Q3 2019 Financial Performance - Total Adjusted EBITDDA was $550 million with a 24% margin[12] - Cash Available for Distribution (CAD) was $758 million for the trailing twelve months ended September 30, 2019[7] - The dividend was $160 per share, representing a 39% yield based on the September 30, 2019 closing stock price[9] Timberlands Segment - Timberlands Adjusted EBITDDA was $430 million[12] - Harvest volume reached 16 million tons[12] - Northern Timberlands Adjusted EBITDDA increased by $125 million from Q2 2019 to $244 million in Q3 2019[26] - Southern Timberlands Adjusted EBITDDA increased by $44 million from Q2 2019 to $186 million in Q3 2019[31] Wood Products Segment - Wood Products Adjusted EBITDDA was $59 million[12] - Lumber shipments totaled 299 MMBF[12] - The average lumber price was $363 per MBF[12] - Wood Products Adjusted EBITDDA increased $79 million from Q2 2019 levels[35] Real Estate Segment - Real Estate Adjusted EBITDDA was $147 million[12] - 6 commercial acres were sold for $512500 per acre[12] - 42 residential lots were sold for $110500 per lot[12]

Financial Performance - Total Adjusted EBITDA for 2019 was $179 million, the 3rd highest since becoming a REIT in 2006 [4] - Cash Available for Distribution (CAD) was $82 million [8] - $133 million was returned to shareholders through dividends and share repurchases [9] - Real Estate segment's EBITDA was $63 million in 2019 [12, 51] Segment Results - Timberlands Adjusted EBITDA was $134 million with 5.6 million tons harvested [12] - Wood Products Adjusted EBITDA was $13 million with 1.07 BBF lumber shipped [12] - Real Estate sold 24,000 rural acres, 148 residential lots, and 38 commercial acres [12] - Northern Timberlands Adjusted EBITDA in Q4 2019 was $20.6 million, compared to $24.4 million in Q3 2019 [27, 30] - Southern Timberlands Adjusted EBITDA in Q4 2019 was $17.4 million, compared to $18.6 million in Q3 2019 [35, 38] Capital Structure - $190 million of debt was refinanced, lowering the weighted average interest rate by 80 bps [13] - Net debt was reduced by $35 million [13] - The company had $460 million of liquidity at year-end [13] - Net debt to enterprise value was 18.8% [66]

Group 1 - Conifex Timber Inc. held its annual general meeting on June 27, 2025, where all management nominees were elected as directors [1] - The voting results for the directors showed that Kenneth A. Shields, David E. Roberts, and Michael Costello received 77.15% of votes in favor, while Janine North and Charles P. Miller received 77.13% and 77.14% respectively [1] - PricewaterhouseCoopers LLP was appointed as the Company's auditor for the upcoming year, with the board authorized to fix the auditor's remuneration [1] Group 2 - Conifex Timber Inc. engages in timber harvesting, reforestation, forest management, sawmilling, and value-added lumber finishing and distribution [2] - The Company's lumber products are marketed in the United States, Canada, and Japan [2] - Conifex also produces bioenergy at its power generation facility located in Mackenzie, British Columbia [2]

Group 1 - The first contract for log futures, LG2507, is approaching physical delivery, with market participants showing increased understanding and preparation for the delivery process [1] - Multiple enterprises have expressed willingness to participate in the LG2507 contract delivery, despite a seasonal downturn in the downstream real estate market and stable supply from New Zealand [2][3] - The Dalian Commodity Exchange has organized eight simulation deliveries in key regions to ensure a smooth delivery process, enhancing delivery resources and quality inspection capabilities [2] Group 2 - Companies are actively engaging in training for log delivery processes, with events held in major log distribution ports to educate industry clients on delivery rules and procedures [3] - The introduction of national standards for log measurement has improved understanding and acceptance among downstream clients, leading to increased willingness to adopt standardized pricing [4][5] - The log futures market is fostering a clearer understanding of price differences between futures and spot markets, promoting a unified national market for logs [6] Group 3 - The log futures market is seen as a significant opportunity for the industry, providing tools for proactive price risk management and enhancing quality consistency across the sector [6][7] - There is a call for more timber companies to engage with the log futures market to drive better integration between futures and spot markets, promoting high-quality market development [7]

