What changed in this filing

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Item 2. Management’s Discussion and Analysis

2022-08-05 compared with 2022-05-06 · 260 added, 115 removed, 540 unchanged (41% of the section changed)

24 unchanged sentences

These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.

The objective of the Management’s Discussion and Analysis is to detail material information, events, uncertainties and other factors impacting the Company and the Operating Partnership and to provide investors an understanding of “Management’s perspective.” Item 7, Management’s Discussion and Analysis (“MD&A”) highlights the critical areas for evaluating the Company’s performance which includes a discussion on the reportable segments, liquidity and capital, and critical accounting estimates.

The MD&A is provided as a supplement to, and should be read in conjunction with, our financial statements and notes.

We are a leading timberland real estate investment trust (“REIT”) with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand.

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Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate, and Trading.

As of March 31, 2022, we owned or leased under long-term agreem ents approximat ely 2.7 million acres of timberlands located in the U.S.

As of June 30, 2022, we owned or leased under long-term agreem ents approximat ely 2.7 million acres of timberlands located in the U.S.

South (1.79 million acres), U.S.

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lumber markets as well as underlying housing starts.

Our New Zealand Timber segment sells timber to domestic New Zealand wood products mills and also exports a significant portion of its volume to markets in China, South Korea and India.

Our New Zealand Timber segment sells timber to domestic New Zealand wood products mills and also exports a significant portion of its volume to Asian markets, particularly in China and South Korea.

In addition to market dynamics in the Pacific Rim, the New Zealand Timber segment is subject to foreign exchange fluctuations, which can impact the operating results of the segment in U.S.

dollar terms.

Global log and lumber markets were volatile during the first quarter as sanctions were placed on Russia in response to their invasion of Ukraine.

Global log and lumber markets were volatile during the first and second quarters as sanctions were placed on Russia in response to their invasion of Ukraine.

While we do not expect our operations to be directly impacted by the conflict at this time, changes in global wood and commodity flows could impact the markets in which we operate.

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Southern Timber, Pacific Northwest Timber and New Zealand Timber.

The following tables provide a breakdown of our timberland holdings as of March 31, 2022 and December 31, 2021:

(acres in 000s) As of March 31, 2022

The following tables provide a breakdown of our timberland holdings as of June 30, 2022 and December 31, 2021:

(acres in 000s) As of June 30, 2022

As of December 31, 2021

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(a) Represents legal acres owned and leased by the New Zealand subsidiary, in which we own a 77% interest.

As of March 31, 2022, legal acres in New Zealand consisted of 297,000 plantable acres and 122,000 non-productive acres.

The following tables detail activity for owned and leased acres in our timberland holdings by state from December 31, 2021 to March 31, 2022:

As of June 30, 2022, legal acres in New Zealand consisted of 296,000 plantable acres and 122,000 non-productive acres.

The following tables detail activity for owned and leased acres in our timberland holdings by state from December 31, 2021 to June 30, 2022:

(acres in 000s) Acres Owned

December 31, 2021

Acquisitions Sales Other March 31, 2022

Acquisitions Sales Other June 30, 2022

Alabama 223 1 — — 224

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December 31, 2021

New Leases Sold/Expired Leases (a) Other (b) March 31, 2022

New Leases Sold/Expired Leases (a) Other June 30, 2022

Alabama 14 — — — 14

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Pacific Northwest

Washington (c) 4 — — — 4

New Zealand (d) 232 — — — 232

Washington (b) 4 — — — 4

New Zealand (c) 232 — (1) — 231

Total 369 — (1) — 368

(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.

(d) Represents legal acres leased by the New Zealand subsidiary, in which we have a 77% interest.

(b) Primarily timber reservations acquired in the merger with Pope Resources.

RESULTS OF OPERATIONS

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Three Months Ended

June 30, Six Months Ended

Financial Information (in millions) 2022 2021 2022 2021

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Timberland & Non-Strategic — — 11.4 —

Conservation Easement — 3.9 — 3.9

Deferred Revenue/Other (a) (0.6) (5.0) 0.3 (4.5)

Large Dispositions — 36.0 — 36.0

Total Real Estate 34.4 74.5 68.6 85.0

7 unchanged sentences

Timber Funds — 2.0 — 3.5

Real Estate 10.2 1.7

Real Estate (a)(b) 11.0 50.5 21.2 52.2

Trading (0.4) 0.4 (0.1) 0.7

6 unchanged sentences

Net Income Attributable to Rayonier, L.P.

$24.7 $58.9 $54.6 $70.2

Net income attributable to noncontrolling interests in the operating partnership (0.6) (1.7) (1.2) (2.1)

Net Income Attributable to Rayonier Inc.

Adjusted EBITDA (b)

$24.1 $57.2 $53.4 $68.1

Adjusted EBITDA (c)

Southern Timber $38.7 $30.6 $87.1 $62.3

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(a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales in addition to residential and commercial lease revenue.

(b) Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators .

(b) The three and six months ended June 30, 2021 includes $30.3 million from a Large Disposition.

Three Months Ended

June 30, Six Months Ended

Southern Timber Overview 2022 2021 2022 2021

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Three Months Ended

June 30, Six Months Ended

Pacific Northwest Timber Overview 2022 2021 2022 2021

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Three Months Ended

June 30, Six Months Ended

New Zealand Timber Overview 2022 2021 2022 2021

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Three Months Ended

June 30, Six Months Ended

Real Estate Overview 2022 2021 2022 2021

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Timberland & Non-Strategic — — 11.4 —

Conservation Easement — 3.9 — 3.9

Deferred Revenue/Other (a) (0.6) (5.0) 0.3 (4.5)

Large Dispositions (b) — 36.0 — 36.0

Total Sales $34.4 $74.5 $68.6 $85.0

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Timberland & Non-Strategic — — 3,966 —

Large Dispositions (b) — 8,534 — 8,534

Total Acres Sold 4,694 16,548 13,428 18,943

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Timberland & Non-Strategic — — 2,874 —

Weighted Average (Total) $3,815 $4,183

Weighted Average (Adjusted) (b) $3,252 $4,079

Large Dispositions (b) — 4,218 — 4,218

Weighted Average (Total) (c) $7,453 $4,946 $5,087 $4,770

Weighted Average (Adjusted) (d) $5,054 $2,627 $3,878 $2,971

Sales (Excluding Large Dispositions) $34.4 $38.5 $68.6 $49.0

Operating Income $11.0 $50.5 $21.2 $52.2

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(+) Non-cash cost of land and improved development 11.8 5.2 17.1 7.0

Adjusted EBITDA (c) $24.7 $5.1

(–) Large Dispositions (b) — (30.3) — (30.3)

Adjusted EBITDA (e) $25.4 $29.1 $50.1 $34.1

(a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales in addition to residential and commercial lease revenue.

