RAYONIER INC 10-K

Item 2. PROPERTIES Our timber operations are comprised of our core timberland holdings, which are disaggregated into three geographically distinct reporting segments: Southern Timber, Pacific Northwest Timber and New Zealand Timber. As of December 31, 2021, we have fully disposed of our timber fund holdings, which represented our ownership in Timber Funds II, III and IV. For additional information on the disposition of our timber fund holdings, see Note 7 — Noncontrolling Interests . The following table provides a breakdown of our timberland holdings as of September 30, 2021 and December 31, 2021: Core Timberland Holdings (acres in 000s) As of September 30, 2021 As of December 31, 2021 Owned Leased Total Owned Leased Total Southern Alabama 223 14 237 223 14 237 Arkansas — 6 6 — 4 4 Florida 349 56 405 350 51 401 Georgia 603 64 667 619 64 683 Louisiana 140 — 140 140 — 140 Oklahoma 92 — 92 92 — 92 South Carolina 16 — 16 16 — 16 Texas 176 — 176 225 — 225 1,599 140 1,739 1,665 133 1,798 Pacific Northwest Oregon 61 — 61 61 — 61 Washington 425 4 429 425 4 429 486 4 490 486 4 490 New Zealand (a) 187 231 418 187 232 419 Total 2,272 375 2,647 2,338 369 2,707 (a) Represents legal acres owned and leased by the New Zealand subsidiary, in which Rayonier owns a 77% interest. As of December 31, 2021, legal acres in New Zealand were comprised of 296,000 plantable acres and 123,000 non-productive acres. Timber Fund Holdings (a) (acres in 000s) As of September 30, 2021 As of December 31, 2021 Total Look-through Total Look-through Timber Funds Oregon 18 4 — — Total 18 4 — — (a) As of December 31, 2021, we have fully disposed of our timber fund holdings, which represented our ownership in Timber Funds II, III and IV. For additional information on the disposition of our timber fund holdings, see Note 7 — Noncontrolling Interests . 26 Table of Contents Total Timberland Under Management (acres in 000s) As of September 30, 2021 As of December 31, 2021 Southern 1,739 1,798 Pacific Northwest 490 490 New Zealand 418 419 Timber Funds (a) 18 — Total 2,665 2,707 (a) As of December 31, 2021, we have fully disposed of our timber fund holdings, which represented our ownership in Timber Funds II, III and IV. For additional information on the disposition of our timber fund holdings, see Note 7 — Noncontrolling Interests . The following tables detail changes in our portfolio of owned and leased timberlands by state from December 31, 2020 to December 31, 2021: (acres in 000s) Acres Owned December 31, 2020 Acquisitions Sales Other December 31, 2021 Southern Alabama 223 — — — 223 Florida 327 24 (1) — 350 Georgia 602 25 (8) — 619 Louisiana 140 — — — 140 Oklahoma 92 — — — 92 South Carolina 16 — — — 16 Texas 181 51 (7) — 225 1,581 100 (16) — 1,665 Pacific Northwest Oregon 61 — — — 61 Washington 442 — (17) — 425 503 — (17) — 486 New Zealand (a) 185 2 — — 187 Total 2,269 102 (33) — 2,338 (a) Represents legal acres owned by the New Zealand subsidiary, in which Rayonier has a 77% interest. 27 Table of Contents (acres in 000s) Acres Leased December 31, 2020 New Leases Sold/Expired Leases (a) Other (b) December 31, 2021 Southern Alabama 14 — — — 14 Arkansas 6 — (2) — 4 Florida 61 — (6) (4) 51 Georgia 71 — (1) (6) 64 152 — (9) (10) 133 Pacific Northwest Washington (c) 4 — — — 4 New Zealand (d) 232 1 (1) — 232 Total 388 1 (10) (10) 369 (a) Includes acres previously under lease that have been harvested and activity for the relinquishment of leased acres. (b) Includes acres previously under lease that we have acquired as fee