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It's like Weyerhaeuser (WY), a fellow timberland REIT that owns and manages vast forests for timber production and real estate.

Think of it as 'ExxonMobil for trees,' a company that manages enormous land assets to sustainably grow and harvest timber, rather than extract oil and gas.

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• Timber: Growing, harvesting, and selling timber from their extensive landholdings primarily to lumber mills and other wood product manufacturers.
• Real Estate: Disposing of non-strategic or higher-and-better-use timberlands, often for development, conservation, or agricultural purposes.

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Rayonier (RYN) primarily sells to other companies rather than individuals. Its major customers fall into categories based on its two primary business segments: timber and real estate.

Timber Segment Customers:

In its timber segment, Rayonier sells raw timber (logs and pulpwood) to a diverse customer base for processing into various wood products. These customers typically include:

• Sawmills: Companies that process logs into lumber for construction, furniture, and other uses.
• Pulp and Paper Manufacturers: Companies that convert pulpwood into pulp, paper, cardboard, and other paper-based products.
• Panel Producers: Manufacturers of engineered wood products such as plywood, oriented strand board (OSB), medium-density fiberboard (MDF), and particleboard.

Real Estate Segment Customers:

In its real estate segment, Rayonier sells and develops land for various higher and better uses. The customers for these properties generally include:

• Land Developers: Companies specializing in residential, commercial, or industrial land development.
• Homebuilders: Companies that purchase developed or undeveloped land for constructing homes.
• Investors: Entities or individuals acquiring land for investment purposes.
• Conservation Groups & Government Entities: Organizations purchasing land for conservation, recreational, or public use.

Due to the nature of its diversified timber sales and competitive market, Rayonier does not typically disclose specific major customer names. Its revenue from timber sales is spread across numerous buyers within the wood products industry, and real estate sales are transactional with a variety of buyers.

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Mark D. McHugh, President and Chief Executive Officer

Mark D. McHugh became President and Chief Executive Officer of Rayonier effective April 1, 2024. He previously served as President and Chief Financial Officer from January 2023 and as Senior Vice President and Chief Financial Officer since joining the company in December 2014. Mr. McHugh has over 20 years of experience in finance and capital markets, primarily focused on the forest products and REIT sectors. Before joining Rayonier, he was a Managing Director in the Real Estate Investment Banking group at Raymond James, where he was responsible for the firm's timberland and agriculture sector coverage. Prior to Raymond James, he worked in the Investment Banking division of Credit Suisse from 2000 to 2008, specializing in the paper and forest products sectors. Throughout his career, Mr. McHugh has provided strategic and financial counsel to various publicly traded paper, forest products, and real estate companies.

April J. Tice, Senior Vice President and Chief Financial Officer

April J. Tice was appointed Senior Vice President and Chief Financial Officer of Rayonier effective April 1, 2024. Her prior roles at the company include Chief Accounting Officer and Vice President, Financial Services and Corporate Controller. Ms. Tice also worked at Deloitte & Touche.

Douglas M. Long, Executive Vice President and Chief Resource Officer

Douglas M. Long was appointed Executive Vice President and Chief Resource Officer in January 2023. In this role, he oversees Rayonier's global forestry operations, as well as emerging business opportunities related to land-based solutions, health and safety, business development, research, and sustainability programs. Mr. Long joined Rayonier in 1995 as a GIS Forestry Analyst and has held numerous positions of increasing responsibility within the forestry division. These roles include Forest Services Manager and Regional Manager in Rayonier's New Zealand operations (2003-2007), Southwest Resource Unit Leader (2007), Director, Atlantic Region (March 2014), Vice President, U.S. Forest Operations (November 2014), and Senior Vice President, Forest Resources (February 2018).

Mark R. Bridwell, Senior Vice President, General Counsel & Corporate Secretary

Mark R. Bridwell was appointed Senior Vice President, General Counsel and Corporate Secretary in March 2023. He previously served as Vice President and General Counsel, a role to which he was promoted in June 2014, and shortly thereafter assumed the additional role of Corporate Secretary. Mr. Bridwell joined Rayonier in 2006 as Associate General Counsel for Performance Fibers. In 2009, he became Associate General Counsel for Timber and Real Estate, and in 2012, he was promoted to Assistant General Counsel for Land Resources.

Rhett S. Clark, Senior Vice President, Portfolio Management

Rhett S. Clark was appointed Senior Vice President, Portfolio Management in March 2023, having previously served as Vice President, Portfolio Management since February 2017. In this position, he oversees Rayonier's land acquisition and disposition activities, rural and highest and best use (HBU) land sales, and land information services. Mr. Clark joined Rayonier in 2001 as a District Technical Forester and has held several roles of increasing responsibility, including Timberland Acquisitions Supervisor from 2005 to 2007, and Resource Unit Leader of Rayonier's Coastal Resource Unit in 2007.

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The accelerating and intensifying impacts of climate change, including increased frequency and severity of wildfires, extreme weather events (such as droughts and hurricanes), and pest infestations, which directly threaten the health, growth, and long-term value of Rayonier's timberland assets and significantly disrupt traditional forest management practices.

