Investor Presentation
Median Home Price to Annual Rent
Housing Indicators Continue to Improve
Housing Sector is Underbuilt
2.6
2.4
2.2
2.0
1.8
1.6
1.4
1.2
1.0
0.8
Housing Starts SAAR (MM)
0.6
0.4
0.2
www
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015
Housing Starts
Underlying Demand
Home Inventory Has Diminished
12
20 % 765-
11
10
Existing Homes for Sale
2
1
www
2000 2002 2004
Recession
2006 2008 2010 2012 2014 2016 2018
Existing Homes for Sale in Months at Current Sales Pace
Homeownership Economics Are Favorable
26x
U.S. Housing Stock has Aged Considerably
45
16
10x
20x
16x
14x
12x
ོ ༔ སློ ༔ ༅ ༄ བཽ སཽ ༄
24x
22x
40
40
35
прив
Age (in Years)
30
27
25
20
20
15
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
Recession
Median Home Price to Annual Rent
10
Rayonier
40
39
37
35
34
32
31
31
20
29
29
29
30
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017
Median Age of Owner-Occupied Housing
Source: U.S. Census Bureau, Forest Economic Advisors, 2017 American Housing Survey, U.S. Department of Housing and Urban Development and National Association of
Realtors.
Investor Presentation | March 2020
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