Rayonier Inc
(NYSE:RYN)

Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of December 31, 2020, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timbe...

Website: http://www.rayonier.com

Founded: 1926

Full Time Employees: 353

Sector: Real Estate

Industry: REIT-Specialty

Real Estate

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Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-06-30	2005-03-31	2004-12-31	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31

sales	117,495,000	177,531,000	106,538,000	82,922,000	726,297,000	194,993,000	173,609,000	168,097,000	467,407,000	201,579,000	208,865,000	179,082,000	245,398,000	195,287,000	246,346,000	222,041,000	261,993,000	364,726,000	291,431,000	191,447,000	205,519,000	198,875,000	195,630,000	259,130,000	178,792,000	156,417,000	184,800,000	191,546,000	166,147,000	200,890,000	245,906,000	203,196,000	260,418,000	177,946,000	194,719,000	186,512,000	220,464,000	171,421,000	261,550,000	134,843,000	137,110,000	151,657,000	115,801,000	140,305,000	147,360,000	149,829,000	163,145,000	386,686,000	384,784,000	409,077,000	355,780,000	385,091,000	357,397,000	357,731,000	315,308,000	377,515,000	312,210,000	310,200,000	309,836,000	300,648,000	278,698,000	274,370,000	353,868,000	308,142,000	304,867,000	290,358,000	334,215,000	300,351,000	299,729,000	328,504,000	312,029,000	312,122,000	277,153,000	290,287,000	286,363,000		293,712,000	271,418,000	267,629,000	295,867,000	265,938,000
yoy	-83.82%	-8.96%	-38.63%	-50.67%	55.39%	-3.27%	-16.88%	-6.13%	90.47%	3.22%	-15.21%	-19.35%	-6.33%	-46.46%	-15.47%	15.98%	27.48%	83.39%	48.97%	-26.12%	14.95%	27.14%	5.86%	35.28%	7.61%	-22.14%	-24.85%	-5.73%	-36.20%	12.89%	26.29%	8.95%	18.12%	3.81%	-25.55%	38.32%	60.79%	13.03%	125.86%	-3.89%	-6.96%	1.22%	-29.02%	-63.72%	-61.70%	-63.37%	-54.14%	0.41%	7.66%	14.35%	12.84%	2.01%	14.47%	15.32%	1.77%	25.57%	12.02%	13.06%	-12.44%	-2.43%	-8.58%	-5.51%	5.88%	2.59%	1.71%	-11.61%	7.11%	-3.77%	8.15%	13.17%	8.96%		-5.64%	6.95%	7.00%		10.44%
qoq	-33.82%	66.64%	28.48%	-88.58%	272.47%	12.32%	3.28%	-64.04%	131.87%	-3.49%	16.63%	-27.02%	25.66%	-20.73%	10.95%	-15.25%	-28.17%	25.15%	52.23%	-6.85%	3.34%	1.66%	-24.51%	44.93%	14.30%	-15.36%	-3.52%	15.29%	-17.29%	-18.31%	21.02%	-21.97%	46.35%	-8.61%	4.40%	-15.40%	28.61%	-34.46%	93.97%	-1.65%	-9.59%	30.96%	-17.46%	-4.79%	-1.65%	-8.16%	-57.81%	0.49%	-5.94%	14.98%	-7.61%	7.75%	-0.09%	13.45%	-16.48%	20.92%	0.65%	0.12%	3.06%	7.88%	1.58%	-22.47%	14.84%	1.07%	5.00%	-13.12%	11.27%	0.21%	-8.76%	5.28%	-0.03%	12.62%	-4.52%	1.37%			8.21%	1.42%	-9.54%	11.25%
costs and expenses
cost of sales	-68,221,000	-119,126,000	-74,906,000	-64,952,000	-365,780,000	-147,202,000	-138,671,000	-133,180,000	-299,373,000	-145,622,000	-168,410,000	-149,166,000	-180,903,000	-152,079,000	-194,323,000	-160,979,000	-217,178,000	-233,308,000	-194,250,000	-151,378,000	-167,103,000	-180,944,000	-154,891,000	-209,499,000	-140,181,000	-134,463,000	-140,454,000	-143,251,000	-139,092,000	-143,261,000	184,418,000	138,488,000	151,570,000	136,583,000	143,687,000	136,413,000	161,917,000	116,624,000	138,194,000	107,971,000	114,133,000	116,044,000	103,689,000	107,234,000	126,777,000	118,088,000	121,105,000	302,650,000	287,150,000	297,698,000	253,313,000	266,184,000	262,772,000	257,511,000	245,103,000	269,203,000	242,940,000	232,853,000	241,917,000	231,836,000	216,674,000	219,392,000	280,531,000	243,561,000	237,036,000	231,924,000	227,357,000	231,125,000	231,742,000	249,708,000	231,456,000	247,429,000	224,151,000	227,040,000	229,723,000		234,462,000	249,130,000	231,824,000	231,350,000	238,253,000
selling and general expenses	-16,068,000	-17,008,000	-16,922,000	-16,692,000	-16,569,000	-18,271,000	-20,603,000	-18,978,000	-20,096,000	-18,947,000	-18,952,000	-16,778,000	-15,668,000	-16,886,000	-17,356,000	-14,760,000	-15,892,000	-13,174,000	-14,693,000	-14,032,000	-13,609,000	-14,498,000	-12,570,000	-9,968,000	-10,750,000	-10,102,000	-10,984,000	-9,810,000	-10,647,000	-10,800,000	11,502,000	9,003,000	10,474,000	9,936,000	10,246,000	9,590,000	11,147,000	10,607,000	11,252,000	9,779,000	11,435,000	10,689,000	12,727,000	10,898,000	11,979,000	8,806,000	13,861,000	15,491,000	15,326,000	16,929,000	19,619,000	15,762,000	15,992,000	16,433,000	17,838,000	17,125,000	15,172,000	16,967,000	17,671,000	15,972,000	14,349,000	14,667,000	16,599,000	16,158,000	16,862,000	18,016,000	16,958,000	16,122,000	15,845,000	18,338,000	14,487,000	14,436,000	16,184,000	15,260,000	14,831,000		18,101,000	16,869,000	16,137,000	12,968,000	10,043,000
other operating income	-6,184,000	313,000		-1,219,000				271,000	-2,735,000	-1,654,000	-1,401,000		-4,694,000	14,581,000	801,000	-984,000	4,610,000	5,070,000	1,956,000	2,448,000				-1,111,000	-1,734,000	-865,000	-1,969,000	35,000	-1,437,000	-451,000	-1,659,000	-1,369,000	-5,675,500	-7,844,000	-6,107,000	-8,752,000	-14,124,000	-5,499,000	-9,463,000	-5,904,000	-4,192,000	-2,855,000	-7,138,000	-5,574,000	-5,603,000	-9,144,000	-11,389,000		-1,341,000		-1,148,000	-4,171,000		-2,118,000	-3,899,000	-792,000	-1,260,000	-4,568,000	-70,747,000	-59,251,000	-87,165,000	-3,259,000	-4,100,000	-589,000	-3,420,000	-3,392,000	-2,583,000	-1,548,000	-2,995,000	-6,970,000	202,000	-818,000	-1,230,000		-4,646,000		-1,333,000	-2,309,000	-1,992,000	-2,400,000	-1,604,000
costs and expenses - sum	-90,473,000	-135,821,000	-91,993,000	-82,863,000	-380,088,000	-167,387,000	-161,168,000	-151,887,000	-322,204,000	-166,223,000	-188,763,000	-168,460,000	-135,496,250	-154,384,000	-210,878,000	-176,723,000	-228,460,000	-241,412,000	-206,987,000	-162,962,000	-183,150,000	-197,095,000	-183,944,000	-220,578,000	-152,665,000	-145,430,000	-153,407,000	-153,026,000	-151,176,000	-154,512,000	194,261,000	146,122,000	180,353,000	138,675,000	147,826,000	137,251,000	158,940,000	121,732,000	139,983,000	111,846,000			109,278,000	112,558,000	133,153,000	117,750,000		321,678,000		314,918,000	271,784,000	277,775,000	279,473,000	271,826,000	259,042,000	285,536,000
operating income	27,022,000	41,710,000	14,545,000	59,000	346,209,000	27,606,000	12,441,000	16,210,000	145,203,000	35,356,000	20,102,000	10,622,000	44,133,000	40,903,000	35,468,000	45,318,000	33,533,000	123,314,000	84,444,000	28,485,000	22,369,000	1,780,000	11,686,000	38,552,000	26,127,000	10,987,000	31,393,000	38,520,000	14,971,000	46,378,000	51,645,000	57,074,000	80,065,000	39,271,000	46,893,000	49,261,000	61,524,000	49,689,000	121,567,000	22,997,000	15,734,000	27,779,000	6,523,000	27,747,000	14,207,000	32,079,000	39,568,000	65,008,000	83,649,000	110,561,000	84,009,000	108,310,000	79,073,000	87,578,000	56,665,000	92,082,000	56,344,000	76,860,000	120,951,000	111,148,000	134,238,000	43,570,000	60,838,000	49,012,000	53,585,000	43,078,000	92,634,000	55,723,000	55,160,000	75,572,000	65,748,000	50,976,000	37,299,000	48,902,000	46,455,000		42,482,000	7,728,000	21,660,000	53,949,000	19,246,000
yoy	-92.19%	51.09%	16.91%	-99.64%	138.43%	-21.92%	-38.11%	52.61%	229.01%	-13.56%	-43.32%	-76.56%	31.61%	-66.83%	-58.00%	59.09%	49.91%	6827.75%	622.61%	-26.11%	-14.38%	-83.80%	-62.78%	0.08%	74.52%	-76.31%	-39.21%	-32.51%	-81.30%	18.10%	10.13%	15.86%	30.14%	-20.97%	-61.43%	114.21%	291.03%	78.87%	1763.67%	-17.12%	10.75%	-13.40%	-83.51%	-57.32%	-83.02%	-70.99%	-52.90%	-39.98%	5.79%	26.24%	48.26%	17.62%	40.34%	13.94%	-53.15%	-17.15%	-58.03%	76.41%	98.81%	126.78%	150.51%	1.14%	-34.32%	-12.04%	-2.86%	-43.00%	40.89%	9.31%	47.89%	54.54%	41.53%		-12.20%	532.79%	114.47%		120.73%
qoq	-35.21%	186.77%	24552.54%	-99.98%	1154.11%	121.90%	-23.25%	-88.84%	310.69%	75.88%	89.25%	-75.93%	7.90%	15.32%	-21.74%	35.14%	-72.81%	46.03%	196.45%	27.34%	1156.69%	-84.77%	-69.69%	47.56%	137.80%	-65.00%	-18.50%	157.30%	-67.72%	-10.20%	-9.51%	-28.72%	103.88%	-16.25%	-4.81%	-19.93%	23.82%	-59.13%	428.62%	46.16%	-43.36%	325.86%	-76.49%	95.31%	-55.71%	-18.93%	-39.13%	-22.28%	-24.34%	31.61%	-22.44%	36.97%	-9.71%	54.55%	-38.46%	63.43%	-26.69%	-36.45%	8.82%	-17.20%	208.10%	-28.38%	24.13%	-8.53%	24.39%	-53.50%	66.24%	1.02%	-27.01%	14.94%	28.98%	36.67%	-23.73%	5.27%			449.72%	-64.32%	-59.85%	180.31%
operating margin %	23.00%	23.49%	13.65%	0.07%	47.67%	14.16%	7.17%	9.64%	31.07%	17.54%	9.62%	5.93%	17.98%	20.95%	14.40%	20.41%	12.80%	33.81%	28.98%	14.88%	10.88%	0.90%	5.97%	14.88%	14.61%	7.02%	16.99%	20.11%	9.01%	23.09%	21.00%	28.09%	30.74%	22.07%	24.08%	26.41%	27.91%	28.99%	46.48%	17.05%	11.48%	18.32%	5.63%	19.78%	9.64%	21.41%	24.25%	16.81%	21.74%	27.03%	23.61%	28.13%	22.12%	24.48%	17.97%	24.39%	18.05%	24.78%	39.04%	36.97%	48.17%	15.88%	17.19%	15.91%	17.58%	14.84%	27.72%	18.55%	18.40%	23.00%	21.07%	16.33%	13.46%	16.85%	16.22%	NaN%	14.46%	2.85%	8.09%	18.23%	7.24%
interest expense	-6,647,000	-6,768,000	-6,542,000	-6,394,000	-7,340,000	-10,021,000	-9,811,000	-9,744,000	-11,587,000	-12,598,000	-12,457,000	-11,700,000	-9,731,000	-9,056,000	-9,083,000	-8,337,000	-10,615,000	-11,265,000	-13,000,000	-10,028,000	-10,311,000	-10,421,000	-9,820,000	-8,216,000	-8,087,000	-7,996,000	-7,922,000	-7,710,000	-8,074,000	-7,838,000	-8,102,000	-8,052,000	-8,471,000	-8,553,000	-8,631,000	-8,415,000	-8,642,000	-8,544,000	-7,961,000	-7,098,000	-7,091,000	-7,581,000	-8,483,000	-8,544,000	-8,396,000	-9,566,000	-15,612,000	-12,969,000	-13,031,000	-10,019,000	-11,825,000	-12,356,000	-12,628,000	-13,317,000	-12,783,000	-12,943,000	-12,250,000	-12,486,000	-14,811,000	-12,789,000	-12,248,000	-12,593,000	-11,881,000	-10,487,000	-11,726,000	-14,117,000	-14,979,000	-13,615,000	-13,619,000	-13,785,000	-11,057,000	-11,874,000	-12,189,000	-12,827,000	-12,312,000		-11,126,000	-11,889,000	-12,055,000	-12,412,000	-12,386,000
interest income	9,285,000	9,806,000	2,327,000	2,876,000
other miscellaneous income	-3,242,000	-1,039,000
income from continuing operations before income taxes	26,418,000	43,709,000	9,769,000																																						9,890,000	18,640,000	-3,156,000	17,709,000	3,743,000	20,779,000	19,571,000	51,024,000	69,872,000	103,140,000												31,051,000	48,808,000	38,824,000						56,393,000	57,784,000	48,652,000	27,309,000	37,117,000						41,980,000
income tax benefit	-236,000			-291,000	74,250	-35,000	-500,000	832,000																												-6,281,000	-2,790,000	-779,000	-2,276,000	781,000	-450,000	541,000	296,000	471,000	4,282,000	11,280,000	-13,515,000					8,624,000																		-6,428,000	-2,748,000	-5,874,000		4,458,000	-178,000		43,406,000				328,000
income from continuing operations	26,182,000	43,709,000	9,769,000																																						9,440,000	19,181,000	-2,860,000	18,180,000	8,025,000	32,059,000	6,056,000	43,292,000	58,367,000	87,891,000												25,824,000	42,149,000	39,713,000						49,965,000	55,036,000	42,778,000	23,304,000	41,575,000				1,972,000	8,092,000	31,672,000	8,236,000
discontinued operations	-0.01		2.57	0.01																																											0.1																0.04	-0.13										-0.49
income from operations of discontinued operations, net of tax			-625,000
gain on sale of discontinued operations			404,463,000
income from discontinued operations			403,838,000
net income	26,182,000	43,709,000	413,607,000	-3,085,000	333,200,000	30,442,000	3,035,000	2,306,000	129,221,000	22,740,000	19,096,000	7,437,000	34,644,000	31,861,000	25,287,000	30,998,000	21,524,000	110,512,000	63,420,000	15,032,000	12,406,000	-9,498,000	455,000	26,421,000	17,437,000	1,528,000	20,920,000	27,793,000	4,648,000	30,639,000	39,338,000	42,706,000	66,920,000	28,803,000	30,773,000	35,083,000	50,509,000	40,624,000	111,579,000	15,058,000	9,440,000	19,181,000	-2,860,000	18,180,000	8,336,000	32,059,000	18,140,000	43,292,000	58,367,000	87,891,000	53,437,000	104,909,000	56,454,000	58,412,000	59,171,000	62,904,000	38,558,000	56,953,000	97,727,000	81,140,000	107,753,000	25,921,000	44,315,000	29,754,000	37,416,000	34,421,000	71,457,000	33,311,000	35,080,000	55,300,000	55,036,000	42,778,000	23,304,000	16,876,000	34,459,000		75,535,000	1,972,000	8,092,000	31,672,000	8,236,000
yoy	-92.14%	43.58%	13527.91%	-233.78%	157.85%	33.87%	-84.11%	-68.99%	273.00%	-28.63%	-24.48%	-76.01%	60.96%	-71.17%	-60.13%	106.21%	73.50%	-1263.53%	13838.46%	-43.11%	-28.85%	-721.60%	-97.83%	-4.94%	275.15%	-95.01%	-46.82%	-34.92%	-93.05%	6.37%	27.83%	21.73%	32.49%	-29.10%	-72.42%	132.99%	435.05%	111.79%	-4001.36%	-17.17%	13.24%	-40.17%	-115.77%	-58.01%	-85.72%	-63.52%	-66.05%	-58.73%	3.39%	50.47%	-9.69%	66.78%	46.41%	2.56%	-39.45%	-22.47%	-64.22%	119.72%	120.53%	172.70%	187.99%	-24.69%	-37.98%	-10.68%	6.66%	-37.76%	29.84%	-22.13%	50.53%	227.68%	59.71%		-69.15%	755.78%	325.84%		817.13%
qoq	-40.10%	-89.43%	-13507.03%	-100.93%	994.54%	903.03%	31.61%	-98.22%	468.25%	19.08%	156.77%	-78.53%	8.73%	26.00%	-18.42%	44.02%	-80.52%	74.25%	321.90%	21.17%	-230.62%	-2187.47%	-98.28%	51.52%	1041.16%	-92.70%	-24.73%	497.96%	-84.83%	-22.11%	-7.89%	-36.18%	132.34%	-6.40%	-12.29%	-30.54%	24.33%	-63.59%	640.99%	59.51%	-50.78%	-770.66%	-115.73%	118.09%	-74.00%	76.73%	-58.10%	-25.83%	-33.59%	64.48%	-49.06%	85.83%	-3.35%	-1.28%	-5.93%	63.14%	-32.30%	-41.72%	20.44%	-24.70%	315.70%	-41.51%	48.94%	-20.48%	8.70%	-51.83%	114.51%	-5.04%	-36.56%	0.48%	28.65%	83.57%	38.09%	-51.03%			3730.38%	-75.63%	-74.45%	284.56%
