21 slides from Rayonier Inc. Reit's earnings presentation, Apr 26, 2022
Slide 1: Q1 2022 Earnings
Q1 2022 EARNINGS April 26, 2022
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 1996 as amended, including without limitation, our expectations regarding the company’s revenu
Slide 3: Key Highlights Q1 2022
KEY HIGHLIGHTS Q1 2022 STRATEGY A\ Leverage to lumber prices * Mills & indexed Idaho logs * Strategy aligned with fundamentals * Provides discretionary capital A\ Timberlands provide stability * >80% of gross asset value * Sustainable management benefits society * Supports sustainable, growing divid
Slide 4: Q1 2022 Total Adjusted EBITDDA of $245.6 million
Q1 2022 Total Adjusted EBITDDA of $245.6 million is our highest Q1 CONSOLIDATED RESULTS performance on record driven by strong lumber and indexed sawlog prices. Total Adjusted EBITDDA — 04 2021 to Q1 2022 Variance $20.1 $2.8 ($0.4) $245.6 $112.8 a : : a | $ MILLIONS Q4 2021 Timberlands Wood Products
Slide 5: Timberlands Generated Near Record Adjusted EBITDDA
Timberlands generated near record Adjusted EBITDDA of $76.4 million driven TIMBERLANDS RESULTS by high indexed Idaho sawlog prices and total harvest volumes that exceeded our quarterly plan. Timberlands Adjusted EBITDDA — 04 2021 to Q1 2022 Variance $30.6 ($1.7) $2.3 $0.2 $76.4 $41.8 $3.2 $ MILLIONS
Slide 6: Timberlands Results: Northern Region
TIMBERLANDS RESULTS NORTHERN REGION Northern Sawlog Pricing and Volume Northern Pulpwood Pricing and Volume 7m = 7. = s200 3 = : 3 fog 5 5240 § 0 a 5 so 5 z en ; 5s a= 3 $160 oy 8 a: Fd a 2 = siz : = 15 H $20 m3 8 w = > $10 = 40 100 5 90 + $0 gi a2 Q3 04 QF a2 03 O8 a1 Qi a2 O38 o4 a) a2 O38 oF a 20
Slide 7: Timberlands Results: Southern Region
TIMBERLANDS RESULTS SOUTHERN REGION Southern Sawlog Pricing and Volume $60 700 $0 $48 600 _” 430 599 . 0 400 = $20 = $10 100 30 gi _o2 a3 a4 at a2 O38 O¢ a 2020 2021 2022 Volume: Tons (thousands) Southern Pulpwood Pricing and Volume Price: $/Ton 6 3 gr a2 a3 a4 a , @ = 4 so 4m 8 an » | io o2 03 O4 Q
Slide 8: Wood Products Results
WOOD PRODUCTS Lumber prices near historic levels drove Wood Products’ Adjusted EBITDDA RESULTS of $150 million, the second highest quarterly level on record Wood Products Adjusted EBITDDA — 04 2021 to Q1 2022 Variance g $118.0 ($3.9) ($4.7) (s1.2) $46 $150.0 Ss = = = a $37.2 Q4 2021 Price Manufactur
Slide 9: Wood Products Results: Pricing and Shipments
WOOD PRODUCTS RESULTS Lumber Pricing and Shipments Price: S/MBF $1,200 $1,100 $1,000 $000 e00 5700 $1,075 233 400 350 Shipments (MMBF) Wood Products Adjusted EBITDDA (S$ in millions) $200 $150.0 $150 $100 $80 $0 a1 a2 a3 a4 a2 03 a4 ai 2020 2021 2022 Wood Products - Key Results {S$ in millions excep
Slide 10: Real Estate Results Reflect Strong Chenal Valley Sales
Real Estate results reflect strong Chenal Valley development sales and REAL ESTATE R ESU LTS higher rural land sales prices. Real Estate Adjusted EBITDDA — 04 2021 to Q1 2022 Variance $7.0 $0.1 $30.1 04 2021 Rural Sales Development Sales Other, net Q1 2022 $ MILLIONS Key Real Estate Highlights: A. R
Slide 11: Real Estate Results
