Slide 1: Weyerhaeuser Investor Presentation Late September 2025
WEYERHAEUSER Investor Presentation Late September 2025 Contact Us: (206) 539-3907 Contact Us: (206) 539-3907 Contact Us: (206) 539-3907 Exhibit 99.1
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES 2
Slide 3: Table of contents
Table of contents Company Overview Unmatched Portfolio Industry-Leading Performance Strong ESG Foundation Disciplined Capital Allocation Investment Thesis | 2025 Targets & Progress | Who We Are | What We Do | Why We Matter Timberlands | Real Estate, Energy & Natural Resources | Wood Products Operati
Slide 4: Investment thesis
Weyerhaeuser Investment thesis Superior Shareholder Value Unmatched Portfolio Industry-Leading Performance Disciplined Capital Allocation 4 Strong ESG Foundation
Slide 5: 2025 Year-End Targets
2025 YEAR-END TARGETS Driving Growth and Shareholder Value Unmatched Portfolio Industry-Leading Performance Strong ESG Foundation Disciplined Capital Allocation TIMBERLANDS GROWTH MAKE DISCIPLINED INVESTMENTS OF $1 BILLION FROM 2022 TO 2025 NATURAL CLIMATE SOLUTIONS GROW ANNUAL EBITDA TO $100 MILLIO
Slide 6: Making Progress Against Our Multi-Year Targets
TIMBERLANDS GROWTH INVESTED OVER $1.1 BILLION(1) INCLUDING ACQUISITIONS IN WASHINGTON, CAROLINAS, VIRGINIA MISSISSIPPI & ALABAMA NATURAL CLIMATE SOLUTIONS GENERATED $84 MILLION OF ADJ. EBITDA(2) IN 2024 ON TRACK TO REACH $100 MILLION TARGET IN 2025 OPERATIONAL EXCELLENCE CAPTURED $117 MILLION IN OPX
Slide 7: Who we are
Who we are Largest Timber REIT with Unmatched & Complementary Industry-Leading Businesses TIMBERLANDS We are the largest private owner of timberlands in North America REAL ESTATE, ENERGY & NATURAL RESOURCES We capture the highest value from every acre WOOD PRODUCTS We are one of North America’s larg
Slide 8: What we do
DIVERSE CUSTOMER MIX that fully values our quality, scale, reliability and sustainable practices PROPRIETARY SEEDLINGS yield superior growth, wood quality and survival characteristics CUSTOMIZED PLANTING deploys the best genetic material for each acre on our land base TARGETED SILVICULTURE generates
Slide 9: Why we matter
Why we matter Long-Standing Focus on Sustainability We manage the most sustainable, versatile resource on earth: forests We are experts at using trees to make products people need We do it the right way so our forests will last forever WE ARE SUSTAINABLE BY NATURE OUR PORTFOLIO IS CLIMATE-FRIENDLY W
Slide 10: Unmatched Portfolio
UNMATCHED PORTFOLIO Timberlands Real Estate, Energy & Natural Resources Wood Products Our Quality, Diversity and Scale Cannot Be Replicated 10
Slide 11: Timberlands Portfolio
Highly productive planted pine forests Balanced mix of grade & fiber logs Scale operations in every major region U.S. SOUTH Premium Southern Yellow Pine ~7 MILLION ACRES Premium land west of Cascade mountains Sawlogs are ~90% of harvest Unique Japan export presence U.S. WEST High-Value Douglas Fir 2
Slide 12: Timberlands: highlights
Timberlands: highlights Unmatched Quality, Scale and Diversification Adjusted EBITDA(2,3) by Region (2022-2024) REVENUE by END MARKET (2024) Third-Party Domestic 55% WY Mills 27% Export 18% ~$655 MILLION Adjusted EBITDA(2) 3-Year Average ENDURING VALUE ACROSS MARKET CYCLES 12 OUR COMPETITIVE ADVANTA
Slide 13: Competitive Position: We Are the Largest Timber REIT
COMPETITIVE POSITION We Are the Largest Timber REIT Our Scale Across All Major Woodbaskets Our Integrated Manufacturing Allows us to flex volume and maximize overall returns Our Delivered Log Business Model Enables us to capture higher margins TIMBER REIT OWNERSHIP Weyerhaeuser Rayonier PotlatchDelt