(b) Excludes Improved Development.

(b) Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value.

In June 2021, we completed the disposition of approximately 9,000 acres located in Washington for a sales price and a gain of approximately $36.0 million and $30.3 million, respectively.

(d) Excludes Improved Development and Large Dispositions.

(e) Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators .

Three Months Ended

June 30, Six Months Ended

Trading Overview 2022 2021 2022 2021

Sales Volume (in thousands of tons)

NZ 182 243 278 384

Total Volume 209 243 320 384

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Three Months Ended

June 30, Six Months Ended

Capital Expenditures By Segment (in millions of dollars) 2022 2021 2022 2021

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Southern Timber $0.4 $11.0 $3.2 $41.0

New Zealand Timber — 10.9 — 10.9

Timberland Acquisitions $0.4 $21.9 $3.2 $51.9

Real Estate Development Investments (b)

(a) The three months ended March 31, 2021 excludes $1.3 million of capital expenditures attributable to noncontrolling interests in Timber Funds.

$2.9 $3.3 $6.0 $6.3

(a) The three and six months ended June 30, 2021 exclude $1.2 million and $2.5 million, respectively, of capital expenditures attributable to noncontrolling interests in Timber Funds.

(b) Represents investments in master infrastructure or entitlements in our real estate development projects.

Real Estate Development Investments are amortized as the underlying properties are sold and included in Non-Cash Cost of Land and Improved Development.

The following tables summarize sales, operating income (loss) and Adjusted EBITDA variances for March 31, 2022 versus March 31, 2021 (millions of dollars):

The following tables summarize sales, operating income (loss) and Adjusted EBITDA variances for June 30, 2022 versus June 30, 2021 (millions of dollars):

Sales Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Intersegment Eliminations Total

Three Months Ended

March 31, 2021

June 30, 2021

$49.3 $35.3 $80.6 $18.6 $74.5 $34.5 ($1.4) $291.4

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Three Months Ended

March 31, 2022

June 30, 2022

$66.3 $39.2 $78.9 — $34.4 $27.7 ($0.1) $246.3

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(d) Timber Funds segment was liquidated in 2021.

(e) Includes marketing fees related to Improved Development sales and r esidential and commercial lease revenue .

(e) Includes $36.0 million of sales from a Large Disposition in addition to Conservation Easement sales in Q2 2021, residential and commercial lease income, revenue true-ups and marketing fees related to Improved Development sales, equity income from joint venture entities and deferred adjustments.

(f) Includes a decrease in Intersegment elimina tions related to timberland management fees paid to us by the timber funds and reported as sales within the Timber Funds segment.

Sales Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Intersegment Eliminations Total

Six Months Ended

June 30, 2021

$101.0 $76.8 $138.1 $33.6 $85.0 $51.2 ($2.8) $482.9

Volume 9.4 (2.6) (7.8) — 13.9 (8.4) — 4.5

Price 18.4 8.7 (22.4) — 3.5 (1.6) — 6.6

Non-timber sales 0.8 (0.3) 4.9 — — (0.1) — 5.3

Foreign exchange (a) — — (2.6) — — — — (2.6)

Other 13.4 (b) 2.8 (b) 20.1 (c) (33.6) (d) (33.8) (e) — 2.7 (f) (28.3)

Six Months Ended

June 30, 2022

$143.0 $85.4 $130.3 — $68.6 $41.1 ($0.1) $468.4

(a) Net of currency hedging impact.

(b) Includes variance due to stumpage versus delivered sales.

(d) Timber Funds segment was liquidated in 2021.

(e) Includ es $36.0 million of sales from a Large Disposition in addition to Conservation Easement sales in Q2 2021, residential and commercial lease income, revenue true-ups and marketing fees related to Improved Development sales, equity income from joint venture entities and deferred adjustments.

(f) Includes a decrease in Intersegment eliminations related to timberland management fees paid to us by the timber funds and reported as sales within the Timber Funds segment.

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Three Months Ended

March 31, 2021

June 30, 2021

$17.0 $1.9 $20.7 $2.0 $50.5 $0.4 ($8.0) $84.4

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Three Months Ended

March 31, 2022

June 30, 2022

$24.1 $2.9 $8.0 — $11.0 ($0.4) ($10.1) $35.5

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(d) Timber Funds segment was liquidated in 2021.

Real Estate includes $30.3 million of operating income from a Large Disposition in addition to Conservation Easement sales in Q2 2021, residential and commercial lease income, revenue true-ups and marketing fees related to Improved Development sales, equity income from joint venture entities and deferred adjustments.

Operating Income (Loss) Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Corporate and Other Total

Six Months Ended

June 30, 2021

$34.3 $3.2 $34.7 $3.5 $52.2 $0.7 ($15.6) $112.9

Volume 5.3 (0.6) (2.6) — 9.8 — — 11.9

Price (a) 18.4 8.7 (22.4) — 3.5 — — 8.2

Cost (3.6) (1.9) (1.4) — (1.8) (0.8) (2.1) (11.6)

Non-timber income (b) 0.7 (0.3) 4.9 — — — — 5.3

Foreign exchange (c) — — (0.4) — — — — (0.4)

Depreciation, depletion & amortization (0.7) 0.4 0.6 — (5.1) — — (4.8)

Non-cash cost of land and improved development — — — — (6.1) — — (6.1)

Other (d) — — — (3.5) (31.3) — — (34.7)

Six Months Ended

June 30, 2022

$54.4 $9.5 $13.4 — $21.2 ($0.1) ($17.7) $80.8

(a) For Timber segments, price reflects net stumpage realizations (i.e., net of cut and haul and shipping costs).

