- Second quarter net income attributable to Rayonier of $24.1
million ($0.16 per share) on revenues of $246.3 million
- Second quarter operating income of $35.5 million and Adjusted
EBITDA of $83.0 million
- Year-to-date cash provided by operations of $148.5 million and
cash available for distribution (CAD) of $119.5 million
Rayonier Inc. (NYSE:RYN) today reported second quarter net
income attributable to Rayonier of $24.1 million, or $0.16 per
share, on revenues of $246.3 million. This compares to net income
attributable to Rayonier of $57.2 million, or $0.41 per share, on
revenues of $291.4 million in the prior year quarter. The prior
year second quarter results included $30.3 million of income from a
Large Disposition,1 partially offset by a $2.2 million loss from
the termination of a cash flow hedge2 and a $1.1 million loss
related to debt extinguishments and modifications.3 Excluding these
items and adjusting for pro forma net income adjustments
attributable to noncontrolling interests in the operating
partnership,4 pro forma net income5 was $31.0 million, or $0.22 per
share, on pro forma revenues5 of $240.7 million in the prior year
period.
The following table summarizes the current quarter and
comparable prior year period results:
Three Months Ended
(millions of dollars, except earnings per
share (EPS))
June 30, 2022
June 30, 2021
$
EPS
$
EPS
Revenues
$246.3
$291.4
Large Dispositions1
—
(36.0
)
Sales attributable to noncontrolling
interests in Timber Funds
—
(14.7
)
Pro forma revenues5
$246.3
$240.7
Net income attributable to Rayonier
$24.1
$0.16
$57.2
$0.41
Loss from terminated cash flow hedge2
—
—
2.2
0.02
Loss related to debt extinguishments and
modifications3
—
—
1.1
0.01
Large Dispositions1
—
—
(30.3
)
(0.21
)
Pro forma net income adjustments
attributable to noncontrolling interests in the operating
partnership4
—
—
0.8
—
Pro forma net income5
$24.1
$0.16
$31.0
$0.22
Second quarter operating income was $35.5 million versus $84.4
million in the prior year period. Prior year second quarter
operating income included $30.3 million of income from a Large
Disposition1 and $1.6 million of operating income attributable to
noncontrolling interests in the Timber Funds segment. Excluding
these items, pro forma operating income5 was $52.5 million in the
prior year period. Second quarter Adjusted EBITDA5 was $83.0
million versus $95.3 million in the prior year period.
The following table summarizes operating income (loss), pro
forma operating income (loss)5 and Adjusted EBITDA5 for the current
quarter and comparable prior year period:
Three Months Ended June
30,
Operating Income
(Loss)
Pro forma Operating Income
(Loss)5
Adjusted EBITDA5
(millions of dollars)
2022
2021
2022
2021
2022
2021
Southern Timber
$24.1
$17.0
$24.1
$17.0
$38.7
$30.6
Pacific Northwest Timber
2.9
1.9
2.9
1.9
14.3
13.9
New Zealand Timber
8.0
20.7
8.0
20.7
14.9
27.7
Timber Funds
—
2.0
—
0.4
—
1.4
Real Estate
11.0
50.5
11.0
20.2
25.4
29.1
Trading
(0.4
)
0.4
(0.4
)
0.4
(0.4
)
0.4
Corporate and Other
(10.1
)
(8.0
)
(10.1
)
(8.0
)
(9.8
)
(7.7
)
Total
$35.5
$84.4
$35.5
$52.5
$83.0
$95.3
Year-to-date cash provided by operating activities was $148.5
million versus $164.6 million in the prior year period.
Year-to-date cash available for distribution (CAD)5 of $119.5
million increased $8.7 million versus the prior year period
primarily due to higher Adjusted EBITDA5 ($16.4 million) and lower
cash interest paid ($0.2 million), partially offset by higher cash
taxes paid ($7.2 million) and higher capital expenditures ($0.6
million).
“We are pleased with our second quarter results, particularly
given the challenges presented by rising costs across our segments
as well as continued COVID-related disruptions in our export
business,” said David Nunes, President and CEO. “Adjusted EBITDA of
$83.0 million was 13% below the prior year quarter, as favorable
results in our Southern Timber and Pacific Northwest Timber
segments were more than offset by lower Adjusted EBITDA in our New
Zealand Timber and Real Estate segments.”
“Southern Timber Adjusted EBITDA improved 27% over the prior
year quarter, as strong demand drove 18% higher net stumpage prices
and a 4% increase in harvest volumes. In Pacific Northwest Timber,
Adjusted EBITDA improved 3% over the prior year quarter, as a 19%
increase in weighted-average log prices more than offset higher
costs and a 6% reduction in harvest volumes. Overall, we were
pleased by our ability to maintain pricing gains during the quarter
and absorb higher costs across both regions as customer demand
remained healthy.”
“In New Zealand, the operating environment throughout the second
quarter was considerably more challenging, as our New Zealand
Timber segment Adjusted EBITDA dropped 46% versus the prior year
quarter. This decline was primarily attributable to reduced log
demand in China due to COVID-19 lockdowns, which contributed to an
8% decline in weighted-average delivered log prices versus the
prior year period, as well as significantly higher shipping and
demurrage costs, which drove further margin compression.”
“Real Estate segment Adjusted EBITDA was $3.7 million below the
prior year quarter, as significantly higher per-acre prices in the
current quarter were more than offset by a 41% reduction in acres
sold.”
Southern Timber
Second quarter sales of $66.3 million increased $17.0 million,
or 34%, versus the prior year period. Harvest volumes increased 4%
to 1.52 million tons versus 1.47 million tons in the prior year
period, as demand remained strong across the region. Average pine
sawtimber stumpage prices increased 22% to $34.09 per ton versus
$27.96 per ton in the prior year period, due to strong domestic
lumber demand as well as increased competition for chip-n-saw
volume from pulp mills. Average pine pulpwood stumpage prices rose
18% to $21.46 per ton versus $18.22 per ton in the prior year
period. Despite an unfavorable shift in our geographic mix of
pulpwood sales versus the prior year period, robust competition
amid strong end-market demand allowed us to capture pulpwood price
increases that more than offset the upward pressure on cut and haul
costs. Overall, weighted-average stumpage prices (including
hardwood) increased 18% to $25.55 per ton versus $21.61 per ton in
the prior year period. Operating income of $24.1 million increased
$7.1 million versus the prior year period due to higher net
stumpage realizations ($6.0 million), higher non-timber income
($2.4 million) and higher volumes ($0.7 million), partially offset
by higher overhead costs ($1.4 million) and higher depletion rates
($0.6 million).
