−Removed: MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
+Added: MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Rayonier Inc.
−Removed: MARKET FOR THE REGISTRANT’S COMMON EQUITY
+Added: MARKET FOR REGISTRANT’S COMMON EQUITY
Rayonier Inc.’s common shares are publicly traded on the NYSE, the only exchange on which our shares are listed, under the trading symbol RYN .
Shares of the Company have no par value.
−Removed: Common share cash dividends during the years ended December 31, 2023, 2022 and 2021 aggregated to $1.34, $1.125 and $1.08, respectively.
−Removed: The year ended December 31, 2023 includes an additional cash dividend of $0.20 per common share, which was payable January 12, 2024 to shareholders of record on December 29, 2023.
+Added: Common share ordinary cash dividends during the years ended December 31, 2024, 2023 and 2022 aggregated to $1.14, $1.14 and $1.125, respectively.
+Added: The year ended December 31, 2024 excludes an additional dividend of $1.80 per common share, consisting of a combination of cash and the Company’s common shares, which was paid January 30, 2025 to shareholders of record on December 12, 2024.
+Added: The cash component of the special dividend (other than cash paid in lieu of fractional shares) did not exceed 25% in the aggregate, with the balance paid in the Company’s common shares.
+Added: The year ended December 31, 2023 excludes an additional cash dividend of $0.20 per common share, which was paid January 12, 2024 to shareholders of record on December 29, 2023.
+Added: The company intends to continue to declare ordinary cash dividends on its common shares;
+Added: however, there can be no assurances as to the timing and amounts of future dividends.
+Added: See the subsequent events section of Note 1 — Summary of Significant Accounting Policies for additional information regarding our quarterly dividend rate.
Including institutional holders, there were approximately 4,173 shareholders of record of our common shares on February 14, 2025.
4 unchanged sentences
ISSUER REPURCHASES OF EQUITY SECURITIES
−Removed: In February 2016, the Board of Directors approved the repurchase of up to $100 million of Rayonier’s common shares (the “share repurchase program”) to be made at management’s discretion.
−Removed: The program has no time limit and may be suspended or discontinued at any time.
−Removed: There were no shares repurchased under this program in the fourth quarter of 2023.
+Added: In December 2024, the Board of Directors approved the repurchase of up to $300 million of Rayonier’s common shares (the “new repurchase program”) to be made at management’s discretion.
+Added: The new authorization replaced and superseded the Company’s prior $100 million share repurchase program.
+Added: Repurchases may be made at management’s discretion from time to time on the open market or through privately negotiated transactions.
+Added: The new repurchase program has no time limit and may be suspended for periods or discontinued at any time.
+Added: There were no shares repurchased under the new repurchase program in the fourth quarter of 2024.
As of December 31, 2024, there was $300.0 million, or approximately 11,494,253 shares based on the period-end closing stock price of $26.10, remaining under this program.
The following table provides information regarding our purchases of Rayonier common shares during the quarter ended December 31, 2024:
−Removed: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (c)
+Added: Period Total Number of Shares Purchased (a) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (c)
October 1 to October 31 282 $31.64 — 2,809,108
1 unchanged sentence
December 1 to December 31 — — — 11,494,253
−Removed: (a) Purchases made in open-market transactions under the $100 million share repurchase program announced on February 10, 2016.
−Removed: (b) Maximum number of shares authorized to be purchased at the end of October, November and December are based on month-end closing stock prices of $25.24, $30.68 and $33.41, respectively.
+Added: Total 488,376 488,017
+Added: (a) Includes 359 shares repurchased to satisfy tax withholding requirements related to the vesting of shares under the Rayonier Incentive Stock Plan in October and November.
+Added: The price per share surrendered is based on the closing price of the Company’s common shares on the respective vesting dates of the awards.
+Added: (b) Purchases made in open-market transactions under the prior $100 million share repurchase program announced on February 10, 2016.
+Added: (c) Maximum number of shares authorized to be purchased at the end of October, November and December are based on month-end closing stock prices of $31.23, $31.87 and $26.10, respectively.
Rayonier, L.P.
3 unchanged sentences
DISTRIBUTIONS
−Removed: The distribution rate on the Operating Partnership’s units is equal to the dividend rate on Rayonier Inc.’s common shares.
+Added: The ordinary distribution rate on the Operating Partnership’s units is equal to the ordinary cash dividend rate on Rayonier Inc.’s common shares for dividends.
+Added: The year ended December 31, 2024 excluded an additional distribution of $1.80 per Redeemable Operating Partnership Unit, consisting of $0.45 per unit in cash and $1.35 per unit in Redeemable Operating Partnership Units, which was paid January 30, 2025 to holders of record on December 12, 2024.
+Added: The year ended December 31, 2023 excluded an additional cash distribution of $0.20 per Redeemable Operating Partnership Unit, which was paid January 12, 2024 to holders of record on December 29, 2023.
+Added: See the subsequent events section of Note 1 — Summary of Significant Accounting Policies for additional information regarding our quarterly distribution rate.
UNREGISTERED SALES OF EQUITY SECURITIES
2 unchanged sentences
Pursuant to the Operating Partnership’s limited partnership agreement, limited partners have the right to redeem their Operating Partnership units for cash, or at our election, shares of Rayonier Common Stock on a one-for-one basis.
−Removed: During the quarter ended December 31, 2023, 9,371 Operating Partnership units held by limited partners were redeemed in exchange for shares of Rayonier Common Shares.
+Added: During the quarter ended December 31, 2024, 23,203 Operating Partnership units held by limited partners were redeemed in exchange for shares of Rayonier Common Stock.
STOCK PERFORMANCE GRAPH
10 unchanged sentences
FTSE NAREIT All Equity REIT Index 100 91 127 91 98 98
−Removed: SELECTED FINANCIAL DATA
Not applicable.
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.