ownership. (c) Primarily timber reservations acquired in the merger with Pope Resources. (d) Represents legal acres leased by the New Zealand subsidiary, in which Rayonier has a 77% interest. The following table details activity in our timber fund holdings by state from December 31, 2020 to December 31, 2021: (acres in 000s) Acres Owned (a) December 31, 2020 Acquisitions Sales Other December 31, 2021 Fund II Oregon 18 — (18) — — Washington 13 — (13) — — Total Fund II 31 — (31) — — Look-through share of Fund II 6 — (6) — — Fund III Oregon 13 — (13) — — Washington 25 — (25) — — California 19 — (19) — — Total Fund III 57 — (57) — — Look-through share of Fund III 3 — (3) — — Fund IV Oregon 20 — (20) — — Washington 33 — (33) — — Total Fund IV 53 — (53) — — Look-through share of Fund IV 8 — (8) — — Total Timber Funds 141 — (141) — — Look-through share of Funds 17 — (17) — — (a) As of December 31, 2021, we have fully disposed of our timber fund holdings, which represented our ownership in Timber Funds II, III and IV. For additional information on the disposition of our timber fund holdings, see Note 7 — Noncontrolling Interests . 28 Table of Contents TIMBERLAND LEASES & DEEDS See Note 6 - Leases for more information on U.S. and New Zealand timberland leases including lease terms and renewal provisions. The following table details our acres under lease as of December 31, 2021 by type of lease and estimated lease expiration: (acres in 000s) Lease Expiration Location Type of Lease Total 2022-2031 2032-2041 2042-2051 Thereafter Southern Fixed Term 121 74 41 — 6 Fixed Term with Renewal Option (a) 12 5 7 — — Pacific Northwest Fixed Term (b) 4 — 2 2 — New Zealand CFL - Perpetual (c) 75 — — — 75 CFL - Fixed Term (c) 3 — — — 3 CFL - Terminating (c) 11 1 — 8 2 Forestry Right (c) 127 41 1 9 76 Fixed Term Land Leases 16 — — 2 14 Total Acres under Long-term Leases 369 121 51 21 176 (a) Includes approximately 4,000 acres of timber deeds. (b) Primarily timber reservations acquired in the merger with Pope Resources. (c) Estimated lease expiration / termination based on the earlier of: (1) the scheduled expiration / termination date, or (2) the estimated year of final harvest before such expiration / termination date. The following table details our estimated leased acres, lease expirations and lease costs over the next five years: (acres and dollars in 000s, except per acre amounts) Location 2022 2023 2024 2025 2026 Southern Leased Acres Expiring (a) 4 36 2 24 1 Year-end Leased Acres (a) 129 93 91 67 66 Estimated Annual Lease Cost (a)(b) $3,900 $3,677 $3,055 $2,998 $2,772 Average Lease Cost per Acre (a) $30.59 $32.12 $35.74 $35.27 $40.86 Pacific Northwest Leased Acres Expiring — — — — — Year-End Leased Acres (c) 4 4 4 4 4 New Zealand Leased Acres Expiring 3 — — 1 11 Year-end Leased Acres 229 229 229 228 217 Estimated Annual Lease Cost (b)(e) $4,438 $4,438 $4,438 $4,438 $4,422 Average Lease Cost per Acre (d)(e) $24.00 $24.00 $24.00 $24.00 $23.98 (a) Includes timber deeds. (b) Represents capitalized and expensed lease payments. (c) Primarily timber reservations acquired in the merger with Pope Resources for which no lease payments are made. (d) Excludes lump sum payments. (e) Based on the year-end foreign exchange rate. OTHER NON-TIMBERLAND LEASES See Note 6 - Leases for information on other non-timberland leases. Item 3. LEGAL PROCEEDINGS The information set forth under Note 14 — Contingencies is incorporated herein by reference. 29 Table of Contents Item 4. MINE SAFETY DISCLOSURES Not applicable. 30 Table of Contents PART II