Rayonier Inc. RYN
Rayonier functions as a prominent real estate investment trust focused on timberland, possessing substantial holdings in some of the most fertile softwood growing regions across the United States and New Zealand. By the close of 2020, its extensive portfolio encompassed approximately 2.7 million acres, either directly owned or managed through long-term leases. These properties are situated in the U.S. South (1.73 million acres), the U.S. Pacific Northwest (507,000 acres), and New Zealand (417,000 acres). Moreover, the company acts as the managing member for a private equity timber fund operation, comprising three distinct funds that collectively manage roughly 141,000 acres. Rayonier's effective ownership interest in this timber fund business, calculated on a look-through basis, is approximately 17,000 acres.
Snapshot
Reported FFO / Core FFO / leverage are from the Q1 2026 earnings release (filed 2026-05-06) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $484.50M | $474.40M | $115.60M | $216.50M | $256.70M |
| 2024 | $1.26B | $359.15M | $140.25M | $553.20M | $261.59M |
| 2023 | $1.06B | $173.49M | $158.23M | $390.19M | $298.38M |
| 2022 | $909.07M | $107.08M | $147.34M | $315.73M | $269.20M |
| 2021 | $1.11B | $152.55M | $155.72M | $425.78M | $325.10M |
| 2020 | $859.15M | $37.08M | $165.00M | $240.56M | $204.20M |
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-16 | 2026-06-16 | 2026-06-30 | 2026-05-15 | $0.26 | Quarterly |
| 2026-03-17 | 2026-03-17 | 2026-03-31 | 2026-02-23 | $0.26 | Quarterly |
| 2025-12-10 | 2025-12-10 | 2025-12-31 | 2025-10-16 | $0.27 | Quarterly |
| 2025-10-24 | 2025-10-24 | 2025-12-12 | 2025-10-14 | $1.40 | Special |
| 2025-09-16 | 2025-09-16 | 2025-09-30 | 2025-07-18 | $0.27 | Quarterly |
| 2025-06-16 | 2025-06-16 | 2025-06-30 | 2025-05-16 | $0.27 | Quarterly |
| 2025-03-17 | 2025-03-17 | 2025-03-31 | 2025-02-05 | $0.27 | Quarterly |
| 2024-12-17 | 2024-12-17 | 2024-12-31 | 2024-10-21 | $0.28 | Special |
| 2024-09-16 | 2024-09-16 | 2024-09-30 | 2024-07-22 | $0.28 | Quarterly |
| 2024-06-14 | 2024-06-14 | 2024-06-28 | 2024-05-17 | $0.28 | Quarterly |
| 2024-03-13 | 2024-03-14 | 2024-03-28 | 2024-02-15 | $0.28 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-12 | 2023-12-18 | $0.20 | Special |
| 2023-12-14 | 2023-12-15 | 2023-12-29 | 2023-10-20 | $0.28 | Quarterly |
| 2023-09-14 | 2023-09-15 | 2023-09-29 | 2023-07-21 | $0.28 | Quarterly |
| 2023-06-15 | 2023-06-16 | 2023-06-30 | 2023-05-19 | $0.28 | Quarterly |
| 2023-03-16 | 2023-03-17 | 2023-03-31 | 2023-02-17 | $0.28 | Quarterly |
| 2022-12-15 | 2022-12-16 | 2022-12-30 | 2022-10-21 | $0.28 | Quarterly |
| 2022-09-15 | 2022-09-16 | 2022-09-30 | 2022-07-25 | $0.28 | Quarterly |
| 2022-06-15 | 2022-06-16 | 2022-06-30 | 2022-05-20 | $0.28 | Quarterly |
| 2022-03-16 | 2022-03-17 | 2022-03-31 | 2022-02-18 | $0.27 | Quarterly |
| 2021-12-16 | 2021-12-17 | 2021-12-31 | 2021-10-25 | $0.27 | Quarterly |
| 2021-09-15 | 2021-09-16 | 2021-09-30 | 2021-07-26 | $0.27 | Quarterly |
| 2021-06-15 | 2021-06-16 | 2021-06-30 | 2021-05-24 | $0.27 | Quarterly |
| 2021-03-16 | 2021-03-17 | 2021-03-31 | 2021-02-22 | $0.27 | Quarterly |
Coverage (payout of operating cash flow): 64.30%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.