Rayonier Inc. Reit · NYSE:RYN
Rayonier Inc. Reit — Rayonier — Nareit's REITweek: 2025 Investor Conference
40 slides from Rayonier Inc. Reit's conference presentation, Jun 4, 2025
Slide 1: Investor Conference Presentation
Investor Conference Presentation June 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Forward-Looking Statements – Certain statements in this presentation regarding anticipated financial outcomes including Rayonier’s earnings guidance, if any, business and market conditions, outlook, expected dividend rate, Rayonier’s business strategies, expected harvest s
Slide 3: Rayonier Today (NYSE: RYN)
Rayonier Today (NYSE: RYN) Key Stats Business Segments Adj. EBITDA2 Mix by Segment 1926 ~420 Founded Employees1 68% Timber Segments ~2.5M ~10M Tons 32% Total Acres1 Sustainable Yield $298.8M 45% 2024 Southern Timber $298.8M $1,263.0M $183.7M Pacific Northwest (PNW) Timber FY24 Adj. EBITDA2 FY24 Sale
Slide 4: Key Trends Driving Increased Demand for Land and Timber
Key Trends Driving Increased Demand for Land and Timber GLOBAL MEGATREND Growing Need for Power & Land-Based Solutions Decarbonization Solutions Energy Transition Growing Use of Renewable Wood-Based Products Growing Demand for U.S.-CENTRIC TREND Land and Undersupplied U.S. Housing Market Timber Long
Slide 5: Repositioning Rayonier as a Land Resources Company
Repositioning Rayonier as a Land Resources Company Core Business Growth Business Timber Timber Non-Timber Land-Based Segments Harvesting Revenue1 Solutions Real Estate / Real Estate Non-Strategic Rural HBU HBU Segment Development High-Value Growth Opportunities Emerging from Our Timberland Assets 1
Slide 6: Value per Acre Potential
Significant Value Creation Potential from Optimizing Land-Use Up to 15x Value Up to $30,000 Up to ~5-10x $25,000 10x Timber Value Creation Value per Acre Potential Value Potential from Land-Based $20,000 Solutions $15,000 Up to 5x Value $10,000 Up to $5,000 ~10-15x $0 – Timber Value Creation Core Ti
Slide 7: A Vision to Inspire Our Ambitions
A Vision to Inspire Our Ambitions To realize the full potential of our land resources in meeting the needs of society. PATHWAY TO REALIZING OUR VISION Grow Deliver Create Renewable Forest Products Innovative Land-Based Solutions Inspirational Places INVESTOR PRESENTATION | 7
Slide 8: Our Portfolio Advantages
Our Portfolio Advantages Best-in-Class Differentiated Transformative Timberland Portfolio Real Estate Platform Growth in Land- Based Solutions • 100% of timberlands • Real estate platform with • Burgeoning opportunities located in core softwood proven track record of to provide land-based producing
Slide 9: Geographically Diversified Portfolio
Geographically Diversified Portfolio 302 PACIFIC NORTHWEST 6 Acreage: 308K Acres Sustainable Yield: 0.90-1.05M Tons U.S. SOUTH Acreage: 1.75M Acres Sustainable Yield: 6.5-6.9M Tons 1 15 253 660 146 278 395 NEW ZEALAND Acreage: 412K Acres Sustainable Yield: 2.4-2.7M Tons Generating Industry-Leading R
Slide 10: Concentrated in Attractive U.S. South Markets
Concentrated in Attractive U.S. South Markets Rayonier Acreage Mix Superior EBITDA1 per Acre Generation $84 $83 $84 29% $66 $68 $61 $61 $54 $55 $51 $45 $44 71% 2019 2020 2021 2022 2023 2024 U.S. South PNW/NZ Rayonier NCREIF South 2 U.S. South Timberland Holdings Concentrated in Strongest Markets wit
Slide 11: Proven Real Estate Platform with Development Capabilities
Proven Real Estate Platform with Development Capabilities Core Business Growth Business Unimproved Improved Non-Strategic Rural Development Development Sale of non-strategic Creating value Creating value through Creating value timberland assets through rural places properties with through developed
Slide 12: Executing Real Estate Strategy to Optimize HBU Value
Executing Real Estate Strategy to Optimize HBU Value Average HBU1 Price per Acre / Real Estate Segment Sales Mix3 Premium to NCREIF2 Rural / Other Development $4,468 117% 15% $2,763 55% 44% 2015-2017 2021-2024 56% 2015-2017 2021-2024 85% Rayonier Price per Acre Premium to NCREIF HBU Premiums Have In
Slide 13: High-Value Real Estate Development Pipeline
High-Value Real Estate Development Pipeline Total 2% Acres 30% Florida ~120K Development Potential Georgia Washington 68% Entitled / In-Planning ~59K Longer-Term Pipeline ~61K Continued focus Areas with large Strong local Community- on high-growth contiguous community centric population landholdings
Slide 14: Net Zero Transition Driving Demand for Land-Based Solutions
