6 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
4 unchanged sentences
Selling and general expenses ( 17,008 ) ( 18,276 ) ( 50,621 ) ( 57,865 )
−Removed: Other operating expense, net ( Note 15 )
+Added: Other operating income (expense), net ( Note 15 )
313 ( 663 ) ( 1,071 ) ( 815 )
3 unchanged sentences
Interest income 9,806 1,098 15,009 4,752
−Removed: Other miscellaneous expense, net ( 561 ) ( 1,173 ) ( 2,404 ) ( 8,253 )
−Removed: INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 9,769 ( 3,896 ) 4,467 ( 9,397 )
+Added: Other miscellaneous (expense) income, net ( 1,039 ) 11,529 ( 3,443 ) 3,276
+Added: INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 43,709 22,250 48,176 12,853
Income tax (expense) benefit ( Note 16 )
— ( 10 ) ( 291 ) 981
−Removed: INCOME (LOSS) FROM CONTINUING OPERATIONS 9,769 ( 3,896 ) 4,176 ( 8,406 )
+Added: INCOME FROM CONTINUING OPERATIONS 43,709 22,240 47,885 13,834
DISCONTINUED OPERATIONS, NET ( NOTE 2 )
−Removed: (Loss) income from operations of discontinued operations, net of tax ( 625 ) 6,931 1,883 13,747
+Added: Income from operations of discontinued operations, net of tax — 8,202 1,883 21,949
Gain on sale of discontinued operations — — 404,463 —
2 unchanged sentences
Net income attributable to noncontrolling interests in the Operating Partnership ( 522 ) ( 391 ) ( 5,952 ) ( 437 )
−Removed: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 577 ( 1,106 ) 192 ( 2,035 )
+Added: Net (income) loss attributable to noncontrolling interests in consolidated affiliates — ( 1,293 ) 192 ( 3,328 )
NET INCOME ATTRIBUTABLE TO RAYONIER INC.
5 unchanged sentences
( 2 ) 139 ( 5 ) 9,701
−Removed: OTHER COMPREHENSIVE INCOME (LOSS), RELATING TO DISCONTINUED OPERATIONS
+Added: OTHER COMPREHENSIVE INCOME, RELATING TO DISCONTINUED OPERATIONS
Foreign currency translation adjustment, net of income tax effect of $ 0 , $ 0 , $ 0 and $ 0
3 unchanged sentences
Deconsolidation of discontinued operations, net of income tax effect of $ 0 , $ 0 , $ 0 and $ 0
−Removed: 29,068 — 29,068 —
−Removed: Total other comprehensive income 47,308 6,212 43,893 1,789
+Added: Total other comprehensive (loss) income ( 3,750 ) ( 2,350 ) 40,143 ( 561 )
COMPREHENSIVE INCOME 39,959 28,092 494,374 35,222
3 unchanged sentences
$ 39,482 $ 24,563 $ 485,319 $ 30,637
−Removed: EARNINGS (LOSS) PER COMMON SHARE ( NOTE 6 )
−Removed: BASIC EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO RAYONIER INC.
+Added: EARNINGS PER COMMON SHARE ( NOTE 6 )
+Added: BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.
Continuing Operations $ 0.28 $ 0.15 $ 0.31 $ 0.09
1 unchanged sentence
Net Income $ 0.28 $ 0.19 $ 2.90 $ 0.22
−Removed: DILUTED EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO RAYONIER INC.
+Added: DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.
Continuing Operations $ 0.28 $ 0.15 $ 0.30 $ 0.09
6 unchanged sentences
(Dollars in thousands)
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
CURRENT ASSETS
75 unchanged sentences
Issuance of common shares from special dividend (b) 7,560,983 200,454 — — — 200,454
−Removed: Issuance of shares under incentive stock plans 5,566 — — — — —
+Added: Issuance of common shares under incentive stock plans 5,566 — — — — —
Stock-based incentive compensation — 2,281 — — — 2,281
15 unchanged sentences
— — ( 42,387 ) — — ( 42,387 )
−Removed: Issuance of shares under incentive stock plans 315,017 — — — — —
+Added: Issuance of common shares under incentive stock plans 315,017 — — — — —
Stock-based incentive compensation — 3,628 — — — 3,628
9 unchanged sentences
Balance, June 30, 2025 154,761,232 $ 1,726,418 $ 545,087 $ 30,712 — $ 2,302,217
+Added: RAYONIER INC.
+Added: AND SUBSIDIARIES
+Added: CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED)
+Added: (Dollars in thousands, except share data)
+Added: Common Shares Retained
+Added: Earnings Accumulated
+Added: Comprehensive Income (Loss) Noncontrolling Interests in Consolidated Affiliates Shareholders’
+Added: Shares Amount
+Added: Balance, June 30, 2025 154,761,232 $ 1,726,418 $ 545,087 $ 30,712 — $ 2,302,217
+Added: Income from continuing operations — — 43,709 — — 43,709
+Added: Net income attributable to noncontrolling interests in the Operating Partnership — — ( 522 ) — — ( 522 )
+Added: Dividends ($ 0.2725 per share) (a)
+Added: — — ( 42,595 ) — — ( 42,595 )
+Added: Issuance of common shares under incentive stock plans 2,010 — — — — —
+Added: Stock-based incentive compensation — 2,598 — — — 2,598
+Added: Repurchase of common shares to pay withholding taxes on vested incentive stock awards ( 298 ) ( 7 ) — — — ( 7 )
+Added: Repurchase of common shares made under repurchase program ( 1,226,384 ) — ( 30,103 ) — — ( 30,103 )
+Added: Adjustment of noncontrolling interests in the Operating Partnership — — ( 1,350 ) — — ( 1,350 )
+Added: Conversion of units into common shares 334,594 8,058 — — — 8,058
+Added: Pension and postretirement benefit plans — — — ( 2 ) — ( 2 )
+Added: Cash flow hedges — — — ( 3,748 ) — ( 3,748 )
+Added: Allocation of other comprehensive loss to noncontrolling interests in the Operating Partnership — — — 450 — 450
+Added: Balance, September 30, 2025 153,871,154 $ 1,737,067 $ 514,226 $ 27,412 — $ 2,278,705
(a) For information regarding distributions to noncontrolling interests in the Operating Partnership, see the Rayonier Inc.
Consolidated Statements of Cash Flows and Note 5 — Noncontrolling Interests .
−Removed: (b) Reflects the issuance of shares related to the Company’s special dividend of $ 1.80 per common share, paid on January 30, 2025, to shareholders of record as of December 12, 2024.
+Added: (b) Reflects the issuance of common shares related to the Company’s special dividend of $ 1.80 per common share, paid on January 30, 2025, to shareholders of record as of December 12, 2024.
This dividend comprised a combination of cash and the Company’s common shares.
13 unchanged sentences
— — ( 42,777 ) — — ( 42,777 )
−Removed: Issuance of shares under incentive stock plans 752 — — — — —
+Added: Issuance of common shares under incentive stock plans 752 — — — — —
Stock-based incentive compensation — 3,218 — — — 3,218
13 unchanged sentences
— — ( 42,517 ) — — ( 42,517 )
−Removed: Issuance of shares under incentive stock plans 396,849 — — — — —
+Added: Issuance of common shares under incentive stock plans 396,849 — — — — —
Stock-based incentive compensation — 4,904 — — — 4,904
7 unchanged sentences
Balance, June 30, 2024 148,979,418 $ 1,515,026 $ 264,012 $ 27,749 $ 14,278 $ 1,821,065
+Added: RAYONIER INC.
+Added: AND SUBSIDIARIES
+Added: CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED)
+Added: (Dollars in thousands, except share data)
+Added: Common Shares Retained
+Added: Earnings Accumulated
+Added: Comprehensive Income Noncontrolling Interests in Consolidated Affiliates Shareholders’
+Added: Shares Amount
+Added: Balance, June 30, 2024 148,979,418 $ 1,515,026 $ 264,012 $ 27,749 $ 14,278 $ 1,821,065
+Added: Income (loss) from continuing operations — — 22,250 — ( 10 ) 22,240
+Added: Income from discontinued operations — — 6,899 — 1,303 8,202
+Added: Net income attributable to noncontrolling interests in the Operating Partnership — — ( 391 ) — — ( 391 )
+Added: Dividends ($ 0.285 per share) (a)
+Added: — — ( 42,433 ) — — ( 42,433 )
+Added: Issuance of common shares under incentive stock plans 848 — — — — —
+Added: Stock-based incentive compensation — 3,906 — — — 3,906
+Added: Repurchase of common shares to pay withholding taxes on vested incentive stock awards ( 222 ) ( 5 ) — — — ( 5 )
+Added: Adjustment of noncontrolling interests in the Operating Partnership — — ( 6,476 ) — — ( 6,476 )
+Added: Conversion of units into common shares 20,292 643 — — — 643
+Added: Pension and postretirement benefit plans — — — 139 — 139
+Added: Foreign currency translation adjustment — — — 12,804 534 13,338
+Added: Cash flow hedges — — — ( 17,195 ) 1,368 ( 15,827 )
+Added: Allocation of other comprehensive loss to noncontrolling interests in the Operating Partnership — — — 77 — 77
+Added: Distributions to noncontrolling interests in consolidated affiliates — — — — ( 1,713 ) ( 1,713 )
+Added: Balance, September 30, 2024 149,000,336 $ 1,519,570 $ 243,861 $ 23,574 $ 15,760 $ 1,802,765
(a) For information regarding distributions to noncontrolling interests in the Operating Partnership, see the Rayonier Inc.
5 unchanged sentences
(Dollars in thousands)
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
OPERATING ACTIVITIES
8 unchanged sentences
Deferred income taxes ( 2,571 ) ( 4,154 )
+Added: Asset impairment charge 7,048 —
Pension settlement charge — 5,979
12 unchanged sentences
Net proceeds on sale of property, plant and equipment 4,146 13
+Added: Purchase of timberlands — ( 3,637 )
Other 4,444 1,018
6 unchanged sentences
Distributions to noncontrolling interests in consolidated affiliates ( 3,082 ) ( 5,473 )
+Added: Debt issuance costs ( 779 ) —
+Added: Repayment of debt — ( 60,000 )
CASH USED FOR FINANCING ACTIVITIES ( 272,083 ) ( 229,926 )
8 unchanged sentences
Total Balance, end of period $ 920,259 $ 77,246
−Removed: (a) The six months ended June 30, 2025 includes proceeds from the disposition of our New Zealand joint venture, net of closing adjustments, transaction costs, and $ 11.1 million of deconsolidated cash.
−Removed: (b) The six months ended June 30, 2025 includes an additional dividend of $ 1.80 per common share, consisting of a combination of cash and the Company’s common shares.
+Added: (a) The nine months ended September 30, 2025 includes proceeds from the disposition of our New Zealand joint venture, net of closing adjustments, transaction costs, and $ 11.1 million of deconsolidated cash.
+Added: (b) The nine months ended September 30, 2025 includes an additional dividend of $ 1.80 per common share, consisting of a combination of cash and the Company’s common shares.
The cash portion of $ 67.8 million was paid on January 30, 2025 to shareholders of record on December 12, 2024.
−Removed: The six months ended June 30, 2024 includes an additional cash dividend of $ 0.20 per common share, totaling $ 29.8 million.
