Rayonier (RYN) 47th Annual Raymond James Institutional Investor Conference summary

Strategic merger and portfolio overview

• Recent merger with PotlatchDeltic created the second-largest U.S. landholder, expanding the timberland portfolio to 4.1 million acres and adding a top 10 U.S. lumber producer to the business.

• The merger brings annual run rate synergies of $40 million, improved cost of capital, and a conservative leverage profile, enhancing capital allocation flexibility.

• Asset profile includes 3.2 million acres in the U.S. South, 930,000 acres in the Northwest, six sawmills, one plywood facility, and three real estate development projects.

• Land-based solutions now feature 80,000 acres under option for solar, 154,000 acres under lease for carbon capture and storage, and a strong rural HBU platform.

• The company is well-positioned for growth in carbon offset markets and real estate development, leveraging its expanded land base.

Value creation and land use optimization

• Transitioning timberland to higher value uses like CCS, solar, or development can increase per-acre value by up to 15x.

• Annually, 1%-1.5% of southern acreage is sold into higher and better use markets at premiums of 50%-100% above timberland value.

• Even converting 3%-5% of land to higher value uses could lift total portfolio value by 30%-50%.

• Real estate development projects, especially in Northeast Florida, are expected to catalyze significant value creation.

• The company owns 50,000 acres near key infrastructure in Northeast Florida, supporting large-scale development initiatives.

Land-based solutions and renewable energy

• 80,000 acres are under option for solar development, with only 600 acres currently under lease; options typically mature over 5-7 years.

• Solar and CCS leases are expected to drive meaningful cash flow growth as options convert to long-term leases and royalties.

• Utility-scale solar development is projected to require 210,000-280,000 acres annually, positioning the company as a key land supplier.

• The company is building a robust pipeline in land-based solutions, targeting steady future contributions to cash flow.

• Carbon offset markets are a major focus, with large-scale projects attracting buyers seeking net zero solutions.