What changed in this filing

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Item 1. Business

2023-02-24 compared with 2022-02-25 · 92 added, 105 removed, 434 unchanged (31% of the section changed)

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• Leading Pure-Play Timberland REIT .

We are differentiated from other publicly-traded timberland REITs in that we are invested exclusively in timberlands and real estate and do not own any pulp, paper or wood products manufacturing assets.

We are the largest publicly-traded “pure-play” timberland REIT, which provides our investors with a focused, large-scale timberland investment alternative without taking on the risks and volatility inherent in direct ownership of forest products manufacturing assets.

We are differentiated from other publicly-traded timberland REITs in that we are invested exclusively in timberlands and real estate and do not own any manufacturing assets.

We are the only publicly-traded “pure-play” timberland REIT, providing our investors with a focused, large-scale timberland investment alternative without taking on the risks and volatility inherent in direct ownership of forest products manufacturing assets.

• Well-Positioned for a Sustainable, Low-Carbon Economy.

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We continuously evaluate the highest and best use of our lands and seek to capitalize on identified HBU opportunities through strategies uniquely tailored to maximize value, including selectively pursuing land-use entitlements and infrastructure improvements through one of our taxable REIT subsidiaries.

Much of our HBU activity is concentrated in the U.S.

South, where we own approximately 200,000 acres of timberlands located in the vicinity of Interstate 95 primarily north of Daytona Beach, FL and south of Savannah, GA.

Our development activity is primarily consists of two distinct projects known as Wildlight ( north of Jacksonville, Florida) and Heartwood (south of Savannah, Georgia).

• Sophisticated Log Marketing Capabilities Serving Various Pacific Rim Markets .

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We may also consider acquisition opportunities outside of our existing operating areas where we anticipate favorable long-term market dynamics and financial returns.

In 2021, we acquired approximately 102,000 acres of fee timberland and 1,000 leased acres.

We acquired an additional 132,000 acres of fee timberland in 2020 (including 120,000 acres in the merger with Pope Resources) and 69,000 acres in 2019.

Additionally, we acquired leases or long-term forestry rights covering approximately 7,000 acres in 2020 (including 4,000 acres in the merger with Pope Resources) and 2,000 acres in 2019.

In 2022, we acquired approximately 141,000 acres of fee timberland.

We acquired an additional 102,000 acres of fee timberland in 2021 and 132,000 acres in 2020 (including 120,000 acres in the merger with Pope Resources).

Additionally, we acquired leases or long-term forestry rights covering approximately 1,000 acres in 2021 and 7,000 acres in 2020 (including 4,000 acres in the merger with Pope Resources).

• Optimize our Portfolio Value.

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Our HBU sales involve rural and recreational land as well as properties where we selectively pursue various land-use entitlements and improvements for residential, commercial and industrial development in order to fully realize the enhanced long-term value potential of such properties.

We further have an added strategic focus to evaluate and advance ecosystem monetization alternatives, including the long-term development of forest carbon markets.

We further have an added strategic focus to evaluate and advance business opportunities associated with nature-based solutions, including the long-term development of forest carbon markets.

• Focus on Timberland Operations to Support Cash Flow Generation.

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SEGMENT INFORMATION

Rayonier operates in six reportable business segments:

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

As of December 31, 2022, Rayonier operated in five reportable business segments:

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

The previously reported Timber Funds segment was liquidated in 2021 with all proceeds being distributed to noncontrolling interests at the end of 2022.

As a result, disclosure of the Timber Funds segment results is not presented for 2022, while prior year results are presented for historical purposes.

See Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 2 — Segment and Geographical Information for information on sales and operating income by reportable segment and geographic region.

As discussed in Note 7 - Noncontrolling Interests , we sold the rights to manage Fund III and Fund IV, as well as our ownership interests in both funds in July 2021.

As a result, Timber Fund III and IV balance sheets and results of operations are only included in our consolidated financial statements through the date of the sale.

In addition, we completed the liquidation of Fund II timberland assets through three separate transactions during the third and fourth quarters of 2021.

