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Rayonier
RYN
#2663
Rank
$6.34 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$20.86
Share price
1.16%
Change (1 day)
-24.67%
Change (1 year)
๐Ÿ  Real estate๐Ÿ’ฐ Investment ๐Ÿ˜๏ธ REITs
Categories
  1. Rayonier
  2. Quarterly Reports (10-Q)
  3. Submitted on 2023-08-04

Rayonier - 10-Q quarterly report FY


Text size:
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from              to             
logocolor450pxwidthpnga27.jpg
RAYONIER INC.
(Exact name of registrant as specified in its charter)
North Carolina1-678013-2607329
(State or other Jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)
Rayonier, L.P.
(Exact name of registrant as specified in its charter)
Delaware333-23724691-1313292
(State or other Jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)
1 RAYONIER WAY
WILDLIGHT, FL 32097
(Principal Executive Office)
Telephone Number: (904) 357-9100
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolExchange
Common Shares, no par value, of Rayonier Inc.RYNNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Rayonier Inc.    Yes ☒        No  ☐    Rayonier, L.P.    Yes ☒        No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Rayonier Inc.    Yes ☒       No  ☐    Rayonier, L.P.    Yes ☒       No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Rayonier Inc.
Large Accelerated Filer
☒ 
Accelerated Filer☐Non-accelerated Filer☐Smaller Reporting Company☐Emerging Growth Company☐
Rayonier, L.P.
Large Accelerated Filer☐Accelerated Filer☐Non-accelerated Filer
☒ 
Smaller Reporting Company☐Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Rayonier Inc. ☐    Rayonier, L.P. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Rayonier Inc.    Yes ☐        No  ☒    Rayonier, L.P.    Yes ☐        No  ☒    
As of July 28, 2023, Rayonier Inc. had 148,268,558 Common Shares outstanding. As of July 28, 2023, Rayonier, L.P. had 2,469,173 Units outstanding.



EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarterly period ended June 30, 2023 of Rayonier Inc., a North Carolina corporation, and Rayonier, L.P., a Delaware limited partnership. Unless stated otherwise or the context otherwise requires, references to “Rayonier” or “the Company” mean Rayonier Inc. and references to the “Operating Partnership” mean Rayonier, L.P. References to “we,” “us,” and “our” mean collectively Rayonier Inc., the Operating Partnership and entities/subsidiaries owned or controlled by Rayonier Inc. and/or the Operating Partnership.

Rayonier Inc. has elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, commencing with its taxable year ended December 31, 2004. The Company is structured as an umbrella partnership REIT (“UPREIT”) under which substantially all of its business is conducted through the Operating Partnership. Rayonier Inc. is the sole general partner of the Operating Partnership. On May 8, 2020, Rayonier, L.P. acquired Pope Resources, a Delaware Limited Partnership (“Pope Resources”) and issued approximately 4.45 million operating partnership units (“OP Units” or “Redeemable Operating Partnership Units”) of Rayonier, L.P. as partial merger consideration. These OP Units are generally considered to be economic equivalents to Rayonier common shares and receive distributions equal to the dividends paid on Rayonier common shares.

As of June 30, 2023, the Company owned a 98.4% interest in the Operating Partnership, with the remaining 1.6% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership.

Rayonier Inc. and the Operating Partnership are operated as one business. The management of the Operating Partnership consists of the same members as the management of Rayonier Inc. As general partner with control of the Operating Partnership, Rayonier Inc. consolidates Rayonier, L.P. for financial reporting purposes, and has no material assets or liabilities other than its investment in the Operating Partnership.

We believe combining the quarterly reports of Rayonier Inc. and Rayonier, L.P. into this single report results in the following benefits:

•Strengthens investors’ understanding of Rayonier Inc. and the Operating Partnership by enabling them to view the business as a single operating unit in the same manner as management views and operates the business;
•Creates efficiencies for investors by reducing duplicative disclosures and providing a single comprehensive document; and
•Generates time and cost savings associated with the preparation of the reports when compared to preparing separate reports for each entity.

There are a few important differences between Rayonier Inc. and the Operating Partnership in the context of how Rayonier Inc. operates as a consolidated company. The Company itself does not conduct business, other than through acting as the general partner of the Operating Partnership and issuing equity or equity-related instruments from time to time. The Operating Partnership holds, directly or indirectly, substantially all of the Company’s assets. Likewise, all debt is incurred by the Operating Partnership or entities/subsidiaries owned or controlled by the Operating Partnership. The Operating Partnership conducts substantially all of the Company’s business and is structured as a partnership with no publicly traded equity.

To help investors understand the significant differences between the Company and the Operating Partnership, this report includes:

•Separate Consolidated Financial Statements for Rayonier Inc. and Rayonier, L.P.;
•A combined set of Notes to the Consolidated Financial Statements with separate discussions of per share and per unit information, noncontrolling interests and shareholders’ equity and partners’ capital, as applicable;
•A combined Management’s Discussion and Analysis of Financial Condition and Results of Operations which includes specific information related to each reporting entity;

•A separate Part I, Item 4. Controls and Procedures related to each reporting entity;
•A separate Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds section related to each reporting entity; and
•Separate Exhibit 31 and 32 certifications for each reporting entity within Part II, Item 6.

TABLE OF CONTENTS
 
ItemPage
PART I - FINANCIAL INFORMATION
1.
1
Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2023 and 2022
1
Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022
2
Consolidated Statements of Changes in Shareholders’ Equity for the Quarters and Six Months Ended June 30, 2023 and 2022
3
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022
5
Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2023 and 2022
6
Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022
7
Consolidated Statements of Changes in Capital for the Quarters and Six Months Ended June 30, 2023 and 2022
8
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022
10
11
2.
36
3.
59
4.
61
PART II - OTHER INFORMATION
1.
61
2.
62
5.
63
6.
64
65
 
i
PART I.        FINANCIAL INFORMATION

Item 1.         Financial Statements

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
SALES (NOTE 3)
$208,865 $246,346 $387,947 $468,387 
Costs and Expenses
Cost of sales(168,410)(194,323)(317,576)(355,303)
Selling and general expenses(18,952)(17,356)(35,729)(32,116)
Other operating (expense) income, net (Note 14)
(1,401)801 (3,917)(182)
(188,763)(210,878)(357,222)(387,601)
OPERATING INCOME20,102 35,468 30,725 80,786 
Interest expense, net(12,457)(9,083)(24,158)(17,420)
Interest and other miscellaneous income (expense), net11,644 206 21,197 (262)
INCOME BEFORE INCOME TAXES19,289 26,591 27,764 63,104 
Income tax expense (Note 16)
(193)(1,304)(1,230)(6,818)
NET INCOME19,096 25,287 26,534 56,286 
Less: Net income attributable to noncontrolling interests in the operating partnership(318)(546)(492)(1,214)
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates245 (637)1,281 (1,650)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.19,023 24,104 27,323 53,422 
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0
(9,203)(36,285)(12,937)(29,827)
Cash flow hedges, net of income tax effect of $560, $4,211, $247 and $3,189
11,942 5,755 (378)46,182 
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0
2 188 3 376 
Total other comprehensive income (loss)2,741 (30,342)(13,312)16,731 
COMPREHENSIVE INCOME (LOSS)21,837 (5,055)13,222 73,017 
Less: Comprehensive (income) loss attributable to noncontrolling interests in the operating partnership(375)29 (220)(1,657)
Less: Comprehensive loss attributable to noncontrolling interests in consolidated affiliates989 3,767 2,023 1,358 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.$22,451 ($1,259)$15,025 $72,718 
EARNINGS PER COMMON SHARE (NOTE 5)
Basic earnings per share attributable to Rayonier Inc.$0.13 $0.16 $0.18 $0.37 
Diluted earnings per share attributable to Rayonier Inc.$0.13 $0.16 $0.18 $0.36 








See Notes to Consolidated Financial Statements.
1
RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
 June 30, 2023December 31, 2022
ASSETS
CURRENT ASSETS
Cash and cash equivalents$88,404 $114,255 
Trade receivables, less allowance for doubtful accounts of $67 and $74
31,515 27,837 
Other receivables18,896 14,701 
Inventory (Note 13)
32,331 23,729 
Prepaid expenses18,961 20,573 
Assets held for sale (Note 19)
4,158 713 
Other current assets2,994 573 
Total current assets197,259 202,381 
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION3,175,006 3,230,904 
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
     INVESTMENTS (NOTE 12)
111,786 115,097 
PROPERTY, PLANT AND EQUIPMENT
Land6,453 6,453 
Buildings30,948 31,020 
Machinery and equipment6,560 6,568 
Construction in progress1,157 653 
Total property, plant and equipment, gross45,118 44,694 
Less — accumulated depreciation(18,631)(17,505)
Total property, plant and equipment, net26,487 27,189 
RESTRICTED CASH (NOTE 18)
4,962 1,152 
RIGHT-OF-USE ASSETS94,563 97,167 
OTHER ASSETS112,060 115,481 
TOTAL ASSETS$3,722,123 $3,789,371 
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$22,718 $22,100 
Accrued taxes6,975 3,734 
Accrued payroll and benefits7,901 12,564 
Accrued interest7,304 5,920 
Deferred revenue33,490 22,762 
Other current liabilities24,364 28,247 
Total current liabilities102,752 95,327 
LONG-TERM DEBT, NET (NOTE 6)
1,512,197 1,514,721 
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 15)
8,402 8,510 
LONG-TERM LEASE LIABILITY86,477 88,756 
LONG-TERM DEFERRED REVENUE11,327 6,895 
OTHER NON-CURRENT LIABILITIES84,721 88,687 
CONTINGENCIES (NOTE 9)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 4)
77,532 105,763 
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 148,268,443 and 147,282,631 shares issued and outstanding
1,489,696 1,462,945 
Retained earnings311,429 366,637 
Accumulated other comprehensive income (Note 17)
24,295 35,813 
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY1,825,420 1,865,395 
Noncontrolling interests in consolidated affiliates (Note 4)
13,295 15,317 
TOTAL SHAREHOLDERS’ EQUITY1,838,715 1,880,712 
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY$3,722,123 $3,789,371 


See Notes to Consolidated Financial Statements.
2
RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(Dollars in thousands, except share data)
 Common SharesRetained
Earnings		Accumulated
Other
Comprehensive Income		Noncontrolling Interests in Consolidated AffiliatesShareholders’
Equity
 SharesAmount
Balance, January 1, 2023147,282,631 $1,462,945 $366,637 $35,813 $15,317 $1,880,712 
Net income (loss)— — 8,474 — (1,037)7,437 
Net income attributable to noncontrolling interests in the operating partnership— — (174)— — (174)
Dividends ($0.285 per share) (a)
— — (42,172)— — (42,172)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $24
400 (10)— — — (10)
Issuance of shares under incentive stock plans1,564 — — — — — 
Stock-based compensation— 2,499 — — — 2,499 
Repurchase of common shares(1,167)(41)— — — (41)
Adjustment of noncontrolling interests in the operating partnership— — (2,376)— — (2,376)
Conversion of units into common shares729,551 23,881 — — — 23,881 
Amortization of pension and postretirement plan liabilities— — — 1 — 1 
Foreign currency translation adjustment— — — (3,552)(181)(3,733)
Cash flow hedges— — — (12,504)185 (12,319)
Allocation of other comprehensive loss to noncontrolling interests in the operating partnership— — — 1,110 — 1,110 
Balance, March 31, 2023148,012,979 $1,489,274 $330,389 $20,868 $14,284 $1,854,815 
Net income— — 19,341 — (245)19,096 
Net income attributable to noncontrolling interests in the operating partnership— — (318)— — (318)
Dividends ($0.285 per share) (a)
— — (42,279)— — (42,279)
Costs associated with the “at-the-market” (ATM) equity offering program— (71)— — — (71)
Issuance of shares under incentive stock plans372,149 — — — — — 
Stock-based compensation— 4,336 — — — 4,336 
Repurchase of common shares(126,788)(4,147)— — — (4,147)
Adjustment of noncontrolling interests in the operating partnership— — 4,296 — — 4,296 
Conversion of units into common shares10,103 304 — — — 304 
Amortization of pension and postretirement plan liabilities— — — 2 — 2 
Foreign currency translation adjustment— — — (8,790)(413)(9,203)
Cash flow hedges— — — 12,273 (331)11,942 
Allocation of other comprehensive income to noncontrolling interests in the operating partnership— — — (58)— (58)
Balance, June 30, 2023148,268,443 $1,489,696 $311,429 $24,295 $13,295 $1,838,715 
(a)For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests.



3
RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED)
(Unaudited)
(Dollars in thousands, except share data)
 Common SharesRetained
Earnings		Accumulated
Other
Comprehensive Income (Loss)		Noncontrolling Interests in Consolidated AffiliatesShareholders’
Equity
 SharesAmount
Balance, January 1, 2022145,372,961 $1,389,073 $402,307 ($19,604)$43,802 $1,815,578 
Net income— — 29,986 — 1,012 30,998 
Net income attributable to noncontrolling interests in the operating partnership— — (669)— — (669)
Dividends ($0.27 per share) (a)
— — (39,902)— — (39,902)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $339
726,248 29,771 — — — 29,771 
Issuance of shares under incentive stock plans11,364 415 — — — 415 
Stock-based compensation— 2,797 — — — 2,797 
Repurchase of common shares(5,420)(214)— — — (214)
Adjustment of noncontrolling interests in the operating partnership— — (2,645)— — (2,645)
Conversion of units into common shares2,535 104 — — — 104 
Amortization of pension and postretirement plan liabilities— — — 188 — 188 
Foreign currency translation adjustment— — — 5,668 790 6,458 
Cash flow hedges— — — 39,822 605 40,427 
Allocation of other comprehensive income to noncontrolling interests in the operating partnership— — — (101)— (101)
Distributions to noncontrolling interests in consolidated affiliates— — — — (1,566)(1,566)
Balance, March 31, 2022146,107,688 $1,421,946 $389,077 $25,973 $44,643 $1,881,639 
Net income— — 24,650 — 637 25,287 
Net income attributable to noncontrolling interests in the operating partnership— — (546)— — (546)
Dividends ($0.285 per share) (a)
— — (42,098)— — (42,098)
Costs associated with the “at-the-market” (ATM) equity offering program— (63)— — — (63)
Issuance of shares under incentive stock plans304,887 1,983 — — — 1,983 
Stock-based compensation— 4,412 — — — 4,412 
Repurchase of common shares(91,820)(3,991)— — — (3,991)
Adjustment of noncontrolling interests in the operating partnership— — 11,412 — — 11,412 
Conversion of units into common shares977 42 — — — 42 
Amortization of pension and postretirement plan liabilities— — — 188 — 188 
Foreign currency translation adjustment— — — (34,373)(1,912)(36,285)
Cash flow hedges— — — 8,247 (2,492)5,755 
Allocation of other comprehensive loss to noncontrolling interests in the operating partnership— — — 575 — 575 
Noncontrolling interests in consolidated affiliates redemption of shares— — — — (27,860)(27,860)
Balance, June 30, 2022146,321,732 $1,424,329 $382,495 $610 $13,016 $1,820,450 
(a)For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests.





See Notes to Consolidated Financial Statements.
4
RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
Six Months Ended June 30,
 20232022
OPERATING ACTIVITIES
Net income$26,534 $56,286 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization77,314 83,169 
Non-cash cost of land and improved development13,603 17,139 
Stock-based incentive compensation expense6,836 7,209 
Deferred income taxes(2,375)(7,272)
Amortization of losses from pension and postretirement plans3 376 
Timber write-off resulting from a casualty event2,302 — 
Other(541)(4,206)
Changes in operating assets and liabilities:
Receivables(10,400)(17,060)
Inventories(1,083)(2,398)
Accounts payable112 6,959 
All other operating activities14,018 8,328 
CASH PROVIDED BY OPERATING ACTIVITIES126,323 148,530 
INVESTING ACTIVITIES
Capital expenditures(36,798)(30,335)
Real estate development investments(14,757)(6,013)
Purchase of timberlands(9,295)(3,237)
Other4,378 5,112 
CASH USED FOR INVESTING ACTIVITIES(56,472)(34,473)
FINANCING ACTIVITIES
Issuance of debt— 408,439 
Repayment of debt— (533,298)
Dividends paid on common shares(85,189)(81,767)
Distributions to noncontrolling interests in the operating partnership(1,566)(1,839)
Proceeds from the issuance of common shares under incentive stock plan— 2,561 
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs(82)31,915 
Repurchase of common shares to pay withholding taxes on vested incentive stock awards(4,188)(4,204)
Distributions to noncontrolling interests in consolidated affiliates— (6,684)
CASH USED FOR FINANCING ACTIVITIES(91,025)(184,877)
EFFECT OF EXCHANGE RATE CHANGES ON CASH(867)(2,246)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash(22,041)(73,066)
Balance, beginning of year115,407 369,139 
Balance, end of period$93,366 $296,073 


Six Months Ended June 30,
20232022
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period:
Interest (a)$20,733 $16,932 
Income taxes (b)3,688 14,330 
Non-cash investing activity:
Capital assets purchased on account5,303 4,882 
Non-cash financing activity:
Noncontrolling interests in consolidated affiliates redemption of shares (c)— 27,860 
(a)Interest paid is presented net of patronage payments received of $6.2 million and $6.0 million for the six months ended June 30, 2023 and June 30, 2022, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2022 Form 10-K.
(b)Income taxes paid in 2022 were elevated due to timing of required tax payments for the New Zealand subsidiary following a full utilization of its net operating losses.
(c)In the second quarter of 2022, the New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million.
See Notes to Consolidated Financial Statements.
5
RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(Unaudited)
(Dollars in thousands, except per unit amounts)
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
SALES (NOTE 3)
$208,865 $246,346 $387,947 $468,387 
Costs and Expenses
Cost of sales(168,410)(194,323)(317,576)(355,303)
Selling and general expenses(18,952)(17,356)(35,729)(32,116)
Other operating (expense) income, net (Note 14)
(1,401)801 (3,917)(182)
(188,763)(210,878)(357,222)(387,601)
OPERATING INCOME20,102 35,468 30,725 80,786 
Interest expense(12,457)(9,083)(24,158)(17,420)
Interest and other miscellaneous income (expense), net11,644 206 21,197 (262)
INCOME BEFORE INCOME TAXES19,289 26,591 27,764 63,104 
Income tax expense (Note 16)
(193)(1,304)(1,230)(6,818)
NET INCOME19,096 25,287 26,534 56,286 
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates245 (637)1,281 (1,650)
NET INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS19,341 24,650 27,815 54,636 
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
Limited Partners19,148 24,404 27,537 54,090 
General Partners193 247 278 546 
Net income attributable to unitholders19,341 24,650 27,815 54,636 
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0
(9,203)(36,285)(12,937)(29,827)
Cash flow hedges, net of income tax effect of $560, $4,211, $247 and $3,189
11,942 5,755 (378)46,182 
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0
2 188 3 376 
Total other comprehensive income (loss)2,741 (30,342)(13,312)16,731 
COMPREHENSIVE INCOME (LOSS)21,837 (5,055)13,222 73,017 
Less: Comprehensive loss attributable to noncontrolling interests in consolidated affiliates989 3,767 2,023 1,358 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS$22,826 ($1,288)$15,245 $74,375 
EARNINGS PER UNIT (NOTE 5)
Basic earnings per unit attributable to Rayonier, L.P.$0.13 $0.16 $0.18 $0.37 
Diluted earnings per unit attributable to Rayonier, L.P.$0.13 $0.16 $0.18 $0.36 










