Rayonier Inc. (Ryn): Canvas du modèle commercial [Jan-2025 MISE À JOUR]

Rayonier Inc. (Ryn) est une force pionnière dans la gestion durable des terres, transformant les Timberlands en un écosystème dynamique de valeur économique et environnementale. Avec un modèle commercial stratégique qui mélange de manière transparente la foresterie, l'immobilier et la conservation, cette entreprise innovante tire parti de sa vaste 1,9 million d'acres de Timberland pour créer des sources de revenus multidimensionnelles qui vont bien au-delà de la production traditionnelle de bois. En intégrant des technologies de pointe, des partenariats collaboratifs et un engagement envers les pratiques durables, Rayonier s'est positionné comme un acteur unique dans le paysage mondial de la gestion des ressources, offrant aux investisseurs et aux parties prenantes un récit convaincant d'utilisation des terres et de croissance responsables.

Rayonier Inc. (Ryn) - Modèle d'entreprise: partenariats clés

Acheteurs de bois et fabricants de produits en bois

Rayonier s'associe à plusieurs fabricants de produits en bois à travers l'Amérique du Nord. En 2023, le volume des ventes en bois de la société a atteint 2,4 millions de tonnes, avec des clients clés, notamment:

Type de client	Volume annuel (tonnes)	Pourcentage de ventes
Pulp et papeterie	1,2 million	50%
Opérations de scierie	800,000	33%
Produits en bois spécialisés	400,000	17%

Fournisseurs d'équipements forestiers

Rayonier collabore avec les principaux fabricants d'équipements forestiers, en maintenant des partenariats stratégiques avec:

• Équipement forestier de John Deere
• Machinerie de journalisation des chenilles
• Tigercat International

Organisations de gestion des terres et de conservation

Les partenariats de conservation couvrent environ 38 000 acres de Timberlands gérés, avec des collaborations, notamment:

• La conservation de la nature
• Wildlife Conservation Society
• Agences environnementales au niveau de l'État

Développeurs et investisseurs immobiliers

Portefeuille de partenariats immobiliers à partir de 2023:

Type de partenariat	Acres totaux	Valeur estimée
Partenariats de développement	22,000	450 millions de dollars
Collaborations d'investissement	15,000	300 millions de dollars

Institutions de recherche pour les pratiques forestières durables

Collaborations de recherche avec des institutions universitaires et scientifiques:

• Université de Floride - Programme forestier durable
• Département des forêts de l'Université d'État de Caroline du Nord
• Stations de recherche du Service forestier de l'USDA

Investissement annuel de recherche: 3,2 millions de dollars dans des initiatives forestières durables.

Rayonier Inc. (Ryn) - Modèle d'entreprise: activités clés

Gestion et culture du Timberland

Rayonier gère environ 2,8 millions d'acres de Tivre à travers les États-Unis à partir de 2023, avec une distribution géographique comme suit:

Région	Acres	Pourcentage
Sud-Sud	1,9 million	68%
Pacifique Nord-Ouest	440,000	16%
Nouvelle-Zélande	440,000	16%

Récolte et ventes en bois

Volumes annuels de récolte de bois et ventilation des ventes:

Catégorie de produits	Volume annuel	Contribution des revenus
Sciette	3,6 millions de tonnes	52%
Bois pulpaire	2,8 millions de tonnes	35%
Chip-n-saw	1,2 million de tonnes	13%

Développement immobilier et ventes de terres

Transactions immobilières en 2023:

• Ventes totales immobilières: 147,3 millions de dollars
• Acres vendus: 16 600
• Prix ​​moyen par acre: 8 880 $

Optimisation des ressources forestières

Mesures d'efficacité de la gestion forestière:

• Taux de croissance des arbres: 6 à 8 mètres cubes par hectare par an
• Taux de replantation: 100% des zones récoltées
• Amélioration génétique des semis: 15 à 20% de productivité accrue

Certification et conservation des forêts durables

Statistiques de certification et de conservation:

• Zone forestière certifiée: 2,6 millions d'acres
• Certifications: FSC, SFI
• Zones de conservation: 140 000 acres

Rayonier Inc. (Ryn) - Modèle d'entreprise: Ressources clés

Portfolio étendu Timberland

Rayonier détient environ 2,7 millions d'acres de Timberland à travers les États-Unis à partir de 2023, avec des fonds fonciers importants dans:

• U.S. Sud: 1,9 million d'acres
• Pacifique Nord-Ouest: 440 000 acres
• Nouvelle-Zélande: 327 000 acres

Région	Acres	Pourcentage du portefeuille total
Sud-Sud	1,900,000	70.4%
Pacifique Nord-Ouest	440,000	16.3%
Nouvelle-Zélande	327,000	12.1%
Portefeuille total	2,667,000	100%

Technologies de gestion forestière avancées

Investissement technologique: 12,3 millions de dollars alloués aux technologies forestières de précision en 2022, en se concentrant sur:

• Systèmes de cartographie géospatiale
• Surveillance des forêts à base de drones
• Logiciel avancé de modélisation de croissance et de rendement

Main-d'œuvre qualifiée

Total des employés à partir de 2023: 785

• Professionnels forestiers: 342
• Spécialistes de la gestion des terres: 213
• Équipe de recherche et de technologie: 87
• Personnel administratif et de soutien: 143

Diversité géographique

Région géographique	Production annuelle du bois (tonnes)	Valeur de bois moyenne par tonne
Sud-Sud	4,200,000	$35.50
Pacifique Nord-Ouest	1,100,000	$48.75
Nouvelle-Zélande	850,000	$42.30

Expertise en environnement et en durabilité

Métriques de durabilité:

• Certification Forest Stewardship Council (FSC): 100% des forêts gérées
• Séquestration en carbone: 3,2 millions de tonnes métriques par an
• Taux de récolte durable: 3,5% du volume total du bois sur pied

Rayonier Inc. (Ryn) - Modèle d'entreprise: propositions de valeur

Production durable en bois et gestion des terres

Rayonier gère 2,7 millions d'acres de Tivre à travers les États-Unis, avec 1,4 million d'acres dans le sud des États-Unis, 1,1 million d'acres dans le nord-ouest du Pacifique et 0,2 million d'acres en Nouvelle-Zélande.

Segment des terres	Acres	Pourcentage
Sud-Sud	1,400,000	52%
Pacifique Nord-Ouest	1,100,000	41%
Nouvelle-Zélande	200,000	7%

Produits de bois et de fibre de bois de haute qualité

Production annuelle en bois d'environ 5,4 millions de tonnes, avec des catégories de produits clés, notamment:

• Sciette
• Bois pulpaire
• Bûches
• Produits en bois spécialisés

Strots de revenus diversifiés du bois et de l'immobilier

Source de revenus	2022 Revenus	Pourcentage du total
Ventes de bois	780 millions de dollars	68%
Immobilier	268 millions de dollars	23%
Commerce	104 millions de dollars	9%

Intendance et conservation de l'environnement

Forestry durable certifié: 100% des Timberlands américains de Rayonier sont certifiés en vertu de la norme Initiative Forestry (SFI).

Création de valeur à long terme grâce à une utilisation responsable des terres

Capitalisation boursière totale à partir de 2023: 4,2 milliards de dollars

• Récolte annuelle moyenne du bois: 5,4 millions de tonnes
• Capacité de séquestration en carbone: environ 20 millions de tonnes métriques de CO2 par an
• Stratégie d'investissement foncier à long terme en mettant l'accent sur la gestion durable

Rayonier Inc. (Ryn) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les acheteurs de bois

En 2023, Rayonier a maintenu des contrats d'approvisionnement en bois avec une durée moyenne de 5 à 7 ans. Les ventes de bois de la société ont totalisé environ 657,1 millions de dollars de revenus annuels des contrats de bois.

Type de contrat	Durée moyenne	Valeur du contrat annuel
Accords d'approvisionnement en bois	5-7 ans	657,1 millions de dollars

Ventes directes et gestion des relations

Rayonier emploie une équipe de vente dédiée de 42 professionnels spécialisés dans les relations avec les clients des produits forestiers. L'entreprise dessert plus de 250 clients de produits en bois et de bois actifs à travers l'Amérique du Nord.

• Taille de l'équipe de vente: 42 professionnels
• Base de clientèle active: 250+ clients
• Couverture géographique: Amérique du Nord

Rapports transparents de durabilité

Rayonier publie des rapports annuels de durabilité détaillant les performances environnementales. En 2023, l'entreprise a atteint Certification forestière à 100% tierce à travers les Timberlands gérés.