Second quarter Adjusted EBITDA5 of $38.7 million was 27%, or
$8.1 million, above the prior year period.
Pacific Northwest Timber
Second quarter sales of $39.2 million increased $3.8 million, or
11%, versus the prior year period, notwithstanding a decline in
harvest volumes of 6% to 376,000 tons versus 400,000 tons in the
prior year period. Average delivered sawtimber prices increased 19%
to $116.60 per ton versus $97.80 per ton in the prior year period,
driven by continued strong demand from domestic lumber mills as
well as a favorable species mix, as a higher proportion of
Douglas-fir sawtimber was harvested in the current year quarter.
Average delivered pulpwood prices increased 56% to $45.17 per ton
versus $29.02 per ton in the prior year period, reflecting strong
end-market demand as well as the resumption of chip exports, which
resulted in greater competition from pulp mills to secure supply.
Operating income of $2.9 million improved $1.1 million versus the
prior year period due to higher net stumpage realizations ($3.0
million), partially offset by higher overhead and other costs ($1.4
million), lower volumes ($0.4 million) and lower non-timber income
($0.2 million).
Second quarter Adjusted EBITDA5 of $14.3 million was 3%, or $0.4
million, above the prior year period.
New Zealand Timber
Second quarter sales of $78.9 million decreased $1.7 million, or
2%, versus the prior year period. Harvest volumes increased 1% to
703,000 tons versus 692,000 tons in the prior year period,
reflecting a pickup in activity to more normalized levels following
a relatively light first quarter. Average delivered prices for
export sawtimber decreased 5% to $140.44 per ton versus $148.28 per
ton in the prior year period. The decrease in export sawtimber
prices versus the prior year period was driven by reduced demand
stemming from the COVID-19 lockdowns in China, which in turn
contributed to persistently high port inventories. Net stumpage
realizations for export sawtimber were further reduced by
significantly higher port / freight costs, driven by elevated fuel
prices as well as increased demurrage charges due to port
congestion. Average delivered prices for domestic sawtimber
decreased 10% to $76.82 per ton versus $85.09 per ton in the prior
year period. The decrease in domestic sawtimber prices (in U.S.
dollar terms) was primarily driven by the decline in the NZ$/US$
exchange rate (US$0.66 per NZ$1.00 versus US$0.72 per NZ$1.00).
Excluding the impact of foreign exchange rates, domestic sawtimber
prices decreased 2% versus the prior year period, reflecting
additional supply that was diverted into domestic markets due to
export market headwinds. Operating income of $8.0 million decreased
$12.7 million versus the prior year period due to lower net
stumpage realizations ($16.5 million), higher costs ($0.9 million)
and higher depletion rates ($0.3 million), partially offset by
higher carbon credit sales ($3.4 million), favorable foreign
exchange impacts ($1.1 million) and higher volumes ($0.5
million).
Second quarter Adjusted EBITDA5 of $14.9 million was 46%, or
$12.8 million, below the prior year period.
Real Estate
Second quarter sales of $34.4 million decreased $40.1 million
versus the prior year period, while operating income of $11.0
million decreased $39.5 million versus the prior year period. The
prior year second quarter sales and operating income included $36.0
million and $30.3 million, respectively, from a Large Disposition.1
Excluding this item, pro forma sales5 were $38.5 million and pro
forma operating income5 was $20.2 million in the prior year period.
Pro forma sales5 and pro forma operating income5 decreased versus
the prior year period due to a lower number of acres sold (4,694
acres sold versus 8,014 acres sold in the prior year period),
partially offset by an increase in weighted-average prices ($7,453
per acre versus $4,946 per acre in the prior year period).
Improved Development sales of $11.6 million included $10.5
million from the Wildlight development project north of
Jacksonville, Florida and $1.1 million from the Heartwood
development project south of Savannah, Georgia. Sales in Wildlight
consisted of a 22-acre multifamily apartment site for $4.8 million
($222,000 per acre), a 31-acre single-family build-to-rent site for
$4.4 million ($140,000 per acre), and 19 residential lots for $1.3
million ($70,000 per lot). Sales in Heartwood consisted of 26
residential lots for $1.1 million ($42,000 per lot). This compares
to prior year period Improved Development sales of $19.3 million,
which reflected significant activity in both Wildlight and
Heartwood / Belfast Commerce Park.
There were no Unimproved Development sales in the second quarter
or the prior year period.
Rural sales of $23.4 million consisted of 4,633 acres at an
average price of $5,054 per acre, which compares to prior year
period sales of $20.3 million, which consisted of 7,725 acres at an
average price of $2,627 per acre.
There were no Timberland & Non-Strategic sales in the second
quarter or the prior year period.
Second quarter Adjusted EBITDA5 of $25.4 million was $3.7
million below the prior year period.
Trading
Second quarter sales of $27.7 million decreased $6.9 million
versus the prior year period primarily due to lower volumes and
prices. Sales volumes decreased 14% to 209,000 tons versus 243,000
tons in the prior year period, reflecting elevated log inventories
in China and constrained export market demand. The Trading segment
generated an operating loss of $0.4 million versus operating income
of $0.4 million in the prior year period.
Other Items
Second quarter corporate and other operating expenses of $10.1
million increased $2.1 million versus the prior year period,
primarily due to higher compensation and benefits expenses ($1.5
million), higher legal costs ($0.3 million) and higher insurance
and travel expenses ($0.3 million). Compensation and benefits
expenses were elevated in the quarter due to the accelerated
realization of equity compensation expense for retirement-eligible
employees.
Second quarter interest expense of $9.1 million decreased $3.9
million versus the prior year period, as the prior year period
included a $2.2 million loss from the termination of a cash flow
hedge.2 Additionally, second quarter interest expense benefited
from lower average outstanding debt and a lower average interest
rate as compared to the prior year period.
Second quarter income tax expense of $1.3 million decreased $5.6
million versus the prior year period. The New Zealand subsidiary is
the primary driver of income tax expense.
Outlook
“Based on our first half results and our expectations for the
balance of the year, we now anticipate full-year net income
attributable to Rayonier of $84 to $92 million, EPS of $0.57 to
$0.63, and Adjusted EBITDA of $310 to $330 million,” added Nunes.