For Real Estate, price is presented net of cash closing costs.

(b) For the New Zealand Timber segment, includes carbon credit sales.

(d) Timber Funds segment was liquidated in 2021.

Adjusted EBITDA (a) Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Corporate and Other Total

Three Months Ended

March 31, 2021

June 30, 2021

$30.6 $13.9 $27.7 $1.4 $29.1 $0.4 ($7.7) $95.3

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Three Months Ended

March 31, 2022

June 30, 2022

$38.7 $14.3 $14.9 — $25.4 ($0.4) ($9.8) $83.0

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(e) Timber Funds segment was liquidated in 2021.

Real Estate includes Conservation Easement sales in Q2 2021, residential and commercial lease income, revenue true-ups and marketing fees related to Improved Development sales, equity income from joint venture entities and deferred adjustments.

Adjusted EBITDA (a) Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Corporate and Other Total

Six Months Ended

June 30, 2021

$62.3 $31.5 $48.9 $2.3 $34.1 $0.7 ($15.1) $164.7

Volume 9.3 (2.2) (3.3) — 13.9 — — 17.7

Price (b) 18.4 8.7 (22.4) — 3.5 — — 8.2

Cost (3.6) (1.9) (1.4) — (1.8) (0.8) (1.9) (11.4)

Non-timber income (c) 0.7 (0.3) 4.9 — — — — 5.3

Foreign exchange (d) — — (1.4) — — — — (1.4)

Other (e) — — — (2.3) 0.4 — — (1.9)

Six Months Ended

June 30, 2022

$87.1 $35.8 $25.3 — $50.1 ($0.1) ($17.0) $181.1

(a) Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators below.

(b) For Timber segments, price reflects net stumpage realizations (i.e., net of cut and haul and shipping costs).

For Real Estate, price is presented net of cash closing costs.

(d) Net of currency hedging impact.

(e) Timber Funds segment was liquidated in 2021.

SOUTHERN TIMBER

First quarter sales of $76.8 million increased $25.1 million, or 49%, versus the prior year period.

Harvest volumes increased 25% to 1.90 million tons versus 1.51 million tons in the prior year period , as drier ground conditions enabled stumpage customers to ramp up production to meet strong demand.

Average pine sawtimber stumpage prices increased 29% to $35.46 per ton versus $27.51 per ton in the prior year period, driven by strong domestic lumber demand coupled with elevated chip-n-saw pricing due to increased competition from pulp mills.

Average pine pulpwood stumpage prices increased 41% to $24.11 per ton versus $17.10 per ton in the prior year period, reflecting strong competition across our wood baskets as customers looked to secure supply and replenish low mill inventories.

Second quarter sales of $66.3 million increased $17.0 million, or 34%, versus the prior year period.

Harvest volumes increased 4% to 1.52 million tons versus 1.47 million tons in the prior year period , as demand remained strong across the region.

Average pine sawtimber stumpage prices increased 22% to $34.09 per ton versus $27.96 per ton in the prior year period, due to strong domestic lumber demand as well as increased competition for chip-n-saw volume from pulp mills.

Average pine pulpwood stumpage prices rose 18% to $21.46 per ton versus $18.22 per ton in the prior year period.

Despite an unfavorable shift in our geographic mix of pulpwood sales versus the prior year period, robust competition amid strong end-market demand allowed us to capture pulpwood price increases that more than offset the upward pressure on cut and haul costs.

Overall, weighted-average stumpage prices (including hardwood) increased 18% to $25.55 per ton versus $21.61 per ton in the prior year period.

Operating income of $30.3 million increased $13.0 million versus the prior year period due to higher net stumpage realizations ($12.5 million) and higher volumes ($4.5 million), partially offset by higher costs ($2.1 million), lower non-timber income ($1.8 million) and higher depletion rates ($0.1 million).

First quarter Adjusted EBITDA of $48.4 million was 53%, or $16.7 million, above the prior year period.

Operating income of $24.1 million increased $7.1 million versus the prior year period due to higher net stumpage realizations ($6.0 million), higher non-timber income ($2.4 million) and higher volumes ($0.7 million), partially offset by higher overhead costs ($1.4 million) and higher depletion rates ($0.6 million).

Second quarter Adjusted EBITDA of $38.7 million was 27%, or $8.1 million, above the prior year period.

Year-to-date sales of $143.0 million increased $42.1 million, or 42%, versus the prior year period.

Harvest volumes increased 15% to 3.42 million tons versus 2.98 million in the prior year period, due to strong demand and favorable logging conditions.

Average pine sawtimber stumpage prices increased 26% to $34.86 per ton versus $27.69 per ton in the prior year period, primarily due to robust demand from sawmills given the strength of the domestic lumber market, as well as competition for chip-n-saw volume from pulp mills.

Average pine pulpwood stumpage prices increased 30% to $22.93 per ton versus $17.69 per ton in the prior year period, driven by strong demand due to low mill inventories at the start of the year and favorable end-market demand.

Overall, weighted-average stumpage prices (including hardwood) increased 25% to $26.87 per ton versus $21.48 per ton in the prior year period.

Operating income of $54.4 million increased $20.1 million versus the prior year period due to higher net stumpage realizations ($18.4 million), higher volumes ($5.3 million) and higher non-timber income ($0.7 million), partially offset by higher costs ($3.6 million) and higher depletion rates ($0.7 million).

PACIFIC NORTHWEST TIMBER

First quarter sales of $46.3 million increased $4.8 million, or 11%, versus the prior year period, notwithstanding a decline in harvest volumes of 6% to 505,000 tons versus 536,000 tons in the prior year period.

Average delivered sawtimber prices increased 16% to $105.69 per ton versus $90.98 per ton in the prior year period, driven by strong domestic lumber demand.

Average delivered pulpwood prices increased 28% to $37.69 per ton versus $29.36 per ton in the prior year period, primarily driven by improved demand due to the restart of idled pulp mill capacity in the region .