net income margin %	22.28%	24.62%	388.22%	-3.72%	45.88%	15.61%	1.75%	1.37%	27.65%	11.28%	9.14%	4.15%	14.12%	16.31%	10.26%	13.96%	8.22%	30.30%	21.76%	7.85%	6.04%	-4.78%	0.23%	10.20%	9.75%	0.98%	11.32%	14.51%	2.80%	15.25%	16.00%	21.02%	25.70%	16.19%	15.80%	18.81%	22.91%	23.70%	42.66%	11.17%	6.88%	12.65%	-2.47%	12.96%	5.66%	21.40%	11.12%	11.20%	15.17%	21.49%	15.02%	27.24%	15.80%	16.33%	18.77%	16.66%	12.35%	18.36%	31.54%	26.99%	38.66%	9.45%	12.52%	9.66%	12.27%	11.85%	21.38%	11.09%	11.70%	16.83%	17.64%	13.71%	8.41%	5.81%	12.03%	NaN%	25.72%	0.73%	3.02%	10.70%	3.10%
less: net income attributable to noncontrolling interests in the operating partnership	-273,000	-522,000	-5,476,000		-4,397,000	-391,000	-26,000	-20,000	-2,094,000	-320,000	-318,000	-174,000	-723,000	-455,000	-546,000	-669,000			-1,753,000	-341,000
less: net loss attributable to noncontrolling interests in consolidated affiliates			577,000				-1,106,000	-929,000			245,000	1,037,000					-12,646,000	-32,471,000	-4,461,000		2,411,750	8,715,000	1,499,000
net income attributable to rayonier inc.	25,909,000	43,187,000	408,708,000	-3,424,000	327,129,000	28,758,000	1,903,000	1,357,000	126,932,000	19,237,000	19,023,000	8,300,000	33,078,000	20,578,000	24,104,000	29,317,000	8,665,000	75,831,000	57,206,000	10,848,000	10,254,000	-758,000	1,735,000	25,854,000	15,993,000	-433,000	18,752,000	24,794,000	1,987,000	23,432,000	36,258,000	40,539,000	64,151,000	24,688,000	26,161,000	33,843,000	48,324,000	39,355,000	109,821,000	14,472,000	10,285,000	19,669,000	-1,536,000	17,747,000	8,857,000	32,701,000	18,385,000	43,375,000	57,345,000	87,164,000
other comprehensive income, relating to continuing operations
cash flow hedges, net of income tax effect of 0, 0, 0 and 0	-4,618,750	-3,748,000	-5,968,000
pension and postretirement benefit plans, net of income tax effect of 0, 0, 0 and 1,222	-1,250	-2,000	-2,000
other comprehensive income, relating to discontinued operations
foreign currency translation adjustment, net of income tax effect of 0, 0, 0 and 0	5,118,750		16,842,000		600,500	13,338,000	6,014,000		-4,337,500	-4,413,000	-9,203,000		-13,805,000	-25,392,000	-36,285,000
cash flow hedges, net of income tax effect of 0, 2,312, 3,531 and 1,339	2,270,000
deconsolidation of discontinued operations, net of income tax effect of 0, 0, 0 and 0	7,267,000		29,068,000
total other comprehensive income	-3,123,000	-3,750,000	47,308,000		-39,049,000	-2,350,000	6,212,000		-536,000	2,968,000	2,741,000	-16,051,000	42,900,000	-5,057,000	-30,342,000	47,073,000	16,791,000	-4,617,000	-8,486,000	47,007,000	-22,632,000	20,554,000	16,199,000				-25,011,000	-4,541,000	-2,379,500	-6,927,000	-29,053,000	26,462,000	3,837,750	-9,363,000	19,612,000	5,101,000	1,968,000	16,849,000	1,375,000		-17,164,000	-26,600,000	-27,569,000	-14,488,000	-7,762,000	-39,106,000	61,470,000	21,611,000	31,331,000	-24,262,000	10,170,000
comprehensive income	23,059,000	39,959,000	460,915,000		294,151,000	28,092,000	9,247,000		128,685,000	25,708,000	21,837,000	-8,614,000	77,544,000	26,804,000	-5,055,000	78,071,000	38,315,000	105,895,000	54,934,000	62,039,000	69,226,000	11,056,000	16,654,000	-100,860,000	56,955,000	-39,308,000	-4,091,000	23,252,000	-5,194,000	23,712,000	10,285,000	69,168,000	66,168,000	19,440,000	50,385,000	40,184,000	77,314,000	57,473,000	112,954,000	4,705,000	38,617,000	-7,419,000	-30,429,000	3,692,000	574,000	-7,047,000	79,610,000	64,903,000	89,698,000	63,629,000	63,607,000	110,124,000	66,689,000	60,226,000	63,848,000	67,208,000	37,864,000	60,051,000	102,086,000	85,898,000	123,992,000	19,118,000	-41,177,000	37,294,000	37,269,000	28,101,000	75,962,000	37,666,000	35,547,000	73,800,000	61,805,000	41,743,000	15,637,000	12,302,000	37,967,000		73,871,000	13,614,000	17,746,000	31,699,000	8,191,000
less: comprehensive income attributable to noncontrolling interests in the operating partnership	-241,000	-477,000	-6,071,000		-3,939,000	-334,000	-100,000		-2,047,000	-373,000			-1,545,000	-490,000		-1,686,000	-626,000	-2,118,000	-1,499,000	-1,872,000	-1,884,000	-508,000	-676,000
less: comprehensive income attributable to noncontrolling interests in consolidated affiliates			-1,707,000		2,892,000	-3,195,000			-2,565,000	-2,906,000			-1,667,500	-8,029,000		-2,408,000
comprehensive income attributable to rayonier inc.	22,818,000	39,482,000	453,137,000		293,104,000	24,563,000	7,227,000		124,073,000	22,429,000	22,451,000	-7,426,000	70,487,000	18,285,000	-1,259,000	73,977,000	25,623,000	72,678,000	48,945,000	59,587,000	57,974,000	15,565,000	11,061,000	-90,199,000	48,006,000	-34,139,000	-4,906,000	18,701,000	-10,121,000	19,179,000	15,296,000	64,685,000	64,930,000	17,151,000	40,790,000	38,533,000	79,567,000	53,824,000	108,544,000	8,454,000	32,760,000	-2,056,000	-20,698,000	7,483,000	463,000	5,379,000	79,313,000	59,478,000	81,104,000	73,134,000
earnings per common share
basic earnings per share attributable to rayonier inc.					2.19	0.19	0.01	0.01	0.86	0.13	0.13	0.06	0.22	0.14	0.16	0.2	0.05	0.53	0.41	0.08	0.08	-0.01	0.01	0.2	0.13		0.14	0.19	0.01	0.18	0.28	0.31	0.5	0.19	0.2	0.27	0.335	0.32	0.9	0.12
continuing operations	0.16	0.28	0.06	-0.04																																					0.09	0.16	-0.01	0.14	0.06	0.26	0.05	0.34	0.45	0.69												0.33	0.53	0.51						0.65	0.71	0.56	0.31	0.83				0.03	0.19	0.76	0.3
diluted earnings per share attributable to rayonier inc.					2.18	0.19	0.01	0.01	0.86	0.13	0.13	0.06	0.23	0.14	0.16	0.2	0.05	0.53	0.41	0.08	0.07	-0.01	0.01	0.2	0.13		0.14	0.19	0.02	0.18	0.28	0.31	0.49	0.19	0.2	0.27	0.333	0.32	0.89	0.12
other operating expense			-165,000		-884,500	-1,914,000	-1,894,000					-2,516,000									-4,811,750	-1,653,000	-16,483,000																									3,537,000		291,000			709,000
other miscellaneous expense			-561,000	-1,842,000
cash flow hedges, net of income tax effect of 2,866, 892, 3,531 and 973			7,368,000
loss from continuing operations before income taxes				-5,301,000
loss from continuing operations				-5,592,000
income from discontinued operations, net of tax				2,507,000
less: net loss attributable to noncontrolling interests in the operating partnership				46,000													-1,075,750	-2,210,000
less: net income attributable to noncontrolling interests in consolidated affiliates				-385,000	-1,674,000	-1,293,000			-195,000	-3,183,000			-3,119,500	-10,828,000	-637,000	-1,012,000				-3,843,000
cash flow hedges, net of income tax effect of 0 and 0				-8,758,000
pension and postretirement benefit plans, net of income tax effect of 0 and 1,222				-2,000
foreign currency translation adjustment, net of income tax effect of 0 and 0				3,633,000				-16,951,000				-3,733,000				6,458,000
cash flow hedges, net of income tax effect of 665 and 1,866				1,711,000
total other comprehensive loss				-3,416,000				-4,423,000																-127,281,000																-10,353,000
comprehensive loss				-6,501,000				-2,117,000
less: comprehensive loss attributable to noncontrolling interests in the operating partnership				98,000				17,000			-375,000	156,000			29,000
less: comprehensive loss attributable to noncontrolling interests in consolidated affiliates				-897,000			-1,920,000	947,000			989,000	1,032,000			3,767,000		-12,066,000	-31,099,000	-4,490,000	-580,000	2,690,250	5,017,000	-4,917,000
comprehensive loss attributable to rayonier inc.				-7,300,000				-1,153,000
interest and other miscellaneous income					1,678,000	12,892,000	905,000	-4,992,000	-1,050,000	529,000	11,644,000	9,554,000	1,575,000	1,252,000	206,000		153,000	1,274,000	-1,144,000		-59,000	-137,000	1,579,000	-209,000	2,129,000	788,000	1,057,000	1,332,000	1,005,000	495,000	2,905,000	620,000
income before income taxes					340,547,000	30,477,000	3,535,000	1,474,000	132,566,000	23,287,000	19,289,000	8,476,000	35,977,000	33,099,000	26,591,000	36,513,000	23,071,000	113,323,000	70,300,000	18,453,000	11,999,000	-8,778,000	3,445,000	30,127,000	20,169,000	3,779,000	24,528,000	32,142,000	7,441,000	39,035,000	46,448,000	49,642,000	71,784,000	31,846,000	38,266,000	41,364,000	42,383,750	41,403,000	113,855,000	14,277,000											72,161,000	96,285,000	66,759,000	74,554,000	44,254,000	79,484,000	44,502,000	64,562,000	107,356,000	98,669,000	122,206,000				42,479,000	41,229,500	79,084,000	43,279,000	42,554,000						34,637,000
other comprehensive income
cash flow hedges, net of income tax effect of 2,312, 75, 1,339 and 322					-3,166,000	-15,827,000
pension and postretirement benefit plans, net of income tax effect of 0, 0, 1,222 and 0					2,425,250	139,000
cash flow hedges, net of income tax effect of 892, 560, 973 and 247							198,000
cash flow hedges, net of income tax effect of 1,866 and 312								2,966,000
pension and postretirement benefit plans, net of income tax effect of 1,222 and 0								9,562,000
income tax expense									-3,345,000	-547,000	-193,000	-1,039,000	-1,333,000	-1,238,000	-1,304,000	-5,515,000	-1,547,000	-2,811,000	-6,880,000	-3,421,000	407,000	-720,000	-2,990,000	-3,706,000	-2,732,000	-2,251,000	-3,608,000	-4,349,000	-2,793,000	-8,396,000	-7,110,000	-6,936,000	-4,204,250	-3,043,000	-7,493,000													-7,732,000	-11,505,000	-15,249,000	-18,724,000		-10,305,000	-16,142,000	14,917,000	-16,580,000	-5,944,000	-7,609,000	-9,629,000	-17,529,000	-14,453,000	-5,227,000											-4,005,000
cash flow hedges, net of income tax effect of 75, 2,488, 322 and 5,677									1,750,500	7,379,000
amortization of pension and postretirement plans, net of income tax expense of 0, 0, 0 and 0									1,000	2,000	2,000		141,000	188,000	188,000		220,250	294,000	294,000		163,000	217,000	217,000				112,000				178,000		87,250	116,000	116,000
cash flow hedges, net of income tax effect of 560, 4,211, 247 and 3,189											11,942,000
cash flow hedges, net of income tax effect of 312 and 1,022												-12,319,000
amortization of pension and postretirement plans, net of income tax expense of 0 and 0												1,000				188,000				294,000				217,000				112,000				159,000				116,000
cash flow hedges, net of income tax effect of 2,488, 833, 5,677 and 2,207													16,582,250	20,147,000
cash flow hedges, net of income tax effect of 4,211, 315, 3,189 and 1,374															5,755,000
interest and other miscellaneous expense																-468,000				-4,000
cash flow hedges, net of income tax effect of 1,022 and 1,059																40,427,000
foreign currency translation adjustment, net of income tax effect of 0, 0, 0, and 0																	-4,917,500	-6,622,000	1,239,000		-2,072,500	12,476,000	23,258,000
cash flow hedges, net of income tax effect of 833, 645, 2,207 and 530																	13,173,250	1,711,000
cash flow hedges, net of income tax effect of 315, 1,741, 1,374 and 116																			-10,019,000
foreign currency translation adjustment, net of income tax effect of 0, and 0																				-14,288,000				-44,023,000
cash flow hedges, net of income tax effect of 1,059 and 1,857																				61,001,000
less: net loss attributable to noncontrolling interest in the operating partnership																					-48,750	25,000
cash flow hedges, net of income tax effect of 645, 888, 530 and 644																					-20,722,500	7,861,000
less: net income attributable to noncontrolling interest in the operating partnership																							-219,000
cash flow hedges, net of income tax effect of 1,741, 91, 116 and 244																							-7,276,000
less: net income attributable to noncontrolling interest																								-567,000	-1,444,000	-1,961,000	-2,168,000	-2,999,000	-2,661,000	-7,207,000	3,080,000	2,167,000	2,769,000	4,115,000	4,612,000	1,240,000	2,185,000	1,269,000	1,758,000	586,000	-845,000	-488,000		433,000	-521,000	-642,000	-245,000		1,022,000
cash flow hedges, net of income tax effect of 1,857 and 335																								-83,475,000
less: comprehensive loss attributable to noncontrolling interest																								10,661,000	-49,250	5,169,000	-815,000													-3,749,000	5,857,000	-5,363,000
foreign currency translation adjustment, net of income tax expense of 0, 0, 0 and 0																									-7,023,750	-28,524,000	-5,604,000		-7,649,750	-10,527,000	-29,760,000		4,149,750	-7,317,000	21,484,000
cash flow hedges, net of income tax expense of																									-10,657,250	-12,424,000	-19,519,000
amortization of pension and postretirement plans, net of income tax expense of 0, 711, 0 and 711																									84,250	112,000
total other comprehensive																									-17,596,750	-40,836,000
foreign currency translation adjustment, net of income tax expense of 0 and 0																												6,033,000				9,688,000				2,432,000
cash flow hedges, net of income tax expense of 335 and 368																												-10,686,000
less: comprehensive income attributable to noncontrolling interest																												-4,551,000	-4,927,000	-4,533,000	-5,011,000	4,483,000	1,238,000	2,289,000	9,595,000	1,651,000	-2,253,000	3,649,000	4,410,000				-9,731,000	-3,791,000	-1,643,250	-12,426,000	297,000	5,425,000	8,594,000
cash flow hedges, net of income tax benefit of 401, (614), 2,012 and 534																													5,321,250	4,142,000
