Rayonier (RYN) Citi’s 30th Annual Global Property CEO Conference 2025 summary

Business overview and strategic positioning

• Operates as a pure-play timber REIT with 2.5 million acres, focusing on sustainable yield and less cyclical volatility.

• 70% of EBITDA comes from timber, 30% from real estate, with a consistent mix over time.

• Sees itself evolving into a land resources company, maximizing value through alternative uses and real estate development.

• Major trends driving growth include the energy transition and a favorable long-term U.S. housing outlook.

• Significant value uplift potential from transitioning land to higher-value uses like solar, CCS, and development.

Competitive advantages and portfolio details

• Timberland portfolio concentrated in top U.S. South markets, outperforming benchmarks in EBITDA per acre.

• Real estate platform optimized for HBU sales, with premiums rising from 55% to 120% over the past decade.

• Active development projects (Wildlight, Heartwood) serve as catalysts for value creation across large land footprints.

• 1%-2% of southern lands sold annually at significant premiums, forming the core of recurring HBU business.

Land-based solutions and growth opportunities

• Land-based solutions include solar, CCS, carbon markets, and bioenergy, with solar and CCS as near-term focus.

• Solar options pipeline grew from 7,000 acres in 2021 to 39,000 acres in 2024, with strong conversion expectations.

• CCS leases expanded from zero in 2022 to over 150,000 acres by year-end 2024, with growing interest in new regions.

• Long-term EBITDA targets for land-based solutions: $30 million by 2027, $75 million by 2030.

• No capital at risk for solar or CCS; acts as lessor, generating pure upside from land and subsurface rights.