Item 2. Properties
Item 2. PROPERTIES
Our continuing timber operations are disaggregated into two geographically distinct reporting segments: 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. 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
As of December 31, 2025
Owned Leased Total Owned Leased Total
Southern
Alabama 248 3 251 248 2 250
Arkansas — 1 1 — 1 1
Florida 337 30 367 336 10 346
Georgia 610 49 659 609 48 657
Louisiana 146 — 146 146 — 146
South Carolina 15 — 15 15 — 15
Texas 276 — 276 275 — 275
1,632 83 1,715 1,629 61 1,690
Pacific Northwest
Oregon 6 — 6 6 — 6
Washington 299 2 301 299 2 301
305 2 307 305 2 307
Total 1,937 85 2,022 1,934 63 1,997
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
Acquisitions Sales December 31, 2025
Southern
Alabama 250 — (2) 248
Florida 360 — (24) 336
Georgia 611 — (2) 609
Louisiana 146 — — 146
South Carolina 15 — — 15
Texas 279 — (4) 275
1,661 — (32) 1,629
Pacific Northwest
Oregon 6 — — 6
Washington 299 — — 299
305 — — 305
Total 1,966 — (32) 1,934
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(acres in 000s) Acres Leased
December 31, 2024
New Leases Sold/Expired Leases (a) December 31, 2025
Southern
Alabama 3 — (1) 2
Arkansas 2 — (1) 1
Florida 35 — (25) 10
Georgia 49 — (1) 48
89 — (28) 61
Pacific Northwest
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.
(b) Primarily timber reservations acquired in the merger with Pope Resources.
TIMBERLAND LEASES & DEEDS
The following table details our acres under lease as of December 31, 2025 by type of lease and estimated lease expiration. See Note 17 — Leases for more information on U.S. timberland leases including lease terms and renewal provisions. 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
Location Type of Lease Total 2026-2035 2036-2045 2046-2055 Thereafter
Southern Fixed Term 51 13 32 — 6
Fixed Term with Renewal Option (a) 10 10 — — —
Pacific Northwest Fixed Term (b) 2 — 1 1 —
Total Acres under Long-term Leases 63 23 33 1 6
(a) Includes approximately 1,000 acres of timber deeds.
(b) Primarily timber reservations acquired in the merger with Pope Resources.
The following table details our estimated leased acres, lease expirations and lease costs over the next five years:
(acres and dollars in 000s, except per acre amounts)
Location 2026 2027 2028 2029 2030
Southern
Leased Acres Expiring (a) 1 10 — — —
Year-end Leased Acres (a) 60 50 50 50 50
Estimated Annual Lease Cost (a)(b) $2,701 $2,679 $2,288 $2,272 $2,272
Average Lease Cost per Acre (a) $49.30 $49.22 $51.51 $51.46 $51.46
Pacific Northwest
Leased Acres Expiring — — — — —
Year-end Leased Acres (c) 2 2 2 2 2
(a) Includes timber deeds.
(b) Represents capitalized and expensed lease payments.
(c) Primarily timber reservations acquired in the merger with Pope Resources for which no lease payments are made.
OTHER NON-TIMBERLAND LEASES
See Note 17 — Leases for information on other non-timberland leases.
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