Group 1: Market Dynamics and Investment Strategies - The concept of "gravity" in investing suggests that assets trend toward an intrinsic value, leading to cyclical patterns in price movements [2][3][4] - Buy-the-dip strategies, also known as "swing trading," rely on the pendulum-like gravitational pull of asset prices [4][5] - Timing market swings is challenging, and quantitative tools are increasingly used to identify smart money purchases and unusual price signals [5] Group 2: Company-Specific Insights - Salesforce Inc. (CRM) reported earnings per share of $2.58, beating Wall Street forecasts by 1.4%, and raised full-year guidance, with Agentforce generating over $100 million in annual recurring revenue [11][12] - Weyerhaeuser Co. (WY) is positioned to benefit from the depletion of cheap wood supplies, with analysts expecting a narrowing of losses and a potential 9% increase in shares over the next 30 days [16][18] - Magna International Inc. (MGA) has seen shares drop 65% since 2021, but analysts have recently upgraded 2025 earnings estimates by 7%, indicating a potential 11% return over the next 30 days [19][21][27] Group 3: Historical Context and Future Outlook - The timber market is recovering from a slump caused by Hurricane Helene, with a stabilization in mortgage rates and an increase in new housing starts [15][18] - Historical performance shows that strong companies can withstand market volatility, making them attractive for investment during downturns [22][23] - The upcoming "Countdown to Chaos" event will provide insights into anticipated market volatility and investment strategies [7][25]

Group 1 - The Conservative Income Portfolio targets value stocks with high margins of safety and aims to reduce volatility through well-priced options [1][4] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields of 7-9% while minimizing volatility [1][4] - Trapping Value provides Covered Calls and focuses on capital preservation in its investment strategies [3][4] Group 2 - PotlatchDeltic Corporation (NASDAQ: PCH) was previously suggested for shorting by analysts [2] - The analysts at Trapping Value have over 40 years of combined experience in generating options income [4]

REIT Performance Overview - The REIT sector experienced a significant decline in April 2025, with an average total return of -6.45%, underperforming the broader market indices such as the Dow Jones Industrial Average (-3.1%), S&P 500 (-0.7%), and NASDAQ (+0.9%) [1] - Year-to-date, the average total return for REITs stands at -9.10%, which is worse than the -7.65% return for the same period in 2024 [12] Performance by Market Capitalization - Microcap REITs underperformed larger peers for the sixth consecutive month, with returns of -8.87% [3] - Large-cap REITs (-2.93%) outperformed mid-caps (-5.45%) and small caps (-8.69%) in April, with large-cap REITs outperforming small caps by 1081 basis points in the first four months of 2025 [3] Property Type Performance - Only 11.11% of REIT property types averaged a positive total return in April, with a 20.17% spread between the best (Data Centers +7.28%) and worst-performing property types (Timber -12.90%) [5][6] - Year-to-date, Office REITs (-24.06%) and Hotel REITs (-22.90%) significantly underperformed, while Health Care (+7.23%), Infrastructure (+6.88%), and Casinos (+6.00%) were the only property types with positive returns [7] Price/FFO Multiples - The average P/FFO for the REIT sector decreased from 13.9x to 13.4x in April, with 83.3% of property types experiencing multiple contraction [8] - Data Centers (26.9x), Multifamily (24.6x), and Infrastructure (18.7x) currently trade at the highest average multiples among REIT property types, while Hotels (5.9x) and Offices (8.2x) have the lowest [9] Individual REIT Performance - Digital Realty Trust (DLR) achieved a strong gain of +12.04% in April, despite a year-to-date return of -8.72% [11] - Wheeler REIT (WHLR) was the worst-performing REIT in April, with a staggering decline of -63.61% for the month and -98.29% year-to-date [11] Dividend Yield Insights - The high dividend yields of the REIT sector are a primary reason for investment, with many REITs trading below their NAV, resulting in attractive yields [15]

Core Insights - Acadian Timber Corp. reported financial results for Q1 2025, showing a decline in sales and adjusted EBITDA compared to the previous year, primarily due to the absence of carbon credit sales and operational challenges in Maine [2][3][13]. Financial Performance - Total sales for Q1 2025 were $24.8 million, down from $28.8 million in Q1 2024, with no carbon credit sales in 2025 compared to $4.9 million in 2024 [3][9]. - Free Cash Flow for the quarter was $3.0 million, a decrease from $7.8 million in the prior year [13][44]. - Net income was $3.7 million, or $0.21 per share, compared to $6.0 million, or $0.35 per share in Q1 2024 [14][39]. Operational Highlights - The company established its own logging operations in Maine to enhance production capacity and reduce costs, which included purchasing harvesting equipment for $2.4 million and acquiring additional assets for $6.9 million [4][5][6]. - Timber sales volume increased to 266.9 thousand cubic meters, up from 247.0 thousand cubic meters in the prior year, despite challenges in contractor availability and weather conditions [9][10]. Segment Performance - New Brunswick Timberlands generated sales of $22.1 million, an increase from $19.1 million in the previous year, driven by higher sales volumes and timber services activity [15]. - Maine Timberlands saw a significant decline in sales to $2.8 million from $4.8 million, primarily due to reduced contractor capacity and adverse weather [19][20]. - Environmental Solutions segment reported no sales in Q1 2025, down from $4.9 million in Q1 2024, as no carbon credits were sold during the quarter [23][24]. Market Outlook - The company anticipates stable demand for sawlogs in the near term, although pricing may face challenges until end-use markets improve [26][28]. - The establishment of internal logging operations is expected to alleviate capacity constraints and enhance production throughout 2025 [27]. - Demand for voluntary carbon credits is expected to remain stable, with ongoing evaluations for developing eligible carbon credits under new compliance protocols [29].

