Investor Presentation
60x
50x
40x
30x
20x
10x
U.S. South Historical Valuation Snapshot
U.S. South EBITDA per Acre (NCREIF)
$60
$50
$40
$30
$20
$10
I
CAGR = 3.9 %
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
U.S. South Value per Acre (NCREIF)
$2,250
$2,000
$1,750
$1,500
CAGR 3.9%
$1,250
$1,000
$750
$500
$250
2018
2020
2022
Rayonier
Source: National Council of Real Estate Investment Fiduciaries.
Investor Presentation | August 2023
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
U.S. South timberlands have traded at an average EBITDA multiple (excluding land sales) of
~37x over the last 33 years.
Average = 36.6x
2010
2012
2014
2016
2018
2020
2003
2004
2005
2006
U.S. South EBITDA Multiples (NCREIF)
2022
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
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