Rayonier Inc. Reit · NYSE:RYN
Rayonier Inc. Reit — Q4 2024 Earnings Presentation
19 slides from Rayonier Inc. Reit's earnings presentation, Feb 6, 2025
Slide 1: Q4 2024 Financial Supplement
Q4 2024 Financial Supplement February 2025
Slide 2: Safe Harbor Statement
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 strategies, expected harvest schedu
Slide 3: Table of Contents
Table of Contents SECTION 1 Financial and Segment Information SECTION 2 Supplemental Information 3 Q4 2024 Financial Supplement | February 2025
Slide 4: Section 1 Financial and Segment Information
Section 1 Financial and Segment Information 4 Q4 2024 Financial Supplement | February 2025
Slide 5: Financial Highlights
Financial Highlights ($ in millions, except per share data) Profitability Q4 2024 Q3 2024 Q4 2023 Sales $726.3 $195.0 $467.4 Pro Forma Sales(1) 231.3 195.0 225.2 Operating Income 346.2 27.6 145.2 Pro Forma Operating Income(1) 56.3 28.5 40.1 Net Income Attributable to Rayonier Inc. 327.1 28.8 126.9 P
Slide 6: Variance Analysis – Q4 2023 to Q4 2024
Variance Analysis – Q4 2023 to Q4 2024 Operating Income (Loss) ($ in millions) Southern Pacific Northwest New Zealand Corporate Timber Timber Timber Real Estate Trading and Other Total Q4-23 Operating Income (Loss) $13.7 ($2.5) $6.8 $137.9 $0.1 ($10.8) $145.2 Pro forma adjustments(1) — — — (105.1) —
Slide 7: Variance Analysis – 2023 to 2024
Variance Analysis – 2023 to 2024 Operating Income (Loss) ($ in millions) Southern Pacific Northwest New Zealand Corporate Timber Timber Timber Real Estate Trading and Other Total 2023 Operating Income (Loss) $76.3 ($9.0) $26.0 $156.6 $0.5 ($39.1) $211.3 Pro forma adjustments(1) — — 2.3 (105.1) — — (
Slide 8: Liquidity Measures – Cash Available for Distribution
Liquidity Measures – Cash Available for Distribution Year Ended December 31, ($ in millions, except per share data) 2024 2023 Cash Provided by Operating Activities $261.6 $298.4 Working capital and other balance sheet changes 9.9 (32.4) Net recovery on legal settlements(1) (8.0) (20.7) Capital expen
Slide 9: Southern Timber Overview
Southern Timber Overview 2023 2024 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 FY 2024 Sales Volume (Tons in 000s) Pine Pulpwood 979 1,036 995 810 3,821 1,016 926 909 853 3,704 Pine Sawtimber 886 932 745 731 3,295 922 702 583 588 2,796 Total Pine Volume 1,865 1,969 1,740 1,542 7,116 1,938 1,628 1,492 1,442 6,50
Slide 10: Pacific Northwest Timber Overview
Pacific Northwest Timber Overview 2023 2024 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 FY 2024 Sales Volume (Tons in 000s) Pulpwood 77 61 43 35 216 53 49 42 39 183 Domestic Sawtimber(1) 284 251 226 239 999 245 243 268 251 1,007 Export Sawtimber 23 21 21 24 89 19 — 9 — 28 Total Volume 384 332 290 298 1,305 317
Slide 11: New Zealand Timber Overview
New Zealand Timber Overview 2023 2024 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 FY 2024 Sales Volume (Tons in 000s) Domestic Pulpwood (Delivered) 55 50 58 62 225 50 57 64 68 240 Domestic Sawtimber (Delivered) 137 155 211 175 677 135 166 212 161 674 Export Pulpwood (Delivered) 42 70 55 64 230 63 82 67 70 282 E
Slide 12: Real Estate Overview
Real Estate Overview 2023 2024 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 FY 2024 Gross Sales ($ in MMs) Improved Development(1) $4.8 $12.2 $3.1 $10.6 $30.7 $1.8 $2.6 $12.0 $14.4 $30.8 Unimproved Development — — 0.1 — 0.1 — — — 12.4 12.4 Rural 6.5 15.6 20.5 57.1 99.7 8.7 7.5 13.8 42.9 72.9 Timberland & Non-Str
Slide 13: Capital Expenditures By Segment
Capital Expenditures By Segment Three Months Ended Year Ended ($ in millions) December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Southern Timber Reforestation, Silviculture & Other Capital Expenditures $12.3 $5.5 $13.0 $31.9 $30.6 Property taxes 1.6 2.0 1.3 7.
Slide 14: 2025 Financial Guidance
2025 Financial Guidance ($ in millions) 2024 Guidance Timber Volumes (tons in millions) Southern Timber 6.8 6.9 - 7.1 Pacific Northwest Timber 1.2 0.9 - 0.9 New Zealand Timber 2.5 2.5 - 2.7 Total 10.5 10.3 - 10.7 Segment Adjusted EBITDA(1) Southern Timber $151.3 $141.0 - $149.0 Pacific Northwest Tim
Slide 15: Section 2 Supplemental Information
Section 2 Supplemental Information 15 Q4 2024 Financial Supplement | February 2025
Slide 16: Definitions of Non-GAAP Measures and Pro Forma Items
Definitions of Non-GAAP Measures and Pro Forma Items Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income, costs related to disposition initiatives, restructuring charges, timber
Slide 17: Reconciliation of Reported to Pro Forma Earnings
Reconciliation of Reported to Pro Forma Earnings ($ in millions, except per share amounts) December 31, 2024 September 30, 2024 December 31, 2023 Three Months Ended $ EPS $ EPS $ EPS Sales $726.3 $195.0 $467.4 Large Dispositions(1) (495.0) — (242.2) Pro Forma Sales $231.3 $195.0 $225.2 Net Income at
Slide 18: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) Pacific New Southern Northwest Zealand Real Corporate Three Months Ended Timber Timber Timber Estate Trading and Other Total December 31, 2024 Operating income (loss) $18.0 ($1.3) $14.2 $326.1 ($0.1) ($10.6) $346
Slide 19: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment ($ in millions) Pacific New Southern Northwest Zealand Real Corporate Year Ended Timber Timber Timber Estate Trading and Other Total December 31, 2024 Operating income (loss) $77.9 ($6.3) $33.5 $340.4 ($0.1) ($42.9) $402.5 Costs