What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-21 compared with 2024-02-23 · 80 added, 94 removed, 454 unchanged (28% of the section changed)

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Pacific Northwest (308,000 acres) and New Zealand (412,000 gross acres, or 287,000 net plantable acres).

In addition, we engage in the trading of logs to Pacific Rim markets, predominantly from New Zealand and Australia to support our New Zealand export operations;

however, we also engage in log trading activities to these markets from the U.S.

South and U.S.

Pacific Northwest.

In addition, we engage in the trading of logs to Pacific Rim markets, predominantly from New Zealand to support our New Zealand export operations.

We have an added focus to maximize the value of our land portfolio by pursuing higher and better use (“HBU”) land sale opportunities.

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Select lands in our portfolio are also suitable for wind energy applications.

We currently have solar, carbon capture and storage, and wind leases in place with high-caliber counterparties, and we expect these and other new revenue streams associated with land-based solutions to grow in the future.

We currently have solar and carbon capture and storage leases in place with high-caliber counterparties, and we expect these and other new revenue streams associated with land-based solutions to grow in the future.

• Carbon Sequestration and Other Environmental Benefits of Our Forests.

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Our capital allocation philosophy is ingrained within our culture and employs a flexible, rather than prescriptive, approach with a view towards building long-term value per share.

We continuously evaluate a full range of capital allocation alternatives—including dividends, share buybacks, acquisitions, divestitures, debt reduction, and capital investments—to determine the optimal means to create value for our shareholders, and we will opportunistically pivot our capital allocation priorities accordingly.

We evaluate a full range of capital allocation alternatives—including dividends, share buybacks, acquisitions, divestitures, debt reduction, and capital investments—to determine the optimal means to create value for our shareholders, and we will opportunistically pivot our capital allocation priorities accordingly.

• Employ Best-in-Class Stewardship and Disclosure Practices.

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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 are not presented for 2023 or 2022, while 2021 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.

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The merchantable age ( i.e.

, the age at which timber moves from pre-merchantable to merchantable) is 15 years for our Southern timberlands, with the exception of Oklahoma which is 17 years, 35 years for our Pacific Northwest timberlands, and 20 years for radiata pine and 30 years for Douglas-fir in our New Zealand timberlands.

, the age at which timber moves from pre-merchantable to merchantable) is 15 years for our Southern timberlands, 35 years for our Pacific Northwest timberlands, and 20 years for radiata pine and 30 years for Douglas-fir in our New Zealand timberlands.

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.

Our timber inventory by product and age class for our Southern Timber segment is presented herein as of September 30, 2023 and does not reflect acquisitions or dispositions completed in the fourth quarter.

For our Pacific Northwest Timber segment, our timber inventory by product and age class is presented as of September 30, 2023 on a pro forma basis adjusted for our 55,000-acre Large Disposition in Oregon completed in the fourth quarter.

Our timber inventory by product and age class for our Southern Timber and Pacific Northwest Timber segments are presented herein as of September 30, 2024 on a pro forma basis adjusted for Large 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.

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For comparison purposes, we provide inventory estimates for our Pacific Northwest and New Zealand timberlands in MBF and cubic meters, respectively, as well as in short green tons.

The following table sets forth the estimated volumes of merchantable timber inventory by location in short green tons as of September 30, 2023 for the South and Pacific Northwest and as of December 31, 2023 for New Zealand.

Merchantable timber inventory for the Pacific Northwest is presented on a pro forma basis adjusted for a 55,000-acre Large Disposition in Oregon completed in the fourth quarter:

The following table sets forth the estimated volumes of merchantable timber inventory in short green tons for the South and Pacific Northwest as of September 30, 2024 and as of December 31, 2024 for New Zealand.

Merchantable timber inventory for the South and the Pacific Northwest are presented on a pro forma basis adjusted for the 91,000-acre Large Disposition in Oklahoma and 109,000 acres of Large Dispositions in Washington, respectively, that closed in the fourth quarter:

(volumes in thousands of SGT)

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SOUTHERN TIMBER

As of December 31, 2023, our Southern timberlands acreage consisted of approximately 1.85 million acres (including approximately 93,000 acres of leased lands) located in Alabama, Arkansas, Florida, Georgia, Louisiana, Oklahoma, South Carolina and Texas.

