Financial Performance - Sales for Q2 2025 were $106.5 million, compared to $99.6 million in Q2 2024[10] - Net income attributable to Rayonier Inc was $408.7 million in Q2 2025, compared to $1.9 million in Q2 2024[10] - Adjusted EBITDA for Q2 2025 was $44.9 million, compared to $33.3 million in Q2 2024[10] - Cash Available for Distribution (CAD) for the six months ended June 30, 2025, was $46.7 million, compared to $38.4 million for the same period in 2024[10] Segment Performance - Southern Timber operating income for Q2 2025 was $12.6 million, compared to $17.1 million in Q2 2024[12] - Pacific Northwest Timber operating income for Q2 2025 was $1.6 million, compared to a loss of $1.5 million in Q2 2024[12] - Real Estate operating income for Q2 2025 was $9.8 million, compared to $0.5 million in Q2 2024[12] - Southern Timber YTD Adjusted EBITDA was $55.4 million, compared to $78.7 million in the same period of 2024[15] - Pacific Northwest Timber YTD Adjusted EBITDA was $13.3 million, compared to $10.6 million in the same period of 2024[15] - Real Estate YTD Adjusted EBITDA was $20.6 million, compared to $9.1 million in the same period of 2024[15] Discontinued Operations - The company sold its 77% New Zealand joint venture interest on June 30, 2025, which is reflected as discontinued operations[10] - Total sales from discontinued operations for the six months ended June 30, 2025, were $109.3 million[40] - Income from discontinued operations for the six months ended June 30, 2025, was $406.3 million, including a gain on sale of $404.4 million[40]

Company Overview - Rayonier's FY24 sales were $1,263.0 million[8] - Rayonier's FY24 Adjusted EBITDA was $298.8 million[8] - Rayonier manages approximately 2.5 million total acres of timberland[8] - Timber segments accounted for 68% of Rayonier's business[8] Real Estate Strategy - From 2021-2024, Rayonier's average HBU price per acre was $4,468, representing a 117% premium to NCREIF[35] - Rayonier has a high-value real estate development pipeline with development potential on approximately 120,000 acres[37] Land-Based Solutions - Rayonier reached approximately 39,000 acres under solar option by year-end 2024[58] - Rayonier reached approximately 154,000 acres under CCS lease by year-end 2024[74] - Utility solar installations are projected to require approximately 1.5 million acres through 2030[48] Financial Performance and Capital Allocation - Rayonier completed or announced $1.45 billion in dispositions[88] - Rayonier targets a net debt to Adjusted EBITDA ratio of ≤3.0x[88, 97] - Rayonier's pro forma net debt to 2025E Adjusted EBITDA is 0.6x[88, 95]