Rayonier - Best-in-Class, Pure-Play Timber REIT
$80
$70
$60
$50
$40
$30
$20
$10
$0
500
Rayonier
Note:
(starts in 000s / US$ per ton)
2,500
Housing Starts Are Key Driver of Sawtimber Pricing
Annual Housing Starts vs. Real Pine Sawtimber Prices
2,000
1,500
1,000
500
1990
1991
1992
1993
1994
1995
Housing Starts
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
1.5mm starts = $46 sawtimber
750
Pine Sawtimber
2006
2007
2008
2009
2010
Annual Housing Starts vs. Real Pine Sawtimber Prices – Regression Analysis
-
1,000
Source:
Timber Mart-South South-wide Average Sawtimber Prices.
1,250
1,500
1,750
2011
2012
2013
2014
2015
2016
2017
y= 0.0239x+ 10.021
R = 0.5816
U.S. South sawtimber pricing has historically trended in line with residential construction:
~1.5 million starts = ~$46 sawtimber.
Prices are adjusted for inflation and coverted to 2014 dollars based on the Producer Price Index (PPI).
Investor Relations | August 2017
2,000
2,250
42
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