As of December 31, 2021, we continue to maintain a 20% ownership interest in Fund II, which is scheduled to terminate in March 2023.

Prior to the termination of Fund II, the remaining capital will be distributed to Fund II investors.

See Note 7 - Noncontrolling Interests and Note 8 - Variable Interest Entities for additional information.

Our timber businesses are disaggregated into Southern Timber, Pacific Northwest Timber, New Zealand Timber and Timber Funds segments.

Sales in the Timber segments include all activities related to the harvesting of timber as well as lease and license activities, other non-timber activities and carbon credit sales.

Sales in the Timber Funds segment also include the disposition of Fund II timberland assets.

Our timber businesses are disaggregated into Southern Timber, Pacific Northwest Timber, and New Zealand Timber.

Sales in the Timber segments include the harvesting of timber as well as other non-timber activities, including the leasing and licensing of properties, nature-based solutions, and carbon credit sales.

DISCUSSION OF TIMBER INVENTORY AND SUSTAINABLE YIELD

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Our estimate includes certain timber located in restricted or environmentally sensitive areas based on an estimate of lawfully recoverable volumes from such areas.

The estimate does not include volumes in restricted or environmentally sensitive areas that may not be lawfully

harvested or volumes located in economically inaccessible areas.

The estimate does not include volumes in restricted or environmentally sensitive areas that may not be lawfully harvested or volumes located in economically inaccessible areas.

The merchantable age ( i.e.

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Our estimated merchantable timber inventory changes over time as timber is harvested, as pre-merchantable timber transitions to merchantable timber, as existing merchantable timber inventory grows, as we acquire and sell timberland and as we periodically update our statistical sampling and growth and yield models.

We estimate our merchantable timber inventory annually for purposes of calculating per unit depletion rates.

Our timber inventory by product and age class for our U.S.

segments is presented herein as of September 30, 2022 and does not reflect acquisitions or dispositions completed in the fourth quarter.

For purposes of calculating per unit depletion rates for the subsequent year, we estimate our merchantable timber inventory as of December 31, including the impact of acquisitions and dispositions.

Timber inventory is generally measured and expressed in short green tons (SGT) in our Southern timberlands, in thousand board feet (MBF) or million board feet (MMBF) in our Pacific Northwest timberlands, and in cubic meters (m 3 ) in our New Zealand timberlands.

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Moreover, our harvest level in any given year may deviate from our estimated sustainable yield due to variations in the age class of our timberlands, the product mix of our harvest ( i.e ., pulpwood versus sawtimber), our deliberate acceleration or deferral of harvest in response to market conditions, our thinning activity (in which we periodically remove some smaller trees from a stand to enhance long-term sawtimber potential of the remaining timber), or other factors.

We estimate sustainable yield for each of our core Timber segments as of December 31, 2021.

We estimated sustainable yield for each of our core Timber segments as of December 31, 2022.

We manage our U.S.

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We also have a genetic seedling improvement program to enhance the productivity and quality of our timberlands and overall forest health.

In addition, non-timber income opportunities associated with our timberlands such as recreational licenses, as well as considerations for the future HBU of the land, are integral parts of our site-specific management philosophy.

In addition, non-timber income opportunities associated with our timberlands such as recreational licenses, considerations for the future HBU of the land, and nature-based solutions such as carbon sequestration and credit sales in our New Zealand Timber segment are integral parts of our site-specific management philosophy.

All of these activities are designed to maximize value while complying with SFI, or FSC and PEFC requirements.

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Key consumers of our timber include pulp, paper, wood products and biomass facilities.

We estimate that the gross timber inventory and merchantable timber inventory of our Southern timberlands were 80 million tons and 64 million tons, respectively, as of September 30, 2021.

We estimate that the sustainable yield of our Southern timberlands, including both pine and hardwoods, is approximately 6.8 to 7.2 million tons annually.

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For additional information, see Note 4 — Timberland Acquisitions .

