U.S. South Historical Valuation Snapshot
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%
T
llun
T
dulh
T
1990
1992
1994
1996
1998
2000
2002
T
T
T
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 | May 2023
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