Investor Presentation
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA by Segment
($ in millions)
2023E (1)
Operating income
Timber write-offs resulting from a casualty event (2)
Pro forma operating income (loss) (2)
Depreciation, depletion & amortization
Non-cash cost of land and improved development
Adjusted EBITDA (2)
2022
Operating income
Depreciation, depletion & amortization
Non-cash cost of land and improved development
Gain associated with the multi-family apartment sale attributable to NCI (2)
Timber write-offs resulting from a casualty event (2)
Large Dispositions (2)
Adjusted EBITDA (2)
2021
Operating income
Depreciation, depletion & amortization
Non-cash cost of land and improved development
Operating income attributable to NCI in Timber Funds
Gain on investment in Timber Funds (2)
Fund II Timberland Dispositions attributable to Rayonier (2)
Large Dispositions (2)
Adjusted EBITDA (2)
Pacific
New
Southern Northwest Zealand
Timber Timber
Timber
Timber
Funds
Real
Estate
Corporate
Trading and Other
Total
$72.7
($7.5)
$19.2
$52.8
($36.0)
$101.2
—
2.3
2.3
$72.7
($7.5)
$21.5
$52.8
($36.0)
$103.5
79.8
39.5
21.0
15.2
1.5
157.0
27.0
27.0
$152.5
$32.0
$42.5
$95.0
($34.5)
$287.5
$96.6
$15.2
$30.6
$58.5
$0.4
60.3
48.0
23.9
13.9
($35.5)
1.3
$165.8
147.3
28.4
28.4
(11.5)
(11.5)
0.7
0.7
-
(16.6)
(16.6)
$156.9
$63.9
$54.5
$72.7
$0.4
($34.2)
$314.2
$66.1
$6.8
$51.5
$63.3
$112.5
$0.1
54.1
50.5
27.0
2.4
7.9
($30.6)
1.2
$269.8
143.2
25.0
25.0
(45.6)
(7.5)
(10.3)
(45.6)
(7.5)
(10.3)
-
(44.8)
(44.8)
$120.2
$57.3
$78.5
$2.3
$100.7
$0.1
($29.4)
$329.8
(1) Based on midpoint of 2023E Adj. EBITDA guidance per Q2 2023 Financial Supplement.
Rayonier (2) Non-GAAP measure or pro forma item.
Investor Presentation | November 2023
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