See Notes to Consolidated Financial Statements.
6
RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
 June 30, 2023December 31, 2022
ASSETS
CURRENT ASSETS
Cash and cash equivalents$88,404 $114,255 
Trade receivables, less allowance for doubtful accounts of $67 and $74
31,515 27,837 
Other receivables18,896 14,701 
Inventory (Note 13)
32,331 23,729 
Prepaid expenses18,961 20,573 
Assets held for sale (Note 19)
4,158 713 
Other current assets2,994 573 
Total current assets197,259 202,381 
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION3,175,006 3,230,904 
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
     INVESTMENTS (NOTE 12)
111,786 115,097 
PROPERTY, PLANT AND EQUIPMENT
Land6,453 6,453 
Buildings30,948 31,020 
Machinery and equipment6,560 6,568 
Construction in progress1,157 653 
Total property, plant and equipment, gross45,118 44,694 
Less — accumulated depreciation(18,631)(17,505)
Total property, plant and equipment, net26,487 27,189 
RESTRICTED CASH (NOTE 18)
4,962 1,152 
RIGHT-OF-USE ASSETS94,563 97,167 
OTHER ASSETS112,060 115,481 
TOTAL ASSETS$3,722,123 $3,789,371 
       LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL
CURRENT LIABILITIES
Accounts payable$22,718 $22,100 
Accrued taxes6,975 3,734 
Accrued payroll and benefits7,901 12,564 
Accrued interest7,304 5,920 
Deferred revenue33,490 22,762 
Other current liabilities24,364 28,247 
Total current liabilities102,752 95,327 
LONG-TERM DEBT, NET (NOTE 6)
1,512,197 1,514,721 
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 15)
8,402 8,510 
LONG-TERM LEASE LIABILITY86,477 88,756 
LONG-TERM DEFERRED REVENUE11,327 6,895 
OTHER NON-CURRENT LIABILITIES84,721 88,687 
CONTINGENCIES (NOTE 9)
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 2,469,173 and 3,208,827 Units outstanding, respectively
77,532 105,763 
CAPITAL
General partners’ capital17,977 18,251 
Limited partners’ capital1,779,764 1,806,895 
Accumulated other comprehensive income (Note 17)
27,679 40,249 
TOTAL CONTROLLING INTEREST CAPITAL1,825,420 1,865,395 
Noncontrolling interests in consolidated affiliates (Note 4)
13,295 15,317 
TOTAL CAPITAL1,838,715 1,880,712 
TOTAL LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL$3,722,123 $3,789,371 


See Notes to Consolidated Financial Statements.
7
RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL
(Unaudited)
(Dollars in thousands, except share data)
UnitsAccumulated
Other
Comprehensive Income		Noncontrolling Interests in Consolidated AffiliatesTotal Capital
 General Partners’ CapitalLimited Partners’ Capital
Balance, January 1, 2023$18,251 $1,806,895 $40,249 $15,317 $1,880,712 
Net income (loss)85 8,389 — (1,037)7,437 
Distributions on units ($0.285 per unit)
(431)(42,602)— — (43,033)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $24
— (10)— — (10)
Stock-based compensation25 2,474 — — 2,499 
Repurchase of units— (41)— — (41)
Adjustment of Redeemable Operating Partnership Units(6)(573)— — (579)
Conversion of units into common shares239 23,642 — — 23,881 
Amortization of pension and postretirement plan liabilities— — 1 — 1 
Foreign currency translation adjustment— — (3,552)(181)(3,733)
Cash flow hedges— — (12,504)185 (12,319)
Balance, March 31, 2023$18,163 $1,798,174 $24,194 $14,284 $1,854,815 
Net income193 19,148 — (245)19,096 
Distributions on units ($0.285 per unit)
(429)(42,555)— — (42,984)
Costs associated with the “at-the-market” (ATM) equity offering program(1)(70)— — (71)
Stock-based compensation43 4,293 — — 4,336 
Repurchase of units(41)(4,106)— — (4,147)
Adjustment of Redeemable Operating Partnership Units46 4,579 — — 4,625 
Conversion of units into common shares3 301 — — 304 
Amortization of pension and postretirement plan liabilities— — 2 — 2 
Foreign currency translation adjustment— — (8,790)(413)(9,203)
Cash flow hedges— — 12,273 (331)11,942 
Balance, June 30, 2023$17,977 $1,779,764 $27,679 $13,295 $1,838,715 
                                    
 UnitsAccumulated
Other
Comprehensive
Income (Loss)		Noncontrolling Interests in Consolidated AffiliatesTotal Capital
 General Partners’ CapitalLimited Partners’ Capital
Balance, January 1, 2022$17,872 $1,769,367 ($15,463)$43,802 $1,815,578 
Net income300 29,686 — 1,012 30,998 
Distributions on units ($0.27 per unit)
(408)(40,388)— — (40,796)
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $339
298 29,473 — — 29,771 
Issuance of units under incentive stock plans4 411 — — 415 
Stock-based compensation28 2,769 — — 2,797 
Repurchase of units(2)(212)— — (214)
Adjustment of Redeemable Operating Partnership Units(25)(2,496)— — (2,521)
Conversion of units into common shares1 103 — — 104 
Amortization of pension and postretirement plan liabilities— — 188 — 188 
Foreign currency translation adjustment— — 5,668 790 6,458 
Cash flow hedges— — 39,822 605 40,427 
Distributions to noncontrolling interests in consolidated affiliates— — — (1,566)(1,566)
Balance, March 31, 2022$18,068 $1,788,713 $30,215 $44,643 $1,881,639 
Net income246 24,404 — 637 25,287 
Distributions on units ($0.285 per unit)
(430)(42,612)— — (43,042)
Costs associated with the “at-the-market” (ATM) equity offering program(1)(62)— — (63)
Issuance of units under incentive stock plans20 1,963 — — 1,983 
Stock-based compensation44 4,368 — — 4,412 
Repurchase of units(40)(3,951)— — (3,991)
Adjustment of Redeemable Operating Partnership Units124 12,261 — — 12,385 
Conversion of units into common shares— 42 — — 42 
Amortization of pension and postretirement plan liabilities— — 188 — 188 
Foreign currency translation adjustment— — (34,373)(1,912)(36,285)
Cash flow hedges— — 8,247 (2,492)5,755 
Noncontrolling interests in consolidated affiliates redemption of shares— — — (27,860)(27,860)
Balance, June 30, 2022$18,031 $1,785,126 $4,277 $13,016 $1,820,450 




















See Notes to Consolidated Financial Statements.
8
RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
Six Months Ended June 30,
 20232022
OPERATING ACTIVITIES
Net income$26,534 $56,286 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization77,314 83,169 
Non-cash cost of land and improved development13,603 17,139 
Stock-based incentive compensation expense6,836 7,209 
Deferred income taxes(2,375)(7,272)
Amortization of losses from pension and postretirement plans3 376 
Timber write-off resulting from a casualty event2,302 — 
Other(541)(4,206)
Changes in operating assets and liabilities:
Receivables(10,400)(17,060)
Inventories(1,083)(2,398)
Accounts payable112 6,959 
All other operating activities14,018 8,328 
CASH PROVIDED BY OPERATING ACTIVITIES126,323 148,530 
INVESTING ACTIVITIES
Capital expenditures(36,798)(30,335)
Real estate development investments(14,757)(6,013)
Purchase of timberlands(9,295)(3,237)
Other4,378 5,112 
CASH USED FOR INVESTING ACTIVITIES(56,472)(34,473)
FINANCING ACTIVITIES
Issuance of debt— 408,439 
Repayment of debt— (533,298)
Distributions on units(86,755)(83,606)
Proceeds from the issuance of units under incentive stock plan— 2,561 
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs(82)31,915 
Repurchase of units to pay withholding taxes on vested incentive stock awards(4,188)(4,204)
Distributions to noncontrolling interests in consolidated affiliates— (6,684)
CASH USED FOR FINANCING ACTIVITIES(91,025)(184,877)
EFFECT OF EXCHANGE RATE CHANGES ON CASH(867)(2,246)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash(22,041)(73,066)
Balance, beginning of year115,407 369,139 
Balance, end of period$93,366 $296,073 
Six Months Ended June 30,
20232022
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period:
Interest (a)$20,733 $16,932 
Income taxes (b)3,688 14,330 
Non-cash investing activity:
Capital assets purchased on account5,303 4,882 
Non-cash financing activity:
Noncontrolling interests in consolidated affiliates redemption of shares (c)— 27,860 
(a)Interest paid is presented net of patronage payments received of $6.2 million and $6.0 million for the six months ended June 30, 2023 and June 30, 2022, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2022 Form 10-K.
(b)Income taxes paid in 2022 were elevated due to timing of required tax payments for the New Zealand subsidiary following a full utilization of its net operating losses.
(c)In the second quarter of 2022, the New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million.
See Notes to Consolidated Financial Statements.
9

1.BASIS OF PRESENTATION
The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”).
The Rayonier Inc. and Rayonier, L.P. year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC (the “2022 Form 10-K”).
As of June 30, 2023, the Company owned a 98.4% interest in the Operating Partnership, with the remaining 1.6% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership.
SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES
For a full description of our other significant accounting policies, see Note 1 — Summary of Significant Accounting Policies in our 2022 Form 10-K.
REVENUE RECOGNITION
NON-TIMBER SALES
Carbon Capture and Storage Sales
    Carbon capture and storage (“CCS”) sales are primarily comprised of revenue generated from granting land access and the right to inject, sequester and permanently store carbon dioxide in a subsurface area. CCS contracts contain variable consideration arrangements, which may include variable durations, rates, access acres and carbon volumes. The determination of the transaction price and the allocation of the transaction price to the performance obligations may require significant judgment and is based on management’s estimate of the most likely amount of consideration we expect to receive as of the reporting date.
Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimation of variable consideration requires us to make certain judgments and assumptions regarding the amount and timing of future payments, which may be impacted by factors such as changes in market conditions, competition or other factors beyond our control. As a result, actual amounts of variable consideration could differ from our estimates.
We regularly review our estimates of variable consideration and, if necessary, adjust the transaction price and related revenue recognition accordingly. Any such adjustments are recorded in the period in which the estimate is revised.
NEW ACCOUNTING STANDARDS
There have been no recently adopted or pending accounting pronouncements which are applicable or are expected to have a material impact on our consolidated financial condition, results of operations, or cash flows.
SUBSEQUENT EVENTS
On July 24, 2023, the New Zealand subsidiary renewed its NZ$20 million working capital facility, extending its maturity date to June 30, 2024. The facility is available for short-term operating cash flow needs of the New Zealand subsidiary. This facility holds a variable interest rate indexed to the 90-day New Zealand Bank Bill rate (“BKBM”). The margins are set for the term of the facility. See Note 6 — Debt for additional information.

10
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





2.    SEGMENT AND GEOGRAPHICAL INFORMATION
Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income and Adjusted Earnings Before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”). Asset information is not reported by segment, as we do not produce asset information by segment internally.
Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest expense, miscellaneous income (expense) and income tax benefit (expense), are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”
The following tables summarize the segment information for the three and six months ended June 30, 2023 and 2022:
 Three Months Ended June 30,Six Months Ended June 30,
SALES2023202220232022
Southern Timber$68,310 $66,271 $140,152 $143,035 
Pacific Northwest Timber32,317 39,157 66,736 85,437 
New Zealand Timber60,898 78,882 105,004 130,271 
Real Estate32,041 34,402 48,317 68,597 
Trading15,415 27,683 27,984 41,145 
Intersegment Eliminations (a)(116)(49)(246)(98)
Total$208,865 $246,346 $387,947 $468,387 
(a)Primarily consists of log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.

Three Months Ended June 30,Six Months Ended June 30,
OPERATING INCOME2023202220232022
Southern Timber$21,708 $24,067 $43,931 $54,409 
Pacific Northwest Timber(2,376)2,943 (5,919)9,550 
New Zealand Timber (a)2,373 7,981 1,710 13,373 
Real Estate8,649 11,023 9,532 21,204 
Trading67 (444)409 (93)
Corporate and Other(10,319)(10,102)(18,938)(17,657)
Total Operating Income20,102 35,468 30,725 80,786 
Unallocated interest expense and other (b)(813)(8,877)(2,961)(17,682)
Total Income before Income Taxes$19,289 $26,591 $27,764 $63,104 
(a)The six months ended June 30, 2023 includes a $2.3 million timber write-off resulting from a casualty event. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of Sales.”
(b)The three and six months ended June 30, 2023 include $11.4 million and $20.5 million, respectively, of net recoveries associated with legal settlements.

11
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





 Three Months Ended June 30,Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION2023202220232022
Southern Timber$21,868 $14,657 $42,478 $32,716 
Pacific Northwest Timber9,242 11,316 19,892 26,232 
New Zealand Timber 5,927 6,901 10,382 11,891 
Real Estate2,235 2,564 3,738 11,709 
Corporate and Other 443 313 824 621 
Total$39,715 $35,751 $77,314 $83,169 

Three Months Ended June 30,Six Months Ended June 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT2023202220232022
Real Estate$9,395 $11,780 $13,603 $17,139 
Total$9,395 $11,780 $13,603 $17,139 
3.    REVENUE
PERFORMANCE OBLIGATIONS
We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). Unsatisfied performance obligations as of June 30, 2023 are primarily due to advances on stumpage contracts, unearned license revenue, unearned carbon capture and storage revenue and post-closing obligations on real estate sales. Of these performance obligations, $33.5 million is expected to be recognized within the next twelve months, with the remaining $11.3 million expected to be recognized thereafter as we satisfy our performance obligations. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component.
CONTRACT BALANCES
The timing of revenue recognition, invoicing and cash collections results in trade receivables and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Trade receivables are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract.
The following table contains contract balances recorded in the Consolidated Balance Sheets at June 30, 2023 and December 31, 2022:
 June 30, 2023December 31, 2022Balance Sheet Location
Contract assets
Trade receivables, net (a)$31,515 $27,837 Trade receivables
Contract liabilities
Deferred revenue, current (b)33,490 22,762 Deferred revenue
Deferred revenue, non-current (c)11,327 6,895 Long-term deferred revenue
(a)The increase in trade receivables was primarily driven by timing of sales in our timber segments.
(b)The increase in deferred revenue, current is driven by the timing of renewals of hunting contracts and the current portion of a carbon capture and storage contract entered into in the first quarter of 2023, partially offset by the satisfaction of post-closing obligations on real estate sales and stumpage contracts.
(c)The increase in deferred revenue, non-current is primarily driven by a carbon capture and storage contract entered into in the first quarter of 2023.
12
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





The following table summarizes revenue recognized during the three and six months ended June 30, 2023 and 2022 that was included in the contract liability balance at the beginning of each year:
 Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Revenue recognized from contract liability balance at the beginning of the year (a)$6,335 $4,968 $17,735 $12,501 
(a)    Revenue recognized was primarily from hunting licenses, the use of advances on pay-as-cut timber sales and the satisfaction of post closing obligations on real estate sales.
13
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





The following tables present our revenue from contracts with customers disaggregated by product type for the three and six months ended June 30, 2023 and 2022:
Three Months EndedSouthern TimberPacific Northwest TimberNew Zealand TimberReal EstateTradingElim.Total
June 30, 2023
Pulpwood$23,855 $2,204 $8,364 — $1,442 — $35,865 
Sawtimber33,846 27,781 51,829 — 13,510 — 126,966 
Hardwood706 — — — — — 706 
Total Timber Sales58,407 29,985 60,193 — 14,952 — 163,537 
License Revenue, Primarily from Hunting5,186 203 68 — — — 5,457 
Other Non-Timber/Carbon Revenue4,717 2,129 637 — — — 7,483 
Agency Fee Income— — — — 347 — 347 
Total Non-Timber Sales9,903 2,332 705 — 347 — 13,287 
Improved Development— — — 12,233 — — 12,233 
Rural— — — 15,626 — — 15,626 
Timberland & Non-Strategic— — — 255 — — 255 
Deferred Revenue/Other (a)— — — 3,568 — — 3,568 
Total Real Estate Sales— — — 31,682 — — 31,682 
Revenue from Contracts with Customers68,310 32,317 60,898 31,682 15,299 — 208,506 
Lease Revenue— — — 359 — — 359 
Intersegment— — — — 116 (116)— 
Total Revenue$68,310 $32,317 $60,898 $32,041 $15,415 ($116)$208,865 
Three Months EndedSouthern TimberPacific Northwest TimberNew Zealand TimberReal EstateTradingElim.Total
June 30, 2022
Pulpwood$30,770 $3,572 $10,851 — $2,999 — $48,192 
Sawtimber21,744 34,310 64,247 — 24,319 — 144,620 
Hardwood5,706 — — — — — 5,706 
Total Timber Sales58,220 37,882 75,098 — 27,318 — 198,518 
License Revenue, Primarily from Hunting6,506 129 87 — — — 6,722 
Other Non-Timber/Carbon Revenue1,545 1,146 3,697 — — — 6,388 
Agency Fee Income— — — — 316 — 316 
Total Non-Timber Sales8,051 1,275 3,784 — 316 — 13,426 
Improved Development— — — 11,566 — — 11,566 
Rural— — — 23,420 — — 23,420 
Deferred Revenue/Other (a)— — — (907)— — (907)
Total Real Estate Sales— — — 34,079 — — 34,079 
Revenue from Contracts with Customers66,271 39,157 78,882 34,079 27,634 — 246,023 
Lease Revenue— — — 323 — — 323 
Intersegment— — — — 49 (49)— 
Total Revenue$66,271 $39,157 $78,882 $34,402 $27,683 ($49)$246,346 
(a)    Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales.
14
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





