Rayonier - Best-in-Class, Pure-Play Timber REIT
Log and Lumber Export Volume Has Surged
BBF (Logs)
U.S. Pacific Northwest Log Exports
North American Lumber Exports
2.0
500
10.0
500
2014-16 Avg. China Demand = ~100k Starts
2014-16 Avg. China Demand 210k Starts
1.8
450
9.0
450
1.6
1.4
1.2
10
1.0
0.8
0.6
0.4
0.2
2005
2006
400
350
300
250
200
150
100
50
50
2007
2008
2009
2010
China
2011
2012
2013
Housing Start Equivalents
2014
2015
2016
Rest of World
Housing Start Equivalents (000s)
BBF (Lumber)
8.0
7.0
6.0
00
5.0
4.0
3.0
20
2.0
1.0
2005
2006
2007
Rest of World
400
350
300
250
200
8གླུ
150
100
50
50
2008
2009
2010
China
2011
2012
2013
Housing Start Equivalents
2014
2015
2016
China has driven substantial growth in log and lumber exports from North America over the last decade, with
average annual demand over the last three years equivalent to roughly 310,000 single-family housing starts.
Source: Forest Economic Advisors.
Rayonier
Note:
Housing start equivalents calculated based on 18 MBF of lumber per single-family start and log-to-lumber recovery rate of 2.35.
Investor Relations | August 2017
Housing Start Equivalents (000s)
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