amortization of pension and postretirement plans, net of income tax expense of 711, 0, 711 and 0																													-51,000	-542,000
dividends declared per share																													0.198	0.27	0.27	0.25	0.188	0.25	0.25	0.25	0.188	0.25	0.25	0.25	0.188	0.25	0.25
cash flow hedges, net of income tax benefit of (2,008), 1,180, (1,640) and 1,148																															529,000
cash flow hedges, net of income tax benefit of 368 and																																16,615,000
interest income and miscellaneous income																																	190,000	1,128,000	4,000	518,000	-278,750	258,000	249,000
cash flow hedges, net of income tax benefit of (614), 229, 534 and 1,293																																	-399,250	-2,162,000
cash flow hedges, net of income tax benefit of 1,180, 631, 1,148 and 1,064																																			-1,988,000
cash flow hedges, net of income tax benefit of (32) and 432																																				2,553,000
foreign currency translation adjustment, net of income tax expense of 0, 429, 0 and 1,581																																					7,011,500	12,022,000
cash flow hedges, net of income tax benefit of 229, 185, 1,293 and 1,687																																					-5,513,750	4,195,000
actuarial change and amortization of pension and postretirement plans, net of income tax expense of 0, 66, 0 and 404																																					470,250	632,000
foreign currency translation adjustment, net of income tax expense of 0, 732, 0 and 1,074																																							13,219,000
cash flow hedges, net of income tax benefit of 631, 1,133, 1,064 and 1,501																																							-12,476,000
actuarial change and amortization of pension and postretirement plans, net of income tax expense of 0, 179, 0 and 337																																							632,000
interest income and miscellaneous expense																																								-1,622,000	-1,062,500	-1,558,000	-1,196,000	-1,494,000
foreign currency translation adjustment, net of income tax benefit of 0 and 343																																								2,804,000
cash flow hedges, net of income tax benefit of 432 and 436																																								-13,774,000
actuarial change and amortization of pension and postretirement plans, net of income tax expense of 0 and 158																																								617,000
income from discontinued operations, net of income tax expense of 0, 0, 0 and 21,231
foreign currency translation adjustment, net of income tax expense of 429 0, 1,581 and 0																																									-13,271,750	-13,370,000
cash flow hedges, net of income tax benefit of 185, 1,170, 1,687 and 1,270																																									-4,495,750	-14,120,000
amortization of pension and postretirement plans, net of income tax expense of 66, 150, 404 and 37,025																																									603,500	890,000
income from discontinued operations, net of income tax expense of 0, 5,966, 0 and 21,231
less: net loss attributable to noncontrolling interest																																											-1,324,000					-83,000
foreign currency translation adjustment, net of income tax expense of 732, 0, 1,074 and 0																																											-25,395,000
new zealand joint venture cash flow hedges, net of income tax benefit of 1,133, 401, 1,501 and																																											-2,917,000
amortization of pension and postretirement plans, net of income tax expense of 179, 35,944, 337 and 36,875																																											743,000
income from discontinued operations, net of income tax expense of 0 and 15,308
foreign currency translation adjustment, net of income tax benefit of 343 and 0																																												-14,323,000
new zealand joint venture cash flow hedges, net of income tax benefit of 436 and																																												-946,000
amortization of pension and postretirement plans, net of income tax expense of 158 and 931																																												781,000
dividends per share																																												0.25	0.445	0.8					0.4	0.4	0.54
equity in income of new zealand joint venture																																																		304,000	13,000	994,000	1,149,000	1,673,000	399,000	103,000	986,000				-602,000				-804,000	-732,000	151,000	1,071,000	23,000
operating income before gain on consolidation of new zealand joint venture																																													21,020,500	32,079,000	39,568,000		83,649,000	94,463,000
gain related to consolidation of new zealand joint venture																																																		16,098,000
interest and miscellaneous income																																													-2,068,000	-1,734,000	-4,385,000	-1,015,000	-746,000	2,598,000	-23,000	331,000	314,000	293,000	372,000	345,000	408,000	188,000	1,216,000	310,000	216,000	74,000	-149,000	299,000	620,000	4,149,000	1,429,000	1,171,000	1,013,000	2,375,000	3,093,000	1,781,000	2,199,000	1,042,000	494,000		773,000	-350,000	796,000	443,000	1,048,000
income from discontinued operations, net of income tax expense of 0, 18,313, 21,231 and 82,223																																													10,773,000
foreign currency translation adjustment																																													-4,106,500	-37,877,000	3,517,000	17,803,000	24,259,000	-28,201,000	5,825,000	3,584,000	7,442,000	288,000								-4,878,000	-16,175,000	-9,843,000	-1,587,000	1,618,000	3,116,000	3,128,000	-857,000	5,161,000	6,769,000	-1,035,000	-7,667,000	-4,345,000	3,689,000		1,287,000	12,304,000	9,855,000
new zealand joint venture cash flow hedges, net of income tax benefit of 1,170, 0, 1,270 and 0																																													-675,750	-3,494,000
net gain from pension and postretirement plans, net of income tax expense of 150, 1,579, 37,025 and 5,403																																													15,808,750	2,265,000
income from discontinued operations, net of income tax expense of 5,966, 31,177, 21,231 and 63,868																																															12,084,000
new zealand joint venture cash flow hedges, net of income tax (benefit) expense of (401), 0, 100 and 0																																															-920,000
net gain from pension and postretirement plans, net of income tax expense of 35,944, 1,620, 36,875 and 3,824																																															58,873,000
income from discontinued operations, net of income tax expense of 0 and 22,273
new zealand joint venture cash flow hedges, net of income tax expense of 501 and 0																																																1,711,000
amortization of pension and postretirement plans, net of income tax expense of 931 and 2,204																																																2,097,000
income from discontinued operations, net of income tax expense of 0, 646, 22,273 and 2,573
new zealand joint venture cash flow hedges																																																	3,433,000	222,000	1,205,000
amortization of pension and postretirement plans, net of income tax expense of 1,579, 1,482, 5,403 and 4,332																																																	3,639,000
income from discontinued operations, net of income tax expense of 0, 1,505, 22,273 and 1,927
net income attributable to noncontrolling interest																																																		727,000
amortization of pension and postretirement plans, net of income tax expense of 1,620, 1,482, 3,824 and 2,850																																																		3,717,000
comprehensive loss attributable to noncontrolling interest																																																		-9,505,000
amortization of gains/losses from pension and postretirement plans, net of income tax expense of 1,368 and 928																																																			3,140,000
basic earnings per share																																																			0.44	0.86	0.7	0.72	0.73	0.78	0.48	0.71	1.23	1.03	1.37				0.48	0.45	0.92	0.43	0.45						0.69		1.53
diluted earnings per share																																																			0.42	0.84	0.67	0.7	0.73	0.77	0.48	0.71	1.22	1.01	1.35				0.47	0.443	0.9	0.42	0.45						0.67		1.49
operating income before gain on sale of a portion
of the interest in the new zealand joint venture																																																				108,310,000	79,073,000
gain on sale of a portion of the interest in the new zealand joint venture																																																										12,367,000
joint venture cash flow hedges																																																				-630,000	699,000	-567,000	-85,000	-104,000	816,000	209,000	-646,000	968,000	-277,000	-2,350,000
amortization of pension and postretirement benefit costs, net of income
tax expense of 1,017 and 661, and 2,871 and																																																				2,261,000
tax expense of 927 and 221, and 1,854 and																																																					2,094,000
pro forma basis
operating income before gain on sale of a portion of
the interest in the new zealand joint venture																																																						87,578,000
amortization of pension and postretirement benefit costs, net of income tax
expense of 928 and benefit of 2,587																																																						2,093,000
operating income before gain on sale of a portion of the interest in the new zealand joint venture																																																							56,665,000	92,082,000	56,344,000	64,493,000
foreign currency translation adjustments																																																							-16,000	3,198,000	-2,045,000	-1,215,000	3,392,000	2,620,000	15,825,000
amortization of pension and postretirement benefit costs, net of income tax expense of 661 and 347, and (1,705) and 1,013																																																							1,462,250	1,210,000
amortization of pension and postretirement benefit costs, net of income tax benefit of 221 and 200, and (2,366) and 666																																																									535,000
equity in loss of new zealand joint venture																																																										-455,000	-695,500	-943,000										375,000	-136,000	-99,000	-749,000
amortization of pension and postretirement plans, net of income tax (benefit) expense of (2,587) and 466																																																										4,104,000
retiree benefit plan amendment, net of income tax expense of 7,668 and 7,668
amortization of pension and postretirement plans, net of income tax expense of 347 and 406, and 1,013 and 1,595																																																											571,500	1,170,000
amortization of pension and postretirement plans, net of income tax expense of 200 and 627, and 666 and 1,189																																																													691,000
income from discontinued operations, net of income tax benefit																																																														97,000
amortization of pension and postretirement plans, net of income tax expense of 466 and 561																																																														425,000
benefit for income taxes																																																															-3,413,250	889,000
income on discontinued operations, net of income tax benefit of																																																															-2,441,000	-9,959,000
employee benefit plans
benefit plan amendment, net of tax provision of 7,668 and 7,668																																																															4,097,000	16,388,000
amortization of pension and postretirement costs, net of tax provision of 406, and 579, and 1,595 and 1,653																																																															944,750	995,000
benefit from income taxes																																																																	-5,063,000				-7,474,000									6,483,000	-2,309,000	-10,308,000
amortization of pension and postretirement costs, net of tax provision of 627 and 511, and 1,189 and 1,071																																																																	1,440,000
operating income before gain on sale of new zealand timber assets																																																																		43,078,000	92,634,000	55,723,000
gain on sale of new zealand timber assets
income tax provision																																																																		-6,267,500	-7,627,000	-9,968,000
amortization of pension and postretirement costs																																																																		985,250	1,389,000	1,227,000	1,324,000
gain on sale of portion of new zealand joint venture																																																																						1,942,250		7,769,000
income from continuing operations, including gain on sale of portion of new zealand joint venture																																																																						40,448,250	65,748,000	58,745,000
income/(loss) on discontinued operations, net of income tax benefit of 130 and 10,459
unrealized loss on hedged transactions, net of income tax benefit of 231
minimum pension liability adjustments
loss on discontinued operations, net of income tax benefit of 9,863 and 10,329
