Investor Presentation
U.S. South Softwood Inventory Build
■ Timber markets across the South have experienced differing levels of inventory and demand changes
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■
U.S. South removals are at pre-recession level; however, inventory has increased by over 1 billion tons
Standing timber inventories have increased disproportionately in the Inland Gulf area
Removals & Inventory (2000 - 2018)
(million tons)
(years)
300
20
0-10% Increase
11-20% Increase
250
21 30% Increase
15
200
31-40% Increase
>40 % Increase
Rayonier
150
10
100
5
50
(billion tons)
543211
2000
2001
2002
2003
2004
Inventory Change % (2009 - 2018)
Removals
2005 Removals
Years of Removals
(years)
88%
109%
42%
29%
31%
19%
15%
29%
56%
41%
20
20%
12%
15
13%
24%
31%
10
5
8%
41%
8%
5%
Inventory
2005
2006
2007
2008
2009
2010
2011
2005 Inventory
2012
2013
2014
2015
2016
2017
2018
Years of Removals
Removals have recovered to pre-recession level; however, total U.S. South inventory has
increased significantly. Weaker markets are experiencing disproportionate inventory build.
Rayonier Source: USDA FIA, Rayonier Analysis.
Investor Presentation | March 2020
Mies
50
150
200
29
75%
39%
30%
33%View entire presentation