Investor Presentation
Productivity is a Key Driver of Timberland Value
Rayonier U.S. South Pine Site Index 25 (feet)
80
Harvest Volume Increases with Site Index (1)
6.0
5.0
Transition 70 to 75 over 25 years =
0.6% productivity CAGR
15
75
Site Index25 (feet)
70
70
65
Recently
harvested
stands
Tons / Acre/ Year
4.0
3.0
2.0
1.0
I
65
59
70
75
80
85
95
Site Index 25 (feet)
Product Mix Improves with Site Index (1)
100%
80%
60%
40%
60
60
20%
1993-
1995
1996-
1999-
2001-
2005-
2008-
1998
2001
2003
2007
2010
0%
Planting Year
65
70
75
■ Pine ST ■ Pine CNS
80
Pine PW ■ Hardwood
85
Higher site index properties generate greater harvest yields and a more valuable product mix.
Improving site index by 5 feet over a 25-year harvest rotation implies ~0.6% annual productivity gain.
(1)
Rayonier
Growth and yield predictions based on PMRC 1996 (Loblolly PMRC TR-1996-1 and Slash PMRC TR-1996-3) with FMRC Fastlob 3.0 Fertilizer response equations. Assumes
mix of plantation / hardwood acreage and loblolly / slash species based on Rayonier portfolio averages.
Investor Presentation | August 2023
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