Slide 14: Timberlands Export Markets
Weyerhaeuser TIMBERLANDS EXPORT MARKETS Unrivaled Market Position and Supply Chain Expertise UNIQUE JAPAN EXPORT BUSINESS Multi-decade relationships supplying post & beam housing market Western timberlands ownership provides premium logs at unrivaled scale Largest log export facility in North Americ
Slide 15: Western timberlands
Western timberlands Unmatched Quality, Scale and Market Access Our Timber Inventory Is Primarily High-Value Species Sources: Forisk Ownership Database 2024, tax parcel data (as available), public presentations, WY reports We have premium timberlands west of the Cascade mountains We hold the #1 posit
Slide 16: Southern timberlands
Southern timberlands Peer-Leading Scale and Market Access NC/VA MS/AL AR/OK/TX/LA TIMBER REIT OWNERSHIP Weyerhaeuser Rayonier PotlatchDeltic Our Scale is Unmatched Across Southern Markets 16 (2) Atlantic Coast includes Florida, Georgia, North Carolina and South Carolina. WY PCH RYN Sources: Forisk O
Slide 17: Timberlands growth strategy update
Timberlands growth Strategy update Disciplined Approach to Growing the Value of Our Timberlands ANNOUNCED ACQUISITIONS Approximate Location of Transaction Activity (1) Includes approximately $30 million of smaller bolt-on acquisitions, not separately announced. (2) Timberlands acquired in Q4 2023 i
Slide 18: Timberlands Sustainability
100% OF OUR TIMBERLANDS ARE REFORESTED AFTER HARVEST TIMBERLANDS SUSTAINABILITY We Balance Our Harvesting with a Strong Foundation of Environmental Stewardship WE HARVEST ONLY 2% OF OUR FORESTS ON AVERAGE EACH YEAR WE LEAVE TREE BUFFERS ALONG WATERWAYS TO PROTECT AQUATIC HABITAT WE CERTIFY 100% OF O
Slide 19: Real Estate, Energy & Natural Resources
U.S. SOUTH Conservation Mineral Royalties Mitigation Banking SOUTHERN REGION Applying expertise and technology to enhance portfolio value across our timber holdings Forest Carbon NORTHERN REGION CO2 Real Estate (HBU) Mineral Royalties Wind Carbon Capture & Sequestration Solar and Wind Forest Carbon
Slide 20: Real estate, energy & natural resources: highlights
Real estate, energy & natural resources: highlights Consistent, Reliable Cash Generation | Growing Natural Climate Solutions ~$330 MILLION Adjusted EBITDA(1) 3-Year Average ENDURING VALUE ACROSS MARKET CYCLES Natural Climate Solutions Adjusted EBITDA(1) Real Estate 66% ENR 34% OUR COMPETITIVE ADVANT
Slide 21: Real Estate Business
REAL ESTATE BUSINESS We Continually Evaluate Every Acre to Unlock Higher and Better Use (HBU) Value (2) Annually, 2021-2024. HBU Acreage by Region(1) South 80% North 7% West 13% (1) As of December 31, 2024. PREMIUM LAND SALES Maximizing Value from Each Acre Via HBU Parcels Timberlands Acquisitions W
Slide 22: Natural Climate Solutions Business
NATURAL CLIMATE SOLUTIONS BUSINESS Leveraging Scale and Growing EBITDA as Markets Develop 22 EXPANDING OUR BUSINESS MODEL GROWING OUR EXISTING BUSINESSES PARTICIPATING IN THE EMERGING CARBON CREDIT MARKET FOREST CARBON CO2 4 projects approved, and 5 additional in progress Sold ~82,000 credits in the
Slide 23: Wood Products Portfolio
WOOD PRODUCTS PORTFOLIO Industry-Leading Scale, Diversification and Quality LUMBER ORIENTED STRAND BOARD ENGINEERED WOOD PRODUCTS DISTRIBUTION 2nd Largest Producer in North America 17 Lumber Mills(1) (5.2 BBF) 4th Largest Producer in North America 6 Oriented Strand Board Mills (3.2 BSF) Located in t
Slide 24: Wood products: highlights
Wood products: highlights Peer-Leading Performance, Superior Reliability and Preferred Supplier Peer-leading performance OUR COMPETITIVE ADVANTAGE Diverse customer mix & market demand drivers Strategically located in prime woodbaskets Expertise in transportation & logistics Relentless focus on peer-
