Investor Presentation
Conservative Capital Structure & Financial Policy
Credit Highlights & Ratio Targets
Current Credit Ratings
($ in millions)
Capitalization & Maturity Profile
12/31/2022
S&P:
Moody's:
Credit Highlights
BBB- Stable
Baa3 Stable
■
Strong Adjusted EBITDA* margins
◉
High EBITDA-to-FCF conversion
Significant asset coverage
Total Debt (2)
(-) Cash (2)
Net Debt*
$1,523.1
(114.3)
$1,408.8
Credit / Valuation Data
2022 Adjusted EBITDA*
$314.2
Shares/OP Units Outstanding
150.5
Enterprise Value (3)
$6,369.0
Credit Statistics
Net Debt* / Adj. EBITDA*
4.5x
◉
3.0% weighted avg. cost of debt (~90% fixed) (1)
Net Debt* / Enterprise Value
22%
($ in millions)
Credit Ratio Targets
Committed to maintaining an investment grade
credit profile
$500
$450
$400
$350
$300
Target credit metrics include:
$250
$200
Net Debt* / Adj. EBITDA*:
<4.5x
$150
$100
-
Net Debt* / Asset Value:
≤ 30%
$50
2023 2024 2025 2026 2027 2028 2029
2030+
Maintaining a conservative capital structure and maximizing usage of Farm Credit financing
provides for an attractive cost of debt relative to underlying timberland returns.
Rayonier
Weighted average cost of debt calculated as of 12/31/22.
Debt reflects principal on long-term debt, gross of deferred financing costs and unamortized discounts. Cash excludes $0.5 million of restricted cash held by LKE intermediary.
Enterprise value based on market capitalization (including Rayonier, L.P. "OP units") plus net debt based on RYN share price of $32.96 as of 12/31/22.
Non-GAAP measure (see Appendix for definitions and reconciliations).
Investor Presentation | March 2023
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