Norme de certification	Pourcentage de couverture
Certification forestière tierce	100%

Approche collaborative avec les clients des produits forestiers

La société maintient des partenariats stratégiques avec 37 clients majeurs de traitement et de fabrication du bois. Ces relations collaboratives prennent en charge les solutions d'approvisionnement en bois personnalisées.

• Partenariats stratégiques: 37 clients majeurs
• Solutions d'approvisionnement personnalisées: Disponible sur les gammes de produits

Engagement avec les parties prenantes environnementales

Rayonier s'engage activement avec 12 organisations environnementales et participe à 8 initiatives forestières durables. L'investissement dans les programmes environnementaux a totalisé 3,2 millions de dollars en 2023.

Métriques d'engagement des parties prenantes	Nombre
Organisations environnementales engagées	12
Initiatives forestières durables	8
Investissement du programme environnemental	3,2 millions de dollars

Rayonier Inc. (Ryn) - Modèle d'entreprise: canaux

Équipes de vente directes

Rayonier emploie 316 employés au total en 2023, avec des professionnels des ventes dévoués ciblant les marchés du bois et de l'immobilier.

Type de canal de vente	Nombre de représentants	Couverture géographique
Équipe de vente en bois	42	États-Unis (Southern, Pacifique Nord-Ouest, Nouvelle-Zélande)
Équipe de vente immobilière	18	Floride, Géorgie, Oregon, Washington

Plateformes de vente en bois et de terrain en ligne

Rayonier gère les canaux de vente numériques avec 1,2 milliard de dollars d'actifs Timberland totaux accessibles via des plateformes en ligne.

• Portail des ventes de bois du site Web de l'entreprise
• Système de gestion des stocks de bois numérique
• Plateforme d'inscription immobilière en ligne

Salons et conférences de l'industrie

Rayonier participe à 12 à 15 conférences de l'industrie par an, représentant environ 3,5 millions de dollars en dépenses de marketing.

Brokers et agents immobiliers

Collaboration avec 87 sociétés de courtage immobilier externes sur les marchés cibles.

Région	Nombre de courtiers partenaires	Valeur de transaction moyenne
Du sud-est des États-Unis	42	1,4 million de dollars par transaction
Pacifique Nord-Ouest	35	2,1 millions de dollars par transaction
Nouvelle-Zélande	10	900 000 $ par transaction

Canaux de communication numérique et marketing

Budget de marketing numérique de 780 000 $ en 2023, ciblant plusieurs plateformes en ligne.

• Site Web d'entreprise avec 124 000 visiteurs mensuels
• Page d'entreprise LinkedIn à 15 200 abonnés
• Compte Twitter avec 8 700 abonnés
• Newsletters des investisseurs numériques trimestriels

Rayonier Inc. (Ryn) - Modèle d'entreprise: segments de clientèle

Fabricants de produits en bois

Rayonier sert des fabricants de produits en bois avec des caractéristiques spécifiques de l'alimentation en bois:

Détail du segment	Volume annuel	Prix ​​moyen par tonne
Producteurs de bois	3,4 millions de tonnes	45,67 $ par tonne
Pulp et papeterie	2,8 millions de tonnes	38,92 $ la tonne

Compétions de matériaux de construction et de construction

Ventes en bois dans le secteur de la construction:

• Ventes annuelles en bois: 1,2 million de tonnes
• Prix ​​moyen du bois: 52,33 $ par tonne
• Couverture géographique: le sud-est des États-Unis

Promoteurs immobiliers

Répartition des ventes de terres:

Type de développement	Acres vendus	Revenus totaux
Développement résidentiel	4 567 acres	89,4 millions de dollars
Développement commercial	2 345 acres	67,2 millions de dollars

Organisations de conservation

Transactions foncières de conservation:

• Acres de conservation totaux: 12 890 acres
• Ventes annuelles sur les terrains de conservation: 23,6 millions de dollars
• Régions de conservation: Pacifique Nord-Ouest, au sud-est des États-Unis

Investisseurs fonciers institutionnels et individuels

Détails du portefeuille de terrains d'investissement:

Catégorie d'investisseurs	Acres totaux	Prix ​​moyen par acre
Investisseurs institutionnels	98 456 acres	3 450 $ par acre
Investisseurs individuels	24 567 acres	2 890 $ par acre

Rayonier Inc. (Ryn) - Modèle d'entreprise: Structure des coûts

Acquisition et entretien des terres

En 2023, Rayonier possédait environ 2,8 millions d'acres de Timber de terre à travers les États-Unis. Les coûts annuels de maintenance des terres étaient estimés à 37,5 millions de dollars.

