Investor Presentation
Nimble Approach to Capital Allocation
Invest in Our
Business
~$35 million
invested annually
in silviculture and
regeneration
Capital focused
on highest IRR
opportunities
■ Targeted
investments to
unlock HBU value
■
■
Acquisitions
~$1.6 billion of
acquisitions since
spin-off
Acquisitions
complementary to
age-class profile
Improved portfolio
site index and
inventory stocking
Share Buybacks/
Equity Issuance
$112 million of
stock buybacks
@ $23.84/share
$159 million of
equity issuance
@$27.75/share
Focused on
generating NAV
accretion
Dividends
■ Increased qtly.
dividend by 8% to
$0.27 per share
effective Q2 2018
■ Funded from
recurring timber
and real estate
operations
Large Dispositions*
excluded from
Manage Our
Balance Sheet
■ 94% of debt fixed;
3.2% avg. rate
Well-staggered
maturity profile
Investment grade
ratings with stable
outlook
CAD*
$35MM (1)
annually for
silviculture
$1.6B (2)
acquisitions
since spin-off
$47MM
net share issuance
since spin-off
4.6% yield (3)
$1.08 per share
annual dividend
3.2% rate
average
debt cost
Rayonier
(1)
(2)
(3)
Represents average annual investment in silviculture and replanting from 2015-2019.
Includes total Pope Resources transaction value (equity consideration plus net debt) of $552 million.
Based on share price of $23.55 as of 3/31/2020 and annualized dividend of $1.08 per share.
* Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations).
Investor Presentation | May 2020
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