Rayonier Inc. Reit · NYSE:RYN
Rayonier Inc. Reit — Rayonier — Investor Presentation (March 2026)
22 slides from Rayonier Inc. Reit's investor presentation, Mar 2, 2026
Slide 1: Investor Presentation Q1 2026
Investor Presentation Q1 2026 •Q 1 2026 Exhibit 99.1
Slide 2: Forward-looking statements
2 Certain statements in this presentation regarding anticipated financial outcomes including Rayonier’s earnings guidance, if any, business and market conditions, outlook, expected dividend rate, acquisition and disposition activity, including the ability to realize the intended benefits of our rece
Slide 3: Leading Land Resources REIT Well Positioned to Build Long-Term Value
3 Leading Land Resources REIT Well Positioned to Build Long-Term Value Land Resources REIT focused on optimizing its overall portfolio value by delivering land to its highest and best use Diversified timberland ownership with over 4 million acres in highly attractive and productive regions – includi
Slide 4: Rayonier + PotlatchDeltic: Compelling Strategic & Financial Rationale
4 Rayonier + PotlatchDeltic: Compelling Strategic & Financial Rationale Strong Strategic Fit The Rayonier-PotlatchDeltic Combination Creates Significant Strategic and Financial Benefits Beyond What Either Company Could Have Achieved Independently Diversified timberland ownership with ~4.1 million ac
Slide 5: Experienced Leadership with Shared Focus on Value Creation
5 Mark McHugh President and CEO Wayne Wasechek Executive Vice President & CFO Mark R. Bridwell Executive Vice President, General Counsel & Corporate Secretary Chris Corr Senior Vice President, Real Estate Development and President of Raydient Ashlee Cribb Executive Vice President, Wood Products W. R
Slide 6: Combined portfolio overview: Real Estate, Timberlands, Wood Products, Land-Based Solutions
6 Real Estate • Value-add real estate development projects (Chenal Valley, Wildlight, & Heartwood) • Significant presence in regions well-positioned to generate rural HBU premiums Timberlands • Combined portfolio comprising ~4.1MM acres • ~3.2MM acres in the U.S. South, largely concentrated in top-t
Slide 7: Key Trends Driving Alternative Uses for Land and Timber
7 Key Trends Driving Alternative Uses for Land and Timber Well-Positioned to Capitalize on Key Trends Emerging for Large-Scale Landowners Timber & Real Estate Need for solutions to support transition to low-carbon economy Trends Leasing land for solar development and carbon capture and storage; util
Slide 8: Significant Value Creation Potential from Optimizing Land-Use
8 Significant Value Creation Potential from Optimizing Land-Use $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 Core Timberlands Rural HBU CCS Lease Solar Lease Unimproved Development Improved Development Core Business Land-Based Solutions Real Estate Development V al u e p er A cr e P ot en ti al
Slide 9: Well-Diversified Land Base Comprising ~4.1MM Acres Across the U.S. South and Northwest
9 Idaho 67% Washington 32% Oregon 1%• Loblolly, slash, and longleaf pine forests that serve both lumber and pulp mills • Concentrated in regions that are proximate to key mills • Species mix primarily used for construction purposes, includes douglas-fir, grand fir, western hemlock, western larch, an
Slide 10: Timberlands: Key Market Drivers
10 Forecast 90 92 94 96 98 100 102 104 106 108 110 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 20 27 (Housing Starts – Millions, SAAR) Lumber Production Grade products are largely sold to lumber mill customers that have direct exposure to residential construction activity U.S. Housin
Slide 11: Wood Products: Highly Productive and Efficient Facilities
11 Wood Products Facilities Top 10 U.S. Lumber Producer • Established position with scale • Strategic customer relationships • Track record of best-in-class profitability Gwinn Lumber: 185MMBF (1) St. Maries Lumber: 185MMBF (1) Plywood: 150MMSF (1) Bemidji Lumber: 140MMBF (1) Waldo Lumber: 275MMBF (
Slide 12: Wood Products: Well-Positioned with Significant Positive Leverage to Lumber Pricing
12 Proactively Managing Costs Culture of Continuous Improvement Through Operational Excellence Prioritizing High-Return Capital Investment Projects Wood Products Key Drivers Wood Products: Well-Positioned with Significant Positive Leverage to Lumber Pricing Indexed Idaho Sawlogs • Log prices linked
Slide 13: Real Estate: Proven Platform with Development Capabilities
13 Real Estate: Proven Platform with Development Capabilities Little to no premium above timberland hold value Limited to no investment to capture premium well above timberland value On average, 1% to 2% of Southern land base annually Sale of non-strategic timberland assets Creating value through ru
Slide 14: Real Estate: Strong and Improving HBU Market Dynamics
14 Average HBU Price per Acre Real Estate Sales Mix (3) 85% 15% $2,763 $4,181 2015-2017 2021-2025 $1,779 $2,893 2015-2017 2021-2025 Rural / Other Development 2015-2017 2021-2025 100% 57% 43% 72% 28% Price per Acre Both Rayonier and PotlatchDeltic Have Demonstrated Improving HBU Premium Realizations
Slide 15: Development projects: Wildlight, Heartwood, Chenal Valley key stats
15 2016 Project Start • Status: Sales activity on upward trajectory Nassau County, Florida • ~20 miles north of Jacksonville, FL ~20,600 Entitled Acres (1) 123 Average Annual Home Closings (2020-25) • ~990 Total Project-to-Date Residential Closings Expected by YE26 • ~400 Annual Run-Rate Goal Wildli
Slide 16: Land-Based Solutions: Unlocking Value Through New Opportunities
16 Land-Based Solutions: Unlocking Value Through New Opportunities Leasing land for utility-scale solar energy production N E A R -T E R M P R IO R IT IE S L O N G -T E R M O P P O R T U N IT IE S Solar Carbon Credits Minerals / Land Resources Carbon Capture & Storage Bioenergy Realizing value from
Slide 17: Strong Balance Sheet With Significant Capital Allocation Capacity
17 200 139 300 390 185 490 78 78 100 100 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Strong Balance Sheet With Significant Capital Allocation Capacity Capital Structure Profile Debt Maturity Profile $MM Conservative Leverage Maintain Net Debt / Adjusted EBITDA (1) below 3.0x target (2) Credit
Slide 18: Capital Allocation Priorities
18 Maintain a Healthy Balance Sheet • Committed to investment grade credit ratings • Maintain Net Debt to Adjusted EBITDA (1) leverage ratio below 3.0x target (2) Return Capital to Shareholders • Pay a sustainable dividend that grows over time • Opportunistically repurchase shares with the intent to
Slide 19: Summary Investment Thesis
19 Summary Investment Thesis Land resources REIT with approximately four million acres of high-quality timberlands managed on a sustainable basis Focused on optimizing overall portfolio value by delivering land to its highest and best use Well-positioned to benefit from improving lumber market condi
Slide 20: Appendix
20INVESTOR PRESENTATION | Appendix
Slide 21: Appendix: U.S. South Valuation Dynamics
21 EBITDA Yield Capex Investment Productivity Gains Land-Based Solutions & HBU Uplift Real Price Increases Real Return Expectation Inflation “Nominal” Return Expectation Appendix: U.S. South Valuation Dynamics Timberland Assets Generate Returns Through Harvest Income and Land Value Appreciation / Op
Slide 22: Appendix: Definition of Non-GAAP Measures
22INVESTOR PRESENTATION | Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating expense (income), Large Dispositions, and other non-recurring pro forma items. Adjusted EBITDA is a non-GA