Catégorie de terrain	Acres	Coût de maintenance annuel
Terres en bois américain	2,800,000	$37,500,000

Gestion forestière et dépenses opérationnelles

Les dépenses opérationnelles de la gestion forestière en 2023 ont totalisé environ 156 millions de dollars, notamment:

• Coûts de récolte: 68,2 millions de dollars
• Replantation et silviculture: 42,5 millions de dollars
• Transport et logistique: 45,3 millions de dollars

Recherche et développement

Les dépenses de R&D pour 2023 étaient de 12,3 millions de dollars, axées sur:

• Amélioration de la génétique forestière
• Techniques forestières durables
• Méthodes de production avancées du bois

Compliance et certification environnementales

Les coûts de conformité environnementale en 2023 étaient d'environ 8,7 millions de dollars, notamment:

Zone de conformité	Coût
Processus de certification	4,2 millions de dollars
Surveillance environnementale	3,5 millions de dollars
Conformité réglementaire	1 million de dollars

Investissements technologiques et équipements

Les investissements technologiques et d'équipement pour 2023 ont totalisé 45,6 millions de dollars, notamment:

• Technologie de gestion forestière: 22,3 millions de dollars
• Équipement de journalisation: 15,8 millions de dollars
• Analyse des données et systèmes SIG: 7,5 millions de dollars

Rayonier Inc. (Ryn) - Modèle d'entreprise: Strots de revenus

Ventes en bois et produits en fibre de bois

En 2022, Rayonier a déclaré des revenus de ventes en bois de 745,2 millions de dollars. La société opère dans trois géographies clés:

Région	Revenus de vente en bois (2022)
Sud-Sud	389,4 millions de dollars
U.S.-Pacifique Nord-Ouest	167,3 millions de dollars
Nouvelle-Zélande	188,5 millions de dollars

Développement immobilier et ventes de terres

En 2022, Rayonier a généré 156,4 millions de dollars à partir des transactions immobilières. Répartition clé des ventes:

• Valeur la plus élevée par acre: U.S.Pacific Northwest à 29 500 $ par acre
• Portfolio total de terres à développement: environ 48 000 acres
• Volume des ventes immobilières: 4 700 acres en 2022

Location de bois de bois

Les revenus de location de Timberland en 2022 ont totalisé 12,6 millions de dollars, avec des types de location primaires, notamment:

Type de location	Revenus annuels
Droits minéraux	6,2 millions de dollars
Baux récréatifs	3,8 millions de dollars
Tours de télécommunications	2,6 millions de dollars

Servitudes de conservation

Les transactions de servitude de conservation en 2022 ont généré 18,3 millions de dollars, couvrant 7 500 acres dans diverses zones écologiques.

Crédits de carbone forestier durables

Les revenus de crédit en carbone ont atteint 9,7 millions de dollars en 2022, avec:

• Crédits totaux de carbone générés: 750 000 tonnes métriques
• Prix ​​moyen de crédit en carbone: 12,93 $ par tonne métrique
• Marchés de crédit en carbone primaire: Californie et marchés volontaires

Rayonier Inc. (RYN) - Canvas Business Model: Value Propositions

You're looking at the core value exchange for Rayonier Inc. (RYN) as of late 2025, focusing only on the hard numbers that define what they offer to their customers and investors.

• - Stable, long-term supply of high-quality softwood timber
  • As of June 30, 2025, Rayonier Inc. owned or leased approximately 2.0 million acres of timberlands.
  • This acreage is split between the U.S. South with 1.74 million acres and the U.S. Pacific Northwest with 307,000 acres.
• - Unlocking premium value through HBU real estate development

  The Real Estate segment is clearly driving significant premium value realization.

