Rayonier (RYN) Investor presentation summary

Strategic positioning and portfolio overview

• Operates as a land resources REIT with over 4 million acres of diversified timberlands in highly productive U.S. regions, especially the South, offering significant long-term optionality.

• Recent merger with PotlatchDeltic creates a combined platform of ~4.1 million acres, enhancing asset optimization and value capture from real estate and land-based solutions.

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

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

• Focus on optimizing land use to unlock up to 15x value per acre through land-based solutions and real estate development.

Market drivers and operational strengths

• Timberlands are diversified across the U.S. South and Northwest, serving both domestic and export markets with a mix of pine and fir species.

• U.S. housing remains underbuilt, supporting strong demand for lumber and pulpwood, with the South gaining share as a low-cost, high-capacity lumber producer.

• Wood products segment is a top 10 U.S. lumber producer, leveraging indexed log prices in Idaho and strategic customer relationships.

• Real estate platform demonstrates improving HBU premiums and a shift toward higher-value development sales, with major projects like Wildlight and Heartwood showing strong growth.

• Land-based solutions offer long-term upside through solar, carbon credits, and minerals, with potential for 5-15x timberland EBITDA per acre.

Financial strategy and capital allocation

• Maintains a strong balance sheet with net debt/adjusted EBITDA below 3.0x, a weighted average cost of debt of ~2.3%, and investment-grade credit ratings.

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

• Strategic investments focus on timberland productivity, wood products capacity, and advancing real estate development.

• Committed to building NAV per share over the long term while emphasizing safety, sustainability, and stewardship.