global leader in pulp manufacturing with an annual capacity of 232,000 metric tons, supplying about one-third of worldwide demand, and listing on the . During the late 1930s, Rayonier began securing timber supplies by acquiring land in and Georgia to complement operations reliant on hemlock. In 1939, it opened a in , employing innovative technology to process southern into high-alpha pulp. accelerated production, as the Fernandina facility shifted to manufacturing under directives, yielding over 100,000 tons in 1943 for military applications such as explosives and coatings. By 1944, with Mills stepping down, Edward Bartsch assumed presidency and relocated headquarters to to oversee growing international sales, including to since .

Expansion and Industry Shifts (1950s-1980s)

In the 1950s, Rayonier expanded its production capacity and timberland holdings amid growing demand for high-purity cellulose used in rayon and other chemical applications. In 1954, the company opened its second southeastern U.S. pulp mill in Jesup, Georgia, enhancing output for international markets and establishing offices in Europe and Asia to support exports. By 1955, Rayonier controlled approximately 800,000 acres of timberland in Florida and Georgia, bolstering its raw material supply; that year, it also founded the Morgan Nursery in Nassau County, Florida, to advance reforestation efforts. In 1957, the East Coast Genetic Resource Center was launched to improve tree genetics, reflecting a strategic shift toward sustainable forestry practices to sustain long-term yields. Under new leadership in 1958, President Russell Erickson prioritized efficient timber management, including railroad rebuilds and intensified , which optimized operations across the company's growing southeastern holdings. The 1962 windstorm damaged significant timber stands but opened export opportunities to , Korea, and , diversifying revenue beyond domestic pulp sales. This period marked Rayonier's deepening investment in southeastern timberlands, transitioning from Pacific Northwest-focused operations to a balanced portfolio emphasizing plantations suited for pulp production. The 1968 acquisition by ITT Corporation for $293 million transformed Rayonier into ITT Rayonier, integrating it into a multinational conglomerate and providing capital for further growth, though it subordinated operations to ITT's broader portfolio. In 1974, the Jesup mill underwent major expansion, becoming the world's largest at the time and underscoring Rayonier's dominance in chemical cellulose amid rising global and specialty chemical demands. By the late 1970s, headquarters relocated to , in 1979, facilitating administrative efficiencies. The 1980s saw initial diversification beyond pure pulp production, with the 1980 opening of a office to tap Asian pulp markets, including , and the 1981 formation of Rayland (later Raydient) for real estate development adjacent to the , Georgia. In 1985, Rayonier established the , conducting an that monetized 25% of timberland cash flows, signaling a pivotal industry shift toward financial structuring for timber assets amid evolving and landscapes favoring partnerships over direct corporate . These moves reflected broader sector trends, where integrated forest products firms like Rayonier began separating timberland management from to unlock asset value and adapt to stagnant pulp markets and rising environmental regulations.

Transition to REIT Structure and Modern Focus (1990s-Present)

In 1994, Rayonier separated from ITT Corporation and resumed operations as an independent public company, with its stock trading on the New York Stock Exchange under the ticker RYN. This independence allowed renewed focus on core timber and pulp operations amid a shifting industry landscape. During the late 1990s, the company encountered profitability challenges in its international segments, exacerbated by the Asian financial crisis, which reduced demand for exports; sales from international operations fell from 59% of total revenue in 1995 to 49% by 1997. In response, Rayonier closed its high-cost Port Angeles, Washington, pulp mill in February 1997 due to stringent environmental regulations and operational inefficiencies, resulting in 365 job losses. A major expansion occurred in 1999 with the acquisition of 968,000 acres of timberlands in Florida, Georgia, and Alabama from Smurfit-Stone Container Corporation, elevating Rayonier to the seventh-largest private timberland owner in the U.S. with approximately 2.4 million acres total. The pivotal shift came in 2003 when Rayonier's board approved a to qualify as a (REIT), effective January 1, 2004, aiming for tax efficiency and enhanced shareholder returns through mandatory distributions. This conversion positioned the company to prioritize income from timberland ownership and sales, including stumpage rights, while distributing at least 90% of as s; it declared a special in November 2003 to facilitate the transition. Initially, the REIT structure encompassed three segments: forest resources (timber management and sales), (land development and sales), and performance fibers (specialty products). By streamlining operations, Rayonier divested non-core assets, such as New Zealand's East Coast timberlands in 2002, recording a $1.7 million loss from discontinued operations. Post-conversion, Rayonier refined its portfolio to emphasize timberlands and . In , it spun off its performance fibers business into Inc. (NYSE: RYAM) on June 27, allowing the parent company to concentrate on REIT-eligible activities like timber harvesting and land leasing, with David L. Nunes appointed as CEO. This separation unlocked value by isolating capital-intensive manufacturing from asset-light land management, improving focus on high-yield softwood timber regions. Subsequent moves included relocating headquarters to Wildlight, , in 2017—a master-planned community on company land—and acquiring Pope Resources in May 2020, which added timberlands and holdings via Raydient Places. In the , Rayonier operates as a pure-play timberland REIT, managing approximately 2.7 million acres across the U.S. South, , and , emphasizing sustainable , , and alternative land uses like leases and conservation easements. The company has pursued strategic initiatives to bridge valuation gaps, including asset sales and debt reduction, as outlined in its 2023 plan. On October 14, 2025, Rayonier announced an all-stock merger of equals with PotlatchDeltic Corporation, creating a combined entity with $7.1 billion in assets and enhanced scale in productive timber regions, pending regulatory approval. This positions the firm to capitalize on evolving land-based solutions beyond traditional harvesting, such as and opportunities.