Slide 25: Expanding engineered wood products portfolio
Expanding engineered wood products portfolio Strategic Investment to Build New TimberStrand® Facility in Monticello, Arkansas 25 Innovative and versatile solid section beam product Proprietary technology – high barrier to entry for others Diversified and growing end markets with applications in resi
Slide 26: Expect Long-Term Growth in U.S. Housing
Generation Z and Millennials are the largest population cohorts and have entered peak homebuying years Current homebuilding pace will not fully address the deficit resulting from a decade of underbuilding Certain buyers remain on the sidelines in anticipation of lower mortgage rates and improving af
Slide 27: Repair and remodel fundamentals
Current R&R activity holding steady Housing stock continues to age, with median age greater than 40 years Near-term demand supported by increased consumer savings, home equity and lock-in effect with elevated mortgage rates U.S. RETAIL BUILDING MATERIALS SALES TOTAL SPENDING Source: U.S. Census Bure
Slide 28: Increased Adoption of Wood-Based Building
MASS TIMBER CONSUMPTION projected to increase >100% by 2029 INCREASED ADOPTION OF WOOD-BASED BUILDING Global Growth and Sustainability Attributes Driving Rising Demand for Wood Products Sources: United Nations, FEA Global Cross-Laminated Timber (CLT) Consumption Growth, Churkina et al. (Buildings as
Slide 29: Wood products sustainability
Wood products sustainability Reducing Our Impact | Offering Climate-Friendly Products WE CERTIFY 100% OF OUR WOOD FIBER SUPPLY TO THE Sustainable Forestry Initiative® Fiber Sourcing or Certified Sourcing Standards WE MEET MORE THAN TWO-THIRDS OF OUR OWN ENERGY NEEDS USING RENEWABLE BIOMASS ON AVERAG
Slide 30: Industry-Leading Performance
INDUSTRY-LEADING PERFORMANCE Operational Excellence Relative Competitive Performance Significant, Sustainable Margin Improvement Accelerated by Innovation Innovation 30
Slide 31: Operational Excellence
OPERATIONAL EXCELLENCE Delivering Sustainable Margin Improvement Through the Cycle SUSTAINABLE MARGIN IMPROVEMENT Targeting $175-250 Million from 2022-2025 EXPANDING OUR REACH WITH OPX 2.0 Finding Opportunity in Every Corner Future Value World Class Execution on Critical Activities That Generate Lon
Slide 32: Delivering Superior Relative Performance: OpX Scorecard
DELIVERING SUPERIOR RELATIVE PERFORMANCE Our OpX Scorecard Sources for competitor data: Public filings. Results include only North American operations. (1) See appendix for definition of Adjusted EBITDA and reconciliation to GAAP amounts. (2) Wood Products peers include BlueLinx, Boise Cascade, Canf
Slide 33: Innovation
innovation Creating Significant Value Through Our Accelerated Focus on Innovation Automation & Robotics Unmanned Autonomous Vehicles Artificial Intelligence & Machine Learning Energy-Efficient Equipment 33
Slide 34: Strong ESG Foundation
STRONG ESG FOUNDATION Sustainability Strategy ESG Performance Sustainability Is a Core Value Carbon Record 34
Slide 35: Sustainable to our core
Sustainable to our core Strong ESG Performance | Clear Business Alignment | Ambitious Positive Impact OUR SUSTAINABILITY STRATEGY Maintain ESG Foundation Improve Business Alignment Demonstrate Positive Impact Ten-year roadmap to review and adjust ESG-related focus areas and strategies Set and meet a
Slide 36: Our Carbon Record