Six Months EndedSouthern TimberPacific Northwest TimberNew Zealand TimberReal EstateTradingElim.Total
June 30, 2023
Pulpwood$50,638 $5,919 $14,446 — $2,881 — $73,884 
Sawtimber68,389 57,562 89,512 — 24,176 — 239,639 
Hardwood1,826 — — — — — 1,826 
Total Timber Sales120,853 63,481 103,958 — 27,057 — 315,349 
License Revenue, Primarily From Hunting10,454 340 123 — — — 10,917 
Other Non-Timber/Carbon Revenue8,845 2,915 923 — — — 12,683 
Agency Fee Income— — — — 681 — 681 
Total Non-Timber Sales19,299 3,255 1,046 — 681 — 24,281 
Improved Development— — — 17,035 — — 17,035 
Rural — — — 22,125 — — 22,125 
Timberland & Non-Strategic— — — 1,892 — — 1,892 
Deferred Revenue/Other (a)— — — 6,661 — — 6,661 
Total Real Estate Sales— — — 47,713 — — 47,713 
Revenue from Contracts with Customers140,152 66,736 105,004 47,713 27,738 — 387,343 
Lease Revenue— — — 604 — — 604 
Intersegment— — — — 246 (246)— 
Total Revenue$140,152 $66,736 $105,004 $48,317 $27,984 ($246)$387,947 
Six Months EndedSouthern TimberPacific Northwest TimberNew Zealand TimberReal EstateTradingElim.Total
June 30, 2022
Pulpwood$68,381 $6,491 $18,446 — $4,523 — $97,841 
Sawtimber49,260 76,524 106,347 — 35,857 — 267,988 
Hardwood11,555 — — — — — 11,555 
Total Timber Sales129,196 83,015 124,793 — 40,380 — 377,384 
License Revenue, Primarily from Hunting11,182 245 148 — — — 11,575 
Other Non-Timber/Carbon Revenue2,657 2,177 5,330 — — — 10,164 
Agency Fee Income— — — — 667 — 667 
Total Non-Timber Sales13,839 2,422 5,478 — 667 — 22,406 
Improved Development— — — 16,532 — — 16,532 
Rural— — — 40,369 — — 40,369 
Timberland & Non-Strategic— — — 11,400 — — 11,400 
Deferred Revenue/Other (a)— — — (271)— — (271)
Total Real Estate Sales— — — 68,030 — — 68,030 
Revenue from Contracts with Customers143,035 85,437 130,271 68,030 41,047 — 467,820 
Lease Revenue— — — 567 — — 567 
Intersegment— — — — 98 (98)— 
Total Revenue$143,035 $85,437 $130,271 $68,597 $41,145 ($98)$468,387 
(a)    Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales.
15
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





The following tables present our timber sales disaggregated by contract type for the three and six months ended June 30, 2023 and 2022:
Three Months EndedSouthern TimberPacific Northwest TimberNew Zealand TimberTradingTotal
June 30, 2023
Stumpage Pay-as-Cut $30,493 — — — $30,493 
Stumpage Lump Sum281 — — — 281 
Total Stumpage30,774 — — — 30,774 
Delivered Wood (Domestic)25,437 26,996 12,559 89 65,081 
Delivered Wood (Export)2,196 2,989 47,634 14,863 67,682 
Total Delivered27,633 29,985 60,193 14,952 132,763 
Total Timber Sales$58,407 $29,985 $60,193 $14,952 $163,537 
June 30, 2022
Stumpage Pay-as-Cut $21,326 — — — $21,326 
Stumpage Lump Sum90 85 — — 175 
Total Stumpage21,416 85 — — 21,501 
Delivered Wood (Domestic)33,248 33,956 18,051 1,104 86,359 
Delivered Wood (Export)3,556 3,841 57,047 26,214 90,658 
Total Delivered36,804 37,797 75,098 27,318 177,017 
Total Timber Sales$58,220 $37,882 $75,098 $27,318 $198,518 
16
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





Six Months EndedSouthern TimberPacific Northwest TimberNew Zealand TimberTradingTotal
June 30, 2023
Stumpage Pay-as-Cut $60,970 — — — $60,970 
Stumpage Lump Sum387 624 — — 1,011 
Total Stumpage61,357 624 — — 61,981 
Delivered Wood (Domestic)54,850 56,164 24,154 491 135,659 
Delivered Wood (Export)4,646 6,693 79,804 26,566 117,709 
Total Delivered59,496 62,857 103,958 27,057 253,368 
Total Timber Sales$120,853 $63,481 $103,958 $27,057 $315,349 
June 30, 2022
Stumpage Pay-as-Cut $57,532 — — — $57,532 
Stumpage Lump Sum
90 5,473 — — 5,563 
Total Stumpage57,622 5,473 — — 63,095 
Delivered Wood (Domestic)
65,376 73,402 31,532 1,729 172,039 
Delivered Wood (Export)
6,198 4,140 93,261 38,651 142,250 
Total Delivered71,574 77,542 124,793 40,380 314,289 
Total Timber Sales
$129,196 $83,015 $124,793 $40,380 $377,384 



17
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





4.    NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS IN CONSOLIDATED AFFILIATES
Matariki Forestry Group
We maintain a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand subsidiary”), a joint venture that owns or leases approximately 419,000 legal acres of New Zealand timberland. Accordingly, we consolidate the New Zealand subsidiary’s balance sheet and results of operations. Income attributable to the New Zealand subsidiary’s 23% noncontrolling interests is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net income attributable to noncontrolling interests in consolidated affiliates.” Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary, serves as the manager of the New Zealand subsidiary.
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP
Noncontrolling interests in the operating partnership relate to the third-party ownership of Redeemable Operating Partnership Units. Net income attributable to the noncontrolling interests in the operating partnership is computed by applying the weighted average Redeemable Operating Partnership Units outstanding during the period as a percentage of the weighted average total units outstanding to the Operating Partnership’s net income for the period. If a noncontrolling unitholder redeems a unit for a registered common share of Rayonier or cash, the noncontrolling interests in the operating partnership will be reduced and the Company’s share in the Operating Partnership will be increased by the fair value of each security at the time of redemption.
The following table sets forth the Company’s noncontrolling interests in the operating partnership:
Three Months Ended June 30,Six Months Ended
June 30,
2023202220232022
Beginning noncontrolling interests in the operating partnership
$82,461 $136,239 $105,763 $133,823 
Adjustment of noncontrolling interests in the operating partnership
(4,296)(11,412)(1,920)(8,767)
Conversions of Redeemable Operating Partnership Units to Common Shares
(304)(42)(24,185)(146)
Net Income attributable to noncontrolling interests in the operating partnership
318 546 492 1,214 
Other Comprehensive Income (Loss) attributable to noncontrolling interests in the operating partnership
58 (575)(1,052)(474)
Distributions to noncontrolling interests in the operating partnership
(705)(945)(1,566)(1,839)
Total noncontrolling interests in the operating partnership
$77,532 $123,811 $77,532 $123,811 

18
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





5.    EARNINGS PER SHARE AND PER UNIT
The following table provides details of the calculations of basic and diluted earnings per common share of the Company:
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Earnings per common share - basic
Numerator:
Net Income$19,096 $25,287 $26,534 $56,286 
Less: Net income attributable to noncontrolling interests in the operating partnership(318)(546)(492)(1,214)
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates245 (637)1,281 (1,650)
Net income attributable to Rayonier Inc.$19,023 $24,104 $27,323 $53,422 
Denominator:
Denominator for basic earnings per common share - weighted average shares148,218,436 146,257,311 147,800,265 145,846,026 
Basic earnings per common share attributable to Rayonier Inc.:$0.13 $0.16 $0.18 $0.37 
Earnings per common share - diluted
Numerator:
Net Income$19,096 $25,287 $26,534 $56,286 
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates245 (637)1,281 (1,650)
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership$19,341 $24,650 $27,815 $54,636 
Denominator:
Denominator for basic earnings per common share - weighted average shares148,218,436 146,257,311 147,800,265 145,846,026 
Add: Dilutive effect of:
Stock options— 8,100 943 7,664 
Performance shares, restricted shares and restricted stock units269,994 666,653 441,204 730,773 
Noncontrolling interests in operating partnership units2,476,761 3,312,315 2,785,928 3,313,543 
Denominator for diluted earnings per common share - adjusted weighted average shares150,965,191 150,244,379 151,028,340 149,898,006 
Diluted earnings per common share attributable to Rayonier Inc.:$0.13 $0.16 $0.18 $0.36 
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Anti-dilutive shares excluded from the computations of diluted earnings per common share:
Stock options, performance shares, restricted shares and restricted stock units241,316 109,515 152,992 54,884 
Total241,316 109,515 152,992 54,884 

19
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





The following table provides details of the calculations of basic and diluted earnings per unit of the Operating Partnership:
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Earnings per unit - basic
Numerator:
Net Income$19,096 $25,287 $26,534 $56,286 
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates245 (637)1,281 (1,650)
Net income available to unitholders$19,341 $24,650 $27,815 $54,636 
Denominator:
Denominator for basic earnings per unit - weighted average units150,695,197 149,569,626 150,586,193 149,159,569 
Basic earnings per unit attributable to Rayonier, L.P.:$0.13 $0.16 $0.18 $0.37 
Earnings per unit - diluted
Numerator:
Net Income$19,096 $25,287 $26,534 $56,286 
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates245 (637)1,281 (1,650)
Net income available to unitholders$19,341 $24,650 $27,815 $54,636 
Denominator:
Denominator for basic earnings per unit - weighted average units150,695,197 149,569,626 150,586,193 149,159,569 
Add: Dilutive effect of unit equivalents:
Stock options— 8,100 943 7,664 
Performance shares, restricted shares and restricted stock units269,994 666,653 441,204 730,773 
Denominator for diluted earnings per unit - adjusted weighted average units150,965,191 150,244,379 151,028,340 149,898,006 
Diluted earnings per unit attributable to Rayonier, L.P.:$0.13 $0.16 $0.18 $0.36 
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit:
Stock options, performance shares, restricted shares and restricted stock units241,316 109,515 152,992 54,884 
Total241,316 109,515 152,992 54,884 



20
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





6.    DEBT
Our debt consisted of the following at June 30, 2023:
June 30, 2023
Debt
Senior Notes due 2031 at a fixed interest rate of 2.75%
$450,000 
2015 Term Loan borrowings due 2028 at a variable interest rate of 6.76% at June 30, 2023
350,000 
2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 6.76% at June 30, 2023
250,000 
2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 6.81% at June 30, 2023
200,000 
2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.71% at June 30, 2023
200,000 
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (a)
24,511 
New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (a)
24,511 
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (a)
21,009 
Total principal debt1,520,031 
Less: Unamortized discounts(2,940)
Less: Deferred financing costs(4,894)
Total long-term debt$1,512,197 
(a)    Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loans since inception.
The following table contains information on the outstanding variable rate debt as of June 30, 2023:
DebtPeriodic Interest Rate (a)Effective Fixed Interest Rate (b)
2015 Term Loan
Daily Simple SOFR + 1.70%
3.03 %
2022 Incremental Term Loan
Daily Simple SOFR + 1.70%
5.38 %
2016 Incremental Term Loan
Daily Simple SOFR + 1.75%
2.40 %
2021 Incremental Term Loan
Daily Simple SOFR + 1.65%
1.46 %
(a)    Includes credit spread adjustment of 0.1%.
(b)    Effective interest rate is after consideration of interest rate swaps and estimated patronage refunds.
Principal payments due during the next five years and thereafter are as follows:
Total
2023— 
2024— 
202521,009 
2026224,511 
2027274,511 
Thereafter1,000,000 
Total Debt$1,520,031 
21
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





2023 DEBT ACTIVITY
U.S. Debt
During the six months ended June 30, 2023, we made no borrowings or repayments on our Revolving Credit Facility. At June 30, 2023, we had available borrowings of $296.2 million under the Revolving Credit Facility, net of $3.8 million to secure our outstanding letters of credit.
New Zealand Debt
In June 2023, the New Zealand subsidiary temporarily extended its NZ$20 million working capital facility for an additional 1-month term. During the six months ended June 30, 2023, the New Zealand subsidiary made no borrowings and repayments on its working capital facility (the “New Zealand Working Capital Facility”). At June 30, 2023, the New Zealand subsidiary had NZ$20.0 million of available borrowings under its working capital facility. See the subsequent events section of Note 1 — Basis of Presentation for information about the renewal of the New Zealand subsidiary’s working capital facility subsequent to June 30, 2023.

DEBT COVENANTS
In connection with our 2015 Term Loan Facility, 2016 Incremental Term Loan Facility, 2021 Incremental Term Loan Agreement, 2022 Incremental Term Loan Agreement and Revolving Credit Facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios.
The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2023, are calculated on a trailing 12-month basis:
Covenant RequirementActual RatioFavorable
Covenant EBITDA to consolidated interest expense should not be less than
2.5 to 1
7.4 to 1
4.9
Covenant debt to covenant net worth plus covenant debt shall not exceed65 %46 %19 %
    In addition to these financial covenants listed above, the Senior Notes due 2031, 2015 Term Loan Facility, 2016 Incremental Term Loan Facility, 2021 Incremental Term Loan Facility, 2022 Incremental Term Loan Facility, and Revolving Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At June 30, 2023, we were in compliance with all applicable covenants.

7.    DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
We are exposed to market risk related to potential fluctuations in foreign currency exchange rates and interest rates. We use derivative financial instruments to mitigate the financial impact of exposure to these risks.
Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, we record our derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the investment is partially or completely liquidated. The changes in the fair value of derivatives not designated as hedging instruments and those which are no longer effective as hedging instruments, are recognized immediately in earnings.



22
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





FOREIGN CURRENCY EXCHANGE AND OPTION CONTRACTS
Our New Zealand subsidiary’s domestic sales and operating expenses are predominately denominated in New Zealand dollars, while its export sales, shareholder distributions and ocean freight payments are predominately denominated in U.S. dollars. To the extent New Zealand dollar costs exceed New Zealand dollar revenues (the “foreign exchange exposure”), the New Zealand subsidiary manages the foreign exchange exposure through the use of derivative financial instruments. It typically hedges a portion of export sales receipts to cover 50% to 90% of the projected foreign exchange exposure for the following 12 months, up to 75% for the forward 12 to 18 months and up to 50% for the forward 18 to 24 months. Additionally, it will occasionally hedge export sales receipts to cover up to 50% of the foreign exchange exposure for the forward 24 to 36 months and up to 25% of the foreign exchange exposure for the forward 36 to 48 months when the New Zealand dollar is at a cyclical low versus the U.S. dollar. The New Zealand subsidiary’s trading operations typically hedge a portion of export sales receipts to cover the projected foreign exchange exposure for the following three months. As of June 30, 2023, foreign currency exchange contracts and foreign currency option contracts had maturity dates through May 2026.
Foreign currency exchange and option contracts hedging foreign currency risk qualify for cash flow hedge accounting. We may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously AOCI for de-designated hedges remains in AOCI until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings.
INTEREST RATE PRODUCTS
We are exposed to cash flow interest rate risk on our variable-rate debt and on anticipated debt issuances. We use variable-to-fixed interest rate swaps and forward-starting interest rate swap agreements to hedge this exposure. For these derivative instruments, we report the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassify them to earnings as interest expense in the same period in which the hedged interest payments affect earnings.
To the extent we de-designate or terminate a cash flow hedging relationship and the associated hedged item continues to exist, any unrealized gain or loss of the cash flow hedge at the time of de-designation remains in AOCI and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. To the extent the associated hedged item is no longer effective, the gain or loss is reclassified out of AOCI to earnings immediately.
INTEREST RATE SWAPS
The following table contains information on the outstanding interest rate swaps as of June 30, 2023:
Outstanding Interest Rate Swaps (a)
Date Entered IntoTermNotional AmountRelated Debt FacilityFixed Rate of SwapBank Margin on Debt (b)Total Effective Interest Rate (c)
August 20159 years$170,000 Term Credit Agreement2.10 %1.70 %3.80 %
August 20159 years180,000 Term Credit Agreement2.26 %1.70 %3.96 %
April 201610 years100,000 Incremental Term Loan1.50 %1.75 %3.25 %
April 201610 years100,000 Incremental Term Loan1.51 %1.75 %3.26 %
May 2021 7 years200,000 
2021 Incremental Term Loan Facility
0.67 %1.65 %2.32 %
December 2022 5 years100,000 
2022 Incremental Term Loan Facility
3.72 %1.70 %5.42 %
(a)All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting.
(b)Includes the SOFR Credit Spread Adjustment component of 0.1%.
(c)Rate is before estimated patronage payments.
23
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





FORWARD-STARTING INTEREST RATE SWAPS
In March 2023, we modified our benchmark rates from LIBOR to Daily Simple SOFR for our forward-starting interest rates swaps, resulting in slightly favorable fixed rates. In May 2023, we entered into a new $50 million forward-starting interest rate swap, benchmarked to the Daily Simple SOFR.
The following table contains information on the outstanding forward-starting interest rate swaps as of June 30, 2023:
Outstanding Forward-Starting Interest Rate Swaps (a)
Date Entered IntoTermNotional AmountFixed Rate of SwapRelated Debt FacilityForward DateMaximum Period Ending for Forecasted Issuance Date
April 20204 years$100,000 0.78 %Term Credit AgreementAugust 2024N/A
May 20204 years50,000 0.64 %Term Credit AgreementAugust 2024N/A
May 20234 years50,000 3.29 %Term Credit AgreementAugust 2024N/A
(a)All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting.
The following tables demonstrate the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2023 and 2022:
Three Months Ended
June 30,
Income Statement Location20232022
Derivatives designated as cash flow hedges:
Foreign currency exchange contractsOther comprehensive income (loss)$188 ($14,438)
Other operating (expense) income, net(1,577)86 
Foreign currency option contractsOther comprehensive income (loss)(561)(686)
Other operating (expense) income, net(48)— 
Interest rate productsOther comprehensive income (loss)17,695 14,636 
Interest expense, net(4,314)1,948 
Six Months Ended
June 30,
Income Statement Location20232022
Derivatives designated as cash flow hedges:
Foreign currency exchange contractsOther comprehensive income (loss)$4,001 ($10,909)
Other operating (expense) income, net(4,005)70 
Foreign currency option contractsOther comprehensive income (loss)(831)(550)
Other operating (expense) income, net(48)— 
Interest rate productsOther comprehensive income (loss)8,035 49,765 
Interest expense, net(7,777)4,618 
24
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





During the next 12 months, the amount of the June 30, 2023 AOCI balance, net of tax, expected to be reclassified into earnings is a gain of approximately $24.1 million. The following table contains details of the expected reclassified amounts into earnings:
Amount expected to be reclassified into earnings in next 12 months
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts($3,108)
Foreign currency option contracts(324)
Interest rate products (a)27,564 
Total estimated gain on derivatives contracts$24,132 
(a)    These reclassified amounts are expected to fully offset variable interest rate payments made to debt holders, resulting in no net impact on our earnings or cash flows.