Second quarter sales of $39.2 million increased $3.8 million, or 11%, versus the prior year period, notwithstanding a decline in harvest volumes of 6% to 376,000 tons versus 400,000 tons in the prior year period.

Average delivered sawtimber prices increased 19% to $116.60 per ton versus $97.80 per ton in the prior year period, driven by continued strong demand from domestic lumber mills as well as a favorable species mix, as a higher proportion of Douglas-fir sawtimber was harvested in the current year quarter.

Average delivered pulpwood prices increased 56% to $45.17 per ton versus $29.02 per ton in the prior year period, reflecting strong end- market demand as well as the resumption of chip exports, which resulted in greater competition from pulp mills to secure supply.

Operating income of $2.9 million improved $1.1 million versus the prior year period due to higher net stumpage realizations ($3.0 million), partially offset by higher overhead and other costs ($1.4 million), lower volumes ($0.4 million) and lower non-timber income ($0.2 million).

Second quarter Adjusted EBITDA of $14.3 million was 3%, or $0.4 million, above the prior year period.

Year-to-date sales of $85.4 million increased $8.6 million, or 11%, versus the prior year period, notwithstanding a decline in harvest volumes of 6% to 881,000 tons versus 936,000 tons in the prior year period.

Average delivered sawtimber prices increased 17% to $110.66 per ton versus $94.20 per ton in the prior year period due to strong domestic lumber demand and a favorable species mix in the current year period.

Average delivered pulpwood prices increased 43% to $41.83 per ton versus $29.18 per ton in the prior year period, driven by strong end-market demand, the restart of previously idled pulp mill capacity, and the resumption of chip exports, which resulted in greater competition from pulp mills to secure supply.

Operating income of $9.5 million improved $6.3 million versus the prior year period due to higher net stumpage realizations ($8.7 million) and lower depletion rates ($0.4 million), partially offset by higher costs ($1.9 million), lower volumes ($0.6 million) and lower non-timber income ($0.3 million).

First quarter Adjusted EBITDA of $21.5 million was 22%, or $3.9 million, above the prior year period.

NEW ZEALAND TIMBER

First quarter sales of $51.4 million decreased $6.2 million, or 11%, versus the prior year period.

Harvest volumes decreased 14% to 515,000 tons versus 599,000 tons in the prior year period , as production at the beginning of the year was deferred in response to port congestion and elevated log inventories in China.

Average delivered prices for export sawtimber increased 5% to $127.59 per ton versus $121.65 per ton in the prior year period.

The increase in export sawtimber prices versus the prior year period reflected the ability of log exporters to partially pass on higher costs to customers, as well as the newly implemented restriction on competing log imports into China from Russia.

However, favorable export pricing was more than offset by higher shipping and demurrage costs due to ongoing supply chain and port congestion issues.

Second quarter sales of $78.9 million decreased $1.7 million, or 2%, versus the prior year period.

Harvest volumes increased 1% to 703,000 tons versus 692,000 tons in the prior year period, reflecting a pickup in activity to more normalized levels following a relatively light first quarter.

Average delivered prices for export sawtimber decreased 5% to $140.44 per ton versus $148.28 per ton in the prior year period.

The decrease in export sawtimber prices versus the prior year period was driven by reduced demand stemming from the COVID-19 lockdowns in China, which in turn contributed to persistently high port inventories.

Net stumpage realizations for export sawtimber were further reduced by significantly higher port / freight costs, driven by elevated fuel prices as well as increased demurrage charges due to port congestion.

Average delivered prices for domestic sawtimber decreased 10% to $76.82 per ton versus $85.09 per ton in the prior year period.

The decrease in

domestic sawtimber prices (in U.S.

dollar terms) was driven by the decline in the NZ$/US$ exchange rate (US$0.67 per NZ$1.00 versus US$0.72 per NZ$1.00).

Excluding the impact of foreign exchange rates, domestic sawtimber prices improved 1% versus the prior year period .

Operating income of $5.4 million decreased $8.6 million versus the prior year period due to lower net stumpage realizations ($6.2 million), lower volumes ($2.6 million), higher costs ($0.6 million) and unfavorable foreign exchange impacts ($1.5 million), partially offset by higher carbon credit sales ($1.5 million) and lower depletion rates ($0.8 million).

First quarter Adjusted EBITDA of $10.4 million was 51%, or $10.8 million, below the prior year period.

The decrease in domestic sawtimber prices (in U.S.

dollar terms) was primarily driven by the decline in the NZ$/US$ exchange rate (US$0.66 per NZ$1.00 versus US$0.72 per NZ$1.00).

Excluding the impact of foreign exchange rates, domestic sawtimber prices decreased 2% versus the prior year period, reflecting additional supply that was diverted into domestic markets due to export market headwinds.

Operating income of $8.0 million decreased $12.7 million versus the prior year period due to lower net stumpage realizations ($16.5 million), higher costs ($0.9 million) and higher depletion rates ($0.3 million), partially offset by higher carbon credit sales ($3.4 million), favorable foreign exchange impacts ($1.1 million) and higher volumes ($0.5 million).

Second quarter Adjusted EBITDA of $14.9 million was 46%, or $12.8 million, below the prior year period.

Year-to-date sales of $130.3 million decreased $7.9 million, or 6%, versus the prior year period.

Harvest volumes decreased 6% to 1.2 million tons versus 1.3 million tons in the prior year period.

Average delivered prices

for export sawtimber decreased 1% to $135.13 per ton versus $136.45 per ton in the prior year period.

The decrease in export sawtimber prices versus the prior year period was primarily driven by reduced demand due to COVID-19 related disruptions in China.

Net stumpage realizations for export sawtimber were further pressured by higher shipping and demurrage costs due to ongoing supply chain and port congestion issues.

Average delivered prices for domestic sawtimber decreased 8% to $76.48 per ton versus $83.11 per ton in the prior year period.

The decrease in domestic sawtimber prices (in U.S.

dollars terms) was driven primarily by the decline in the NZ$/US$ exchange rate (US$0.67 per NZ$1.00 versus US$0.72 per NZ$1.00).

