U.S. South Historical Valuation Snapshot
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA by Segment
($ in millions)
2022
Operating income
Depreciation, depletion & amortization
Non-cash cost of land and improved development
Gain associated with the multi-family apartment sale attributable to NCI (1)
Timber write-offs resulting from a casualty event (1)
Large Dispositions (1)
$96.6
60.3
$15.2
$30.6
48.0
23.9
Pacific
New
Southern Northwest Zealand Timber
Timber Timber Timber Funds
Real
Estate
Corporate
Trading and Other
Total
$58.5
$0.4
13.9
($35.5)
1.3
$165.8
147.3
28.4
28.4
(11.5)
0.7
(11.5)
0.7
(16.6)
(16.6)
$156.9
$63.9
$54.5
$72.7
$0.4
($34.2)
$314.2
Adjusted EBITDA (1)
2021
Operating income
Depreciation, depletion & amortization
$66.1
$6.8
$51.5
$63.3
$112.5
$0.1
($30.6)
$269.8
54.1
50.5
27.0
2.4
7.9
1.2
143.2
Non-cash cost of land and improved development
25.0
25.0
Operating income attributable to NCI in Timber Funds
(45.6)
(45.6)
Gain on investment in Timber Funds (1)
(7.5)
(7.5)
Fund II Timberland Dispositions attributable to Rayonier (1)
(10.3)
(10.3)
Large Dispositions (1)
(44.8)
(44.8)
Adjusted EBITDA (1)
$120.2
$57.3
$78.5
$2.3
$100.7
$0.1
($29.4)
$329.8
2020
Operating income (loss)
Depreciation, depletion & amortization
Non-cash cost of land and improved development
Operating loss attributable to NCI in Timber Funds
Timber write-offs resulting from casualty events attributable to Rayonier (1)
Costs related to the merger with Pope Resources (1)
6.0
Large Dispositions (1)
Adjusted EBITDA (1)
$41.3
61.8
($10.0)
47.1
$30.0
($13.2)
$72.0 ($0.5)
($45.2)
$74.4
25.0
1.6
17.7
1.4
154.7
30.4
30.4
11.6
1.8
11.6
7.9
17.2
17.2
-
$109.1
$37.1
$55.0
$1.8
(28.7)
$91.4
(28.7)
($0.5)
($26.6)
$267.4
Rayonier
(1) Non-GAAP measure or pro forma item.
58
Investor Presentation | May 2023View entire presentation