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 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.
+Added: During the quarter ended June 30, 2025, the Company issued 9,519 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
3 unchanged sentences
The new repurchase program has no time limit and may be suspended for periods or discontinued at any time.
−Removed: There were 95,000 shares repurchased under this program in the first quarter of 2025.
−Removed: 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.
−Removed: See the subsequent events section of Note 1 — Basis of Presentation for information regarding shares repurchased subsequent to March 31, 2025.
−Removed: The following table provides information regarding our purchases of Rayonier common shares during the quarter ended March 31, 2025:
+Added: There were 1,472,928 shares repurchased under this program in the second quarter of 2025.
+Added: As of June 30, 2025, there was $262.4 million, or approximately 11,832,682 shares based on the period-end closing stock price of $22.18, remaining under this program.
+Added: The following table provides information regarding our purchases of Rayonier common shares during the quarter ended June 30, 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: January 1 to January 31 29 $26.20 — 11,476,664
−Removed: February 1 to February 28 1,391 26.02 — 11,325,028
−Removed: March 1 to March 31 95,000 27.61 95,000 10,666,326
+Added: April 1 to April 30 501,719 $25.17 404,041 11,748,862
+Added: May 1 to May 31 484,195 23.61 483,967 11,643,486
+Added: June 1 to June 30 585,162 23.08 584,920 11,832,682
Total 1,571,076 1,472,928
2 unchanged sentences
(b) Purchases made in open-market transactions under the $300 million share repurchase program announced on December 2, 2024.
−Removed: (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.
+Added: (c) Maximum number of shares authorized to be purchased under the new share repurchase program at the end of April, May and June are based on month-end closing stock prices of $24.46, $23.70, and $22.18, 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 March 31, 2025.
+Added: There were no unregistered sales of equity securities made by the Operating Partnership during the quarter ended June 30, 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 March 31, 2025, 1,000 units in the Operating Partnership held by limited partners were redeemed in exchange for shares of Rayonier Common Stock.
+Added: During the quarter ended June 30, 2025, 9,519 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.