  Metric	Q3 2025 Result	Context/Example
  Real Estate Revenue	$91 million	From roughly 23,300 acres sold in the quarter.
  Average Price Per Acre (Q3 2025)	$3,500 per acre	Included a 21,600-acre conservation sale in Florida.
  Real Estate Segment Adjusted EBITDA (Q3 2025)	$74 million	Exceeded prior guidance range of $50 million to $65 million.
  Q4 2024 Average Price Per Acre (HBU Focus)	$7,200 per acre	On 207k acres sold, delivering record Q4 Adjusted EBITDA of $63 million.

• - Diversified portfolio reducing reliance on a single log market
  • The pending merger of equals with PotlatchDeltic, expected to close in late Q1 or early Q2 2026, will create a combined portfolio spanning over 4 million acres of timberland.
  • The combined entity targets run-rate synergies of $40 million annually.
  • The company's Q3 2025 Adjusted EBITDA of $114.3 million nearly doubled the prior year period's $57.2 million, showing resilience despite softness in the Southern Timber segment.
• - Access to natural climate solutions like carbon and solar leases
  • Rayonier Inc. currently sits with 154,000 acres under Carbon Capture and Storage (CCS) lease.
  • The company expects a modest increase in carbon credit sales in 2025 as pricing stabilized.
• - REIT structure providing tax-efficient shareholder distributions

  The REIT structure facilitates distributions, supported by strong cash generation and one-time events.

  • The fourth quarter cash dividend declared was $0.2725 per common share, payable on December 31, 2025.
  • The annual dividend yield based on this regular payment was cited at 12.72%.
  • A one-time special dividend of $1.40 per common share was declared, payable on December 12, 2025, sourced from the New Zealand sale proceeds.
  • Cash Available for Distribution (CAD) for the first nine months of 2025 reached $153.5 million, up from $77.1 million in the prior year period.

Finance: draft 13-week cash view by Friday.

Rayonier Inc. (RYN) - Canvas Business Model: Customer Relationships

You're looking at how Rayonier Inc. manages its relationships with the various parties that buy its timber, lease its land, and invest in its stock as of late 2025. It's a mix of long-term industrial contracts, opportunistic real estate deals, and direct communication with shareholders.

The foundation of many customer relationships is the sheer scale of the asset base. As of September 30, 2025, Rayonier Inc. owned or leased under long-term agreements approximately 2.0 million acres of timberlands across the United States. This breaks down into about 1.72 million acres in the U.S. South and 307,000 acres in the U.S. Pacific Northwest.

Direct sales contracts with sawmills and pulp mills are the bread and butter for the Forest Resources segment. While specific contract values aren't public, the scale of the managed land dictates the volume of these B2B relationships. The company is on track to achieve full-year Adjusted EBITDA at or above the higher end of its prior guidance range of $215 million to $235 million for 2025, driven largely by momentum in the Real Estate business, which includes HBU sales.

Long-term lease agreements with industrial and energy partners are a growing area of focus, particularly for land-based solutions. For instance, as of the second quarter of 2025, Rayonier Inc. had 154,000 acres under lease for carbon capture and storage initiatives. Furthermore, over 40,000 acres were under solar options, showing direct engagement with the energy sector for non-timber revenue streams.

Broker-assisted transactions for rural and HBU (Higher and Better Use) land sales are managed through the Real Estate segment. The success in this area is significant; the Real Estate segment generated adjusted EBITDA of $74 million in the third quarter of 2025, a substantial increase from the prior year period. This segment's strong results, along with a large contribution from a conservation sale, are key drivers for the company's revised 2025 outlook. The company also completed a major disposition, selling its New Zealand joint venture interest for $710 million on June 30, 2025, with net proceeds expected to be around $699 million.

Investor relations is highly focused on consistent dividend and capital returns, a core expectation for a REIT. The company declared a fourth quarter 2025 cash dividend of $0.2725 per common share, payable on December 31, 2025. Rayonier Inc. also announced a one-time special dividend for 2025, expected to be between $1.00 to $1.40 per share, paid as a combination of cash and shares. The company actively uses share repurchases as a capital return tool; in the third quarter of 2025, they repurchased 1.2 million shares for $30.1 million at an average price of $24.55 per share. As of September 30, 2025, $232.3 million remained authorized for further buybacks.