unrealized loss on hedged transactions, net of income tax benefit of 358 and 262
loss on discontinued operations, net of income tax benefit of 0 and 465
unrealized loss on hedged transactions, net of income tax benefit of 0 and 97
other operating (income) / expense																																																																										-915,000
loss on discontinued operations, net of income tax benefit of 9,863,																																																																										-24,699,000
unrealized loss on hedged transactions, net of income tax benefit of 358, 573, 262, and 526																																																																										-229,000
unrealized loss on hedged transactions, net of income tax benefit of 97 and 256																																																																											-181,000
income from continuing operations, before income taxes																																																																													32,129,000	-4,511,000	10,401,000		7,908,000
unrealized loss on hedged transactions, net of income tax benefit of 256 and 25																																																																													-454,000
minimum pension liability adjustment																																																																													-2,497,000
gain on sale of discontinued operations, net of income tax expense of 46 and 3,307
income from discontinued operations, net of income tax expense of 29 and 768
unrealized gain on hedged transactions, net of income tax benefit																																																																														-54,750	-201,000
loss on sale of discontinued operations, net of income tax expense of 3,260
income from discontinued operations, net of income tax expense of 373 and 739
unrealized gain on hedged transactions, net of income tax benefit of 14, 280, (10) and 474																																																																																27,000
income from discontinued operations, net of income tax expense of 366
unrealized gain on hedged transactions, net of income tax (benefit) expense of (25) and 202																																																																																	-45,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-09-30	2002-06-30	2002-03-31

assets
current assets
cash and cash equivalents	842,944,000	919,582,000	892,256,000	216,242,000	323,158,000	74,225,000	141,906,000	159,903,000	207,696,000	107,784,000	88,404,000	98,774,000												132,362,000	68,735,000	56,946,000	130,956,000	154,613,000	148,374,000	146,259,000	106,611,000	92,785,000	112,653,000	104,062,000	136,559,000	219,357,000	85,909,000	110,039,000	129,654,000	76,204,000	51,777,000	65,755,000	91,632,000	139,049,000	161,558,000	182,831,000	222,061,000	156,071,000	260,738,000	343,581,000	266,017,000	215,475,000	189,103,000	236,575,000	362,285,000	314,180,000	317,112,000	349,463,000	405,665,000	344,184,000	152,970,000	74,964,000	153,145,000	59,889,000	57,454,000	61,685,000	54,992,000	21,008,000	146,869,000	181,081,000	92,145,000	16,302,000	28,471,000	40,171,000	168,885,000	165,020,000	126,179,000	109,584,000	136,315,000	96,186,000	8,411,784,117,000	41,550,000	66,042,000	62,898,000	2,139,721,397,000	86,419,000	46,988,000	4,410,000	41,294,000	38,691,000
restricted cash, current					19,366,000
trade receivables, less allowance for doubtful accounts of 209 and 401	9,101,000
other receivables	7,171,000	6,532,000	4,780,000	6,790,000	13,239,000	12,253,000	8,201,000	5,145,000	11,517,000	9,894,000	18,896,000
inventory	6,834,000	16,203,000	33,434,000	33,310,000	32,341,000	18,656,000	23,887,000	43,541,000	31,017,000	33,139,000	32,331,000	30,297,000	23,729,000	31,254,000	25,330,000	33,290,000	28,523,000	18,592,000	29,789,000	24,993,000	10,594,000	13,767,000	10,365,000	13,093,000	14,518,000	8,352,000	23,597,000	26,221,000	15,703,000	26,950,000	19,125,000	19,993,000	24,141,000	24,497,000	26,363,000	27,155,000	21,379,000	16,064,000	14,957,000	17,443,000	15,351,000	14,506,000	13,362,000	13,100,000	9,042,000													110,035,000				88,504,000				96,678,000				84,291,000				75,593,000
prepaid logging roads	6,662,000				12,196,000				15,425,000				14,893,000				14,286,000				12,073,000				12,128,000				11,976,000				11,207,000				10,228,000				10,563,000				12,665,000
prepaid expenses	3,211,000	9,639,000	8,537,000	9,869,000	3,575,000	20,918,000	20,012,000	20,148,000	3,645,000	20,415,000	18,961,000	20,856,000	5,680,000	20,341,000	19,050,000	20,088,000	4,242,000	19,362,000	20,040,000	18,280,000	4,095,000	19,342,000	18,133,000	14,941,000	2,600,000	14,894,000	20,581,000	17,283,000	5,040,000	15,849,000	15,774,000	16,436,000	4,786,000	16,656,000	14,727,000	14,723,000	1,579,000	12,564,000	13,489,000	12,890,000	2,091,000
assets held for sale	5,429,000	3,386,000	4,666,000	7,356,000	5,371,000	106,165,000	1,024,000	10,025,000	9,932,000	18,320,000	4,158,000	1,154,000	713,000	2,357,000	2,226,000	2,466,000	5,099,000	56,397,000	111,282,000	7,930,000	3,449,000	9,727,000										24,552,000				9,006,000	23,171,000	47,361,000																											49,832,000	56,093,000	68,549,000												50,439,000
other current assets	2,403,000	4,026,000	4,775,000	54,000	678,000	7,701,000	3,551,000	5,873,000	9,074,000	1,929,000	2,994,000	837,000	573,000	437,000	455,000	1,162,000	749,000	2,212,000	3,716,000	4,355,000	6,765,000	2,388,000	1,135,000	384,000	867,000	279,000	690,000	738,000	609,000	2,443,000	2,840,000	4,935,000	3,047,000	3,322,000	4,397,000	8,247,000	1,874,000	3,369,000	6,197,000	1,177,000	5,681,000																								43,936,000	39,971,000	48,644,000	61,912,000	47,360,000	49,780,000	31,535,000	51,050,000	58,995,000	41,526,000	57,879,000	58,212,000	49,143,000	44,595,000	42,156,000	29,107,000		19,044,000	27,132,000	28,252,000		16,819,000	17,068,000	16,626,000	7,927,000	8,544,000	11,040,000
current assets of discontinued operations				483,353,000
total current assets	883,755,000	972,921,000	959,923,000	767,388,000	436,893,000	277,073,000	229,979,000	279,944,000	316,958,000	222,928,000	197,259,000	187,348,000	202,381,000	355,125,000	369,707,000	375,098,000	451,431,000	619,930,000	530,954,000	190,080,000	170,565,000	168,814,000	161,230,000	189,075,000	125,975,000	106,530,000	220,755,000	230,886,000	207,853,000	234,590,000	198,690,000	196,494,000	183,527,000	260,945,000	285,227,000	384,922,000	164,804,000	214,128,000	194,873,000	135,211,000	105,685,000	123,623,000	145,660,000	190,149,000	214,363,000	251,539,000	360,096,000	495,833,000	641,181,000	682,217,000	590,758,000	525,181,000	500,331,000	498,100,000	648,418,000	605,286,000	577,469,000	609,186,000	661,697,000	594,689,000	579,421,000	509,696,000	543,638,000	398,263,000	327,633,000	326,976,000	361,465,000	274,476,000	351,092,000	396,220,000	299,065,000	278,063,000	291,631,000	298,554,000	390,828,000	403,336,000	348,531,000	341,644,000	401,814,000	310,666,000		281,329,000	293,285,000	282,540,000		300,555,000	255,530,000	215,519,000	302,120,000	316,408,000	245,220,000
timber and timberlands, net of depletion and amortization	2,299,484,000	2,313,047,000	2,345,249,000	2,367,109,000	2,724,069,000	2,848,323,000	2,947,061,000	2,959,052,000	3,004,316,000	3,138,136,000	3,175,006,000	3,209,988,000	3,230,904,000	2,750,541,000	2,799,507,000	2,869,194,000	2,894,996,000	2,788,991,000	3,135,519,000	3,245,122,000	3,262,126,000	3,284,695,000	3,332,067,000	2,355,581,000	2,482,047,000	2,408,310,000	2,392,389,000	2,395,625,000	2,401,327,000	2,386,949,000	2,406,425,000	2,424,675,000	2,462,066,000	2,492,049,000	2,509,485,000	2,280,814,000	2,291,015,000	2,325,489,000	2,306,105,000	2,063,691,000	2,066,780,000	2,038,032,000	2,086,729,000	2,073,024,000	2,083,743,000	2,058,381,000	2,121,614,000	2,069,518,000	2,103,503,000	2,080,611,000	1,565,782,000	1,489,889,000	1,496,425,000	1,504,291,000	1,192,356,000	1,129,306,000	1,133,746,000	1,137,931,000	1,130,661,000	1,146,216,000	1,158,861,000	1,188,559,000	1,191,689,000	1,209,206,000	1,238,930,000	1,254,978,000	1,273,273,000	1,285,750,000	1,122,292,000
higher and better use timberlands and real estate development investments	126,090,000			112,868,000	109,610,000	138,977,000	135,353,000	106,403,000	105,595,000	106,657,000	111,786,000	119,701,000	115,097,000	115,984,000	112,497,000	111,445,000	106,878,000	110,592,000	103,564,000	111,315,000	108,518,000	108,286,000	113,920,000	88,833,000	81,791,000	89,456,000	77,072,000	76,287,000	85,609,000	79,747,000	86,955,000	87,702,000	80,797,000	79,223,000	74,888,000	73,713,000	70,374,000	70,324,000	68,164,000	66,618,000	65,450,000
property, plant and equipment
land	5,581,000	5,581,000	5,581,000	5,581,000	5,581,000	6,453,000	6,453,000	6,453,000	6,453,000	6,453,000	6,453,000	6,453,000	6,453,000	6,452,000	6,453,000	6,400,000	6,401,000	6,569,000	6,569,000	6,569,000	6,548,000	5,566,000	5,566,000	4,131,000	4,131,000	4,131,000	4,131,000	4,131,000	4,131,000	4,131,000	3,962,000	3,962,000	3,962,000	3,043,000	2,279,000	2,279,000	2,279,000	1,832,000	1,832,000	1,833,000	1,833,000	1,833,000	1,833,000	1,833,000	1,833,000	1,833,000	1,833,000	20,620,000	23,168,000	22,996,000	21,804,000	29,021,000	28,982,000	26,952,000	26,345,000	26,343,000	24,932,000	24,752,000	24,818,000	24,787,000	24,812,000	24,789,000	24,877,000	24,781,000	25,086,000	24,432,000	24,949,000	24,983,000	25,287,000	25,282,000	25,151,000	25,178,000	25,222,000	25,291,000	21,019,000	21,386,000	20,969,000	19,950,000	20,226,000	23,457,000		22,892,000	22,866,000	22,960,000		20,201,000	17,435,000	20,321,000
buildings	24,493,000	24,493,000	24,493,000	24,493,000	26,200,000	31,579,000	31,187,000	31,147,000	31,251,000	30,121,000	30,948,000	30,805,000	31,020,000	30,863,000	31,015,000	31,198,000	31,168,000	31,028,000	31,047,000	30,979,000	31,024,000	29,221,000	29,153,000	22,933,000	23,095,000	22,345,000	22,432,000	22,621,000	22,503,000	23,149,000	23,142,000	24,236,000	23,618,000	24,105,000	8,202,000	8,094,000	7,990,000	9,673,000	9,673,000	9,024,000	9,014,000	8,918,000	8,977,000	8,894,000	8,961,000	8,885,000	8,468,000	188,913,000	184,933,000	166,578,000	134,337,000	143,854,000	143,182,000	144,018,000	131,406,000	131,993,000	132,216,000	131,100,000	127,064,000	125,827,000	125,100,000	126,443,000	124,451,000	124,675,000	123,725,000	124,143,000	124,417,000	124,165,000	124,078,000	124,030,000	121,256,000	122,331,000	123,252,000	118,348,000	115,690,000	115,325,000	114,525,000	117,300,000	115,147,000	124,531,000		123,148,000	121,732,000	119,541,000		112,160,000	114,224,000	111,968,000
machinery and equipment	6,977,000	6,948,000	5,734,000	4,876,000	5,047,000	5,070,000	6,647,000	6,633,000	6,523,000	6,581,000	6,560,000	6,565,000	6,568,000	6,548,000	6,564,000	6,497,000	6,494,000	4,392,000	4,396,000	4,395,000	4,615,000	4,686,000	4,753,000	4,346,000	4,339,000	3,680,000	3,681,000	3,772,000	3,534,000	4,427,000	4,432,000	4,416,000	4,440,000	4,449,000	4,674,000	4,690,000	4,658,000	3,469,000	3,631,000	3,689,000	3,686,000	3,531,000	3,388,000	3,530,000	3,503,000	3,326,000	3,333,000	1,756,924,000	1,761,590,000	1,644,945,000	1,389,212,000	1,412,283,000	1,403,852,000	1,350,939,000	1,343,931,000	1,381,800,000	1,361,258,000	1,350,812,000	1,329,152,000	1,318,628,000	1,295,702,000	1,275,955,000	1,265,028,000	1,262,019,000	1,252,385,000	1,243,911,000	1,230,538,000	1,228,106,000	1,212,133,000	1,190,852,000	1,193,990,000	1,248,276,000	1,236,980,000	1,221,305,000	1,255,377,000	1,250,795,000	1,245,479,000	1,215,181,000	1,215,009,000	1,309,109,000		1,288,706,000	1,282,910,000	1,281,393,000		1,284,051,000	1,267,869,000	1,262,551,000
construction in progress	2,386,000	1,312,000	776,000	1,548,000	779,000	1,433,000	2,056,000	1,895,000	1,841,000	1,331,000	1,157,000	881,000	653,000	597,000	553,000	510,000	460,000	710,000	521,000	471,000	452,000	404,000	382,000	349,000	348,000	1,223,000	589,000	550,000	567,000	635,000	545,000	237,000	627,000	1,127,000	15,897,000	11,013,000	8,170,000	4,993,000	2,614,000	1,638,000	1,282,000	660,000	772,000	710,000	579,000	393,000	274,000	32,560,000	17,157,000	123,621,000	327,353,000	218,365,000	145,688,000	157,376,000	63,405,000
total property, plant and equipment, gross	39,437,000	38,334,000	36,584,000	36,498,000	37,607,000	44,535,000	46,343,000	46,128,000	46,068,000	44,486,000	45,118,000	44,704,000	44,694,000	44,460,000	44,585,000	44,605,000	44,523,000	42,699,000	42,533,000	42,414,000	42,639,000	39,877,000	39,854,000	31,759,000	31,913,000	31,379,000	30,833,000	31,074,000	30,735,000	32,342,000	32,081,000	32,851,000	32,647,000	32,724,000	31,052,000	26,076,000	23,097,000	19,967,000	17,750,000	16,184,000	15,815,000	14,942,000	14,970,000	14,967,000	14,876,000	14,437,000	13,908,000	1,999,017,000	1,986,848,000	1,958,140,000	1,872,706,000	1,803,523,000	1,721,704,000	1,679,285,000	1,565,087,000	1,540,136,000			1,481,034,000	1,469,242,000
less—accumulated depreciation	-20,909,000				-19,232,000				-19,059,000				-17,505,000				-14,900,000				-12,238,000				-9,662,000				-7,984,000				-9,269,000				-9,063,000				-9,073,000				-8,170,000										-1,144,479,000	-1,131,767,000	-1,123,894,000					-1,082,248,000				-1,041,779,000						-1,035,825,000	-1,018,659,000	-1,011,164,000										932,597,000			885,259,000			827,720,000	810,171,000
