U.S. South Historical Valuation Snapshot

2,500 Underbuilding a Key Difference From Prior Cycle Implied Population Adjusted Housing Starts vs. Actual Housing Starts 2,000 1,500 Annual Housing Starts (000s) 1,000 500 1970 1972 Rayonier Source: FRED, U.S. Census Bureau. Single-Family Starts Average Total Starts Since 1970 1974 1976 1978 1980 1982 1984 Investor Presentation | May 2023 After the GFC, housing starts took more than a decade to return to historical average levels. Adjusted for population, housing starts have still not returned to "normalized" levels. 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 Multi-Family Starts Implied Normalized Starts (Avg. Starts/Pop. Ratio Since 1970) 2008 2010 2012 2014 2016 2018 2020 2022 18

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