Rayonier Inc. Reit · NYSE:RYN
Rayonier Inc. Reit — Rayonier — Merger or Acquisition (March 2017)
11 slides from Rayonier Inc. Reit's merger presentation, Mar 16, 2017
Slide 1: U.S. South Acquisitions
Investor Relations | March 2017 U.S. South Acquisitions | March 2017
Slide 2: Safe Harbor Statement
Investor Relations | March 2017 Safe Harbor Statement Forward-Looking Statements - Certain statements in this presentation regarding anticipated financial outcomes including Rayonier’s earnings guidance, if any, business and market conditions, outlook, expected dividend rate, Rayonier’s business str
Slide 3: Overview of Transactions
Investor Relations | March 2017 Overview of Transactions 2 Rayonier has entered into three transactions with separate sellers to acquire a total of ~95,100 acres located in Florida, Georgia and South Carolina for $217 million, or $2,280 per acre (the “Acquisitions”) (1) The Acquisitions are comp
Slide 4: Acquisitions Located in Strongest U.S. South Markets
Investor Relations | March 2017 – $5 $10 $15 $20 $25 FL -1 G A- 2 S C -2 N C -2 FL -2 LA- 1 VA- 2 VA- 1 LA- 2 A L- 2 TX- 1 S C -1 G A- 1 TX- 2 M S -2 A L- 1 A R -1 N C -1 A R -2 M S -1 TN -1 TN -2 Acquisition Markets U.S. South Average Acquisitions Located in Strongest U.S. South Markets 3 The Acqui
Slide 5: Key Value Drivers – Acquisitions Scorecard
Investor Relations | March 2017 Key Value Drivers – Acquisitions Scorecard 4 U.S. South Valuation Sensitivity Analysis – % Change in $ per Acre by Key Value Driver The Acquisitions are comprised of well stocked, highly productive properties in some of the strongest timber markets in the U.S. South,
Slide 6: Acquisitions Upgrade Quality of U.S. South Portfolio
Investor Relations | March 2017 Acquisitions Upgrade Quality of U.S. South Portfolio 5 Commercial Forest Area – % Plantable (2) The Acquisitions will improve the overall quality of Rayonier’s U.S. South portfolio and will add meaningful scale in our strongest timber markets. Productivity – Site Inde
Slide 7: Acquisitions vs. NCREIF vs. RYN EBITDA Multiples
Investor Relations | March 2017 19.9x 16.7x 39.5x 26.3x – 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x 45.0x Acquisitions (Target EBITDA) NCREIF U.S. South (2016 EBITDA) Rayonier (2017E EBITDA) Enterprise Value / EBITDA (excl. Real Estate) Enterprise Value / EBITDA Acquisitions vs. NCREIF vs. RYN
Slide 8: Appendix
Investor Relations | March 2017 Appendix 7
Slide 9: Definitions of Non-GAAP Measures and Pro Forma Items
Investor Relations | March 2017 Definitions of Non-GAAP Measures and Pro Forma Items 8 Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development and Large Dispositions. Adjusted EBITDA is a non-GAAP measur
Slide 10: Reconciliation of Net Income to Adjusted EBITDA
Investor Relations | March 2017 Reconciliation of Net Income to Adjusted EBITDA 9 ($ in millions) 2017 Guidance Range Net income $72.5 – $78.5 (–) Net income attributable to non-controlling interest (6.5) – (7.0) Net income attributable to Rayonier Inc. $66.0 – $71.5 (–) Large Dispositions (1) (27.0
Slide 11: Enterprise Value / EBITDA Multiple Calculations
Investor Relations | March 2017 Enterprise Value / EBITDA* Multiple Calculations 10 ($ in millions, except per share amounts) NCREIF Rayonier U.S. South Acquisitions Adjusted EBITDA (1) 2017 Guidance 2016 Actual Target EBITDA Timber Segment(s) $191 $432 $13 Real Estate 56 – – (–) Corporate / Other (