total property, plant and equipment	18,528,000	17,950,000	17,339,000	17,734,000	18,375,000	24,389,000	26,130,000	26,490,000	27,009,000	26,008,000	26,487,000	26,723,000	27,189,000	27,753,000	28,373,000	28,906,000	29,623,000	28,532,000	29,084,000	29,714,000	30,401,000	28,790,000	29,410,000	21,809,000	22,251,000	22,200,000	22,044,000	22,541,000	22,751,000	22,802,000	22,932,000	23,176,000	23,378,000	23,326,000	21,560,000	16,849,000	14,034,000	11,076,000	9,124,000	6,835,000	6,742,000	6,157,000	6,434,000	6,592,000	6,706,000	6,531,000	6,143,000	861,969,000	868,432,000	852,432,000	760,238,000	629,811,000	562,776,000	522,010,000	420,608,000	408,369,000	1,518,406,000	1,506,664,000	371,290,000	371,441,000	1,445,614,000	1,427,187,000	1,414,356,000	1,411,475,000	1,401,196,000	1,392,486,000	1,379,904,000	1,377,254,000	1,361,498,000	1,340,164,000	1,340,397,000	1,395,785,000	1,385,454,000	1,364,944,000		1,387,506,000	1,380,973,000	1,352,431,000	1,350,382,000	1,457,097,000		1,434,746,000	1,427,508,000	1,423,894,000		1,416,412,000	1,399,528,000	1,394,840,000	543,726,000	550,007,000	566,171,000
restricted cash, non-current	495,000	677,000	677,000	677,000	676,000
right-of-use assets	16,286,000	18,228,000	18,170,000	18,042,000	82,670,000	93,988,000	91,039,000	90,319,000	95,474,000	92,736,000	94,563,000	98,301,000	97,167,000	95,650,000	102,262,000	104,183,000	101,837,000	107,631,000	109,221,000	105,146,000	108,992,000	100,297,000	96,710,000	91,953,000	99,942,000	97,432,000	104,016,000
other assets	60,015,000	59,530,000	57,676,000	67,535,000	102,126,000	93,463,000	108,907,000	106,872,000	97,555,000	119,480,000	112,060,000	100,150,000	115,481,000	111,051,000	84,266,000	70,413,000	50,966,000	50,113,000	50,225,000	67,732,000	45,156,000	35,642,000	35,455,000	40,024,000	47,757,000	40,162,000	41,021,000	43,259,000	55,046,000	72,709,000	66,422,000	61,422,000	49,010,000	45,545,000	49,853,000	51,336,000	73,825,000	50,381,000	53,913,000	59,782,000	74,606,000	79,374,000	57,772,000	70,833,000	148,303,000	161,108,000	148,104,000	217,458,000	205,004,000	212,791,000	211,677,000	198,798,000	192,591,000	195,094,000	153,058,000	141,357,000	149,011,000	162,749,000	163,175,000	176,459,000	175,471,000	158,738,000	161,723,000	154,513,000	148,934,000	157,870,000	153,924,000	166,804,000	151,872,000	157,081,000	142,025,000	165,107,000	136,395,000	121,802,000	155,629,000	114,347,000	112,208,000	109,400,000	108,684,000	130,549,000		111,960,000	131,273,000	97,440,000		87,095,000	88,164,000	90,526,000	73,683,000	74,061,000	74,197,000
non-current assets of discontinued operations
total assets	3,404,653,000	3,491,889,000	3,514,250,000	3,351,353,000	3,474,419,000	3,479,234,000	3,539,146,000	3,569,757,000	3,647,585,000	3,707,749,000	3,722,123,000	3,747,173,000	3,789,371,000	3,472,356,000	3,510,941,000	3,559,864,000	3,636,356,000	3,706,414,000	3,959,269,000	3,749,584,000	3,728,733,000	3,726,999,000	3,769,267,000	2,787,750,000	2,860,996,000	2,767,078,000	2,861,051,000	2,884,210,000	2,780,666,000	2,842,215,000	2,851,062,000	2,878,372,000	2,858,481,000	2,911,719,000	2,952,794,000	2,918,910,000	2,685,760,000	2,671,398,000	2,632,179,000	2,332,137,000	2,319,263,000	2,314,460,000	2,366,321,000	2,412,550,000	2,453,115,000	2,477,559,000	2,635,957,000	3,644,778,000	3,818,120,000	3,828,051,000	3,202,285,000	2,913,868,000	2,816,577,000	2,793,883,000	2,494,721,000	2,361,787,000	2,324,899,000		2,392,135,000	2,352,589,000	2,332,925,000		2,292,184,000	2,164,049,000	2,069,305,000																								1,951,789,000	1,988,800,000	2,001,905,000
liabilities, noncontrolling interests in the operating partnership and shareholders’ equity
current liabilities
accounts payable	12,775,000	13,566,000	14,850,000	11,399,000	26,059,000	29,335,000	25,764,000	34,134,000	26,561,000	25,960,000	22,718,000	32,172,000	22,100,000	27,061,000	28,201,000	31,131,000	23,447,000	27,989,000	29,226,000	35,083,000	24,790,000	24,645,000	21,836,000	20,837,000	18,160,000	19,556,000	24,944,000	25,958,000	18,019,000	22,406,000	27,692,000	27,082,000	25,148,000	27,692,000	28,696,000	30,956,000	22,337,000	23,735,000	22,833,000	22,242,000	21,479,000	19,301,000	22,396,000	22,228,000	20,211,000	23,126,000	27,871,000	86,282,000	98,970,000	133,255,000	108,493,000	91,662,000	72,732,000	100,681,000	68,495,000	67,143,000	76,587,000	57,985,000	50,689,000	64,261,000	69,907,000	58,584,000	49,110,000	66,772,000	73,615,000	70,011,000	67,693,000	78,814,000	72,861,000	66,224,000	55,087,000	67,069,000	68,935,000	73,758,000	58,922,000	80,034,000	76,295,000	56,566,000	65,930,000	73,220,000		59,772,000	58,785,000	70,906,000		60,020,000	59,928,000	64,478,000	64,301,000	66,273,000	57,621,000
current maturities of long-term debt	199,982,000	199,969,000	199,956,000		19,442,000	22,010,000									622,000										82,000,000								3,375,000		31,525,000	42,926,000	31,676,000	31,752,000		12,211,000			30,000,000	130,213,000	129,706,000	130,486,000		114,319,000	10,000,000	75,463,000	50,000,000	41,268,000		50,512,000	116,167,000	116,167,000	93,057,000
accrued taxes	5,070,000	9,350,000	6,419,000	3,490,000	4,238,000	8,307,000	5,947,000	5,567,000	4,394,000	8,920,000	6,975,000	4,899,000	3,734,000	8,820,000	6,287,000	2,754,000	12,446,000	18,503,000	14,564,000	8,317,000	7,347,000	8,067,000	6,444,000	3,416,000	3,032,000	8,096,000	5,935,000	4,028,000	3,178,000	7,818,000	5,299,000	3,583,000	3,781,000	7,562,000	5,374,000	3,348,000	2,657,000	6,892,000	5,571,000	4,076,000	3,685,000	17,238,000	15,811,000	12,461,000	11,405,000	14,954,000	13,834,000	11,374,000	20,146,000	20,158,000	30,059,000	64,722,000	40,961,000	17,350,000	22,894,000	18,359,000		10,337,000				11,994,000				10,631,000	25,575,000	15,223,000	14,183,000	7,179,000	15,560,000	12,571,000	13,708,000	16,296,000	39,273,000	36,776,000	19,029,000	43,462,000	39,652,000	34,602,000		44,204,000	29,700,000	23,202,000		15,978,000	13,024,000	22,256,000	13,467,000	18,324,000	16,679,000
accrued payroll and benefits	15,740,000	12,166,000	7,840,000	6,417,000	16,052,000	11,145,000	8,858,000	6,680,000	14,215,000	10,443,000	7,901,000	6,430,000	12,564,000	10,942,000	8,438,000	6,068,000	14,514,000	11,210,000	8,878,000	6,094,000	12,327,000	10,028,000	6,628,000	3,802,000	8,869,000	6,559,000	5,451,000	4,732,000	10,416,000	8,320,000	6,690,000	3,760,000	9,662,000	7,331,000	5,092,000	3,079,000	9,277,000	6,224,000	5,054,000	3,317,000	7,037,000	5,673,000	4,596,000	2,996,000	6,390,000	6,338,000	5,316,000	19,261,000	26,484,000	20,489,000	18,471,000	25,066,000	23,305,000	20,322,000	24,719,000	21,709,000		25,466,000				23,764,000				19,620,000	21,826,000	18,192,000	20,607,000	30,065,000	26,743,000	20,560,000	19,761,000	24,879,000	18,577,000	14,582,000	16,141,000	21,990,000	16,115,000	16,869,000		22,254,000	18,914,000	16,276,000		18,817,000	15,056,000	13,805,000	15,903,000	12,945,000	13,232,000
accrued interest	4,517,000	7,702,000	4,610,000	7,671,000	5,228,000	9,050,000	6,298,000	9,913,000	7,094,000	10,605,000	7,304,000	10,175,000	5,920,000	7,178,000	3,585,000	6,677,000	6,343,000	12,555,000	7,081,000	9,627,000	6,325,000	9,203,000	6,500,000	8,042,000	5,205,000	7,976,000	4,931,000	8,106,000	5,007,000	7,963,000	4,995,000	8,100,000	5,054,000	8,032,000	5,225,000	8,321,000	5,340,000	8,313,000	5,174,000	7,373,000	6,153,000	8,943,000	8,043,000	9,892,000	8,433,000	10,136,000	9,743,000	13,857,000	13,854,000	9,835,000	11,200,000	17,401,000	18,694,000	11,075,000	11,942,000	6,640,000	11,592,000	6,206,000	11,633,000	6,312,000	11,996,000	6,512,000	14,302,000	3,954,000	13,668,000	4,202,000	13,643,000	3,992,000	13,436,000	3,481,000	14,871,000	3,517,000	12,678,000	19,551,000	12,257,000	2,970,000	12,663,000	12,853,000	5,633,000	15,761,000		15,002,000	4,269,000	14,215,000		15,028,000	4,190,000	18,378,000	18,464,000	26,179,000	18,518,000
dividend and distribution payable					271,815,000				30,148,000
deferred revenue	19,260,000	25,509,000	32,571,000	17,732,000	20,902,000	29,570,000	34,021,000	20,900,000	19,012,000	23,835,000	33,490,000	19,095,000	22,762,000	22,586,000	28,579,000	13,699,000	17,802,000	19,899,000	23,259,000	8,137,000	11,112,000	15,673,000	18,434,000	6,718,000	11,440,000	15,320,000	19,798,000	8,468,000	10,447,000	13,867,000	17,674,000	7,901,000	9,721,000
other current liabilities	13,937,000	14,297,000	8,004,000	8,114,000	24,917,000	29,993,000	33,993,000	35,339,000	30,409,000	30,856,000	24,364,000	23,988,000	28,247,000	34,249,000	31,157,000	24,782,000	25,863,000	28,983,000	27,355,000	33,587,000	29,234,000	24,450,000	24,405,000	26,459,000	22,480,000	26,262,000	25,026,000	27,050,000	16,474,000	21,249,000	21,538,000	15,091,000	11,807,000	26,799,000	29,716,000	20,572,000	20,679,000	23,227,000	29,370,000	19,089,000	21,103,000	30,200,000	31,614,000	19,002,000	25,857,000	26,596,000	28,865,000	35,870,000	51,191,000	51,842,000	25,168,000	28,398,000	24,187,000	16,064,000	35,637,000	36,050,000	60,510,000	20,362,000	87,285,000	85,972,000	64,533,000	22,832,000	92,939,000	81,313,000	65,990,000	29,490,000	37,974,000	41,406,000	38,210,000	33,460,000	33,625,000	36,339,000	39,603,000	35,110,000	35,157,000	36,842,000	34,498,000	34,381,000	29,217,000	28,210,000		32,927,000	25,564,000	20,649,000		21,971,000	18,820,000	15,197,000	12,401,000	18,539,000	16,118,000
current liabilities of discontinued operations				227,991,000
total current liabilities	271,281,000	282,559,000	274,250,000	282,814,000	388,710,000	139,462,000	116,104,000	113,756,000	140,277,000	110,619,000	102,752,000	96,759,000	95,327,000	112,412,000	108,445,000	92,662,000	231,721,000	368,235,000	310,193,000	100,845,000	91,135,000	92,066,000	109,289,000	69,274,000	151,186,000	83,769,000	86,085,000	78,342,000	63,541,000	81,623,000	83,888,000	65,517,000	68,548,000	150,416,000	178,628,000	182,942,000	91,966,000	100,143,000	68,002,000	68,308,000	59,457,000	81,355,000	112,460,000	196,792,000	202,002,000	211,636,000	91,409,000	297,491,000	239,862,000	330,471,000	260,725,000	287,066,000	196,753,000	233,083,000	300,209,000	302,830,000	260,311,000	244,948,000	175,054,000	177,004,000	163,154,000	175,111,000	166,365,000	161,061,000	167,992,000	162,951,000	218,768,000	176,965,000	180,770,000	218,413,000	177,426,000	156,112,000	171,112,000	193,337,000	185,874,000	191,789,000	179,792,000	259,333,000	245,023,000	241,014,000		200,716,000	162,664,000	168,890,000		160,356,000	135,629,000	163,333,000	223,718,000	164,939,000	148,936,000
long-term debt	845,335,000	845,119,000	844,905,000	1,044,635,000	1,089,770,000	1,285,239,000	1,363,651,000	1,361,985,000	1,365,773,000	1,511,470,000	1,512,197,000	1,514,127,000	1,514,721,000	1,257,756,000	1,263,394,000	1,243,673,000	1,242,819,000	1,167,967,000	1,192,888,000	1,299,433,000	1,300,336,000	1,318,205,000	1,310,506,000	1,055,270,000	973,129,000	972,989,000	972,848,000	972,707,000	972,567,000	972,426,000	972,285,000	996,145,000	1,022,004,000	1,030,269,000	1,033,621,000	1,028,068,000	1,030,205,000	1,033,288,000	1,052,307,000	857,429,000	833,879,000	791,233,000	722,353,000	612,804,000	621,849,000	605,162,000	770,086,000	1,393,887,000	1,646,337,000	1,591,834,000	1,150,471,000	967,785,000	1,018,093,000	973,717,000	658,464,000	581,297,000	602,255,000	675,103,000	766,102,000	764,057,000	762,028,000	694,999,000	809,070,000	749,475,000	748,033,000	770,339,000	770,339,000	794,259,000	694,259,000	694,259,000	620,976,000	666,209,000	670,886,000	655,447,000	555,120,000	554,691,000	555,157,000	556,247,000	623,228,000	607,815,000	-610,290,000	611,909,000	612,139,000	614,786,000		616,808,000	618,679,000	618,948,000	650,843,000	768,021,000	812,120,000
long-term lease liability	13,669,000	15,587,000	15,454,000	15,318,000	76,297,000	86,980,000	84,140,000	82,932,000	87,684,000	85,111,000	86,477,000	89,911,000	88,756,000	87,639,000	93,748,000	95,543,000	93,416,000	99,275,000	100,860,000	96,872,000	100,251,000	91,122,000	87,774,000	83,358,000	90,481,000	88,387,000	93,749,000	95,009,000
long-term deferred revenue	9,600,000	11,219,000	11,844,000	12,354,000	10,697,000	14,070,000	15,238,000	15,349,000	11,294,000	11,317,000	11,327,000	11,337,000
other non-current liabilities	14,570,000	12,458,000	12,227,000	12,767,000	75,220,000	84,569,000	78,448,000	79,051,000	81,863,000	78,744,000	84,721,000	89,303,000	95,582,000	83,987,000	91,166,000	99,907,000	108,521,000	115,749,000	122,017,000	121,598,000	160,722,000	174,772,000	178,136,000	155,522,000	83,247,000	82,359,000	78,688,000	67,140,000	60,208,000	58,142,000	51,782,000	49,400,000	43,084,000	42,369,000	40,846,000	28,888,000	34,981,000	54,684,000	56,825,000	36,307,000	30,050,000	32,056,000	20,840,000	21,077,000	20,636,000	27,466,000	30,600,000	31,254,000	21,254,000	27,590,000	21,271,000	25,374,000	24,952,000	24,987,000	27,292,000	32,616,000	43,540,000	44,025,000	35,909,000	34,606,000	35,238,000	37,010,000	34,983,000	28,086,000	14,914,000	15,583,000	16,550,000	18,412,000	13,952,000	14,439,000	14,044,000	14,213,000	14,185,000	12,716,000	69,469,000	69,275,000	67,507,000	102,282,000	101,512,000	101,340,000		106,206,000	104,191,000	104,078,000		98,783,000	94,296,000	90,800,000	43,610,000	39,359,000	37,371,000
