Investor Presentation
Historical Components of U.S. South Timberland Returns
NCREIF South Historical Returns
25.0%
20.0%
15.0%
10.0%
5.0%
20-Year
10-Year
■EBITDA Return
Appreciation Return
Avg. EBITDA Return
2.6%
2.6%
Avg. Appreciation Return
3.7%
2.7%
(5.0%)
(10.0%)
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
NCREIF South Historical EBITDA Returns vs. 10-Year Treasury
9.0%
8.0%
7.0%
EBITDA Return
10-year UST
Avg. EBITDA Return
Avg. Spread to 10-yr UST
20-Year
2.6%
(0.3%)
10-Year
2.6%
0.5%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
llun
T
T
T
.
T
T
T
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
U.S. South timberlands have historically been bid to EBITDA cap rates in the range of 2.5% to 3.0%.
Rayonier
Source: National Council of Real Estate Investment Fiduciaries.
Investor Presentation | August 2023
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