Rayonier Inc.

Rayonier Inc. is a land-resources real estate investment trust. It earns money from timber, wood products, rural land sales and development projects. Following the January 2026 PotlatchDeltic merger, it owns more than four million acres in the U.S. South and Northwest and operates six sawmills and a plywood mill. It trades on the New York Stock Exchange under RYN and has a December 31 fiscal year-end.

Quarterly results after the merger

The company's pro forma measures remove specified items; they do not add the acquired business to the 2025 comparison. The latest net income includes a $90.6 million gain from a large timberland disposition and $6.9 million of after-tax merger costs. Removing those and adjusting for noncontrolling interests gives $40 million of pro forma net income.

Adjusted EBITDA excludes interest, tax, depreciation, depletion, amortization, the noncash cost of land and specified items such as large dispositions and merger costs. Q3 contributions were $52.4 million from Southern Timber, $32.3 million from Northwest Timber, $27 million from Wood Products and $48.5 million from Real Estate, before corporate costs and intersegment eliminations.

Original expectations and current outlook

Real-estate adjusted EBITDA of $48.5 million exceeded the original August quarterly range of $25 million to $35 million, while remaining below the prior year's $73.8 million. Its first-nine-month contribution was $133 million. Management now expects $60 million to $70 million in Q4; the original February annual expectation, repeated in August, was $180 million to $200 million.

Southern harvest of 3.025 million tons was below the August quarterly range of 3.1 million to 3.3 million. Northwest harvest of 571,000 tons was below about 600,000. Annual Southern guidance narrowed to 12.2 million to 12.4 million tons from 12.2 million to 12.5 million, and Northwest guidance to 2 million to 2.1 million from 2 million to 2.2 million.

Lumber shipments were 327 million board feet, within the 320 million to 330 million forecast, at an average realized price of $528 per thousand board feet. The annual shipment target remains about 1.1 billion board feet for eleven months of acquired-business contribution. Management expects lower Q4 lumber prices because of softer markets and seasonality.

Cash, debt and shareholder returns

Operating cash flow was $252.2 million in the first nine months. Capital expenditure was $70.1 million, real-estate development spending $16.8 million and cash timberland acquisitions $11.5 million. Buybacks used $163.2 million and common dividends $236.3 million. Debt repayments were $227.5 million, and net merger cash consideration was $24.8 million.

The company's $287.4 million cash available for distribution measure adds back $87.8 million of merger costs and $17.5 million of working-capital and other balance-sheet changes, then deducts capital spending. It excludes timberland acquisitions and real-estate development. After development spending, the company reports $270.7 million, with differences in rounded components. This measure is separate from the cash actually generated and paid during the period.

Cash and equivalents were $361.4 million at September 30, compared with $842.9 million at December 31. Restricted cash was another $0.5 million. Debt principal was $1.8595 billion; the rounded balance-sheet carrying amount was $1.8555 billion, including $138.8 million classified as current.

The board approved an incremental $300 million repurchase authorization on November 3. The older authorization had $66.2 million remaining at September 30. Those authorizations are capacity to purchase shares, separate from completed buybacks.

Completed portfolio changes

The PotlatchDeltic merger closed January 30, 2026. Rayonier issued approximately 140.9 million common shares and paid $47.254 million of gross cash consideration, or $24.769 million net of acquired cash. Total consideration, including equity and replacement awards, was $3.276 billion in the June report's purchase accounting. The transaction also brought assumed debt and the wood-products operations.

The paired transactions with Resource Management Service closed in August: a $145 million sale of approximately 36,000 Washington acres and a $146 million purchase of approximately 57,000 acres in Texas and Alabama. They were structured as a tax-efficient exchange. Of $154.3 million of total timberland acquisitions in the supplement, $142.7 million was noncash exchanged property; actual timberland-acquisition cash was $11.5 million.

The main developments to follow are completion of the Q4 land-sale pipeline, actual harvest against the narrower annual ranges, lumber pricing, merger integration costs and the amount of cash used for further repurchases.