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The addressable markets for Rayonier's main products and services are as follows:

Timber and Wood Products

• The global wood products market size was approximately $854.99 billion in 2024 and is projected to reach $1.21 trillion in 2029, with a compound annual growth rate (CAGR) of 7.1%.
• In the U.S., the overall timber market was valued at $4.10 billion in 2024 and is expected to reach $8.22 billion by 2033, growing at a CAGR of 8.04% during 2025-2033.
• The U.S. sawmill and wood market was valued at $51.2 billion in 2024 and is projected to grow to $59.7 billion by 2032, at a CAGR of 2.1% during 2025-2032.
• The U.S. secondary wood products market size reached $289.9 billion in 2024 and is expected to reach $341.4 billion by 2033, exhibiting a CAGR of 1.74% during 2025-2033.
• The U.S. hardwood lumber market size is estimated to reach $6.1 billion by 2030, growing at a CAGR of 5.2% during the forecast period 2024-2030.

Real Estate and Land Resources

• The U.S. real estate market was valued at $3.43 trillion in 2024 and is projected to reach $4.52 trillion by 2034, with a CAGR of 2.80% between 2025 and 2034. Another estimate places the U.S. real estate market at $1.71 trillion in 2024, expected to generate $2.32 trillion by 2033, with a CAGR of 3.10% during 2025-2033.
• Specifically, the U.S. residential real estate market is valued at $2.64 trillion in 2025 and is forecast to reach $3.11 trillion by 2030, reflecting a CAGR of 3.33%.
• For investable timberland in the U.S., 514 million acres of commercial timberlands have an estimated market value of $460 billion. The established, investable timberland market in the United States represents approximately $210 billion of the global market.

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Rayonier (RYN) is anticipated to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Synergies and Expanded Land Base from the PotlatchDeltic Merger: Rayonier's anticipated merger with PotlatchDeltic, expected to finalize in early 2026, is projected to establish a premier land resources company with a diversified timberland portfolio. This merger is expected to generate approximately $40 million in estimated run-rate synergies, which, combined with a larger, more diversified asset base, could lead to enhanced revenue opportunities through increased scale and broader market reach.

2. Continued Strong Performance and Strategic Sales in the Real Estate Segment: The Real Estate segment has demonstrated robust results, with a substantial increase in sales driven by significant transactions, including a major conservation sale in Florida. This segment's adjusted EBITDA more than doubled year-over-year in Q3 2025, and the company expects continued strong momentum in its real estate business to contribute to future earnings.

3. Improving Timber Pricing in Key Markets: Rayonier anticipates modest increases in weighted average log pricing in its Southern Timber segment due to improving demand conditions. Similarly, the New Zealand segment expects improving supply-demand dynamics to drive modest price increases in both domestic and export sawtimber. Analysts also point to a 3% year-over-year increase in average delivered pulpwood prices and a 7% rise in domestic sawtimber prices, driven by strong demand and favorable geographical factors. Further enhancements in U.S. lumber production and timber pricing are expected in the latter half of 2025 due to impending increases in softwood lumber duties on Canadian imports.

4. Increased Harvest Volumes in the Southern Timber Segment: The Southern Timber segment experienced a notable improvement in Q3 2025, primarily attributable to increased harvest volumes. This growth in harvest volumes directly translates to higher timber revenue for the company.

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Share Repurchases

• In December 2024, Rayonier's board approved a new $300 million share repurchase authorization, replacing an existing $100 million authorization.
• During the third quarter of 2025, the company repurchased approximately 1.2 million shares for $30.1 million.
• As of September 30, 2025, $232.3 million remained under the current share repurchase authorization.

Share Issuance

• In May 2020, as part of the Pope Resources acquisition, Rayonier issued 7.1 million common shares and 4.6 million Operating Partnership units.
• A special dividend of $1.80 per common share, paid in January 2025, consisted of a combination of cash and common shares, with the cash component limited to 25% of the total distribution.
• In October 2025, Rayonier declared a special dividend of $1.40 per common share, to be paid in a mix of cash and company stock, with the cash portion not exceeding 25%.

Outbound Investments

• In May 2020, Rayonier acquired Pope Resources for an aggregate consideration that included $169.5 million in cash, 7.1 million common shares, and 4.6 million Operating Partnership units, significantly expanding its Pacific Northwest timberland and real estate portfolio.
• In November 2022, Rayonier acquired approximately 172,400 acres of commercial timberlands in Texas, Georgia, Alabama, and Louisiana for about $474 million.
• In October 2025, Rayonier announced an all-stock merger of equals with PotlatchDeltic, expected to create a $7.1 billion forestry company.

Capital Expenditures

• For the nine months ended September 30, 2025, capital expenditures from continuing operations totaled $35.024 million, and real estate development investments were $11.888 million.
• For the nine months ended September 30, 2024, capital expenditures from continuing operations were $40.262 million, and real estate development investments were $19.073 million.
• Capital expenditures are primarily focused on maintaining and enhancing timberland assets and supporting real estate development projects, such as the Wildlight community.