+Added: The nine months ended September 30, 2024 includes an additional cash dividend of $ 0.20 per common share, totaling $ 29.8 million.
The additional dividend was paid on January 12, 2024, to shareholders of record on December 29, 2023.
−Removed: (c) The six months ended June 30, 2025 includes an additional distribution of $ 1.80 per Redeemable Operating Partnership Unit, consisting of a combination of cash and the Company’s Redeemable Operating Partnership Units.
+Added: (c) The nine months ended September 30, 2025 includes an additional distribution of $ 1.80 per Redeemable Operating Partnership Unit, consisting of a combination of cash and the Company’s Redeemable Operating Partnership Units.
The cash portion of $ 0.9 million was paid on January 30, 2025, to holders of record on December 12, 2024.
−Removed: The six months ended June 30, 2024 includes an additional cash distribution of $ 0.20 per Redeemable Operating Partnership Unit, totaling $ 0.5 million.
+Added: The nine months ended September 30, 2024 includes an additional cash distribution of $ 0.20 per Redeemable Operating Partnership Unit, totaling $ 0.5 million.
The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023.
3 unchanged sentences
(Dollars in thousands)
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
6 unchanged sentences
Issuance of Redeemable Operating Partnership Units from special distribution 2,681 —
−Removed: (a) Interest paid includes patronage paymen ts receive d of $ 7.9 million a n d $ 8.3 million for the six months ended June 30, 2025 and June 30, 2024, respectively.
+Added: (a) Interest paid includes patronage paymen ts receive d of $ 7.9 million a n d $ 8.3 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.
For additional information on patronage payments, see Note 7 — Debt in the 2024 Form 10-K.
−Removed: Interest paid for the six months ended June 30, 2025 and June 30, 2024 includes $ 1.5 million and $ 1.6 million, respectively, from discontinued operations.
−Removed: (b) Income taxes for the six months ended June 30, 2025 and June 30, 2024 includes $ 3.8 million and $ 3.6 million, respectively, from discontinued operations.
+Added: Interest paid for the nine months ended September 30, 2025 and September 30, 2024 includes $ 1.5 million and $ 2.7 million, respectively, from discontinued operations.
+Added: (b) Income taxes paid for the nine months ended September 30, 2025 and September 30, 2024 includes $ 3.8 million and $ 5.2 million, respectively, from discontinued operations.
See Notes to Consolidated Financial Statements.
5 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
4 unchanged sentences
Selling and general expenses ( 17,008 ) ( 18,276 ) ( 50,621 ) ( 57,865 )
−Removed: Other operating expense, net ( Note 15 )
+Added: Other operating income (expense), net ( Note 15 )
313 ( 663 ) ( 1,071 ) ( 815 )
3 unchanged sentences
Interest income 9,806 1,098 15,009 4,752
−Removed: Other miscellaneous expense, net ( 561 ) ( 1,173 ) ( 2,404 ) ( 8,253 )
−Removed: INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 9,769 ( 3,896 ) 4,467 ( 9,397 )
+Added: Other miscellaneous (expense) income, net ( 1,039 ) 11,529 ( 3,443 ) 3,276
+Added: INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 43,709 22,250 48,176 12,853
Income tax (expense) benefit ( Note 16 )
— ( 10 ) ( 291 ) 981
−Removed: INCOME (LOSS) FROM CONTINUING OPERATIONS 9,769 ( 3,896 ) 4,176 ( 8,406 )
+Added: INCOME FROM CONTINUING OPERATIONS 43,709 22,240 47,885 13,834
DISCONTINUED OPERATIONS, NET ( NOTE 2 )
−Removed: (Loss) income from operations of discontinued operations, net of tax ( 625 ) 6,931 1,883 13,747
+Added: Income from operations of discontinued operations, net of tax — 8,202 1,883 21,949
Gain on sale of discontinued operations — — 404,463 —
1 unchanged sentence
NET INCOME 43,709 30,442 454,231 35,783
−Removed: Net loss (income) attributable to noncontrolling interests in consolidated affiliates 577 ( 1,106 ) 192 ( 2,035 )
+Added: Net (income) loss attributable to noncontrolling interests in consolidated affiliates — ( 1,293 ) 192 ( 3,328 )
NET INCOME ATTRIBUTABLE TO RAYONIER, L.P.
9 unchanged sentences
( 2 ) 139 ( 5 ) 9,701
−Removed: OTHER COMPREHENSIVE INCOME (LOSS), RELATING TO DISCONTINUED OPERATIONS
+Added: OTHER COMPREHENSIVE INCOME, RELATING TO DISCONTINUED OPERATIONS
Foreign currency translation adjustment, net of income tax effect of $ 0 , $ 0 , $ 0 and $ 0
3 unchanged sentences
Deconsolidation of discontinued operations, net of income tax effect of $ 0 , $ 0 , $ 0 and $ 0
−Removed: 29,068 — 29,068 —
−Removed: Total other comprehensive income 47,308 6,212 43,893 1,789
+Added: Total other comprehensive (loss) income ( 3,750 ) ( 2,350 ) 40,143 ( 561 )
COMPREHENSIVE INCOME 39,959 28,092 494,374 35,222
2 unchanged sentences
UNITHOLDERS $ 39,959 $ 24,897 $ 491,769 $ 31,054
−Removed: EARNINGS (LOSS) PER UNIT ( NOTE 6 )
−Removed: BASIC EARNINGS (LOSS) PER UNIT ATTRIBUTABLE TO RAYONIER L.P.
+Added: EARNINGS PER UNIT ( NOTE 6 )
+Added: BASIC EARNINGS PER UNIT ATTRIBUTABLE TO RAYONIER L.P.
Continuing Operations $ 0.28 $ 0.15 $ 0.31 $ 0.09
1 unchanged sentence
Net Income $ 0.28 $ 0.19 $ 2.90 $ 0.22
−Removed: DILUTED EARNINGS (LOSS) PER UNIT ATTRIBUTABLE TO RAYONIER L.P.
+Added: DILUTED EARNINGS PER UNIT ATTRIBUTABLE TO RAYONIER L.P.
Continuing Operations $ 0.28 $ 0.15 $ 0.30 $ 0.09
6 unchanged sentences
(Dollars in thousands)
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
CURRENT ASSETS
95 unchanged sentences
Balance, June 30, 2025 $ 22,690 $ 2,246,297 $ 33,230 — $ 2,302,217
+Added: Income from continuing operations 437 43,272 — — 43,709
+Added: Distributions on units ($ 0.2725 per unit)
+Added: ( 431 ) ( 42,639 ) — — ( 43,070 )
+Added: Stock-based incentive compensation 26 2,572 — — 2,598
+Added: Repurchase of units to pay withholding taxes on vested incentive stock awards — ( 7 ) — — ( 7 )
+Added: Repurchase of units made under repurchase program ( 301 ) ( 29,802 ) — — ( 30,103 )
+Added: Adjustment of Redeemable Operating Partnership Units ( 9 ) ( 938 ) — — ( 947 )
+Added: Conversion of units into common shares 80 7,978 — — 8,058
+Added: Pension and postretirement benefit plans — — ( 2 ) — ( 2 )
+Added: Cash flow hedges — — ( 3,748 ) — ( 3,748 )
+Added: Balance, September 30, 2025 $ 22,492 $ 2,226,733 $ 29,480 — $ 2,278,705
(a) Reflects the issuance of units related to the Company’s special distribution of $ 1.80 per unit, paid on January 30, 2025, to holders of record as of December 12, 2024.
33 unchanged sentences
Balance, June 30, 2024 $ 17,759 $ 1,758,158 $ 30,870 $ 14,278 $ 1,821,065
+Added: Income (loss) from continuing operations 222 22,028 — ( 10 ) 22,240
+Added: Income from discontinued operations 69 6,830 — 1,303 8,202
+Added: Distributions on units ($ 0.285 per unit)
+Added: ( 430 ) ( 42,531 ) — — ( 42,961 )
+Added: Stock-based incentive compensation 39 3,867 — — 3,906
+Added: Repurchase of units to pay withholding taxes on vested incentive stock awards — ( 5 ) — — ( 5 )
+Added: Adjustment of Redeemable Operating Partnership Units ( 62 ) ( 6,200 ) — — ( 6,262 )
+Added: Conversion of units into common shares 6 637 — — 643
+Added: Pension and postretirement benefit plans — — 139 — 139
+Added: Foreign currency translation adjustment — — 12,804 534 13,338
+Added: Cash flow hedges — — ( 17,195 ) 1,368 ( 15,827 )
+Added: Distributions to noncontrolling interests in consolidated affiliates — — — ( 1,713 ) ( 1,713 )
+Added: Balance, September 30, 2024 $ 17,603 $ 1,742,784 $ 26,618 $ 15,760 $ 1,802,765
See Notes to Consolidated Financial Statements.
3 unchanged sentences
(Dollars in thousands)
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
OPERATING ACTIVITIES
8 unchanged sentences
Deferred income taxes ( 2,571 ) ( 4,154 )
+Added: Asset impairment charge 7,048 —
Pension settlement charge — 5,979
12 unchanged sentences
Net proceeds on sale of property, plant and equipment 4,146 13
+Added: Purchase of timberlands — ( 3,637 )
Other 4,444 1,018
5 unchanged sentences
Distributions to noncontrolling interests in consolidated affiliates ( 3,082 ) ( 5,473 )
+Added: Debt issuance costs ( 779 ) —
+Added: Repayment of debt — ( 60,000 )
CASH USED FOR FINANCING ACTIVITIES ( 272,083 ) ( 229,926 )
8 unchanged sentences
Total Balance, end of period $ 920,259 $ 77,246
−Removed: (a) The six months ended June 30, 2025 includes proceeds from the disposition of our New Zealand joint venture, net of closing adjustments, transaction costs, and $ 11.1 million of deconsolidated cash.
−Removed: (b) The six months ended June 30, 2025 includes an additional distribution of $ 1.80 per unit, consisting of a combination of cash and units.
+Added: (a) The nine months ended September 30, 2025 includes proceeds from the disposition of our New Zealand joint venture, net of closing adjustments, transaction costs, and $ 11.1 million of deconsolidated cash.
+Added: (b) The nine months ended September 30, 2025 includes an additional distribution of $ 1.80 per unit, consisting of a combination of cash and units.
The cash portion of $ 68.7 million was paid on January 30, 2025, to holders of record on December 12, 2024.
−Removed: The six months ended June 30, 2024 includes an additional cash distribution of $ 0.20 per unit, totaling $ 30.2 million.
+Added: The nine months ended September 30, 2024 includes an additional cash distribution of $ 0.20 per unit, totaling $ 30.2 million.
The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023.
3 unchanged sentences
(Dollars in thousands)
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
5 unchanged sentences
Issuance of units from special distribution 203,135 —
−Removed: (a) Interest paid includes patronage payments received of $ 7.9 million and $ 8.3 million for the six months ended June 30, 2025 and June 30, 2024, respectively.
+Added: (a) Interest paid includes patronage payments received of $ 7.9 million and $ 8.3 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.
For additional information on patronage payments, see Note 7 — Debt in the 2024 Form 10-K.
−Removed: Interest paid for the six months ended June 30, 2025 and June 30, 2024 includes $ 1.5 million and $ 1.6 million, respectively, from discontinued operations.
