Rayonier (RYN) Investor presentation summary

Strategic positioning and portfolio overview

• Operates as a land resources REIT with over 4 million acres of diversified timberland, primarily in the U.S. South and Northwest, focusing on optimizing land use for maximum value.

• Recent merger with Potlatch Deltic enhances scale, asset quality, and operational synergies, creating a leading platform for timber, wood products, and real estate development.

• Asset base includes timberlands, six sawmills, a plywood facility, and major real estate projects in Florida, Georgia, and Arkansas.

• Well-positioned to benefit from trends in alternative land uses, such as solar leasing, carbon capture, and rural HBU sales.

• Focused on sustainable management and stewardship, with a leadership team committed to value creation and transparency.

Financial strength and capital allocation

• Maintains a strong balance sheet with net debt/adjusted EBITDA below 3.0x and investment-grade credit ratings.

• Capital allocation priorities include sustainable dividends, opportunistic share repurchases, and selective M&A to enhance portfolio quality.

• Significant flexibility for strategic investments in timberland productivity, wood products capacity, and real estate development.

• Weighted average cost of debt is approximately 2.4%, with a weighted average maturity of about four years.

Timberlands and wood products

• Timberland holdings are diversified across species and regions, serving both domestic and export markets.

• Positioned as a top 10 U.S. lumber producer, with facilities optimized for efficiency and positive leverage to lumber pricing.

• Idaho sawlogs are indexed to lumber prices, providing direct exposure to housing and repair/remodel markets.

• U.S. housing remains underbuilt, supporting long-term demand for lumber and timber products.