Investor Presentation
Rayonier Historical Real Estate / HBU Summary
Historical Acres Sold / % of Total Southern Acreage
43,708
35,906
35,633
33,055
30,026
30,923
2.2%
26,251
27,474
28,574
2.4%
25,292
23,800
25,126
26,671
24,291
1.8%
21,310
1.9%
1.6%
17,173 16,346 16,417 16,340
1.7%
1.6%
1.6% 17,106
17,122
1.5%
14,945
1.3%
1.3%
1.4% 1.4%
1.3%
1.3%
1.0%
0.9% 0.9% 0.9%
0.9%
2004 2005 2006
1.0%
0.9%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 '04-'22 '13-'22 '18-'22
$6,755
Historical HBU Value per Acre / Premium to NCREIF Index
$4,267
$2,675 $2,858
$3,242
$3,417 $3,579
$2,132
$2,149
$1,897
$2,453
$1,839
$2,186
$2,538 $2,536
Avg. Avg. Avg.
$4,002
ப
W
$2,170
$5,383
$4,140
$3,433
$2,989 $2,981
2017 2018 2019 2020 2021 2022
42% 93% 100% 121% 21% 191% 106%
'04-'22 '13-'22 '18-'22
Avg. Avg. Avg.
86% 67% 87%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Premium to NCREIF U.S. South Average Per Acre Value
139%
144% 239% 353% 92% 35% 24% 46% 20% 50% 25% 43%
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, Conservation Easements and New Zealand land sales.
2007 includes a 3,100 acre sale in west central Florida at $15,000 per acre.
Investor Presentation | November 2023
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