Rayonier - Best-in-Class, Pure-Play Timber REIT
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;
3.25% 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
3.25% rate
average
debt cost
Rayonier
(1) Represents average annual investment in silviculture and replanting from 2013-2016.
(2) Based on share price of $28.77 as of 6/30/2017.
Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations).
Investor Relations | August 2017
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