Net Zero Transition Driving Demand for Land-Based Solutions Global CO2 Emissions – Path to Net Zero Global Net Zero Commitments Cover4 (GtCO2 per Year) >70% >50% ~76% 50 Business-as-Usual Emissions1 40 of All of ~2,000 Largest of Global Countries Companies CO2 Emissions 30 20 Driving Investment in D
Slide 15: Rayonier's Land-Based Solutions Focus Areas
Rayonier’s Land-Based Solutions Focus Areas Alternative / Additional Carbon Fiber for Land Use Markets Bioenergy / Biofuel Solar CCS Wind Voluntary (U.S.) Compliance (NZ) BECCS Sustainable Farms Aviation Fuel (SAF) Highest potential near-term opportunities Significant value generated from NZUs1, Lon
Slide 16: Utility Solar Growth Implies Significant Land Need
Utility Solar Growth Implies Significant Land Need Projected Utility Solar Installations / Implied Land Need 40 2.0 Utility Solar Land Use 30 1.5 Capacity Additions (GW) Land Need (MM Acres) 20 1.0 10 0.5 ~7 Acres per MW ~75-200 MW ~220 GW of Generation Capacity Per Installation U.S. Utility Solar –
Slide 17: Illustrative Solar Economics
Illustrative Solar Economics Solar Leasing Process / Economics Step-Change Economics Driven by Option-to-Lease Conversion 1 Lease typically starts with developer $1,200+ entering a 3- to 5-year option Potential Lease ~10-15x – No impact to timber operations Timber Payment EBITDA1 – Feasibility studi
Slide 18: Executing Strategy to Capture Solar Value
Executing Strategy to Capture Solar Value Rayonier Value Proposition Rayonier’s Acres Under Option 39K Align with Provide Deliver High-Potential Highly Suitable Significant Customers Lands Customer Value ~6x 27K Growth • Owner • Proximity to • Streamline site 24K Operators power selection • Utilitie
Slide 19: Demand for CCS Increasing Significantly
Demand for CCS Increasing Significantly Decarbonization Driving Increased …But Structural Factors Constrain Supply Demand for Pore Space Capacity… • Permitting is often a 4+ year process Projected U.S. CCUS Demand (Million Tons)1 • Smaller tract sizes can limit storage potential 300 321 • Existing C
Slide 20: Well-Positioned to Address Key CCS Requirements
Well-Positioned to Address Key CCS Requirements High-Purity Emissions Sources Geologic Storage Capacity Access to Pipelines Near-term demand likely driven by high- Large tracts of land with geologic capacity Existing pipelines and rights-of-way in purity emissions sources (e.g., natural gas and limi
Slide 21: Illustrative CCS Economics
Illustrative CCS Economics Lease Structure Overview Sliding Scale Economics Driven by Injection Rates • Landowner receives a fee per $500+ Pre-Injection Post-Injection acre through initial rental agreement, which covers permitting Annual per Acre Economics and construction phases +3-5x • At onset of
Slide 22: Executing Strategy to Capture CCS Value
Executing Strategy to Capture CCS Value Rayonier Value Proposition Rayonier’s Acres Under Agreement 154K Align with Provide Deliver High-Potential Highly Suitable Significant Customers Lands Customer Value • Aggregators • Proximity to • Lower relative • High-purity emission source costs emitters • L
Slide 23: Demand for Carbon Offsets Expected to Grow
Demand for Carbon Offsets Expected to Grow Key Growth Drivers Projected Issuance of Carbon Credits by Year, MtCO2e/year 1 (Billions) Growing number of corporate net-zero pledges ~16x and carbon-neutral products Growth 3.2 Shift from carbon avoidance to carbon removal ~12x Growth 2.9 2.4 Quest for hi
Slide 24: Our Organizational Advantages
Our Organizational Advantages Pure-Play Nimble Capital Organization Aligned Timber REIT Allocation Approach with Strategy • Pure-play timber REIT • Nimble capital allocation • Strong ESG profile and structure provides strategy to build long-term commitment to sustainability enhanced optionality valu
Slide 25: Rayonier is the Only "Pure Play" Timber REIT
Rayonier is the Only “Pure Play” Timber REIT Benefits of Pure-Play Structure 100% 38% Land-Based Land-Based Lower Cash Flow Volatility 28% 26% Rayonier Peer Group 5-Year 5-Year Greater Optionality and Avg. EBITDA1 Avg. EBITDA Operational Flexibility Composition 62% Composition 2 12% 72% Greater Upsi
Slide 26: Inherent Stability in Our Core Timber Business
Inherent Stability in Our Core Timber Business Where Rayonier Forest Products Supply Chain Primarily Plays SAW LOGS WOOD PRODUCTS MANUFACTURING LUMBER / WOOD PRODUCTS DISTRIBUTORS / RETAILERS TIMBER PULPWOOD PULP & PAPER MANUFACTURING PAPER PRODUCTS Lower MARKET VOLATILITY Higher Historical Industry
Slide 27: Nimble Capital Allocation and Prudent Financial Management