“Notably, we are on track for a stronger 2022 than we had
originally anticipated in both our Southern Timber and Pacific
Northwest Timber segments given the excellent first half results
and favorable pricing environment. In addition, our Real Estate
segment outlook is largely unchanged. However, in our New Zealand
Timber segment, export market headwinds, including COVID-19 related
disruptions in China and elevated shipping costs, have persisted
longer than we had anticipated and have negatively impacted our
outlook for this segment. Overall, the net impact of our revised
outlook by segment translates to a modest reduction in the
upper-end of our total full-year Adjusted EBITDA guidance relative
to our prior guidance.”
“In our Southern Timber segment, we now expect full-year harvest
volumes of 6.4 to 6.6 million tons, as strong customer demand and
favorable weather conditions are allowing us to successfully
execute our annual harvest plan. We are encouraged by the
significant year-over-year pricing gains that have been realized
across our operating areas. However, we expect modestly lower
weighted-average net stumpage realizations during the second half
of 2022 as compared to the first half, primarily due to higher cut
and haul costs as a result of elevated diesel prices and a higher
proportion of thinning volume. Overall, we expect the Southern
Timber segment to generate record full-year Adjusted EBITDA in the
range of $156 to $162 million.”
“In our Pacific Northwest Timber segment, we now expect
full-year harvest volumes of 1.6 to 1.7 million tons, due in part
to a modest adjustment in our harvest plan to reflect land sales,
as well as reduced China export volume. We further expect that
weighted-average delivered log prices will remain well above prior
year levels for the balance of the year. However, we anticipate
these pricing gains will be partially offset by higher cut and haul
costs due to elevated diesel prices. Overall, we expect the Pacific
Northwest Timber segment to generate record full-year Adjusted
EBITDA in the range of $59 to $63 million.”
“In our New Zealand Timber segment, we now expect full-year
harvest volumes of 2.6 to 2.7 million tons. While domestic log
demand was strong throughout the first half of the year, export
market dynamics were negatively impacted by ongoing COVID-19
lockdowns in China. We expect export sawtimber prices to stabilize
in the second half of the year in response to improved offtake from
Chinese ports and a reduction in competing log supply. However, we
expect that net stumpage realizations on export volume will
continue to be constrained by elevated port and freight costs. In
the domestic market, we anticipate continued strong log demand,
although we expect that pricing will be modestly lower in the
second half of the year as compared to the first half of the year
due to added supply pressure resulting from reduced export volume.
Partially offsetting these headwinds, we expect a higher
contribution from non-timber income (carbon credit sales) in the
second half of the year as compared to the first half. Overall, we
expect the New Zealand Timber segment to generate full-year
Adjusted EBITDA of $55 to $60 million.”
“In our Real Estate segment, we now expect full-year Adjusted
EBITDA of $74 to $79 million. Following strong Real Estate results
in the first half of the year, we anticipate lower quarterly
results for the balance of the year.”
Conference Call
A conference call and live audio webcast will be held on
Thursday, August 4, 2022 at 10:00 AM (ET) to discuss these
results.
Access to the live audio webcast will be available at
www.rayonier.com. A replay of the webcast will be archived on the
Company’s website and available shortly after the call.
Investors may listen to the conference call by dialing
888-604-9366 (domestic) or 517-308-9338 (international), passcode:
RAYONIER. A replay of the conference call will be available one
hour following the call until Saturday, September 3, 2022, by
dialing 866-359-3781 (domestic) or 203-369-0148 (international),
passcode: 8422.
Complimentary copies of Rayonier press releases and other
financial documents are also available by calling (904)
357-9100.
1“Large Dispositions” are defined as
transactions involving the sale of timberland that exceed $20
million in size and do not have a demonstrable premium relative to
timberland value.
2“Loss from terminated cash flow hedge” is
the mark to market loss recognized in earnings due to the early
termination of an interest rate swap, as the hedged cash flows will
no longer occur.
3“Loss related to debt extinguishments and
modifications” includes unamortized capitalized loan costs
associated with repaid debt in addition to legal and arrangement
fees associated with refinancing.
4”Pro forma net income adjustments
attributable to noncontrolling interests in the operating
partnership” are the proportionate share of pro forma items that
are attributable to noncontrolling interests in the operating
partnership.
5“Pro forma net income, Pro forma revenues
(sales), Pro forma operating income (loss), Adjusted EBITDA and
CAD” are non-GAAP measures defined and reconciled to GAAP in the
attached exhibits.
About Rayonier
Rayonier is a leading timberland real estate investment trust
with assets located in some of the most productive softwood timber
growing regions in the United States and New Zealand. As of June
30, 2022, Rayonier owned or leased under long-term agreements
approximately 2.7 million acres of timberlands located in the U.S.
South (1.79 million acres), U.S. Pacific Northwest (486,000 acres)
and New Zealand (418,000 acres). More information is available at
www.rayonier.com.
_______________________________________________________________________
Forward-Looking Statements - Certain statements in this
press release regarding anticipated financial outcomes including
Rayonier’s earnings guidance, if any, business and market
conditions, outlook, expected dividend rate, Rayonier’s business
strategies, expected harvest schedules, timberland acquisitions and
dispositions, the anticipated benefits of Rayonier’s business
strategies, and other similar statements relating to Rayonier’s
future events, developments or financial or operational performance
or results, are “forward-looking statements” made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and other federal securities laws. These
forward-looking statements are identified by the use of words such
as “may,” “will,” “should,” “expect,” “estimate,” “believe,”
“intend,” “project,” “anticipate” and other similar language.
However, the absence of these or similar words or expressions does
not mean that a statement is not forward-looking. While management
believes that these forward-looking statements are reasonable when
made, forward-looking statements are not guarantees of future
performance or events and undue reliance should not be placed on
these statements.
