−Removed: Our timber operations are disaggregated into three geographically distinct reporting segments:
−Removed: Southern Timber, Pacific Northwest Timber and New Zealand Timber.
+Added: Our continuing timber operations are disaggregated into two geographically distinct reporting segments:
+Added: Southern Timber and Pacific Northwest Timber.
The following table provides a breakdown of our timberland holdings as of September 30, 2025 and December 31, 2025.
+Added: These amounts do not reflect any timberland holdings acquired in connection with our merger with PotlatchDeltic, which was completed after the balance sheet date on January 30, 2026:
(acres in 000s) As of September 30, 2025
6 unchanged sentences
Louisiana 146 — 146 146 — 146
−Removed: Oklahoma 91 — 91 — — —
South Carolina 15 — 15 15 — 15
5 unchanged sentences
305 2 307 305 2 307
−Removed: New Zealand (a) 178 233 411 178 234 412
Total 1,937 85 2,022 1,934 63 1,997
−Removed: (a) Represents legal acres owned and leased by the New Zealand subsidiary, in which Rayonier owns a 77% interest.
−Removed: As of December 31, 2024, legal acres in New Zealand were comprised of 287,000 plantable acres and 125,000 non-productive acres.
−Removed: The following tables detail changes in our portfolio of owned and leased timberlands by state from December 31, 2023 to December 31, 2024:
+Added: The following tables detail changes in our portfolio of owned and leased timberlands by state for our continuing operations from December 31, 2024 to December 31, 2025:
(acres in 000s) Acres Owned
December 31, 2024
−Removed: Acquisitions Sales Other (a) December 31, 2024
+Added: Acquisitions Sales December 31, 2025
Alabama 250 — (2) 248
2 unchanged sentences
Louisiana 146 — — 146
−Removed: Oklahoma 91 — (91) — —
South Carolina 15 — — 15
4 unchanged sentences
Washington 299 — — 299
−Removed: 414 — (109) — 305
−Removed: New Zealand (b) 188 — (10) — 178
Total 1,966 — (32) 1,934
−Removed: (a) Includes adjustments for land mapping reviews.
−Removed: (b) Represents legal acres owned by the New Zealand subsidiary, in which Rayonier has a 77% interest.
(acres in 000s) Acres Leased
December 31, 2024
−Removed: New Leases Sold/Expired Leases (a) Other (b) December 31, 2024
+Added: New Leases Sold/Expired Leases (a) December 31, 2025
Alabama 3 — (1) 2
2 unchanged sentences
Georgia 49 — (1) 48
−Removed: 93 — (4) — 89
Pacific Northwest
−Removed: Washington (c) 4 — (1) — 3
−Removed: New Zealand (d) 233 — (3) 4 234
+Added: Washington (b) 3 — (1) 2
Total 92 — (29) 63
(a) Includes acres previously under lease that have been harvested and activity for the relinquishment of leased acres.
−Removed: (b) Includes adjustments for land mapping reviews.
−Removed: (c) Primarily timber reservations acquired in the merger with Pope Resources.
−Removed: (d) Represents legal acres leased by the New Zealand subsidiary, in which Rayonier has a 77% interest.
+Added: (b) Primarily timber reservations acquired in the merger with Pope Resources.
TIMBERLAND LEASES & DEEDS
−Removed: See Note 16 — Leases for more information on U.S.
−Removed: and New Zealand timberland leases including lease terms and renewal provisions.
The following table details our acres under lease as of December 31, 2025 by type of lease and estimated lease expiration.
+Added: See Note 17 — Leases for more information on U.S.
+Added: timberland leases including lease terms and renewal provisions.
+Added: These amounts do not reflect any leases acquired in connection with our merger with PotlatchDeltic, which was completed after the balance sheet date on January 30, 2026.
(acres in 000s) Lease Expiration
3 unchanged sentences
Pacific Northwest Fixed Term (b) 2 — 1 1 —
−Removed: New Zealand CFL - Perpetual (c) 75 — — — 75
−Removed: CFL - Fixed Term (c) 3 — — — 3
−Removed: CFL - Terminating (c) 11 1 — 8 2
−Removed: Forestry Right (c) 132 36 4 7 85
−Removed: Fixed Term Land Leases 13 — — 2 11
Total Acres under Long-term Leases 63 23 33 1 6
1 unchanged sentence
(b) Primarily timber reservations acquired in the merger with Pope Resources.
−Removed: (c) Estimated lease expiration / termination based on the earlier of:
−Removed: (1) the scheduled expiration / termination date, or (2) the estimated year of final harvest before such expiration / termination date.
The following table details our estimated leased acres, lease expirations and lease costs over the next five years:
8 unchanged sentences
Year-end Leased Acres (c) 2 2 2 2 2
−Removed: Leased Acres Expiring 1 10 — — —
−Removed: Year-end Leased Acres 233 223 223 223 223
−Removed: Estimated Annual Lease Cost (b)(e) $4,376 $4,286 $4,284 $4,284 $4,835
−Removed: Average Lease Cost per Acre (d)(e) $24.93 $24.43 $24.43 $24.43 $24.43
(a) Includes timber deeds.
1 unchanged sentence
(c) Primarily timber reservations acquired in the merger with Pope Resources for which no lease payments are made.
−Removed: (d) Excludes lump sum payments.
−Removed: (e) Based on the year-end foreign exchange rate.
OTHER NON-TIMBERLAND LEASES
1 unchanged sentence
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.