Excluding the impact of foreign exchange rates, domestic sawtimber prices decreased 1% versus the prior year period.

Operating income of $13.4 million decreased $21.3 million versus the prior year period as a result of lower net stumpage realizations ($22.4 million), lower volumes ($2.6 million), higher costs (1.4 million) and unfavorable foreign exchange impacts ($0.4 million), partially offset by higher carbon credit sales (4.9 million) and lower depletion rates ($0.6 million).

Year-to-date Adjusted EBITDA of $25.3 million was $23.6 million below the prior year period.

During 2021, we sold the rights to manage Fund III and Fund IV, as well as our ownership interests in both funds, and we completed the liquidation of Fund II timberland assets.

As such, we had no sales, operating income or Adjusted EBITDA in the current quarter in the Timber Funds segment, as will be the case going forward.

In the prior year period the Timber Funds segment generated first quarter sales of $14.9 million on harvest volumes of 145,000 tons, resulting in operating income of $1.5 million .

Adjusting for the portion of the Timber Funds segment attributable to noncontrolling interests, pro forma sales and pro forma operating income were $3.0 million and $0.4 million , respectively.

First quarter Adjusted EBITDA was $1.0 million in the prior year period.

First quarter sales of $34.2 million increased $23.7 million versus the prior year period, while operating income of $10.2 million increased $8.5 million versus the prior year period.

Higher segment results in the current year period were driven by a significant increase in the number of acres sold (8,734 acres sold versus 2,395 acres sold in the prior year period), partially offset by a decrease in weighted-average prices ($3,815 per acre versus $4,183 per acre in the prior year period).

Improved Development sales of $5.0 million included $3.6 million from the Wildlight development project north of Jacksonville, Florida and $1.4 million from the Richmond Hill development project (which has now been branded as Heartwood) south of Savannah, Georgia.

Sales in Wildlight consisted of 52 residential lots, reflecting an average price of $70,000 per lot or $339,000 per acre.

Sales in Richmond Hill (Heartwood) included ten residential lots for $0.4 million (an average price of $44,000 per lot or $251,000 per acre) and a 4-acre commercial property for $0.9 million ($246,000 per acre).

This compares to prior year period Improved Development sales of $0.3 million.

There were no Unimproved Development sales in the first quarter or the prior year period.

Rural sales of $16.9 million consisted of 4,751 acres at an average price of $3,567 per acre.

This compares to prior year period sales of $9.8 million, which consisted of 2,394 acres at an average price of $4,079 per acre.

Timberland & Non-Strategic sales of $11.4 million consisted of 3,966 acres at an average price of $2,874 per acre.

There were no Timberland & Non-Strategic sales in the prior year period.

First quarter Adjusted EBITDA of $24.7 million was $19.6 million above the prior year period.

First quarter sales of $13.4 million decreased $3.2 million versus the prior year period primarily due to lower volumes, partially offset by higher prices.

As such, we had no sales, operating income or Adjusted EBITDA in the current quarter or year-to-date period in the Timber Funds segment, as will be the case going forward.

The Timber Funds segment generated prior year second quarter sales of $18.6 million on harvest volumes of 175,000 tons, resulting in operating income of $2.0 million in the prior year period .

Second quarter Adjusted EBITDA was $1.4 million in the prior year period.

The Timber Funds segment generated prior year year-to-date sales of $33.6 million on harvest volumes of 319,000 tons, resulting in operating income of $3.5 million in the prior year period .

Year-to-date Adjusted EBITDA was $2.3 million in the prior year period.

Second quarter sales of $34.4 million decreased $40.1 million versus the prior year period, while operating income of $11.0 million decreased $39.5 million versus the prior year period.

The prior year second quarter sales and operating income included $36.0 million and $30.3 million, respectively, from a Large Disposition.

Sales and operating income declined versus the prior year period due to a lower number of acres sold (4,694 acres sold versus 16,548 acres sold in the prior year period), partially offset by an increase in weighted-average prices ($7,453 per acre versus $4,571 per acre in the prior year period).

Improved Development sales of $11.6 million included $10.5 million from the Wildlight development project north of Jacksonville, Florida and $1.1 million from the Heartwood development project south of Savannah, Georgia.

Sales in Wildlight consisted of a 22-acre multifamily apartment site for $4.8 million ($222,000 per acre), a 31-acre single-family build-to-rent site for $4.4 million ($140,000 per acre), and 19 residential lots for $1.3 million ($70,000 per lot).

Sales in Heartwood consisted of 26 residential lots for $1.1 million ($42,000 per lot).

This compares to prior year period Improved Development sales of $19.3 million, which reflected significant activity in both Wildlight and Heartwood / Belfast Commerce Park.

There were no Unimproved Development sales in the second quarter or the prior year period.

Rural sales of $23.4 million consisted of 4,633 acres at an average price of $5,054 per acre, which compares to prior year period sales of $20.3 million, which consisted of 7,725 acres at an average price of $2,627 per acre.

There were no Timberland & Non-Strategic sales in the second quarter or the prior year period.

Second quarter Adjusted EBITDA of $25.4 million was $3.7 million below the prior year period.

Year-to-date sales of $68.6 million decreased $16.4 million versus the prior year period, while operating income of $21.2 million decreased $31.0 million versus the prior year period.

There were no Large Dispositions in the current year period, compared with year-to-date sales and operating income of $36.0 million and $30.3 million, respectively from a Large Disposition in the prior year period.

Sales decreased in the first six months primarily due to lower volumes ( 13,428 acres sold versus 18,943 acres sold in the prior year period), partially offset by higher weighted-average prices ($5,087 per acre versus $4,522 per acre in the prior year period).

Year-to-date Adjusted EBITDA of $50.1 million increased $15.9 million versus the prior year period.

Second quarter sales of $27.7 million decreased $6.9 million versus the prior year period primarily due to lower volumes and prices.

Sales volumes decreased 14% to 209,000 tons versus 243,000 tons in the prior year period, reflecting elevated log inventories in China and constrained export market demand.

