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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 March 31, 2024
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: (904357-9100
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 FilerNon-accelerated FilerSmaller Reporting CompanyEmerging Growth Company
Rayonier, L.P.
Large Accelerated FilerAccelerated FilerNon-accelerated Filer
 
Smaller Reporting CompanyEmerging 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 April 26, 2024, Rayonier Inc. had 148,877,048 Common Shares outstanding. As of April 26, 2024, Rayonier, L.P. had 2,091,364 Units outstanding.




EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2024 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 March 31, 2024, the Company owned a 98.6% interest in the Operating Partnership, with the remaining 1.4% 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; 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.
2.
3.
4.
PART II - OTHER INFORMATION
1.
2.
5.
6.
 
i

PART I.        FINANCIAL INFORMATION

Item 1.         Financial Statements

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended
March 31,
 20242023
SALES (NOTE 3)
$168,097 $179,082 
Costs and Expenses 
Cost of sales(133,180)(149,166)
Selling and general expenses(18,978)(16,778)
Other operating income (expense), net (Note 14)
271 (2,516)
(151,887)(168,460)
OPERATING INCOME16,210 10,622 
Interest expense, net(9,744)(11,700)
Interest and other miscellaneous (expense) income, net(4,992)9,554 
INCOME BEFORE INCOME TAXES1,474 8,476 
Income tax benefit (expense) (Note 16)
832 (1,039)
NET INCOME2,306 7,437 
Less: Net income attributable to noncontrolling interests in the operating partnership(20)(174)
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates(929)1,037 
NET INCOME ATTRIBUTABLE TO RAYONIER INC.1,357 8,300 
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax effect of $0 and $0
(16,951)(3,733)
Cash flow hedges, net of income tax effect of $1,866 and $312
2,966 (12,319)
Pension and postretirement benefit plans, net of income tax effect of $1,222 and $0
9,562 1 
Total other comprehensive loss(4,423)(16,051)
COMPREHENSIVE LOSS(2,117)(8,614)
Less: Comprehensive loss attributable to noncontrolling interests in the operating partnership17 156 
Less: Comprehensive loss attributable to noncontrolling interests in consolidated affiliates947 1,032 
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC.($1,153)($7,426)
EARNINGS PER COMMON SHARE (NOTE 5)
Basic earnings per share attributable to Rayonier Inc.$0.01 $0.06 
Diluted earnings per share attributable to Rayonier Inc.$0.01 $0.06 














