Rayonier Inc. Reit · NYSE:RYN
Rayonier Inc. Reit — Q1 2026 Earnings Presentation
22 slides from Rayonier Inc. Reit's earnings presentation, May 7, 2026
Slide 1: Investor Presentation Q1 2026
Investor Presentation Q1 2026 •Q 1 2026
Slide 2: Cautionary Statement Regarding Forward-Looking Information
Cautionary Statement Regarding Forward-Looking Information 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
Slide 3: Leading Land Resources REIT Well Positioned to Build Long-Term Value
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 – including
Slide 4: Rayonier + PotlatchDeltic: Compelling Strategic & Financial Rationale
Rayonier + PotlatchDeltic: Compelling Strategic & Financial Rationale Strong Strategic Fit Compelling Financial Rationale Significant value creation opportunity through Diversified timberland ownership with ~4.1 million synergies, operational efficiencies, and sharing acres in highly attractive and
Slide 5: Experienced Leadership with Shared Focus on Value Creation
Experienced Leadership with Shared Focus on Value Creation Mark McHugh Eric Cremers Wayne Wasechek Mark R. Bridwell Chris Corr Ryan Daniels President and CEO Executive Chairman Executive Vice President Executive Vice President, Senior Vice President, Interim Senior & CFO General Counsel & Real Estat
Slide 6: Attractive and Diversified Asset Base
Attractive and Diversified Asset Base Timberlands Wood Products • Combined portfolio • Six sawmills with capacity comprising ~4.1MM acres to produce ~1.2BBF (1) of lumber annually U.S. Northwest • ~3.2MM acres in the U.S. Acreage: 930K Acres South, largely concentrated • One plywood facility with in
Slide 7: Key Trends Driving Alternative Uses for Land and Timber
Key Trends Driving Alternative Uses for Land and Timber Trends Trends Need for solutions to support Population migration and transition to low-carbon economy underbuilt housing supply Opportunity Opportunity Leasing land for solar development Timber Investment in entitlements and and carbon capture
Slide 8: Value per Acre Potential
Significant Value Creation Potential from Optimizing Land-Use Up to 15x Value $30,000 Up to Up to ~ 5-10x $25,000 Value per Acre Potential 10x Timber Value Value Creation Potential $20,000 from Land-Based Solutions $15,000 Up to 5x Value $10,000 Up to $5,000 ~ 10-15x Timber Value – $0 Creation Poten
Slide 9: Timberlands: Diverse and Productive Holdings
Timberlands: Diverse and Productive Holdings U.S. South Ownership (3.2MM Acres) U.S. Northwest Ownership (930K Acres) Mississippi Oregon Louisiana 4% South Carolina 1% • Loblolly, slash, and 6% 2% • Species mix primarily used for longleaf pine forests construction purposes, includes Washington Texas
Slide 10: Timberlands: Key Market Drivers
Timberlands: Key Market Drivers U.S. Housing Lumber Production Pulpwood Markets Grade products are largely sold to lumber The share of U.S. lumber consumption Pulp mills provide a base load of timber mill customers that have direct exposure being produced in the United States is demand within many o
Slide 11: Wood Products: Highly Productive and Efficient Facilities
Wood Products: Highly Productive and Efficient Facilities Top 10 U.S. Lumber Producer • Established St. Maries Bemidji Gwinn Lumber: 140MMBF (1) Lumber: 185MMBF (1) position with scale Lumber: 185MMBF (1) Plywood: 150MMSF (1) • Strategic customer relationships • Track record of best-in-class profita
Slide 12: Wood Products: Well-Positioned with Significant Positive Leverage to Lumber Pricing
Wood Products: Well-Positioned with Significant Positive Leverage to Lumber Pricing Poised to benefit from robust long-term fundamental drivers in the housing and R&R markets Top 10 Lumber Indexed Idaho Manufacturer Sawlogs • Established position with scale • Log prices linked to lumber pricing • St
Slide 13: Real Estate: Proven Platform with Development Capabilities
Real Estate: Proven Platform with Development Capabilities Core Business Growth Business Non- Unimproved Improved Rural Strategic Development Development Lower PREMIUM VALUE Higher Sale of non-strategic Creating value Creating value through Creating value timberland assets through rural places entit
Slide 14: Real Estate: Strong and Improving HBU Market Dynamics
Real Estate: Strong and Improving HBU Market Dynamics Average HBU Price per Acre Real Estate Sales Mix (3) 2015-2017 2021-2025 Price per Acre Rural / Other Development (1) $4,181 15% 43% $2,763 57% 85% (2) 2015-2017 2021-2025 28% $2,893 $1,779 100% 72% 2015-2017 2021-2025 Both Rayonier and PotlatchD
Slide 15: Real Estate: High-Value Development Projects with Long Runway for Growth
Real Estate: High-Value Development Projects with Long Runway for Growth Wildlight: Key Stats Heartwood: Key Stats Chenal Valley: Key Stats 2016 Project Start 2021 Project Start (2) 1985 Project Start • Status: Sales activity on upward trajectory • Status: Sales activity on upward trajectory • Statu
Slide 16: Land-Based Solutions: Unlocking Value Through New Opportunities
Land-Based Solutions: Unlocking Value Through New Opportunities Well-positioned to provide land-based solutions to support transition to low-carbon economy PRIORITIES Leasing land for utility-scale NEAR-TERM Solar solar energy production Realizing value from carbon Carbon Credits embedded in tree gr
Slide 17: Strong Balance Sheet With Significant Capital Allocation Capacity
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) ~4 Years 490 Weighted Average Maturity (3) Strong Cash Position 390 300 Significant Capital Alloca
Slide 18: Capital Allocation Priorities
Capital Allocation Priorities Maintain a Healthy • Committed to investment grade credit ratings Balance Sheet • Maintain Net Debt to Adjusted EBITDA (1) leverage ratio below 3.0x target (2) • Pay a sustainable dividend that grows over time Return Capital to • Opportunistically repurchase shares with
Slide 19: Summary Investment Thesis
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 conditio
Slide 20: Appendix
Appendix INVESTOR PRESENTATION | 20
Slide 21: Appendix: U.S. South Valuation Dynamics
Appendix: U.S. South Valuation Dynamics U.S. South Value per Acre (NCREIF) Key Components of Timberland Returns $2,500 14-17x 25-50x $2,250 Multiple of Multiple $2,000 3.3% Total of $1,750 CAGR Return EBITDA $1,500 $1,250 ~2.0% 6.0-7.0% $1,000 $750 $500 $250 – 2000 2001 2002 2003 2004 2005 2006 2007
Slide 22: Appendix: Definition of Non-GAAP Measures
Appendix: Definition of Non-GAAP Measures 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 EB