Investor Presentation
Nimble Approach to Capital Allocation
Invest in Our
Business
~$35 million
invested annually
in silviculture and
regeneration
Capital focused
on highest IRR
opportunities
■ Targeted
investments to
unlock HBU value
■
■
Timberland
Acquisitions
Share Buybacks/
Equity Issuance
~$1.0 billion of
acquisitions since
spin-off
Acquisitions
complementary to
age-class profile
Improved portfolio
site index and
inventory stocking
$109 million of
stock buybacks
@ $23.94/share
$160 million of
equity issuance
@$27.75/share
Focused on
generating NAV
accretion
◉
Dividends
Increased qtly.
dividend by 8% to
$0.27 per share
effective Q2 2018
■ Funded from
recurring timber
and real estate
operations
Manage Our
Balance Sheet
■ Restructured
$155 million of
New Zealand debt
■ 92% of debt fixed;
3.3% avg. rate
■ Maintained
investment grade
rating with higher
Large Dispositions* debt threshold
excluded from
$35MM (1)
annually for
silviculture
CAD*
$1.0B
acquisitions
since spin-off
$50MM
net share issuance
since spin-off
4.1% yield (2)
$1.08 per share
annual dividend
3.3% rate
average
debt cost
(1)
(2)
Represents average annual investment in silviculture and replanting from 2015-2019.
Based on share price of $26.44 as of 02/27/20 and annualized dividend of $1.08 per share.
Rayonier * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations).
Investor Presentation | March 2020
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