Rayonier Inc. Reit · NYSE:RYN
Rayonier Inc. Reit — Rayonier — Investor Presentation (November 2024)
18 slides from Rayonier Inc. Reit's investor presentation, Nov 6, 2024
Slide 1: Update on Initiatives to Enhance Shareholder Value
Update on Initiatives to Enhance Shareholder Value November 2024 Exhibit 99.1
Slide 2: Forward-Looking Statements
Update on Initiatives to Enhance Shareholder Value – November 2024 Forward-Looking Statements 1 Forward-Looking Statements – Certain statements in this presentation regarding anticipated financial outcomes including Rayonier’s earnings guidance, if any, business and market conditions, outlook, expec
Slide 3: Update on Initiatives to Enhance Shareholder Value
Update on Initiatives to Enhance Shareholder Value – November 2024 Update on Initiatives to Enhance Shareholder Value 2 Current private market valuations translate to significantly higher EBITDA and CAD multiples relative to Rayonier’s current trading multiples Historical EBITDA(1) of ~$11 milli
Slide 4: Capitalizing on Public vs. Private Valuation Disconnect
Update on Initiatives to Enhance Shareholder Value – November 2024 Capitalizing on Public vs. Private Valuation Disconnect Rayonier’s public market valuation is currently well below private market valuation benchmarks Private market LTM multiples are elevated relative to 3- year average multiple
Slide 5: Sources & Uses / Pro Forma Transaction Consequences
Update on Initiatives to Enhance Shareholder Value – November 2024 Sources & Uses / Pro Forma Transaction Consequences 4 (1) Reflects $90 million paydown of floating-rate portion of Term Loan at effective cost of 5.72%. (2) Cash balance assumed to earn interest at 4.0% per annum. (3) 2024E for RYN i
Slide 6: Rayonier Capital Structure Profile @ 9/30/2024
Update on Initiatives to Enhance Shareholder Value – November 2024 Rayonier Capital Structure Profile @ 9/30/2024 5 Pro Forma for the Dispositions and debt paydown, Rayonier's debt will be 100% fixed at ~2.7% with a well-staggered maturity profile. Pro Forma Debt Maturity Profile (5) $200 $100 $200
Slide 7: Pro Forma Impact on Pacific Northwest Portfolio
Update on Initiatives to Enhance Shareholder Value – November 2024 – 10 20 30 40 50 0-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40+ N et A cr es (i n 00 0s ) Age-Class Pro Forma Pacific Northwest Portfolio Washington Dispositions Pro Forma Impact on Pacific Northwest Portfolio 6 Merchantable Invento
Slide 8: Appendix: NCREIF Timberland Index Statistics
Update on Initiatives to Enhance Shareholder Value – November 2024 Appendix: NCREIF Timberland Index Statistics 7
Slide 9: U.S. South Historical Valuation Snapshot (NCREIF)
Update on Initiatives to Enhance Shareholder Value – November 2024 – $10 $20 $30 $40 $50 $60 $70 – 10x 20x 30x 40x 50x 60x – $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 $2,250 U.S. South Historical Valuation Snapshot (NCREIF) 8 U.S. South EBITDA per Acre (NCREIF) U.S. South timberlands have tr
Slide 10: Pacific Northwest Historical Valuation Snapshot (NCREIF)
Update on Initiatives to Enhance Shareholder Value – November 2024 – 10x 20x 30x 40x 50x 60x – $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 Pacific Northwest Historical Valuation Snapshot (NCREIF) 9 U.S. PNW EBITDA per Acre (NCREIF) Pacific Northwest timberlands have traded at an average EBITDA mu
Slide 11: Appendix: Definitions & Reconciliations
Update on Initiatives to Enhance Shareholder Value – November 2024 Appendix: Definitions & Reconciliations 10
Slide 12: Definitions of Non-GAAP Measures and Pro Forma Items
Update on Initiatives to Enhance Shareholder Value – November 2024 11 Definitions of Non-GAAP Measures and Pro Forma Items Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non- operating income,
Slide 13: Reconciliation of Net Debt
Update on Initiatives to Enhance Shareholder Value – November 2024 12 Reconciliation of Net Debt ($ in millions) Q3 2023 $1,307.2Long-term debt, net of deferred financing costs and unamortized discounts (1) 3.6Plus - deferred financing costs 2.5Plus - unamortized discounts $1,313.4Total Debt, (Princ
Slide 14: Enterprise Value to Adjusted EBITDA Multiple Calculations
Update on Initiatives to Enhance Shareholder Value – November 2024 13 Enterprise Value to Adjusted EBITDA Multiple Calculations NCREIF U.S. PNW NCREIF U.S. PNW NCREIF U.S. South NCREIF U.S. SouthRayonierRayonier($ in millions, except per share and per acre amounts) 3-Yr AverageLTM 3-Yr AverageLTM 3-
Slide 15: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Update on Initiatives to Enhance Shareholder Value – November 2024 14 Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment Total Corporate and OtherTrading Real Estate Timber Funds New Zealand Timber Pacific Northwest Timber Southern Timber($ in millions) 2024 YTD (ending Q3 2024)
Slide 16: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Update on Initiatives to Enhance Shareholder Value – November 2024 15 Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment Total Corporate and OtherTrading Real Estate Timber Funds New Zealand Timber Pacific Northwest Timber Southern Timber($ in millions) 2023 $211.3($39.1)$0.5$15
Slide 17: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Update on Initiatives to Enhance Shareholder Value – November 2024 16 Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment Total Corporate and OtherTrading Real Estate Timber Funds New Zealand Timber Pacific Northwest Timber Southern Timber($ in millions) 4Q 2021 $33.5($8.2)($0.5)
Slide 18: Reconciliation of Adjusted EBITDA Guidance
Update on Initiatives to Enhance Shareholder Value – November 2024 17 Reconciliation of Adjusted EBITDA Guidance HighLow($ in millions) 2024 Guidance $358.8$343.2Net income attributable to Rayonier Inc. 4.8 4.8Pension settlement charges, net of tax (1) 1.61.6 Costs related to disposition initiatives