Rayonier is a leading timberland real estate investment trust that owns and manages approximately 2.0 million acres of timberlands in the United States South and Pacific Northwest to generate income from timber harvest and land based solutions. It operates through an umbrella partnership REIT structure where its Operating Partnership holds the assets and Rayonier serves as the sole general partner. The company also pursues higher and better use land sale opportunities to maximize the value of its portfolio.

The company generates revenue primarily from the harvest and sale of timber from its Southern Timber and Pacific Northwest Timber segments, which also include income from hunting leases, mineral extraction leases, cell tower leases, carbon capture and storage projects, solar energy leases, and log trading activities. Its Real Estate segment derives revenue from the sale of land in categories such as improved development, unimproved development, rural, timberland and non strategic, large dispositions, and conservation easements, as well as from residential and commercial lease activities.

The company operates through the following segments: Southern Timber, Pacific Northwest Timber, and Real Estate.

• Southern Timber: This segment manages approximately 1.69 million acres of timberlands in Alabama, Arkansas, Florida, Georgia, Louisiana, South Carolina and Texas, focusing on the harvest of pine and hardwood timber. It generates income from timber sales, hunting leases, mineral extraction leases, cell tower leases, carbon capture and storage projects, solar energy leases, and log trading activities conducted in the U. S. South. The segment’s sustainable yield is estimated at 6.4 to 6.7 million tons per year, with harvest volumes expected to align with that range.

• Pacific Northwest Timber: This segment oversees approximately 307,000 acres of timberlands in Oregon and Washington, with about 244,000 acres classified as productive for merchantable timber. It generates revenue primarily from the harvest and sale of sawtimber to domestic wood products facilities and for export to Pacific Rim markets, along with hunting leases, mineral extraction leases, cell tower leases, carbon capture and storage projects, solar energy leases, and log trading activities. The segment’s sustainable yield ranges from 115 to 135 million board feet per year, equivalent to 0.90 to 1.05 million tons annually.

• Real Estate: This segment handles all land sales, including improved development, unimproved development, rural, timberland and non strategic, large dispositions, and conservation easements, as well as residential and commercial lease activities, mainly in Port Gamble, Washington. In 2025 the segment closed a 21,601 acre transaction to a conservation oriented buyer for $53.5 million, representing about 11% of consolidated sales. The segment seeks to maximize portfolio value through higher and better use land sales and development projects such as Wildlight and Heartwood.

Rayonier positions itself as a leading timberland REIT with scale in premier softwood markets, a diversified geographic footprint, and a proven real estate platform that captures premium land values. Its competitive advantages include access to established pulp and wood product mills in the U. S. South, proximity to export ports in the Pacific Northwest, a strong pipeline of land based solutions such as carbon offsets and solar leases, and a tax efficient REIT structure that preserves cash flow. The company competes with numerous large and private timber owners such as Weyerhaeuser Company, Resource Management Service, Manulife Investment Management Timberland and Agriculture Inc., Forest Investment Associates, J. P. Morgan Asset Management, BTG Pactual, Molpus Woodlands Group, The Westervelt Company, and Green Diamond Resource Company, among others.

The company’s customers include pulp and paper manufacturers, wood products producers, biomass facilities, hunters, mineral and cell tower lessees, carbon capture and storage counterparties, solar energy lessees, conservation oriented buyers, real estate developers, and residential and commercial tenants.