Business Operations

Timberlands Management

Rayonier manages approximately 2.5 million acres of timberlands located primarily in the U.S. South and , employing market-driven precision to optimize timber yields while integrating . The company's operations emphasize a perpetual cycle of , growth, and selective harvesting, with an annual planting of around 39 million seedlings and regeneration of over 77,000 acres in recent years. These practices are supported by in-house , including controlled in seed orchards to produce genetically superior seedlings that exhibit faster growth, straighter form, and higher volume. Timberlands are divided regionally, with the U.S. South comprising about 1.75 million acres focused on pine species such as loblolly, managed for shorter rotation cycles of 20-25 years, while the Pacific Northwest holdings, around 300,000 acres, feature longer rotations of 35-40 years for species like Douglas fir on steeper terrains requiring hand-planting. Management incorporates data-driven tools including drones, LiDAR, and GIS mapping to tailor site-specific treatments, such as soil mounding for preparation in areas like northeast Florida, and thinning operations at 12-15 years to enhance stand quality. Harvesting is conducted to maintain sustainable levels, ensuring regeneration follows immediately to preserve forest productivity and habitats. Sustainability is embedded through adherence to Sustainable Forestry Initiative (SFI) and Programme for the Endorsement of Forest Certification (PEFC) standards, which mandate protections for , , and integrity across operations. Rayonier protects over 7,272 miles of streams via best management practices, monitors for pests, invasives, and conditions, and promotes early successional habitats through harvesting that benefits wildlife such as deer and turkey. These efforts result in net , with forests removing approximately seven times more carbon than emitted from management activities. Active portfolio management involves acquiring high-quality tracts and divesting non-strategic lands to enhance overall timberland value and productivity.

Real Estate and Land Development

Rayonier pursues real estate and land development through its taxable REIT subsidiary, Raydient Places + Properties, which masterplans, develops, builds, markets, and sells properties ranging from mixed-use communities and industrial parks to rural homesteads and conservation lands. This arm focuses on converting portions of Rayonier's timberlands into higher and better uses (HBU), where alternative applications yield premiums of 50-100% above timberland values, while preserving the core forestry business. The company's HBU strategy involves annually selling 1-2% of its southern timberland base—primarily in and northeast —into development markets, alongside selective dispositions in the . Rayonier maintains a development pipeline of approximately 120,000 acres, with 50,000 acres targeted for realization over the next 5-10 years and 70,000 acres for longer-term potential. Development sales have grown to represent 44% of revenues in 2021-2023, up from 15% in 2015-2017, with a projected average adjusted EBITDA of $40 million annually for 2026-2030, reflecting a 40% increase over the prior period. Key projects include Wildlight in Nassau County, Florida, a premier mixed-use development featuring a 300-acre village center; Heartwood in Richmond Hill, Georgia, a forest-inspired community supported by 25,000 acres within a 5-mile radius; and Harbor Hill in Gig Harbor, Washington, a 327-acre mixed-use site. In Washington, Rayonier completed the $12 million sale of a 210-acre residential parcel at Wright Creek in Bremerton and is redeveloping 318 acres at Port Gamble with 1.4 miles of waterfront. Additional initiatives encompass rural land sales optimized for recreation and country living, as well as emerging uses like solar energy leases, such as the 583-acre portion of the 2,500-acre Umbriel solar project in Polk County, Texas. These efforts emphasize entitlements, community outreach, and sustainable mixed-use outcomes to maximize land value.

