Rayonier is a timberland REIT that owns and manages approximately 2 million acres of softwood timberland in the U.S. South and Pacific Northwest. Rayonier grows and sells timber — primarily pine in the South and Douglas-fir and western hemlock in the Pacific Northwest — to sawmills and pulp and paper mills. Logs are sold on a stumpage basis or as delivered logs, with Pacific Northwest timber also exported to Pacific Rim markets. In January 2026, Rayonier completed a merger of equals with PotlatchDeltic, adding roughly 2 million acres and a lumber manufacturing business, bringing the combined portfolio to over 4 million acres. Beyond timber, Rayonier sells land through its Real Estate segment, targeting parcels with higher and better use (HBU) potential — rural, recreational, and conservation properties sold at significant premiums to underlying timberland value. Rayonier also actively develops two master-planned communities, Wildlight near Jacksonville, FL and Heartwood near Savannah, GA, where land is sold to homebuilders and commercial users. Rayonier is also building a land-based solutions platform, leasing acreage for solar energy development and carbon capture and storage (CCS). CCS leases generate modest rental income now, with the potential for substantially higher royalties once injection begins. Rayonier's REIT structure means timber harvest income is generally exempt from U.S. federal income tax. The timber business generates relatively stable, recurring cash flows, while real estate results are lumpy and driven by a handful of large transactions each year.