4 unchanged sentences
Such shares are issued based on an exchange ratio of one common share for each unit in the Operating Partnership.
−Removed: During the quarter ended September 30, 2024, the Company issued 20,292 common shares in exchange for an equal number of units in the Operating Partnership pursuant to the agreement of the Operating Partnership.
+Added: During the quarter ended March 31, 2025, the Company issued 1,000 common shares in exchange for an equal number of units in the Operating Partnership pursuant to the agreement of the Operating Partnership.
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 third quarter of 2024.
−Removed: As of September 30, 2024, there was $87.7 million, or approximately 2,726,179 shares based on the period-end closing stock price of $32.18, remaining under this program.
−Removed: The following table provides information regarding our purchases of Rayonier common shares during the quarter ended September 30, 2024:
+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+Added: The new authorization replaced and superseded the Company’s prior $100 million share repurchase program.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 95,000 shares repurchased under this program in the first quarter of 2025.
+Added: As of March 31, 2025, there was $297.4 million, or approximately 10,666,326 shares based on the period-end closing stock price of $27.88, remaining under this program.
+Added: See the subsequent events section of Note 1 — Basis of Presentation for information regarding shares repurchased subsequent to March 31, 2025.
+Added: The following table provides information regarding our purchases of Rayonier common shares during the quarter ended March 31, 2025:
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)
−Removed: July 1 to July 31 111 $28.03 — 2,892,464
−Removed: August 1 to August 31 — — — 2,847,402
−Removed: September 1 to September 30 111 30.81 — 2,726,179
−Removed: (a) Includes 222 shares repurchased to satisfy tax withholding requirements related to the vesting of shares under the Rayonier Incentive Stock Plan.
−Removed: 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.
−Removed: (b) Purchases made in open-market transactions under the $100 million share repurchase program announced on February 10, 2016.
−Removed: (c) Maximum number of shares authorized to be purchased under the share repurchase program at the end of July, August and September are based on month-end closing stock prices of $30.33, $30.81 and $32.18, respectively.
+Added: January 1 to January 31 29 $26.20 — 11,476,664
+Added: February 1 to February 28 1,391 26.02 — 11,325,028
+Added: March 1 to March 31 95,000 27.61 95,000 10,666,326
+Added: Total 96,420 95,000
+Added: (a) Includes 1,420 shares repurchased to satisfy tax withholding obligations arising from the vesting of shares under the Rayonier Incentive Stock Plan.
+Added: The repurchase price for each share was based on the Company’s common share closing price on the respective vesting dates.
+Added: (b) Purchases made in open-market transactions under the $300 million share repurchase program announced on December 2, 2024.
+Added: (c) Maximum number of shares authorized to be purchased under the new share repurchase program at the end of January, February and March are based on month-end closing stock prices of $26.14, $26.49, and $27.88, respectively.
Rayonier, L.P.
UNREGISTERED SALES OF EQUITY SECURITIES
−Removed: There were no unregistered sales of equity securities made by the Operating Partnership during the quarter ended September 30, 2024.
+Added: There were no unregistered sales of equity securities made by the Operating Partnership during the quarter ended March 31, 2025.
ISSUER REPURCHASES OF EQUITY SECURITIES
Pursuant to the Operating Partnership’s limited partnership agreement, limited partners have the right to redeem their units in the Operating Partnership for cash, or at our election, shares of Rayonier Common Stock on a one-for-one basis.
−Removed: During the quarter ended September 30, 2024, 20,292 units in the Operating Partnership held by limited partners were redeemed in exchange for shares of Rayonier Common Stock.
+Added: During the quarter ended March 31, 2025, 1,000 units in the Operating Partnership held by limited partners were redeemed in exchange for shares of Rayonier Common Stock.
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.