The Trading segment generated operating income of $0.4 million versus $0.2 million in the prior year period.

The Trading segment generated an operating loss of $0.4 million versus operating income of $0.4 million in the prior year period.

Year-to-date sales of $41.1 million decreased $10.1 million versus the prior year period primarily due to lower volumes, as well as lower prices.

Sales volumes decreased 17% to 320,000 tons versus 384,000 tons in the prior year period.

The Trading segment generated an operating loss of $0.1 million versus operating income of $0.7 million in the prior year period.

CORPORATE AND OTHER EXPENSE / ELIMINATIONS

First quarter corporate and other operating expenses of $7.6 million were flat versus the prior year period.

Second quarter corporate and other operating expenses of $10.1 million increased $2.1 million versus the prior year period, primarily due to higher compensation and benefits expenses ($1.5 million), higher legal costs ($0.3 million) and higher insurance and travel expenses ($0.3 million).

Year-to-date corporate and other operating expenses of $17.7 million increased $2.0 million versus the prior year period, primarily due to higher compensation and benefits expenses ($1.2 million), higher legal costs ($0.4 million) and higher insurance and travel expenses ($0.4 million).

Compensation and benefits expenses were elevated in the current quarter and year-to-date period due to the accelerated realization of equity compensation expense for retirement-eligible employees.

INTEREST EXPENSE

First quarter interest expense of $8.3 million decreased $1.7 million versus the prior year period due to lower average outstanding debt and lower borrowing costs.

Second quarter and year-to-date interest expense of $9.1 million and $17.4 million, respectively, decreased $3.9 million and $5.6 million versus the prior year period, as the prior year period included a $2.2 million loss from the termination of a cash flow hedge.

Additionally, second quarter and year-to-date interest expense benefited from lower average outstanding debt and a lower average interest rate as compared to the prior year period.

INCOME TAX EXPENSE

First quarter income tax expense of $5.5 million increased $2.1 million versus the prior year period.

The New Zealand subsidiary is generally the primary driver of income tax expense, although the increase in the first quarter was attributable to the retirement of an installment note in the taxable REIT subsidiary.

In our Southern Timber segment, we anticipate lower quarterly harvest volumes for the remainder of the year as compared to the first quarter, as we experienced above-average stumpage removals to start the year.

Also, while we expect net stumpage realizations to remain above prior year levels, we anticipate modestly lower weighted-average prices for the remainder of the year as compared to the first quarter due to higher mill inventories, a higher proportion of thinning volume, and a less favorable geographic mix.

In our Pacific Northwest Timber segment, we expect lower quarterly harvest volumes for the balance of the year following strong removals in the first quarter.

We further expect that weighted-average log prices will remain near first quarter levels for the balance of the year, driven by continued strong sawtimber demand and improving pulpwood markets.

In our New Zealand Timber segment, we expect increased quarterly harvest volumes for the balance of the year.

While a significant level of uncertainty remains around the ongoing COVID-19 related disruptions in China, we expect that once demand stabilizes, constrained log supplies will drive export sawtimber prices higher.

We further expect that domestic sawtimber and pulpwood pricing will remain relatively flat for the remainder of the year.

In our Real Estate segment, we anticipate lower quarterly results for the remainder of the year following a strong first quarter.

Second quarter and year-to-date income tax expense of $1.3 million and $6.8 million, respectively, decreased $5.6 million and $3.5 million versus the prior year period.

The New Zealand subsidiary is the primary driver of income tax expense.

In our Southern Timber segment, we now expect full-year harvest volumes of 6.4 to 6.6 million tons, as strong customer demand and favorable weather conditions are allowing us to successfully execute our annual harvest plan.

We are encouraged by the significant year-over-year pricing gains that have been realized across our operating areas.

However, we expect modestly lower weighted-average net stumpage realizations during the second half of 2022 as compared to the first half, primarily due to higher cut and haul costs as a result of elevated diesel prices and a higher proportion of thinning volume.

In our Pacific Northwest Timber segment, we now expect full-year harvest volumes of 1.6 to 1.7 million tons, due in part to a modest adjustment in our harvest plan to reflect land sales, as well as reduced China export volume.

We further expect that weighted-average delivered log prices will remain well above prior year levels for the balance of the year.

However, we anticipate these pricing gains will be partially offset by higher cut and haul costs due to elevated diesel prices.

In our New Zealand Timber segment, we now expect full-year harvest volumes of 2.6 to 2.7 million tons.

While domestic log demand was strong throughout the first half of the year, export market dynamics were negatively impacted by ongoing COVID-19 lockdowns in China.

We expect export sawtimber prices to stabilize in the second half of the year in response to improved offtake from Chinese ports and a reduction in competing log supply.

However, we expect that net stumpage realizations on export volume will continue to be constrained by elevated port and freight costs.

In the domestic market, we anticipate continued strong log demand, although we expect that pricing will be modestly lower in the second half of the year as compared to the first half of the year due to added supply pressure resulting from reduced export volume.

Partially offsetting these headwinds, we expect a higher contribution from non-timber income (carbon credit sales) in the second half of the year as compared to the first half.

In our Real Estate segment, following strong Real Estate results in the first half of the year, we anticipate lower quarterly results for the balance of the year.

LIQUIDITY AND CAPITAL RESOURCES

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SUMMARY OF LIQUIDITY AND FINANCING COMMITMENTS

March 31, December 31,

June 30, December 31,

(millions of dollars) 2022 2021

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Net debt to enterprise value (b)(c) 15 % 14 %

(a) Total debt as of March 31, 2022 and December 31, 2021 reflects principal on long-term debt, gross of deferred financing costs and unamortized discounts.

(a) Total debt as of June 30, 2022 and December 31, 2021 reflects principal on long-term debt, gross of deferred financing costs and unamortized discounts.

(b) Net debt is calculated as total debt less cash and cash equivalents.

“OP” units) plus net debt based on Rayonier’s share price of $41.12 and $40.36 as of March 31, 2022 and December 31, 2021, respectively.

“OP” units) plus net debt based on Rayonier’s share price of $37.38 and $40.36 as of June 30, 2022 and December 31, 2021, respectively.