The following important factors, among others, could cause
actual results or events to differ materially from those expressed
in forward-looking statements that may have been made in this
document: the cyclical and competitive nature of the industries in
which we operate; fluctuations in demand for, or supply of, our
forest products and real estate offerings, including any downturn
in the housing market; entry of new competitors into our markets;
changes in global economic conditions and world events, including
the war in Ukraine; business disruptions arising from public health
crises and outbreaks of communicable diseases, including the
current outbreak of the virus known as the novel coronavirus;
fluctuations in demand for our products in Asia, and especially
China; the uncertainties of potential impacts of climate-related
initiatives; the cost and availability of third party logging,
trucking and ocean freight services; the geographic concentration
of a significant portion of our timberland; our ability to
identify, finance and complete timberland acquisitions; changes in
environmental laws and regulations regarding timber harvesting,
delineation of wetlands, endangered species and development of real
estate generally, that may restrict or adversely impact our ability
to conduct our business, or increase the cost of doing so; adverse
weather conditions, natural disasters and other catastrophic events
such as hurricanes, wind storms and wildfires; the lengthy,
uncertain and costly process associated with the ownership,
entitlement and development of real estate, especially in Florida
and Washington, including changes in law, policy and political
factors beyond our control; the availability of financing for real
estate development and mortgage loans; changes in tariffs, taxes or
treaties relating to the import and export of our products or those
of our competitors; changes in key management and personnel; and
our ability to meet all necessary legal requirements to continue to
qualify as a real estate investment trust (“REIT”) and changes in
tax laws that could adversely affect beneficial tax treatment.
For additional factors that could impact future results, please
see Item 1A - Risk Factors in the Company’s most recent Annual
Report on Form 10-K and similar discussion included in other
reports that we subsequently file with the Securities and Exchange
Commission (the “SEC”). Forward-looking statements are only as of
the date they are made, and the Company undertakes no duty to
update its forward-looking statements except as required by law.
You are advised, however, to review any further disclosures we make
on related subjects in our subsequent reports filed with the
SEC.
Non-GAAP Financial Measures – To supplement Rayonier’s
financial statements presented in accordance with generally
accepted accounting principles in the United States (“GAAP”),
Rayonier uses certain non-GAAP measures, including “cash available
for distribution,” “pro forma sales,” “pro forma operating income
(loss),” “pro forma net income,” and “Adjusted EBITDA,” which are
defined and further explained in this communication. Reconciliation
of such measures to the nearest GAAP measures can also be found in
this communication. Rayonier’s definitions of these non-GAAP
measures may differ from similarly titled measures used by others.
These non-GAAP measures should be considered supplemental to, and
not a substitute for, financial information prepared in accordance
with GAAP.
RAYONIER INC. AND
SUBSIDIARIES
CONDENSED STATEMENTS OF
CONSOLIDATED INCOME
June 30, 2022
(unaudited)
(millions of dollars, except per
share information)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
2022
2022
2021
2022
2021
SALES
$246.3
$222.0
$291.4
$468.4
$482.9
Costs and Expenses
Cost of sales
(194.3
)
(161.0
)
(194.3
)
(355.3
)
(345.7
)
Selling and general expenses
(17.3
)
(14.7
)
(14.7
)
(32.1
)
(28.7
)
Other operating income (expense), net
0.8
(1.0
)
2.0
(0.2
)
4.4
OPERATING INCOME
35.5
45.3
84.4
80.8
112.9
Interest expense
(9.1
)
(8.3
)
(13.0
)
(17.4
)
(23.0
)
Interest and other miscellaneous income
(expense), net
0.2
(0.5
)
(1.1
)
(0.3
)
(1.1
)
INCOME BEFORE INCOME TAXES
26.6
36.5
70.3
63.1
88.8
Income tax expense
(1.3
)
(5.5
)
(6.9
)
(6.8
)
(10.3
)
NET INCOME
25.3
31.0
63.4
56.3
78.5
Less: Net income attributable to
noncontrolling interests in the operating partnership
(0.6
)
(0.7
)
(1.7
)
(1.2
)
(2.1
)
Less: Net income attributable to
noncontrolling interests in consolidated affiliates
(0.6
)
(1.0
)
(4.5
)
(1.7
)
(8.3
)
NET INCOME ATTRIBUTABLE TO RAYONIER
INC.
$24.1
$29.3
$57.2
$53.4
$68.1
EARNINGS PER COMMON SHARE
Basic earnings per share attributable to
Rayonier Inc.
$0.16
$0.20
$0.41
$0.37
$0.49
Diluted earnings per share attributable to
Rayonier Inc.
$0.16
$0.20
$0.41
$0.36
$0.49
Pro forma net income per share (a)
$0.16
$0.20
$0.22
$0.36
$0.30
Weighted Average Common Shares used for
determining
Basic EPS
146,257,311
145,430,171
139,556,748
145,846,026
138,718,442
Diluted EPS (b)
150,244,379
149,547,076
144,056,229
149,898,006
143,312,018
(a)
Pro forma net income per share is a
non-GAAP measure. See Schedule F for definition and reconciliation
to the nearest GAAP measure.
(b)
Diluted earnings per share is calculated
based on the weighted average number of shares of common stock
outstanding combined with the incremental weighted average number
of shares that would have been outstanding assuming all potentially
dilutive securities (including Redeemable Operating Partnership
Units) were converted into shares of common stock at the earliest
date possible. As of June 30, 2022, there were 146,321,732 common
shares and 3,312,229 Redeemable Operating Partnership Units
outstanding.