Geographic and Operational Scope

Rayonier conducts its operations exclusively within the , with timberland holdings concentrated in the productive softwood-growing regions of the U.S. South and . As of June 30, 2025, the company owned or leased approximately 2.0 million acres of timberlands, comprising 1.74 million acres in the U.S. South and 307,000 acres in the . The U.S. South portfolio spans nine states, including , , Georgia, , , , , , and others, where Rayonier manages southern forests optimized for high-yield , sawtimber, and production. These holdings support annual timber harvests exceeding 7 million tons, with a focus on intensive practices to maximize growth rates in this region's favorable climate. In the Pacific Northwest, operations center on and Washington, featuring slower-growing but higher-value species like Douglas-fir and hemlock, harvested at volumes of approximately 1 million tons annually for and domestic markets. Beyond timber production, Rayonier's operational scope encompasses and sales, primarily on non-core southern parcels suitable for industrial, commercial, and residential uses, generating proceeds from selective dispositions totaling hundreds of millions of dollars in recent years. The company also monetizes land resources through recreational leasing on over 1.9 million acres available for and outdoor activities, as well as minerals extraction and leases, such as solar and projects, across its U.S. footprint. are located in Wildlight, , with regional offices in , , Georgia, , , and Washington to oversee field operations.

Sustainability and Environmental Management

Sustainable Forestry Practices and Certifications

Rayonier employs a land stewardship ethic that integrates reforestation, forest management, growth, nurturing, and harvesting of trees as an economic enterprise with the conservation of soil, air, water, wildlife, timber, and aesthetic values. This approach emphasizes compliance with applicable federal, state, and local environmental laws, alongside voluntary third-party certifications to verify adherence to rigorous standards. The company's Sustainable Forestry and Environmental Management Policy commits to third-party certification of production timberlands under the Sustainable Forestry Initiative (SFI) or Forest Stewardship Council (FSC) standards, with SFI endorsed by the Programme for the Endorsement of Forest Certification (PEFC). In the United States, Rayonier's timberlands have maintained SFI certification since 2001, subjecting operations to independent audits that evaluate performance across more than 40 measures and 130 indicators covering forest management, biodiversity, water quality, and reforestation. Audits under the SFI 2022 Forest Management Standard commenced in 2023, requiring activities such as prompt reforestation of harvested sites to ensure regeneration rates match or exceed pre-harvest stocking levels. In New Zealand, operations have held FSC and PEFC certifications since 2004, extending chain-of-custody tracking for sustainably sourced fiber. Rayonier publicly discloses external audit results and maintains an Environmental Management System to set and track targets for resource efficiency and performance. Key practices include systematic , with all harvested timberlands regenerated through planting or natural means; for instance, Rayonier has planted 39 million seedlings and regenerated 77,951 acres as part of ongoing efforts to perpetuate forest cycles. conservation integrates with these activities by protecting diverse habitats, monitoring wildlife, and avoiding high-conservation-value areas during harvesting, while stream protection measures safeguard 7,272 miles of waterways in the U.S. to prevent and maintain . These efforts align with certification requirements for legal compliance, worker , and stakeholder engagement on best practices.

Carbon Sequestration and Climate Contributions

Rayonier's approximately 2.7 million acres of primarily southern U.S. timberlands serve as significant through active growth and management practices that promote accumulation in , , and vegetation. In 2024, these sequestered an estimated 12 million metric tonnes of CO2 equivalents annually, calculated via a stock-change tracking net increases across managed stands. This figure reflects the balance of carbon uptake during growth minus releases from harvesting, decay, or disturbances, with replanting ensuring cycle continuity. Historical data from Rayonier's carbon reports indicate consistent sequestration capacity, with forests removing 13 million metric tonnes of CO2 equivalents in 2023 and over 14.6 million in 2022, substantially exceeding the company's Scope 1 and 2 emissions of approximately 290,000 metric tonnes in the latter year. Cumulative storage across biomass and soil pools reached more than 750 million metric tonnes of CO2 equivalents as of 2020, representing the net outcome of over a century of sustainable forestry that includes species selection for fast growth and site-specific planting densities. Post-harvest carbon retention in wood products, such as lumber and paper, further extends sequestration, with estimates accounting for product lifetimes and decay rates. Beyond organic sequestration, Rayonier has pursued (CCS) opportunities by leasing subsurface pore space for geological CO2 injection, including a December 2024 agreement covering 104,000 acres in the U.S. Gulf Coast region with Reliant Carbon Capture & Storage. This initiative enables permanent underground storage while allowing surface to continue, potentially layering geological with biological sequestration. Overall, Rayonier's managed forests demonstrate a net positive impact, with annual removals reported as seven times greater than operational emissions in recent assessments, positioning timberland ownership as a verifiable offset mechanism under frameworks like voluntary carbon markets.