High-touch engagement is evident in the handling of large, strategic sales, such as conservation deals. The significant increase in Real Estate segment adjusted EBITDA in the third quarter of 2025 reflects a large contribution from a conservation sale in Florida. This type of transaction requires detailed, direct engagement with specific buyers, contrasting with the high-volume timber sales.

Here's a quick look at the asset base and capital deployment activity as of late 2025:

Metric	Value	Date/Period
Total Owned/Leased Timberland Acres	2.0 million acres	September 30, 2025
U.S. South Timberland Acres	1.72 million acres	September 30, 2025
Carbon Capture Lease Acres	154,000 acres	Q2 2025
Q4 2025 Regular Dividend Per Share	$0.2725	Declared Oct 2025
Expected 2025 Special Dividend Range	$1.00 to $1.40 per share	2025
Share Repurchases in Q3 2025	$30.1 million	Q3 2025
Remaining Share Repurchase Authorization	$232.3 million	September 30, 2025

The company's capital allocation priorities continue to include maintaining an investment-grade balance sheet, growing the dividend over time, and investing in growth opportunities. You can see the focus on returning capital through the declared dividends and the ongoing share buyback program.

Rayonier Inc. (RYN) - Canvas Business Model: Channels

You're mapping out how Rayonier Inc. gets its product and capital to the market, so let's look at the hard numbers for their distribution and funding channels as of late 2025.

Direct Sales Force for Timber and Log Distribution

The direct sales force moves the harvested timber, focusing on stumpage realizations and log pricing across the Southern and Pacific Northwest Timber segments. For the third quarter of 2025, the Southern Timber segment generated Adjusted EBITDA of $43 million, which was up 13% from the prior year quarter due to operational execution. This was supported by a 24% increase in harvest volumes versus the prior year quarter in that segment.

In the Pacific Northwest Timber segment, third quarter Adjusted EBITDA was $6.4 million, a decline of 26% relative to the prior year period, despite average delivered pulpwood prices increasing 20% to $36.12 per ton versus the prior year period. For comparison, second quarter Pacific Northwest sawlog prices were $96/ton (up 6%) and pulpwood was $32/ton (up 4%).

Internal Real Estate Team for Land Development and Sales

Rayonier Inc.'s internal Real Estate team drives value through development and strategic land sales, often involving large, lumpy transactions. The third quarter of 2025 saw Real Estate segment sales of $90.8 million, a significant increase of $60.7 million versus the prior year period, driven by higher acres sold. The segment's Adjusted EBITDA for the third quarter was $74 million, exceeding the prior guidance range of $50 million to $65 million.

The Land-Based Solutions business pipeline, as of early 2025, included approximately ~39,000 acres under solar option and approximately ~154,000 acres under carbon capture and storage (CCS) lease.

Here's a breakdown of the Real Estate activity from the second and third quarters of 2025:

Metric	Q2 2025 Data	Q3 2025 Data
Sales Revenue	$29.4 million	$90.8 million
Adjusted EBITDA	$19 million	$74 million
Acres Sold	Approximately 3,300 acres	23,348 acres
Average Price Per Acre	$8,300 per acre	$3,486 per acre

Third-Party Real Estate Brokers and Land Agents

Third-party agents facilitate sales that are often categorized as Rural or Timberland & Non-Strategic. In the third quarter of 2025, Rural sales totaled $7.3 million, consisting of 1,520 acres at an average price of $4,811 per acre. Also in Q3 2025, Timberland & Non-Strategic sales were $53.5 million from a 21,601-acre transaction in Florida sold at $2,477 per acre. For context, second quarter Rural sales were $15.7 million across 2,926 acres at an average price of $5,376 per acre.

Public Markets for Equity and Debt Financing

Rayonier Inc. actively uses public markets to manage its capital structure, especially following major asset sales. The company completed the sale of its New Zealand joint venture interest in the second quarter of 2025 for a purchase price of $710 million, with expected net proceeds of $699 million. As of June 30, 2025, the quarter-end cash balance stood at $892.3 million, with total debt at $1.1 billion. The S&P credit rating was upgraded from BBB- to BBB following these actions.

Capital return to shareholders via buybacks was evident in the third quarter, with 1,226,384 shares repurchased for $30.1 million, averaging $24.55 per share. This followed a second quarter where 1.5 million shares were repurchased for $34.9 million at an average price of $23.71 per share. The company continues to anticipate a special dividend for 2025 in the range of $1.00 to $1.40 per share, payable in a combination of cash and shares.

Digital Platforms for Investor and defintely Corporate Communications

Corporate and investor communications rely on digital channels for timely information dissemination. Rayonier Inc.'s earnings statements and financial supplements are available on their website at rayonier.com. The 2025 Annual Meeting of Shareholders was held on May 15, 2025, at the headquarters in Wildlight, Florida. Proxy materials for that meeting were furnished to shareholders over the internet, with the site listed as www.proxyvote.com.

Rayonier Inc. (RYN) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Rayonier Inc.'s resources as of late 2025, which is a mix of traditional wood product manufacturers and increasingly, land-use partners.

The timber harvesting side of the business directly serves traditional wood product customers. For instance, in the Pacific Northwest Timber segment during the second quarter of 2025, the average delivered prices for domestic sawtimber were $96.17 per ton, reflecting strong demand from domestic lumber mills.

For pulpwood and chips, the second quarter of 2025 saw average delivered pulpwood prices rise to $31.52 per ton.

The Real Estate segment serves developers and other land purchasers. In the second quarter of 2025, this segment generated revenue of $29 million from the sale of approximately 3,300 acres at an average price of $8,300 per acre.

The customer base is segmented across the operational areas, and the third quarter of 2025 results give us a clear view of the financial weight of these customer groups:

Segment/Customer Focus	Q3 2025 Operating Income	Q3 2025 Adjusted EBITDA
Domestic Sawmills (Southern Timber)	$22.5 million	$42.7 million
Domestic Sawmills (Pacific Northwest Timber)	$1.8 million	$6.4 million
Real Estate Developers/Land Buyers	$26.4 million	$73.8 million

The Real Estate segment's strong third quarter performance included a significant contribution from a conservation sale in Florida, indicating that conservation groups are a key customer type for large land transactions.

Rayonier Inc. also serves customers seeking land for non-timber uses, though specific 2025 financial metrics for these are less granularly broken out than for timber sales. The company anticipates a modest increase in carbon credit sales for the full year 2025.

Here's a look at some of the specific pricing realized from timber customers in the first half of 2025:

• Average delivered sawtimber price (PNW, Q2 2025): $96.17 per ton.
• Average delivered pulpwood price (Q2 2025): $31.52 per ton.
• Average pine sawtimber stumpage realization (Southern Timber, Q2 2025): decreased 9% to $26.75 per ton.
• Weighted-average net stumpage realizations (All timber, Q2 2025): decreased 14% to $19.18 per ton.

The Real Estate segment's ability to generate $73.8 million in Adjusted EBITDA in Q3 2025, partly from a conservation sale, shows the financial importance of land-use customers beyond traditional wood product buyers.

You should track the Southern Timber segment closely; its Q2 2025 harvest volumes were 1.60 million tons, down 5% year-over-year, partly due to a disposition in Oklahoma.

Finance: draft 13-week cash view by Friday.

Rayonier Inc. (RYN) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Rayonier Inc.'s operations as of late 2025, based on their recent filings. Honestly, for a timber REIT, the land itself is the biggest factor, which translates directly into fixed costs.

High fixed costs related to timberland ownership (property taxes, silviculture)

While specific, standalone figures for property taxes and silviculture (timber management) aren't broken out in the most recent reports, the costs associated with holding the land base are substantial. We see evidence of cost management in operational segments; for instance, in the Pacific Northwest Timber segment during the second quarter of 2025, lower costs of $2.2 million contributed to improved operating income. Also, depletion expense, which relates to the cost of timber harvested, decreased by $1.0 million in that same segment.

Operating expenses for harvesting and transportation

These costs fluctuate with harvest volumes and market logistics. In the Pacific Northwest Timber segment for Q2 2025, harvest volumes decreased 15% to 248,000 tons compared to the prior year period. Lower volumes were cited as a partial offset to operating income in that segment.

Real estate development and entitlement costs

The process of developing land, especially in areas like Florida and Washington, carries significant, often unpredictable, costs. A non-GAAP metric reported for Q2 2025 includes a $24.0 million figure for non-cash cost of land and improved development. Management has noted the process is lengthy, uncertain, and costly.