See Notes to Consolidated Financial Statements.
1

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
March 31, 2024December 31, 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents$159,903 $207,696 
Trade receivables, less allowance for doubtful accounts of $202 and $210
35,309 28,652 
Other receivables5,145 11,517 
Inventory (Note 13)
43,541 31,017 
Prepaid expenses20,148 19,070 
Assets held for sale (Note 19)
10,025 9,932 
Other current assets5,873 9,074 
Total current assets279,944 316,958 
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION2,959,052 3,004,316 
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
     INVESTMENTS (NOTE 12)
106,403 105,595 
PROPERTY, PLANT AND EQUIPMENT
Land6,453 6,453 
Buildings31,147 31,251 
Machinery and equipment6,633 6,523 
Construction in progress1,895 1,841 
Total property, plant and equipment, gross46,128 46,068 
Less — accumulated depreciation(19,638)(19,059)
Total property, plant and equipment, net26,490 27,009 
RESTRICTED CASH (NOTE 18)
677 678 
RIGHT-OF-USE ASSETS90,319 95,474 
OTHER ASSETS106,872 97,555 
TOTAL ASSETS$3,569,757 $3,647,585 
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$34,134 $26,561 
Accrued taxes5,567 4,394 
Accrued payroll and benefits6,680 14,215 
Accrued interest9,913 7,094 
Pension and other postretirement benefits (Note 15)
1,223 8,444 
Dividend and distribution payable 30,148 
Deferred revenue20,900 19,012 
Other current liabilities35,339 30,409 
Total current liabilities113,756 140,277 
LONG-TERM DEBT, NET (NOTE 6)
1,361,985 1,365,773 
PENSION AND OTHER POSTRETIREMENT BENEFITS, NON-CURRENT (NOTE 15)
1,448 1,441 
LONG-TERM LEASE LIABILITY82,932 87,684 
LONG-TERM DEFERRED REVENUE15,349 11,294 
OTHER NON-CURRENT LIABILITIES79,051 81,863 
CONTINGENCIES (NOTE 9)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 4)
69,589 81,651 
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 148,649,321 and 148,299,117 shares issued and outstanding
1,512,339 1,497,641 
Retained earnings296,533 338,244 
Accumulated other comprehensive income (Note 17)
22,370 24,651 
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY1,831,242 1,860,536 
Noncontrolling interests in consolidated affiliates (Note 4)
14,405 17,066 
TOTAL SHAREHOLDERS’ EQUITY1,845,647 1,877,602 
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY$3,569,757 $3,647,585 
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, 2024148,299,117 $1,497,641 $338,244 $24,651 $17,066 $1,877,602 
Net income— — 1,377 — 929 2,306 
Net income attributable to noncontrolling interests in the operating partnership— — (20)— — (20)
Dividends ($0.285 per share) (a)
— — (42,777)— — (42,777)
Issuance of shares under incentive stock plans752 — — — — — 
Stock-based compensation— 3,218 — — — 3,218 
Repurchase of common shares(924)(31)— — — (31)
Adjustment of noncontrolling interests in the operating partnership— — (291)— — (291)
Conversion of units into common shares350,376 11,511 — — — 11,511 
Pension and postretirement benefit plans— — — 9,562 — 9,562 
Foreign currency translation adjustment— — — (16,178)(773)(16,951)
Cash flow hedges— — — 4,070 (1,104)2,966 
Allocation of other comprehensive loss to noncontrolling interests in the operating partnership— — — 265 — 265 
Distributions to noncontrolling interests in consolidated affiliates— — — — (1,713)(1,713)
Balance, March 31, 2024148,649,321 $1,512,339 $296,533 $22,370 $14,405 $1,845,647 
(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
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 
Pension and postretirement benefit plans— — — 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 
(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)
Three Months Ended March 31,
 20242023
OPERATING ACTIVITIES
Net income$2,306 $7,437 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization37,083 37,599 
Non-cash cost of land and improved development2,953 4,208 
Stock-based incentive compensation expense3,218 2,499 
Deferred income taxes(1,004)(1,155)
Pension settlement charge5,673  
Timber write-offs resulting from casualty events 2,302 
Other1,899 578 
Changes in operating assets and liabilities:
Receivables(7,493)3,730 
Inventories565 (4,098)
Accounts payable8,537 8,913 
All other operating activities(1,439)1,938 
CASH PROVIDED BY OPERATING ACTIVITIES52,298 63,951 
INVESTING ACTIVITIES
Capital expenditures(18,868)(18,746)
Real estate development investments(5,483)(7,753)
Purchase of timberlands (8,729)
Other302 3,029 
CASH USED FOR INVESTING ACTIVITIES(24,049)(32,199)
FINANCING ACTIVITIES
Dividends paid on common shares (a)(72,258)(42,149)
Distributions to noncontrolling interests in the operating partnership (b)(1,085)(861)
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs (10)
Repurchase of common shares to pay withholding taxes on vested incentive stock awards(31)(41)
Distributions to noncontrolling interests in consolidated affiliates(1,713) 
CASH USED FOR FINANCING ACTIVITIES(75,087)(43,061)
EFFECT OF EXCHANGE RATE CHANGES ON CASH(956)(362)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash(47,794)(11,671)
Balance, beginning of year208,374 115,407 
Balance, end of period$160,580 $103,736 
(a)The three months ended March 31, 2024 includes an additional cash dividend of $0.20 per common share, totaling $29.8 million. The additional dividend was paid on January 12, 2024, to shareholders of record on December 29, 2023.
(b)The three months ended March 31, 2024 includes an additional cash distribution of $0.20 per operating partnership unit, totaling $0.5 million. The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023.

Three Months Ended March 31,
20242023
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period:
Interest (a)$800 $3,802 
Income taxes1,845 2,203 
Non-cash investing activity:
Capital assets purchased on account7,330 5,689 
(a)Interest paid is presented net of patronage payments received of $8.1 million and $6.1 million for the three months ended March 31, 2024 and March 31, 2023, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2023 Form 10-K.