The following table provides a breakdown of our Southern timberlands acreage and timber inventory by product and age class as of September 30, 2021 (inventory volumes are estimated at December 31 to calculate a depletion rate for the upcoming year):

(volumes in thousands of SGT)

We estimate that the gross timber inventory and merchantable timber inventory of our Southern timberlands were 84 million tons and 68 million tons, respectively, as of September 30, 2022.

The following table provides a breakdown of our Southern timberlands acreage and timber inventory by product and age class as of September 30, 2022:

(volumes in thousands of SGT) (a)

Age Class Acres

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Pine Plantation

0 to 4 years (a) 239 — — — — —

0 to 4 years (b) 271 — — — — —

5 to 9 years 194 — — — — —

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Total Pine Plantation 1,155 30,050 20,259 546 10 50,865

Natural Pine (Plantable) (b) 33 328 699 752 231 2,010

Natural Mixed Pine/Hardwood (c) 517 4,565 7,326 13,869 4,056 29,816

Natural Pine (Plantable) (c) 33 301 648 721 192 1,862

Natural Mixed Pine/Hardwood (d) 533 4,919 8,165 13,971 4,239 31,294

Forested Acres and Gross Inventory 1,721 35,270 29,072 15,238 4,441 84,021

Non-Forested Acres (d) 66

Non-Forested Acres (e) 68

Gross Acres 1,789

Pre-Merchantable Age Class

Inventory (e) (10,099)

Inventory (f) (9,855)

Volume in Environmentally

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Merchantable Timber Inventory 67,584

(a) 0 to 4 years includes clearcut acres not yet replanted.

(b) Consists of natural stands that are convertible into pine plantations once harvested.

(c) Consists of all non-plantable natural stands, including those that are in environmentally sensitive or economically inaccessible areas.

(d) Includes roads, rights of way and all other non-forested areas.

(e) Includes inventory that is less than 15 years old or less than 17 years old in Oklahoma.

(a) Table presented as of September 30, 2022 and does not include acquisitions completed in the fourth quarter.

(b) 0 to 4 years includes clearcut acres not yet replanted.

(d) Consists of all non-plantable natural stands, including those that are in environmentally sensitive or economically inaccessible areas.

(e) Includes roads, rights of way and all other non-forested areas.

(f) Includes inventory that is less than 15 years old or less than 17 years old in Oklahoma.

PACIFIC NORTHWEST TIMBER

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Our product mix in the Pacific Northwest is heavily weighted to sawtimber, which is sold to domestic wood products facilities as well as exported primarily to Pacific Rim markets.

We estimate that the gross timber inventory and merchantable timber inventory of our Pacific Northwest timberlands were 3,463 MMBF and 1,342 MMBF, respectively, as of September 30, 2021.

We estimate that the sustainable yield of our Pacific Northwest timberlands is approximately 190 to 215 MMBF (or 1.5 to 1.7 million tons) annually.

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For additional information, see Item 1 — Business — Discussion of Timber Inventory and Sustainable Yield and Item 1A — Risk Factors .

In 2021, we did not acquire any additional acres of timberlands in the Pacific Northwest region.

In 2022, we acquired a minimal amount of additional acres of timberlands in the Pacific Northwest region.

For additional information, see Note 4 - Timberland Acquisitions .

The following table provides a breakdown of our Pacific Northwest timberlands acreage and timber inventory by product and age class as of September 30, 2021 (inventory volumes are estimated at December 31 to calculate a depletion rate for the upcoming year):

We estimate that the gross timber inventory and merchantable timber inventory of our Pacific Northwest timberlands were 3,553 MMBF and 1,387 MMBF, respectively, as of September 30, 2022.

The following table provides a breakdown of our Pacific Northwest timberlands acreage and timber inventory by product and age class as of September 30, 2022:

(volumes in MBF, except as noted)

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Total Merchantable Timber 1,386,590

Conversion factor for MBF to SGT 7.99

Conversion factor for MBF to SGT (f) 7.75

Total Merchantable Timber (thousands of SGT) 10,746

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(e) Includes a minor component of hardwood in red alder and other species.