OUR CARBON RECORD We Remove Nearly Four Times More Carbon Dioxide Than We Emit We Are Members of The Climate Pledge and Are Committed to Net-Zero Emissions by 2040 36 Metric tons of carbon dioxide equivalent (mtCO2e) for full-year 2024. We normally update Carbon Record results annually in Q2. 38 mil
Slide 37: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION 37 Shareholder Returns Capital Expenditures Long-Term Commitment to Balancing Three Key Priorities Capital Structure
Slide 38: Disciplined Capital Allocation: Three Key Priorities
INVEST IN OUR BUSINESSES RETURN CASH TO SHAREHOLDERS MAINTAIN AN APPROPRIATE CAPITAL STRUCTURE CORE ALLOCATION Investment Grade Credit Rating Disciplined Capital Expenditures Sustainable Base Dividend OPPORTUNISTIC ALLOCATION Value-Enhancing Growth Opportunities Liability Management Supplemental Div
Slide 39: Returning Cash to Shareholders: Allocation Framework
(1) See appendix for definition of Adjusted FAD and reconciliation to GAAP amounts. (2) Normally declared and paid annually in Q1, based on prior year results. RETURNING CASH TO SHAREHOLDERS Allocation Framework and Cash Return Calculation TARGETED RETURN OF CASH TO SHAREHOLDERS Calculated on an Ann
Slide 40: 2024 Cash return summary
2024 Cash return summary Returned $735 Million of Cash to Shareholders 40 Reinforcing the durability of our portfolio and flexible approach to cash returns across market cycles Quarterly base dividends largely covered by our 2024 Adjusted Funds Available for Distribution(1) Opportunistic share repur
Slide 41: Returning Cash to Shareholders: Cash Return Framework
RETURNING CASH TO SHAREHOLDERS Demonstrating The Power of Our Cash Return Framework 41 (1) As of June 30, 2025. 2025 YTD includes Q1 and Q2 base dividends, and approximately $125 million of share repurchase. (2) Supplemental dividends associated with 2021 results include a $0.50 per share interim di
Slide 42: Delivered Annual Base Dividend Increases
DELIVERED ANNUAL BASE DIVIDEND INCREASES In-Line with Multi-Year Target to Grow Our Base Dividend by 5% Annually (1) Assumes current quarterly base dividend of $0.21 per share. 42 +5.9% +5.6% +5.3% (1) BASE DIVIDEND GROWTH DRIVERS Timberlands Targeted acquisitions and business development Natural Cl
Slide 43: Capital Expenditures
CAPITAL EXPENDITURES Organic Investments to Sustain and Enhance Our Operations CAPITAL EXPENDITURES(1) $ in millions Wood Products: $275 million in 2025 Maintenance capex is $150-200 million Projects to improve costs and reliability Timberlands: $120 million in 2025 Reforestation and silviculture Ro
Slide 44: Maintain an Appropriate Capital Structure
Maintain AN appropriate capital structure Operating from a Strong Financial Position with Significant Flexibility INVESTMENT GRADE CREDIT PROFILE Baa2 Moody’s AMPLE LIQUIDITY OPPORTUNISTIC LIABILITY MANAGEMENT STRONG ASSET COVERAGE OVER 80% of business assets are in Timberlands Paid Down Debt of ~$1
Slide 45: Key Market Drivers
45 Current Market Dynamics Long-Term Demand Fundamentals Carbon Platform KEY MARKET DRIVERS
Slide 46: Current market dynamics for our products
LUMBER ORIENTED STRAND BOARD WESTERN LOGS SOUTHERN LOGS Current market dynamics for our products Improving sawlog demand with new mill capacity coming into the region WY fiber log demand generally stable Log pricing showing notable gains across several geographic sub-areas Emerging log export opport
Slide 47: Fundamental Drivers Shaping Our Industry
Rising Global Demand for Wood Fiber Increased Adoption of Wood-Based Building Increased Demand for Natural Climate Solutions Growing Demand for U.S. Housing 2 3 4 FUNDAMENTAL DRIVERS SHAPING OUR INDUSTRY We Are Well Positioned to Capitalize on These Opportunities 1
Slide 48: Our carbon platform