Environmental Criticisms and Responses

Rayonier has faced environmental criticisms primarily related to its historical operations and timber harvesting practices. In , the nonprofit filed a citizen suit under the Clean Water Act against Rayonier's , , alleging the discharge of up to 60 million gallons per day of dark, foul-smelling effluent into the , which reportedly rendered fish inedible for miles downstream. The suit claimed decades of violations, but a federal court dismissed the case in 2015, ruling that the discharges did not exceed permit limits under the Act. Shareholders have also alleged inadequate disclosure of environmental liabilities. A 2015 class-action accused (RYAM), then part of Rayonier before its 2017 spin-off, of improperly recording or failing to record remediation costs for contaminated sites, potentially understating risks in . Similar concerns arose in a 2025 tied to RYAM's merger activities, questioning disclosures on obligations. Regarding timberlands, a 2017 securities fraud lawsuit claimed Rayonier executives misrepresented harvesting levels as below sustainable thresholds, leading to excessive cuts that could harm long-term forest health and carbon storage; the company denied the allegations and maintained compliance with management plans. In response, Rayonier has emphasized remediation and sustainable practices, particularly post-spin-off focus on timberlands. For legacy mill sites, such as the Port Angeles Harbor facility, Rayonier removed over 30,000 tons of contaminated soil between 1993 and 2008, with ongoing cleanup supervised by Washington State regulators as of 2025. The company publishes annual sustainability reports detailing environmental metrics, including 2024 forestland sequestration of an estimated 12 million metric tons of CO2 equivalents, offsetting operational emissions. Rayonier asserts adherence to third-party certified forestry standards, quantifying harvested timber's downstream carbon storage in wood products, and argues that managed harvesting enhances biodiversity and resilience compared to natural disturbances. Critics' claims of overharvesting remain contested, with Rayonier citing growth-harvest balance data from internal models showing net carbon gains.

Corporate Strategy and Financial Performance

Key Strategic Initiatives and Mergers

In November 2023, Rayonier announced a strategic plan to enhance by addressing the valuation disparity between publicly traded and privately held timberlands, including potential selective asset monetizations to realize higher private market values while maintaining core operations. This initiative aimed to optimize its portfolio amid market pressures on public REIT valuations, with the company executing related moves such as a $710 million divestiture of its stake in August 2025, enabling a sharper U.S.-centric focus and balance sheet strengthening. A pivotal merger was announced on October 14, 2025, when Rayonier agreed to an all-stock merger of equals with PotlatchDeltic Corporation, creating a combined entity with $7.1 billion in enterprise value and approximately 2.7 million acres of timberlands across high-growth U.S. regions. The deal, valued at about $8.2 billion including debt, seeks to leverage synergies in timber management, , and alternative land uses like , pending regulatory and shareholder approvals. Rayonier has also pursued timberland expansion through acquisitions, including the May 2020 purchase of Pope Resources for an undisclosed amount, adding coastal assets and high-value opportunities. In late 2022, it completed deals for roughly 172,400 acres in the U.S. South (Texas, Georgia, , ) at a total cost of $454 million, targeting productive timber regions with annual harvest volumes exceeding 700,000 tons. These moves align with broader strategies to diversify revenue via non-timber uses, such as leases and projects, amid evolving demand for sustainable land solutions.

