Rayonier Inc. (NYSE:RYN) completed its previously announced
acquisitions of high-quality commercial timberlands located in
Texas, Georgia, Alabama, and Louisiana (the “Acquisitions”) from
Manulife Investment Management on December 15, 2022 for an
aggregate purchase price of approximately $454 million, after
customary purchase price adjustments at closing. The Acquisitions
comprise approximately 137,800 acres of well-stocked and highly
productive timberlands located in some of the strongest timber
markets in the U.S. South.
All of the acquired acreage consists of fee ownership. Rayonier
no longer anticipates acquiring the approximately 34,500-acre
long-term lease located in Georgia, as the seller and Rayonier
mutually agreed to extract this portion of the property from the
transaction in order to achieve the seller’s objective of closing
by year end. As a result, Rayonier now expects the Acquisitions to
contribute an average annual harvest volume of approximately
725,000 tons and an average annual Adjusted EBITDA* contribution
from timberland operations of approximately $23 million over the
next 10 years.
Rayonier financed the Acquisitions with cash on hand and
proceeds from incremental borrowings through the Farm Credit
System. Borrowing rates on the new, five-year $250 million term
loan are variable. The company has entered into an interest rate
swap agreement to fix $100 million of the new term loan at an
all-in effective cost of approximately 4.6%, net of estimated
patronage refunds.
“We are pleased to have successfully closed on this collection
of premier quality timberland assets,” said David Nunes, President
and CEO. “We expect to integrate these properties into our
portfolio immediately and look forward to managing them for
long-term value creation.”
* “Adjusted EBITDA” is a non-GAAP financial measure. See
“Non-GAAP Financial Measures” below. These targets are based on
assumptions and are subject to significant uncertainties, many of
which are outside of the Company’s control. While management
believes these targets and the underlying assumptions are
reasonable, they are not guarantees of future performance. Actual
results will vary, and those variations may be material. Please
consult the Forward-Looking Statements discussion below for some of
the factors that may cause variations. Nothing herein is a
representation by any person that these targets will be achieved,
and the Company undertakes no duty to update its targets.
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
September 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 (417,000 acres). More information
is available at www.rayonier.com.
Forward-Looking Statements - Certain statements in this
press release regarding anticipated financial and other benefits of
Acquisitions, 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: our ability to realize the anticipated financial and
other benefits of the Acquisitions; 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 and cost 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 has presented forward-looking statements regarding
“Adjusted EBITDA,” which 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 interest in
Timber Funds, the gain on investment in timber funds, Fund II
Timberland Dispositions, costs related to the merger with Pope
Resources, timber write-offs resulting from casualty events, costs
related to shareholder litigation, gain on foreign currency
derivatives, internal review and restatement costs, 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. Rayonier is unable to present a quantitative
reconciliation of forward-looking Adjusted EBITDA to its most
directly comparable forward-looking GAAP financial measures because
such information is not available, and management cannot reliably
predict all of the necessary components of such GAAP measures
without unreasonable effort or expense. In addition, we believe
such reconciliations would imply a degree of precision that would
be confusing or misleading to investors. The unavailable
information could have a significant impact on Rayonier’s future
financial results. These non-GAAP financial measures are
preliminary estimates and are subject to risks and uncertainties,
including, among others, changes in connection with quarter-end and
year-end adjustments. Any variation between the company's actual
results and preliminary financial data set forth above may be
material.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221219005783/en/
Investors: Collin Mings, investorrelations@rayonier.com,
904-357-9100 Media: Alejandro Barbero,
alejandro.barbero@rayonier.com
Rayonier (NYSE:RYN)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Rayonier (NYSE:RYN)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024