A
RAYONIER INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
June 30, 2022
(unaudited)
(millions of dollars)
June 30,
December 31,
2022
2021
Assets
Cash and cash equivalents (excluding
Timber Funds)
$279.3
$358.7
Cash and cash equivalents (Timber
Funds)
1.0
3.5
Restricted cash (Timber Funds)
1.5
6.3
Assets held for sale
2.2
5.1
Other current assets
85.7
77.9
Timber and timberlands, net of depletion
and amortization
2,799.5
2,895.0
Higher and better use timberlands and real
estate development investments
112.5
106.9
Property, plant and equipment
44.6
44.5
Less - accumulated depreciation
(16.2
)
(14.9
)
Net property, plant and equipment
28.4
29.6
Restricted cash (excluding Timber
Funds)
14.3
0.6
Right-of-use assets
102.3
101.8
Other assets
84.2
51.0
$3,510.9
$3,636.4
Liabilities, Noncontrolling Interests
in the Operating Partnership and Shareholders’ Equity
Current maturities of long-term debt
0.6
125.0
Distribution payable (Timber Funds)
1.6
6.3
Other current liabilities
106.3
100.4
Long-term debt
1,263.4
1,242.8
Long-term lease liability
93.7
93.4
Other non-current liabilities
101.1
119.1
Noncontrolling interests in the operating
partnership
123.8
133.8
Total Rayonier Inc. shareholders’
equity
1,807.4
1,771.8
Noncontrolling interests in consolidated
affiliates
13.0
43.8
Total shareholders’ equity
1,820.4
1,815.6
$3,510.9
$3,636.4
B
RAYONIER INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
June 30, 2022
(unaudited)
(millions of dollars, except
share information)
Common Shares
Retained Earnings
Accumulated Other
Comprehensive (Loss) Income
Noncontrolling Interests in
Consolidated Affiliates
Shareholders’ Equity
Shares
Amount
Balance, January 1, 2022
145,372,961
$1,389.1
$402.3
($19.6
)
$43.8
$1,815.6
Issuance of shares under the
“at-the-market” (ATM) equity offering program, net of commissions
and offering costs of $0.3 million
726,248
29.8
—
—
—
29.8
Net income
—
—
30.0
—
1.0
31.0
Net income attributable to noncontrolling
interests in the operating partnership
—
—
(0.7
)
—
—
(0.7
)
Dividends ($0.27 per share)
—
—
(39.9
)
—
—
(39.9
)
Issuance of shares under incentive stock
plans
11,364
0.4
—
—
—
0.4
Stock-based compensation
—
2.8
—
—
—
2.8
Adjustment of noncontrolling interests in
the operating partnership
—
—
(2.6
)
—
—
(2.6
)
Other (a)
(2,885
)
(0.2
)
—
45.6
(0.2
)
45.2
Balance, March 31, 2022
146,107,688
$1,421.9
$389.1
$26.0
$44.6
$1,881.6
Net income
—
—
24.7
—
0.6
25.3
Net income attributable to noncontrolling
interests in the operating partnership
—
—
(0.6
)
—
—
(0.6
)
Dividends ($0.285 per share)
—
—
(42.1
)
—
—
(42.1
)
Issuance of shares under incentive stock
plans
304,887
2.0
—
—
—
2.0
Stock-based compensation
—
4.4
—
—
—
4.4
Adjustment of noncontrolling interests in
the operating partnership
—
—
11.4
—
—
11.4
Other (a)
(90,843
)
(4.0
)
—
(25.4
)
(32.2
)
(61.6
)
Balance, June 30, 2022
146,321,732
$1,424.3
$382.5
$0.6
$13.0
$1,820.4
Common Shares
Retained Earnings
Accumulated Other
Comprehensive Loss
Noncontrolling Interests in
Consolidated Affiliates
Shareholders’ Equity
Shares
Amount
Balance, January 1, 2021
137,678,822
$1,101.7
$446.3
($73.9
)
$388.5
$1,862.6
Issuance of shares under the
“at-the-market” (ATM) equity offering program, net of commissions
and offering costs of $0.2 million
1,107,814
36.7
—
—
—
36.7
Net income
—
—
11.2
—
3.8
15.0
Net income attributable to noncontrolling
interests in the operating partnership
—
—
(0.4
)
—
—
(0.4
)
Dividends ($0.27 per share)
—
—
(37.5
)
—
—
(37.5
)
Issuance of shares under incentive stock
plans
39,140
1.2
—
—
—
1.2
Stock-based compensation
—
2.1
—
—
—
2.1
Measurement period adjustment of
noncontrolling interests in consolidated affiliates
—
—
—
—
0.7
0.7
Adjustment of noncontrolling interests in
the operating partnership
—
—
(11.9
)
—
—
(11.9
)
Other (a)
145,114
4.5
—
48.8
(11.9
)
41.4
Balance, March 31, 2021
138,970,890
$1,146.2
$407.7
($25.1
)
$381.1
$1,909.9
Issuance of shares under the
“at-the-market” (ATM) equity offering program, net of commissions
and offering costs of $0.9 million
2,199,459
80.0
—
—
—
80.0
Net income
—
—
58.9
—
4.5
63.4
Net income attributable to noncontrolling
interests in the operating partnership
—
—
(1.7
)
—
—
(1.7
)
Dividends ($0.27 per share)
—
—
(38.0
)
—
—
(38.0
)
Issuance of shares under incentive stock
plans
185,544
3.3
—
—
—
3.3
Stock-based compensation
—
2.9
—
—
—
2.9
Measurement period adjustment of
noncontrolling interests in consolidated affiliates
—
—
—
—
9.0
9.0
Adjustment of noncontrolling interests in
the operating partnership
—
—
(15.4
)
—
—
(15.4
)
Other (a)
(35,986
)
(1.1
)
—
(8.3
)
(6.5
)
(15.9
)
Balance, June 30, 2021
141,319,907
$1,231.3
$411.5
($33.4
)
$388.1
$1,997.5
(a)
Primarily includes shares purchased from
employees in non-open market transactions to pay withholding taxes
associated with the vesting of shares granted under the Company’s
Incentive Stock Plan, amortization of pension and post-retirement
plan liabilities, foreign currency translation adjustments,
mark-to-market adjustments of qualifying cash flow hedges,
distributions to noncontrolling interests in consolidated
affiliates and the allocation of other comprehensive income to
noncontrolling interests in the operating partnership. The six
months ended June 30, 2022 also includes the redemption of 3,512
Redeemable Operating Partnership Units, respectively, for an equal
number of Rayonier Inc. common shares, common stock offering costs
associated with the “at-the-market” (ATM) equity offering program,
as well as changes related to the recapitalization of the New
Zealand JV.
