Investor Presentation
$10
I
60x
Rayonier
Source: National Council of Real Estate Investment Fiduciaries.
Investor Presentation | November 2023
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
50x
Average
40x
30x
20x
10x
2000
2001
U.S. South timberlands have traded at an average EBITDA multiple (excluding land sales) of
~37x over the last 33 years.
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
= 36.6x
2010
2012
2014
2016
2018
2020
2022
2002
2003
2004
2005
2006
2007
U.S. South EBITDA Multiples (NCREIF)
U.S. South EBITDA per Acre (NCREIF)
$60
$50
$40
CAGR 3.9%
$30
$20
U.S. South Historical Valuation Snapshot
2008
2009
2010
2011
2012
2013
2014
2015
2016
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
U.S. South Value per Acre (NCREIF)
$2,250
$2,000
$1,750
$1,500
CAGR 3.9%
$1,250
$1,000
$750
$500
$250
2018
2020
2022
2017
2018
2019
2020
2021
2022
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