See Notes to Consolidated Financial Statements.
5

RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(Dollars in thousands, except per unit amounts)
Three Months Ended
March 31,
 20242023
SALES (NOTE 3)
$168,097 $179,082 
Costs and Expenses
Cost of sales(133,180)(149,166)
Selling and general expenses(18,978)(16,778)
Other operating income (expense), net (Note 14)
271 (2,516)
(151,887)(168,460)
OPERATING INCOME16,210 10,622 
Interest expense, net(9,744)(11,700)
Interest and other miscellaneous (expense) income), net(4,992)9,554 
INCOME BEFORE INCOME TAXES1,474 8,476 
Income tax benefit (expense) (Note 16)
832 (1,039)
NET INCOME2,306 7,437 
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates(929)1,037 
NET INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS1,377 8,474 
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
Limited Partners1,363 8,389 
General Partners14 85 
Net income attributable to unitholders1,377 8,474 
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax effect of $0 and $0
(16,951)(3,733)
Cash flow hedges, net of income tax effect of $1,866 and $312
2,966 (12,319)
Pension and postretirement benefit plans, net of income tax expense of $1,222 and $0
9,562 1 
Total other comprehensive loss(4,423)(16,051)
COMPREHENSIVE LOSS(2,117)(8,614)
Less: Comprehensive loss attributable to noncontrolling interests in consolidated affiliates947 1,032 
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS($1,170)($7,582)
EARNINGS PER UNIT (NOTE 5)
Basic earnings per unit attributable to Rayonier, L.P.$0.01 $0.06 
Diluted earnings per unit attributable to Rayonier, L.P.$0.01 $0.06 
















See Notes to Consolidated Financial Statements.
6

RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
 March 31, 2024December 31, 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents$159,903 $207,696 
Trade receivables, less allowance for doubtful accounts of $202 and $210
35,309 28,652 
Other receivables5,145 11,517 
Inventory (Note 13)
43,541 31,017 
Prepaid expenses20,148 19,070 
Assets held for sale (Note 19)
10,025 9,932 
Other current assets5,873 9,074 
Total current assets279,944 316,958 
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION2,959,052 3,004,316 
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
     INVESTMENTS (NOTE 12)
106,403 105,595 
PROPERTY, PLANT AND EQUIPMENT
Land6,453 6,453 
Buildings31,147 31,251 
Machinery and equipment6,633 6,523 
Construction in progress1,895 1,841 
Total property, plant and equipment, gross46,128 46,068 
Less — accumulated depreciation(19,638)(19,059)
Total property, plant and equipment, net26,490 27,009 
RESTRICTED CASH (NOTE 18)
677 678 
RIGHT-OF-USE ASSETS90,319 95,474 
OTHER ASSETS106,872 97,555 
TOTAL ASSETS$3,569,757 $3,647,585 
       LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL
CURRENT LIABILITIES
Accounts payable$34,134 $26,561 
Accrued taxes5,567 4,394 
Accrued payroll and benefits6,680 14,215 
Accrued interest9,913 7,094 
Pension and other postretirement benefits (Note 15)
1,223 8,444 
Distribution payable 30,148 
Deferred revenue20,900 19,012 
Other current liabilities35,339 30,409 
Total current liabilities113,756 140,277 
LONG-TERM DEBT, NET (NOTE 6)
1,361,985 1,365,773 
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 15)
1,448 1,441 
LONG-TERM LEASE LIABILITY82,932 87,684 
LONG-TERM DEFERRED REVENUE15,349 11,294 
OTHER NON-CURRENT LIABILITIES79,051 81,863 
CONTINGENCIES (NOTE 9)
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 2,093,522 and 2,443,898 Units outstanding, respectively
69,589 81,651 
CAPITAL
General partners’ capital18,057 18,325 
Limited partners’ capital1,787,713 1,814,193 
Accumulated other comprehensive income (Note 17)
25,472 28,018 
TOTAL CONTROLLING INTEREST CAPITAL1,831,242 1,860,536 
Noncontrolling interests in consolidated affiliates (Note 4)
14,405 17,066 
TOTAL CAPITAL1,845,647 1,877,602 
TOTAL LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL$3,569,757 $3,647,585 