C
RAYONIER INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
June 30, 2022
(unaudited)
(millions of dollars)
Six Months Ended June 30,
2022
2021
Cash provided by operating
activities:
Net income
$56.3
$78.5
Depreciation, depletion and
amortization
83.2
87.9
Non-cash cost of land and improved
development
17.1
7.0
Gain on large dispositions of
timberlands
—
(30.3
)
Stock-based incentive compensation
expense
7.2
5.0
Deferred income taxes
(7.3
)
7.3
Other items to reconcile net income to
cash provided by operating activities
(3.8
)
7.8
Changes in working capital and other
assets and liabilities
(4.2
)
1.4
148.5
164.6
Cash used for investing
activities:
Capital expenditures
(30.3
)
(32.2
)
Real estate development investments
(6.0
)
(6.3
)
Purchase of timberlands
(3.2
)
(51.9
)
Net proceeds from large dispositions of
timberlands
—
35.2
Other
5.0
6.1
(34.5
)
(49.1
)
Cash (used for) provided by financing
activities:
Net (decrease) increase in debt
(124.9
)
96.4
Dividends paid
(81.8
)
(75.7
)
Distributions to noncontrolling interests
in the operating partnership
(1.8
)
(2.3
)
Proceeds from the issuance of common
shares under incentive stock plan
2.6
4.5
Proceeds from the issuance of common
shares under the “at-the-market” (ATM) equity offering program, net
of commissions and offering costs
31.9
110.7
Distributions to noncontrolling interests
in consolidated affiliates
(6.7
)
(15.2
)
Other
(4.2
)
(6.4
)
(184.9
)
112.0
Effect of exchange rate changes on cash
and restricted cash
(2.1
)
—
Cash, cash equivalents and restricted
cash:
Change in cash, cash equivalents and
restricted cash
(73.0
)
227.5
Balance, beginning of year
369.1
87.5
Balance, end of period
$296.1
$315.0
D
RAYONIER INC. AND
SUBSIDIARIES
BUSINESS SEGMENT SALES, PRO
FORMA SALES, OPERATING INCOME,
PRO FORMA OPERATING INCOME AND
ADJUSTED EBITDA
June 30, 2022
(unaudited)
(millions of dollars)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
2022
2022
2021
2022
2021
Sales
Southern Timber
$66.3
$76.8
$49.3
$143.0
$101.0
Pacific Northwest Timber
39.2
46.3
35.3
85.4
76.8
New Zealand Timber
78.9
51.4
80.6
130.3
138.1
Timber Funds
—
—
18.6
—
33.6
Real Estate
34.4
34.2
74.5
68.6
85.0
Trading
27.7
13.4
34.5
41.1
51.2
Intersegment Eliminations
(0.1
)
(0.1
)
(1.4
)
(0.1
)
(2.8
)
Sales
$246.3
$222.0
$291.4
$468.4
$482.9
Pro forma sales (a)
Southern Timber
$66.3
$76.8
$49.3
$143.0
$101.0
Pacific Northwest Timber
39.2
46.3
35.3
85.4
76.8
New Zealand Timber
78.9
51.4
80.6
130.3
138.1
Timber Funds
—
—
3.9
—
6.9
Real Estate
34.4
34.2
38.5
68.6
49.0
Trading
27.7
13.4
34.5
41.1
51.2
Intersegment Eliminations
(0.1
)
(0.1
)
(1.4
)
(0.1
)
(2.8
)
Pro forma sales
$246.3
$222.0
$240.7
$468.4
$420.2
Operating income (loss)
Southern Timber
$24.1
$30.3
$17.0
$54.4
$34.3
Pacific Northwest Timber
2.9
6.6
1.9
9.5
3.2
New Zealand Timber
8.0
5.4
20.7
13.4
34.7
Timber Funds
—
—
2.0
—
3.5
Real Estate
11.0
10.2
50.5
21.2
52.2
Trading
(0.4
)
0.4
0.4
(0.1
)
0.7
Corporate and Other
(10.1
)
(7.6
)
(8.0
)
(17.7
)
(15.6
)
Operating income
$35.5
$45.3
$84.4
$80.8
$112.9
Pro forma operating income (loss)
(a)
Southern Timber
$24.1
$30.3
$17.0
$54.4
$34.3
Pacific Northwest Timber
2.9
6.6
1.9
9.5
3.2
New Zealand Timber
8.0
5.4
20.7
13.4
34.7
Timber Funds
—
—
0.4
—
0.8
Real Estate
11.0
10.2
20.2
21.2
21.9
Trading
(0.4
)
0.4
0.4
(0.1
)
0.7
Corporate and Other
(10.1
)
(7.6
)
(8.0
)
(17.7
)
(15.6
)
Pro forma operating income
$35.5
$45.3
$52.5
$80.8
$79.9
Adjusted EBITDA (a)
Southern Timber
$38.7
$48.4
$30.6
$87.1
$62.3
Pacific Northwest Timber
14.3
21.5
13.9
35.8
31.5
New Zealand Timber
14.9
10.4
27.7
25.3
48.9
Timber Funds
—
—
1.4
—
2.3
Real Estate
25.4
24.7
29.1
50.1
34.1
Trading
(0.4
)
0.4
0.4
(0.1
)
0.7
Corporate and Other
(9.8
)
(7.2
)
(7.7
)
(17.0
)
(15.1
)
Adjusted EBITDA
$83.0
$98.1
$95.3
$181.1
$164.7
(a)
Pro forma sales, Pro forma operating
income (loss) and Adjusted EBITDA are non-GAAP measures. See
Schedule F for definitions and reconciliations.
