RAYONIER INC

Rayonier is a leading timberland real estate investment trust (REIT) that invests in and actively manages timberlands in highly productive softwood timber growing regions of the United States. The company operates through an umbrella partnership real estate investment trust (UPREIT) structure, with its Operating Partnership and its subsidiaries owning the assets, and Rayonier serving as the sole general partner. As of December 31, 2025, Rayonier owned or leased approximately 2.0 million acres of timberlands. These holdings are primarily located in the U.S. South, comprising 1.69 million acres, and the U.S. Pacific Northwest, with 307,000 acres. The company also aims to maximize the value of its land portfolio by pursuing higher and better use (HBU) land sale opportunities. Rayonier's revenues, operating income, and cash flows are primarily generated from three core segments: Southern Timber, Pacific Northwest Timber, and Real Estate. Effective with the third quarter of 2025, the company realigned its reporting segments. Log trading activities previously reported in the Trading segment are now included in the Southern Timber or Pacific Northwest Timber segments, based on their geographical location in the U.S. South and Pacific Northwest, respectively. Founded in 1926 as the Rainier Pulp & Paper Company, Rayonier has undergone significant strategic changes, including the 2014 tax-free spin-off of its Performance Fibers manufacturing business and the 2020 acquisition of Pope Resources. In June 2025, the company completed the sale of its 77% interest in the New Zealand joint venture, with these operations now classified as discontinued operations.