non-current liabilities of discontinued operations
commitments and contingencies
noncontrolling interests in the operating partnership	40,463,000	46,242,000	53,353,000	58,170,000	51,843,000	64,666,000	59,047,000	69,589,000	81,651,000	69,820,000	77,532,000	82,461,000	105,763,000	96,243,000	123,811,000	136,239,000	133,823,000	140,555,000	153,505,000	137,990,000	130,121,000	117,530,000	110,220,000
shareholders’ equity
common shares, 480,000,000 shares authorized, 161,425,616 and 148,536,643 shares issued and outstanding	1,904,376,000
retained earnings	280,873,000	514,226,000	545,087,000	204,180,000	257,254,000	243,861,000	264,012,000	296,533,000	338,244,000	295,096,000	311,429,000	330,389,000	366,637,000	384,384,000	382,495,000	389,077,000	402,307,000	450,076,000	411,531,000	407,716,000	446,267,000	485,636,000	531,681,000	570,895,000	583,006,000	602,051,000	645,743,000	662,116,000	672,371,000	705,531,000	716,328,000	715,283,000	707,378,000	675,911,000	683,190,000	689,612,000	700,887,000	683,596,000	674,954,000	595,851,000	612,760,000	657,326,000	743,528,000	776,827,000	790,697,000	820,181,000	891,629,000	996,573,000	995,249,000	1,000,647,000	968,973,000	855,766,000	829,888,000	810,687,000	799,159,000	743,419,000	731,392,000	717,058,000	701,527,000	679,093,000	680,903,000	663,986,000	606,008,000	564,555,000	496,382,000	514,094,000	509,185,000	518,794,000	520,670,000	519,328,000	523,977,000	491,481,000	494,692,000	494,272,000	468,061,000	449,046,000	442,258,000	398,492,000	390,476,000	404,787,000		415,935,000	419,726,000	403,796,000		679,261,000	682,629,000	662,264,000	661,124,000	655,481,000	649,236,000
accumulated other comprehensive income	24,486,000	27,412,000	30,712,000		-10,429,000	23,574,000	27,749,000	22,370,000	24,651,000	27,504,000	24,295,000	20,868,000	35,813,000		610,000	25,973,000									-31,202,000	-63,216,000	-29,511,000	-5,853,000	239,000	12,348,000	16,601,000	37,563,000	13,417,000	12,638,000	20,175,000	5,545,000	856,000									3,569,000	30,891,000																									-23,824,000	-28,179,000		5,669,000	-1,100,000	-63,000	-5,035,000	330,000	4,904,000		-10,994,000	-17,807,000	-11,324,000		-21,302,000	-30,956,000	-30,983,000	-375,000	141,000	-357,000
total rayonier inc. shareholders’ equity	2,209,735,000	2,278,705,000	2,302,217,000	1,915,088,000	1,769,312,000	1,787,005,000	1,806,787,000	1,831,242,000	1,860,536,000	1,816,111,000	1,825,420,000	1,840,531,000	1,865,395,000	1,813,407,000	1,807,434,000	1,836,996,000	1,771,776,000	1,710,393,000	1,609,348,000	1,528,835,000	1,474,057,000	1,429,219,000	1,457,241,000	1,313,393,000	1,439,981,000	1,425,064,000	1,500,850,000	1,542,567,000	1,556,873,000	1,600,300,000	1,613,489,000	1,631,773,000	1,593,023,000	1,558,555,000	1,571,720,000	1,560,500,000	1,411,610,000	1,361,185,000	1,336,774,000	1,256,444,000	1,288,084,000	1,308,420,000	1,404,113,000	1,465,327,000	1,488,470,000	1,524,331,000	1,620,982,000	1,660,772,000	1,589,453,000	1,563,539,000
noncontrolling interests in consolidated affiliates				10,207,000	11,221,000	15,760,000	14,278,000	14,405,000	17,066,000	16,201,000	13,295,000	14,284,000	15,317,000	11,256,000	13,016,000	44,643,000	43,802,000	82,067,000	388,135,000	381,086,000	388,588,000	421,929,000	456,717,000
total shareholders’ equity	2,209,735,000	2,278,705,000	2,302,217,000	1,925,295,000	1,780,533,000	1,802,765,000	1,821,065,000	1,845,647,000	1,877,602,000	1,832,312,000	1,838,715,000	1,854,815,000	1,880,712,000	1,824,663,000	1,820,450,000	1,881,639,000	1,815,578,000	1,792,460,000	1,997,483,000	1,909,921,000	1,862,645,000	1,851,148,000	1,913,958,000	1,399,668,000	1,537,642,000	1,515,621,000	1,600,298,000	1,641,200,000	1,654,550,000	1,701,099,000	1,712,877,000	1,736,173,000	1,692,940,000	1,657,234,000	1,668,110,000	1,647,294,000	1,496,752,000	1,448,581,000	1,420,520,000	1,335,780,000	1,361,740,000	1,376,217,000	1,477,272,000	1,548,216,000	1,575,151,000	1,610,902,000	1,719,848,000	1,759,592,000	1,684,879,000	1,650,120,000									1,222,639,000	1,181,863,000	1,174,932,000		1,077,747,000	1,014,360,000	921,821,000
total liabilities, noncontrolling interests in the operating partnership and shareholders’ equity	3,404,653,000	3,491,889,000	3,514,250,000	3,351,353,000	3,474,419,000	3,479,234,000	3,539,146,000	3,569,757,000	3,647,585,000	3,707,749,000	3,722,123,000	3,747,173,000	3,789,371,000	3,472,356,000	3,510,941,000	3,559,864,000	3,636,356,000	3,706,414,000	3,959,269,000	3,749,584,000	3,728,733,000	3,726,999,000	3,769,267,000
trade receivables, less allowance for doubtful accounts of 328 and 401		13,553,000
higher and better use timberlands and real estate developmentinvestments		109,536,000	115,216,000
less — accumulated depreciation		-20,384,000	-19,245,000	-18,764,000		-20,146,000	-20,213,000	-19,638,000		-18,478,000	-18,631,000	-17,981,000		-16,707,000	-16,212,000	-15,699,000		-14,167,000	-13,449,000	-12,700,000		-11,087,000	-10,444,000	-9,950,000		-9,179,000	-8,789,000	-8,533,000		-9,540,000	-9,149,000	-9,675,000		-9,398,000	-9,492,000	-9,227,000		-8,891,000	-8,626,000	-9,349,000		-8,785,000	-8,536,000	-8,375,000		-7,906,000	-7,765,000	-1,137,048,000	-1,118,416,000	-1,105,708,000	-1,112,468,000	-1,173,712,000	-1,158,928,000	-1,157,275,000				-1,121,360,000
contingencies
common shares, 480,000,000 shares authorized, 153,871,154 and 148,536,643 shares issued and outstanding		1,737,067,000
trade receivables, less allowance for doubtful accounts of 325 and 401			11,475,000
common shares, 480,000,000 shares authorized, 154,761,232 and 148,536,643 shares issued and outstanding			1,726,418,000
trade receivables, less allowance for doubtful accounts of 217 and 401				10,414,000
common shares, 480,000,000 shares authorized, 156,007,772 and 148,536,643 shares issued and outstanding				1,725,212,000
accumulated other comprehensive loss				-14,304,000										-1,599,000			-19,604,000	-36,560,000	-33,407,000	-25,146,000	-73,885,000	-121,605,000	-137,929,000	-147,255,000														-30,388,000	-44,857,000	-43,581,000	-33,503,000	-55,976,000	-34,250,000	-15,088,000	-4,825,000			-30,037,000	-93,153,000	-116,911,000	-102,881,000	-100,304,000	-109,955,000	-103,278,000	-51,093,000	-56,309,000	-66,544,000	-68,358,000	-73,035,000	-77,338,000	-76,644,000	-79,742,000	-84,101,000	-88,860,000	-105,099,000	-98,296,000	-12,804,000	-20,344,000	-20,195,000		-19,318,000
trade receivables, less allowance for doubtful accounts of 401 and 210					26,969,000
pension and other postretirement benefits					57,000	52,000	1,223,000	1,223,000	8,444,000	8,356,000	8,402,000	8,460,000	8,510,000	9,656,000	9,927,000	10,201,000	10,478,000	22,173,000	22,568,000	22,958,000	23,344,000	21,765,000	23,767,000	24,658,000	25,311,000	23,953,000	29,383,000	29,812,000	29,800,000	28,925,000	30,230,000	31,137,000	31,905,000	31,431,000	31,589,000	31,718,000	31,856,000	34,702,000	34,525,000	34,313,000	34,137,000	33,599,000	33,396,000	33,661,000	33,477,000	22,393,000	24,014,000	95,098,000	158,663,000	158,594,000	158,829,000	140,153,000	140,073,000	140,517,000	65,512,000	65,137,000	65,649,000	66,335,000	111,957,000	111,795,000	111,890,000	111,662,000	113,792,000	118,029,000	121,688,000	121,440,000	36,793,000	68,218,000	67,716,000	67,217,000	64,743,000	75,533,000	75,070,000	73,303,000
pension and other postretirement benefits, non-current					1,349,000	1,483,000	1,453,000	1,448,000	1,441,000
common shares, 480,000,000 shares authorized, 148,536,643 and 148,299,117 shares issued and outstanding					1,522,487,000
trade receivables, less allowance for doubtful accounts of 504 and 210						37,155,000
restricted cash						3,021,000	677,000	677,000	678,000	1,804,000	4,962,000	4,962,000							702,000	475,000	2,975,000	475,000	475,000	475,000	1,233,000	2,988,000	3,754,000	9,867,000	8,080,000	45,418,000	69,638,000	84,903,000	59,703,000	10,631,000	11,781,000	111,276,000											75,000,000
common shares, 480,000,000 shares authorized, 149,000,336 and 148,299,117 shares issued and outstanding						1,519,570,000
trade receivables, less allowance for doubtful accounts of 85 and 210							31,398,000
common shares, 480,000,000 shares authorized, 148,979,418 and 148,299,117 shares issued and outstanding							1,515,026,000
trade receivables, less allowance for doubtful accounts of 202 and 210								35,309,000
common shares, 480,000,000 shares authorized, 148,649,321 and 148,299,117 shares issued and outstanding								1,512,339,000
trade receivables, less allowance for doubtful accounts of 210 and 74									28,652,000
common shares, 480,000,000 shares authorized, 148,299,117 and 147,282,631 shares issued and outstanding									1,497,641,000
trade receivables, less allowance for doubtful accounts of 217 and 74										31,447,000
common shares, 480,000,000 shares authorized, 148,287,338 and 147,282,631 shares issued and outstanding										1,493,511,000
trade receivables, less allowance for doubtful accounts of 67 and 74											31,515,000
common shares, 480,000,000 shares authorized, 148,268,443 and 147,282,631 shares issued and outstanding											1,489,696,000
accounts receivables												35,430,000	42,538,000	37,468,000	40,902,000	52,906,000	30,018,000	42,352,000	51,819,000	51,902,000	49,082,000	45,439,000	36,811,000	28,295,000	27,127,000	26,059,000	44,931,000	32,031,000	26,151,000	43,089,000	54,340,000	37,793,000	27,693,000	39,408,000	30,181,000	33,434,000	20,664,000	24,731,000	30,576,000	27,497,000	20,222,000	19,296,000	19,444,000	19,960,000	24,018,000	28,237,000	19,765,000	111,697,000	124,360,000	116,538,000	105,693,000	109,943,000	109,294,000	97,198,000	106,937,000	108,302,000	97,284,000	82,640,000	114,545,000	95,710,000	92,402,000	103,740,000	97,072,000	82,150,000	71,896,000	72,549,000	93,842,000	99,023,000	80,127,000	81,068,000	105,665,000	99,889,000	103,848,000	100,309,000	86,786,000	105,605,000	96,018,000	101,413,000	88,060,000	93,011,000		92,211,000	103,606,000	96,276,000		92,083,000	94,425,000	100,365,000	100,395,000	100,246,000	103,142,000
common shares, 480,000,000 shares authorized, 148,012,979 and 147,282,631 shares issued and outstanding												1,489,274,000
cash and cash equivalents, excluding timber funds													114,255,000	260,931,000	279,331,000	256,537,000	358,680,000	419,604,000	309,839,000	77,946,000	80,454,000	75,178,000	87,813,000
cash and cash equivalents, timber funds														873,000	949,000	3,185,000	3,493,000	12,202,000	4,469,000	4,674,000	4,053,000	2,973,000	6,973,000
total cash and cash equivalents													114,255,000	261,804,000	280,280,000	259,722,000	362,173,000	431,806,000	314,308,000	82,620,000	84,507,000	78,151,000	94,786,000
restricted cash, timber funds														1,464,000	1,464,000	5,464,000	6,341,000	49,209,000
restricted cash, excluding timber funds													1,152,000	16,252,000	14,329,000	625,000	625,000	625,000
distribution payable, timber funds														1,576,000	1,576,000	5,464,000		49,209,000
common shares, 480,000,000 shares authorized, 147,282,631 and 145,372,961 shares issued and outstanding													1,462,945,000
common shares, 480,000,000 shares authorized, 146,422,825 and 145,372,961 shares issued and outstanding														1,430,622,000
common shares, 480,000,000 shares authorized, 146,321,732 and 145,372,961 shares issued and outstanding															1,424,329,000
current maturities of long-term debt, net,																2,087,000
common shares, 480,000,000 shares authorized,146,107,688 and 145,372,961 shares issued and outstanding																1,421,946,000
current maturities of long-term debt, excluding timber funds																	124,965,000
distributions payable, timber funds																	6,341,000
long-term debt, net, timber funds																			59,755,000
common shares, 480,000,000 shares authorized, 145,372,961 and 137,678,822 shares issued and outstanding																	1,389,073,000
current maturities of long-term debt, net, excluding timber funds																		199,887,000	199,830,000
common shares, 480,000,000 shares authorized,143,049,458 and 137,678,822 shares issued and outstanding																		1,296,877,000
common shares, 480,000,000 shares authorized,141,319,907 and 137,678,822 shares issued and outstanding																			1,231,224,000
common shares, 480,000,000 shares authorized,138,970,890 and 137,678,822 shares issued and outstanding																				1,146,265,000
common shares, 480,000,000 shares authorized, 137,678,822 and 129,331,069 shares issued and outstanding																					1,101,675,000
common shares, 480,000,000 shares authorized,136,518,006 and 129,331,069 shares issued and outstanding																						1,065,188,000
current maturities of long-term debt, timber funds																							25,042,000
long-term debt, timber funds																							35,617,000
common shares, 480,000,000 shares authorized,136,512,112 and 129,331,069 shares issued and outstanding																							1,063,489,000
liabilities and shareholders’ equity
common shares, 480,000,000 shares authorized,129,181,239 and 129,331,069 shares issued and outstanding																								889,753,000
