Rayonier (RYN) Nareit REITweek: 2024 Investor Conference summary

Company Overview and Strategic Positioning

• Owns or leases 2.7 million acres of timberlands, with a sustainable yield of 11 million tons annually.

• 70% of 2023 Adjusted EBITDA came from timber segments, 30% from real estate.

• Portfolio concentrated in top U.S. South timber markets, driving superior EBITDA per acre and benefiting from favorable supply/demand and pricing dynamics.

• Differentiated real estate platform with a growing pipeline of high-value development opportunities, especially in Florida and Georgia.

• Focused on maximizing land value through timber, real estate, and land-based solutions, with a pure-play REIT structure providing earnings stability and operational flexibility.

Industry Trends and Growth Drivers

• Low-carbon economy transition, resilient U.S. housing market, and global decarbonization trends are key industry drivers.

• Migration and demographic trends support development projects.

• Land-based solutions and renewable wood-based products expected to drive future demand.

Land-Based Solutions and Real Estate Development

• Transitioning timberland to alternative uses (carbon capture, solar, development) can increase land value up to 15x.

• Near-term focus on solar and CCS, with long-term opportunities in carbon markets and bioenergy; U.S. South expected to capture most utility-scale solar installations.

• Solar and CCS projects typically have a 3-5 year permitting and development timeline.

• 2030 Adjusted EBITDA target for land-based solutions is $75 million, with $30 million interim target for 2027; real estate development expected to average $40 million Adjusted EBITDA (2026-2030), up 40% from prior period.

• Ongoing initiatives include expanding solar and CCS leasing, optimizing HBU value, and leveraging real estate development to unlock higher premiums.