On this page of StockholderLetter.com we present the latest annual shareholder letter from RAYONIER INC — ticker symbol RYN. Reading current and past RYN letters to shareholders can bring important insights into the investment thesis.

 •  4/2/2025 Letter Continued (Full PDF)
 •  4/20/2023 RYN Stockholder Letter
 •  4/12/2024 RYN Stockholder Letter
 •  More "REITs" Category Stockholder Letters
 •  RYN Benford's Law Stock Score = 95

RYN Shareholder/Stockholder Letter Transcript:

2024
Annual Report


FINANCIAL HIGHLIGHTS:
2024
2023
2022
$ 1,263.0
768.0
402.5
114.1
364.0
359.1
69.9
$ 1,056.9
814.7
211.3
108.5
176.4
173.5
53.5
$ 909.1
878.6
165.8
138.5
109.5
107.1
91.5
Southern Timber
Pacific Northwest Timber
New Zealand Timber
Real Estate
Trading
(   ) Corporate/Other
$ 151.3
25.4
53.8
106.8
(0.1)
(38.4)
$ 156.2
27.9
50.0
99.3
0.5
(37.4)
$ 156.9
63.9
54.5
72.7
0.4
(34.2)
Total Adjusted EBITDA
$ 298.8
$ 296.5
$ 314.2
$ 261.6
183.7
$ 298.4
163.9
$ 269.2
191.5
$ 1,114.8
323.2
791.6
17%
$ 1,372.7
207.7
1,165.0
19%
$1,523.1
114.3
1,408.8
22%
(Dollars in millions)
Sales & Earnings
Sales
Pro Forma Revenue (Sales) (a)
Operating Income
Pro Forma Operating Income(a)
Net Income attributable to Rayonier, L.P.
Net Income attributable to Rayonier Inc.
Pro Forma Net Income(a)
Adjusted EBITDA By Segment (b)
Cash Flow
Cash provided by Operating Activities
Cash Available for Distribution(b)
Debt & Debt Ratios
Debt(c)
Cash and cash equivalents
Net Debt
Net Debt to Enterprise Value(d)
 These non-GAAP measures are defined and reconciled on page 13.
Adjusted EBITDA and Cash Available for Distribution (CAD) are non-GAAP measures defined and reconciled on pages 52   55 within this Annual Report on
Form 10-K.
(c)
Total debt as of December 31, 2024, 2023, and 2022 reflects the principal on long-term debt, net of fair market value adjustments and gross of deferred
financing costs and unamortized discounts of $5.6, $6.9, and $8.4 million, respectively.
(d)
Enterprise value based on equity market capitalization (including Rayonier, L.P. units) plus net debt based on Rayonier Inc.   s share price at year-end.
(a)
(b)
Adjusted EBITDA(b)
Total Harvest
CAD(b)
$320
12
$200
240
9
150
160
6
100
80
3
50
(Dollars in millions)

(Tons in millions)
(Dollars in millions)

2022
2023
2024

2022
2023
2024
2022
2023
2024
01

DEAR FELLOW SHAREHOLDERS:
During our Investor Day in February 2024, we communicated a new vision for Rayonier: To
realize the full potential of our land resources in meeting the needs of society. In recent years,
we   ve seen the value creation possibilities within our portfolio expand well beyond our
traditional forestry operations.
Specifically, we   ve seen significantly increased interest
in our lands for various land-based solutions   including
solar, carbon capture and storage (CCS), and carbon
projects   as well as higher-and-better-use (HBU) real
estate opportunities. As these trends reshape our
industry, they   re also reshaping how we think about
our portfolio. Increasingly, we   ve come to see ourselves
as not just a timber company, but as a land resources
company   focused on enhancing the value of our land
portfolio in a multitude of different ways in addition to
our core forestry operations.
Since stepping into the CEO role in April 2024, I   ve been
encouraged by how our organization has embraced
this new vision and has worked to capitalize on these burgeoning opportunities across our land base. We believe
there is significant value creation potential   both for our
02
2024 Annual Report
shareholders and other stakeholders   in optimizing
land use across our portfolio, and our organization is
energized to realize this potential.
I   ve also been pleased with the exceptional job our
team has done in    controlling the controllables    to
improve our financial performance, execute on key
strategic priorities, and realign resources to capitalize
on new growth opportunities. Over the past year, our
team has navigated challenging timber markets to
deliver strong 2024 financial results, executed on an
ambitious asset disposition and capital structure
realignment plan to enhance shareholder value, and
committed significant time and energy toward advancing
our land-based solutions and real estate development
platforms. While the current economic backdrop
remains challenging and uncertain, our team remains
intently focused on creating long-term value for our
shareholders throughout the economic cycle.

03



 4/2/2025 Letter Continued (Full PDF)