Rayonier - Best-in-Class, Pure-Play Timber REIT
Total Inventory has Grown Significantly
■ Since 2005, many regions have gained inventory beyond levels experienced historically
Inventory growth in these areas will take years to slow and will require new outlets for timber products
■ Timberland portfolio performance will be influenced by geographic distribution in the South
Change in Total Inventory by Region: 2005-2014
Inventory Change Total
<0%
0% - 9%
10% 19%
20%-29%
> 30%
Rayonier
17%
24%
12%
19%
7%
33%
25%
18%
3%
19%
20%
37%
34%
13%
17%
18%
21%*>
5%
11%
16%
50
150
200
18%
Change in Total Inventory: RYN vs. South Avg. (1)
12%
5%
22%
18%
17%
13%
Pulpwood
Sawtimber
Total
■US South Average
■Rayonier
Source:
USDA FIA data; Rayonier analysis.
Rayonier
(1)
Chart illustrates average U.S. South inventory growth by product category versus weighted average inventory growth in Rayonier markets.
Investor Relations | August 2017
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