The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets:
Notional Amount
June 30, 2023December 31, 2022
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts$124,600 $138,250 
Foreign currency option contracts82,000 78,000 
Interest rate swaps850,000 850,000 
Forward-starting interest rate swaps200,000 150,000 
25
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





    The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at June 30, 2023 and December 31, 2022. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows:
Location on Balance SheetFair Value Assets / (Liabilities) (a)
June 30, 2023December 31, 2022
Derivatives designated as cash flow hedges:
Foreign currency exchange contractsOther current assets$21 $25 
Other assets 544 1,303 
Other current liabilities(4,338)(5,457)
Other non-current liabilities(768)(410)
Foreign currency option contractsOther current assets15 66 
Other assets1,182 2,131 
Other current liabilities(465)(347)
Other non-current liabilities(1,044)(1,281)
Interest rate swapsOther assets59,192 60,843 
Other non-current liabilities— (51)
Forward-starting interest rate swapsOther assets13,441 11,939 
Total derivative contracts:
Other current assets$36 $91 
Other assets74,359 76,216 
Total derivative assets$74,395 $76,307 
Other current liabilities(4,803)(5,804)
Other non-current liabilities(1,812)(1,742)
Total derivative liabilities($6,615)($7,546)
(a)    See Note 8 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

OFFSETTING DERIVATIVES
Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. Our derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset.

26
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





8.    FAIR VALUE MEASUREMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS
A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows:
    Level 1 — Quoted prices in active markets for identical assets or liabilities.
    Level 2 — Observable inputs other than quoted prices included in Level 1.
    Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The following table presents the carrying amount and estimated fair values of our financial instruments as of June 30, 2023 and December 31, 2022, using market information and what we believe to be appropriate valuation methodologies under GAAP:
 June 30, 2023December 31, 2022
Asset (Liability) (a)Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Level 1Level 2Level 1Level 2
Cash and cash equivalents$88,404 $88,404 — $114,255 $114,255 — 
Restricted cash (b)4,962 4,962 — 1,152 1,152 — 
Long-term debt (c)(1,512,197)— (1,429,173)(1,514,721)— (1,438,736)
Interest rate swaps (d)59,192 — 59,192 60,792 — 60,792 
Forward-starting interest rate swaps (d)13,441 — 13,441 11,939 — 11,939 
Foreign currency exchange contracts (d)(4,541)— (4,541)(4,539)— (4,539)
Foreign currency option contracts (d)(312)— (312)569 — 569 
Noncontrolling interests in the operating partnership (e)77,532 — 77,532 105,763 — 105,763 
(a)We did not have Level 3 assets or liabilities at June 30, 2023 and December 31, 2022.
(b)Restricted cash represents proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow. See Note 18 — Restricted Cash for additional information.
(c)The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 6 — Debt for additional information.
(d)See Note 7 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments.
(e)Noncontrolling interests in the operating partnership is neither an asset nor liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. units by various individuals and entities other than the Company. See Note 4 — Noncontrolling Interests for additional information.
We use the following methods and assumptions in estimating the fair value of our financial instruments:
Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value.
Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value.
Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates.
Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate.
Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.
Noncontrolling interests in the operating partnership — The fair value of noncontrolling interests in the operating partnership is determined based on the period-end closing price of Rayonier Inc. common shares.

27
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





9.    CONTINGENCIES

We have been named as a defendant in various lawsuits and claims arising in the normal course of business. While we have procured reasonable and customary insurance covering risks normally occurring in connection with our businesses, we have in certain cases retained some risk through the operation of large deductible insurance plans, primarily in the areas of executive risk, property, automobile and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on our financial position, results of operations, or cash flow.

10.    ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES
Various federal and state environmental laws in the states in which we operate place cleanup or restoration liability on the current and former owners of affected real estate. These laws are often a source of “strict liability,” meaning that an owner or operator need not necessarily have caused, or even been aware of, the release of contaminated materials. Similarly, there are certain environmental laws that allow state, federal, and tribal trustees (collectively, the “Trustees”) to bring suit against property owners to recover damage for injuries to natural resources. Like the liability that attaches to current property owners in the cleanup context, liability for natural resource damages (“NRD”) can attach to a property simply because an injury to natural resources resulted from releases of contaminated materials on or from the owner’s property, regardless of culpability for the release.

Changes in environmental and NRD liabilities from December 31, 2022 to June 30, 2023 are shown below:
Port Gamble, WA
Non-current portion at December 31, 2022
$14,418
Plus: Current portion1,175
Total Balance at December 31, 2022
15,593
Expenditures charged to liabilities(223)
Decrease to liabilities (a)(20)
Total Balance at June 30, 2023
15,350
Less: Current portion(2,371)
Non-current portion at June 30, 2023
$12,979
(a)Reflects revised environmental and NRD cost estimates recorded during the six months ended June 30, 2023.

It is expected that the upland mill site cleanup and NRD restoration will occur over the next one to two years, while the monitoring of Port Gamble Bay, mill site, and landfills will continue for an additional 15 to 20 years. NRD costs are subject to change as the scope of the restoration projects become more clearly defined. It is reasonably possible that these components of the liability may increase as the project progresses. Management continues to monitor the Port Gamble cleanup process and will make adjustments as needed. Should any future circumstances result in a change to the estimated cost of the project, we will record an appropriate adjustment to the liability in the period it becomes known and when we can reasonably estimate the amount. For further information on the timing and amount of future payments related to our environmental remediation liabilities, see Note 10 - Commitments in our 2022 Form 10-K.

We do not currently anticipate any material loss in excess of the amounts accrued; however we are not able to estimate a possible loss or range of loss, if any, in excess of the established liabilities. Our future remediation expenses may be affected by a number of uncertainties including, but not limited to, the difficulty in estimating the extent and method of remediation, the evolving nature of environmental regulations, and the availability and application of technology. We do not expect the resolution of such uncertainties to have a material adverse effect on our consolidated financial position or liquidity.
28
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





11.    GUARANTEES
We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies.
As of June 30, 2023, the following financial guarantees were outstanding:
Financial Commitments (a)Maximum Potential
Payment
Standby letters of credit (b)$3,779 
Surety bonds (c)21,687 
Total financial commitments$25,466 
(a)We have not recorded any liabilities for these financial commitments in our Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on our own performance.
(b)Approximately $2.9 million of the standby letters of credit serve as credit support for real estate construction in our Wildlight development project. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation. These letters of credit will expire at various dates during 2023 and will be renewed as required.
(c)Surety bonds are issued primarily to secure performance obligations related to various operational activities and to provide collateral for our Wildlight development project in Nassau County, Florida and our Heartwood development project in Richmond Hill, Georgia. These surety bonds expire at various dates during 2023, 2024, and 2025 and are expected to be renewed as required.
12.    HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS
We routinely assess potential alternative uses of our timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. We periodically transfer, via a sale or contribution from the real estate investment trust (“REIT”) entities to taxable REIT subsidiaries (“TRS”), higher and better use (“HBU”) timberlands to enable land-use entitlement, development or marketing activities. We also acquire HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, we also selectively pursue various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, we also invest in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties.
29
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





Changes in higher and better use timberlands and real estate development investments from December 31, 2022 to June 30, 2023 are shown below:
Higher and Better Use Timberlands and Real Estate Development Investments
 Land and Timber Development InvestmentsTotal
Non-current portion at December 31, 2022
$91,374 $23,723 $115,097 
Plus: Current portion (a)408 17,501 17,909 
Total Balance at December 31, 2022
91,782 41,224 133,006 
Non-cash cost of land and improved development(1,055)(10,337)(11,392)
Amortization of parcel real estate development investments— (5,257)(5,257)
Timber depletion from harvesting activities and basis of timber sold in real estate sales(672)— (672)
Capitalized real estate development investments (b)— 19,045 19,045 
Capital expenditures (silviculture)23 — 23 
Intersegment transfers553 — 553 
Total Balance at June 30, 2023
90,631 44,675 135,306 
Less: Current portion (a)(1,346)(22,174)(23,520)
Non-current portion at June 30, 2023
$89,285 $22,501 $111,786 
(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 13 — Inventory for additional information.
(b)Capitalized real estate development investments include $0.4 million of capitalized interest and $4.3 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within a year.

13.    INVENTORY
As of June 30, 2023 and December 31, 2022, our inventory consisted entirely of finished goods, as follows:
 June 30, 2023December 31, 2022
Finished goods inventory
Real estate inventory (a)$23,520 $17,909 
Log inventory8,508 5,347 
Carbon unit inventory (b)303 473 
Total inventory$32,331 $23,729 
(a)Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold as well as the cost of HBU real estate deferred until post-closing obligations are satisfied. See Note 12 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.
(b)Represents the basis in New Zealand carbon units intended to be sold in the next 12 months.
14.    OTHER OPERATING (EXPENSE) INCOME, NET
Other operating (expense) income, net consisted of the following:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(Loss) gain on foreign currency remeasurement, net of cash flow hedges($1,674)$1,249 ($4,157)$677 
Gain on sale or disposal of property and equipment35 6 37 31 
Equity loss related to Bainbridge Landing LLC joint venture— (145)— (370)
Miscellaneous income (expense), net238 (309)203 (520)
Total($1,401)$801 ($3,917)($182)

30
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





15.    EMPLOYEE BENEFIT PLANS
We have one qualified non-contributory defined benefit pension plan covering a portion of our employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. We closed enrollment in the pension plans to salaried employees hired after December 31, 2005. Effective December 31, 2016, we froze benefits for all employees participating in the pension plan. In lieu of the pension plan, we provide those employees with an enhanced 401(k) plan match similar to what is currently provided to employees hired after December 31, 2005. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change.
In December 2022, the Rayonier Board of Directors approved the resolution to terminate the Defined Benefit Plan and notified impacted parties of the termination and alternative distribution options. The Defined Benefit Plan was terminated on February 28, 2023. In conjunction with the termination of the Defined Benefit Plan, we also plan to terminate the unfunded plan and distribute all benefits in accordance with Section 409A of the Internal Revenue Code. We expect to recognize pre-tax non-cash pension settlement charges related to the actuarial losses currently in AOCI upon settlement of the obligations of the Defined Benefit and Excess Benefit Plans. These charges are currently expected to occur in 2023 and 2024, with the specific timing and final amounts dependent upon several factors.
We expect to make cash contributions of approximately $7.6 million during the settlement process in order to fund the Defined Benefit Plan on a plan termination basis. The Defined Benefit Plan will be settled upon completion of lump sum distributions and purchase of annuity contracts. The settlement is expected to be completed by the end of Q2 2024. The Excess Benefit Plan will be settled entirely with lump sum payments upon termination with expected cash contributions in 2024 of approximately $1.3 million. Projected cash contributions are an estimate, as actual amounts will be dependent upon the nature and timing of participant settlements and interest rates, as well as prevailing market conditions.
The net pension and postretirement benefit (credits) costs that have been recorded are shown in the following table:
Components of Net Periodic Benefit (Credit) CostIncome Statement LocationPensionPostretirement
Three Months Ended
June 30,		Three Months Ended
June 30,
2023202220232022
Service costSelling and general expenses— — $1 $2 
Interest costInterest and other miscellaneous income (expense), net844 609 17 13 
Expected return on plan assets (a)Interest and other miscellaneous income (expense), net(887)(872)— — 
Amortization of lossesInterest and other miscellaneous income (expense), net1 184 — 4 
Net periodic benefit (credit) cost($42)($79)$18 $19 
Components of Net Periodic Benefit (Credit) CostIncome Statement LocationPensionPostretirement
Six Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Service costSelling and general expenses— — $2 $3 
Interest costInterest and other miscellaneous income (expense), net1,689 1,217 35 26 
Expected return on plan assets (a)Interest and other miscellaneous income (expense), net(1,776)(1,743)— — 
Amortization of lossesInterest and other miscellaneous income (expense), net3 369 — 7 
Net periodic benefit (credit) cost($84)($157)$37 $36 
(a)The weighted-average expected long-term rate of return on plan assets used in computing 2023 net periodic benefit cost for pension benefits is 5.0%.
31
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





16.    INCOME TAXES

Rayonier is a REIT under the Internal Revenue Code and therefore generally does not pay U.S. federal or state income tax. As of June 30, 2023, Rayonier owns a 98.4% interest in the Operating Partnership and conducts substantially all of its timberland operations through the Operating Partnership. The taxable income or loss generated by the Operating Partnership is passed through and reported to its unit holders (including the Company) on a Schedule K-1 for inclusion in each unitholder’s income tax return.
Certain operations, including log trading and certain real estate activities, such as the entitlement, development and sale of HBU properties, are conducted through our TRS. The TRS subsidiaries are subject to United States federal and state corporate income tax. The New Zealand timber operations are conducted by the New Zealand subsidiary, which is subject to corporate-level tax at 28% in New Zealand and is treated as a partnership for U.S. income tax purposes.
PROVISION FOR INCOME TAXES
The Company’s tax expense is principally related to corporate-level tax in New Zealand and non-resident withholding tax on repatriation of earnings from New Zealand. The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income:
 Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Income tax expense($193)($1,304)($1,230)($6,818)
ANNUAL EFFECTIVE TAX RATE
The Company’s effective tax rate after discrete items is below the 21.0% U.S. statutory rate due to tax benefits associated with being a REIT. The following table contains the Company’s annualized effective tax rate after discrete items:
 Six Months Ended
June 30,
20232022
Annualized effective tax rate after discrete items3.9 %9.2 %

32
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





17.    ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table summarizes the changes in AOCI by component for the six months ended June 30, 2023 and the year ended December 31, 2022. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests.
Foreign currency translation (loss) gainsNet investment hedges of New Zealand subsidiaryCash flow hedgesEmployee benefit plansTotal Rayonier, L.P.Allocation to Operating PartnershipTotal Rayonier Inc.
Balance as of December 31, 2021
$4,215 $1,321 ($9,163)($11,836)($15,463)($4,141)($19,604)
Other comprehensive income (loss) before reclassifications(22,282)— 78,166 (a)874 56,758 (1,323)55,435 
Amounts reclassified from accumulated other comprehensive income (loss)— — (1,799)753 (b)(1,046)1,028 (18)
Net other comprehensive income (loss)(22,282)— 76,367 1,627 55,712 (295)55,417 
Balance as of December 31, 2022
($18,067)$1,321 $67,204 ($10,209)$40,249 ($4,436)$35,813 
Other comprehensive (loss) income before reclassifications(12,342)— 9,792 (a)— (2,550)88 (2,462)
Amounts reclassified from accumulated other comprehensive income— — (10,023)3 (b)(10,020)964 (9,056)
Net other comprehensive income (loss)(12,342)— (231)3 (12,570)1,052 (11,518)
Balance as of
June 30, 2023
($30,409)$1,321 $66,973 ($10,206)$27,679 ($3,384)$24,295 
(a)The six months ended June 30, 2023 includes $8.0 million of other comprehensive income related to interest rate products. The year ended December 31, 2022 included $75.0 million of other comprehensive income related to interest rate products. See Note 7 — Derivative Financial Instruments and Hedging Activities for additional information.
(b)This component of other comprehensive income is included in the computation of net periodic pension and post-retirement costs. See Note 15 — Employee Benefit Plans for additional information.
The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2023 and June 30, 2022:
Details about accumulated other comprehensive income (loss) componentsAmount reclassified from accumulated other comprehensive income (loss)Affected line item in the Income Statement
June 30, 2023June 30, 2022
Realized (gain) loss on foreign currency exchange contracts($4,005)$71 Other operating expense, net
Realized loss on foreign currency option contracts(48)— Other operating expense, net
Noncontrolling interests932 (16)Comprehensive loss (income) attributable to noncontrolling interests
Realized (gain) loss on interest rate contracts(7,777)4,617 Interest expense
Income tax effect from net gain (loss) on foreign currency contracts875 (15)Income tax expense
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income($10,023)$4,657 
33
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)





18.    RESTRICTED CASH
Restricted cash, excluding Timber Funds includes cash deposited with a like-kind exchange (“LKE”) intermediary. In order to qualify for LKE treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. Additionally, restricted cash, excluding Timber Funds, includes cash balances held in escrow as collateral for certain contractual obligations related to our Heartwood development project as well as cash held in escrow for real estate sales.
Restricted cash, Timber Funds includes the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests.
The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022:
Six Months Ended June 30,
 20232022
Restricted cash, excluding Timber Funds:
Restricted cash deposited with LKE intermediary$1,646 $13,704 
Restricted cash held in escrow3,316 625 
Total restricted cash, excluding Timber Funds4,962 14,329 
Restricted cash, Timber Funds— 1,464 
Cash and cash equivalents 88,404 280,280 
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows$93,366 $296,073 

19.    ASSETS HELD FOR SALE
Assets held for sale is composed of properties under contract and expected to be sold within 12 months that also meet the other relevant held-for-sale criteria in accordance with ASC 360-10-45-9. As of June 30, 2023 and December 31, 2022, the basis in properties meeting this classification was $4.2 million and $0.7 million, respectively. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized.
34
RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)






Item 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (“MD&A”)
When we refer to “Rayonier” or “the Company” we mean Rayonier Inc. and its consolidated subsidiaries. References to the “Operating Partnership” mean Rayonier, L.P. and its consolidated subsidiaries. References to “we,” “us,” or “our,” mean collectively Rayonier Inc., the Operating Partnership and entities/subsidiaries owned or controlled by Rayonier Inc. and/or the Operating Partnership. References herein to “Notes to Financial Statements” refer to the Notes to Consolidated Financial Statements of Rayonier Inc. and Rayonier, L.P. included in Item 1 of this report.
This MD&A is intended to provide a reader of our financial statements with a narrative from the perspective of management on our financial condition, results of operations, liquidity, and certain other factors which may affect future results. Our MD&A should be read in conjunction with our Consolidated Financial Statements included in Item 1 of this report, our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”) and information contained in our subsequent reports filed with the Securities and Exchange Commission (the “SEC”).
FORWARD-LOOKING STATEMENTS
Certain statements in this document regarding anticipated financial outcomes, including our earnings guidance, if any, business and market conditions, outlook, expected dividend rate, our business strategies, expected harvest schedules, timberland acquisitions and dispositions, the anticipated benefits of our business strategies, and other similar statements relating to our future events, developments, or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “project,” “anticipate” and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While management believes that these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. The risk factors contained in Item 1A — Risk Factors in our 2022 Form 10-K, Part II, and similar discussions included in other reports that we subsequently file with the SEC, among others, could cause actual results or events to differ materially from our historical experience and those expressed in forward-looking statements made in this document.
Forward-looking statements are only as of the date they are made, and we undertake no duty to update our forward-looking statements except as required by law. You are advised, however, to review any subsequent disclosures we make on related subjects in subsequent reports filed with the SEC.
NON-GAAP MEASURES
To supplement our financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use certain non-GAAP measures, including “Cash Available for Distribution,” and “Adjusted EBITDA,” which are defined and further explained in Performance and Liquidity Indicators below. Reconciliation of such measures to the nearest GAAP measures can also be found in Performance and Liquidity Indicators below. Our definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.
OBJECTIVE
The objective of the Management’s Discussion and Analysis is to detail material information, events, uncertainties and other factors impacting the Company and the Operating Partnership and to provide investors an understanding of “Management’s perspective.” Item 7, Management’s Discussion and Analysis (“MD&A”) highlights the critical areas for evaluating the Company’s performance which includes a discussion on the reportable segments, liquidity and capital, and critical accounting estimates. The MD&A is provided as a supplement to, and should be read in conjunction with, our financial statements and notes.

