Investor Presentation
Conservative Capital Structure & Financial Policy
Credit Highlights & Ratio Targets
Current Credit Ratings
($ in millions)
Capitalization & Maturity Profile
■ S&P:
■
Moody's:
Credit Highlights
BBB- / Stable
Baa3 / Stable
■
Strong Adjusted EBITDA* margins
Total Debt (2)
(-) Cash (2)
Net Debt*
6/30/2023
$1,520.0
(88.4)
$1,431.6
Credit / Valuation Data
2022 Adjusted EBITDA*
$314.2
Shares/OP Units Outstanding
150.7
Enterprise Value (3)
$6,164.8
Credit Statistics
■
■
High EBITDA-to-FCF conversion
Significant asset coverage
3.1% weighted avg. cost of debt (~90% fixed) (1)
Credit Ratio Targets
Committed to maintaining an investment grade
credit profile
Net Debt* / Adj. EBITDA*
4.6x
Net Debt*/ Enterprise Value
23%
($ in millions)
$500
$450
$400
$350
$300
Target credit metrics include:
$250
$200
-
Net Debt* / Adj. EBITDA*:
≤4.5x
$150
$100
-
Net Debt* / Asset Value:
≤ 30%
$50
2023 2024 2025 2026 2027 2028 2029 2030+
Maintaining a conservative capital structure and maximizing usage of Farm Credit financing
provides for an attractive cost of debt relative to underlying timberland returns.
Rayonier
(1)
(3)
Weighted average cost of debt calculated as of 6/30/2023.
Debt reflects principal on long-term debt, gross of deferred financing costs and unamortized discounts. Cash excludes $2.7 million of restricted cash held in escrow and $1.6 million of
restricted cash held by LKE intermediaries.
Enterprise value based on market capitalization (including Rayonier, L.P. "OP units") plus net debt based on RYN share price of $31.40 as of 6/30/2023.
Non-GAAP measure (see Appendix for definitions and reconciliations).
Investor Presentation
August 2023View entire presentation