Investor Presentation
Rayonier Historical Real Estate / HBU Summary
Historical Acres Sold/% of Total Southern Acreage
35,906
30,026
26,251
35,633
33,055
30,923
27,474
25,292
28,574
23,800
2.2%
21,310
1.8%
17,173
1.9%
16,346 16,417 16,340
1.7%
1.6%
1.6%
1.5%
1.3%
1.3%
1.0%
0.9%
0.9%
0.9%
25,102 25,951
27,634
17,106
1.6%
1.4%
1.4%
1.5%
1.3%
0.9%
2004 2005 2006 2007 2008 2009
2010 2011
2012 2013 2014
2015
2016
2017
2018
2019
2004-19 2010-19 2015-19
Average Average Average
$4,267
$2,675 $2,858
$6,755
Historical HBU Value per Acre / Premium to NCREIF Index
$4,004
$3,417 $3,579
$3,242
$2,940
$3,086
$2,132 $1,897
$2,149 $1,839
$2,453 $2,186
$2,538 $2,536
$2,631
2004 2005 2006 2007 2008 2009
Premium to NCREIF U.S. South Average Per Acre Value
2010 2011
2012
2013
2014
2015 2016
2017 2018
2019
2004-19 2010-19 2015-19
Average Average Average
139%
144%
239%
353%
92%
35%
24%
46%
20%
50%
25%
43%
42%
93%
100% 121%
88%
55%
73%
Rayonier has generally sold 1.0% to 2.0% of its Southern land base annually at premiums in
the range of ~50% above timberland value, with premiums improving more recently.
Rayonier
Notes: Excludes Large Dispositions, Improved Development and New Zealand land sales.
2007 includes a 3,100 acre sale in west central Florida at $15,000 per acre.
Investor Presentation | May 2020
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