21 slides from Rayonier Inc. Reit's earnings presentation, Apr 27, 2021
Slide 1: Q1 2021 Earnings
Q1 2 0 2 1 E A R NIN G S A P R I L 2 7, 2 0 2 1
Slide 2: Forward-Looking Statements & Non-GAAP Measures
FORWARD-LOOKING STATEMENTS & NON-GAAP MEASURES FORWARD-LOOKING STATEMENTS This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including without limitation, our expectations regarding the company’s revenu
Slide 3: Key Highlights Q1 2021
Record Total Adjusted EBITDDA of $195 million was driven by historic lumber markets. KEY HIGHLIGHTS Our Wood Products and Timberlands segments achieved record results and our Real Estate Q1 2021 segment performance was strong. STRATEGY PERFORMANCE CAPITAL ALLOCATION Leverage to lumber prices Total A
Slide 4: Consolidated Results
Q1 2021 Total Adjusted EBITDDA of $195 million topped Q4 2020's record CONSOLIDATED RESULTS performance which included a $48 million land sale. Historically high lumber prices and strong Idaho harvest volumes drove Q1 2021 record results. Total Adjusted EBITDDA – Q4 2020 to Q1 2021 Variance $55.2 ($
Slide 5: Timberlands Results
TIMBERLANDS RESULTS Record quarterly Timberlands EBITDDA was driven by higher Northern harvest Q1 2021 volumes and strong sawlog prices. Timberlands Adjusted EBITDDA – Q4 2020 to Q1 2021 Variance $11.5 ($1.7) $2.1 $67.9 $62.5 ($6.5) $ MILLIONS Q4 2020 Harvest Volume Sales Price & Mix Log & Haul Fore
Slide 6: Timberlands Results: Northern Region
TIMBERLANDS RESULTS NORTHERN REGION Q1 2021 Northern Sawlog Pricing and Volume Northern Pulpwood Pricing and Volume $200 $178 700 $50 60 600 Volume: Tons (thousands) 50 Volume: Tons (thousands) $160 $40 $36 427 500 40 Price: $/Ton Price: $/Ton $120 $30 400 30 $60 300 $20 20 200 14 $40 $10 10 100 $0
Slide 7: Timberlands Results: Southern Region
TIMBERLANDS RESULTS SOUTHERN REGION Q1 2021 Southern Sawlog Pricing and Volume Southern Pulpwood Pricing and Volume $60 700 $44 $35 600 $50 508 600 $28 $30 500 Volume: Tons (thousands) 500 $40 Volume: Tons (thousands) $25 400 400 326 $20 Price: $/Ton Price: $/Ton $30 300 300 $15 $20 200 200 $10 $10
Slide 8: Wood Products Results
WOOD PRODUCTS Historic lumber prices continue to drive record Wood Products Adjusted EBITDDA RESULTS despite lower production stemming from a severe winter storm in the South. Wood Products Adjusted EBITDDA – Q4 2020 to Q1 2021 Variance $67.0 ($2.6) ($4.1) ($3.6) ($1.4) ($0.1) $125.5 $ MILLIONS $70.
Slide 9: Wood Products Results
WOOD PRODUCTS RESULTS Q1 2021 Lumber Pricing and Shipments Wood Products Adjusted EBITDDA ($ in millions) $1,000 400 $140 $890 $125.5 $900 350 $120 $800 300 Shipments (MMBF) 258 $100 Price: $/MBF $700 250 $80 $600 200 $60 $500 150 $40 $400 100 $20 $300 50 $0 $200 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q
Slide 10: Real Estate Results
Our Real Estate segment continued to capitalize on a robust rural sales REAL ESTATE RESULTS environment combined with strong Chenal Valley residential lot and Q1 2021 commercial land sales. Real Estate Adjusted EBITDDA – Q4 2020 to Q1 2021 Variance $56.5 ($41.5) $ MILLIONS ($0.4) $2.0 $16.6 Q4 2020
Slide 11: Real Estate Results
REAL ESTATE RESULTS Q1 2021 Rural - Acres Sold and Avg. Price Development – Residential Lots Sold and Avg. Price 100 $3,000 $140,000 70,000 90 $2,500 $120,000 80 60,000 Average Price: $/Acre Average Price: $/Lot Residential Lots Sold $98,629 70 $2,000 50,000 $100,000 60 Acres Sold $80,000 51 $1,415
Slide 12: Favorable Capital Structure
FAVORABLE CAPITAL Liquidity of $761 million and declining cost of capital provide a strong platform STRUCTURE to continue growing shareholder value. Debt Maturities $200 $190 $176 $ MILLIONS $150 $100 $100 $100 $50 $40 $43 $40 $46 $28 $0 $0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 | Refinan
Slide 13: Outlook Q2 2021
OUTLOOK We anticipate Q2 2021 Total Adjusted EBITDDA will be higher than Q1 2021, which would Q2 2021 set a new quarterly record. TIMBERLANDS Harvest volume 1.1 - 1.3 million tons Geographic harvest ~ 70% of volume in South Sawlog mix North: ~ 95% sawlogs South: ~ 50% sawlogs Sawlog pricing North: S
Slide 14: Appendix
APPENDIX Q1 2021 1 4\ PotlatchDeltic ?
