21 slides from Rayonier Inc. Reit's earnings presentation, Jan 30, 2024
Slide 1: Q4 2023 Earnings
Q4 2023 EARNINGS January 30, 2024 4\PotlatchDeltic.
Slide 2: Forward-Looking Statements & Non-GAAP Measures
FORWARD-LOOKING STATEMENTS & NON-GAAP MEASURES FORWARD-LOOKING STATEMENTS This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including without limitation, our expectations regarding the company’s revenu
Slide 3: Key Highlights 2023
KEY HIGHLIGHTS 2023 STRATEGY PERFORMANCE CAPITAL ALLOCATION A. Leverage to lumber prices A Total Adjusted EBITDDA‘ A. Return of cash + Mills & indexed Idaho logs + $200.2MM + $144MM annual dividend run rate * Strategy aligned with fundamentals + 19.6% margin * Dividend yield of 3.7% ° . i iscreti i
Slide 4: Consolidated Results
Q4 2023 Total Adjusted EBITDDA of $40.7 million reflects lower lumber and indexed sawlog prices and seasonally lower Northern harvest volume partially CONSOLIDATED RESULTS offset by more rural real estate acres sold. Total Adjusted EBITDDA - Q3 2023 to Q4 2023 Variance $66.3 $(8.7) g a S77 = = $(21.
Slide 5: Timberlands Results
Q4 2023 Timberlands Adjusted EBITDDA of $33.3 million reflects seasonally TIMBERLANDS RESULTS lower indexed Idaho sawlog prices and Northern harvest volumes. Full year harvest volumes of 7.7 million tons was a record for the company. Timberlands Adjusted EBITDDA - Q3 2023 to Q4 2023 Variance A2.0 EE
Slide 6: Timberlands Results: Northern Region
TIMBERLANDS RESULTS NORTHERN REGION Northern Sawlog Pricing and Volume Northern Pulpwood Pricing and Volume $300 500 $60 16 $250 40 2 $50 14 2 328 5 5 $40 eg on 300 & fs 10g & sso 2 @ $30 BE 8 00 5 8 = E $100 10g 700 2 © 00 4 6B $50 100 5 $10 ‘3 S 2s Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 QI Q2 Q3 a4 Q1 Q2 Q3 Q4 Q
Slide 7: Timberlands Results: Southern Region
TIMBERLANDS RESULTS SOUTHERN REGION Southern Sawlog Pricing and Volume Southern Pulpwood Pricing and Volume e700 $36 sig «700 $50 49 G00 F $30 $31 600 3 $40 500 & 5 500 § 5 3 ‘= 3 = & = $20 400 2 = $30 400 5 e S A os 300 5 8 S15 300 5 cS 20 8 * $10 200 8 “aly 10 $6 100 3 Q a2 3 a Qi a2 @ @ at a @ a
Slide 8: Wood Products Results
WOOD PRODUCTS RESULTS Wood Products Adjusted EBITDDA in @4 2023 decreased primarily due to lower lumber prices. Full year lumber shipments of 1.1 billion board feet was a record for the company. Wood Products Adjusted EBITDDA - Q3 2023 to Q4 2023 Variance $15.1 $ MILLIONS Q3 2023 $1.4 i =a sa) | so1
Slide 9: Wood Products Results
WOOD PRODUCTS RESULTS Lumber Pricing and Shipments Wood Products Adjusted EBITDDA ($ in millions) $1,200 400 a $1,000 785 oe c 3 $800 20 $140 B $600 20 = 2 5400 sais 150 8 $200 me 5 6.5) | oe Qt @2 Qs G4 at a2 @ a aI @ a> a a @ @ @ a a @ a 2021 2022 2023 =a 2022 2023 Wood Products - Key Results ($ i
Slide 10: Real Estate Results
Real Estate Adjusted EBITDDA increased in Q4 2023 primarily due to more rural land sales. Full year Real Estate Adjusted EBITDDA of $68 million benefitted R EA L E s TAT EE R E Ss U LTS from our acquired CatchMark timberlands, which is located in excellent real estate markets. Real Estate Adjusted E
Slide 11: Real Estate Results