AT-THE-MARKET (“ATM”) EQUITY OFFERING PROGRAM

On September 10, 2020, we entered into a distribution agreement with a group of sales agents through which we may sell common shares, from time to time, having an aggregate sales price of up to $300 million.

As of March 31, 2022, $1.0 million remains available for issuance under the program.

As of June 30, 2022, $1.0 million remains available for issuance under the program.

The following table outlines common share issuances pursuant to our ATM program (dollars in millions):

Three Months Ended

June 30, Six Months Ended June 30,

2022 2021 2022 2021

Shares of common stock issued under the ATM program — 2,199,459 726,248 3,307,273

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Gross proceeds from common shares issued under the ATM program — $80.9 $30.1 $117.8

The following table summarizes our cash flows from operating, investing and financing activities for the three months ended March 31, 2022 and 2021:

The following table summarizes our cash flows from operating, investing and financing activities for the six months ended June 30, 2022 and 2021:

(millions of dollars) 2022 2021

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CASH PROVIDED BY OPERATING ACTIVITIES

Cash provided by operating activities decreased $4.2 million from the prior year period primarily due to changes in working capital, partially offset by higher operating results.

Cash provided by operating activities decreased $16.1 million from the prior year period primarily due to lower operating results and changes in working capital.

CASH USED FOR INVESTING ACTIVITIES

Cash used for investing activities decreased $25.5 million from the prior year period primarily due to lower timberland acquisitions ($27.1 million) and lower capital expenditures ($0.2 million), partially offset by other investing activities ($1.7 million) and higher real estate development investments ($0.1 million).

CASH USED FOR FINANCING ACTIVITIES

Cash used for financing activities increased $120.9 million from the prior year period primarily due to lower net borrowings ($122.9 million), lower net proceeds from the issuance of common shares under the ATM equity offering program ($1.6 million), higher dividends paid on common shares ($2.0 million), lower proceeds from the issuance of common shares under the Company’s incentive stock plan ($0.6 million) and higher share repurchases ($0.1 million), partially offset by lower distributions to consolidated affiliates ($6.0 million), and lower distributions to noncontrolling interests in the operating partnership ($0.3 million).

Cash used for investing activities decreased $14.6 million from the prior year period primarily due to lower timberland acquisitions ($48.6 million), lower capital expenditures ($1.9 million) and lower real estate development investments ($0.3 million), partially offset by lower proceeds from Large Dispositions ($35.2 million) and other investing activities ($1.0 million).

CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES

Cash used for financing activities of $184.9 million compares to cash provided by financing activities of $112.0 million in the prior year period.

This is primarily due to lower net borrowings ($221.2 million), lower net proceeds from the issuance of common shares under the ATM equity offering program ($78.8 million), higher dividends paid on common shares ($6.1 million), higher share repurchases ($2.6 million) and lower proceeds from the issuance of common shares under the Company’s incentive stock plan ($1.9 million), partially offset by lower distributions to consolidated affiliates ($8.5 million), lower debt issuance costs of ($4.8 million) and lower distributions to noncontrolling interests in the operating partnership ($0.4 million).

FUTURE USES OF CASH

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common shares and distributions on Rayonier, L.P.

units, distributions to noncontrolling interests, repurchases of the Company’s common shares and to satisfy other commitments.

units, distributions to noncontrolling interests, and repurchases of the Company’s common shares to satisfy other commitments.

During Q2 2022, the Company announced a 5.6% increase in its quarterly cash dividend from $0.27 to $0.285 per common share and Rayonier, LP unit.

Significant long-term uses of cash include the following (in millions):

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See Note 6 - Debt for additional information.

(b) Projected interest payments for variable-rate debt were calculated based on outstanding principal amounts and interest rates as of March 31, 2022.

(b) Projected interest payments for variable-rate debt were calculated based on outstanding principal amounts and interest rates as of June 30, 2022.

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We anticipate real estate development investments in 2022 to be between $23 million and $25 million, net of reimbursements from community development bonds.

Expected real estate development investments are primarily related to Wildlight, our mixed-use community development project located north of Jacksonville, Florida;

Heartwood, our mixed-use development project located in Richmond Hill just south of Savannah, Georgia;

development properties in the town of Port Gamble, Washington;

and development projects in Gig Harbor, Kingston and Bremerton, Washington.

Expected real estate development investments are primarily related to Wildlight, our mixed-use community development project located north of Jacksonville, Florida and Heartwood, our mixed-use development project located in Richmond Hill just south of Savannah, Georgia.

Our 2022 dividend payments on Rayonier Inc.

common shares and distributions to Rayonier, L.P.

unitholders are expected to be approximately $158 million and $3.6 million, respectively, assuming no change in the quarterly

dividend rate of $0.27 per share or partnership unit, or material changes in the number of shares or partnership units outstanding.

unitholders are expected to be approximately $164 million and $3.7 million, respectively, assuming no change in the quarterly dividend rate of $0.285 per share or partnership unit, or material changes in the number of shares or partnership units outstanding.

Future share repurchases, if any, will depend on the Company’s liquidity and cash flow, as well as general market conditions and other considerations including capital allocation priorities.

We have no mandatory pension contribution requirements in the current year.

First quarter cash tax payments were elevated due to the required timing of tax payments for our New Zealand subsidiary following the full utilization of its NOLs.

Full-year 2022 cash tax payments are expected to be approximatel y $15.0 million, primarily related to the New Zealand subsidiary.

First quarter cash tax payments were elevated due to the required timing of tax payments for our New Zealand subsidiary following the full utilization of its NOLs.

OFF-BALANCE SHEET ARRANGEMENTS

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Off-balance sheet arrangements are not considered a source of liquidity or capital resources and do not expose us to material risks or material unfavorable financial impacts.

See Note 12 — Guarantees for details on the letters of credit and surety bonds as of March 31, 2022.

See Note 12 — Guarantees for details on the letters of credit and surety bonds as of June 30, 2022.

SUMMARY OF GUARANTOR FINANCIAL INFORMATION

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issued $450 million of 2.75% Senior Notes due 2031 (the “Senior Notes due 2031”).