−Removed: (b) Income taxes for the six months ended June 30, 2025 and June 30, 2024 includes $ 3.8 million and $ 3.6 million, respectively, from discontinued operations.
+Added: Interest paid for the nine months ended September 30, 2025 and September 30, 2024 includes $ 1.5 million and $ 2.7 million, respectively, from discontinued operations.
+Added: (b) Income taxes paid for the nine months ended September 30, 2025 and September 30, 2024 includes $ 3.8 million and $ 5.2 million, respectively, from discontinued operations.
See Notes to Consolidated Financial Statements.
14 unchanged sentences
These statements and notes should be read in conjunction with the financial statements and supplementary data included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC (the “2024 Form 10-K”).
−Removed: As of June 30, 2025, the Company owned a 98.7 % interest in the Operating Partnership, with the remaining 1.3 % interest owned by limited partners of the Operating Partnership.
+Added: As of September 30, 2025, the Company owned a 98.9 % interest in the Operating Partnership, with the remaining 1.1 % interest owned by limited partners of the Operating Partnership.
As the sole general partner of the Operating Partnership, Rayonier Inc.
3 unchanged sentences
RECLASSIFICATIONS
−Removed: Certain 2024 amounts have been reclassified to align with the current presentation, including reclassifications for discontinued operations.
+Added: Certain 2024 amounts have been reclassified to align with the current presentation, including reclassifications for discontinued operations and current reportable segments.
In March 2025, we entered into a purchase and sale agreement to divest our entire 77 % interest in our New Zealand operations.
3 unchanged sentences
The Consolidated Statements of Cash Flows for both 2025 and 2024 have not been restated to exclude the New Zealand operation’s cash flows.
+Added: Effective with the third quarter of 2025, we realigned our reportable segments to reflect changes in our internal management reporting structure.
+Added: As a result, prior period segment information has been reclassified to conform to our current segment presentation.
Unless otherwise specified, all amounts and disclosures within these Notes to Condensed Consolidated Financial Statements pertain to the Company’s continuing operations.
−Removed: See Note 2 — Discontinued Operations for additional information regarding the sale of the New Zealand joint venture.
+Added: See Note 2 — Discontinued Operations for additional information regarding the sale of the New Zealand joint venture and Note 3 — Segment and Geographical Information for further discussion of our reportable segments.
ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED
9 unchanged sentences
We are currently evaluating the impact of adopting this new guidance on our consolidated financial statements and disclosures.
+Added: RAYONIER INC.
+Added: AND SUBSIDIARIES
+Added: RAYONIER, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollar amounts in thousands unless otherwise stated)
In December 2023, the FASB issued ASU No.
2 unchanged sentences
This ASU enhances annual income tax disclosures, primarily affecting the rate reconciliation and income taxes paid reconciliation.
−Removed: The pronouncement is effective for annual periods beginning after December 15, 2024, and requires prospective application, although early adoption and retrospective application are permitted.
+Added: The pronouncement is effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis, although early adoption and retrospective application are permitted.
+Added: We will adopt the standard beginning with our annual reporting for the year ending December 31, 2025 and do not anticipate this disclosure-only ASU will impact our consolidated financial statements.
+Added: Other recent accounting pronouncements, either adopted or pending adoption and not discussed above, are not applicable or are not expected to have a material impact on our consolidated financial condition, results of operations, or cash flows.
+Added: SUBSEQUENT EVENTS
+Added: On October 14, 2025, the Company announced that it entered into a definitive agreement with PotlatchDeltic Corporation (“PotlatchDeltic”) to combine in a merger of equals.
+Added: The transaction is expected to close in late first quarter or early second quarter of 2026.
+Added: The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of both Rayonier’s shareholders and PotlatchDeltic’s shareholders.
+Added: On October 14, 2025, the Company announced that its board of directors declared a one-time, special dividend of $ 1.40 per common share, consisting of a combination of cash and the Company’s common shares.
+Added: In addition, the Company's board of directors declared a one-time, special distribution of $ 1.40 per Redeemable Operating Partnership Unit, consisting of a combination of cash and the Company's Redeemable Operating Partnership Units.
+Added: The dividend and distribution are payable on December 12, 2025 to holders of record on October 24, 2025.
RAYONIER INC.
4 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
−Removed: will adopt the standard beginning with our annual reporting for the year ending December 31, 2025 and do not anticipate this disclosure-only ASU will impact our consolidated financial statements.
−Removed: Other recent accounting pronouncements, either adopted or pending adoption and not discussed above, are not applicable or are not expected to have a material impact on our consolidated financial condition, results of operations, or cash flows.
−Removed: SUBSEQUENT EVENTS
−Removed: We have evaluated events occurring from June 30, 2025 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements.
−Removed: No events were identified that warranted recognition or disclosure.
DISCONTINUED OPERATIONS
On March 9, 2025, Rayonier entered into a purchase and sale agreement with Taurus Forest Holdings Limited, pursuant to which Rayonier agreed to sell its entire 77 % interest in its New Zealand operations.
−Removed: Accordingly, in the first quarter of 2025, the financial results of the New Zealand Timber segment and the New Zealand portion of the Real Estate, Trading and Corporate segments were classified as discontinued operations in our Consolidated Statements of Income and Comprehensive Income (Loss) for all periods presented.
+Added: Accordingly, in the first quarter of 2025, the financial results of the New Zealand Timber segment and the New Zealand portion of the Real Estate, former Trading and Corporate segments were classified as discontinued operations in our Consolidated Statements of Income and Comprehensive Income (Loss) for all periods presented.
On June 30, 2025, we completed the sale of our New Zealand operations for a purchase price of $ 710 million.
Net proceeds to Rayonier, after adjusting for estimated net debt, working capital, transaction costs, and other closing adjustments, were $ 698.6 million.
−Removed: We expect to receive a final purchase price adjustment of $ 0.7 million during the third quarter, which has been recognized as a receivable on our June 30, 2025 Consolidated Balance Sheet.
+Added: We received a final purchase price adjustment of $ 0.7 million during the third quarter, which was recognized as a receivable on our June 30, 2025 Consolidated Balance Sheet.
In connection with the sale, we recognized a gain on disposal of discontinued operations of $ 404.5 million.
−Removed: The following table summarizes the results of our New Zealand operations for the three and six months ended June 30, 2025 and 2024, as presented in “Income from discontinued operations” in the Consolidated Statements of Income and Comprehensive Income (Loss):
+Added: The following table summarizes the results of our New Zealand operations for the three and nine months ended September 30, 2025 and 2024, as presented in “Income from discontinued operations” in the Consolidated Statements of Income and Comprehensive Income (Loss):
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
4 unchanged sentences
— ( 62,117 ) ( 105,450 ) ( 175,008 )
−Removed: Operating (loss) income from discontinued operations ( 667 ) 7,894 3,882 15,472
+Added: Operating income from discontinued operations — 8,774 3,882 24,246
Interest expense, net — ( 812 ) ( 1,508 ) ( 2,390 )
Interest income — 265 202 777
−Removed: (Loss) income from operations of discontinued operations before income taxes ( 1,343 ) 7,431 2,576 14,406
−Removed: Income tax benefit (expense) 718 ( 500 ) ( 693 ) ( 659 )
−Removed: (Loss) income from operations of discontinued operations, net of tax ( 625 ) 6,931 1,883 13,747
+Added: Income from operations of discontinued operations before income taxes — 8,227 2,576 22,633
+Added: Income tax expense — ( 25 ) ( 693 ) ( 684 )
+Added: Income from operations of discontinued operations, net of tax — 8,202 1,883 21,949
Gain on sale of discontinued operations (b) — — 404,463 —
1 unchanged sentence
Net income from discontinued operations attributable to noncontrolling interests in the Operating Partnership — ( 93 ) ( 5,375 ) ( 256 )
−Removed: Net loss (income) from discontinued operations attributable to noncontrolling interests in consolidated affiliates 577 ( 1,119 ) 192 ( 2,058 )
+Added: Net (income) loss from discontinued operations attributable to noncontrolling interests in consolidated affiliates — ( 1,303 ) 192 ( 3,362 )
Net income from discontinued operations attributable to Rayonier Inc.
— $ 6,806 $ 401,163 $ 18,331
−Removed: (a) The six months ended June 30, 2025 includes transaction costs of $ 0.2 million.
−Removed: The three and six months ended June 30, 2024 include transaction costs of $ 0.5 million, respectively.
+Added: (a) The nine months ended September 30, 2025 includes transaction costs of $ 0.2 million.
+Added: The three and nine months ended September 30, 2024 include transaction costs of $ 0.2 million and $ 0.7 million, respectively.
(b) The gain on sale of discontinued operations is not subject to income tax, as it relates to a partnership interest.
35 unchanged sentences
TOTAL LIABILITIES $ 218,176
−Removed: The following table summarizes the depreciation, depletion and amortization, capital expenditures and non-cash cost of land sold and improved development of the Company’s discontinued operations for the three and six months ended June 30, 2025 and 2024:
+Added: The following table summarizes the depreciation, depletion and amortization, capital expenditures and non-cash cost of land sold and improved development of the Company’s discontinued operations for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
9 unchanged sentences
SEGMENT AND GEOGRAPHICAL INFORMATION
−Removed: As of June 30, 2025, Rayonier operated in four reportable segments:
−Removed: Southern Timber, Pacific Northwest Timber, Real Estate, and Trading.
−Removed: Prior to the first quarter of 2025, we operated in five reportable business segments, which included New Zealand Timber.
+Added: As of September 30, 2025, Rayonier operated in three reportable segments:
+Added: Southern Timber, Pacific Northwest Timber, and Real Estate.
+Added: Prior to the first quarter of 2025, we operated in five reportable business segments, which included New Zealand Timber and Trading.
On March 9, 2025, we entered into a purchase and sale agreement to sell our entire 77 % interest in the New Zealand joint venture and as a result, the New Zealand operations are shown as discontinued operations for all periods presented.
1 unchanged sentence
See Note 2 — Discontinued Operations for additional information.
+Added: Effective with the third quarter of 2025, the Company realigned its segments considering the economic characteristics of each business unit and the way the chief operating decision maker (“CODM”), the Chief Executive Officer, now internally evaluates business performance and makes capital allocation decisions.
+Added: As part of the realignment, the previously reported Trading segment’s log trading activities conducted in the U.S.
+Added: South and Pacific Northwest are now reported in the respective Southern Timber or Pacific Northwest Timber segments based on geographical location.
+Added: All prior period amounts have been reclassified to reflect the newly aligned segment structure.
Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation.
−Removed: Our chief operating decision maker (“CODM”), the Chief Executive Officer, evaluates segment operating performance based on Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”) to make decisions about allocating resources and assessing performance.
+Added: The CODM evaluates segment operating performance based on Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”) to make decisions about allocating resources and assessing performance.
Total assets by segment are not used by the CODM to assess the performance of or allocate resources to the segments, therefore total assets by segment are not disclosed.
−Removed: Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating expense, income (loss) from operations of discontinued operations, gain on sale of discontinued operations, restructuring charges, costs related to disposition initiatives and Large Dispositions.
+Added: Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating expense and income, income from operations of discontinued operations, gain on sale of discontinued operations, asset impairment charges, restructuring charges, costs related to disposition initiatives and Large Dispositions.