(f) Conversion factor was adjusted from 7.99 to 7.75 in the current year to reflect an ongoing mix shift towards Douglas-fir, which has a lower MBF to SGT conversion ratio.

NEW ZEALAND TIMBER

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For additional information, see Note 5 — Noncontrolling Interests .

We estimate that the gross timber inventory and merchantable timber inventory of our New Zealand timberlands were both 15.1 million cubic meters as of December 31, 2021.

We estimate that the sustainable yield of our New Zealand timberlands is approximately 2.1 to 2.4 million cubic meters (or 2.4 to 2.7 million tons) annually.

We expect that the average annual harvest volume of our New Zealand timberlands over the next five years (2022 to 2026) will be at the higher end of our sustainable yield range.

We expect that the average annual harvest volume of our New Zealand timberlands over the next five years (2023 to 2027) will be in line with our sustainable yield range.

For additional information, see Item 1 — Business — Discussion of Timber Inventory and Sustainable Yield and Item 1A — Risk Factors .

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For additional information, see Note 4 — Timberland Acquisitions .

The following table provides a breakdown of our New Zealand timberlands acreage and timber inventory by product and age class as of December 31, 2021 (inventory volumes at December 31 are used to calculate a depletion rate for the upcoming year):

We estimate that the gross timber inventory and merchantable timber inventory of our New Zealand timberlands were both 15.4 million cubic meters as of December 31, 2022.

The following table provides a breakdown of our New Zealand timberlands acreage and timber inventory by product and age class as of December 31, 2022:

(volumes in thousands of m 3 , except as noted)

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These units were received for net carbon sequestered between 2008 and 2013 and from subsequent units acquired during 2019 and 2021.

We estimate that 375,848 of these NZUs will be required to be surrendered upon harvest with the remainder available to be freely monetized.

As of December 31, 2022, we do not have any surrender liabilities and all units are available to be freely monetized.

See Note 23 - Other Assets for information about our cost basis in carbon credits.

See Note 3 — Revenue for information about the sale of carbon units.

Due to the sale of Fund III and IV, as well as the liquidation of Fund II timberland assets, we have discontinued our disclosure of Timber Fund inventory data.

As of December 31, 2021, we no longer own any Timber Fund timberland assets.

See Note 7 - Noncontrolling Interests and Note 8 - Variable Interest Entities for additional information.

All of our U.S.

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The New Zealand subsidiary, through the Trading segment, also purchases standing timber from time to time, whereby it manages the harvest and sale of the logs for approximately one to three years.

In these instances, the cost of standing timber is capitalized as a current asset on the Consolidated Balance Sheets and recognized as non-depletion cost of sales when sold.

In 2021, Trading volume was approximately 706,000 tons.

In these instances, the cost of standing timber is capitalized as an asset on the Consolidated Balance Sheets and recognized as non-depletion cost of sales when sold.

In 2022, New Zealand trading volume was approximately 460,000 tons.

Of this volume, approximately 333,000 tons were purchased directly from third parties in New Zealand, 53,000 tons were sourced from outside New Zealand (primarily Australia), and the remaining 74,000 tons were harvested from stumpage purchases and managed harvest arrangements.

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Sales from non-U.S.

operations occur in our Real Estate, New Zealand Timber and Trading segments and comprised approximately 34% of consolidated 2021 sales.

operations occur in our New Zealand Timber, Trading and Real Estate segments and comprised approximately 37% of consolidated 2022 sales.

See Note 2 — Segment and Geographical Information for additional information.

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Southern Timber (a) Weyerhaeuser Company

CatchMark Timber Trust

Hancock Timber Resource Group

PotlatchDeltic

Manulife Investment Management Timberland and Agriculture Inc.

Resource Management Service

Forest Investment Associates

Campbell Global

Morgan Asset Management

Pacific Northwest Timber (a) Weyerhaeuser Company

Hancock Timber Resource Group

Manulife Investment Management Timberland and Agriculture Inc.

