Investor Presentation
Nimble Approach to Capital Allocation
Invest in Our
Business
~$45 million
invested annually
in silviculture and
regeneration
Capital focused
on highest IRR
opportunities
Targeted
investments to
unlock HBU value
◉
■
■
Acquisitions
~$2.3 billion of
acquisitions since
2014
Acquisitions
complementary to
age-class profile
Improved portfolio
site index and
inventory stocking
Share Buybacks/
Equity Issuance
■ 4.7MM shares
repurchased @
$23.84 per share
■ 14.8MM shares
issued in public
offerings @
$33.05 per share
■ 11.6MM shares /
OP units issued
for Pope acq. (3)
☐
Dividends
Qtly. dividend of
$0.285 per share
■ Funded from
■
recurring timber
and real estate
operations
Manage Our
Balance Sheet
■ Investment grade
ratings with stable
outlook
Well-staggered
maturity profile
■ ~3.1% weighted
Large Dispositions* average cost of
excluded from
CAD*
debt (5)
$45MM (1)
annually for
silviculture
$2.3B (2)
acquisitions
since 2014
21.7MM
net shares issued
since 2014
3.6% yield (4)
$1.14 per share
annual dividend
~3.1% rate (5)
average
debt cost
(1)
(2)
Rayonier
Represents average annual investment in silviculture and replanting from 2021 2022.
Includes total Pope Resources transaction value at closing (i.e., consideration plus net
debt assumed of $576 million).
(4) Based on share price of $31.59 as of 8/11/2023 and annualized dividend of $1.14 per share.
(5) Weighted average cost of debt calculated as of 6/30/2023.
* Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations).
(3)
RYN share price at time of transaction announcement was $32.72.
Investor Presentation
August 2023
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