35
OUR COMPANY
    We are a leading timberland real estate investment trust (“REIT”) with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. We invest in timberlands and actively manage them to provide current income and attractive long-term returns to our shareholders. We conduct our business through an umbrella partnership real estate investment trust (“UPREIT”) structure in which our assets are owned by our Operating Partnership and its subsidiaries. Rayonier manages the Operating Partnership as its sole general partner. Our revenues, operating income and cash flows are primarily derived from the following core business segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate, and Trading. As of June 30, 2023, we owned or leased under long-term agreements approximately 2.8 million acres of timberlands located in the U.S. South (1.91 million acres), U.S. Pacific Northwest (474,000 acres) and New Zealand (419,000 gross acres or 297,000 net plantable acres).
SEGMENT INFORMATION
    The Southern Timber, Pacific Northwest Timber and New Zealand Timber segments include all activities related to the harvesting of timber and other non-timber income activities, such as the licensing of properties for hunting, granting land access for carbon capture and storage, the leasing of properties for mineral extraction and cell towers, and carbon credit sales. Our New Zealand operations are conducted by Matariki Forestry Group, a joint venture (the “New Zealand subsidiary”), in which we maintain a 77% ownership interest. See Note 4 - Noncontrolling Interests for additional information regarding our noncontrolling interests in the New Zealand Timber segment.
    The Real Estate segment includes all U.S. and New Zealand land or leasehold sales disaggregated into six sales categories: Improved Development, Unimproved Development, Rural, Timberland & Non-Strategic, Conservation Easements and Large Dispositions. It also includes residential and commercial lease activity, primarily in the town of Port Gamble, Washington.
    The Trading segment primarily reflects log trading activities in New Zealand and Australia conducted by our New Zealand subsidiary. It also includes log trading activities conducted from the U.S. South and Pacific Northwest. Our Trading segment activities include an export services joint venture with a third-party forest manager in which Matariki Forests Trading Ltd maintains a 50% ownership interest. The Trading segment complements the New Zealand Timber segment by providing added market intelligence, increasing the scale of export operations and achieving cost savings that directly benefit the New Zealand Timber segment. This additional market intelligence also benefits our Southern and Pacific Northwest export log marketing.
ENVIRONMENTAL MATTERS
For a full description of our environmental matters, see Item 1 - “Business” in our Annual Report on Form 10-K for the year ended December 31, 2022 and our sustainability report located at our Responsible Stewardship webpage.
36
INDUSTRY AND MARKET CONDITIONS
    The demand for timber is directly related to the underlying demand for pulp, paper, packaging, lumber and other wood products. The significant majority of timber sold in our Southern Timber segment is consumed domestically. With a higher proportion of pulpwood, our Southern Timber segment relies heavily on downstream markets for pulp and paper, and to a lesser extent wood pellet markets. Our Pacific Northwest Timber segment relies primarily on domestic customers but also exports a significant volume of timber, particularly to Japan and China. The Southern Timber and Pacific Northwest Timber segments rely on the strength of U.S. lumber markets as well as underlying housing starts. Our New Zealand Timber segment sells timber to domestic New Zealand wood products mills and also exports a significant portion of its volume to Asian markets, particularly in China and South Korea. In addition to market dynamics in the Pacific Rim, the New Zealand Timber segment is subject to foreign exchange fluctuations, which can impact the operating results of the segment in U.S. dollar terms.
During the first half of 2023, each of our timber segments experienced challenging market conditions due to ongoing market headwinds and weaker end-market demand relative to the prior year. In our Southern Timber segment, weaker demand for pulp and lumber coupled with drier weather conditions has resulted in lower net stumpage prices. In our Pacific Northwest Timber segment, softer domestic lumber demand and decreased competition from export markets has negatively impacted domestic sawtimber prices. In our New Zealand Timber segment, weaker demand in China has driven lower export sawtimber prices.
We are also subject to the risk of price fluctuations in certain of our cost components, primarily logging and transportation (cut and haul), ocean freight and demurrage costs. Other major components of our cost of sales are the cost basis of timber sold (depletion) and the cost basis of real estate sold. Depletion includes the amortization of capitalized site preparation, planting and fertilization, real estate taxes, timberland lease payments and certain payroll costs. The cost basis of real estate sold includes the cost basis in land and costs directly associated with the development and construction of identified real estate projects, such as infrastructure, roadways, utilities, amenities and/or other improvements. Other costs include amortization of capitalized costs related to road and bridge construction and software, depreciation of fixed assets and equipment, road maintenance, severance and excise taxes, fire prevention and real estate commissions and closing costs.
Our Real Estate segment is exposed to changes in interest and mortgage rates as higher rates could negatively impact buyer demand for the properties we sell. However, current demand for our rural and development real estate properties has not been significantly impacted by the higher interest rate environment.
For additional information on market conditions impacting our business, see Results of Operations.

CRITICAL ACCOUNTING ESTIMATES
    The preparation of financial statements requires us to make estimates, assumptions and judgments that affect our assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. We base these estimates and assumptions on historical data and trends, current fact patterns, expectations and other sources of information we believe are reasonable. Actual results may differ from these estimates. For a full description of our critical accounting policies, see Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2022 Form 10-K.
REVENUE RECOGNITION
See Note 1 – Basis of Presentation.
37
DISCUSSION OF TIMBER INVENTORY AND SUSTAINABLE YIELD
    See Item 1 — Business — Discussion of Timber Inventory and Sustainable Yield in our 2022 Form 10-K.
OUR TIMBERLANDS
    Our timber operations are disaggregated into three geographically distinct segments: Southern Timber, Pacific Northwest Timber and New Zealand Timber. The following tables provide a breakdown of our timberland holdings as of June 30, 2023 and December 31, 2022:
(acres in 000s)As of June 30, 2023
As of December 31, 2022
OwnedLeasedTotalOwnedLeasedTotal
Southern
Alabama258 5 263 258 14 272 
Arkansas— 2 2 — 2 2 
Florida349 47 396 347 47 394 
Georgia646 64 710 647 64 711 
Louisiana147 — 147 148 — 148 
Oklahoma91 — 91 91 — 91 
South Carolina16 — 16 16 — 16 
Texas282 — 282 285 — 285 
1,789 118 1,907 1,792 127 1,919 
Pacific Northwest
Oregon61 — 61 61 — 61 
Washington410 3 413 410 3 413 
471 3 474 471 3 474 
New Zealand (a)188 231 419 188 229 417 
Total2,448 352 2,800 2,451 359 2,810 
(a)Represents legal acres owned and leased by the New Zealand subsidiary, in which we own a 77% interest. As of June 30, 2023, legal acres in New Zealand consisted of 297,000 plantable acres and 122,000 non-productive acres.






















38

The following tables detail activity for owned and leased acres in our timberland holdings by state from December 31, 2022 to June 30, 2023:
(acres in 000s)Acres Owned
December 31, 2022
AcquisitionsSalesOther
June 30, 2023
Southern
Alabama258 — — — 258 
Florida347 2 — — 349 
Georgia647 — (1)— 646 
Louisiana148 — (1)— 147 
Oklahoma91 — — — 91 
South Carolina16 — — — 16 
Texas285 — (3)— 282 
1,792 2 (5)— 1,789 
Pacific Northwest
Oregon61 — — — 61 
Washington410 — — — 410 
471 — — — 471 
New Zealand (a)188 — — — 188 
Total 2,451 2 (5)— 2,448 
(a)Represents legal acres owned by the New Zealand subsidiary, in which we have a 77% interest.

(acres in 000s)Acres Leased
December 31, 2022
New LeasesSold/Expired Leases (a)Other
June 30, 2023
Southern
Alabama14 — (9)— 5 
Arkansas2 — — — 2 
Florida47 — — — 47 
Georgia64 — — — 64 
127 — (9)— 118 
Pacific Northwest
Washington (b)3 — — — 3 
New Zealand (c)229— — 2 231 
Total 359 — (9)2 352 
(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.
(c)Represents legal acres leased by the New Zealand subsidiary, in which we have a 77% interest.
39

RESULTS OF OPERATIONS
CONSOLIDATED RESULTS
The following table provides key financial information by segment and on a consolidated basis:
Three Months Ended
June 30,		Six Months Ended
June 30,
Financial Information (in millions)2023202220232022
Sales
Southern Timber$68.3 $66.3 $140.2 $143.0 
Pacific Northwest Timber32.3 39.2 66.7 85.4 
New Zealand Timber 60.9 78.9 105.0 130.3 
Real Estate
Improved Development12.2 11.6 17.0 16.5 
Rural15.6 23.4 22.1 40.4 
Timberland & Non-Strategic0.3 — 1.9 11.4 
Deferred Revenue/Other (a)3.9 (0.6)7.3 0.3 
Total Real Estate32.0 34.4 48.3 68.6 
Trading15.4 27.7 28.0 41.1 
Intersegment Eliminations(0.1)(0.1)(0.2)(0.1)
Total Sales$208.9 $246.3 $387.9 $468.4 
Operating Income (Loss)
Southern Timber$21.7 $24.1 $43.9 $54.4 
Pacific Northwest Timber(2.4)2.9 (5.9)9.5 
New Zealand Timber (b)2.4 8.0 1.7 13.4 
Real Estate (a)8.6 11.0 9.5 21.2 
Trading0.1 (0.4)0.4 (0.1)
Corporate and Other (10.3)(10.1)(18.9)(17.7)
Operating Income20.1 35.5 30.7 80.8 
Interest expense, interest income and other (c)(0.8)(8.9)(2.9)(17.7)
Income tax expense(0.2)(1.3)(1.3)(6.8)
Net Income19.1 25.3 26.5 56.3 
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates0.2 (0.6)1.3 (1.7)
Net Income Attributable to Rayonier, L.P.$19.3 $24.7 $27.8 $54.6 
Less: Net income attributable to noncontrolling interests in the operating partnership(0.3)(0.6)(0.5)(1.2)
Net Income Attributable to Rayonier Inc.$19.0 $24.1 $27.3 $53.4 
Adjusted EBITDA (d)
Southern Timber$43.6 $38.7 $86.4 $87.1 
Pacific Northwest Timber6.9 14.3 14.0 35.8 
New Zealand Timber8.3 14.9 14.4 25.3 
Real Estate20.3 25.4 26.9 50.1 
Trading0.1 (0.4)0.4 (0.1)
Corporate and Other(9.9)(9.8)(18.1)(17.0)
Total Adjusted EBITDA$69.2 $83.0 $124.0 $181.1 
(a)Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales in addition to residential and commercial lease revenue.
(b)The six months ended June 30, 2023 includes a $2.3 million timber write-off resulting from a casualty event.
(c)The three and six months ended June 30, 2023 includes $11.4 million and $20.5 million, respectively, of net recoveries associated with legal settlements.
(d)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.
40

Three Months Ended
June 30,		Six Months Ended
June 30,
Southern Timber Overview2023202220232022
Sales Volume (in thousands of tons)
Pine Pulpwood1,036 962 2,015 2,133 
Pine Sawtimber932 458 1,818 1,080 
Total Pine Volume1,969 1,420 3,833 3,213 
Hardwood41 103 69 206 
Total Volume2,009 1,523 3,903 3,419 
% Delivered Volume (vs. Total Volume)30 %47 %33 %40 %
% Pine Sawtimber Volume (vs. Total Pine Volume)47 %32 %47 %34 %
% Export Volume (vs. Total Volume) (a)1 %3 %1 %2 %
Net Stumpage Pricing (dollars per ton)
Pine Pulpwood$15.78 $21.46 $16.53 $22.93 
Pine Sawtimber29.07 34.09 30.29 34.86 
Weighted Average Pine$22.07 $25.54 $23.06 $26.94 
Hardwood11.06 25.70 14.79 25.88 
Weighted Average Total$21.85 $25.55 $22.91 $26.87 
Summary Financial Data (in millions of dollars)
Timber Sales$58.4 $58.2 $120.9 $129.2 
Less: Cut and Haul(13.4)(17.6)(29.0)(33.2)
Less: Port and Freight(1.2)(1.8)(2.7)(4.1)
Net Stumpage Sales$43.8 $38.9 $89.1 $91.9 
Non-Timber Sales9.9 8.1 19.3 13.8 
Total Sales$68.3 $66.3 $140.2 $143.0 
Operating Income$21.7 $24.1 $43.9 $54.4 
(+) Depreciation, depletion and amortization21.9 14.7 42.5 32.7 
Adjusted EBITDA (b)$43.6 $38.7 $86.4 $87.1 
Other Data
Period-End Acres (in thousands)1,907 1,791 1,907 1,791 
(a)Estimated percentage of export volume, which includes volumes sold to third-party exporters in addition to direct exports through our log export program.
(b)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.







41

Three Months Ended
June 30,		Six Months Ended
June 30,
Pacific Northwest Timber Overview2023202220232022
Sales Volume (in thousands of tons)
Pulpwood61 80 138 155 
Domestic Sawtimber (a)251 255 535 681 
Export Sawtimber21 41 43 45 
Total Volume332 376 716 881 
% Delivered Volume (vs. Total Volume)100 %99 %98 %90 %
% Sawtimber Volume (vs. Total Volume)82 %79 %81 %82 %
% Export Volume (vs. Total Volume) (b)10 %16 %12 %9 %
Delivered Log Pricing (in dollars per ton)
Pulpwood$36.21 $45.17 $42.90 $41.83 
Domestic Sawtimber97.37 120.44 95.16 111.97 
Export Sawtimber (c)144.25 93.01 154.14 92.94 
Weighted Average Log Price$89.10 $101.62 $88.61 $98.32 
Summary Financial Data (in millions of dollars)
Timber Sales$30.0 $37.9 $63.5 $83.0 
Less: Cut and Haul(15.5)(16.5)(32.7)(32.8)
Less: Port and Freight(1.3)(0.4)(2.7)(0.4)
Net Stumpage Sales$13.2 $21.0 $28.1 $49.8 
Non-Timber Sales2.3 1.3 3.3 2.4 
Total Sales$32.3 $39.2 $66.7 $85.4 
Operating (Loss) Income($2.4)$2.9 ($5.9)$9.5 
(+) Depreciation, depletion and amortization9.2 11.3 19.9 26.2 
Adjusted EBITDA (d)$6.9 $14.3 $14.0 $35.8 
Other Data
Period-End Acres (in thousands)474 486 474 486 
Sawtimber (in dollars per MBF) (e)$711 $905 $720 $873 
(a)Includes volumes sold to third-party exporters.
(b)Estimated percentage of export volume, which includes volumes sold to third-party exporters in addition to direct exports through our log export program.
(c)Prior to Q4 2022, pricing reflects the transfer of logs on an FOB basis, while periods after Q4 2022 reflect pricing on a CFR basis (i.e., inclusive of export costs and freight).
(d)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.
(e)Delivered Sawtimber excluding chip-n-saw.
42

Three Months Ended
June 30,		Six Months Ended
June 30,
New Zealand Timber Overview2023202220232022
Sales Volume (in thousands of tons)
Domestic Pulpwood (Delivered)50 105 105 199 
Domestic Sawtimber (Delivered)155 188 291 323 
Export Pulpwood (Delivered)70 55 112 91 
Export Sawtimber (Delivered)398 355 645 604 
Total Volume673 703 1,154 1,217 
% Delivered Volume (vs. Total Volume)100 %100 %100 %100 %
% Sawtimber Volume (vs. Total Volume)82 %77 %81 %76 %
% Export Volume (vs. Total Volume) (a)70 %58 %66 %57 %
Delivered Log Pricing (in dollars per ton)
Domestic Pulpwood$37.92 $34.56 $35.52 $34.76 
Domestic Sawtimber69.29 76.82 70.36 76.48 
Export Sawtimber103.81 140.44 107.31 135.13 
Weighted Average Log Price$89.49 $106.88 $90.11 $102.53 
Summary Financial Data (in millions of dollars)
Timber Sales$60.2 $75.1 $104.0 $124.8 
Less: Cut and Haul(24.3)(26.7)(41.8)(45.8)
Less: Port and Freight(20.1)(31.4)(31.6)(46.8)
Net Stumpage Sales$15.8 $16.9 $30.6 $32.2 
Non-Timber Sales / Carbon Credits0.7 3.8 1.0 5.5 
Total Sales$60.9 $78.9 $105.0 $130.3 
Operating Income$2.4 $8.0 $1.7 $13.4 
(+) Timber write-off resulting from a casualty event (b)— — 2.3 — 
(+) Depreciation, depletion and amortization5.9 6.9 10.4 11.9 
Adjusted EBITDA (c)$8.3 $14.9 $14.4 $25.3 
Other Data
New Zealand Dollar to U.S. Dollar Exchange Rate (d)0.6151 0.6628 0.6221 0.6650 
Net Plantable Period-End Acres (in thousands)297 296 297 296 
Export Sawtimber (in dollars per JAS m3)
$120.70 $163.29 $124.77 $157.11 
Domestic Sawtimber (in $NZD per tonne)$123.92 $127.50 $124.42 $126.51 
(a)Percentage of export volume reflects direct exports through our log export program.
(b)Timber write-off resulting from a casualty event includes the write-off of merchantable and pre-merchantable timber volume damaged by a casualty event which cannot be salvaged.
(c)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.
(d)Represents the period-average rate.