Green Diamond Resource Company

Campbell Global

Morgan Asset Management

Port Blakely Tree Farms

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(b) The New Zealand subsidiary competes with these and other smaller New Zealand timber companies for supply into New Zealand domestic and export markets, predominantly China, South Korea and India.

Logs supplied into Asian markets also compete with export supply from other regions, including Europe, North America and Australia.

Logs supplied into Asian markets also compete with export supply from other regions, including Europe and North America.

In our Real Estate business, we compete with other owners of entitled and unentitled properties.

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Our log trading operations are primarily based out of New Zealand and performed by our New Zealand subsidiary.

The New Zealand market remains very competitive with over 15 entities competing for export log supply at different ports across the country.

We are one of the larger log trading companies in the region with access to multiple export ports and a range of different export markets.

The New Zealand market remains very competitive with 10-15 entities competing for export log supply at different ports across the country.

In 2022, no individual customer (or group of customers under common control) represented 10% or more of consolidated sales.

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As such, we have recognized environmental liabilities associated with Port Gamble.

See Note 2 - Merger with Pope Resources for additional information on the allocation of purchase price.

For additional information on our environmental liabilities see Note 10 - Commitments and Note 12 - Environmental and Natural Resource Damage Liabilities .

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Nunes, 61, Mr.

Nunes joined the Company in June 2014 as Chief Operating Officer, and shortly thereafter assumed the role of President and CEO following the Company’s spin-off of its Performance Fibers business.

Prior to joining the Company, Mr.

Nunes served as President and CEO of Pope Resources/Olympic Resource Management from 2002 to 2014.

He joined Pope in 1997 as director of portfolio management.

The following year, he was named Vice President of portfolio development, and then served two years as Senior Vice President of acquisitions and portfolio development before being named President and COO in 2000.

Nunes has more than three decades of timber industry experience, and today serves as Rayonier’s Chief Executive Officer.

He joined the company in June 2014 as Chief Operating Officer, and shortly thereafter assumed the role of President and CEO following Rayonier’s spin-off of its Performance Fibers business.

Prior to joining Rayonier, he served as President and CEO of Pope Resources/Olympic Resource Management from 2002 to 2014.

He joined Pope Resources in 1997 as director of portfolio management.

The following year, he was named Vice President of Portfolio Development, and then served two years before being named President and COO in 2000.

Previously Mr.

Nunes spent nine years with the Weyerhaeuser Company, joining the organization in 1988 as a business analyst and advancing through a number of leadership roles to become director of corporate strategic planning.

Nunes holds a Bachelors of Arts and Economics from Pomona College and an MBA from the Tepper School of Business at Carnegie Mellon University.

Nunes spent nine years with Weyerhaeuser Company, joining the organization in 1988 as a business analyst and advancing through a number of leadership roles to become Director of Corporate Strategic Planning.

Nunes holds a Bachelors of Arts in Economics from Pomona College and an MBA from the Tepper School of Business at Carnegie Mellon University.

McHugh, 47, Mr.

McHugh was appointed Senior Vice President and Chief Financial Officer in December 2014.

He was previously Managing Director in the Real Estate Investment Banking group at Raymond James, where he worked since 2008.

Prior to joining Raymond James, Mr.

McHugh was a Director in the Paper & Forest Products Group within the Investment Banking Division at Credit Suisse, where he worked from 2000 to 2008.

McHugh received his B.S.B.A.

in Finance from the University of Central Florida and his JD from Harvard Law School.

McHugh was appointed President and Chief Financial Officer in January 2023, having previously served as Senior Vice President and Chief Financial Officer since joining Rayonier in December 2014.

McHugh has over 20 years of experience in finance and capital markets, focused primarily on the forest products and REIT sectors.

He joined Rayonier from Raymond James, where he served as Managing Director in the firm’s Real Estate Investment Banking group, responsible for the firm’s timberland and agriculture sector coverage.

Prior to Raymond James, he worked in the Investment Banking division of Credit Suisse in New York and Los Angeles from 2000 to 2008, focused on the paper and forest products sectors.

