U.S. South Historical Valuation Snapshot
Overview of Heartwood Development
HEARTWOOD
AT RICHMOND HILL
■ Belfast Commerce Park (west of I-95) largely sold out
■ Initial residential and commercial phase consisting of 114
lots and community amenities (east of I-95) commenced
development in 2021
Rayonier owns ~20,000 acres in a 5-mile radius
■ Total Sales Project-To-Date (1):
Residential:
Commercial (2):
Industrial:
$2.8MM gross sales (11 gross ac)
$9.3MM gross sales (57 gross ac)
$50.5MM gross sales (1,140 gross ac)
Lot Price True-Ups: $0.9MM
■ Interstate 95 interchange opened in Jan. 2022
■ Two Hyundai facilities within 30 miles of Heartwood
under construction with an estimated 9,500 new jobs
expected
Our strategy is to target growing demand in the Savannah, Georgia suburban market and
catalyze value across our significant land holdings in the area over time.
Rayonier
(1) Includes sales from 2013 - Q1 2023. Excludes marketing fees.
(2) Includes multi-family parcels totaling 27 acres for $4.5 million.
Investor Presentation | May 2023
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