Nimble Capital Allocation and Prudent Financial Management NAV-Accretive Share Opportunistic Prudent Balance Executing Initiatives to Repurchases Capital Raising Sheet Management Enhance Shareholder Value $24.50 ~$36.43 2.4% Responded to Unprecedented Disconnect Between Public and Average Buyback Pr
Slide 28: Asset Disposition Plan: Capitalizing on Public-Private Valuation Disparity
Asset Disposition Plan: Capitalizing on Public-Private Valuation Disparity EV / EBITDA Multiple Comparison Overview of Dispositions • Rayonier’s public market valuation remains well below private market transaction benchmarks • Rayonier announced $1B disposition initiative in Nov. 2023 to capitalize
Slide 29: Conservative Capitalization and Balance Sheet Management
Conservative Capitalization and Balance Sheet Management Pro Forma Capitalization1 Maturity Profile4 Hedged for Term - = $500 $1,050M $914M $136M $450 Total Debt Cash2 Net Debt $400 $350 Credit / Valuation Data $300 $225M 158M $3.9B $250 2025E Adjusted Total Shares / OP Enterprise Value $200 EBITDA3
Slide 30: Committed to Maintaining Investment Grade Credit Profile
Committed to Maintaining Investment Grade Credit Profile Current Credit Enhanced Credit Credit Ratings Highlights Ratio Targets Investment Grade Credit Ratings • Ongoing access to Farm Net Debt / Adj. EBITDA1 Target Credit System Old New BBB- / Stable • Strong Adj. EBITDA1 margins ≤4.5x ≤3.0x S&P •
Slide 31: Sustainability is Ingrained in Everything We Do
Sustainability is Ingrained in Everything We Do ENVIRONMENTAL SOCIAL GOVERNANCE Carbon Footprint1 Zero Contactor or 66% Board Diversity Carbon 13M MT Employee Fatalities Gender, Race, and Sequestered Across Geographies National Origin Carbon 2M MT Emitted Employee 89% Board Signed Net Zero Pledge in
Slide 32: Executing a Clear Strategy to Build Long-Term Value per Share
Executing a Clear Strategy to Build Long-Term Value per Share Compounding Shareholder Optimize Expand Leverage Value Core Land-Based Real Estate Timber Solutions Development Operations Offerings Platform • Market-Driven Precision • Solar • Creating Inspirational Places $ Forestry • Carbon Capture &
Slide 33: Appendix: Definitions & Reconciliations
Appendix: Definitions & Reconciliations INVESTOR PRESENTATION | 33
Slide 34: Definitions of Non-GAAP Measures and Pro Forma Items
Definitions of Non-GAAP Measures and Pro Forma Items Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and expense, costs related to shareholder litigation, the gain on foreig
Slide 35: Reconciliation of Cash & Net Debt
Reconciliation of Cash & Net Debt ($ in millions) Q1 2025 Cash and cash equivalents @ 3/31/2025 $216.2 Anticipated New Zealand JV Proceeds1 698.0 Pro Forma Cash $914.2 ($ in millions) Q1 2025 Pro Forma Total Debt (Principal Only) $1,050.0 Pro Forma Cash 914.2 Pro Forma Net Debt $135.8 1 Includes $69
Slide 36: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment Southern Pacific Northwest New Zealand Timber Corporate ($ in millions) Timber Timber Timber Funds Real Estate Trading and Other Total 2024 Operating income (loss) $77.9 ($6.3) $33.5 — $340.4 ($0.1) ($42.9) $402.5 Large Disposit
Slide 37: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment Southern Pacific Northwest New Zealand Timber Corporate ($ in millions) Timber Timber Timber Funds Real Estate Trading and Other Total 2023 Operating income (loss) $76.3 ($9.0) $26.0 — $156.6 $0.5 ($39.1) $211.3 Timber write-off
Slide 38: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment (Cont'd)
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment (Cont’d) Pacific Southern Northwest New Zealand Timber Corporate ($ in millions) Timber Timber Timber Funds Real Estate Trading and Other Total 2020 Operating income (loss) $41.3 ($10.0) $30.0 ($13.2) $72.0 ($0.5) ($45.2) $74.4
Slide 39: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment (Cont'd)
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment (Cont’d) Southern Pacific Northwest New Zealand Timber Corporate ($ in millions) Timber Timber Timber Funds Real Estate Trading and Other Total 2016 Operating income (loss) $43.1 ($4.0) $33.0 — $202.4 $2.0 ($20.8) $255.8 Depreci
Slide 40: Enterprise Value to Adjusted EBITDA Multiple Calculations
Enterprise Value to Adjusted EBITDA Multiple Calculations ($ in millions, except per share amounts) Rayonier 2025E1 Timber Segment(s) $161.5 Real Estate 95.0 (-) Corporate / Other (31.5) Total Adjusted EBITDA2 $225.0 Valuation Share Price Date 5/30/2025 Share Price $23.70 Shares and Units Outstandin
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