Investor Presentation
Real Estate Strategy - Optimize Value & Create Optionality
Timberlands
Real Estate
BOARD OF COUNTY COMMISIONERS
Large
Dispositions
Strategic sales of
timberland
Opportunistic-only for
capital allocation
O Upgrade portfolio
Excluded from Adj.
EBITDA and pro-
forma financials
Timberland value
Opportunistic
■
Non-Strategic /
Timberlands
Sale of non-strategic and
timberland assets
Timberland: capture a
financial premium
Non-Strategic:
monetize and
repurpose "dead-
capital"
Rural Places +
Properties
Sale of rural
properties
Stable and recurring
source of cash flows
Build a pipeline of
enhanced rural
properties in higher
potential markets
HBU premium + ROI
Timberland premium
Reduce reliance
Grow moderately
Unimproved
Development
Sale of properties with
development rights
Invest in securing
development rights
Build a pipeline of
entitled properties in
higher potential
markets
HBU premium + ROI
Grow in
select markets
Improved
Development
Sale of developed
land parcels
Invest in infrastructure
and amenities
■ Enhance value and
create optionality of
adjacent RYN
properties
HBU premium + ROI
+ optionality
Grow in
very select markets
Land
Resources
Sale of
access to use
properties /
extract
resources
■Maximize and grow annual gross margin/ac
■ Build diverse portfolio of cash flows
☐
Develop new business growth
Annual
gross
margin
per acre
Rayonier
Investor Presentation | May 2020
Grow
moderately
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