RAYONIER INC

For the period ended Dec 31, 2023. Filed Feb 23, 2024.

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FY2023 · Filed Feb 23, 2024

RYN$21.82+1.3%Stored close · as of Nov 9, 2026

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Contents

Item 2. Properties

Our timber operations are disaggregated into three geographically distinct reporting segments: Southern Timber, Pacific Northwest Timber and New Zealand Timber. The following table provides a breakdown of our timberland holdings as of September 30, 2023 and December 31, 2023:

(acres in 000s)	As of September 30, 2023			As of December 31, 2023
	Owned	Leased	Total	Owned	Leased	Total
Southern
Alabama	256	5	261	250	5	255
Arkansas	—	2	2	—	2	2
Florida	362	50	412	361	36	397
Georgia	623	65	688	612	50	662
Louisiana	147	—	147	147	—	147
Oklahoma	91	—	91	91	—	91
South Carolina	16	—	16	16	—	16
Texas	282	—	282	282	—	282
	1,777	122	1,899	1,759	93	1,852
Pacific Northwest
Oregon	61	—	61	6	—	6
Washington	410	3	413	408	4	412
	471	3	474	414	4	418
New Zealand (a)	188	231	419	188	233	421
Total	2,436	356	2,792	2,361	330	2,691

(a)Represents legal acres owned and leased by the New Zealand subsidiary, in which Rayonier owns a 77% interest. As of December 31, 2023, legal acres in New Zealand were comprised of 297,000 plantable acres and 124,000 non-productive acres.

The following tables detail changes in our portfolio of owned and leased timberlands by state from December 31, 2022 to December 31, 2023:

(acres in 000s)	Acres Owned
	December 31, 2022	Acquisitions	Sales	Other (a)	December 31, 2023
Southern
Alabama	258	—	(7)	(1)	250
Florida	347	2	(3)	15	361
Georgia	647	—	(12)	(23)	612
Louisiana	148	—	(1)	—	147
Oklahoma	91	—	—	—	91
South Carolina	16	—	—	—	16
Texas	285	1	(5)	1	282
	1,792	3	(28)	(8)	1,759
Pacific Northwest
Oregon	61	—	(55)	—	6
Washington	410	—	(2)	—	408
	471	—	(57)	—	414
New Zealand (b)	188	—	—	—	188
Total	2,451	3	(85)	(8)	2,361

(a)Includes adjustments for land mapping reviews.

(b)Represents legal acres owned by the New Zealand subsidiary, in which Rayonier has a 77% interest.

(acres in 000s)	Acres Leased
	December 31, 2022	New Leases	Sold/Expired Leases (a)	Other (b)	December 31, 2023
Southern
Alabama	14	—	(9)	—	5
Arkansas	2	—	—	—	2
Florida	47	—	(14)	3	36
Georgia	64	—	(15)	1	50
	127	—	(38)	4	93
Pacific Northwest
Washington (c)	3	—	—	1	4
New Zealand (d)	229	1	—	3	233
Total	359	1	(38)	8	330

(a)Includes acres previously under lease that have been harvested and activity for the relinquishment of leased acres.

(b)Includes adjustments for land mapping reviews.

(c)Primarily timber reservations acquired in the merger with Pope Resources.

(d)Represents legal acres leased by the New Zealand subsidiary, in which Rayonier has a 77% interest.

TIMBERLAND LEASES & DEEDS

See Note 16 — Leases for more information on U.S. and New Zealand timberland leases including lease terms and renewal provisions.

The following table details our acres under lease as of December 31, 2023 by type of lease and estimated lease expiration:

(acres in 000s)	Lease Expiration
Location	Type of Lease	Total		2024-2033		2034-2043	2044-2053		Thereafter
Southern	Fixed Term	83			42		35			—		6
	Fixed Term with Renewal Option (a)	10			10		—			—		—
Pacific Northwest	Fixed Term (b)	4			1		2			1		—
New Zealand	CFL - Perpetual (c)	75			—		—			—		75
	CFL - Fixed Term (c)	3			—		—			—		3
	CFL - Terminating (c)	11			1		—			8		2
	Forestry Right (c)	128			35		4			7		82
	Fixed Term Land Leases	16			—		—			2		14
Total Acres under Long-term Leases	330		89			41		18			182

(a)Includes approximately 2,000 acres of timber deeds.

(b)Primarily timber reservations acquired in the merger with Pope Resources.

(c)Estimated lease expiration / termination based on the earlier of: (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:

(acres and dollars in 000s, except per acre amounts)
Location	2024	2025	2026	2027	2028
Southern
Leased Acres Expiring (a)	2	27	—	11	—
Year-end Leased Acres (a)	91	64	64	53	53
Estimated Annual Lease Cost (a)(b)	$3,585	$3,554	$2,952	$2,903	$2,483
Average Lease Cost per Acre (a)	$41.90	$41.79	$50.44	$50.30	$52.31
Pacific Northwest
Leased Acres Expiring	—	—	—	—	—
Year-End Leased Acres (c)	4	4	4	4	4
New Zealand
Leased Acres Expiring	—	1	10	—	—
Year-end Leased Acres	233	232	222	222	222
Estimated Annual Lease Cost (b)(e)	$4,765	$4,765	$4,762	$4,759	$4,759
Average Lease Cost per Acre (d)(e)	$26.59	$26.59	$26.59	$26.59	$26.59

(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.

(d)Excludes lump sum payments.

(e)Based on the year-end foreign exchange rate.

OTHER NON-TIMBERLAND LEASES

See Note 16 — Leases for information on other non-timberland leases.

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