E
RAYONIER INC. AND
SUBSIDIARIES
RECONCILIATION OF NON-GAAP
MEASURES
June 30, 2022
(unaudited)
(millions of dollars, except per
share information)
LIQUIDITY MEASURES:
Six Months Ended
June 30,
June 30,
2022
2021
Cash Provided by Operating
Activities
$148.5
$164.6
Working capital and other balance sheet
changes
1.3
(11.9
)
Cash Available for Distribution
attributable to NCI in Timber Funds
—
(9.7
)
Capital expenditures (a)
(30.3
)
(32.2
)
Cash Available for Distribution
(b)
$119.5
$110.8
Net Income
$56.3
$78.5
Operating income attributable to NCI in
Timber Funds
—
(2.7
)
Interest, net attributable to NCI in
Timber Funds
—
0.2
Net Income (Excluding NCI in Timber
Funds)
$56.3
$76.0
Interest, net and miscellaneous income
attributable to Rayonier
17.1
22.7
Income tax expense attributable to
Rayonier
6.8
10.3
Depreciation, depletion and amortization
attributable to Rayonier
83.2
77.9
Non-cash cost of land and improved
development
17.1
7.0
Non-operating expense
0.6
1.2
Large Dispositions (c)
—
(30.3
)
Adjusted EBITDA (d)
$181.1
$164.7
Cash interest paid attributable to
Rayonier (e)
(16.9
)
(17.1
)
Cash taxes paid attributable to
Rayonier
(14.3
)
(7.1
)
Capital expenditures attributable to
Rayonier (a)
(30.3
)
(29.7
)
Cash Available for Distribution
(b)
$119.5
$110.8
Cash Available for Distribution
(b)
$119.5
$110.8
Real estate development investments
(6.0
)
(6.3
)
Cash Available for Distribution after
real estate development investments
$113.5
$104.6
PRO FORMA SALES (f):
Three Months Ended
Southern Timber
Pacific Northwest
Timber
New Zealand Timber
Timber Funds
Real Estate
Trading
Intersegment
Eliminations
Total
June 30, 2022
Sales
$66.3
$39.2
$78.9
—
$34.4
$27.7
($0.1
)
$246.3
Pro forma sales
$66.3
$39.2
$78.9
—
$34.4
$27.7
($0.1
)
$246.3
March 31, 2022
Sales
$76.8
$46.3
$51.4
—
$34.2
$13.4
($0.1
)
$222.0
Pro forma sales
$76.8
$46.3
$51.4
—
$34.2
$13.4
($0.1
)
$222.0
June 30, 2021
Sales
$49.3
$35.3
$80.6
$18.6
$74.5
$34.5
($1.4
)
$291.4
Sales attributable to noncontrolling
interests in Timber Funds
—
—
—
(14.7
)
—
—
—
(14.7
)
Large Dispositions (c)
—
—
—
—
(36.0
)
—
—
(36.0
)
Pro forma sales
$49.3
$35.3
$80.6
$3.9
$38.5
$34.5
($1.4
)
$240.7
PRO FORMA SALES (f):
Six Months Ended
Southern Timber
Pacific Northwest
Timber
New Zealand Timber
Timber Funds
Real Estate
Trading
Intersegment
Eliminations
Total
June 30, 2022
Sales
$143.0
$85.4
$130.3
—
$68.6
$41.1
($0.1
)
$468.4
Pro forma sales
$143.0
$85.4
$130.3
—
$68.6
$41.1
($0.1
)
$468.4
June 30, 2021
Sales
$101.0
$76.8
$138.1
$33.6
$85.0
$51.2
($2.8
)
$482.9
Sales attributable to noncontrolling
interests in Timber Funds
—
—
—
(26.7
)
—
—
—
(26.7
)
Large Disposition (c)
—
—
—
—
(36.0
)
—
—
(36.0
)
Pro forma sales
$101.0
$76.8
$138.1
$6.9
$49.0
$51.2
($2.8
)
$420.2
PRO FORMA NET INCOME (g):
Three Months Ended
Six Months Ended
June 30, 2022
March 31, 2022
June 30, 2021
June 30, 2022
June 30, 2021
$
Per Diluted Share
$
Per Diluted Share
$
Per Diluted Share
$
Per Diluted Share
$
Per Diluted Share
Net Income Attributable to Rayonier
Inc.
$24.1
$0.16
$29.3
$0.20
$57.2
$0.41
$53.4
$0.36
$68.1
$0.49
Loss from terminated cash flow hedge
(h)
—
—
—
—
2.2
0.02
—
—
2.2
0.02
Loss related to debt extinguishments and
modifications (i)
—
—
—
—
1.1
0.01
—
—
1.1
0.01
Large Dispositions (c)
—
—
—
—
(30.3
)
(0.21
)
—
—
(30.3
)
(0.21
)
Pro forma net income adjustments
attributable to noncontrolling interests in the operating
partnership (j)
—
—
—
—
0.8
—
—
—
0.8
—
Pro Forma Net Income
$24.1
$0.16
$29.3
$0.20
$31.0
$0.22
$53.4
$0.36
$41.8
$0.30
PRO FORMA OPERATING INCOME (LOSS) AND
ADJUSTED EBITDA (k) (d):
Three Months Ended
Southern Timber
Pacific Northwest
Timber
New Zealand Timber
Timber Funds
Real Estate
Trading
Corporate and
Other
Total
June 30, 2022
Operating income (loss)
$24.1
$2.9
$8.0
—
$11.0
($0.4
)
($10.1
)
$35.5
Depreciation, depletion and
amortization
14.7
11.3
6.9
—
2.6
—
0.3
35.8
Non-cash cost of land and improved
development
—
—
—
—
11.8
—
—
11.8
Adjusted EBITDA
$38.7
$14.3
$14.9
—
$25.4
($0.4
)
($9.8
)
$83.0
March 31, 2022
Operating income
$30.3
$6.6
$5.4
—
$10.2
$0.4
($7.6
)
$45.3
Depreciation, depletion and
amortization
18.1
14.9
5.0
—
9.1
—
0.3
47.4
Non-cash cost of land and improved
development
—
—
—
—
5.4
—
—
5.4
Adjusted EBITDA
$48.4
$21.5
$10.4
—
$24.7
$0.4
($7.2
)
$98.1
June 30, 2021
Operating income
$17.0
$1.9
$20.7
$2.0
$50.5
$0.4
($8.0
)
$84.4
Operating income attributable to NCI in
Timber Funds
—
—
—
(1.6
)
—
—
—
(1.6
)
Large Dispositions (c)
—
—
—
—
(30.3
)
—
—
(30.3
)
Pro forma operating income
$17.0
$1.9
$20.7
$0.4
$20.2
$0.4
($8.0
)
$52.5
Depreciation, depletion and
amortization
13.6
12.0
7.0
1.0
3.7
—
0.3
37.6
Non-cash cost of land and improved
development
—
—
—
—
5.2
—
—
5.2
Adjusted EBITDA
$30.6
$13.9
$27.7
$1.4
$29.1
$0.4
($7.7
)
$95.3
PRO FORMA OPERATING INCOME (LOSS) AND
ADJUSTED EBITDA (k) (d):
Six Months Ended
Southern Timber
Pacific Northwest
Timber
New Zealand
Timber
Timber Funds
Real Estate
Trading
Corporate and
Other
Total
June 30, 2022
Operating income (loss)
$54.4
$9.5
$13.4
—
$21.2
($0.1
)
($17.7
)
$80.8
Depreciation, depletion and
amortization
32.7
26.2
11.9
—
11.7
—
0.6
83.2
Non-cash cost of land and improved
development
—
—
—
—
17.1
—
—
17.1
Adjusted EBITDA
$87.1
$35.8
$25.3
—
$50.1
($0.1
)
($17.0
)
$181.1
June 30, 2021
Operating income
$34.3
$3.2
$34.7
$3.5
$52.2
$0.7
($15.6
)
$112.9
Operating income attributable to NCI in
Timber Funds
—
—
—
(2.7
)
—
—
—
(2.7
)
Large Dispositions (c)
—
—
—
—
(30.3
)
—
—
(30.3
)
Pro forma operating income
$34.3
$3.2
$34.7
$0.8
$21.9
$0.7
($15.6
)
$79.9
Depreciation, depletion and
amortization
27.9
28.3
14.2
1.6
5.3
—
0.6
77.9
Non-cash cost of land and improved
development
—
—
—
—
7.0
—
—
7.0
Adjusted EBITDA
$62.3
$31.5
$48.9
$2.3
$34.1
$0.7
($15.1
)
$164.7
(a)
Capital expenditures exclude timberland
acquisitions of $3.2 million and $51.9 million during the six
months ended June 30, 2022 and June 30, 2021, respectively.