Financial Metrics and Shareholder Value

Rayonier Inc., as a timberland (REIT), reports financial metrics emphasizing operational cash flows, adjusted EBITDA, and results to reflect core timberland management performance, excluding one-time gains from large asset dispositions. For the full year 2024, the company recorded revenues of $1.3 billion and attributable to Rayonier of $359.1 million, or $2.39 per share, largely driven by gains on sales; however, was $70 million, or $0.47 per share, with adjusted EBITDA of $299 million, exceeding prior guidance by 3%. In 2025, first-quarter adjusted EBITDA declined 39% year-over-year to $27.1 million amid softer timber markets, while second-quarter was $9.6 million, or $0.06 per share, despite headline of $408.7 million influenced by disposition gains. Shareholder value is primarily delivered through consistent dividends, supported by REIT requirements to distribute at least 90% of . Rayonier's regular quarterly stood at $0.285 per share through much of 2024 and early 2025, with the fourth-quarter 2025 reduced to $0.2725 per share, yielding a trailing 12-month total of $1.09 per share and approximately 4.41% based on recent prices around $24.91. A special of $1.40 per share, payable 25% in and 75% in common shares, was declared on , 2025, to shareholders of record on October 24, enhancing near-term returns amid the announced all-stock merger with PotlatchDeltic Corporation. The merger, structured as a merger of equals, aims to create a leading land resources REIT with combined assets exceeding 2.8 million acres, projecting annual synergies of $30-40 million to bolster long-term flows and . Key metrics underscore , with a debt-to-EBITDA of 1.95 and debt-to-assets of 0.30 as of recent reporting, supporting a of 11.01%. performance has been volatile, with shares trading in a 52-week range of $21.84 to $32.40, reflecting timber price cycles and sensitivity typical of REITs; total yield, including and modest buybacks, has averaged around 7% in recent periods when combining dividend and repurchase yields. The payout remains manageable at approximately 45%, preserving capacity for reinvestment in timberlands and strategic growth.

Economic and Community Impact

Contributions to Employment and Local Economies

Rayonier directly employs 424 individuals as of December 31, 2024, with the majority based in the United States, focusing on roles in , timberlands operations, , and corporate functions such as , IT, and . These positions are concentrated in rural areas of the , including and Georgia, where over 60% of the company's workforce operates, supporting local payrolls in communities like Jesup, , and Offerman. Beyond direct , Rayonier's timber harvesting and activities generate substantial indirect jobs through the forest products , including , hauling, processing, and related services. A Rayonier executive stated in 2023 that the company supports more than 80,000 rural jobs across this , emphasizing the timber industry's role in sustaining employment in economically dependent regions. This multiplier effect stems from Rayonier's management of approximately 2.7 million acres of timberlands, which sustains annual harvests yielding around 10 million tons of timber, fueling demand for local contractors and suppliers in rural economies. Rayonier's operations contribute to local economic stability by bolstering tax bases and infrastructure in timber-reliant counties, such as , where historical forest management has underpinned growth since the 1930s. Additionally, leasing portions of its land for projects, like solar farms, creates construction and maintenance jobs while providing steady lease revenues that indirectly support community services; for instance, solar developments on Rayonier property enhance grid reliability and local , with associated economic benefits highlighted in company analyses. These contributions align with broader industry dynamics, where timberland REITs like Rayonier preserve rural livelihoods amid urban migration trends, though the exact job figures rely on company estimates and may vary with market conditions for and wood products.

Land Stewardship and Public Access Benefits

Rayonier integrates public access into its land stewardship framework by offering structured recreational opportunities on select timberlands, which supports , maintenance, and revenue generation for ongoing forest . The company's approach emphasizes controlled entry to balance economic timber production with environmental preservation, including permit-based programs that encourage responsible use by hunters and anglers, thereby aiding in of game species and reducing overbrowsing pressures on regenerating forests. Through the Rayonier Hunting and Recreation program, individuals and hunt clubs can obtain licenses for exclusive access to properties ranging from 50 to 30,000 acres, facilitating activities such as Roosevelt elk and blacktail deer, for steelhead, Chinook salmon, silver salmon, and , as well as and . These licenses generate income that funds , road maintenance, and habitat enhancements, aligning recreational use with the company's cycle of tree growth, harvest, and renewal. Rayonier also designates specific public trails and natural areas for non-permit access, allowing low-impact exploration of unique ecosystems within its working forests while prohibiting general entry to active timber operations to mitigate risks like fire hazards and equipment interference. This selective openness provides broader societal benefits, including expanded options that alleviate pressure on overcrowded public lands and promote public appreciation for sustainable , as evidenced by partnerships where user fees directly support initiatives. Overall, these practices yield environmental gains through enhanced habitat monitoring by recreational users and economic returns via lease revenues, which in turn bolster 's capacity for long-term land conservation without relying on taxpayer-funded alternatives.