noncontrolling interest																								86,275,000	97,661,000	90,557,000	99,448,000	98,633,000	97,677,000	100,799,000	99,388,000	104,400,000	99,917,000	98,679,000	96,390,000	86,794,000	85,142,000	87,396,000	83,746,000	79,336,000	73,656,000	67,797,000	73,159,000	82,889,000	86,681,000	86,571,000	98,866,000	98,820,000	95,426,000	86,581,000
total liabilities and shareholders’ equity																								2,787,750,000	2,860,996,000	2,767,078,000	2,861,051,000	2,884,210,000	2,780,666,000	2,842,215,000	2,851,062,000	2,878,372,000	2,858,481,000	2,911,719,000	2,952,794,000	2,918,910,000	2,685,760,000	2,671,398,000	2,632,179,000	2,332,137,000	2,319,263,000	2,314,460,000	2,366,321,000	2,412,550,000	2,453,115,000	2,477,559,000	2,635,957,000	3,644,778,000	3,818,120,000	3,828,051,000									2,392,135,000	2,352,589,000	2,332,925,000		2,292,184,000	2,164,049,000	2,069,305,000																								1,951,789,000		2,001,905,000
common shares, 480,000,000 shares authorized, 129,331,069 and 129,488,675 shares issued and outstanding																									888,177,000
common shares, 480,000,000 shares authorized,129,311,893 and 129,488,675 shares issued and outstanding																										886,229,000
common shares, 480,000,000 shares authorized,129,629,716 and 129,488,675 shares issued and outstanding																											884,618,000
right of use assets																												105,745,000
common shares, 480,000,000 shares authorized,129,513,566 and 129,488,675 shares issued and outstanding																												886,304,000
common shares, 480,000,000 shares authorized, 129,488,675 and 128,970,776 shares issued and outstanding																													884,263,000
common shares, 480,000,000 shares authorized,129,467,237 and 128,970,776 shares issued and outstanding																														882,421,000
common shares, 480,000,000 shares authorized, 129,451,268 and 128,970,776 shares issued and outstanding																															880,560,000
common shares, 480,000,000 shares authorized, 129,174,301 and 128,970,776 shares issued and outstanding																																878,927,000
common shares, 480,000,000 shares authorized, 128,970,776 and 122,904,368 shares issued and outstanding																																	872,228,000
insurance settlement receivable																																		73,000,000	73,000,000	73,000,000
insurance settlement payable																																		73,000,000	73,000,000	73,740,000
common shares, 480,000,000 shares authorized, 128,916,631 and 122,904,368 shares issued and outstanding																																		870,006,000
common shares, 480,000,000 shares authorized, 128,897,430 and 122,904,368 shares issued and outstanding																																			868,355,000
common shares, 480,000,000 shares authorized, 128,760,051 and 122,904,368 shares issued and outstanding																																				865,343,000
restricted deposits																																					71,708,000
common shares, 480,000,000 shares authorized, 122,904,368 and 122,770,217 shares issued and outstanding																																					709,867,000
common shares, 480,000,000 shares authorized, 122,876,035 and 122,770,217 shares issued and outstanding																																						707,977,000
common shares, 480,000,000 shares authorized, 122,864,910 and 122,770,217 shares issued and outstanding																																							706,677,000
common shares, 480,000,000 shares authorized, 122,742,575 and 122,770,217 shares issued and outstanding																																								704,174,000
common shares, 480,000,000 shares authorized, 122,770,217 and 126,773,097 shares issued and outstanding																																									708,827,000
prepaid and other current assets																																										24,066,000	21,222,000	18,040,000	7,080,000	23,821,000	21,565,000	54,557,000	59,184,000	67,444,000	38,896,000	78,680,000	89,083,000	62,010,000	63,458,000	72,020,000	50,202,000	45,314,000	53,690,000	62,381,000	52,565,000	49,909,000	58,944,000	64,722,000
higher and better use timberlands and real estate development costs																																										67,274,000	69,726,000	71,952,000
common shares, 480,000,000 shares authorized, 123,767,680 and 126,773,097 shares issued and outstanding																																										707,070,000
common shares, 480,000,000 shares authorized, 126,492,061 and 126,773,097 shares issued and outstanding																																											694,835,000
common shares, 480,000,000 shares authorized, 126,802,309 and 126,773,097 shares issued and outstanding																																												703,588,000
current deferred tax assets
uncertain tax positions																																															5,780,000									16,430,000
accrued customer incentives																																																10,082,000	10,771,000	10,743,000	8,936,000	9,620,000	7,031,000	7,148,000	9,265,000	8,707,000	7,417,000	9,759,000	13,751,000	9,421,000	5,808,000	25,644,000				13,936,000	10,324,000	8,279,000	10,734,000	12,350,000	10,004,000	6,767,000	5,970,000	9,494,000	8,202,000	6,976,000	5,465,000	7,582,000	8,278,000	6,885,000		7,586,000	7,050,000	7,692,000		9,313,000	7,775,000	6,446,000	9,137,000	7,049,000	8,913,000
current liabilities for dispositions and discontinued operations																																																6,446,000	8,446,000	8,686,000	8,398,000	8,929,000	9,843,000	9,931,000	11,090,000	11,625,000	11,148,000	11,500,000	11,696,000	11,038,000	10,910,000	10,648,000	9,354,000	8,402,000	8,400,000	8,214,000	10,474,000	10,474,000	10,154,000	10,069,000	8,930,000	8,739,000	9,907,000
non-current liabilities for dispositions and discontinued operations																																																67,456,000	67,125,000	69,442,000	71,799,000	75,524,000	76,596,000	79,194,000				81,660,000	80,474,000	83,264,000	85,683,000	87,943,000	90,227,000	93,038,000	94,857,000	96,361,000	96,618,000	98,399,000	102,371,000	103,616,000	106,888,000	108,355,000	110,037,000
common shares, 480,000,000 shares authorized, 126,773,097 and 126,257,870 shares issued and outstanding																																													702,598,000
finished goods																																														11,132,000	17,622,000	124,075,000	115,635,000	79,121,000	95,614,000	95,026,000	91,394,000	80,457,000	87,301,000	81,953,000	77,556,000		61,817,000	69,170,000	71,485,000		77,091,000	87,314,000	81,933,000		76,952,000	76,459,000	59,882,000		51,973,000	50,558,000	42,778,000		58,380,000	56,192,000	57,574,000	61,212,000	57,790,000	61,303,000		73,368,000	64,165,000	61,299,000		68,364,000	65,002,000	61,744,000	56,199,000	64,363,000	55,213,000
work in progress																																																2,533,000	3,304,000	3,047,000	2,404,000	6,421,000	4,440,000	2,864,000	8,353,000	7,517,000	7,704,000
raw materials																																														1,307,000	862,000	12,943,000	12,823,000	14,620,000	13,482,000	17,337,000	14,763,000	16,922,000	16,170,000	17,234,000	13,809,000		15,750,000	13,850,000	6,554,000		9,524,000	8,385,000	11,935,000		7,172,000	7,253,000	7,374,000		8,887,000	8,384,000	7,440,000		8,556,000	8,051,000	10,010,000	7,278,000	7,538,000	10,097,000		6,939,000	8,130,000	9,121,000		7,953,000	5,896,000	5,682,000	10,330,000	9,603,000	6,857,000
manufacturing and maintenance supplies																																																2,377,000	2,223,000	2,303,000	2,143,000	2,299,000	2,254,000	2,074,000	2,290,000	2,325,000	2,424,000		2,280,000	2,269,000	2,227,000		2,564,000	2,149,000	2,399,000		2,483,000	2,327,000	2,049,000		1,781,000	1,780,000	1,844,000		1,883,000	1,775,000	1,742,000	7,948,000	8,210,000	9,796,000		8,529,000	7,941,000	8,136,000		7,839,000	7,304,000	6,903,000	16,847,000	17,179,000	16,921,000
total inventory																																														12,439,000	18,484,000	141,928,000	133,985,000	99,091,000	113,643,000	121,083,000	112,851,000	102,317,000	114,114,000	109,029,000	101,493,000		86,215,000	92,293,000	89,954,000		99,975,000	106,398,000	104,515,000		95,438,000	92,533,000	76,736,000		69,720,000	68,575,000	58,524,000		77,278,000	74,499,000	77,191,000	83,629,000	81,412,000	89,258,000		96,786,000	87,991,000	87,676,000		91,556,000	85,658,000	81,444,000	90,472,000	100,424,000	88,643,000
deferred tax assets																																														4,211,000	3,221,000	31,580,000	62,914,000	55,563,000	66,509,000
common shares, 480,000,000 shares authorized, 126,724,444 and 126,257,870 shares issued and outstanding																																														700,581,000
common shares, 480,000,000 shares authorized, 126,529,693 and 126,257,870 shares issued and outstanding																																															698,462,000
common shares, 480,000,000 shares authorized, 126,451,505 and 126,257,870 shares issued and outstanding																																																694,236,000
investment in joint venture																																																			73,830,000	70,189,000	64,454,000	74,388,000	80,281,000	77,469,000	70,161,000	68,483,000	65,312,000	63,784,000	63,548,000	50,999,000	48,849,000	47,611,000				64,769,000	68,822,000	62,766,000	62,635,000	62,843,000	59,889,000	61,233,000	58,715,000	55,917,000	72,541,000
common shares, 480,000,000 shares authorized, 126,224,421 and 123,332,444 shares issued and outstanding																																																	687,357,000
common shares, 480,000,000 shares authorized, 126,119,760 and 123,332,444 shares issued and outstanding																																																		679,803,000
common shares, 480,000,000 shares authorized, 125,903,058 and 123,332,444 shares issued and outstanding																																																			673,098,000
total shareholders' equity																																																			1,539,190,000	1,417,966,000	1,360,110,000	1,342,385,000	1,368,031,000	1,302,979,000	1,273,548,000
total liabilities and shareholders' equity																																																			3,202,285,000	2,913,868,000	2,816,577,000	2,793,883,000	2,494,721,000	2,361,787,000	2,324,899,000																																	1,988,800,000
common shares, 480,000,000 and 240,000,000 shares authorized, 123,189,001 and 122,035,177 shares issued and outstanding																																																				662,504,000
common shares, 480,000,000 and 240,000,000 shares authorized, 122,538,279 and 122,035,177 shares issued and outstanding																																																					640,177,000
common shares, 240,000,000 shares authorized, 122,450,771 and 122,035,177 shares issued and outstanding																																																						634,976,000
income tax receivable																																																							1,624,000	1,755,000	11,378,000																									19,354,000
non-current liabilities for dispositions and discontinued
operations																																																							75,213,000	76,928,000	79,596,000
common shares, 240,000,000 shares authorized, 121,827,626 and
121,023,140 shares issued and outstanding																																																							619,965,000
common shares, 240,000,000 shares authorized, 81,205,635 and
80,682,093 shares issued and outstanding																																																								615,869,000	608,700,000
common shares, 240,000,000 shares authorized, 81,125,758 and
income tax and alternative fuel mixture credit receivable																																																										21,734,000	1,582,000	121,000	191,530,000	192,579,000	134,502,000	85,104,000
bank loans and current maturities																																																										93,057,000				4,650,000	660,000	620,000	620,000	620,000	23,920,000	585,000	585,000	55,585,000	585,000	550,000	550,000	3,550,000	1,175,000	1,765,000	2,538,000	33,605,000	63,575,000	53,575,000									77,980,000	400,000	2,600,000
accrued professional fees																																																										10,276,000				10,483,000
common shares, 240,000,000 and 120,000,000 shares authorized, 80,682,093 and 79,541,974 shares issued and outstanding																																																										602,882,000
shareholders’ equity - sum																																																										1,251,582,000
work in process																																																											6,368,000	7,004,000	9,688,000		10,796,000	8,550,000	8,248,000		8,831,000	6,494,000	7,431,000		7,079,000	7,853,000	6,462,000		8,459,000	8,481,000	7,865,000	7,191,000	7,874,000	8,062,000		7,950,000	7,755,000	9,120,000		7,400,000	7,456,000	7,115,000	7,096,000	9,279,000	9,652,000
less – accumulated depreciation																																																											-1,109,744,000
common shares, 240,000,000 and 120,000,000 shares authorized, 80,549,849 and 79,541,974 shares issued and outstanding																																																											594,147,000
