U.S. South Historical Valuation Snapshot
Real Estate Strategy - Capture Premiums to Timberland
Higher and Better Use
Timberlands
Rural
Unimproved
Development
Improved
Development
Timberland &
Non-Strategic
Large
Dispositions
Sale of rural
places & properties
Limited to no investment to
capture premiums above
timberland values
On average, 1% to 2% of
Southern land base annually
.
•
Sale of properties with
development rights
Minor investments to
catalyze demand and
create optionality in select
markets
Low volume and very lumpy
sales pipeline due to lengthy
process
Sale of developed
land parcels
Investment in horizontal
infrastructure and
amenities in very select
markets with scale
Growing sales pipeline in
Wildlight & Heartwood
Sale of timberland &
non-strategic assets
Monetize and repurpose
"dead capital"
Conservation Easements
Sale of development rights (precludes future development on the underlying land)
Reserve our rights to continue to grow and harvest timber
Primarily in select areas with strong timber markets and conservation interest
Limited volume due to
strength of portfolio
Strategic sales of
timberland packages
Upgrade portfolio
and/or deleverage balance
sheet
Excluded from Adj. EBITDA
and pro-forma financials
Our Real Estate strategy is focused on creating and capturing significant premiums to
timberland values.
Rayonier
Investor Presentation | May 2023
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