REAL ESTATE RESULTS Rural Acres Sold and Average Price Residential Lots Sold and Average Price $5,250 15,000 $140,000 100 © $4,500 12,500 _ $120,000 $106,580 - 2 = $100,000 3 = $3,750 10,000 eee Oe % $3,000 Si 8 % $60,000 es < 6620 7,500 g Fa 0 = @, $2,250 8 , $60,000 9 «640 5 8 so] 5 $1,500 sh 5 54
Slide 12: Favorable Capital Structure
In 2023, we returned $169 million to shareholders, including repurchasing $25 FAVORABLE CAPITAL million of shares. Our strong balance sheet and $529 million of liquidity provide a STRUCTURE solid foundation to execute our disciplined and opportunistic capital allocation strategy in order to grow sha
Slide 13: Outlook
OUTLOOK primarily due to lower rural real estate sales activity. We anticipate our 2024 results will benefit from the expected sale of ~34,000 acres in the South for ~$58 million in Q2 2024. TIMBERLANDS Q1 2024 FY 2024 Harvest Volume 1.8 - 1.9 million tons ~7.6 million tons Geographic harvest ~81% o
Slide 14: Appendix
APPENDIX Q4 2023 PotlatchDeltic~
Slide 15: Total Company Summary
TOTAL COMPANY SUMMARY in millions except per-share amounts — unaudited 2022 2023 ae) Seen < ee ee C3 OTR, aol OY sc Ft O38) al OF od IOWAES Operating income: Timberlands $ 64.2 §$ 464 $ 47.5 $ 31.7 $ 189.8 $ 26.2 $ 13.4 $ 229 $ 13.9 $ 76.4 Wood Products 143.1 99.0 21.2 (8.4) 254.9 (11.1) 1.1 42 (17.
Slide 16: Operating Segment Non-GAAP Reconciliation
OPERATING SEGMENT Non-GAAP Reconciliation ADJUSTED EBITDDA in millions - unaudited Timberlands Northern Timberlands operating income Depreciation, depletion and amortization Northern Timberlands Adjusted EBITDDA Southern Timberlands operating income Depreciation, depletion and amortization Southern
Slide 17: Total Adjusted EBITDDA & CAD Non-GAAP Reconciliation
TOTAL ADJUSTED EBITDDA & CAD Non-GAAP Reconciliation in millions — unaudited Total Adjusted EBITDDA Net income (loss) (GAAP) Interest expense, net Income (loss) taxes Depreciation, depletion and amortization Basis of real estate sold (Gain) loss on fire damage CatchMark merger-related expenses Envir
Slide 18: Statistics: Timberlands
STATISTICS: TIMBERLANDS unaudited 2022 2023 Qi Q2 Q3 Q4 TOTAL Qi Q2 Q3 Q4 TOTAL Timberlands nee Fee Volumes (tons) Northern Region Sawog 276,347 459,128 455,993 470,790 319,173 376,607 328,574 1,495,144 Pulpwood 11,383 11,197 9,043 6,802 _ Total 287,730 470,325 465,036 1,616,640 478,819 327,162 383,
Slide 19: Statistics: Wood Products and Real Estate
STATISTICS: WOOD PRODUCTS unaudited AND REAL ESTATE 2022 2023 a G3 sess O60 -I 1) a OP emcees OO TOTAL Wood Products Lumber shipments (MBF) 233,188 254,225 264,748 257,587 1,009,748 261,633 280,251 276,071 285,134 1,103,089 Lumber sales prices ($ per MBF) $ 1,075 $ 865 $ 572 $ 473, $ 737 $ 435 $ 476
Slide 20: Definitions
DEFINITIONS Total Adjusted EBITDDA is a non-GAAP measure and is calculated as net income adjusted for interest expense, net, income taxes, depletion, depreciation and amortization, basis of real estate sold, non-operating pension and other post-retirement benefit costs, pension settlement charge, en
Slide 21: Q4 2023 Earnings Contact
Q4 2023 WAYNE WASECHEK EARNINGS Vice President and Chief Financial Officer January 30, 2024 509-835-1521 PotlatchDeltic (Nasdaq: PCH) _ www.PotlatchDeltic.com 4\PotlatchDeltic.