We believe that Operating income (loss), as defined by U.S.
8 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
−Removed: The following tables summarize the segment information for the three and six months ended June 30, 2025 and 2024:
−Removed: Three Months Ended Southern Timber Pacific Northwest Timber Real Estate Trading Corporate and Other Total
−Removed: June 30, 2025
+Added: The following tables summarize the segment information for the three and nine months ended September 30, 2025 and 2024:
+Added: Three Months Ended Southern Timber Pacific Northwest Timber Real Estate Total
+Added: September 30, 2025
Sales $ 66,834 $ 19,941 $ 90,756 $ 177,531
4 unchanged sentences
Other costs and expenses (a) ( 10,374 ) ( 5,154 ) ( 23,999 ) ( 39,527 )
−Removed: Operating income (loss) $ 12,595 $ 1,599 $ 9,779 ($ 105 ) ($ 9,323 ) $ 14,545
+Added: Reportable segment operating income $ 22,542 $ 1,750 $ 26,407 $ 50,699
+Added: Asset impairment charge (b) — — 7,048 7,048
Depreciation, depletion and amortization 20,139 4,637 9,605 34,381
Non-cash cost of land and improved development — — 30,745 30,745
−Removed: Adjusted EBITDA $ 28,383 $ 6,950 $ 18,563 ($ 105 ) ($ 8,907 ) $ 44,884
−Removed: Reconciliation of segment results to consolidated income before taxes
+Added: Reportable segment adjusted EBITDA $ 42,681 $ 6,387 $ 73,805 $ 122,873
+Added: Reconciliation of reportable segment results to consolidated income before taxes
+Added: All other EBITDA (c) ($ 8,569 )
Interest, net and miscellaneous income 3,038
2 unchanged sentences
Non-operating expense ( 1,039 )
−Removed: Income from Continuing Operations $ 9,769
−Removed: Loss from operations of discontinued operations, net of tax ( 625 )
−Removed: Gain on sale of discontinued operations 404,463
−Removed: Net Income $ 413,607
+Added: Asset impairment charge (b) ( 7,048 )
+Added: Net Income (d) $ 43,709
(a) Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.
+Added: (b) Asset impairment charge reflects an impairment charge recognized on certain real estate assets located in Washington, which were acquired in the 2020 merger with Pope Resources.
+Added: The asset impairment charge is recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Cost of sales.”
+Added: (c) All other EBITDA includes general corporate expenses.
+Added: (d) As no income tax expense was recognized for the three months ended September 30, 2025, net income is equal to income before taxes.
RAYONIER INC.
4 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
−Removed: Three Months Ended Southern Timber Pacific Northwest Timber Real Estate Trading Corporate and Other Total
−Removed: June 30, 2024
+Added: Three Months Ended Southern Timber Pacific Northwest Timber Real Estate Total
+Added: September 30, 2024
Sales $ 62,416 $ 31,626 $ 30,061 $ 124,103
5 unchanged sentences
Other costs and expenses (a) ( 11,479 ) ( 10,193 ) ( 10,133 ) ( 31,805 )
−Removed: Operating income (loss) $ 17,093 ($ 1,467 ) $ 516 $ 24 ($ 11,619 ) $ 4,547
−Removed: Costs related to disposition initiatives (b) — — — — 185 185
+Added: Reportable segment operating income $ 19,790 $ 842 $ 8,632 $ 29,264
Depreciation, depletion and amortization 18,118 7,841 1,451 27,410
Non-cash cost of land and improved development — — 9,845 9,845
−Removed: Adjusted EBITDA $ 33,851 $ 5,922 $ 4,515 $ 24 ($ 10,990 ) $ 33,322
−Removed: Reconciliation of segment results to consolidated income before taxes
−Removed: Interest, net and miscellaneous income ($ 7,270 )
+Added: Reportable segment adjusted EBITDA $ 37,908 $ 8,683 $ 19,928 $ 66,519
+Added: Reconciliation of reportable segment results to consolidated income before taxes
+Added: All other EBITDA (b) ($ 9,324 )
+Added: Interest, net and miscellaneous expense ( 8,111 )
Depreciation, depletion and amortization ( 27,854 )
Non-cash cost of land and improved development ( 9,845 )
−Removed: Non-operating expense (c) ( 1,173 )
−Removed: Costs related to disposition initiatives (b) ( 185 )
−Removed: Loss from Continuing Operations ($ 3,896 )
+Added: Non-operating income (c) 11,529
+Added: Costs related to disposition initiatives (d) ( 664 )
+Added: Income from Continuing Operations Before Income Taxes $ 22,250
+Added: Income tax expense ( 10 )
+Added: Income from Continuing Operations $ 22,240
Income from operations of discontinued operations, net of tax 8,202
1 unchanged sentence
(a) Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.
−Removed: (b) Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with our asset disposition plan, which was announced in November 2023.
−Removed: Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating expense, net.”
−Removed: (c) Non-operating expense includes $ 1.1 million of net costs associated with legal settlements.
−Removed: Net costs associated with legal settlements are recorded within the Consolidated Statements of Income (Loss) under the caption “Other miscellaneous expense, net.”
+Added: (b) All other EBITDA includes general corporate expenses.
+Added: (c) Non-operating income includes $ 12.0 million of net recoveries associated with legal settlements, which is partially offset by $ 0.3 million of pension settlement charges.
+Added: Net recoveries associated with legal settlements and pension settlement charges are recorded within the Consolidated Statements of Income (Loss) under the caption “Other miscellaneous (expense) income, net.”
+Added: (d) Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with our asset disposition plan, which was announced in November 2023.
+Added: Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating income (expense), net.”
RAYONIER INC.
4 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
−Removed: Six Months Ended Southern Timber Pacific Northwest Timber Real Estate Trading Corporate and Other Total
−Removed: June 30, 2025
+Added: Nine Months Ended Southern Timber Pacific Northwest Timber Real Estate Total
+Added: September 30, 2025
Sales $ 171,102 $ 65,533 $ 130,355 $ 366,990
5 unchanged sentences
Other costs and expenses (a) ( 33,487 ) ( 18,802 ) ( 43,023 ) ( 95,312 )
−Removed: Operating income (loss) $ 22,745 $ 2,347 $ 8,829 ($ 560 ) ($ 18,757 ) $ 14,604
−Removed: Restructuring charges (b) — — — — 1,110 1,110
+Added: Reportable segment operating income $ 45,287 $ 3,538 $ 35,236 $ 84,061
+Added: Asset impairment charge (b) — — 7,048 7,048
Depreciation, depletion and amortization 52,826 15,595 12,050 80,471
Non-cash cost of land and improved development — — 40,046 40,046
−Removed: Adjusted EBITDA $ 55,433 $ 13,304 $ 20,576 ($ 560 ) ($ 16,807 ) $ 71,946
−Removed: Reconciliation of segment results to consolidated income before taxes
−Removed: Interest, net and miscellaneous income ($ 7,733 )
+Added: Reportable segment adjusted EBITDA $ 98,113 $ 19,133 $ 94,380 $ 211,626
+Added: Reconciliation of reportable segment results to consolidated income before taxes
+Added: All other EBITDA (c) ($ 25,377 )
+Added: Interest, net and miscellaneous expense ( 4,695 )
Depreciation, depletion and amortization ( 81,731 )
Non-cash cost of land and improved development ( 40,046 )
−Removed: Non-operating expense (c) ( 2,404 )
−Removed: Restructuring charges (b) ( 1,110 )
+Added: Non-operating expense (d) ( 3,443 )
+Added: Asset impairment charge (b) ( 7,048 )
+Added: Restructuring charges (e) ( 1,110 )
Income from Continuing Operations Before Income Taxes $ 48,176
5 unchanged sentences
(a) Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.
−Removed: (b) Restructuring charges include severance costs related to workforce optimization initiatives.
−Removed: Restructuring charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating expense, net.”
−Removed: (c) Non-operating expense includes $ 1.7 million of net costs associated with legal settlements.
−Removed: Net costs associated with legal settlements are recorded within the Consolidated Statements of Income (Loss) under the caption “Other miscellaneous expense, net.”
+Added: (b) Asset impairment charge reflects an impairment charge recognized on certain real estate assets located in Washington, which were acquired in the 2020 merger with Pope Resources.
+Added: The asset impairment charge is recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Cost of sales.”
+Added: (c) All other EBITDA includes corporate and other expenses.
+Added: (d) Non-operating expense includes $ 1.7 million of net costs associated with legal settlements.
+Added: Net costs associated with legal settlements are recorded within the Consolidated Statements of Income (Loss) under the caption “Other miscellaneous (expense) income, net.”
+Added: (e) Restructuring charges include severance costs related to workforce optimization initiatives.
+Added: Restructuring charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating income (expense), net.”
RAYONIER INC.
4 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
−Removed: Six Months Ended Southern Timber Pacific Northwest Timber Real Estate Trading Corporate and Other Total
−Removed: June 30, 2024
+Added: Nine Months Ended Southern Timber Pacific Northwest Timber Real Estate Total
+Added: September 30, 2024
Sales $ 192,545 $ 83,806 $ 61,095 $ 337,446
5 unchanged sentences
Other costs and expenses (a) ( 35,388 ) ( 28,309 ) ( 32,078 ) ( 95,775 )
−Removed: Operating income (loss) $ 40,098 ($ 5,827 ) $ 388 $ 28 ($ 21,508 ) $ 13,179
−Removed: Costs related to disposition initiatives (b) — — — — 185 185
+Added: Reportable segment operating income (loss) $ 59,921 ($ 4,990 ) $ 9,020 $ 63,951
Depreciation, depletion and amortization 56,672 24,306 3,821 84,799
Non-cash cost of land and improved development — — 16,176 16,176
−Removed: Adjusted EBITDA $ 78,652 $ 10,637 $ 9,090 $ 28 ($ 20,436 ) $ 77,971
−Removed: Reconciliation of segment results to consolidated income before taxes
−Removed: Interest, net and miscellaneous income ($ 14,323 )
+Added: Reportable segment adjusted EBITDA $ 116,593 $ 19,316 $ 29,017 $ 164,926
+Added: Reconciliation of reportable segment results to consolidated income before taxes
+Added: All other EBITDA (b) ($ 29,760 )
+Added: Interest, net and miscellaneous expense ( 22,434 )
Depreciation, depletion and amortization ( 86,130 )
Non-cash cost of land and improved development ( 16,176 )
−Removed: Non-operating expense (c) ( 8,253 )
−Removed: Costs related to disposition initiatives (b) ( 185 )
−Removed: Loss from Continuing Operations Before Income Taxes ($ 9,397 )
+Added: Non-operating income (c) 3,276
+Added: Costs related to disposition initiatives (d) ( 849 )
+Added: Income from Continuing Operations Before Income Taxes $ 12,853
Income tax benefit 981
−Removed: Loss from Continuing Operations ($ 8,406 )
+Added: Income from Continuing Operations $ 13,834
Income from operations of discontinued operations, net of tax 21,949
1 unchanged sentence
(a) Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.
−Removed: (b) Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with our asset disposition plan, which was announced in November 2023.
−Removed: Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating expense, net.”
−Removed: (c) Non-operating expense includes $ 5.7 million of pension settlement charges and $ 2.4 million of net costs associated with legal settlements.