Throughout his career, he has provided a wide range of strategic and financial counsel to various publicly traded paper, forest products, and real estate companies.

McHugh holds a B.S.B.A.

in Finance from the University of Central Florida and a JD from Harvard Law School.

Long, 52, Mr.

Long currently serves as Senior Vice President, Forest Resources.

Previously, he served as Vice President, U.S.

Operations from November 2014 to December 2015 and as Director, Atlantic Region, U.S.

Long was appointed Executive Vice President and Chief Resource Officer in January 2023, having previously served as Senior Vice President, Forest Resources since December 2015.

Long oversees Rayonier’s global forestry operations, as well as emerging business opportunities associated with nature-based solutions.

He joined Rayonier in 1995 as a GIS Forestry Analyst and held multiple positions of increasing responsibility within the forestry division prior to his most recent roles, including Vice President, U.S.

Operations from November 2014 to December 2015 and Director, Atlantic Region, U.S.

Forest Resources from March 2014 to November 2014.

He joined the Company in 1995 as a GIS Forestry Analyst and has held multiple positions of increasing responsibility within the forestry division.

Long holds bachelor’s and master’s degrees in Forest Resources and Conservation from the University of Florida.

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Corr held various positions with The St.

Joe Company between 1998 and 2008, most recently as Executive Vice President.

Joe Company between 1998 and 2008, most recently as Executive Vice President and Chief Strategy Officer.

From 1992 to 1998, Mr.

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Corr served as an elected member of the Florida House of Representatives.

He holds a Bachelor of Arts degree from the University of Florida and has completed programs with the Harvard Real Estate Institute and the Wharton School of Business at University of Pennsylvania.

Corr holds a Bachelor of Arts degree from the University of Florida and has completed programs with the Harvard Real Estate Institute and the Wharton School of Business at University of Pennsylvania.

Bridwell, 60, Mr.

Bridwell was promoted to Vice President and General Counsel in June 2014 and assumed the role of Corporate Secretary in March 2015.

He joined the Company in 2006 as Associate General Counsel for Performance Fibers.

In 2009, he became Associate General Counsel for Timber and Real Estate and in 2012 was promoted to Assistant General Counsel for Land Resources.

Prior to joining Rayonier, Mr.

Bridwell was appointed Vice President, General Counsel in June 2014 and assumed the role of Corporate Secretary in March 2015, having previously served as Assistant General Counsel for Land Resources from 2012 to June 2014 and Associate General Counsel for Timber and Real Estate from 2009 to 2012.

He joined Rayonier in 2006 as Associate General Counsel for Performance Fibers.

Prior to Rayonier, Mr.

Bridwell served as counsel for six years at Siemens Corporation.

Previously, he was an attorney for five years with the international law firms of Jones, Day, Reavis & Pogue and Seyfarth, Shaw, Fairweather & Geraldson.

Bridwell has a B.S.B.A.

in Finance from the University of Central Florida, and an MBA and JD from Emory University.

Prior to the Siemens Corporation, he was an attorney with the international law firms of Jones, Day, Reavis & Pogue and Seyfarth, Shaw, Fairweather & Geraldson for five years.

Bridwell holds a B.S.B.A.

in Finance from the University of Central Florida, and both an MBA and JD from Emory University.

Pyatt, 52, Ms.

Pyatt was named Vice President, Human Resources and Information Technology in July 2014.

Pyatt joined Rayonier in 2003 as Manager, Compensation and became Director, Compensation and Employee Services in 2006.

She was named Director, Compensation, Benefits and Employee Services in 2009 before being promoted to her current position.

Pyatt was appointed Vice President, Human Resources and Information Technology in October 2015, having previously served as Vice President, Human Resources since July 2014.

She also previously served as Director, Compensation, Benefits and Employee Services from 2009 to July 2014 and Director, Compensation and Employee Services from 2006 to 2009.

She joined Rayonier in 2003 as Manager, Compensation.