REAL ESTATE RESULTS Rural — Acres Sold and Avg. Price Average Price: $/ Acre 01 92 03 4 of o2 03 O8 2020 2021 Real Estate Adjusted EBITDDA (S in millions) $70 $60 $50 $40 $30 $20 $i0 0 a) O2 O03 O84 OF O2 03 a4 20,000 + 17.500 75,000 12.500 10,000 7.500 5,000 2500 a1 2022 $30.1 a 2020 2021 ! [Includ
Slide 12: Ample Liquidity of $770 Million
Ample liquidity of $770 million, combined with a disciplined and FAVORABLE CAPITAL opportunistic capital allocation strategy provide a strong platform to continue STRUCTURE to grow shareholder value. Debt Maturities $200 $176 $190 4 $150 o S ssi00 $100 $100 = 40 $46 ao $50 $ $40 $28 7 ia $40 . BH =
Slide 13: Outlook
We expect lumber prices will remain higher than long-term averages in 2022, albeit at lower OUTLOOK levels than Q1, due to solid lumber demand and tight supply. TIMBERLANDS Q2 2022 FY 2022 Harvest Volume 1.1 = 1.3 million tons ~6.1 million tons Geographic harvest ~13% of volume in South ~10% of volu
Slide 14: Appendix
APPENDIX @ ANN
Slide 15: Total Company Summary
TOTAL COMPANY SUMMARY Operating income: Timberlands Wood Products Real Estate Corporate Net gain (loss) on fire damage Eliminations Total operating income Interest expense, net Pension settlement charge Non-operating pension and OPEB costs Income before taxes Income taxes Net income (GAAP) Diluted E
Slide 16: Operating Segment Adjusted EBITDDA
OPERATING SEGMENT ADJUSTED EBITDDA Non — GAAP Reconciliation in millions - unaudited TIMBERLANDS Northern Timberlands Operating Income Depreciation, depletion and amortization Northern Timberlands Adjusted EBITDDA Southern Timberlands Operating Income Depreciation, depletion and amortization Souther
Slide 17: Total Adjusted EBITDDA & CAD
TOTAL ADJUSTED Non — GAAP Reconciliation EBITDDA & CAD in millions - unaudited 2021 2022 a1 a2 a3 a4 TOTAL a TOTAL ADJUSTED EBITDDA Net income (GAAP) $ 1311 $ 1879 S$ 657 $ 292 $ 479 $ 1639 Interest expense, net 36 82 86 89 293 29 Income taxes 0 50.9 50 (0.8) 851 321 Depreciation, depletion and amor
Slide 18: Statistics: Timberlands
STATISTICS: TIMBERLANDS unaudited 2021 2022 qi a2 a3 as TOTAL ai TIMBERLANDS Fee Volumes (tons) Northern Region Sawlog 427,255 353,792 462,492 348,935 1,592,474 385,290 Pulpwood 13,884 6813 4,039 8,398 BM 8,259 Total ~ “Mi,139 ~~ “360605” ~ “466,531 ~~ 357,333” 1,625,608 «83519 Southern Region Sawlo
Slide 19: Statistics: Wood Products and Real Estate
STATISTICS: WOOD PRODUCTS unaudited AND REAL ESTATE 2021 2022 a a2 a3 a4 TOTAL a1 WOOD PRODUCTS Lumber shipments (MBF} 258,069 = 260,311 = 264,855 243,054 1,025,289 233,188 Lumber sales prices (Spar MBF) $ o S$ 118 S 533 S$ 563 S$ 1% Ss 1075 REAL ESTATE Boral Revenues (millions) $ wOS 15 S$ 70 S$ 89
Slide 20: Definitions
DEFINITIONS Total Adjusted EBITDDA is a non-GAAP measure and is calculated as net income adjusted for interest expense, income taxes, depletion, depreciation and amortization, basis of real estate sold, non-operating pension and other post-retirement benefit costs, pension settlement charge, gains a
Slide 21: Q1 2022 Earnings
Q1 2022 j , EARNINGS ‘ ind Chief Financial Officer April 26, 2022 PotlatchDeltic (Nasdaq:PCH)~ www.PotlatchDeltic.com £\PotlatchDeltic.