43

Three Months Ended
June 30,		Six Months Ended
June 30,
Real Estate Overview2023202220232022
Sales (in millions of dollars)
Improved Development (a)$12.2 $11.6 $17.0 $16.5 
Rural15.6 23.4 22.1 40.4 
Timberland & Non-Strategic0.3 — 1.9 11.4 
Deferred Revenue/Other (b)3.9 (0.6)7.3 0.3 
Total Sales$32.0 $34.4 $48.3 $68.6 
Acres Sold
Improved Development (a)267.5 60.8 295.3 77.0 
Rural3,411 4,633 4,942 9,385 
Timberland & Non-Strategic76 — 604 3,966 
Total Acres Sold3,754 4,694 5,841 13,428 
Gross Price per Acre (dollars per acre)
Improved Development (a)$45,732 $190,136 $57,679 $214,841 
Rural4,582 5,054 4,477 4,302 
Timberland & Non-Strategic3,344 — 3,131 2,874 
Weighted Average (Total)$7,489 $7,453 $7,028 $5,087 
Weighted Average (Adjusted) (c)$4,555 $5,054 $4,331 $3,878 
Operating Income$8.6 $11.0 $9.5 $21.2 
(+) Depreciation, depletion and amortization2.2 2.6 3.7 11.7 
(+) Non-cash cost of land and improved development9.4 11.8 13.6 17.1 
Adjusted EBITDA (d)$20.3 $25.4 $26.9 $50.1 
(a)Reflects land with capital invested in infrastructure improvements.
(b)Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales in addition to residential and commercial lease revenue.
(c)Excludes Improved Development.
(d)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.
44

Three Months Ended
June 30,		Six Months Ended
June 30,
Trading Overview2023202220232022
Sales Volume (in thousands of tons)
U.S.17 27 30 43 
NZ118 182 209 278 
Total Volume135 209 239 320 
Summary Financial Data (in millions of dollars)
Trading Sales$15.0 $27.3 $27.1 $40.4 
Non-Timber Sales0.5 0.4 0.9 0.8 
Total Sales$15.4 $27.7 $28.0 $41.1 
Operating Income (Loss)$0.1 ($0.4)$0.4 ($0.1)
Adjusted EBITDA (a)$0.1 ($0.4)$0.4 ($0.1)
(a)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.
45

Three Months Ended
June 30,		Six Months Ended
June 30,
Capital Expenditures By Segment (in millions of dollars)2023202220232022
Timber Capital Expenditures
Southern Timber
Reforestation, silviculture and other capital expenditures$6.6 $3.6 $13.5 $6.1 
Property taxes2.0 1.9 4.0 3.7 
Lease payments0.2 0.2 0.6 0.9 
Allocated overhead1.2 1.1 2.7 2.4 
Subtotal Southern Timber$10.0 $6.8 $20.8 $13.1 
Pacific Northwest Timber
Reforestation, silviculture and other capital expenditures2.1 1.5 5.0 5.2 
Property taxes0.3 0.3 0.5 0.5 
Allocated overhead1.3 1.4 2.6 2.7 
Subtotal Pacific Northwest Timber$3.6 $3.2 $8.2 $8.4 
New Zealand Timber
Reforestation, silviculture and other capital expenditures2.6 3.0 4.6 5.5 
Property taxes0.2 0.2 0.4 0.4 
Lease payments0.9 0.9 1.3 1.4 
Allocated overhead0.7 0.7 1.4 1.4 
Subtotal New Zealand Timber$4.3 $4.8 $7.6 $8.6 
Total Timber Segments Capital Expenditures$18.0 $14.7 $36.7 $30.2 
Real Estate0.1 — 0.1 0.1 
Total Capital Expenditures$18.1 $14.7 $36.8 $30.3 
Timberland Acquisitions
Southern Timber$0.6 $0.4 $5.7 $3.2 
Pacific Northwest Timber— — 3.6 — 
Timberland Acquisitions$0.6 $0.4 $9.3 $3.2 
Real Estate Development Investments (a)
$7.0 $2.9 $14.8 $6.0 
(a)Represents investments in master infrastructure or entitlements in our real estate development projects. Real Estate Development Investments are amortized as the underlying properties are sold and included in Non-Cash Cost of Land and Improved Development.
46

    The following tables summarize sales, operating income (loss) and Adjusted EBITDA variances for June 30, 2023 versus June 30, 2022 (millions of dollars):
SalesSouthern TimberPacific Northwest TimberNew Zealand TimberReal EstateTradingIntersegment EliminationsTotal
Three Months Ended
June 30, 2022
$66.3 $39.2 $78.9 $34.4 $27.7 ($0.1)$246.3 
Volume12.4 (2.4)(3.2)(6.7)(9.7)— (9.6)
Price(7.4)(5.9)(1.5)0.4 (2.7)— (17.1)
Non-timber sales1.9 1.1 (2.8)— 0.1 — 0.3 
Foreign exchange (a)— — (1.6)— — — (1.6)
Other(4.8)(b)0.3 (b)(8.9)(c)3.9 — — (9.5)
Three Months Ended
June 30, 2023
$68.3 $32.3 $60.9 $32.0 $15.4 ($0.1)$208.9 
(a)    Net of currency hedging impact.
(b)    Includes variance due to stumpage versus delivered sales.
(c)    Includes variance due to domestic versus export sales.


SalesSouthern TimberPacific Northwest TimberNew Zealand TimberReal EstateTradingIntersegment EliminationsTotal
Six Months Ended
June 30, 2022
$143.0 $85.4 $130.3 $68.6 $41.1 ($0.1)$468.4 
Volume13.0 (9.3)(6.4)(37.0)(10.2)— (49.9)
Price(15.5)(12.9)(1.5)11.0 (3.1)— (22.0)
Non-timber sales5.5 0.8 (4.1)— 0.2 — 2.4 
Foreign exchange (a)— — (2.4)— — — (2.4)
Other(5.8)(b)2.7 (b)(10.9)(c)5.7 — (0.1)(8.5)
Six Months Ended
June 30, 2023
$140.2 $66.7 $105.0 $48.3 $28.0 ($0.2)$387.9 
(a)    Net of currency hedging impact.
(b)    Includes variance due to stumpage versus delivered sales.
(c)    Includes variance due to domestic versus export sales.

Operating IncomeSouthern TimberPacific Northwest TimberNew Zealand TimberReal EstateTradingCorporate and OtherTotal
Three Months Ended
June 30, 2022
$24.1 $2.9 $8.0 $11.0 ($0.4)($10.1)$35.5 
Volume7.6 (0.8)(0.5)(3.6)— — 2.7 
Price (a)(7.4)(5.9)(1.5)0.4 — — (14.4)
Cost(1.0)(0.5)— (2.8)0.5 (0.1)(3.9)
Non-timber income (b)1.0 1.1 (2.8)— — — (0.7)
Foreign exchange (c)— — (1.0)— — — (1.0)
Depreciation, depletion & amortization(2.6)0.8 0.2 (0.1)— (0.1)(1.8)
Non-cash cost of land and improved development— — — 1.3 — — 1.3 
Other (d)— — — 2.4 — — 2.4 
Three Months Ended
June 30, 2023
$21.7 ($2.4)$2.4 $8.6 $0.1 ($10.3)$20.1 
(a)For Timber segments, price reflects net stumpage realizations (i.e., net of cut and haul and shipping costs). For Real Estate, price is presented net of cash closing costs.
(b)For the New Zealand Timber segment, includes carbon credit sales.
(c)Net of currency hedging impact.
(d)Real Estate includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales in addition to residential and commercial lease revenue.

47

Operating IncomeSouthern TimberPacific Northwest TimberNew Zealand TimberReal EstateTradingCorporate and OtherTotal
Six Months Ended
June 30, 2022
$54.4 $9.5 $13.4 $21.2 ($0.1)($17.7)$80.8 
Volume8.2 (3.4)(1.2)(20.2)— — (16.6)
Price (a)(15.5)(12.9)(1.5)11.0 — — (18.9)
Cost (2.7)(1.5)(0.8)(3.1)0.4 (1.1)(8.8)
Non-timber income (b)4.7 0.8 (4.1)— 0.1 — 1.5 
Foreign exchange (c)— — (2.0)— — — (2.0)
Depreciation, depletion & amortization(5.2)1.6 0.2 1.6 — (0.1)(1.9)
Non-cash cost of land and improved development— — — (5.1)— — (5.1)
Other (d)— — (2.3)4.1 — — 1.7 
Six Months Ended
June 30, 2023
$43.9 ($5.9)$1.7 $9.5 $0.4 ($18.9)$30.7 
(a)For Timber segments, price reflects net stumpage realizations (i.e., net of cut and haul and shipping costs). For Real Estate, price is presented net of cash closing costs.
(b)For the New Zealand Timber segment, includes carbon credit sales.
(c)Net of currency hedging impact.
(d)New Zealand Timber includes a $2.3 million in timber write-offs resulting from a casualty event. Real Estate includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales in addition to residential and commercial lease revenue.

Adjusted EBITDA (a) Southern TimberPacific Northwest TimberNew Zealand TimberReal EstateTradingCorporate and OtherTotal
Three Months Ended
June 30, 2022
$38.7 $14.3 $14.9 $25.4 ($0.4)($9.8)$83.0 
Volume12.3 (2.1)(0.8)(6.7)— — 2.7 
Price (b)(7.4)(5.9)(1.5)0.4 — — (14.4)
Cost (1.0)(0.5)— (2.8)0.5 (0.1)(3.9)
Non-timber income (c)1.0 1.1 (2.8)— — — (0.7)
Foreign exchange (d)— — (1.5)— — — (1.5)
Other (e)— — — 4.0 — — 4.0 
Three Months Ended
June 30, 2023
$43.6 $6.9 $8.3 $20.3 $0.1 ($9.9)$69.2 
(a)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators below.
(b)For Timber segments, price reflects net stumpage realizations (i.e., net of cut and haul and shipping costs). For Real Estate, price is presented net of cash closing costs.
(c)For the New Zealand Timber segment, includes carbon credit sales.
(d)Net of currency hedging impact.
(e)Real Estate includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales in addition to residential and commercial lease revenue.

48

Adjusted EBITDA (a) Southern TimberPacific Northwest TimberNew Zealand TimberReal EstateTradingCorporate and OtherTotal
Six Months Ended
June 30, 2022
$87.1 $35.8 $25.3 $50.1 ($0.1)($17.0)$181.1 
Volume12.8 (8.2)(1.8)(37.0)— — (34.2)
Price (b)(15.5)(12.9)(1.5)11.0 — — (18.9)
Cost(2.7)(1.5)(0.8)(3.1)0.4 (1.1)(8.8)
Non-timber income (c)4.7 0.8 (4.1)— 0.1 — 1.5 
Foreign exchange (d)— — (2.7)— — — (2.7)
Other (e)— — — 5.9 — — 5.9 
Six Months Ended
June 30, 2023
$86.4 $14.0 $14.4 $26.9 $0.4 ($18.1)$124.0 
(a)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators below.
(b)For Timber segments, price reflects net stumpage realizations (i.e., net of cut and haul and shipping costs). For Real Estate, price is presented net of cash closing costs.
(c)For the New Zealand Timber segment, includes carbon credit sales.
(d)Net of currency hedging impact.
(e)New Zealand Timber includes a $2.3 million in timber write-offs resulting from a casualty event. Real Estate includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales in addition to residential and commercial lease revenue.
SOUTHERN TIMBER
    Second quarter sales of $68.3 million increased $2.0 million, or 3%, versus the prior year period. Harvest volumes increased 32% to 2.01 million tons versus 1.52 million tons in the prior year period, primarily driven by the additional volume contribution from the U.S. South acquisitions completed at the end of 2022. Average pine sawtimber stumpage realizations decreased 15% to $29.07 per ton versus $34.09 per ton in the prior year period, primarily due to drier weather conditions, weaker demand from sawmills, and decreased competition from pulp mills for chip-n-saw volume. Average pine pulpwood stumpage realizations decreased 26% to $15.78 per ton versus $21.46 per ton in the prior year period as weaker end-market demand, drier weather conditions, and extended maintenance outages at pulp mills all contributed to softer market conditions. Overall, weighted-average stumpage realizations (including hardwood) decreased 14% to $21.85 per ton versus $25.55 per ton in the prior year period. Operating income of $21.7 million decreased $2.4 million versus the prior year period due to lower net stumpage realizations ($7.4 million), higher depletion rates ($2.6 million), and higher overhead and other costs ($1.0 million), partially offset by higher volumes ($7.6 million) and higher non-timber income ($1.0 million). Second quarter Adjusted EBITDA of $43.6 million was 13%, or $4.9 million, above the prior year period.

    Year-to-date sales of $140.2 million decreased $2.9 million, or 2%, versus the prior year period. Harvest volumes increased 14% to 3.90 million tons versus 3.42 million tons in the prior year period driven by the additional volume contribution from the U.S. South acquisitions completed at the end of 2022. Average pine sawtimber stumpage realizations decreased 13% to $30.29 per ton versus $34.86 per ton in the prior year period, primarily due to drier weather conditions, softer demand from sawmills, and decreased competition from pulp mills for chip-n-saw volume. Average pine pulpwood stumpage realizations decreased 28% to $16.53 per ton versus $22.93 per ton in the prior year period as weaker end-market demand, drier weather conditions, and extended maintenance outages at pulp mills all contributed to softer market conditions. Overall, weighted-average stumpage realizations (including hardwood) decreased 15% to $22.91 per ton versus $26.87 per ton in the prior year period. Operating income of $43.9 million decreased $10.5 million versus the prior year period due to lower net stumpage realizations ($15.5 million), higher depletion rates ($5.2 million), and higher overhead and other costs ($2.7 million), partially offset by higher volumes ($8.2 million) and higher non-timber income ($4.7 million). Year-to-date Adjusted EBITDA of $86.4 million was 1%, or $0.7 million, below the prior year period.
PACIFIC NORTHWEST TIMBER
Second quarter sales of $32.3 million decreased $6.8 million, or 17%, versus the prior year period. Harvest volumes decreased 11% to 332,000 tons versus 376,000 tons in the prior year period as some planned harvests were deferred in response to soft market conditions. Average delivered prices for domestic sawtimber decreased 19% to $97.37 per ton versus $120.44 per ton in the prior year period due to weaker domestic and export market demand. Average delivered pulpwood prices decreased 20% to $36.21 per ton versus $45.17 per ton in the prior year period as the prior year period benefited from much more favorable end-market demand. An operating loss of $2.4 million versus operating income of $2.9 million in the prior year period was driven by lower net stumpage
49

realizations ($5.9 million), lower volumes ($0.8 million) and higher costs ($0.5 million), partially offset by higher non-timber income ($1.1 million) and lower depletion rates ($0.8 million). Second quarter Adjusted EBITDA of $6.9 million was 52%, or $7.4 million, below the prior year period.

Year-to-date sales of $66.7 million decreased $18.7 million, or 22%, versus the prior year period. Harvest volumes decreased 19% to 716,000 tons versus 881,000 tons in the prior year period as some planned harvests were deferred in response to soft market conditions. Average delivered prices for domestic sawtimber decreased 15% to $95.16 per ton versus $111.97 per ton in the prior year period due to weaker export markets and softer domestic demand. Average delivered pulpwood prices increased 3% to $42.90 per ton versus $41.83 per ton in the prior year period due to lower sawmill operating rates and increased competition for a limited supply of smaller-sized logs. Operating loss of $5.9 million decreased $15.4 million versus the prior year period due to lower net stumpage realizations ($12.9 million), lower volumes ($3.4 million), and higher costs ($1.5 million), partially offset by lower depletion rates ($1.6 million) and higher non-timber income ($0.8 million). Year-to-date Adjusted EBITDA of $14.0 million was 61%, or $21.8 million, below the prior year period.

NEW ZEALAND TIMBER
    Second quarter sales of $60.9 million decreased $18.0 million, or 23%, versus the prior year period. Harvest volumes decreased 4% to 673,000 tons versus 703,000 tons in the prior year period, as some planned harvests were deferred in response to soft market conditions. Average delivered prices for export sawtimber decreased 26% to $103.81 per ton versus $140.44 per ton in the prior year period, driven by increased salvage volume from Cyclone Gabrielle and weaker demand in China; however, export sawtimber net stumpage realizations were relatively flat due to significantly lower port and freight costs versus the prior year period. Average delivered prices for domestic sawtimber declined 10% to $69.29 per ton versus $76.82 per ton in the prior year period. The decrease in domestic sawtimber prices (in U.S. dollar terms) was primarily driven by the decline in the NZ$/US$ exchange rate (US$0.62 per NZ$1.00 versus US$0.66 per NZ$1.00). Excluding the impact of foreign exchange rates, domestic sawtimber prices decreased 3% versus the prior year period, reflecting weaker domestic demand and decreased competition from export markets. Operating income of $2.4 million decreased $5.6 million versus the prior year period due to lower carbon credit sales ($2.8 million), lower net stumpage realizations ($1.5 million), unfavorable foreign exchange impacts ($1.0 million), and lower volumes ($0.5 million), partially offset by lower depletion rates ($0.2 million). Second quarter Adjusted EBITDA of $8.3 million was 44%, or $6.6 million, below the prior year period.