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, 2024$18,325 $1,814,193 $28,018 $17,066 $1,877,602 
Net income14 1,363 — 929 2,306 
Distributions on units ($0.285 per unit)
(434)(42,940)— — (43,374)
Stock-based compensation32 3,186 — — 3,218 
Repurchase of units(1)(30)— — (31)
Adjustment of Redeemable Operating Partnership Units6 545 — — 551 
Conversion of units into common shares115 11,396 — — 11,511 
Pension and postretirement benefit plans— — 9,562 — 9,562 
Foreign currency translation adjustment— — (16,178)(773)(16,951)
Cash flow hedges— — 4,070 (1,104)2,966 
Distributions to noncontrolling interests in consolidated affiliates— — — (1,713)(1,713)
Balance, March 31, 2024$18,057 $1,787,713 $25,472 $14,405 $1,845,647 
        
 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 
Pension and postretirement benefit plans— — 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 


















See Notes to Consolidated Financial Statements.
8

RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
Three Months Ended March 31,
 20242023
OPERATING ACTIVITIES
Net income$2,306 $7,437 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization37,083 37,599 
Non-cash cost of land and improved development2,953 4,208 
Stock-based incentive compensation expense3,218 2,499 
Deferred income taxes(1,004)(1,155)
Pension settlement charge5,673  
Timber write-offs resulting from casualty events 2,302 
Other1,899 578 
Changes in operating assets and liabilities:
Receivables(7,493)3,730 
Inventories565 (4,098)
Accounts payable8,537 8,913 
All other operating activities(1,439)1,938 
CASH PROVIDED BY OPERATING ACTIVITIES52,298 63,951 
INVESTING ACTIVITIES
Capital expenditures(18,868)(18,746)
Real estate development investments(5,483)(7,753)
Purchase of timberlands (8,729)
Other302 3,029 
CASH USED FOR INVESTING ACTIVITIES(24,049)(32,199)
FINANCING ACTIVITIES
Distributions on units (a)(73,343)(43,010)
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs (10)
Repurchase of units to pay withholding taxes on vested incentive stock awards(31)(41)
Distributions to noncontrolling interests in consolidated affiliates(1,713) 
CASH USED FOR FINANCING ACTIVITIES(75,087)(43,061)
EFFECT OF EXCHANGE RATE CHANGES ON CASH(956)(362)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash(47,794)(11,671)
Balance, beginning of year208,374 115,407 
Balance, end of period$160,580 $103,736 
(a)The three months ended March 31, 2024 includes an additional cash distribution of $.20 per operating partnership unit, totaling $30.2 million. The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023.

Three Months Ended March 31,
20242023
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period:
Interest (a)$800 $3,802 
Income taxes1,845 2,203 
Non-cash investing activity:
Capital assets purchased on account7,330 5,689 
(a)Interest paid is presented net of patronage payments received of $8.1 million and $6.1 million for the three months ended March 31, 2024 and March 31, 2023, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2023 Form 10-K.





See Notes to Consolidated Financial Statements.
9

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






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, 2023, as filed with the SEC (the “2023 Form 10-K”).
As of March 31, 2024, the Company owned a 98.6% interest in the Operating Partnership, with the remaining 1.4% 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 2023 Form 10-K.
ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and for interim periods in fiscal years beginning after December 15, 2024. We do not expect the adoption of this pronouncement to impact our consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced annual income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid reconciliation. The pronouncement is effective for annual reporting periods in fiscal years beginning after December 15, 2024. Early adoption and retrospective application are permitted. We do not expect the adoption of this pronouncement to impact our consolidated financial statements.
Recent accounting pronouncements adopted or pending adoption not discussed above are either not applicable or are not expected to have a material impact on our consolidated financial condition, results of operations, or cash flows.
SUBSEQUENT EVENTS
We have evaluated events occurring from March 31, 2024 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.

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
10

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





(“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 (Loss) is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income (Loss) are not allocated to segments. These items, which include interest expense, interest and miscellaneous (expense) income 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 months ended March 31, 2024 and 2023:
 Three Months Ended March 31,
SALES20242023
Southern Timber$69,978 $71,842 
Pacific Northwest Timber25,192 34,419 
New Zealand Timber45,700 44,105 
Real Estate15,564 16,276 
Trading11,774 12,569 
Intersegment Eliminations (a)(111)(129)
Total$168,097 $179,082