Investor Presentation
Housing Indicators Were Strong Heading Into the Crisis
Housing Starts SAAR (MM)
2.6
2.4
2.2
2.0
1.8
1.6
1.4
1.2
1.0
Housing Sector is Underbuilt
0.8
0.6
0.4
0.2
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
Housing Starts
Underlying Demand
Existing Homes for Sale
12
11
10
65
2
1
Home Inventory Has Diminished
Ама
2000 2002 2004
Recession
2006 2008 2010 2012 2014 2016 2018 2020
Existing Homes for Sale in Months at Current Sales Pace
Homeownership Economics Are Favorable
26x
20x
18x
16x
ོ ༔ ༔ ཚེ ༄ * ¢ ༄
22x
Median Home Price to Annual Rent
порив
U.S. Housing Stock has Aged Considerably
45
45
40
40
35
Age (in Years)
25
20
20
585
30
27
15
10x
10
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
Recession
Median Home Price to Annual Rent
Source:
Rayonier
29
29
32
31
31
29
29
30
40
39
37
34
35
34
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017
Median Age of Owner-Occupied Housing
U.S. Census Bureau, Forest Economic Advisors, 2017 American Housing Survey, U.S. Department of Housing and Urban Development and National Association of
Realtors.
Investor Presentation | May 2020
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