Year-to-date sales of $105.0 million decreased $25.3 million, or 19%, versus the prior year period. Harvest volumes decreased 5% to 1,154,000 tons versus 1,217,000 tons in the prior year period, primarily due to lost production days resulting from Cyclone Gabrielle in the first quarter and deferred planned harvests in response to soft market conditions. Average delivered prices for export sawtimber decreased 21% to $107.31 per ton versus $135.13 per ton in the prior year period, driven by weaker demand in China. Average delivered prices for domestic sawtimber decreased 8% to $70.36 per ton versus $76.48 per ton in the prior year period. The decrease in domestic sawtimber prices (in U.S. dollar terms) was primarily driven by the decline in the NZ$/US$ exchange rate (US$0.62 per NZ$1.00 versus US$0.67 per NZ$1.00). Excluding the impact of foreign exchange rates, domestic sawtimber prices decreased 2% versus the prior year period, reflecting weaker domestic demand and decreased competition from export markets. Operating income of $1.7 million decreased $11.7 million versus the prior year period as a result of lower carbon credit sales ($4.1 million), a timber write-off resulting from a tropical cyclone casualty event ($2.3 million), unfavorable foreign exchange impacts ($2.0 million), lower net stumpage realizations ($1.5 million), lower volumes ($1.2 million), and higher costs ($0.8 million), partially offset by lower depletion rates ($0.2 million). Year-to-date Adjusted EBITDA of $14.4 million was 43% or $10.9 million, below the prior year period.
REAL ESTATE
Second quarter sales of $32.0 million decreased $2.4 million, or 7%, versus the prior year period, while operating income of $8.6 million decreased $2.4 million versus the prior year period. Sales and operating income decreased versus the prior year period primarily due to a lower number of acres sold (3,754 acres sold versus 4,694 acres sold in the prior year period), partially offset by a slight increase in weighted-average prices ($7,489 per acre versus $7,453 per acre in the prior year period).
Improved Development sales of $12.2 million included $6.9 million from the Heartwood development project south of Savannah, Georgia and $5.3 million from the Wildlight development project north of Jacksonville, Florida. Sales in Heartwood consisted of a 101-acre parcel for $3.0 million ($30,000 per acre) sold to a national
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homebuilder for the first phase of an active-adult community, two residential pod sales totaling 62 acres for $1.8 million ($29,000 per acre), and 47 finished residential lots for $2.1 million ($44,000 per lot or $258,000 per acre). Sales in Wildlight consisted of a 97-acre parcel for $5.3 million ($55,000 per acre) sold to a national homebuilder for the second phase of an active-adult community. This compares to Improved Development sales of $11.6 million in the prior year period.
Rural sales of $15.6 million consisted of 3,411 acres at an average price of $4,582 per acre. This compares to prior year period sales of $23.4 million, which consisted of 4,633 acres at an average price of $5,054 per acre.
Timberland & Non-Strategic sales of $0.3 million consisted of a 76-acre transaction for $3,344 per acre. There were no Timberland & Non-Strategic sales in the prior year period.
Second quarter Adjusted EBITDA of $20.3 million decreased $5.1 million, or 20%, versus the prior year period.
Year-to-date sales of $48.3 million decreased $20.3 million versus the prior year period, while operating income of $9.5 million decreased $11.7 million versus the prior year period. Sales and operating income decreased in the first six months primarily due to lower volumes (5,841 acres sold versus 13,428 acres sold in the prior year period), partially offset by higher weighted-average prices ($7,028 per acre versus $5,087 per acre in the prior year period). Year-to-date Adjusted EBITDA of $26.9 million decreased $23.2 million versus the prior year period.
TRADING
    Second quarter sales of $15.4 million decreased $12.3 million versus the prior year period due to lower volumes and prices. Sales volumes decreased 35% to 135,000 tons versus 209,000 tons in the prior year period. The Trading segment generated operating income of $0.1 million versus an operating loss of $0.4 million in the prior year period as improved margins more than offset reduced trading volume. Second quarter Adjusted EBITDA of $0.1 million increased $0.5 million versus the prior year period.
Year-to-date sales of $28.0 million decreased $13.2 million versus the prior year period due to lower volumes and prices. Sales volumes decreased 25% to 239,000 tons versus 320,000 tons in the prior year period. The Trading segment generated operating income of $0.4 million versus an operating loss of $0.1 million in the prior year period. Year-to-date Adjusted EBITDA of $0.4 million increased $0.5 million versus the prior year period.
OTHER ITEMS
CORPORATE AND OTHER EXPENSE / ELIMINATIONS
    Second quarter corporate and other operating expenses of $10.3 million increased $0.2 million versus the prior year period, primarily driven by higher compensation and benefits expense ($0.8 million) and higher travel and transportation costs ($0.2 million), partially offset by lower legal expenses ($0.8 million).
    Year-to-date corporate and other operating expenses of $18.9 million increased $1.3 million versus the prior year period, primarily due to higher compensation and benefits expense ($1.1 million), higher IT related expenses ($0.5 million), higher travel and transportation expense ($0.3 million) and higher other overhead expenses ($0.4 million), partially offset by lower legal expenses ($1.0 million).
INTEREST EXPENSE
    Second quarter and year-to-date interest expense of $12.4 million and $24.1 million increased $3.4 million and $6.7 million, respectively, versus the prior year period, primarily due to higher average outstanding debt and a higher weighted-average interest rate.
INTEREST AND OTHER MISCELLANEOUS INCOME (EXPENSE), NET
    Second quarter and year-to-date interest and other miscellaneous income included $11.4 million and $20.5 million, respectively, of net recoveries associated with legal settlements.
INCOME TAX EXPENSE
    Second quarter and year-to-date income tax expense of $0.2 million and $1.2 million decreased $1.1 million and $5.6 million, respectively, versus the prior year period, primarily due to lower anticipated full-year results from our New Zealand subsidiary, which is the primary driver of income tax expense.
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OUTLOOK
In our Southern Timber segment, we now expect full-year harvest volumes of 7.2 to 7.4 million tons as dry weather conditions have contributed to stronger-than-expected production levels. However, we anticipate lower quarterly harvest volumes for the remainder of 2023 compared to the first half of the year. We further expect a modest decline in weighted-average net stumpage realizations during the second half of 2023 compared to the second quarter driven by geographic mix and a seasonal increase in the proportion of thinning volume. We continue to anticipate higher non-timber income for full-year 2023 as compared to full-year 2022, driven by growth in our Nature-Based Solutions businesses.
In our Pacific Northwest Timber segment, we now expect full-year harvest volumes of 1.4 to 1.5 million tons as we have deferred some planned harvests in response to soft market conditions. We anticipate modestly higher weighted-average delivered log prices in the second half of 2023 compared to the first half based on improved end-market demand and lumber prices.
In our New Zealand Timber segment, we now expect full-year harvest volumes of 2.3 to 2.5 million tons as we have deferred some planned harvest volume in response to unfavorable market conditions. Over the balance of the year, we anticipate that weighted-average delivered log prices will be modestly lower as compared to the first half of 2023, primarily due to weaker demand in both export and domestic markets as well as increased supply from Cyclone Gabrielle salvage operations. However, we expect that lower port and freight costs will partially offset these headwinds. Further, while we have tempered our full-year expectations for carbon credit sales based on significant market volatility and limited transaction activity in the first half of the year, we expect to be more active in the carbon market in the second half of the year following the recent uptick in NZU pricing in response to governmental action to stabilize the market.
In our Real Estate segment, the demand for HBU properties and timberland assets has remained remarkably strong despite the higher interest rate environment. Based on the timing of anticipated closings, we expect that second half transaction volume and operating results in the Real Estate segment will be heavily weighted to the fourth quarter.
LIQUIDITY AND CAPITAL RESOURCES
    Our principal source of cash is cash flow from operations, primarily the harvesting of timber and sales of real estate. As an UPREIT, our main use of cash is dividends and unitholder distributions. We also use cash to maintain the productivity of our timberlands through replanting and silviculture. Our operations have generally produced consistent cash flow and required limited capital resources. Short-term borrowings have helped fund working capital needs, while acquisitions of timberlands generally require funding from external sources or Large Dispositions.
SUMMARY OF LIQUIDITY AND FINANCING COMMITMENTS
June 30,December 31,
(millions of dollars)20232022
Cash and cash equivalents$88.4 $114.3 
Total debt (a)1,520.0 1,523.1 
Noncontrolling interests in the operating partnership
77.5 105.8 
Shareholders’ equity1,838.7 1,880.7 
Total capitalization (total debt plus permanent and temporary equity)3,436.2 3,509.6 
Debt to capital ratio44 %43 %
Net debt to enterprise value (b)(c)23 %22 %
(a)Total debt as of June 30, 2023 and December 31, 2022 reflects principal on long-term debt, gross of deferred financing costs and unamortized discounts.
(b)Net debt is calculated as total debt less cash and cash equivalents.
(c)Enterprise value based on market capitalization (including Rayonier, L.P. “OP” units) plus net debt based on Rayonier’s share price of $31.40 and $32.96 as of June 30, 2023 and December 31, 2022, respectively.
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AT-THE-MARKET (“ATM”) EQUITY OFFERING PROGRAM
On November 4, 2022 we entered into a new distribution agreement with a group of sales agents through which we may sell common shares, from time to time, having an aggregate sales price of up to $300 million (the “2022 ATM Program”). As of June 30, 2023, $270.7 million remains available for issuance under the program.
The following table outlines common share issuances pursuant to our ATM program (dollars in millions):
Three Months Ended
June 30,		Six Months Ended June 30,
2023202220232022
Shares of common stock issued under the ATM program— — 400 726,248 
Average price per share sold under the ATM program— — $34.03 $41.46 
Gross proceeds from common shares issued under the ATM program— — — $30.1 

CASH FLOWS
The following table summarizes our cash flows from operating, investing and financing activities for the six months ended June 30, 2023 and 2022:

(millions of dollars)20232022
Cash provided by (used for):
Operating activities$126.3 $148.5 
Investing activities(56.5)(34.5)
Financing activities(91.0)(184.9)
CASH PROVIDED BY OPERATING ACTIVITIES
    Cash provided by operating activities decreased $22.2 million from the prior year period primarily due to lower operating results and changes in working capital.
CASH USED FOR INVESTING ACTIVITIES
    Cash used for investing activities increased $22.0 million from the prior year period due to higher timberland acquisitions ($6.1 million), higher real estate development investments ($8.7 million), higher capital expenditures ($6.5 million), and lower proceeds from other investing activities ($0.7 million).
CASH USED FOR FINANCING ACTIVITIES
    Cash used for financing activities decreased $93.9 million from the prior year period. This is primarily due to lower net repayments ($124.9 million), lower distributions to consolidated affiliates ($6.7 million), and lower distributions to noncontrolling interests in the operating partnership ($0.2 million), partially offset by lower net proceeds from the issuance of common shares under the ATM equity offering program ($32.0 million), higher dividends paid on common shares ($3.4 million), and lower proceeds from the issuance of common shares under the Company’s incentive stock plan ($2.6 million).

FUTURE USES OF CASH
We expect future uses of cash to include working capital requirements, principal and interest payments on long-term debt, lease payments, capital expenditures, real estate development investments, timberland acquisitions, dividends on Rayonier Inc. common shares and distributions on Rayonier, L.P. units, distributions to noncontrolling interests, and repurchases of the Company’s common shares to satisfy other commitments.
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Significant long-term uses of cash include the following (in millions):
Future uses of cash (in millions)TotalPayments Due by Period
20232024-20252026-2027Thereafter
Long-term debt (a)$1,520.0 — $21.0 $499.0 $1,000.0 
Interest payments on long-term debt (b)415.3 41.8 166.9 138.4 68.2 
Operating leases — timberland (c)181.6 5.6 16.2 14.5 145.3 
Operating leases — PP&E, offices (c)6.3 0.6 2.0 0.9 2.8 
Commitments — real estate projects40.0 22.7 7.2 2.3 7.8 
Commitments — derivatives (d)5.1 3.1 1.8 0.2 — 
Commitments — environmental remediation (e)15.3 1.2 10.0 1.2 2.9 
Commitments — other (f)11.0 0.7 10.2 0.1 — 
Total $2,194.6 $75.7 $235.3 $656.6 $1,227.0 
(a)The book value of long-term debt, net of deferred financing costs and unamortized discounts, is currently recorded at $1,512.2 million on our Consolidated Balance Sheets, but upon maturity the liability will be $1,520.0 million. See Note 6 - Debt for additional information.
(b)Projected interest payments for variable-rate debt were calculated based on outstanding principal amounts and interest rates as of June 30, 2023.
(c)Excludes anticipated renewal options.
(d)Commitments — derivatives represent payments expected to be made on derivative financial instruments (foreign exchange contracts). See Note 7 — Derivative Financial Instruments and Hedging Activities for additional information.
(e)Commitments — environmental remediation represents our estimate of potential liability associated with environmental contamination and Natural Resource Damages in Port Gamble, Washington. See Note 10 - Environmental and Natural Resource Damage Liabilities for additional information.
(f)Commitments — other includes $8.9 million related to pension plan termination. See Note 15 - Employee Benefit Plans for additional information.

We expect to fund future uses of cash with a combination of existing cash balances, cash generated by operating activities, the remaining issuances available under the Company’s ATM Program, Large Dispositions and the use of our revolving credit facilities. We believe we have sufficient sources of funding to meet our business requirements for the next 12 months and in the longer term.

EXPECTED 2023 EXPENDITURES
Capital expenditures in 2023 are expected to be between $83 million and $87 million, excluding any strategic timberland acquisitions we may make. Capital expenditures are expected to primarily consist of seedling planting, fertilization and other silvicultural activities, property taxes, lease payments, allocated overhead and other capitalized costs. Aside from capital expenditures, we may also acquire timberland as we actively evaluate acquisition opportunities.
We anticipate real estate development investments in 2023 to be between $22 million and $25 million, net of reimbursements from community development bonds. Expected real estate development investments are primarily related to Wildlight, our mixed-use community development project located north of Jacksonville, Florida and Heartwood, our mixed-use development project located in Richmond Hill just south of Savannah, Georgia.
Our 2023 dividend payments on Rayonier Inc. common shares and distributions to Rayonier, L.P. unitholders are expected to be approximately $169 million and $3 million, respectively, assuming no change in the quarterly dividend rate of $0.285 per share or partnership unit, or material changes in the number of shares or partnership units outstanding.
Future share repurchases, if any, will depend on the Company’s liquidity and cash flow, as well as general market conditions and other considerations including capital allocation priorities.
Full-year 2023 cash tax payments are expected to be between $3.5 million and $5.5 million, primarily related to the New Zealand subsidiary.
OFF-BALANCE SHEET ARRANGEMENTS
We utilize off-balance sheet arrangements to provide credit support for certain suppliers and vendors in case of their default on critical obligations, and collateral for outstanding claims under our previous workers’
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compensation self-insurance programs. These arrangements consist of standby letters of credit and surety bonds. As part of our ongoing operations, we also periodically issue guarantees to third parties. Off-balance sheet arrangements are not considered a source of liquidity or capital resources and do not expose us to material risks or material unfavorable financial impacts. See Note 11 — Guarantees for details on the letters of credit and surety bonds as of June 30, 2023.
SUMMARY OF GUARANTOR FINANCIAL INFORMATION
In May 2021, Rayonier, L.P. issued $450 million of 2.75% Senior Notes due 2031 (the “Senior Notes due 2031”). Rayonier TRS Holdings Inc., Rayonier Inc., and Rayonier Operating Company, LLC agreed to irrevocably, fully and unconditionally guarantee jointly and severally, the obligations of Rayonier, L.P. in regards to the Senior Notes due 2031. As a general partner of Rayonier, L.P., Rayonier Inc. consolidates Rayonier, L.P. and has no material assets or liabilities other than its interest in Rayonier, L.P. These notes are unsecured and unsubordinated and will rank equally with all other unsecured and unsubordinated indebtedness from time to time outstanding.
Rayonier, L.P. is a limited partnership, in which Rayonier Inc. is the general partner. The operating subsidiaries of Rayonier, L.P. conduct all of our operations. Rayonier, L.P.’s most significant assets are its interest in operating subsidiaries, which have been excluded in the table below to eliminate intercompany transactions between the issuer and guarantors and to exclude investments in non-guarantors. As a result, our ability to make required payments on the notes depends on the performance of our operating subsidiaries and their ability to distribute funds to us. There are no material restrictions on dividends from the operating subsidiaries.
The summarized balance sheet information for the consolidated obligor group of debt issued by Rayonier, L.P. for the six months ended June 30, 2023 and year ended December 31, 2022 are provided in the table below:
(in millions)June 30, 2023December 31, 2022
Current assets$85.3 $112.2 
Non-current assets121.0 122.8 
Current liabilities18.9 19.8 
Non-current liabilities2,118.0 2,001.9 
Due to non-guarantors642.7 520.4 
The summarized results of operations information for the consolidated obligor group of debt issued by Rayonier, L.P. for the six months ended June 30, 2023 and year ended December 31, 2022 are provided in the table below:
(in millions)June 30, 2023December 31, 2022
Cost and expenses($15.8)($28.9)
Operating loss(15.8)(28.9)
Net loss(33.9)(54.3)
Revenue from non-guarantors387.9 977.9 


PERFORMANCE AND LIQUIDITY INDICATORS
The discussion below is presented to enhance the reader’s understanding of our operating performance, liquidity, and ability to generate cash and satisfy rating agency and creditor requirements. This information includes two measures of financial results: Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”) and Cash Available for Distribution (“CAD”). These measures are not defined by Generally Accepted Accounting Principles (“GAAP”), and the discussion of Adjusted EBITDA and CAD is not intended to conflict with or change any of the GAAP disclosures described above.
Management uses CAD as a liquidity measure. CAD is a non-GAAP measure of cash generated during a period that is available for common share dividends, distributions to operating partnership unitholders, distributions to noncontrolling interests, repurchase of the Company’s common shares, debt reduction, timberland acquisitions and real estate development investments. CAD is defined as cash provided by operating activities
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adjusted for capital spending (excluding timberland acquisitions and real estate development investments) and working capital and other balance sheet changes. CAD is not necessarily indicative of the CAD that may be generated in future periods.
Management uses Adjusted EBITDA as a performance measure. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that investors can use to evaluate the operational performance of the assets under management. It excludes specific items that management believes are not indicative of the Company’s ongoing operating results. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and expense, timber write-offs resulting from casualty events and Large Dispositions.
We reconcile Adjusted EBITDA to Net Income for the consolidated Company and to Operating Income for the segments, as those are the most comparable GAAP measures for each. The following table provides a reconciliation of Net Income to Adjusted EBITDA for the respective periods (in millions of dollars):
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Net Income to Adjusted EBITDA Reconciliation
Net Income$19.1 $25.3 $26.5 $56.3 
Interest, net and miscellaneous income12.3 8.9 23.6 17.1 
Income tax expense0.2 1.3 1.3 6.8 
Depreciation, depletion and amortization39.7 35.8 77.3 83.2 
Non-cash cost of land and improved development9.4 11.8 13.6 17.1 
Non-operating (income) expense (a)(11.5)— (20.6)0.6 
Timber write-off resulting from a casualty event (b)— — 2.3 — 
Adjusted EBITDA$69.2 $83.0 $124.0 $181.1 
(a)The three and six months ended June 30, 2023 includes $11.4 million and $20.5 million, respectively, of net recoveries associated with legal settlements.
(b)Timber write-off resulting from a casualty event includes the write-off of merchantable and pre-merchantable timber volume damaged by a casualty event which cannot be salvaged.