As of December 31, 2024, our Southern timberlands acreage consisted of approximately 1.75 million acres (including approximately 89,000 acres of leased lands) located in Alabama, Arkansas, Florida, Georgia, Louisiana, South Carolina and Texas.

Approximately two-thirds of this land supports intensively managed plantations of predominantly loblolly and slash pine.

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For additional information, see Note 4 — Timberland Acquisitions .

We estimate that the gross timber inventory and merchantable timber inventory of our Southern timberlands were 89 million tons and 75 million tons, respectively, as of September 30, 2023.

The following table provides a breakdown of our Southern timberlands acreage and timber inventory by product and age class as of September 30, 2023:

We also closed on a 91,000-acre Large Disposition in Oklahoma.

See Item 7 — Results of Operations for additional information.

We estimate that the gross timber inventory and merchantable timber inventory of our Southern timberlands were 83 million tons and 70 million tons, respectively, as of September 30, 2024, on a pro forma basis adjusted for the 91,000-acre Large Disposition in Oklahoma completed in the fourth quarter.

The following table provides a breakdown of our Southern timberlands acreage and timber inventory by product and age class as of September 30, 2024, presented on a pro forma basis to exclude acreage and timber inventory sold in the Large Disposition:

(volumes in thousands of SGT) (a)

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Merchantable Timber Inventory 69,876

(a) Table presented as of September 30, 2023 and does not include acquisitions or dispositions completed in the fourth quarter.

(a) Table presented as of September 30, 2024 and is presented on a pro forma basis adjusted for the 91,000-acre Large Disposition in Oklahoma.

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

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

(f) Includes inventory that is less than 15 years old in all states except for Oklahoma where the standard is less than 17 years old.

(f) Includes inventory that is less than 15 years old.

PACIFIC NORTHWEST TIMBER

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We estimate that the sustainable yield of our Pacific Northwest timberlands is approximately 115 to 135 MMBF (or 0.90 to 1.05 million tons) annually.

We expect that the average annual harvest volume of our Pacific Northwest timberlands over the next five years (2024 to 2028) will be generally in line with our sustainable yield.

We expect that the average annual harvest volume of our Pacific Northwest timberlands over the next five years (2025 to 2029) will be toward the lower end of our sustainable yield range.

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

In 2023, we acquired approximately 400 acres of timberlands in the Pacific Northwest region.

For additional information, see Note 4 — Timberland Acquisitions .

In addition, we closed on a 55,000-acre Large Disposition in Oregon for $242.2 million.

See Item 7 — Results of Operations and for additional information.

We estimate that the gross timber inventory and merchantable timber inventory of our Pacific Northwest timberlands were 2,388 MMBF and 1,231 MMBF, respectively, as of September 30, 2023, on a pro forma basis adjusted for the 55,000-acre Large Disposition in Oregon completed in the fourth quarter.

The following table provides a breakdown of our Pacific Northwest timberlands acreage and timber inventory by product and age class as of September 30, 2023, presented on a pro forma basis to exclude acreage and timber inventory sold in the Large Disposition:

In 2024, we closed on 109,000 acres of Large Dispositions in Washington.

See Item 7 — Results of Operations for additional information.

We estimate that the gross timber inventory and merchantable timber inventory of our Pacific Northwest timberlands were 1,981 MMBF and 971 MMBF, respectively, as of September 30, 2024, on a pro forma basis adjusted for the 109,000 acres of Large Dispositions in Washington completed in the fourth quarter.

The following table provides a breakdown of our Pacific Northwest timberlands acreage and timber inventory by product and age class as of September 30, 2024, presented on a pro forma basis to exclude acreage and timber inventory sold in the Large Dispositions:

(volumes in MBF, except as noted) (a)

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Total Merchantable Timber (thousands of SGT) 7,525

(a) Table presented as of September 30, 2023 and is presented on a pro forma basis adjusted for the 55,000-acre Large Disposition in Oregon.

