The following is a summary of the Rayonier Inc. (RYN) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Rayonier reported Q3 2024 adjusted EBITDA of $72 million, a decrease from $79 million in the prior year period.

• Pro forma net income for Q3 2024 was $18 million or $0.12 per share, down from the prior year.

• Timberland dispositions totaling 200,000 acres for $495 million, expected to be accretive to pro forma CAD per share by approximately 9%.

• Net income attributable to Rayonier for Q3 was $29 million or $0.19 per share.

Business Progress:

• Completed and pending timberland dispositions as part of the asset disposition and capital structure realignment plan, targeting a total of $1 billion, with $737 million already completed or pending.

• Plans to make a special distribution to meet REIT taxable income distribution requirements.

• Revised full year adjusted EBITDA guidance to $275 million to $290 million.

• Leveraged significant dispositions to reduce net debt-to-pro forma adjusted EBITDA to approximately 2.8x.

• Advanced the land-based solutions business and real estate development platforms.

Opportunities:

• Pro forma adjustments and strategic timberland dispositions aim to capitalize on the private market's higher valuations compared to public market, generating significant proceeds for deleveraging and further investments, potentially increasing shareholder value.

Risks:

• Continued weakness in saw timber markets across Rayonier's operational footprint and macroeconomic headwinds adversely impacting end market demand.

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