Rayonier TRS Holdings Inc., and Rayonier Inc.

agreed to irrevocably, fully and unconditionally guarantee jointly and severally, the obligations of Rayonier, L.P.

Rayonier TRS Holdings Inc., Rayonier Inc., and Rayonier Operating Company, LLC agreed to irrevocably, fully and unconditionally guarantee jointly and severally, the obligations of Rayonier, L.P.

in regards to the Senior Notes due 2031.

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The summarized balance sheet information for the consolidated obligor group of debt issued by Rayonier, L.P.

for the three months ended March 31, 2022 and year ended December 31, 2021 are provided in the table below:

(in millions) March 31, 2022 December 31, 2021

for the six months ended June 30, 2022 and year ended December 31, 2021 are provided in the table below:

(in millions) June 30, 2022 December 31, 2021

Current assets $272.0 $335.8

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The summarized results of operations information for the consolidated obligor group of debt issued by Rayonier, L.P.

for the three months ended March 31, 2022 and year ended December 31, 2021 are provided in the table below:

(in millions) March 31, 2022 December 31, 2021

for the six months ended June 30, 2022 and year ended December 31, 2021 are provided in the table below:

(in millions) June 30, 2022 December 31, 2021

Cost and expenses ($14.6) ($27.5)

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CAD is a non-GAAP measure of cash generated during a period that is available for common share dividends, distributions to operating partnership unitholders, distributions to noncontrolling interests, repurchase of the Company’s common shares, debt reduction, timberland acquisitions and real estate development investments.

CAD is defined as cash provided by operating activities adjusted for capital spending (excluding timberland acquisitions and real estate development investments), CAD attributable to noncontrolling interests in Timber Funds, working capital and other balance sheet changes.

CAD is not necessarily indicative of the CAD that may be generated in future periods.

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It excludes specific items that management believes are not indicative of the Company’s ongoing operating results.

We define Adjusted EBITDA as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and expense and operating income attributable to noncontrolling interests in Timber Funds.

We define Adjusted EBITDA as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and expense, operating income attributable to noncontrolling interests in Timber Funds and Large Dispositions.

We reconcile Adjusted EBITDA to Net Income for the consolidated Company and to Operating Income for the segments, as those are the most comparable GAAP measures for each.

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Three Months Ended

June 30, Six Months Ended

2022 2021 2022 2021

Net Income to Adjusted EBITDA Reconciliation

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Non-operating expense — 1.2 0.6 1.2

Large Dispositions (a) — (30.3) — (30.3)

Adjusted EBITDA $83.0 $95.3 $181.1 $164.7

(a) Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value.

In June 2021, we completed the disposition of approximately 9,000 acres located in Washington for a sales price and gain of approximately $36.0 million and $30.3 million, respectively.

The following tables provide a reconciliation of Operating Income by segment to Adjusted EBITDA by segment for the respective periods (in millions of dollars):

Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Corporate

March 31, 2022

June 30, 2022

Operating income (loss) $24.1 $2.9 $8.0 — $11.0 ($0.4) ($10.1) $35.5

Depreciation, depletion and amortization 14.7 11.3 6.9 — 2.6 — 0.3 35.8

Non-cash cost of land and improved development — — — — 11.8 — — 11.8

Adjusted EBITDA $38.7 $14.3 $14.9 — $25.4 ($0.4) ($9.8) $83.0

June 30, 2021

Operating income $17.0 $1.9 $20.7 $2.0 $50.5 $0.4 ($8.0) $84.4

Operating income attributable to NCI in Timber Funds — — — (1.6) — — — (1.6)

Depreciation, depletion and amortization 13.6 12.0 7.0 1.0 3.7 — 0.3 37.6

Non-cash cost of land and improved development — — — — 5.2 — — 5.2

Large Dispositions (a) — — — — (30.3) — — (30.3)

Adjusted EBITDA $30.6 $13.9 $27.7 $1.4 $29.1 $0.4 ($7.7) $95.3

March 31, 2021

(a) Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value.

In June 2021, we completed the disposition of approximately 9,000 acres located in Washington for a sales price and gain of approximately $36.0 million and $30.3 million, respectively.

Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Timber Funds Real Estate Trading Corporate

June 30, 2022

Operating income (loss) $54.4 $9.5 $13.4 — $21.2 ($0.1) ($17.7) $80.8

Depreciation, depletion and amortization 32.7 26.2 11.9 — 11.7 — 0.6 83.2

Non-cash cost of land and improved development — — — — 17.1 — — 17.1

Adjusted EBITDA $87.1 $35.8 $25.3 — $50.1 ($0.1) ($17.0) $181.1

June 30, 2021

Operating income $34.3 $3.2 $34.7 $3.5 $52.2 $0.7 ($15.6) $112.9

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Non-cash cost of land and improved development — — — — 7.0 — — 7.0

Large Dispositions (a) — — — — (30.3) — — (30.3)

Adjusted EBITDA $62.3 $31.5 $48.9 $2.3 $34.1 $0.7 ($15.1) $164.7

(a) Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value.

In June 2021, we completed the disposition of approximately 9,000 acres located in Washington for a sales price and gain of approximately $36.0 million and $30.3 million, respectively.

The following table provides a reconciliation of Cash Provided by Operating Activities to Adjusted CAD (in millions of dollars):

Three Months Ended March 31,

Six Months Ended June 30,

Cash provided by operating activities $148.5 $164.6

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Cash used for investing activities ($34.5) ($49.1)

Cash used for financing activities ($134.7) ($13.8)

(a) Capital expenditures exclude timberland acquisitions of $2.8 million and $29.9 million during the three months ended March 31, 2022 and March 31, 2021, respectively.

Cash (used for) provided by financing activities ($184.9) $112.0

(a) Capital expenditures exclude timberland acquisitions of $3.2 million and $51.9 million during the six months ended June 30, 2022 and June 30, 2021, respectively.

The following table provides supplemental cash flow data (in millions):

Three Months Ended March 31,

Six Months Ended June 30,

Purchase of timberlands ($3.2) ($51.9)

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis