U.S. South Historical Valuation Snapshot
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
Increased qtrly.
dividend by 5.6%
to $0.285 per
share effective Q2
2022
Funded from
recurring timber
and real estate
operations
Large Dispositions*
excluded from
CAD*
Manage Our
Balance Sheet
■ Investment grade
ratings with stable
outlook
Well-staggered
maturity profile
■ ~3.1% weighted
average cost of
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)
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 $31.31 as of 5/1/2023 and annualized dividend of $1.14 per share.
(5) Weighted average cost of debt calculated as of 3/31/2023.
* Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations).
Rayonier
(3)
RYN share price at time of transaction announcement was $32.72.
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Investor Presentation | May 2023View entire presentation