−Removed: Pension settlement charges and net costs associated with legal settlements are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other miscellaneous expense, net.”
+Added: (b) All other EBITDA includes general corporate expenses.
+Added: (c) Non-operating income includes $ 9.6 million of net recoveries associated with legal settlements, which is partially offset by $ 6.0 million of pension settlement charges.
+Added: Net recoveries associated with legal settlements and pension settlement charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other miscellaneous (expense) income, net.”
+Added: (d) Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with our asset disposition plan, which was announced in November 2023.
+Added: Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating income (expense), net.”
+Added: RAYONIER INC.
+Added: AND SUBSIDIARIES
+Added: RAYONIER, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollar amounts in thousands unless otherwise stated)
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
−Removed: Capital Expenditures
+Added: Capital Expenditures (a)
Southern Timber $ 10,861 $ 9,091 $ 28,580 $ 30,748
3 unchanged sentences
Total Capital Expenditures $ 12,597 $ 11,404 $ 35,024 $ 40,262
+Added: Timberland Acquisitions
+Added: Southern Timber — 3,637 — 3,637
+Added: Total Timberland Acquisitions — $ 3,637 — $ 3,637
+Added: Real Estate Development Investments (b) $ 3,712 $ 8,949 $ 11,888 $ 19,073
+Added: Total Gross Capital Expenditures $ 16,309 $ 23,990 $ 46,912 $ 62,972
+Added: (a) Excludes timberland acquisitions and real estate development investments presented separately.
+Added: (b) Represents investments in master infrastructure or entitlements in our real estate development projects.
+Added: Real Estate Development Investments are amortized as the underlying properties are sold and included in Non-Cash Cost of Land and Improved Development.
RAYONIER INC.
6 unchanged sentences
We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”).
−Removed: Unsatisfied performance obligations as of June 30, 2025 are primarily due to advances on stumpage contracts, unearned license revenue and unearned carbon capture and storage revenue.
+Added: Unsatisfied performance obligations as of September 30, 2025 are primarily due to advances on stumpage contracts, unearned license revenue and unearned carbon capture and storage revenue.
Of these performance obligations, $ 25.5 million is expected to be recognized within the next twelve months , with the remaining $ 11.2 million expected to be recognized thereafter as we satisfy our performance obligations.
4 unchanged sentences
Contract liabilities relate to payments received in advance of performance under a contract and are recognized as revenue as, or when, we perform under a contract.
−Removed: The following table summarizes revenue recognized during the three and six months ended June 30, 2025 and 2024 that was included in the contract liability balance at the beginning of each year:
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: The following table summarizes revenue recognized during the three and nine months ended September 30, 2025 and 2024 that was included in the contract liability balance at the beginning of each year:
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
6 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
−Removed: The following tables present our revenue from contracts with customers disaggregated by product type for the three and six months ended June 30, 2025 and 2024:
−Removed: Three Months Ended Southern Timber Pacific Northwest Timber Real Estate Trading Total
−Removed: June 30, 2025
+Added: The following tables present our revenue from contracts with customers disaggregated by product type for the three and nine months ended September 30, 2025 and 2024:
+Added: Three Months Ended Southern Timber Pacific Northwest Timber Real Estate Total
+Added: September 30, 2025
Pulpwood $ 22,261 $ 1,229 — $ 23,490
7 unchanged sentences
Improved Development — — 20,590 20,590
−Removed: Unimproved Development — — 3,000 — 3,000
Rural — — 7,311 7,311
+Added: Timberland & Non-Strategic — — 53,500 53,500
Deferred Revenue/Other (b) — — 8,882 8,882
3 unchanged sentences
Total Revenue $ 66,834 $ 19,941 $ 90,756 $ 177,531
−Removed: Three Months Ended Southern Timber Pacific Northwest Timber Real Estate Trading Total
−Removed: June 30, 2024
+Added: Three Months Ended Southern Timber Pacific Northwest Timber Real Estate Total
+Added: September 30, 2024
Pulpwood $ 23,182 $ 1,318 — $ 24,500
2 unchanged sentences
Total Timber Sales 45,352 25,696 — 71,048
+Added: Trading (c) 397 4,378 — 4,775
License Revenue, Primarily from Hunting 5,348 290 — 5,638
4 unchanged sentences
Rural — — 13,766 13,766
+Added: Conservation Easement — — 1,101 1,101
Deferred Revenue/Other (b) — — 2,740 2,740
4 unchanged sentences
(a) Consists primarily of sales from carbon capture and storage (“CCS”) and solar energy contracts.
−Removed: (b) Includes deferred revenue adjustments, builder price participation and marketing fees related to Improved Development sales.
+Added: (b) Includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales.
+Added: (c) Consists of log trading sales which are now included in the Southern Timber and Pacific Northwest Timber segments.
+Added: See Note 3 — Segment and Geographical Information for further discussion of our reportable segments.
RAYONIER INC.
4 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
−Removed: Six Months Ended Southern Timber Pacific Northwest Timber Real Estate Trading Total
−Removed: June 30, 2025
+Added: Nine Months Ended Southern Timber Pacific Northwest Timber Real Estate Total
+Added: September 30, 2025
Pulpwood $ 61,495 $ 3,754 — $ 65,249
2 unchanged sentences
Total Timber Sales 137,856 59,864 — 197,720
+Added: Trading (a) — 1,805 — 1,805
License Revenue, Primarily From Hunting 15,912 426 — 16,338
−Removed: Land-Based Solutions (a) 5,535 61 — — 5,596
+Added: Land-Based Solutions (b) 8,357 93 — 8,450
Other Non-Timber Revenue 8,977 3,345 — 12,322
3 unchanged sentences
Rural — — 28,314 28,314
−Removed: Deferred Revenue/Other (b) — — 3,165 — 3,165
+Added: Timberland & Non-Strategic — — 53,500 53,500
+Added: Deferred Revenue/Other (c) — — 12,047 12,047
Total Real Estate Sales — — 129,229 129,229
2 unchanged sentences
Total Revenue $ 171,102 $ 65,533 $ 130,355 $ 366,990
−Removed: Six Months Ended Southern Timber Pacific Northwest Timber Real Estate Trading Total
−Removed: June 30, 2024
+Added: Nine Months Ended Southern Timber Pacific Northwest Timber Real Estate Total
+Added: September 30, 2024
Pulpwood $ 73,141 $ 4,329 — $ 77,470
2 unchanged sentences
Total Timber Sales 156,117 72,824 — 228,941
+Added: Trading (a) 1,223 7,083 — 8,306
License Revenue, Primarily from Hunting 15,907 515 — 16,422
−Removed: Land-Based Solutions (a) 4,294 20 — — 4,314
+Added: Land-Based Solutions (b) 7,062 30 — 7,092
Other Non-Timber Revenue 12,236 3,354 — 15,590
3 unchanged sentences
Timberland & Non-Strategic — — 610 610
−Removed: Deferred Revenue/Other (b) — — 9,162 — 9,162
+Added: Conservation Easement — — 1,101 1,101
+Added: Deferred Revenue/Other (c) — — 11,902 11,902
Total Real Estate Sales — — 59,976 59,976
2 unchanged sentences
Total Revenue $ 192,545 $ 83,806 $ 61,095 $ 337,446
−Removed: (a) Consists primarily of sales from carbon capture and storage (“CCS”) and solar energy contracts.
−Removed: (b) Includes deferred revenue adjustments, builder price participation and marketing fees related to Improved Development sales.
+Added: (a) Consists of log trading sales which are now included in the Southern Timber and Pacific Northwest Timber segments.
+Added: See Note 3 — Segment and Geographical Information for further discussion of our reportable segments.
+Added: (b) Consists primarily of sales from carbon capture and storage (“CCS”) and solar energy contracts.
+Added: (c) Includes deferred revenue adjustments, builder price participation, and other fees related to Improved Development sales.
RAYONIER INC.
4 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
−Removed: The following tables present our timber sales disaggregated by contract type for the three and six months ended June 30, 2025 and 2024:
−Removed: Three Months Ended Southern Timber Pacific Northwest Timber Trading Total
−Removed: June 30, 2025
+Added: The following tables present our timber sales disaggregated by contract type for the three and nine months ended September 30, 2025 and 2024:
+Added: Three Months Ended Southern Timber Pacific Northwest Timber Total
+Added: September 30, 2025
Stumpage Pay-as-Cut $ 26,112 — $ 26,112
4 unchanged sentences
Total Timber Sales $ 52,201 $ 18,331 $ 70,532
−Removed: June 30, 2024
+Added: September 30, 2024
Stumpage Pay-as-Cut $ 20,907 — $ 20,907
11 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
−Removed: Six Months Ended Southern Timber Pacific Northwest Timber Trading Total
−Removed: June 30, 2025
+Added: Nine Months Ended Southern Timber Pacific Northwest Timber Total
+Added: September 30, 2025
Stumpage Pay-as-Cut $ 63,225 — $ 63,225
5 unchanged sentences
Total Timber Sales $ 137,856 $ 59,864 $ 197,720
−Removed: June 30, 2024
+Added: September 30, 2024
Stumpage Pay-as-Cut $ 80,531 $ 8 $ 80,539
20 unchanged sentences
Accordingly, we consolidated the New Zealand subsidiary’s balance sheet and results of operations.
−Removed: Income attributable to the New Zealand subsidiary’s 23 % noncontrolling interests is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Net income attributable to noncontrolling interests in consolidated affiliates.”
+Added: Income attributable to the New Zealand subsidiary’s 23 % noncontrolling interests is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Net (income) loss attributable to noncontrolling interests in consolidated affiliates.”
Due to the sale of the New Zealand subsidiary, we have deconsolidated its balance sheet as of June 30, 2025, and its income (loss) has been classified as discontinued operations in our Consolidated Statements of Income and Comprehensive Income (Loss) for all periods presented.
1 unchanged sentence
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP
−Removed: Noncontrolling interests in the Operating Partnership relate to the third-party ownership of Redeemable Operating Partnership Units.
+Added: Noncontrolling interests in the Operating Partnership represents the third-party ownership of Redeemable Operating Partnership Units.
Net income attributable to the noncontrolling interests in the Operating Partnership is computed by applying the weighted average Redeemable Operating Partnership Units outstanding during the period as a percentage of the weighted average total units outstanding to the Operating Partnership’s net income for the period.
2 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
7 unchanged sentences
522 391 5,952 437
−Removed: Other comprehensive income (loss) attributable to noncontrolling interests in the Operating Partnership
+Added: Other comprehensive loss attributable to noncontrolling interests in the Operating Partnership
( 450 ) ( 77 ) ( 496 ) ( 323 )
12 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
−Removed: EARNINGS (LOSS) PER SHARE AND PER UNIT
−Removed: Basic earnings (loss) per common share (“EPS”) is calculated by dividing net income attributable to Rayonier Inc.
+Added: EARNINGS PER SHARE AND PER UNIT
+Added: Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to Rayonier Inc.
by the weighted average number of common shares outstanding.
Diluted EPS is calculated by dividing net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests (“NCI”) in the Operating Partnership by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares, restricted stock units, noncontrolling interests in Operating Partnership units and contingently issuable shares and units.