Prior to joining Rayonier, Ms.

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Rhett Rogers, 46, Mr.

Rogers was appointed to Vice President, Portfolio Management in February 2017.

Rogers oversees the Company’s acquisition and disposition activities, including HBU and non-strategic land sales, as well as its land information systems function.

He joined Rayonier in 2001 as a District Technical Forester, and has held numerous roles of increasing responsibility, most recently as Director, Land Asset Management before being promoted to his current position.

Rogers holds a BS in Forestry from Louisiana Tech University, and both an MBA and MS in Forest Resources from Mississippi State University.

Rogers was appointed Vice President, Portfolio Management in February 2017, having previously served as Director, Land Asset Management.

Rogers oversees the Company’s acquisition and disposition activities, including Rural HBU and non-strategic land sales, as well as its land information systems function.

He joined Rayonier in 2001 as a District Technical Forester, and has held multiple positions of increasing responsibility within the Company.

Rogers holds a Bachelor of Science in Forestry from Louisiana Tech University, and both an MBA and MS in Forest Resources from Mississippi State University.

Tice, 49, Ms.

Tice was promoted to Vice President and Chief Accounting Officer in April 2021.

Tice was appointed Vice President and Chief Accounting Officer in April 2021, having previously served as Vice President, Financial Services and Corporate Controller.

In this position, she acts as the Company’s principal accounting officer.

She joined Rayonier in 2010 and has worked in various roles within the finance and financial reporting departments since that time.

She previously served as Vice President, Financial Services and Corporate Controller before being promoted to her current position.

She joined Rayonier in 2010 as Manager, General Ledger, and has held multiple positions of increasing responsibility within the finance and accounting departments.

Prior to joining Rayonier, Ms.

Tice served in various accounting and/or audit roles at Deloitte & Touche, the State of Florida and two private companies located in Florida.

Tice held various accounting positions with Deloitte & Touche, the State of Florida, and two private companies located in Florida.

Tice holds a Bachelor of Fine Arts from Florida State University and a Master of Accountancy with a tax concentration from the University of North Florida.

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We also use targeted equity-based grants with a multiyear vesting schedule to help promote the retention of personnel and an ownership mentality across our organization.

Our comprehensive benefits package includes medical, dental, vision, life, accident and disability.

We also offer a health savings

account, a dependent care spending account and an employee assistance plan.

Our comprehensive benefits package includes medical, dental, vision, life, accident, disability and paid parental and caregiver leave.

We also offer a health savings account, a dependent care spending account and an employee assistance plan.

Our 401(k) retirement savings plan includes company matching contributions as well as enhanced retirement contributions.

Employee Development

We offer a comprehensive approach to training and development which includes micro and on-demand learning, classroom programs, coaching and mentoring, cross-functional assignments and conferences.

We offer a comprehensive approach to training and development which includes micro and on-demand learning, classroom programs, coaching and mentoring, cross-functional assignments, a job rotation program for early career foresters and conferences.

We also provide a tuition reimbursement program, which reimburses 80% of the costs of approved degree programs.

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In 2022, 539 safety near miss reports were submitted and 282 contractor safety meetings were conducted.

Throughout the COVID-19 pandemic, we have remained focused on protecting the health and safety of our employees and contractors, as well as their families and communities.

Shortly after the outset of COVID-19, we implemented a work-from-home model for office employees and instituted enhanced safety and social distancing guidelines for field employees.

This has enabled our company and industry to continue to supply essential forest products while optimizing workplace safety.

Employee Wellness

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AVAILABILITY OF REPORTS AND OTHER INFORMATION

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and amendments to those reports filed or furnished pursuant to Sections 13(a) or 14 of the Securities Exchange Act of 1934 are made available to the public free of charge in the Investor Relations section of our website, www.rayonier.com , shortly after we electronically file such material with, or furnish them to, the Securities and Exchange Commission (“SEC”).

Our corporate governance guidelines and charters of all committees of our board of directors are also available on our website.

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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-K

Item 1. Business