Rayonier(NYSE) RYN

Rayonier Inc. grows trees to make building supplies. It also turns large lands into new neighborhoods. The company sells timber and wood products to builders.

What Is on the Land?

• Wood Products: Manufacturing and selling lumber, plywood, and residual products at seven mills; accounted for $304.6 million in sales for the six-month period ended June 30, 2026.
• Southern Timber: Harvesting pine and hardwood from 3.2 million acres in the U.S. South for timber sales; generated $196.3 million in sales for the six-month period ended June 30, 2026.
• Real Estate: Selling land for housing developments, rural use, and conservation across six categories; generated $113.4 million in sales for the six-month period ended June 30, 2026.
• Northwest Timber: Managing 930,000 acres for domestic sawtimber, which are trees used for lumber, and pulpwood for paper; provided $98.1 million in sales for the six-month period ended June 30, 2026.

Strategic Shifts and Mergers

• Merged with PotlatchDeltic Corporation on Jan. 30, 2026, to combine timber and wood manufacturing assets.
• Divested its 77% interest in a New Zealand joint venture in June 2025 to focus on North American operations.
• Expanded its presence in the U.S. Northwest by adding 623,000 acres of timberland in Idaho through its 2026 merger.
• Added a Wood Products segment following the 2026 merger to include lumber and plywood manufacturing facilities.

Managing the Forest

Rayonier operates as a real estate investment trust (REIT), a structure designed to manage income-producing real estate tax-efficiently. The company uses an umbrella partnership real estate investment trust (UPREIT) structure to manage its 4.1 million acres and manufacturing facilities.

Performance by the Numbers

• Total sales were $673.3 million for the six-month period ended June 30, 2026, compared to $189.5 million in the prior-year period.
• Adjusted EBITDA, a non-GAAP measure, was $217.8 million for the six-month period ended June 30, 2026.
• Cash Available for Distribution (CAD), a non-GAAP measure, reached $177.1 million for the six-month period ended June 30, 2026.
• Total debt was $1,859.5 million as of June 30, 2026, compared to $1,050.0 million as of Dec. 31, 2025.
• Southern Timber sales rose 102% to $107.6 million in the quarter ended June 30, 2026.

Bottom Line

Rayonier has transformed into a more integrated timber and manufacturing business following its recent merger. Its diversified land portfolio and expanded production capacity position it as a major player in the North American wood products market.