−Removed: The following table provides details of the calculation of basic earnings (loss) per common share of the Company:
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: The following table provides details of the calculation of basic earnings per common share of the Company:
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
−Removed: Basic earnings (loss) per common share
−Removed: Net income (loss) from continuing operations $ 9,769 ($ 3,896 ) $ 4,176 ($ 8,406 )
−Removed: Net (income) loss from continuing operations attributable to NCI in the Operating Partnership ( 129 ) 53 ( 55 ) 118
+Added: Basic earnings per common share
+Added: Net income from continuing operations $ 43,709 $ 22,240 $ 47,885 $ 13,834
+Added: Net income from continuing operations attributable to NCI in the Operating Partnership ( 522 ) ( 298 ) ( 577 ) ( 181 )
Net loss from continuing operations attributable to NCI in consolidated affiliates — 10 — 34
−Removed: Net income (loss) from continuing operations attributable to Rayonier Inc.
+Added: Net income from continuing operations attributable to Rayonier Inc.
$ 43,187 $ 21,952 $ 47,308 $ 13,687
1 unchanged sentence
Net income from discontinued operations attributable to NCI in the Operating Partnership — ( 93 ) ( 5,375 ) ( 256 )
−Removed: Net loss (income) from discontinued operations attributable to NCI in consolidated affiliates 577 ( 1,119 ) 192 ( 2,058 )
+Added: Net (income) loss from discontinued operations attributable to NCI in consolidated affiliates — ( 1,303 ) 192 ( 3,362 )
Net income from discontinued operations attributable to Rayonier Inc.
2 unchanged sentences
Net income attributable to NCI in the Operating Partnership ( 522 ) ( 391 ) ( 5,952 ) ( 437 )
−Removed: Net loss (income) attributable to NCI in consolidated affiliates 577 ( 1,106 ) 192 ( 2,035 )
+Added: Net (income) loss attributable to NCI in consolidated affiliates — ( 1,293 ) 192 ( 3,328 )
Net income attributable to Rayonier Inc.
$ 43,187 $ 28,758 $ 448,471 $ 32,018
−Removed: Denominator for basic earnings (loss) per common share - weighted average shares 155,536,320 148,910,214 154,612,221 148,738,795
−Removed: Basic earnings (loss) per common share attributable to Rayonier Inc.:
+Added: Denominator for basic earnings per common share - weighted average shares 154,306,240 148,984,534 154,509,107 148,821,306
+Added: Basic earnings per common share attributable to Rayonier Inc.:
Continuing operations $ 0.28 $ 0.15 $ 0.31 $ 0.09
7 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
−Removed: The following table provides details of the calculation of diluted earnings (loss) per common share of the Company:
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: The following table provides details of the calculation of diluted earnings per common share of the Company:
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
−Removed: Diluted earnings (loss) per common share
−Removed: Net income (loss) from continuing operations $ 9,769 ($ 3,896 ) $ 4,176 ($ 8,406 )
−Removed: Net loss from continuing operations attributable to NCI in the Operating Partnership (a) — 53 — 118
+Added: Diluted earnings per common share
+Added: Net income from continuing operations $ 43,709 $ 22,240 $ 47,885 $ 13,834
Net loss from continuing operations attributable to NCI in consolidated affiliates — 10 — 34
−Removed: Net income (loss) from continuing operations attributable to Rayonier Inc.
−Removed: used for determining diluted earnings (loss) per common share $ 9,769 ($ 3,830 ) $ 4,176 ($ 8,265 )
+Added: Net income from continuing operations attributable to Rayonier Inc.
+Added: used for determining diluted earnings per common share $ 43,709 $ 22,250 $ 47,885 $ 13,868
Net income from discontinued operations — $ 8,202 $ 406,346 $ 21,949
−Removed: Net income from discontinued operations attributable to NCI in the Operating Partnership (a) — ( 79 ) — ( 164 )
−Removed: Net loss (income) from discontinued operations attributable to NCI in consolidated affiliates 577 ( 1,119 ) 192 ( 2,058 )
+Added: Net (income) loss from discontinued operations attributable to NCI in consolidated affiliates — ( 1,303 ) 192 ( 3,362 )
Net income from discontinued operations attributable to Rayonier Inc.
1 unchanged sentence
Net income $ 43,709 $ 30,442 $ 454,231 $ 35,783
−Removed: Net income attributable to NCI in the Operating Partnership (a) — ( 26 ) — ( 46 )
−Removed: Net loss (income) attributable to NCI in consolidated affiliates 577 ( 1,106 ) 192 ( 2,035 )
+Added: Net (income) loss attributable to NCI in consolidated affiliates — ( 1,293 ) 192 ( 3,328 )
Net income attributable to Rayonier Inc.
used for determining diluted earnings per common share $ 43,709 $ 29,149 $ 454,423 $ 32,455
−Removed: Denominator for basic earnings (loss) per common share - weighted average shares 155,536,320 148,910,214 154,612,221 148,738,795
+Added: Denominator for basic earnings per common share - weighted average shares 154,306,240 148,984,534 154,509,107 148,821,306
Dilutive effect of:
+Added: Stock options — — — 55
Performance shares, restricted shares and restricted stock units 194,077 281,407 192,390 403,444
1 unchanged sentence
Contingently issuable shares and units from special dividend — — 841,991 —
−Removed: Denominator for diluted earnings (loss) per common share - adjusted weighted average shares (b) 157,727,916 148,910,214 158,142,596 148,738,795
−Removed: Diluted earnings (loss) per common share attributable to Rayonier Inc.:
+Added: Denominator for diluted earnings per common share - adjusted weighted average share 156,364,684 151,292,994 157,543,437 151,312,818
+Added: Diluted earnings per common share attributable to Rayonier Inc.:
Continuing operations $ 0.28 $ 0.15 $ 0.30 $ 0.09
1 unchanged sentence
Diluted earnings per common share $ 0.28 $ 0.19 $ 2.88 $ 0.21
−Removed: RAYONIER INC.
−Removed: AND SUBSIDIARIES
−Removed: RAYONIER, L.P.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Dollar amounts in thousands unless otherwise stated)
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
−Removed: Anti-dilutive shares excluded from the computations of diluted earnings (loss) per common share:
−Removed: Stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in Operating Partnership units (b) 319,021 2,563,230 227,897 2,732,739
−Removed: (a) For the three and six months ended June 30, 2024, net income (loss) attributable to NCI in the Operating Partnership was included in the numerator for diluted earnings (loss) attributable to Rayonier Inc.
−Removed: due to a loss from continuing operations.
−Removed: (b) For the three and six months ended June 30, 2024, the effect of stock options, performance shares, restricted shares, restricted stock units, and incremental shares related to NCI in Operating Partnership units that are normally dilutive for purposes of calculating diluted earnings (loss) per common share were considered anti-dilutive and excluded from the denominator due to a loss from continuing operations.
+Added: Anti-dilutive shares excluded from the computations of diluted earnings per common share:
+Added: Stock options, performance shares, restricted shares and restricted stock units 324,716 149,609 260,170 149,446
RAYONIER INC.
4 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
−Removed: Basic earnings (loss) per unit (“EPU”) is calculated by dividing net income available to unitholders of Rayonier, L.P.
+Added: Basic earnings per unit (“EPU”) is calculated by dividing net income available to unitholders of Rayonier, L.P.
by the weighted average number of units outstanding.
1 unchanged sentence
by the weighted average number of units outstanding adjusted to include the potentially dilutive effect of outstanding unit equivalents, including stock options, performance shares, restricted shares, restricted stock units and contingently issuable shares and units.
−Removed: The following table provides details of the calculation of basic earnings (loss) per unit of the Operating Partnership:
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: The following table provides details of the calculation of basic earnings per unit of the Operating Partnership:
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
−Removed: Basic earnings (loss) per unit
−Removed: Net income (loss) from continuing operations $ 9,769 ($ 3,896 ) $ 4,176 ($ 8,406 )
+Added: Basic earnings per unit
+Added: Net income from continuing operations $ 43,709 $ 22,240 $ 47,885 $ 13,834
Net loss from continuing operations attributable to NCI in consolidated affiliates — 10 — 34
−Removed: Net income (loss) from continuing operations available to unitholders $ 9,769 ($ 3,883 ) $ 4,176 ($ 8,383 )
+Added: Net income from continuing operations available to unitholders $ 43,709 $ 22,250 $ 47,885 $ 13,868
Net income from discontinued operations — $ 8,202 $ 406,346 $ 21,949
−Removed: Net loss (income) from discontinued operations attributable to NCI in consolidated affiliates 577 ( 1,119 ) 192 ( 2,058 )
+Added: Net (income) loss from discontinued operations attributable to NCI in consolidated affiliates — ( 1,303 ) 192 ( 3,362 )
Net income from discontinued operations available to unitholders — $ 6,899 $ 406,538 $ 18,587
Net income $ 43,709 $ 30,442 $ 454,231 $ 35,783
−Removed: Net loss (income) attributable to NCI in consolidated affiliates 577 ( 1,106 ) 192 ( 2,035 )
+Added: Net (income) loss attributable to NCI in consolidated affiliates — ( 1,293 ) 192 ( 3,328 )
Net income available to unitholders $ 43,709 $ 29,149 $ 454,423 $ 32,455
−Removed: Denominator for basic earnings (loss) per unit - weighted average units 157,620,143 150,969,634 156,681,085 150,857,624
−Removed: Basic earnings (loss) per unit attributable to Rayonier, L.P.:
+Added: Denominator for basic earnings per unit - weighted average units 156,170,607 151,011,587 156,509,056 150,909,319
+Added: Basic earnings per unit attributable to Rayonier, L.P.:
Continuing operations $ 0.28 $ 0.15 $ 0.31 $ 0.09
7 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
−Removed: The following table provides details of the calculation of diluted earnings (loss) per unit of the Operating Partnership:
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: The following table provides details of the calculation of diluted earnings per unit of the Operating Partnership:
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
−Removed: Diluted earnings (loss) per unit
−Removed: Net income (loss) from continuing operations $ 9,769 ($ 3,896 ) $ 4,176 ($ 8,406 )
+Added: Diluted earnings per unit
+Added: Net income from continuing operations $ 43,709 $ 22,240 $ 47,885 $ 13,834
Net loss from continuing operations attributable to NCI in consolidated affiliates — 10 — 34
−Removed: Net income (loss) from continuing operations available to unitholders $ 9,769 ($ 3,883 ) $ 4,176 ($ 8,383 )
+Added: Net income from continuing operations available to unitholders $ 43,709 $ 22,250 $ 47,885 $ 13,868
Net income from discontinued operations — $ 8,202 $ 406,346 $ 21,949
−Removed: Net loss (income) from discontinued operations attributable to NCI in consolidated affiliates 577 ( 1,119 ) 192 ( 2,058 )
+Added: Net (income) loss from discontinued operations attributable to NCI in consolidated affiliates — ( 1,303 ) 192 ( 3,362 )
Net income from discontinued operations available to unitholders — $ 6,899 $ 406,538 $ 18,587
Net income $ 43,709 $ 30,442 $ 454,231 $ 35,783
−Removed: Net loss (income) attributable to NCI in consolidated affiliates 577 ( 1,106 ) 192 ( 2,035 )
+Added: Net (income) loss attributable to NCI in consolidated affiliates — ( 1,293 ) 192 ( 3,328 )
Net income available to unitholders $ 43,709 $ 29,149 $ 454,423 $ 32,455
−Removed: Denominator for basic earnings (loss) per unit - weighted average units 157,620,143 150,969,634 156,681,085 150,857,624
+Added: Denominator for basic earnings per unit - weighted average units 156,170,607 151,011,587 156,509,056 150,909,319
Dilutive effect of unit equivalents:
+Added: Stock options — — — 55
Performance shares, restricted shares and restricted stock units 194,077 281,407 192,390 403,444
Contingently issuable shares and units from special dividend — — 841,991 —
−Removed: Denominator for diluted earnings (loss) per unit - adjusted weighted average units (a) 157,727,916 150,969,634 158,142,596 150,857,624
−Removed: Diluted earnings (loss) per unit attributable to Rayonier, L.P.:
+Added: Denominator for diluted earnings per unit - adjusted weighted average units 156,364,684 151,292,994 157,543,437 151,312,818
+Added: Diluted earnings per unit attributable to Rayonier, L.P.:
Continuing operations $ 0.28 $ 0.15 $ 0.30 $ 0.09
1 unchanged sentence
Diluted earnings per unit $ 0.28 $ 0.19 $ 2.88 $ 0.21
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
−Removed: Anti-dilutive unit equivalents excluded from the computations of diluted earnings (loss) per unit:
−Removed: Stock options, performance shares, restricted shares and restricted stock units (a) 319,021 503,810 227,897 613,910
−Removed: (a) For the three and six months ended June 30, 2024, the effect of stock options, performance shares, restricted shares, and restricted stock units that are normally dilutive for purposes of calculating diluted earnings (loss) per unit were considered anti-dilutive and excluded from the denominator due to a loss from continuing operations.
