U.S. South Historical Valuation Snapshot
($ per ton)
$28
$26
$24
$22
$20
$18
$16
$14
$12
$10
$8
2015:Q1
2015:Q2
2015:Q3
2015:Q4
2016:Q1
1st Quartile
TimberMart-South.
2016:Q2
2016:Q3
Pricing Trends in Top Markets Have Remained Favorable
TimberMart-South Composite Stumpage Prices by Quartile
2016:Q4
2017:Q1
2017:Q2
2nd Quartile
2017:Q3
2017:Q4
Avg. TMS Q4-22
Composite Price
Prem / (Disc) to
Median Price
Three-Year
Price Change
1st Quartile
2nd Quartile
3rd Quartile
4th Quartile
$23
49%
37%
$16
4%
7%
$14
(6%)
7%
$10
(35%)
(8%)
U.S. South Median
$15
12%
RYN Acquisitions
$18
14%
16%
2018:Q2
2018:Q1
2018:Q3
3rd Quartile
2018:Q4
Source:
Note:
Composite pricing assumes mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber.
(1) Three-year price change reflects Q4 2022 TMS pricing compared to Q4 2019 TMS pricing.
Investor Presentation | May 2023
2019:Q1
2019:Q4
2019:Q2
2019:Q3
4th Quartile
2020:Q1
2020:Q2
2020:Q3
Top quartile markets (ranked by average TMS composite stumpage pricing) have exhibited the
strongest pricing momentum across the U.S. South over the past few years.
2020:Q4
2021:Q1
2021:Q3
2021:Q2
RYN Acquisitions (Weighted Average)
2021:Q4
2022:Q1
2022:Q2
2022:Q3
2022:Q4
Rayonier
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