(a) Table presented as of September 30, 2024 and is presented on a pro forma basis adjusted for the 109,000 acres of Large Dispositions in Washington.

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

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

In 2023, we acquired approximately 1,000 acres of leased lands in New Zealand.

For additional information, see Note 4 — Timberland Acquisitions .

We estimate that the gross timber inventory and merchantable timber inventory of our New Zealand timberlands were both 16.2 million cubic meters as of December 31, 2024.

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These units were received for net carbon sequestered between 2008 and 2022 and from subsequent units acquired during 2019 and 2021.

As of December 31, 2023, 415,608 NZUs have a surrender obligation in relation to the 2022 Final Emissions Return, of which 166,152 NZUs will be surrendered and the rest will be settled through a Fixed Price Option cash payment as allowed by the ETS.

As of December 31, 2024, the New Zealand subsidiary has no surrender obligation.

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

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Conservation Easements are the sale of development rights, which preclude future development on the underlying land but reserve our rights to continue to grow and harvest timber.

Our Trading segment primarily reflects log trading activities in New Zealand and Australia conducted by our New Zealand subsidiary.

Our Trading segment primarily reflects log trading activities in New Zealand conducted by our New Zealand subsidiary.

Our Trading segment complements the New Zealand Timber segment by providing added market intelligence, increasing the scale of export operations and achieving cost savings that directly benefit the New Zealand Timber segment.

This additional market intelligence also benefits our Southern and Pacific Northwest export log marketing efforts.

Our New Zealand subsidiary conducts export sales through a joint venture, which arranges sales shipping and export documentation services for an agency fee.

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In 2024, New Zealand trading volume was approximately 201,000 tons.

Of this volume, approximately 274,000 tons were purchased directly from third parties in New Zealand, 18,000 tons were sourced from outside New Zealand (primarily Australia), and the remaining 15,000 tons were harvested from stumpage purchases and managed harvest arrangements.

Of this volume, approximately 134,000 tons were purchased directly from third parties in New Zealand and the remaining 67,000 tons were harvested from stumpage purchases and managed harvest arrangements.

Approximately 65% of third-party purchases in New Zealand were purchased at spot prices, with the New Zealand subsidiary thereby assuming some price risk on subsequent resale.

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Southern Timber (a) Weyerhaeuser Company

PotlatchDeltic

Manulife Investment Management Timberland and Agriculture Inc.

Resource Management Service

Manulife Investment Management Timberland and Agriculture Inc.

Forest Investment Associates

PotlatchDeltic

Timberland Investment Resources

Morgan Asset Management

Molpus Woodlands Group

The Westervelt Company, Inc.

Pacific Northwest Timber (a) Weyerhaeuser Company

Manulife Investment Management Timberland and Agriculture Inc.

Green Diamond Resource Company

Morgan Asset Management

Port Blakely Tree Farms

State of Washington Department of Natural Resources

Sierra Pacific Industries

Morgan Asset Management

Forest Investment Associates

Manulife Investment Management Timberland and Agriculture Inc.

Bureau of Indian Affairs

Port Blakely Tree Farms

New Zealand (b) Manulife Investment Management Timberland and Agriculture Inc.

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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 10-15 entities competing for export log supply at different ports across the country.

In 2023, we closed on a 55,000-acre Large Disposition to Manulife Investment Management on behalf of clients for $242.2 million, representing approximately 23% of consolidated sales.

There were no other individual customers (or group of customers under common control) who represented 10% or more of consolidated sales during the year.

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

In 2024, we closed on four Large Disposition transactions for a total of $495.0 million, representing approximately 39% of consolidated sales.

Individually, each large disposition represents 10% or more of consolidated sales.

There were no other individual customers (or group of customers under common control) who represented 10% or more of consolidated sales.

See Note 3 — Revenue for additional information.

Across all our segments, results are normally not impacted significantly by seasonal changes.

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Following the finalization of the RI/FS, Pope Resources worked with DOE to develop a CAP.

As with the in-water portion of the project, the CAP will define the scope of the remediation activity for the millsite.