+Added: Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
+Added: Stock options, performance shares, restricted shares and restricted stock units 324,716 149,609 260,170 149,446
RAYONIER INC.
4 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
−Removed: Our debt consisted of the following at June 30, 2025:
−Removed: June 30, 2025
+Added: Our debt consisted of the following at September 30, 2025:
+Added: September 30, 2025
Senior Notes due 2031 at a fixed interest rate of 2.75 %
7 unchanged sentences
Total long-term debt, net $ 845,119
−Removed: The following table contains information on the outstanding variable rate debt as of June 30, 2025:
−Removed: Debt Periodic Interest Rate (a) Effective Fixed Interest Rate (b)
+Added: The following table contains information on the outstanding variable rate debt as of September 30, 2025:
+Added: Debt Periodic Interest Rate Effective Fixed Interest Rate (a)
2015 Term Loan Daily Simple SOFR + 1.60 %
1 unchanged sentence
2021 Incremental Term Loan Daily Simple SOFR + 1.92 %
−Removed: (a) Includes credit spread adjustment of 0.1 %.
−Removed: (b) Effective interest rate is after consideration of interest rate swaps and estimated patronage.
+Added: (a) Effective interest rate is after consideration of interest rate swaps and estimated patronage.
Principal payments due during the next five years and thereafter are as follows:
3 unchanged sentences
2025 DEBT ACTIVITY
−Removed: During the six months ended June 30, 2025, we made no borrowings or repayments on our Revolving Credit Facility.
−Removed: At June 30, 2025, we had available borrowings of $ 293.0 million under the Revolving Credit Facility, net of $ 7.0 million to secure our outstanding letters of credit.
+Added: REVOLVING CREDIT FACILITY
+Added: In August 2025, we amended and restated our credit agreement, primarily to extend the maturity date of the Revolving Credit Facility.
+Added: The maturity of the $ 300 million Revolving Credit Facility was extended from June 2026 to August 2030.
+Added: In connection with the amendment, we concurrently modified the following terms:
+Added: • The commitment under the Revolving Credit Facility was reduced from $ 300 million to $ 200 million.
+Added: • The 0.1 % credit spread adjustment previously added to the Revolving Credit Facility during the 2022 transition from LIBOR to SOFR was eliminated.
RAYONIER INC.
4 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
+Added: • The 0.1 % credit spread adjustment on each of our three Term Loans was merged into the respective Term loan’s base rate.
+Added: This modification resulted in no change to the all-in fixed rate for each Term loan.
+Added: In connection with the amendments, we recorded deferred financing costs in the amount of $ 0.8 million, which will be amortized to interest expense over the term of the extended credit agreement.
+Added: During the nine months ended September 30, 2025, we made no borrowings or repayments on our Revolving Credit Facility.
+Added: At September 30, 2025, we had available borrowings of $ 192.4 million under the Revolving Credit Facility, net of $ 7.6 million securing outstanding letters of credit.
DEBT COVENANTS
In connection with our 2015 Term Loan Agreement, 2016 Incremental Term Loan Agreement, 2021 Incremental Term Loan Agreement and Revolving Credit Facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios.
−Removed: The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2025, are calculated on a trailing 12-month basis:
+Added: The covenants listed below, which are the most significant financial covenants in effect as of September 30, 2025, are calculated on a trailing 12-month basis:
Covenant Requirement Actual Ratio Favorable
4 unchanged sentences
Therefore, the consideration received from the New Zealand disposition did not count towards our defined disposition limits.
−Removed: At June 30, 2025, we were in compliance with all applicable covenants.
+Added: At September 30, 2025, we were in compliance with all applicable covenants.
+Added: RAYONIER INC.
+Added: AND SUBSIDIARIES
+Added: RAYONIER, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollar amounts in thousands unless otherwise stated)
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
3 unchanged sentences
The accounting for changes in their fair value depends on their intended use.
−Removed: Gains and losses on derivatives designated and qualifying as cash flow hedges are recorded in accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction occurs.
−Removed: Changes in the fair value of derivatives not designated as hedges or those that are no longer effective as hedges are recognized immediately in earnings.
+Added: Gains and losses on derivatives that are designated and qualify as cash flow hedges are initially recorded in accumulated other comprehensive income (“AOCI”) and subsequently reclassified into earnings when the hedged transaction occurs.
+Added: Changes in the fair value of derivatives not designated as hedges, or those that cease to be effective, are recognized immediately in earnings.
INTEREST RATE PRODUCTS
1 unchanged sentence
To hedge this exposure, we use variable-to-fixed interest rate swaps.
−Removed: For these swaps, we report the gains or losses from changes in their fair value in AOCI and reclassify them to interest expense in the period the hedged interest payments affect earnings.
−Removed: If we de-designate or terminate a cash flow hedge while the hedged item still exists, the unrealized gain or loss on the cash flow hedge at the time of de-designation remains in AOCI.
−Removed: This amount is then amortized to interest expense on a straight-line basis over the remaining life of the hedged item.
−Removed: However, if the hedged item becomes ineffective, the related gain or loss is immediately reclassified from AOCI to earnings.
−Removed: RAYONIER INC.
−Removed: AND SUBSIDIARIES
−Removed: RAYONIER, L.P.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Dollar amounts in thousands unless otherwise stated)
+Added: For these swaps, the gains or losses from changes in their fair value are reported in AOCI and are reclassified to interest expense in the period the hedged interest payments affect earnings.
+Added: In the event that a cash flow hedge is de-designated or terminated while the hedged item remains, the unrealized gain or loss on the hedge at the time of de-designation remains in AOCI and is amortized to interest expense on a straight-line basis over the remaining life of the hedged item.
+Added: Conversely, if the hedged item becomes ineffective, the related gain or loss is immediately reclassified from AOCI to earnings.
INTEREST RATE SWAPS
−Removed: The following table contains information on the outstanding interest rate swaps as of June 30, 2025:
+Added: The following table contains information on the outstanding interest rate swaps as of September 30, 2025:
Outstanding Interest Rate Swaps (a)
−Removed: Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt (b) Total Effective Interest Rate (c)
+Added: Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt Total Effective Interest Rate (b)
April 2016 10 years $ 100,000 2016 Incremental Term Loan 1.50 % 1.75 % 3.25 %
6 unchanged sentences
(a) All interest rate swaps are designated as cash flow hedges and qualify for hedge accounting.
−Removed: (b) Includes the SOFR Credit Spread Adjustment component of 0.1 %.
−Removed: (c) Rate is before estimated patronage payments.
−Removed: The following table demonstrates the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three and six months ended June 30, 2025 and 2024:
+Added: (b) Rate is before estimated patronage payments.
+Added: The following table demonstrates the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
Income Statement Location 2025 2024 2025 2024
2 unchanged sentences
Interest expense, net ( 4,614 ) ( 6,822 ) ( 13,654 ) ( 21,379 )
+Added: RAYONIER INC.
+Added: AND SUBSIDIARIES
+Added: RAYONIER, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollar amounts in thousands unless otherwise stated)
During the next 12 months, the amount of the AOCI balance, net of tax, expected to be reclassified into earnings is a gain of approximately $ 11.9 million.
5 unchanged sentences
(a) These reclassified amounts are expected to perfectly offset variable interest rate payments to debt holders, resulting in no net impact on our earnings or cash flows.
−Removed: The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets:
+Added: The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at September 30, 2025 and December 31, 2024:
Notional Amount
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Derivatives designated as cash flow hedges:
Interest rate swaps $ 600,000 $ 600,000
−Removed: RAYONIER INC.
−Removed: AND SUBSIDIARIES
−Removed: RAYONIER, L.P.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Dollar amounts in thousands unless otherwise stated)
−Removed: The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at June 30, 2025 and December 31, 2024:
+Added: The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at September 30, 2025 and December 31, 2024:
Location on Balance Sheet Fair Value Assets / (Liabilities) (a)
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Derivatives designated as cash flow hedges:
1 unchanged sentence
Other assets 27,548 49,353
+Added: Total derivative assets $ 30,182 $ 49,353
(a) See Note 9 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.
14 unchanged sentences
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
−Removed: The following table presents the carrying amount and estimated fair values of our financial instruments as of June 30, 2025 and December 31, 2024, using market information valuation methodologies we believe are appropriate under GAAP:
−Removed: June 30, 2025 December 31, 2024
+Added: The following table presents the carrying amount and estimated fair values of our financial instruments as of September 30, 2025 and December 31, 2024, using market information valuation methodologies we believe are appropriate under GAAP:
+Added: September 30, 2025 December 31, 2024
Asset (Liability) (a) Carrying
9 unchanged sentences
Noncontrolling interests in the Operating Partnership (e) 46,242 — 46,242 51,843 — 51,843
−Removed: (a) We did not have Level 3 assets or liabilities at June 30, 2025 or December 31, 2024.
+Added: (a) We did not have Level 3 assets or liabilities at September 30, 2025 or December 31, 2024.
(b) Restricted cash includes proceeds from like-kind exchange sales held by a third-party intermediary and cash held in escrow.
28 unchanged sentences
Like cleanup liability, NRD liability can attach to property due to such contamination.
−Removed: Changes in environmental and NRD liabilities from December 31, 2024 to June 30, 2025 are shown below:
+Added: Changes in environmental and NRD liabilities from December 31, 2024 to September 30, 2025 are shown below:
Port Gamble, WA
4 unchanged sentences
Increase to liabilities (a) 2,688
−Removed: Total Balance at June 30, 2025
+Added: Total Balance at September 30, 2025
Current portion ( 2,284 )
−Removed: Non-current portion at June 30, 2025
−Removed: (a) The increase in liabilities resulted from revised environmental and NRD cost estimates recognized during the six months ended June 30, 2025.
