Investor Presentation
Pacific Northwest EBITDA* Benchmarking
Following November 2014 announcements, Rayonier reduced its rate of harvest in the Northwest
Rayonier's Pacific Northwest EBITDA* per ton has historically been below the peer group due to its
higher proportion of hemlock volume (vs. Doug-fir) and higher mix of cable logging
Northwest EBITDA* / Ton
Northwest Rate of Harvest
Northwest EBITDA* / Acre
($ per ton harvested)
(tons per acre per year)
($ per acre)
$70
6.0
$240
$60
$50
$40
$30
$20
$10
2014
2015
RYN
2016
2017
2018
2019
WY
2020
2021
2022
Pope
5.0
4.0
3.0
2.0
1.0
I
2014
2015
2016
■RYN WY ■ Pope
2017
2018
2019
2020
2021
2022
$200
$160
$120
$80
$40
2014
2015
RYN
WY
2016
2017
2018
2019
2020
2021
2022
Pope
EBITDA* per ton and EBITDA* per acre have both trended higher since 2019 as a result of the Pope
acquisition and higher pricing.
Rayonier
Source: WY EBITDA based on historical public filings, excludes PCL contribution in 2014-2015. Volume and acreage data for all peers based on historical public filings.
* Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations).
Investor Presentation | November 2023
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