The following tables provide a reconciliation of Operating Income by segment to Adjusted EBITDA by segment for the respective periods (in millions of dollars):
Three Months EndedSouthern TimberPacific Northwest TimberNew Zealand TimberReal EstateTradingCorporate
and
Other		Total
June 30, 2023
Operating income (loss)$21.7 ($2.4)$2.4 $8.6 $0.1 ($10.3)$20.1 
Depreciation, depletion and amortization21.9 9.2 5.9 2.2 — 0.4 39.7 
Non-cash cost of land and improved development— — — 9.4 — — 9.4 
Adjusted EBITDA $43.6 $6.9 $8.3 $20.3 $0.1 ($9.9)$69.2 
June 30, 2022
Operating income (loss)$24.1 $2.9 $8.0 $11.0 ($0.4)($10.1)$35.5 
Depreciation, depletion and amortization14.7 11.3 6.9 2.6 — 0.3 35.8 
Non-cash cost of land and improved development— — — 11.8 — — 11.8 
Adjusted EBITDA$38.7 $14.3 $14.9 $25.4 ($0.4)($9.8)$83.0 
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Six Months EndedSouthern TimberPacific Northwest TimberNew Zealand TimberReal EstateTradingCorporate
and
Other		Total
June 30, 2023
Operating income (loss)$43.9 ($5.9)$1.7 $9.5 $0.4 ($18.9)$30.7 
Timber write-off resulting from a casualty event (a)— — 2.3 — — — 2.3 
Depreciation, depletion and amortization42.5 19.9 10.4 3.7 — 0.8 77.3 
Non-cash cost of land and improved development— — — 13.6 — — 13.6 
Adjusted EBITDA $86.4 $14.0 $14.4 $26.9 $0.4 ($18.1)$124.0 
June 30, 2022
Operating income (loss)$54.4 $9.5 $13.4 $21.2 ($0.1)($17.7)$80.8 
Depreciation, depletion and amortization32.7 26.2 11.9 11.7 — 0.6 83.2 
Non-cash cost of land and improved development— — — 17.1 — — 17.1 
Adjusted EBITDA$87.1 $35.8 $25.3 $50.1 ($0.1)($17.0)$181.1 
(a)Timber write-off resulting from a casualty event includes the write-off of merchantable and pre-merchantable timber volume damaged by a casualty event which cannot be salvaged.

The following table provides a reconciliation of Cash Provided by Operating Activities to Adjusted CAD (in millions of dollars):
Six Months Ended June 30,
 20232022
Cash provided by operating activities$126.3 $148.5 
Capital expenditures (a)(36.8)(30.3)
Working capital and other balance sheet changes(26.8)1.3 
CAD$62.7 $119.5 
Mandatory debt repayments— (0.6)
CAD after mandatory debt repayments$62.7 $118.9 
Cash used for investing activities($56.5)($34.5)
Cash used for financing activities($91.0)($184.9)
(a)    Capital expenditures exclude timberland acquisitions of $9.3 million and $3.2 million during the six months ended June 30, 2023 and June 30, 2022, respectively.
The following table provides supplemental cash flow data (in millions of dollars):
Six Months Ended June 30,
 20232022
Purchase of timberlands($9.3)($3.2)
Real Estate Development Investments (14.8)(6.0)
Distributions to noncontrolling interests in consolidated affiliates— (6.7)
LIQUIDITY FACILITIES
2023 DEBT ACTIVITY
    See Note 6 — Debt for additional information.
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Item 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    We are exposed to various market risks, including changes in interest rates, commodity prices and foreign exchange rates. Our objective is to minimize the economic impact of these market risks. We use derivatives in accordance with policies and procedures approved by the Audit Committee of the Board of Directors. Derivatives are managed by a senior executive committee whose responsibilities include initiating, managing and monitoring resulting exposures. We do not enter into financial instruments for trading or speculative purposes.
Interest Rate Risk
    Due to the discontinuation of LIBOR on June 30, 2023, we amended our outstanding variable rate debt agreements and active interest rate swaps to change the interest rate benchmark from LIBOR to Daily Simple SOFR in December 2022. In March 2023, we modified our benchmark rates from LIBOR to Daily Simple SOFR for our forward-starting interest rates swaps. We are exposed to interest rate risk through our variable rate debt due to changes in SOFR. However, we use interest rate swaps to manage our exposure to interest rate movements on our term credit agreements by swapping existing and anticipated future borrowings from floating rates to fixed rates. As of June 30, 2023, we had $1 billion of U.S. long-term variable rate debt outstanding on our term credit agreements.
The notional amount of outstanding interest rate swap contracts with respect to our term credit agreements at June 30, 2023 was $850 million. The $350 million 2015 Term Loan Facility matures in April 2028, with the associated interest rate swaps maturing in August 2024. We have entered into forward starting interest rate swaps to cover $200 million of the 2015 Term Loan Facility through the extended maturity date. The 2016 Incremental Term Loan Facility and associated interest rate swaps mature in May 2026, and the 2021 Incremental Term Loan Facility and associated interest rate swaps mature in June 2029. We have entered into an interest rate swap agreement to cover $100 million of borrowings under the 2022 Incremental Term Loan Facility through the maturity date in December 2027. At this borrowing level, a hypothetical one-percentage point increase/decrease in interest rates would result in a corresponding increase/decrease in interest payments and expense of approximately $1.5 million over a 12-month period.
    The fair market value of our fixed interest rate debt is also subject to interest rate risk. The estimated fair value of our fixed rate debt at June 30, 2023 was $429.2 million compared to the $520.0 million principal amount. We use interest rates of debt with similar terms and maturities to estimate the fair value of our debt. Generally, the fair market value of fixed-rate debt will increase as interest rates fall and decrease as interest rates rise. A hypothetical one-percentage point increase/decrease in prevailing interest rates at June 30, 2023 would result in a corresponding decrease/increase in the fair value of our fixed rate debt of approximately $25 million and $27 million, respectively.
    We estimate the periodic effective interest rate on our long-term fixed and variable rate debt to be approximately 3.1% after consideration of interest rate swaps and estimated patronage refunds, excluding unused commitment fees on the revolving credit facility.
    
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    The following table summarizes our outstanding debt, interest rate swaps and average interest rates, by year of expected maturity and their fair values at June 30, 2023:
(Dollars in thousands)20232024202520262027ThereafterTotalFair Value
Variable rate debt:
Principal amounts— — — $200,000 $250,000 $550,000 $1,000,000 $1,000,000 
Average interest rate (a)(b)— — — 6.81 %6.76 %6.74 %6.76 %
Fixed rate debt:
Principal amounts— — $21,009 $24,511 $24,511 $450,000 $520,031 $429,173 
Average interest rate (b)— — 2.95 %3.64 %6.48 %2.75 %2.98 %
Interest rate swaps:
Notional amount— $350,000 — $200,000 $100,000 $200,000 $850,000 $59,192 
Average pay rate (b)— 2.18 %— 1.50 %3.72 %0.67 %1.85 %
Average receive rate (b)— 5.06 %— 5.06 %5.06 %5.06 %5.06 %
Forward-starting interest rate swaps
Notional amount— — — — — $200,000 $200,000 $13,441 
Average pay rate (b)— — — — — 1.37 %1.37 %
Average receive rate (b)— — — — — 5.06 %5.06 %
(a)    Excludes estimated patronage refunds.
(b)    Interest rates as of June 30, 2023.

Foreign Currency Exchange Rate Risk
    The New Zealand subsidiary’s export sales are predominately denominated in U.S. dollars, and therefore its cash flows are affected by fluctuations in the exchange rate between the New Zealand dollar and the U.S. dollar. This exposure is partially managed by a natural currency hedge, as ocean freight payments and shareholder distributions are also paid in U.S. dollars. We manage any excess foreign exchange exposure through the use of derivative financial instruments.
Foreign Exchange Exposure
    At June 30, 2023, the New Zealand subsidiary had foreign currency exchange contracts with a notional amount of $124.6 million and foreign currency option contracts with a notional amount of $82.0 million outstanding related to foreign export sales. The amount hedged represents a portion of forecasted U.S. dollar denominated export timber and log trading sales proceeds over the next 36 months and next 2 months, respectively.
    The following table summarizes our outstanding foreign currency exchange rate risk contracts at June 30, 2023:
(Dollars in thousands)0-1 months1-2 months2-3 months3-6 months6-12 months12-18 months18-24 months24-36 monthsTotalFair Value
Foreign exchange contracts to sell U.S. dollar for New Zealand dollar
Notional amount$7,000$7,100$7,000$18,000$32,000$23,000$8,500$22,000$124,600($4,541)
Average contract rate1.50271.48811.51101.52301.58121.63631.71401.63661.5881
Foreign currency option contracts to sell U.S. dollar for New Zealand dollar
Notional amount$2,000$2,000$2,000$6,000$6,000$20,000$24,000$20,000$82,000($312)
Average strike price1.47691.47951.49241.50531.56841.64161.66021.72361.6401

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Item 4.    CONTROLS AND PROCEDURES
DISCLOSURE CONTROLS AND PROCEDURES
Rayonier Inc.
Rayonier’s management is responsible for establishing and maintaining adequate disclosure controls and procedures. Disclosure controls and procedures (as defined in Rule 13a-15(e)) under the Securities Exchange Act of 1934 (the “Exchange Act”), are designed with the objective of ensuring information required to be disclosed by the Company in reports filed under the Exchange Act, such as this quarterly report on Form 10-Q, is (1) recorded, processed, summarized and reported or submitted within the time periods specified in the SEC’s rules and forms and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Because of the inherent limitations in all control systems, no control evaluation can provide absolute assurance that all control exceptions and instances of fraud have been prevented or detected on a timely basis. Even systems determined to be effective can provide only reasonable assurance that their objectives are achieved.
Based on an evaluation of the Company’s disclosure controls and procedures as of the end of the period covered by this quarterly report on Form 10-Q, our management, including the Chief Executive Officer and Chief Financial Officer, concluded the design and operation of the disclosure controls and procedures were effective as of June 30, 2023.
In the quarter ended June 30, 2023, based upon the evaluation required by Rule 13a-15(d) under the Exchange Act, there were no changes in our internal control over financial reporting that would materially affect or are reasonably likely to materially affect our internal control over financial reporting.

Rayonier, L.P.
The Operating Partnership is responsible for establishing and maintaining adequate disclosure controls and procedures. Disclosure controls and procedures (as defined in Rule 13a-15(e)) under the Securities Exchange Act of 1934 (the “Exchange Act”), are designed with the objective of ensuring information required to be disclosed by Rayonier, L.P. in reports filed under the Exchange Act, such as this quarterly report on Form 10-Q, is (1) recorded, processed, summarized and reported or submitted within the time periods specified in the SEC’s rules and forms and (2) accumulated and communicated to our management, including Rayonier’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Because of the inherent limitations in all control systems, no control evaluation can provide absolute assurance that all control exceptions and instances of fraud have been prevented or detected on a timely basis. Even systems determined to be effective can provide only reasonable assurance that their objectives are achieved.
Based on an evaluation of the Operating Partnership’s disclosure controls and procedures as of the end of the period covered by this quarterly report on Form 10-Q, management, including Rayonier’s Chief Executive Officer and Chief Financial Officer, concluded the design and operation of the disclosure controls and procedures were effective as of June 30, 2023.
In the quarter ended June 30, 2023, based upon the evaluation required by Rule 13a-15(d) under the Exchange Act, there were no changes in internal controls over financial reporting that would materially affect or are reasonably likely to materially affect internal controls over financial reporting.

PART II.    OTHER INFORMATION

Item 1.    LEGAL PROCEEDINGS

The information set forth in Note 9 — Contingencies and in Note 10 – Environmental and Natural Resource Damage Liabilities in the “Notes to Consolidated Financial Statements” under Item 1 of Part I of this report is incorporated herein by reference.
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Item 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Rayonier Inc.
REGISTERED SALES OF EQUITY SECURITIES

From time to time, the Company may issue its common shares in exchange for units in the Operating Partnership. Such shares are issued based on an exchange ratio of one common share for each unit in the Operating Partnership. During the quarter ended June 30, 2023, the Company issued 10,103 common shares in exchange for an equal number of units in the Operating Partnership pursuant to the agreement of the Operating Partnership.
ISSUER PURCHASES OF EQUITY SECURITIES

In February 2016, the Board of Directors approved the repurchase of up to $100 million of Rayonier’s common shares (the “share repurchase program”) to be made at management’s discretion. The program has no time limit and may be suspended or discontinued at any time. There were no shares repurchased under this program in the second quarter of 2023. As of June 30, 2023, there was $87.7 million, or approximately 2,793,900 shares based on the period-end closing stock price of $31.40, remaining under this program.
The following table provides information regarding our purchases of Rayonier common shares during the quarter ended June 30, 2023:
PeriodTotal Number of Shares Purchased (a)Average Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b)Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (c)
April 1 to April 30125,979 $32.71 — 2,797,463 
May 1 to May 31527 30.07 — 2,992,103 
June 1 to June 30282 29.96 — 2,793,900 
Total126,788 — 
(a)Includes 126,788 shares repurchased to satisfy tax withholding requirements related to the vesting of shares under the Rayonier Incentive Stock Plan. The price per share surrendered is based on the closing price of the Company’s common shares on the respective vesting dates of the awards.
(b)Purchases made in open-market transactions under the $100 million share repurchase program announced on February 10, 2016.
(c)Maximum number of shares authorized to be purchased under the share repurchase program at the end of April, May and June are based on month-end closing stock prices of $31.36, $29.32 and $31.40, respectively.

Rayonier, L.P.
UNREGISTERED SALES OF EQUITY SECURITIES

There were no unregistered sales of equity securities made by the Operating Partnership during the quarter ended June 30, 2023.
ISSUER PURCHASES OF EQUITY SECURITIES

Pursuant to the Operating Partnership’s limited partnership agreement, limited partners have the right to redeem their units in the Operating Partnership for cash, or at our election, shares of Rayonier Common Stock on a one-for-one basis. During the quarter ended June 30, 2023, 10,103 units in the Operating Partnership held by limited partners were redeemed in exchange for shares of Rayonier Common Stock.

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Item 5.    OTHER INFORMATION
Changes to Procedures for Recommending Director Nominees

On July 21, 2023, our Board of Directors adopted amendments to our Bylaws (as amended, the “Bylaws”), which became effective immediately upon adoption. The Board adopted the amendments to the Bylaws primarily to update certain procedural requirements in accordance with the new universal proxy rules adopted by the SEC. Specifically, in addition to other ministerial changes, the amendments to the Bylaws:
•update certain procedural mechanics and disclosure requirements for shareholder nominations of directors made in connection with annual and special meetings of shareholders to address rules related to the use of universal proxy cards adopted by the SEC under new Rule 14a-19;
•provide that shareholders must give advance notice to the Company of nominations to be brought before an annual meeting of not less than 90 days nor more than 120 days prior to the first anniversary of the preceding year’s annual meeting of shareholders to align the Rule 14a-19 nomination process with the Company’s nomination deadline for non-Rule 14a-19 nominations;
•update certain procedural mechanics related to the conduct of business at any meeting of shareholders; and
•require shareholders directly or indirectly soliciting proxies from other shareholders to use a proxy card color other than white.
The foregoing description of the changes implemented by the amendments to the Bylaws is qualified in its entirety by reference to the full text of the Bylaws, a copy of which is filed as Exhibit 3.1 to this Quarterly Report on Form 10-Q and incorporated herein by reference.
Insider Trading Arrangements and Policies

None of the Company’s directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended June 30, 2023, as such terms are defined under item 408(a) of Regulation S-K.
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Item 6.    EXHIBITS
3.1 Incorporated by reference to Exhibit 3.1 to the Registrant’s July 26, 2023 Form 8-K
10.1 Incorporated by reference to Exhibit 4.3 to the Registrant’s Registration Statement on Form S-8, filed on May 18, 2023
22.1 Incorporated by reference to Exhibit 22.1 to the Registrant’s June 30, 2022 Form 10-Q
31.1 Filed herewith
31.2 Filed herewith
31.3 Filed herewith
31.4 Filed herewith
32.1 Furnished herewith
32.2 Furnished herewith
101 
The following financial information from Rayonier Inc. and Rayonier, L.P.’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2023, formatted in Extensible Business Reporting Language (“XBRL”), includes: (i) the Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2023 and 2022 of Rayonier Inc.; (ii) the Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 of Rayonier Inc.; (iii) the Consolidated Statements of Changes in Shareholders’ Equity for the Six Months Ended June 30, 2023 and 2022 of Rayonier Inc.; (iv) the Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022 of Rayonier Inc.; (v) the Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2023 and 2022 of Rayonier, L.P.; (vi) the Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 of Rayonier, L.P.; (vii) the Consolidated Statements of Changes in Capital for the Six Months Ended June 30, 2023 and 2022 of Rayonier, L.P.; (viii) the Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022 of Rayonier, L.P.; and (ix) the Notes to Consolidated Financial Statements of Rayonier Inc. and Rayonier, L.P.
Filed herewith
104 
The cover page from the Company’s Quarterly Report on Form 10-Q from the quarter ended June 30, 2023, formatted in Inline XBRL (included as Exhibit 101).
Filed herewith
* Management contract or compensatory plan
63

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
RAYONIER INC.
By:
/s/ APRIL TICE
April Tice
Vice President and Chief Accounting Officer
(Duly Authorized Officer, Principal Accounting Officer)
Date: August 4, 2023

RAYONIER, L.P.
By: RAYONIER INC., its sole general partner
By:
/s/ APRIL TICE
April Tice
Vice President and Chief Accounting Officer
(Duly Authorized Officer, Principal Accounting Officer)
Date: August 4, 2023





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