Rayonier - Best-in-Class, Pure-Play Timber REIT
Rayonier's Northwest EBITDA* / Ton Has Declined
☐
Following November 2014 announcements, Rayonier reduced its rate of harvest in the Northwest
EBITDA* per ton and EBITDA* per acre have both declined as a result
Northwest EBITDA* / Ton
Northwest Rate of Harvest
Northwest EBITDA* / Acre
($ per ton harvested)
(tons per acre per year)
($ per acre)
$60
5.5
$250
5.0
$50
$200
4.5
4.0
$40
$150
3.5
3.0
$30
$100
2.5
2.0
$20
$50
1.5
$10
1.0
$0
2012 2013
2014 2015 2016
2012 2013 2014 2015 2016
2012 2013 2014 2015 2016
RYN
-WY
Pope
■RYN WY Pope
RYN
WY
Pope
Rayonier's Northwest EBITDA* per ton has been below the peer group, due to its historical proportion of
hemlock volume (vs. Douglas-fir) and, more recently, due to its reduced rate of harvest.
Rayonier
Source: WY EBITDA based on historical public filings, excludes PCL contribution in 2012-15; Pope EBITDA based on historical public filings. Volume and acreage data for all peers
based on historical public filings; assumes 8.0 tons per MBF for Pope.
Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations).
Investor Relations | August 2017
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