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $27 million for the first quarter, a 39% decline compared to the prior year quarter, primarily due to lower results in the Southern Timber and Real Estate segments [9][10] - The net loss attributable to the company was $3 million, or $0.02 per share, reflecting a challenging start to the year [15][16] - Cash available for distribution (CAD) decreased to $20 million from $31 million in the prior year period, driven by lower adjusted EBITDA [16] Business Line Data and Key Metrics Changes - In the Southern Timber segment, adjusted EBITDA was $27 million, down from the prior year, with harvest volumes declining by 21% and weighted average net stumpage realizations down 19% [10][19] - The Pacific Northwest Timber segment saw adjusted EBITDA increase to $6 million, despite an 18% decrease in harvest volumes, due to lower costs and higher net stumpage realizations [11][24] - The Real Estate segment generated adjusted EBITDA of $2 million, down from $5 million in the prior year, driven by fewer acres sold [12][26] Market Data and Key Metrics Changes - The Southern Timber segment faced challenging market conditions, with lower demand from mills and a shift in geographic mix to lower-priced regions [10][20] - In the Pacific Northwest, average delivered domestic sawlog pricing increased by 7% to $91 per ton, reflecting stronger demand from sawmills [24] - The company anticipates improved pricing in the second half of the year as salvage efforts moderate and operating conditions normalize [11][35] Company Strategy and Development Direction - The company is focused on enhancing shareholder value through the sale of its New Zealand business for $710 million, which will allow for capital concentration in core markets with favorable long-term growth prospects [5][8] - The proceeds from the New Zealand sale are expected to be used for debt reduction and shareholder returns through share repurchases and a special dividend [8][9] - The company aims to streamline its portfolio and improve financial reporting, positioning itself for future growth opportunities in the U.S. [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the year, expecting improvements in timber pricing and demand as the impact of salvage volume subsides [35][36] - The company remains focused on long-term value creation despite current economic uncertainties, with a positive outlook for housing demand and timber pricing driven by an underbuilt housing market [70][71] - Management highlighted the importance of navigating market headwinds while advancing strategic initiatives to build long-term shareholder value [34][37] Other Important Information - The company has completed or announced pending dispositions totaling $1.45 billion, significantly exceeding its original target of $1 billion [9] - The company plans to provide high-level quarterly guidance for adjusted EBITDA and EPS moving forward to manage expectations around variability in real estate segment results [33] Q&A Session Summary Question: How significant are labor constraints in logging and hauling today? - Management acknowledged that labor is a constant concern but noted improvements in productivity and long-term relationships with loggers could provide a competitive advantage if demand increases [40][42] Question: Can you provide more color around the attractiveness of options for the New Zealand proceeds? - Management indicated that share repurchases are viewed as a compelling use of capital, with significant remaining authorization for buybacks post-New Zealand transaction [43][44] Question: What is the outlook for lumber prices in response to higher Canadian import duties? - Management noted positive sentiment among sawmill customers, with some taking steps to secure more volume, but emphasized that current market uncertainty tempers immediate actions [50][52] Question: Can you elaborate on the negative mix shift within Southern Timber? - Management explained that the negative mix shift was due to a higher percentage of lower-priced Gulf Region timber and a shift towards pulpwood, impacting overall pricing [56][59] Question: Any updates on natural climate solutions like solar or carbon capture? - Management reported ongoing optimism regarding carbon capture storage opportunities and continued interest in solar leasing, with significant potential for future revenue streams [75][78]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $27 million for the first quarter, a 39% decline compared to the prior year quarter, primarily due to lower results in the Southern Timber and Real Estate segments [8][9][14] - The net loss attributable to Rayonier was $3 million, or $0.02 per share, reflecting a challenging start to the year [13][14] - Cash available for distribution (CAD) decreased to $20 million from $31 million in the prior year period, driven by lower adjusted EBITDA [14][17] Business Line Data and Key Metrics Changes - In the Southern Timber segment, adjusted EBITDA was $27 million, down 21% in harvest volumes and 19% in weighted average net stumpage realizations [9][18] - The Pacific Northwest Timber segment saw adjusted EBITDA increase to $6 million, despite an 18% decrease in harvest volumes, due to lower costs and higher net stumpage realizations [10][22] - The Real Estate segment generated adjusted EBITDA of $2 million, down from $5 million in the prior year, attributed to fewer acres sold [11][26] Market Data and Key Metrics Changes - The Southern Timber segment faced challenging market conditions, with a 21% decline in harvest volumes and a 19% decrease in weighted average stumpage prices due to softer demand and increased salvage volume [9][19] - In the Pacific Northwest, average delivered domestic sawlog pricing increased by 7% to $91 per ton, driven by stronger demand from sawmills [22] - The overall market for timber remains impacted by economic uncertainty, with expectations for improved pricing in the second half of the year as salvage volume declines [20][34] Company Strategy and Development Direction - The company is focused on enhancing shareholder value through the sale of its New Zealand business for $710 million, which will allow for capital concentration in core U.S. markets [4][5] - Rayonier plans to use at least 50% of the sale proceeds to reduce leverage and return capital to shareholders through share repurchases and a special dividend [6][7] - The company aims to streamline its portfolio and capitalize on growth opportunities in the U.S. timber market while reducing exposure to log export markets [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for improved market conditions in the second half of the year as salvage efforts moderate and operating conditions normalize [10][34] - The company anticipates full-year adjusted EBITDA guidance of $215 million to $235 million, excluding New Zealand operations, reflecting a generally stable outlook despite a slow start [12][29] - Management highlighted the long-term potential for growth in housing starts and lumber demand, despite current economic uncertainties [70][71] Other Important Information - The company has completed or announced asset dispositions totaling $1.45 billion, exceeding its original target of $1 billion [8] - The weighted average cost of debt was approximately 2.4%, with no debt maturities until 2026, positioning the company well for future capital allocation [17] Q&A Session Summary Question: How significant are labor constraints in logging and hauling today? - Management acknowledged that labor is a constant concern but noted improvements in productivity and sufficient labor availability to meet current demand [40][42] Question: Can you provide more color around the attractiveness of options for the New Zealand proceeds? - Management indicated that share repurchases remain a compelling use of capital, with $280 million remaining on the current repurchase authorization [43][44] Question: What is the outlook for lumber prices in response to higher Canadian import duties? - Management reported positive sentiment among sawmill customers, with some mills looking to secure more volume and potential price increases observed in recent negotiations [50][54] Question: Can you provide an update on natural climate solutions? - Management confirmed ongoing efforts in carbon capture and solar initiatives, with optimism about future developments in these areas [76][80]