RAYONIER INC
For the period ended Dec 31, 2025. Filed Feb 23, 2026.
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FY2025 · Filed Feb 23, 2026
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Item 2. Properties
Our continuing timber operations are disaggregated into two geographically distinct reporting segments: Southern Timber and Pacific Northwest Timber. The following table provides a breakdown of our timberland holdings as of September 30, 2025 and December 31, 2025. These amounts do not reflect any timberland holdings acquired in connection with our merger with PotlatchDeltic, which was completed after the balance sheet date on January 30, 2026:
| (acres in 000s) | As of September 30, 2025 | As of December 31, 2025 | ||||
|---|---|---|---|---|---|---|
| Owned | Leased | Total | Owned | Leased | Total | |
| Southern | ||||||
| Alabama | 248 | 3 | 251 | 248 | 2 | 250 |
| Arkansas | — | 1 | 1 | — | 1 | 1 |
| Florida | 337 | 30 | 367 | 336 | 10 | 346 |
| Georgia | 610 | 49 | 659 | 609 | 48 | 657 |
| Louisiana | 146 | — | 146 | 146 | — | 146 |
| South Carolina | 15 | — | 15 | 15 | — | 15 |
| Texas | 276 | — | 276 | 275 | — | 275 |
| 1,632 | 83 | 1,715 | 1,629 | 61 | 1,690 | |
| Pacific Northwest | ||||||
| Oregon | 6 | — | 6 | 6 | — | 6 |
| Washington | 299 | 2 | 301 | 299 | 2 | 301 |
| 305 | 2 | 307 | 305 | 2 | 307 | |
| Total | 1,937 | 85 | 2,022 | 1,934 | 63 | 1,997 |
The following tables detail changes in our portfolio of owned and leased timberlands by state for our continuing operations from December 31, 2024 to December 31, 2025:
| (acres in 000s) | Acres Owned | |||
|---|---|---|---|---|
| December 31, 2024 | Acquisitions | Sales | December 31, 2025 | |
| Southern | ||||
| Alabama | 250 | — | (2) | 248 |
| Florida | 360 | — | (24) | 336 |
| Georgia | 611 | — | (2) | 609 |
| Louisiana | 146 | — | — | 146 |
| South Carolina | 15 | — | — | 15 |
| Texas | 279 | — | (4) | 275 |
| 1,661 | — | (32) | 1,629 | |
| Pacific Northwest | ||||
| Oregon | 6 | — | — | 6 |
| Washington | 299 | — | — | 299 |
| 305 | — | — | 305 | |
| Total | 1,966 | — | (32) | 1,934 |
| (acres in 000s) | Acres Leased | |||
|---|---|---|---|---|
| December 31, 2024 | New Leases | Sold/Expired Leases (a) | December 31, 2025 | |
| Southern | ||||
| Alabama | 3 | — | (1) | 2 |
| Arkansas | 2 | — | (1) | 1 |
| Florida | 35 | — | (25) | 10 |
| Georgia | 49 | — | (1) | 48 |
| 89 | — | (28) | 61 | |
| Pacific Northwest | ||||
| Washington (b) | 3 | — | (1) | 2 |
| Total | 92 | — | (29) | 63 |
(a)Includes acres previously under lease that have been harvested and activity for the relinquishment of leased acres.
(b)Primarily timber reservations acquired in the merger with Pope Resources.
TIMBERLAND LEASES & DEEDS
The following table details our acres under lease as of December 31, 2025 by type of lease and estimated lease expiration. See Note 17 — Leases for more information on U.S. timberland leases including lease terms and renewal provisions. These amounts do not reflect any leases acquired in connection with our merger with PotlatchDeltic, which was completed after the balance sheet date on January 30, 2026.
| (acres in 000s) | Lease Expiration | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Location | Type of Lease | Total | 2026-2035 | 2036-2045 | 2046-2055 | Thereafter | ||||||
| Southern | Fixed Term | 51 | 13 | 32 | — | 6 | ||||||
| Fixed Term with Renewal Option (a) | 10 | 10 | — | — | — | |||||||
| Pacific Northwest | Fixed Term (b) | 2 | — | 1 | 1 | — | ||||||
| Total Acres under Long-term Leases | 63 | 23 | 33 | 1 | 6 | |||||||
(a)Includes approximately 1,000 acres of timber deeds.
(b)Primarily timber reservations acquired in the merger with Pope Resources.
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 | 2026 | 2027 | 2028 | 2029 | 2030 |
| Southern | |||||
| Leased Acres Expiring (a) | 1 | 10 | — | — | — |
| Year-end Leased Acres (a) | 60 | 50 | 50 | 50 | 50 |
| Estimated Annual Lease Cost (a)(b) | $2,701 | $2,679 | $2,288 | $2,272 | $2,272 |
| Average Lease Cost per Acre (a) | $49.30 | $49.22 | $51.51 | $51.46 | $51.46 |
| Pacific Northwest | |||||
| Leased Acres Expiring | — | — | — | — | — |
| Year-end Leased Acres (c) | 2 | 2 | 2 | 2 | 2 |
(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.
OTHER NON-TIMBERLAND LEASES
See Note 17 — 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.