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  26. https://finance.yahoo.com/news/rayonier-earns-pefc-sustainability-certification-143000245.html
  27. https://ir.rayonier.com/news-releases/news-release-details/rayonier-releases-2024-sustainability-report-and-carbon-report
  28. https://www.rayonier.com/media/20475866/rayonier-carbon-report_2022.pdf
  29. https://ir.rayonier.com/news-releases/news-release-details/rayonier-releases-2023-sustainability-report-and-carbon-report/
  30. https://www.responsibilityreports.com/HostedData/ResponsibilityReportArchive/r/NYSE_RYN_2022.pdf
  31. https://www.canr.msu.edu/fccp/Uploads/Files/Rayonier%2520Carbon%2520Presentation%2520Dec%25202022.pdf
  32. https://www.rayonier.com/media/15946444/rayonier-carbon-report-2021.pdf
  33. https://ir.rayonier.com/news-releases/news-release-details/rayonier-announces-pore-space-agreement-reliant-carbon-capture
  34. https://www.ksl.com/article/29242102/rayonier-sued-for-alleged-clean-water-act-violations-altamaha-riverkeeper-says-foul-effluent-discharged-into-river-for-decades
  35. https://www.savannahnow.com/story/news/2015/04/02/rayonier-pollution-not-permit-violation-court-finds/13589724007/
  36. https://www.manifestclimate.com/blog/shareholders-sue-environmental-liabilities/
  37. https://www.ainvest.com/news/rayonier-merger-scrutiny-governance-risks-shareholder-implications-2510/
  38. https://www.courthousenews.com/rayonier-not-woods-excessive-timber-harvesting-claims/
  39. https://ecology.wa.gov/blog/june-2025/rayonier-mill-cleanup-is-moving-forward
  40. https://www.businesswire.com/news/home/20250904807295/en/Rayonier-Releases-2024-Sustainability-Report-and-Carbon-Report
  41. https://www.rayonier.com/stories/what-is-sustainable-forestry/
  42. https://www.ainvest.com/news/rayonier-strategic-unleashed-post-zealand-divestiture-2508/
  43. https://www.reuters.com/legal/transactional/rayonier-potlatchdeltic-form-timber-products-giant-82-billion-merger-2025-10-14/
  44. https://ir.rayonier.com/news-releases/news-release-details/rayonier-completes-acquisition-pope-resources
  45. https://ir.rayonier.com/news-releases/news-release-details/rayonier-completes-acquisitions-us-south
  46. https://ca.investing.com/news/transcripts/rayonier-at-nareit-reitweek-embracing-landbased-solutions-93CH-4051256
  47. https://ir.rayonier.com/news-releases/news-release-details/rayonier-reports-fourth-quarter-2024-results
  48. https://finance.yahoo.com/news/rayonier-inc-ryn-q4-2024-071811858.html
  49. https://ir.rayonier.com/news-releases/news-release-details/rayonier-reports-first-quarter-2025-results
  50. https://ir.rayonier.com/news-releases/news-release-details/rayonier-reports-second-quarter-2025-results
  51. https://ir.rayonier.com/news-releases/news-release-details/rayonier-announces-fourth-quarter-2025-dividend
  52. https://www.macrotrends.net/stocks/charts/RYN/rayonier/dividend-yield-history
  53. https://ir.rayonier.com/news-releases/news-release-details/rayonier-declares-special-dividend-140-share-payable-25-cash-and
  54. https://investors.potlatchdeltic.com/news-and-events/news-releases/press-release-details/2025/Rayonier-and-PotlatchDeltic-to-Combine-in-an-All-Stock-Merger-of-Equals-to-Create-a-Leading-Land-Resources-REIT/default.aspx
  55. https://www.morningstar.com/stocks/xnys/ryn/quote
  56. https://marketchameleon.com/Overview/RYN/Fundamentals-Financial-Key-Ratios/
  57. https://www.cnbc.com/quotes/RYN
  58. https://finance.yahoo.com/quote/RYN/key-statistics/
  59. https://stockanalysis.com/stocks/ryn/employees/
  60. https://careersourceflorida.com/wp-content/uploads/2014/11/Rayonier-Sustainability-Report.pdf
  61. https://finance.yahoo.com/news/rayonier-executive-why-forest-products-143000221.html
  62. https://www.pr-inside.com/rayonier-in-nassau-county-florida-87-years-of-stewardship-r4997744.htm
  63. https://www.youtube.com/watch?v=RrMjA2FSUuw
  64. https://www.rayonier.com/our-businesses/land-resources/hunting-and-recreation/
  65. https://www.3blmedia.com/news/rayonier-and-hunters-work-together-healthy-forests
  66. https://www.rayonier.com/our-land-base/public-trails/
  67. https://www.rayonier.com/our-land-base/property-access-status/
  68. https://www.rayonier.com/sustainability/responsible-stewardship/
  69. https://www.rayonier.com/our-businesses/land-resources/
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