RAYONIER INC
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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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, 2024 and December 31, 2024:
| (acres in 000s) | As of September 30, 2024 | As of December 31, 2024 | ||||
|---|---|---|---|---|---|---|
| Owned | Leased | Total | Owned | Leased | Total | |
| Southern | ||||||
| Alabama | 250 | 3 | 253 | 250 | 3 | 253 |
| Arkansas | — | 2 | 2 | — | 2 | 2 |
| Florida | 361 | 35 | 396 | 360 | 35 | 395 |
| Georgia | 611 | 50 | 661 | 611 | 49 | 660 |
| Louisiana | 146 | — | 146 | 146 | — | 146 |
| Oklahoma | 91 | — | 91 | — | — | — |
| South Carolina | 15 | — | 15 | 15 | — | 15 |
| Texas | 279 | — | 279 | 279 | — | 279 |
| 1,753 | 90 | 1,843 | 1,661 | 89 | 1,750 | |
| Pacific Northwest | ||||||
| Oregon | 6 | — | 6 | 6 | — | 6 |
| Washington | 408 | 3 | 411 | 299 | 3 | 302 |
| 414 | 3 | 417 | 305 | 3 | 308 | |
| New Zealand (a) | 178 | 233 | 411 | 178 | 234 | 412 |
| Total | 2,345 | 326 | 2,671 | 2,144 | 326 | 2,470 |
(a)Represents legal acres owned and leased by the New Zealand subsidiary, in which Rayonier owns a 77% interest. As of December 31, 2024, legal acres in New Zealand were comprised of 287,000 plantable acres and 125,000 non-productive acres.
The following tables detail changes in our portfolio of owned and leased timberlands by state from December 31, 2023 to December 31, 2024:
| (acres in 000s) | Acres Owned | ||||
|---|---|---|---|---|---|
| December 31, 2023 | Acquisitions | Sales | Other (a) | December 31, 2024 | |
| Southern | |||||
| Alabama | 250 | — | — | — | 250 |
| Florida | 361 | 5 | (6) | — | 360 |
| Georgia | 612 | 2 | (3) | — | 611 |
| Louisiana | 147 | — | (1) | — | 146 |
| Oklahoma | 91 | — | (91) | — | — |
| South Carolina | 16 | — | (1) | — | 15 |
| Texas | 282 | — | (3) | — | 279 |
| 1,759 | 7 | (105) | — | 1,661 | |
| Pacific Northwest | |||||
| Oregon | 6 | — | — | — | 6 |
| Washington | 408 | — | (109) | — | 299 |
| 414 | — | (109) | — | 305 | |
| New Zealand (b) | 188 | — | (10) | — | 178 |
| Total | 2,361 | 7 | (224) | — | 2,144 |
(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, 2023 | New Leases | Sold/Expired Leases (a) | Other (b) | December 31, 2024 | |
| Southern | |||||
| Alabama | 5 | — | (2) | — | 3 |
| Arkansas | 2 | — | — | — | 2 |
| Florida | 36 | — | (1) | — | 35 |
| Georgia | 50 | — | (1) | — | 49 |
| 93 | — | (4) | — | 89 | |
| Pacific Northwest | |||||
| Washington (c) | 4 | — | (1) | — | 3 |
| New Zealand (d) | 233 | — | (3) | 4 | 234 |
| Total | 330 | — | (8) | 4 | 326 |
(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, 2024 by type of lease and estimated lease expiration:
| (acres in 000s) | Lease Expiration | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Location | Type of Lease | Total | 2025-2034 | 2035-2044 | 2045-2054 | Thereafter | ||||||
| Southern | Fixed Term | 79 | 39 | 34 | — | 6 | ||||||
| Fixed Term with Renewal Option (a) | 10 | 10 | — | — | — | |||||||
| Pacific Northwest | Fixed Term (b) | 3 | 1 | 1 | 1 | — | ||||||
| New Zealand | CFL - Perpetual (c) | 75 | — | — | — | 75 | ||||||
| CFL - Fixed Term (c) | 3 | — | — | — | 3 | |||||||
| CFL - Terminating (c) | 11 | 1 | — | 8 | 2 | |||||||
| Forestry Right (c) | 132 | 36 | 4 | 7 | 85 | |||||||
| Fixed Term Land Leases | 13 | — | — | 2 | 11 | |||||||
| Total Acres under Long-term Leases | 326 | 87 | 39 | 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 | 2025 | 2026 | 2027 | 2028 | 2029 |
| Southern | |||||
| Leased Acres Expiring (a) | 26 | 1 | 11 | — | — |
| Year-end Leased Acres (a) | 63 | 62 | 51 | 51 | 51 |
| Estimated Annual Lease Cost (a)(b) | $3,377 | $2,780 | $2,745 | $2,344 | $2,328 |
| Average Lease Cost per Acre (a) | $40.70 | $49.15 | $49.03 | $51.17 | $51.12 |
| Pacific Northwest | |||||
| Leased Acres Expiring | — | — | — | — | — |
| Year-end Leased Acres (c) | 3 | 3 | 3 | 3 | 3 |
| New Zealand | |||||
| Leased Acres Expiring | 1 | 10 | — | — | — |
| Year-end Leased Acres | 233 | 223 | 223 | 223 | 223 |
| Estimated Annual Lease Cost (b)(e) | $4,376 | $4,286 | $4,284 | $4,284 | $4,835 |
| Average Lease Cost per Acre (d)(e) | $24.93 | $24.43 | $24.43 | $24.43 | $24.43 |
(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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.