(b)
Cash Available for Distribution (CAD) is
defined as cash provided by operating activities adjusted for
capital spending (excluding timberland acquisitions and real estate
development investments), CAD attributable to noncontrolling
interests in Timber Funds, and working capital and other balance
sheet changes. CAD is a non-GAAP measure of cash generated during a
period that is available for common stock dividends, distributions
to operating partnership unitholders, distributions to
noncontrolling interests, repurchase of the Company's common
shares, debt reduction, timberland acquisitions and real estate
development investments. CAD is not necessarily indicative of the
CAD that may be generated in future periods.
(c)
“Large Dispositions” are defined as
transactions involving the sale of timberland that exceed $20
million in size and do not have a demonstrable premium relative to
timberland value. In June 2021, the Company completed a disposition
of approximately 9,000 acres located in Washington for a sales
price and gain of approximately $36.0 million and $30.3 million,
respectively.
(d)
Adjusted EBITDA is defined as earnings
before interest, taxes, depreciation, depletion, amortization, the
non-cash cost of land and improved development, non-operating
income and expense, operating income (loss) attributable to
noncontrolling interests in Timber Funds, and Large Dispositions.
Adjusted EBITDA is a non-GAAP measure that management uses to make
strategic decisions about the business and that investors can use
to evaluate the operational performance of the assets under
management. It excludes specific items that management believes are
not indicative of the Company’s ongoing operating results.
(e)
Cash interest paid is presented net of
patronage refunds received of $6.0 million and $6.5 million during
the six months ended June 30, 2022 and June 30, 2021, respectively,
excluding patronage refunds attributable to noncontrolling
interests in Timber Funds.
(f)
Pro forma revenue (sales) is defined as
revenue (sales) adjusted for Large Dispositions and sales
attributable to noncontrolling interests in Timber Funds. Rayonier
believes that this non-GAAP financial measure provides investors
with useful information to evaluate our core business operations
because it excludes specific items that are not indicative of the
Company’s ongoing operating results.
(g)
Pro forma net income is defined as net
income attributable to Rayonier Inc. adjusted for its proportionate
share of losses from a terminated cash flow hedge, loss related to
debt extinguishments and modifications and Large Dispositions.
Rayonier believes that this non-GAAP financial measure provides
investors with useful information to evaluate our core business
operations because it excludes specific items that are not
indicative of the Company’s ongoing operating results.
(h)
“Loss from terminated cash flow hedge” is
the mark to market loss recognized in earnings due to the early
termination of an interest rate swap, as the hedged cash flows will
no longer occur.
(i)
“Loss related to debt extinguishments and
modifications” includes unamortized capitalized loan costs
associated with repaid debt in addition to legal and arrangement
fees associated with refinancing.
(j)
“Pro forma net income adjustments
attributable to noncontrolling interests in the operating
partnership” are the proportionate share of pro forma items that
are attributable to noncontrolling interests in the operating
partnership.
(k)
Pro forma operating income (loss) is
defined as operating income (loss) adjusted for operating income
attributable to noncontrolling interests in Timber Funds and Large
Dispositions. Rayonier believes that this non-GAAP financial
measure provides investors with useful information to evaluate our
core business operations because it excludes specific items that
are not indicative of the Company’s ongoing operating results.
F
RAYONIER INC. AND
SUBSIDIARIES
RECONCILIATION OF ADJUSTED
EBITDA GUIDANCE
June 30, 2022
(unaudited)
(millions of dollars)
ADJUSTED EBITDA GUIDANCE (a):
Prior 2022 Guidance
2022 Guidance
Year-to-Date
Results
Low
High
Low
High
Net Income to Adjusted EBITDA
Reconciliation
Net income
$89.5
-
$100.0
$89.0
-
$97.5
$56.3
Less: Net income attributable to
noncontrolling interests
(4.5
)
-
(5.5
)
(2.8
)
-
(3.5
)
(1.7
)
Less: Net income attributable to
noncontrolling interests in operating partnership
(1.9
)
-
(2.1
)
(1.9
)
-
(2.1
)
(1.2
)
Net income attributable to Rayonier
Inc.
$83.1
-
$92.4
$84.3
-
$91.9
$53.4
Interest, net
32.5
-
33.0
34.5
-
34.5
17.1
Income tax expense
11.5
-
14.0
9.0
-
10.5
6.8
Depreciation, depletion and
amortization
147.5
-
158.0
148.5
-
155.5
83.2
Non-cash cost of land and improved
development
29.0
-
35.0
29.0
-
32.0
17.1
Non-operating expense
—
-
—
—
-
—
0.6
Net income attributable to noncontrolling
interests
4.5
-
5.5
2.8
-
3.5
1.7
Net income attributable to noncontrolling
interests in operating partnership
1.9
-
2.1
1.9
-
2.1
1.2
Adjusted EBITDA
$310.0
-
$340.0
$310.0
-
$330.0
$181.1
Diluted Earnings per Share
$0.57
-
$0.64
$0.57
-
$0.63
$0.36
(a)
Adjusted EBITDA is defined as earnings
before interest, taxes, depreciation, depletion, amortization, the
non-cash cost of land and improved development, non-operating
income and expense and Large Dispositions. Adjusted EBITDA is a
non-GAAP measure that management uses to make strategic decisions
about the business and that investors can use to evaluate the
operational performance of the assets under management. It removes
the impact of specific items that management believes do not
directly reflect the core business operations on an ongoing basis
attributable to Rayonier.
G
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220802006190/en/
Investors/Media Collin Mings 904-357-9100
investorrelations@rayonier.com
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