Investor Relations - Timber and Real Estate Performance
Nimble Approach to Capital Allocation
Invest in Our
Business
~$34 million
invested annually
in silviculture and
regeneration
Capital focused
on highest IRR
opportunities
■ Targeted
investments to
unlock HBU value
■
■
Timberland
Acquisitions
Share Buybacks/
Equity Issuance
Acquired over
$750 million of
timberlands since
spin-off
Acquisitions
complementary to
age-class profile
Improved portfolio
site index and
inventory stocking
☐
$101 million of
stock buybacks
@ $23.76/share
$160 million of
equity issuance
@$27.75/share
Focused on
generating NAV
accretion
Dividends
■ Dividend of $1.00
per share since
Q4 2014
■
Expect to fund
from recurring
timber and real
estate operations
■ Large Dispositions*
excluded from
CAD*
Manage Our
Balance Sheet
■ Restructured
$155 million of
New Zealand debt
■ 95% of debt fixed;
3.27% avg. rate
■ Maintained
investment grade
rating with higher
debt threshold
$34MM(1)
annually for
silviculture
$750MM
acquisitions
since spin-off
$59MM
net share issuance
since spin-off
3.5% yield (2)
$1.00 per share
annual dividend
3.27% rate
average
debt cost
(1)
(2)
Rayonier
Represents average annual investment in silviculture and replanting from 2013-2016.
Based on share price of $28.34 as of 3/31/2017.
Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations).
Investor Relations | May 2017
39View entire presentation