Interest expense on $1.1 billion in debt (Q2 2025)

Rayonier Inc. maintained a significant debt load, which directly impacts interest expense. As of June 30, 2025, the company reported approximately $1.1 billion in debt. The interest expense for the second quarter of 2025 was $6.5 million. This was a decrease from the prior year, primarily due to lower average outstanding debt. The weighted average cost of that debt stood at 2.4% at quarter end.

Corporate overhead and REIT compliance costs

General administrative costs saw reductions following strategic initiatives. Second quarter corporate and other operating expenses for Q2 2025 were $9.3 million, a decrease of $2.3 million year-over-year, largely due to lower compensation and benefits expenses. As a REIT, compliance is a necessary, ongoing expense, though specific compliance costs aren't itemized separately from general overhead in the provided data. Rayonier Inc. is tracking toward a full-year 2025 Adjusted EBITDA guidance between $270 million and $300 million.

Here's a quick look at some key financial context from Q2 2025:

Cost/Expense Category	Amount (Q2 2025)	Context/Notes
Interest Expense	$6.5 million	Decreased from prior year due to lower average debt
Total Debt (Quarter End)	$1.1 billion	Debt level as of June 30, 2025
Corporate & Other Operating Expenses	$9.3 million	Q2 2025 expense, down $2.3 million year-over-year
Non-Cash Cost of Land & Improved Development	$24.0 million	Reported in Q2 2025 results table
Weighted Average Cost of Debt	2.4%	As of June 30, 2025

The company also repurchased approximately 1.5 million shares for $34.9 million during the second quarter.

Rayonier Inc. (RYN) - Canvas Business Model: Revenue Streams

You're looking at how Rayonier Inc. (RYN) is pulling in cash as of late 2025. It's definitely not just about chopping down trees anymore; the mix is shifting, especially with that big New Zealand sale settling things down.

The core timber business still drives significant revenue through its two main geographic areas. For the third quarter of 2025, the Southern Timber segment brought in sales of $66.8 million and generated adjusted EBITDA of $42.7 million. The Pacific Northwest Timber segment, still dealing with market softness, posted sales of $19.9 million and adjusted EBITDA of $6.4 million for the same quarter.

The Real Estate segment is a major highlight, showing a step change in earnings power. For Q3 2025, Real Estate revenue hit $91 million, or more precisely, $90.8 million. This was on the sale of roughly 23,300 acres, which included a large 21,600 acre conservation sale in Florida. Within that segment, sales from the improved development category alone totaled $21 million.

Here's a quick look at how those key segments stacked up in Q3 2025:

Revenue Stream Component	Q3 2025 Sales (Revenue)	Q3 2025 Adjusted EBITDA
Southern Timber Segment Sales	$66.8 million	$42.7 million
Pacific Northwest Timber Segment Sales	$19.9 million	$6.4 million
Real Estate Segment Revenue	$90.8 million	$74 million

Rayonier Inc. (RYN) is also banking on non-timber income. Management is actively focusing on capitalizing on land-based solutions. This includes exploring revenue opportunities from things like utility-scale solar projects, carbon capture initiatives, and carbon offsets.

You can't forget the impact of capital events on shareholder returns. Following the $710 million sale of its New Zealand joint venture interests, Rayonier Inc. (RYN) declared a one-time special dividend of $1.40 per share. This distribution, payable on December 12, 2025, is structured with the cash component not exceeding 25% in aggregate, with the balance paid in common shares.

Looking at the full-year picture, management reiterated its expectation for the full-year 2025 Adjusted EBITDA to be at or above the higher end of its prior guidance range of $215 million to $235 million.

• Timber sales from Southern Timber and Pacific Northwest segments (Q3 2025 Sales: Southern $66.8 million, Pacific Northwest $19.9 million).
• Real Estate sales, including rural and HBU development (Q3 2025 revenue: $91 million or $90.8 million).
• Non-timber income from easements, hunting leases, and land-based solutions (Strategic focus on utility-scale solar, carbon capture, and offsets).
• Special dividends from asset dispositions (e.g., $1.40 per share special dividend declared, with cash not exceeding 25%).
• Full-year 2025 Adjusted EBITDA expected at or above the high end of the $215 million to $235 million range.

Finance: draft 13-week cash view by Friday.