Item 2. Properties
Item 2. PROPERTIES
Our timber operations are disaggregated into three geographically distinct reporting segments: Southern Timber, Pacific Northwest Timber and New Zealand Timber. The following table provides a breakdown of our timberland holdings as of September 30, 2024 and December 31, 2024:
(acres in 000s) As of September 30, 2024
As of December 31, 2024
Owned Leased Total Owned Leased Total
Southern
Alabama 250 3 253 250 3 253
Arkansas — 2 2 — 2 2
Florida 361 35 396 360 35 395
Georgia 611 50 661 611 49 660
Louisiana 146 — 146 146 — 146
Oklahoma 91 — 91 — — —
South Carolina 15 — 15 15 — 15
Texas 279 — 279 279 — 279
1,753 90 1,843 1,661 89 1,750
Pacific Northwest
Oregon 6 — 6 6 — 6
Washington 408 3 411 299 3 302
414 3 417 305 3 308
New Zealand (a) 178 233 411 178 234 412
Total 2,345 326 2,671 2,144 326 2,470
(a) Represents legal acres owned and leased by the New Zealand subsidiary, in which Rayonier owns a 77% interest. As of December 31, 2024, legal acres in New Zealand were comprised of 287,000 plantable acres and 125,000 non-productive acres.
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The following tables detail changes in our portfolio of owned and leased timberlands by state from December 31, 2023 to December 31, 2024:
(acres in 000s) Acres Owned
December 31, 2023
Acquisitions Sales Other (a) December 31, 2024
Southern
Alabama 250 — — — 250
Florida 361 5 (6) — 360
Georgia 612 2 (3) — 611
Louisiana 147 — (1) — 146
Oklahoma 91 — (91) — —
South Carolina 16 — (1) — 15
Texas 282 — (3) — 279
1,759 7 (105) — 1,661
Pacific Northwest
Oregon 6 — — — 6
Washington 408 — (109) — 299
414 — (109) — 305
New Zealand (b) 188 — (10) — 178
Total 2,361 7 (224) — 2,144
(a) Includes adjustments for land mapping reviews.
(b) Represents legal acres owned by the New Zealand subsidiary, in which Rayonier has a 77% interest.
(acres in 000s) Acres Leased
December 31, 2023
New Leases Sold/Expired Leases (a) Other (b) December 31, 2024
Southern
Alabama 5 — (2) — 3
Arkansas 2 — — — 2
Florida 36 — (1) — 35
Georgia 50 — (1) — 49
93 — (4) — 89
Pacific Northwest
Washington (c) 4 — (1) — 3
New Zealand (d) 233 — (3) 4 234
Total 330 — (8) 4 326
(a) Includes acres previously under lease that have been harvested and activity for the relinquishment of leased acres.
(b) Includes adjustments for land mapping reviews.
(c) Primarily timber reservations acquired in the merger with Pope Resources.
(d) Represents legal acres leased by the New Zealand subsidiary, in which Rayonier has a 77% interest.
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TIMBERLAND LEASES & DEEDS
See Note 16 — Leases for more information on U.S. and New Zealand timberland leases including lease terms and renewal provisions.
The following table details our acres under lease as of December 31, 2024 by type of lease and estimated lease expiration:
(acres in 000s) Lease Expiration
Location Type of Lease Total 2025-2034 2035-2044 2045-2054 Thereafter
Southern Fixed Term 79 39 34 — 6
Fixed Term with Renewal Option (a) 10 10 — — —
Pacific Northwest Fixed Term (b) 3 1 1 1 —
New Zealand CFL - Perpetual (c) 75 — — — 75
CFL - Fixed Term (c) 3 — — — 3
CFL - Terminating (c) 11 1 — 8 2
Forestry Right (c) 132 36 4 7 85
Fixed Term Land Leases 13 — — 2 11
Total Acres under Long-term Leases 326 87 39 18 182
(a) Includes approximately 2,000 acres of timber deeds.
(b) Primarily timber reservations acquired in the merger with Pope Resources.
(c) Estimated lease expiration / termination based on the earlier of: (1) the scheduled expiration / termination date, or (2) the estimated year of final harvest before such expiration / termination date.
The following table details our estimated leased acres, lease expirations and lease costs over the next five years:
(acres and dollars in 000s, except per acre amounts)
Location 2025 2026 2027 2028 2029
Southern
Leased Acres Expiring (a) 26 1 11 — —
Year-end Leased Acres (a) 63 62 51 51 51
Estimated Annual Lease Cost (a)(b) $3,377 $2,780 $2,745 $2,344 $2,328
Average Lease Cost per Acre (a) $40.70 $49.15 $49.03 $51.17 $51.12
Pacific Northwest
Leased Acres Expiring — — — — —
Year-end Leased Acres (c) 3 3 3 3 3
New Zealand
Leased Acres Expiring 1 10 — — —
Year-end Leased Acres 233 223 223 223 223
Estimated Annual Lease Cost (b)(e) $4,376 $4,286 $4,284 $4,284 $4,835
Average Lease Cost per Acre (d)(e) $24.93 $24.43 $24.43 $24.43 $24.43
(a) Includes timber deeds.
(b) Represents capitalized and expensed lease payments.
(c) Primarily timber reservations acquired in the merger with Pope Resources for which no lease payments are made.
(d) Excludes lump sum payments.
(e) Based on the year-end foreign exchange rate.
OTHER NON-TIMBERLAND LEASES
See Note 16 — Leases for information on other non-timberland leases.
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