Core Insights - The merger between PotlatchDeltic and Rayonier is expected to create significant strategic and financial benefits, including an enhanced real estate portfolio and estimated synergies of $40 million through operational efficiencies [2][3][4]. Group 1: Merger and Financial Outlook - The transaction is anticipated to close in late Q1 or early Q2 of 2026, pending regulatory and shareholder approvals [1]. - The combined company will own nearly 4.2 million acres of timberlands across 11 states and will maintain a wood products manufacturing capacity of 1.2 billion board feet of lumber and 150 million square feet of plywood [3]. - The merger is expected to result in a strong pro forma balance sheet and improved capital markets presence [2]. Group 2: Q3 Operational Performance - Total adjusted EBITDA for Q3 was $89 million, up from $52 million in Q2, driven by strong performance in the real estate segment [4][16]. - The Timberlands segment achieved a Q3 harvest volume of 1.9 million tons, with Idaho producing its highest quarterly volume of the year [1][18]. - The Wood Products segment reported an EBITDA loss of $2 million in Q3, attributed to weak lumber prices despite strong operational performance [5][19]. Group 3: Market Dynamics and Pricing - Lumber prices have declined, with average prices falling by 12% from $450 to $396 per thousand board feet in Q3 [20]. - Factors contributing to the price decline include increased Canadian shipments ahead of higher duties and a lack of meaningful upward momentum despite tariffs and curtailments [7][15]. - The company anticipates a stabilization in lumber prices as supply-demand dynamics improve towards the end of the year [8][14]. Group 4: Real Estate Segment Performance - The real estate segment generated adjusted EBITDA of $63 million in Q3, significantly up from $23 million in Q2, with notable sales in rural real estate [21]. - Approximately 15,600 acres were sold at an average price of nearly $3,300 per acre, including two large transactions in Georgia totaling $39 million [21]. - Demand for rural real estate remains strong, driven by factors such as conservation and recreation [9][21]. Group 5: Future Outlook - The company expects to harvest between 1.7 million and 1.8 million tons in Q4, with a projected decline in sawlog prices in Idaho by approximately 13% [24]. - Total adjusted EBITDA in Q4 is anticipated to be lower than in Q3 due to fewer rural real estate acres sold and reduced development activity [26]. - The long-term fundamentals of the housing market remain intact, with expectations for improved housing activity as affordability increases [12][14].

Financial Highlights - Total Adjusted EBITDDA reached a record of $195 million, driven by strong lumber markets[4] - The company's Cash Available for Distribution (CAD) for the trailing twelve months ended March 31, 2021, was $4131 million[7] - The company has a strong liquidity position with $761 million available[13] Segment Performance - Timberlands Adjusted EBITDDA was $679 million, with 13 million tons harvested[12] - Wood Products Adjusted EBITDDA was $1255 million, with 258 MMBF of lumber shipped[12] - Real Estate Adjusted EBITDDA was $166 million, including the sale of 7K rural acres, 51 residential lots, and 11 commercial acres[12] Timberlands - Northern Timberlands Adjusted EBITDDA was $542 million, with sawlog harvest volume of 427 thousand tons and a price of $178 per ton[26, 29] - Southern Timberlands Adjusted EBITDDA was $137 million, with sawlog harvest volume of 508 thousand tons and a price of $44 per ton[34, 37] Wood Products - Wood Products Adjusted EBITDDA was $1255 million, with lumber shipments of 258 MMBF and an average lumber price of $890 per MBF[12, 44] - The average lumber price realizations increased 41% to $890 per MBF in Q1 2021[42] Real Estate - Real Estate Adjusted EBITDDA was $166 million, with 7,083 acres of rural land sold at an average price of $1,415 per acre[12, 53] - 51 residential lots were sold at an average price of $99,000 per lot[53] Outlook - The company anticipates Q2 2021 Total Adjusted EBITDDA will be higher than Q1 2021, potentially setting a new quarterly record[68]

Financial Performance - Total Adjusted EBITDDA was $283 million with a margin of 16%[13] - Cash Available for Distribution (CAD) was $1094 million for the trailing twelve months ended March 31 2019[7] - The company repurchased 278947 shares at an average price of $3639 per share totaling $102 million[15] - The dividend payout was $160 per share resulting in a 42% yield[10] Segment Results - Resource Adjusted EBITDDA was $269 million with a harvest volume of 13 million tons[13] - Wood Products Adjusted EBITDDA was $72 million with lumber shipments of 238 MMBF and an average lumber price of $380 per MBF[13] - Real Estate Adjusted EBITDDA was $27 million[13] Q1 2019 vs Q4 2018 Comparison - Total Adjusted EBITDDA decreased by $81 million from Q4 2018 levels[21] - Wood Products Adjusted EBITDDA increased by $36 million due to an increase in lumber prices[21] - Real Estate Adjusted EBITDDA decreased by $99 million due to fewer residential lots and no commercial acres sold in Q1 2019[21]

Financial Performance - Total Adjusted EBITDA for Q1 2025 was $634 million, with a 236% margin[10] - Cash Available for Distribution (CAD) reached $1253 million[10] - The company returned cash through a $142 million annual dividend run rate, yielding 40%[11] - Share repurchases amounted to $41 million at $45 per share[11] Segment Results - Timberlands Adjusted EBITDA was $424 million, with 19 million tons harvested[10] - Wood Products Adjusted EBITDA was $117 million, shipping 290 MMBF of lumber[10] - Real Estate Adjusted EBITDA was $227 million, including the sale of 70K rural acres and 11 residential lots[10] Timberlands - Northern sawlog prices increased by 9% due to higher indexed and cedar sawlog prices[22] - Northern sawlog harvest volume increased by 17000 tons from Q4 2024 to 354000 tons in Q1 2025[27] - Southern sawlog prices decreased, primarily due to a higher mix of smaller diameter logs[22] Wood Products - Average lumber price increased by 2% to $454 per thousand board feet (MBF) in Q1 2025[41] - Lumber shipment volume increased by 7 MMBF from Q4 2024 to 290 MMBF in Q1 2025[47] Real Estate - 7043 rural acres were sold at an average price of $3303 per acre[53, 55] - 11 residential lots were sold at an average price of $112745 per lot[54] Capital Structure - The company maintains a strong liquidity position with $447 million available[11] - Net debt to enterprise value is at 200%[11]