Slide 15: Total Company Summary
TOTAL COMPANY SUMMARY in millions except per-share amounts – unaudited 2020 2021 Q1 Q2 Q3 Q4 TOTAL Q1 Operating (loss) Income Timberlands $ 22.4 $ 14.0 $ 45.9 $ 49.4 $ 131.7 $ 56.5 Wood Products 7.8 5.1 75.7 63.9 152.5 119.3 Real Estate 0.6 6.0 8.0 45.3 59.9 7.5 Corporate (8.9) (10.8) (15.5) (14.3)
Slide 16: Operating Segment Adjusted EBITDDA
OPERATING SEGMENT Non - GAAP Reconciliation ADJUSTED EBITDDA in millions – unaudited 2020 2021 Q1 Q2 Q3 Q4 TOTAL Q1 TIMBERLANDS Northern Timberlands operating income $ 17.8 $ 10.9 $ 40.5 $ 44.5 $ 113.7 $ 52.2 Depreciation, depletion and amortization 2.1 1.8 2.3 2.0 8.2 2.0 Northern Timberlands Adjus
Slide 17: Total Adjusted EBITDDA & CAD
TOTAL ADJUSTED Non - GAAP Reconciliation EBITDDA & CAD in millions – unaudited 2020 2021 Q1 Q2 Q3 Q4 TOTAL Q1 TOTAL ADJUSTED EBITDDA Net (loss) Income (GAAP) $ (16.8) $ 2.6 $ 81.0 $ 100.0 $ 166.8 $ 131.1 Interest expense, net 3.7 8.3 8.6 8.9 29.5 3.6 Income taxes (10.9) 0.5 16.8 20.7 27.1 30.0 Depre
Slide 18: Statistics: Timberlands
STATISTICS: TIMBERLANDS unaudited 2020 2021 Q1 Q2 Q3 Q4 TOTAL Q1 TIMBERLANDS Fee Volumes (tons) Northern Region Sawlog 433,870 302,917 554,845 377,685 1,669,317 427,255 Pulpwood 37,801 31,463 29,910 14,707 113,881 13,884 Stumpage 23,178 — — — 23,178 — Total 494,849 334,380 584,755 392,392 1,806,376
Slide 19: Statistics: Wood Products and Real Estate
STATISTICS: WOOD PRODUCTS unaudited AND REAL ESTATE 2020 2021 Q1 Q2 Q3 Q4 TOTAL Q1 WOOD PRODUCTS Lumber shipments (MBF) 282,967 249,239 291,391 274,485 1,098,082 258,069 Lumber sales prices ($ per MBF) $ 396 $ 412 $ 637 $ 629 $ 522 $ 890 REAL ESTATE Rural Acres Sold 4,439 5,537 11,048 73,573 94,597
Slide 20: Definitions
DEFINITIONS Total Adjusted EBITDDA is a non-GAAP measure and is calculated as net income adjusted for interest expense, income taxes, depletion, depreci- ation and amortization, basis of real estate sold, non-operating pension and other post-retirement benefit costs, pension settlement charge, gains
Slide 21: Jerry Richards
Jerry Richards Vice President & Chief Financial Officer 509-835-1521 potlatchdeltic.com NASDAQ: PCH Q1 2021