As with the in-water portion of the project, the CAP defined the scope of the remediation activity for the millsite.

The consent decree, which includes the CAP, was entered in Kitsap County Superior Court on November 25, 2020.

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Prior to the merger with Rayonier, Pope Resources began negotiations with the Trustees for the purpose of identifying NRD restoration projects.

Those negotiations are ongoing and may ultimately result in agreement as to requested mitigation activities.

Those negotiations culminated in the entry of an NRD Consent Decree in the U.S.

District Court for the Western District of Washington on September 23, 2024.

An integrated cleanup and habitat restoration project incorporating activities required by the mill site cleanup and NRD consent decrees was initiated in June 2024.

Site work is expected to be substantially complete in 2025, with in-water vegetation transplanting and monitoring efforts continuing for ten years.

For additional information see Item 1A — Risk Factors .

RESEARCH AND DEVELOPMENT

The research and development activities of our timber operations include genetics and tree improvement, soils and seedling production, biometrics and growth/yield, environmental sustainability (including protection of water, biodiversity, and threatened and endangered (“T&E”) species), and carbon and climate impact.

We also contribute to research cooperatives that undertake forestry research and development.

Research and development is an integral component of Rayonier's forestry program.

We conduct research in a wide variety of topics in order to increase the productivity and sustainability of our forests.

Topics include genetics and tree improvement, soils and site productivity, seedling production, site-specific silviculture, biometrics and growth and yield, environmental sustainability (including protection of water, biodiversity, and species of conservation concern) and carbon and climate impact.

Our research and development is conducted by an internal team of scientists that frequently work in cooperation with university partners and governmental agencies.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

Nunes, 62, Mr.

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 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.

On October 30, 2023, Mr.

Nunes notified the Company that he will retire from his role as CEO, effective March 31, 2024.

T he executive officers as of February 21, 2025, are as follows:

McHugh, 49, Mr.

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 was appointed President and Chief Executive Officer in April 2024, having previously served as President and Chief Financial Officer since January 2023.

Prior to this, he 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.

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

McHugh has been appointed by the Board as Mr.

Nunes’ successor and will become President and Chief Executive Officer, effective April 1, 2024.

Long, 54, Mr.

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

Tice, 51, Ms.

Tice was appointed Senior Vice President and Chief Financial Officer in April 2024, having previously served as Vice President and Chief Accounting Officer since 2021.

In her current position, she acts as the Company’s principal financial and accounting officer.

Prior to this, she served as Vice President, Financial Services and Corporate Controller.

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 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.

Tice is a Certified Public Accountant in the State of Florida.

Christopher T.

Corr, 61, Mr.

Corr joined the Company in July 2013 and currently serves as Senior Vice President, Real Estate Development and President, Raydient LLC.

Corr joined the Company in July 2013 and currently serves as Senior Vice President, Real Estate Development and President of Raydient.

Prior to joining Rayonier, he served as Executive Vice President, Buildings and Places for AECOM from 2008 to 2013.

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Bridwell served as counsel for six years at Siemens Corporation.

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.

Prior to 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.

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Rogers was appointed Senior Vice President, Portfolio Management in March 2023 having previously served as Vice President, Portfolio Management since February 2017.

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.

Rogers oversees the Company’s land acquisition and disposition activities, rural and HBU land sales, and land information services 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, 50, Ms.

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 as Manager, General Ledger, and has held multiple positions of increasing responsibility within the finance and accounting departments.

Prior to joining Rayonier, Ms.

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.

Tice is a Certified Public Accountant in the State of Florida.

In connection with Mr.

Nunes’ retirement and the Company’s leadership transition, Ms.

Tice will assume the position of Senior Vice President and Chief Financial Officer, effective April 1, 2024.

HUMAN CAPITAL

Rayonier is committed to creating an engaging and rewarding employee experience, as well as making safety a priority in everything we do.

Rayonier is committed to providing an engaging and rewarding employee experience, as well as making safety a priority in everything we do.

Our Culture and Employee Retention

We view our culture as an asset and believe that fostering a positive and healthy work environment is critical to achieving our goals of being the preferred employer in the forestry industry and retaining key talent.