Our carbon platform Driving Long-Term Portfolio Value as Carbon Markets Develop LAND & FOREST Forest Carbon Credits Renewable Energy Mitigation & Conservation SUBSURFACE Carbon Capture & Sequestration WOOD PRODUCTS Carbon Storage ENHANCING VALUE OVER TIME Underlying Timberlands Value Increased Deman
Slide 49: Investment thesis
Weyerhaeuser Investment thesis Superior Shareholder Value Unmatched Portfolio Industry-Leading Performance Disciplined Capital Allocation 49 Strong ESG Foundation
Slide 50: Appendix: Additional Materials
APPENDIX Additional Materials 50
Slide 51: 2025 Q3 Update
2025 Q3 UPDATE SEGMENT PRIOR OUTLOOK EXPECTED EARNINGS(1) & ADJUSTED EBITDA OUTLOOK UPDATE EXPECTED EARNINGS(1) & ADJUSTED EBITDA TIMBERLANDS Approximately $10 million lower than 2025 Q2 Unchanged REAL ESTATE, ENERGY & NATURAL RESOURCES Earnings ~$60 million lower than 2025 Q2 Adjusted EBITDA ~$80 m
Slide 52: Wood Products Sales Realizations: Current vs. 2025 Q2
WOOD PRODUCTS SALES REALIZATIONS: CURRENT VS. 2025 Q2 (1) Changes in average realizations typically lag changes in industry benchmark pricing due to length of order files. (2) WY reports OSB realizations in MSF 3/8”. Changes in average realizations typically lag changes in industry benchmark pricing
Slide 53: Lumber Demand Fundamentals and Pricing
LUMBER DEMAND FUNDAMENTALS AND PRICING LUMBER PRICING FRAMING LUMBER COMPOSITE NORTH AMERICAN LUMBER CONSUMPTION BY END USE, 2024 Source: FEA Source: Random Lengths Q3 QTD as of 9/19/2025 Current R&R activity holding steady Single-family construction activity softer than expected year to date Compos
Slide 54: B.C. Mill Closures Being Replaced by Capacity Additions in U.S. South
Log supply declining in British Columbia due to fires, pine beetle and lower allowable cut Canadian lumber exports to the U.S. remain subject to duties Canadian share of lumber market has decreased U.S. Southern lumber production gaining share NORTH AMERICAN CAPACITY(1) % SHARE BY REGION NORTH AMERI
Slide 55: OSB Demand Fundamentals and Pricing
OSB DEMAND FUNDAMENTALS AND PRICING Single-family construction activity softer than expected year to date Composite pricing showing signs of stabilization Supportive long-term housing fundamentals Source: FEA ORIENTED STRAND BOARD PRICING 7/16” NORTH CENTRAL NORTH AMERICAN OSB CONSUMPTION BY END USE
Slide 56: Western Logs: Tensioned Market
Largest driver of demand is U.S. housing activity Generally stable Japanese demand for WY premium logs China has favorable longer-term import needs and faces constraints from suppliers in Europe and Russia (1) JAPAN HOUSING STARTS WOOD-BASED WESTERN SAWLOG PRICING DELIVERED DOUGLAS FIR #2 Million cu
Slide 57: Southern Logs: Improving Sawlog Demand
SAWMILL CAPACITY ADDITIONS COMPLETED & ANNOUNCED BY STATE 2017-2025(2) Sawlog demand improving as capacity increases; WY’s timberlands are well positioned to benefit WY fiber log demand generally stable Log pricing showing notable gains across several geographic sub-regions Additional upside opportu
Slide 58: NCREIF Timberland Index
NCREIF Timberland INDEX INDEXED MARKET VALUE Per Acre, by Region Source: National Council of Real Estate Investment Fiduciaries (NCREIF) Timberland Index. Changes in index composition may affect average market values (e.g., NCREIF Northwest expanded to include Idaho in 2013). YTD as of June 2025 Per
Slide 59: Weyerhaeuser Timberlands A&D
59 (1) Acquisitions include mid-coastal Oregon (2020), Alabama (2021, 2024), North and South Carolina (2022, 2023), Mississippi (2023) and a small property in Coastal Washington (2021). Divestitures include Montana (2020), southern Oregon (2020), North Cascades Washington (2021), Upstate South Carol
