RAYONIER INC

Rayonier Inc. (NYSE: RYN) is a leading timberland real estate investment trust that owns and actively manages approximately 2.0 million acres of highly productive softwood timberlands in the United States. The company operates through an umbrella partnership REIT structure, conducting substantially all business through Rayonier, L.P., its operating partnership, in which Rayonier Inc. holds a 99.0% interest as of December 31, 2025.

The company's core business generates recurring income and cash flow primarily from the harvest and sale of timber, complemented by higher and better use land sales and emerging land-based solutions. Rayonier operates three reportable segments: Southern Timber, Pacific Northwest Timber, and Real Estate. The Southern Timber segment encompasses approximately 1.69 million acres located across Alabama, Arkansas, Florida, Georgia, Louisiana, South Carolina, and Texas, with sustainable yield estimated at 6.4 to 6.7 million tons annually. The Pacific Northwest Timber segment comprises approximately 307,000 acres in Oregon and Washington, with sustainable yield estimated at 115 to 135 million board feet annually. The Real Estate segment pursues higher and better use property sales and development opportunities, with current projects concentrated in Florida and Georgia.

Founded in 1926 as the Rainier Pulp & Paper Company, Rayonier has evolved through strategic transactions including the 2014 tax-free spin-off of its Performance Fibers manufacturing business and the 2020 acquisition of Pope Resources. On January 30, 2026, the company completed a merger with PotlatchDeltic Corporation in a merger-of-equals transaction, significantly expanding its timberland portfolio and introducing wood products manufacturing capabilities.

As a REIT, Rayonier is generally not required to pay federal income taxes on earnings from timber harvest operations and other REIT-qualifying activities, provided it satisfies certain distribution and asset tests. The company maintains investment-grade debt ratings and operates with a conservative capital structure. Rayonier's timberlands are strategically positioned in premier softwood timber markets with favorable supply-demand dynamics, and the company is increasingly focused on land-based solutions including solar leases, carbon capture and storage, and carbon offset opportunities to support the transition to a low-carbon economy. The company website is rayonier.com.