We actively promote open communication and information sharing across the organization, while also empowering our employees to take initiative and contribute their ideas.

We view our culture as an asset and believe a positive and healthy work environment is crucial for achieving our goals of being the preferred employer in the forestry industry and retaining key talent.

We actively foster open communication and information sharing throughout the organization, while empowering employees to take initiative and contribute their ideas.

This approach ensures team members feel valued, engaged and capable of making a meaningful impact.

Every two years we conduct a formal company-wide employee survey to provide anonymous feedback to management.

Survey results are benchmarked against our third-party provider’s global database, shared with employees and also reviewed with our Board of Directors to help set non-financial goals for management.

The recruitment, retention and development of employees is essential to our success.

We aim to provide employees with opportunities to build skills and grow professionally, while also offering competitive compensation commensurate with an individual’s experience, knowledge and performance.

Our compensation packages consist of a base salary and an annual bonus.

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.

Every two years we conduct a formal company-wide anonymous employee survey to gather feedback for management.

Results are benchmarked against our third-party provider’s global database, shared transparently, and reviewed with our Board of Directors to inform the setting of non-financial goals for management.

Employee recruitment, retention and development are essential to our success.

We are committed to providing employees with opportunities for skill development and professional growth, alongside competitive compensation commensurate with experience, knowledge and performance.

Our compensation package includes base salary and an annual bonus.

We also use targeted equity-based grants with multi-year vesting schedules to promote employee retention and cultivate an ownership mentality across the organization.

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

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Employee Development

We provide a robust training and development program that encompasses a variety of learning methods to cater to diverse needs.

This includes micro and on-demand learning for quick and targeted skill upgrades, alongside traditional classroom programs for more in-depth learning.

We also emphasize professional growth through our coaching and mentoring program.

We offer a robust training and development program to all employees that encompasses a variety of learning methods to cater to diverse needs.

This includes micro and on-demand learning for quick and targeted skill upgrades, traditional classroom programs for more in-depth learning, and a coaching and mentoring program for professional growth.

For those seeking broader experience, we offer cross-functional assignments, and a specialized job rotation program designed for early career foresters.

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

We also offer tuition reimbursement, covering 80% of degreed program costs.

Workplace Safety

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Employee Wellness

Our employee wellness program, Stay Strong, is designed to promote the overall health and well-being of our employees by providing education, resources, and a financial investment in our employees’ wellness.

Stay Strong employs a comprehensive approach centered on four key areas:

Our employee wellness program, Stay Strong, promotes overall employee health and well-being through education, resources, and a financial investment.

Stay Strong focuses on four key areas:

Health and Well-Being, Financial Wellness, Work-Life Balance and Emotional Health.

This includes a comprehensive benefits package, flexible work arrangements and generous paid time off as well as specific workshops and programs tailored to locations.

Inclusion and Belonging

Rayonier is focused on promoting an inclusive workforce as we believe this plays an integral role in maintaining an engaging employee experience.

As of December 31, 2023, we had 438 employees, 341 in the U.S.

This includes a comprehensive benefits package, an employee assistance program, flexible work arrangements, financial wellness assessments and counseling, generous paid time off, health fairs and health risk assessments, and a variety of wellness seminars and workshops for all employees.

Employee Demographics

Rayonier is committed to promoting an inclusive workforce as we believe this plays an integral role in maintaining an engaging employee experience.

As of December 31, 2024, excluding the impact of our workforce optimization initiative, we had 424 employees, 332 in the U.S.

and 92 in New Zealand.

The following charts provide a breakdown of Rayonier’s demographics as of December 31, 2024:

We seek to have an inclusive workforce and have initiated actions to develop a diverse pipeline of qualified candidates.

To this end, alongside other initiatives, we have assembled an internal team to further enhance and improve our efforts around promoting an inclusive culture where all employees are supported, empowered and valued.

This team will guide policy objectives within our organization and identify initiatives to help improve inclusivity within the broader forestry industry.

AVAILABILITY OF REPORTS AND OTHER INFORMATION

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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