−Removed: We anticipate the upland mill site cleanup and NRD restoration will be completed within the next year, while the monitoring of Port Gamble Bay, mill site, and landfills will continue for an additional 15 to 20 years.
+Added: Non-current portion at September 30, 2025
+Added: (a) The increase in liabilities resulted from revised environmental and NRD cost estimates recognized during the nine months ended September 30, 2025.
+Added: Upland mill site cleanup activities have been completed, and we anticipate that NRD restoration will be completed within the next year.
+Added: Monitoring activities associated with the Port Gamble Bay, mill site, and landfills will continue for an additional 15 to 20 years.
NRD costs are subject to change as the restoration projects progress.
13 unchanged sentences
We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies.
−Removed: As of June 30, 2025, the following financial guarantees were outstanding:
+Added: As of September 30, 2025, the following financial guarantees were outstanding:
Financial Commitments (a) Maximum Potential
6 unchanged sentences
The remaining letters of credit support various insurance related agreements.
−Removed: These letters of credit will expire at various dates in 2025 and will be renewed as required.
+Added: These letters of credit will expire at various dates in 2025 and 2026 and will be renewed as required.
(c) Surety bonds primarily secure performance obligations for various operational activities and provide collateral for our Wildlight (Nassau County, Florida) and Heartwood (Richmond Hill, Georgia) development projects.
13 unchanged sentences
For selected development properties, we also invest in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties.
−Removed: Changes in higher and better use timberlands and real estate development investments from December 31, 2024 to June 30, 2025 are shown below:
+Added: Changes in higher and better use timberlands and real estate development investments from December 31, 2024 to September 30, 2025 are shown below:
Higher and Better Use Timberlands and Real Estate Development Investments
11 unchanged sentences
Intersegment transfers 9,315 — 9,315
−Removed: Total Balance at June 30, 2025
+Added: Other (c) ( 7,048 ) — ( 7,048 )
+Added: Total Balance at September 30, 2025
87,570 38,169 125,739
Current portion (a) ( 2,491 ) ( 13,712 ) ( 16,203 )
−Removed: Non-current portion at June 30, 2025
+Added: Non-current portion at September 30, 2025
$ 85,079 $ 24,457 $ 109,536
3 unchanged sentences
Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within one year.
−Removed: As of June 30, 2025 and December 31, 2024, our inventory consisted entirely of finished goods, as follows:
−Removed: June 30, 2025 December 31, 2024
−Removed: Finished goods inventory
−Removed: Real estate inventory (a) $ 33,432 $ 29,608
−Removed: Log inventory 2 1,271
−Removed: Total inventory $ 33,434 $ 30,879
−Removed: (a) Represents the cost of HBU real estate expected to be sold, including capitalized development investments.
−Removed: See Note 13 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.
+Added: (c) Other includes a $ 7.0 million non-cash asset impairment charge recognized on certain Higher and Better Use Timberland assets located in Washington, which were acquired in the 2020 merger with Pope Resources.
+Added: The Company identified indicators of impairment, principally observed decreases in the market value of the underlying real property assets.
+Added: Accordingly, the Company performed a long-lived asset impairment analysis and determined that the carrying value of these assets exceeded their estimated fair value.
+Added: The resulting impairment charge was measured as the amount by which the carrying value of the impaired assets exceeded their estimated fair value.
+Added: The estimated fair value was determined using projected discounted future cash flows, incorporating relevant and updated market data as of the measurement date.
RAYONIER INC.
4 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
−Removed: OTHER OPERATING EXPENSE, NET
−Removed: Other operating expense, net consisted of the following:
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: As of September 30, 2025 and December 31, 2024, our inventory consisted entirely of finished goods, as follows:
+Added: September 30, 2025 December 31, 2024
+Added: Finished goods inventory
+Added: Real estate inventory (a) $ 16,203 $ 29,608
+Added: Log inventory — 1,271
+Added: Total inventory $ 16,203 $ 30,879
+Added: (a) Represents the cost of HBU real estate expected to be sold, including capitalized development investments.
+Added: See Note 13 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.
+Added: OTHER OPERATING INCOME (EXPENSE), NET
+Added: Other operating income (expense), net consisted of the following:
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
−Removed: (Loss) gain on sale or disposal of property, plant and equipment ($ 132 ) $ 3 ($ 129 ) $ 13
+Added: Gain (loss) on sale or disposal of property, plant and equipment $ 23 — ($ 105 ) $ 13
Restructuring charges (a) — — ( 1,110 ) —
Costs related to disposition initiatives (b) — ( 664 ) — ( 849 )
−Removed: Miscellaneous (expense) income, net ( 33 ) ( 1 ) ( 145 ) 20
+Added: Miscellaneous income, net 290 1 144 21
Total $ 313 ($ 663 ) ($ 1,071 ) ($ 815 )
1 unchanged sentence
(b) Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with our asset disposition plan, which was announced in November 2023.
+Added: RAYONIER INC.
+Added: AND SUBSIDIARIES
+Added: RAYONIER, L.P.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Dollar amounts in thousands unless otherwise stated)
Rayonier is a REIT under the Internal Revenue Code and therefore generally does not pay U.S.
federal or state income tax.
−Removed: As of June 30, 2025, Rayonier owns a 98.7 % inter est in the Operating Partnership and conducts substantially all of its timberland operations through the Operating Partnership.
+Added: As of September 30, 2025, Rayonier owns a 98.9 % inter est in the Operating Partnership and conducts substantially all of its timberland operations through the Operating Partnership.
The taxable income or loss generated by the Operating Partnership is passed through and reported to its unit holders (including the Company) on a Schedule K-1 for inclusion in each unitholder’s income tax return.
5 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
Income tax (expense) benefit (a) — ($ 10 ) ($ 291 ) $ 981
−Removed: (a) The six months ended June 30, 2024 included a $ 1.2 million income tax benefit related to the pension settlement.
+Added: (a) The nine months ended September 30, 2024 included a $ 1.2 million income tax benefit related to the pension settlement.
ANNUAL EFFECTIVE TAX RATE
2 unchanged sentences
The following table contains the Company’s annualized effective tax rate after discrete items for its continuing operations:
−Removed: Six Months Ended
−Removed: Annualized effective tax rate after discrete items (a) 6.5 % 10.5 %
−Removed: (a) The effective tax rate for the six months ended June 30, 2024 was positive despite a pre-tax book loss, primarily due to a $ 1.2 million income tax benefit related to the pension settlement.
−Removed: This tax benefit, when applied to a pre-tax book loss, results in a positive effective tax rate.
+Added: Nine Months Ended
+Added: September 30,
+Added: Annualized effective tax rate after discrete items 0.6 % ( 7.6 %)
RAYONIER INC.
5 unchanged sentences
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
−Removed: The following table summarizes the changes in AOCI by component for the six months ended June 30, 2025 and the year ended December 31, 2024.
+Added: The following table summarizes the changes in AOCI by component for the nine months ended September 30, 2025 and the year ended December 31, 2024.
All amounts are presented net of tax and exclude portions attributable to noncontrolling interests.
13 unchanged sentences
Balance as of
−Removed: June 30, 2025
+Added: September 30, 2025
— — $ 29,255 $ 225 $ 29,480 ($ 2,068 ) $ 27,412
−Removed: (a) The six months ended June 30, 2025 includes $ 5.7 million o f other comprehensive loss related to interest rate products.
+Added: (a) The nine months ended September 30, 2025 includes $ 4.8 million o f other comprehensive loss related to interest rate products.
The year ended December 31, 2024 included $ 21.8 million of other comprehensive income re lated to interest rate products.
2 unchanged sentences
The year ended December 31, 2024 includes a pension settlement charge of $ 4.6 million, net of tax of $ 1.2 million.
−Removed: (c) The six months ended June 30, 2025 includes $ 29.1 million of other comprehensive loss related to the deconsolidation of discontinued operations that was reclassified from AOCI to gain on sale of discontinued operations in the Consolidated Statements of Income and Comprehensive Income (Loss).
+Added: (c) The nine months ended September 30, 2025 includes $ 29.1 million of other comprehensive loss related to the deconsolidation of discontinued operations that was reclassified from AOCI to gain on sale of discontinued operations in the Consolidated Statements of Income and Comprehensive Income (Loss).
RAYONIER INC.
4 unchanged sentences
(Dollar amounts in thousands unless otherwise stated)
−Removed: The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2025 and June 30, 2024:
+Added: The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the nine months ended September 30, 2025 and September 30, 2024:
Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive (loss) income Affected line item in the Income Statement
−Removed: June 30, 2025 June 30, 2024
−Removed: Realized loss on foreign currency exchange contracts $ 1,592 $ 1,392 (Loss) income from operations of discontinued operations, net of tax
−Removed: Realized loss on foreign currency option contracts 40 8 (Loss) income from operations of discontinued operations, net of tax
+Added: September 30, 2025 September 30, 2024
+Added: Realized loss on foreign currency exchange contracts $ 1,592 $ 1,742 Income from operations of discontinued operations, net of tax
+Added: Realized loss on foreign currency option contracts 40 13 Income from operations of discontinued operations, net of tax
Noncontrolling interests ( 376 ) ( 404 ) Comprehensive loss attributable to noncontrolling interests
Realized gain on interest rate contracts ( 13,654 ) ( 21,379 ) Interest expense, net
−Removed: Income tax effect from net loss on foreign currency contracts ( 351 ) ( 301 ) (Loss) income from operations of discontinued operations, net of tax
+Added: Income tax effect from net loss on foreign currency contracts ( 351 ) ( 378 ) Income from operations of discontinued operations, net of tax
Net gain on cash flow hedges reclassified from accumulated other comprehensive loss ($ 12,749 ) ($ 20,406 )
6 unchanged sentences
RESTRICTED CASH
−Removed: Restricted cash includes cash deposited with a like-kind exchange (“LKE”) intermediary.
+Added: Restricted cash includes cash deposited with a like-kind exchange (“LKE”) intermediary and cash held in escrow.
In order to qualify for LKE treatment, the proceeds from real estate sales must be deposited with a third-party intermediary.
3 unchanged sentences
The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
−Removed: June 30, December 31, June 30,
+Added: September 30, December 31, September 30,
2025 2024 2024
4 unchanged sentences
Restricted cash held in escrow 677 676 676
+Added: Restricted cash deposited with LKE intermediary — — 2,345
Total restricted cash, non-current:
+Added: 677 676 3,021
Total restricted cash shown in the Consolidated Balance Sheets 677 20,042 3,021
3 unchanged sentences
Assets held for sale (excluding discontinued operations) comprise properties not included in inventory that are expected to be sold within 12 months and meet the held-for-sale criteria of ASC 360-10-45-9.
−Removed: The basis of these properties was $ 4.7 million and $ 5.4 million, as of June 30, 2025, and December 31, 2024, respectively.
−Removed: We recognized an immaterial impairment charge on these assets during the six months ended June 30, 2025, which is recorded in the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating expense, net.”
+Added: The basis of these properties was $ 3.4 million and $ 5.4 million, as of September 30, 2025, and December 31, 2024, respectively.
+Added: As the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized during the nine months ended September 30, 2025.
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.