Slide 60: Delivering Superior Relative Performance: OpX Scorecard
DELIVERING SUPERIOR RELATIVE PERFORMANCE Our OpX Scorecard TIMBERLANDS ADJUSTED EBITDA(1,2) PER ACRE WEST SOUTH Weyerhaeuser Timberlands & ENR vs Peers Weyerhaeuser Timberlands & ENR vs Peers Sources for competitor data: Public filings. Results include only North American operations. (1) See appendi
Slide 61: Notable Indices & Rankings
Notable INDICES & RANKINGS Recognized ESG Leader Sustained High Performance in Major Ratings and Rankings S&P Global ESG Best-in-class among North American companies and peers Included in major ESG indices, such as the Dow Jones Best-In-Class North America Index (1) Committed to enhancing our perfor
Slide 62: Well-Laddered Debt Profile
WELL-LADDERED DEBT PROFILE All data as of June 30, 2025. (1) Excludes $550 million of variable rate debt. (2) Revolving credit facility was undrawn as of June 30, 2025. This credit facility has a capacity of $1.75 billion and expires in June 2030. $5.2 billion of long-term debt outstanding 89% fixed
Slide 63: Our Company Vision
OUR COMPANY VISION @) U R Vi iS | @) N Working together to be the world’s premier 242 HOW WE WIN » 4 Safety Integrity Citizenship Sustainability Inclusion timber, land, and forest products company WHAT IT LOOKS LIKE 4 KEY WEYERHAEUSER BEHAVIORS A TRULY GREAT COMPANY Develop our people Act with urgen
Slide 64: (1) Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance
(1) Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold, unallocated pension service costs and special items. Adjuste
Slide 65: Net Debt to Adjusted EBITDA reconciliation
$ Millions 2017 2018 2019 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net Debt to Adjusted EBITDA (LTM) (1,2,3) 3.6 3.3 2.9 2.5 2.5 2.2 2.5 3.0 3.3 3.9 4.7 4.9 4.5 4.1 2.9 2.3 1.5 0.9 0.7 0.8 Total debt $6,606 $6,604 $5,995 $5,992 $5,928 $5,924 $5,921 $6,344 $6,401 $6,293 $
Slide 66: Net Debt to Adjusted EBITDA reconciliation
$ Millions 2022 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net Debt to Adjusted EBITDA (LTM) (1,2,3) 0.9 0.8 0.8 1.0 1.7 2.2 2.2 2.3 2.5 2.6 3.2 3.4 3.6 3.8 Total debt $5,053 $5,053 $5,053 $5,053 $5,053 $5,797 $5,679 $5,069 $5,071 $5,072 $5,074 $5,076 $5,167 $5,168 Less: Cash and cash
Slide 67: (1) Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance
(1) Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold, unallocated pension service costs and special items. Adjuste
Slide 68: Wood Products Adjusted EBITDA reconciliation
$ Millions 2011 2012 2013 2014 2015 2016(1) 2017 2018 2019 2020 2021 2022 2023 2024 Lumber ($7) $130 $317 $319 $212 $289 $459 $459 $183 $799 $1,630 $1,103 $83 ($21) OSB (4) 143 247 46 41 183 359 329 59 466 1,292 879 250 311 EWP 6 17 45 79 114 145 173 177 207 188 285 585 455 308 Distribution (37) (29
Slide 69: (1) Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance
(1) Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold, unallocated pension service costs and special items. Adjuste
Slide 70: (1) Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance
(1) Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items. Adjusted EBITDA should not be considered i
Slide 71: Adjusted Funds Available for Distribution (FAD) Reconciliation
ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION (FAD) RECONCILIATION $ Millions 2017 2018 2019 2020 2021 2022 2023 2024 Net cash from operations $1,201 $1,112 $966 $1,529 $3,159 $2,832 $1,433 $1,008 Capital expenditures (excluding discontinued operations) (419) (427) (384) (281) (441) (468) (447) (416) Fu