less - accumulated depreciation																																																												-1,097,801,000	-1,089,990,000		-1,068,071,000	-1,057,019,000	-1,047,388,000					-994,409,000	-991,707,000				-1,032,187,000	-1,018,725,000	-1,005,189,000	-986,696,000	-971,054,000	-1,002,094,000		973,273,000	952,626,000			906,373,000		865,811,000	814,663,000
common shares, 240,000,000 and 120,000,000 shares authorized, 80,253,894 and 79,541,974 shares issued and outstanding																																																												580,108,000
common shares, 120,000,000 shares authorized, 80,064,618 and 79,541,974 shares issued and outstanding																																																													570,673,000
common shares, 120,000,000 shares authorized, 79,541,974 and 78,814,431 shares issued and outstanding																																																														561,962,000
common shares, 120,000,000 shares authorized, 79,453,170 and 78,814,431 shares issued and outstanding																																																															555,840,000
common shares, 120,000,000 shares authorized, 79,170,914 and 78,814,431 shares issued and outstanding																																																																538,665,000
liabilities associated with assets held for sale																																																																	5,699,000	6,227,000													3,912,000
common shares, 120,000,000 shares authorized, 78,978,816 and 78,814,431 shares issued and outstanding																																																																	530,538,000
common shares, 120,000,000 shares authorized, 78,814,431 and 78,216,696 shares issued and outstanding																																																																		508,059,000
less-accumulated depreciation																																																																			-1,027,601,000	-1,017,183,000	-1,006,835,000
liabilites associated with assets held for sale																																																																			7,339,000
common shares, 120,000,000 shares authorized 78,823,863 and 78,216,696 shares issued and outstanding																																																																			505,516,000
common shares, 120,000,000 shares authorized 78,623,522 and 78,216,696 shares issued and outstanding																																																																				497,167,000
common shares, 120,000,000 shares authorized, 78,430,685 and 78,216,696 shares issued and outstanding																																																																					489,198,000
timber assets held for sale																																																																								42,247,000	41,793,000	40,955,000
timber, timberlands and logging roads, net of depletion and amortization																																																																						1,117,219,000	1,115,437,000	1,093,346,000	1,112,785,000	1,127,513,000	906,872,000	917,253,000	925,456,000	1,035,366,000	1,040,418,000	1,046,098,000		1,057,367,000	972,428,000	987,658,000		999,082,000	998,532,000	1,009,057,000	1,032,260,000	1,048,324,000	1,116,317,000
contingencies and commitments
common shares, 120,000,000 shares authorized, 78,216,696 and 76,879,826 shares issued and outstanding																																																																						487,407,000
accumulated other comprehensive income/																																																																						-25,638,000				-28,646,000
liability for uncertain tax positions																																																																							12,021,000
common shares, 120,000,000 shares authorized, 78,001,932 and 76,879,826 shares issued and outstanding																																																																							479,116,000
common shares, 120,000,000 shares authorized, 77,772,866 and 76,879,826 shares issued and outstanding																																																																								471,240,000
common shares, 120,000,000 shares authorized, 77,406,510 and 76,879,826 shares issued and outstanding																																																																									459,692,000
current reserves for dispositions and discontinued operations																																																																										10,699,000	12,311,000	11,844,000	13,163,000	13,241,000	12,711,000	11,892,000		15,396,000	14,837,000	12,405,000		15,684,000	13,316,000	14,253,000			15,255,000
deferred income taxes																																																																											25,155,000	34,778,000	32,212,000	5,093,000	38,821,000	55,252,000		71,351,000	79,640,000	68,049,000		123,816,000	130,177,000	119,167,000	146,942,000	133,737,000	131,187,000
non-current reserves for dispositions and discontinued operations																																																																										111,817,000	121,300,000	124,068,000	123,985,000	126,175,000	128,539,000	132,415,000		132,047,000	134,066,000	138,152,000		139,390,000		146,016,000			151,613,000
common shares, 120,000,000 shares authorized, 76,879,826 and 76,092,566 shares issued and outstanding																																																																										450,636,000
total property, plant and equipment total property, plant and equipment																																																																											1,392,086,000
common shares, 120,000,000 shares authorized, 76,646,621 and 76,092,566 shares issued and outstanding																																																																											441,295,000
common shares, 120,000,000 shares authorized, 76,570,449 and 76,092,566 shares issued and outstanding																																																																												437,087,000
common shares, 120,000,000 shares authorized, 76,490,949 and 76,092,566 shares issued and outstanding																																																																													433,672,000
timber purchase agreements																																																																														2,423,000	3,432,000	3,104,000		12,384,000	8,514,000	7,438,000		13,678,000	11,391,000	12,674,000	15,532,000	18,003,000	19,393,000
assets of discontinued operations
dividends payable																																																																														35,653,000
liabilities associated with discontinued operations
common shares, 120,000,000 shares authorized, 75,858,366 and 74,966,330 shares issued and outstanding																																																																														413,760,000
liabilities and shareholders' equity
common shares, 120,000,000 shares authorized, 50,439,361
and 49,977,553 shares issued and outstanding																																																																															406,536,000
common shares, 120,000,000 shares authorized, 50,252,766 and 49,977,553 shares issued and outstanding																																																																																399,084,000
asset
foreign currency forward contracts																																																																																	685,685,000				12,741,274,000
interest rate swap agreements																																																																																	-790,000				280,280,000
commodity swap agreements																																																																																	-294,000				7,373,000
current
u.s. federal																																																																																	-15,280,000
state and local																																																																																	-961,000
foreign																																																																																	-2,082,000
deferred
total																																																																																	33,453,000
bank loans and current maturities of long-term debt																																																																																		3,575,000	3,545,000	3,545,000		3,545,000	3,520,000	8,520,000
common shares, 120,000,000 shares authorized, 49,829,913 and 49,018,316 shares issued and outstanding																																																																																		387,444,000
common shares, 120,000,000 shares authorized, 49,627,746 and 49,018,316 shares issued and outstanding																																																																																			379,611,000
common shares, 60,000,000 shares authorized, 49,494,518 and 49,018,316 shares issued and outstanding																																																																																				374,995,000
6.
common shares, 60,000,000 shares authorized, 42,471,686 and 41,575,794 shares issued and outstanding																																																																																						102,744,000
non-current reserves for dispositions and
discontinued operations																																																																																							144,646,000
common shares, 60,000,000 shares authorized, 41,910,846 and 41,575,794 shares issued and outstanding																																																																																							84,207,000
common shares, 60,000,000 shares authorized, 27,805,314 and 27,719,409 shares issued and outstanding																																																																																								77,399,000
note receivable																																																																																									46,500,000
land, buildings, machinery and equipment																																																																																									1,358,389,000	1,377,727,000	1,376,342,000
current reserves for dispositions																																																																																									12,065,000	15,230,000
non-current reserves for dispositions																																																																																									150,152,000	149,909,000
common shares, 60,000,000 shares authorized, 27,717,242 and 27,345,395 shares issued and outstanding																																																																																									75,775,000
notes receivable																																																																																										50,500,000
shareholders' equity
common shares, 60,000,000 shares authorized, 27,747,168 and 27,345,395 shares issued and outstanding																																																																																										77,213,000
cash and short-term investments																																																																																											23,002,000
common shares, 60,000,000 shares authorized, 27,623,356 and 27,345,395 shares issued and outstanding																																																																																											71,799,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-09-30	2002-06-30	2002-03-31

operating activities
net income	26,182,000	43,709,000	413,607,000	-3,085,000	333,200,000	30,442,000	3,035,000	2,306,000	129,221,000	22,740,000	19,097,000	7,437,000	34,644,000	31,861,000	25,288,000	30,998,000	21,524,000	110,511,000	63,420,000	15,032,000	12,406,000	-9,498,000	455,000	26,421,000	17,437,000	1,528,000	20,920,000	27,793,000	4,648,000	30,639,000	39,337,000	42,706,000	66,920,000	28,803,000	30,773,000	35,083,000	50,509,000	40,624,000	111,579,000	15,058,000	9,440,000	19,181,000	-2,860,000	18,180,000	8,336,000	28,078,000	18,140,000	43,292,000	58,367,000	87,891,000	147,735,000	80,561,000	69,078,000	53,437,000	104,909,000	56,453,000	58,412,000	59,171,000	62,904,000	38,558,000	56,953,000	97,727,000	81,140,000	107,753,000	25,921,000	44,315,000	29,754,000	37,416,000	40,551,000	34,421,000	71,458,000	33,310,000	35,080,000							34,459,000		24,124,000	43,713,000	75,535,000							9,401,000
adjustments to reconcile net income to cash from operating activities:
depreciation, depletion and amortization from continuing operations	24,723,000	34,801,000	23,437,000	23,493,000
depreciation, depletion and amortization from discontinued operations	0	0	4,747,000	4,334,000
non-cash cost of land and improved development from continuing operations	3,668,000	30,744,000
non-cash cost of land and improved development from discontinued operations
gain on sale of discontinued operations	0	0																																															0	0	-42,670,000
stock-based incentive compensation expense	2,497,000	2,598,000	3,628,000	2,281,000	2,205,000	3,905,000	4,904,000	3,218,000	3,801,000	3,365,000	4,337,000	2,499,000	2,512,000	2,635,000	4,412,000	2,797,000	2,183,000	2,086,000	2,852,000	2,156,000	1,883,000	1,965,000	2,668,000	1,510,000	1,521,000	1,562,000	2,344,000	1,477,000	1,471,000	1,483,000	2,212,000	1,262,000	1,312,000	1,192,000	2,012,000	880,000	1,242,000	1,055,000	2,000,000	839,000	962,000	934,000	1,783,000	805,000	1,089,000	800,000	2,877,000	3,103,000	2,767,000	2,946,000	3,280,000	2,752,000	2,994,000	6,466,000	3,772,000	3,746,000	4,275,000	3,613,000	3,650,000	3,616,000	4,344,000
deferred income taxes	220,000	0	-1,523,000	-1,048,000	6,793,000	-1,835,000	-1,315,000	-1,004,000	3,133,000	-480,000	-1,220,000	-1,155,000	1,326,000	594,000	742,000	-8,014,000	891,000	303,000	8,443,000	-1,128,000	-2,726,000	1,042,000	5,864,000	3,361,000	3,181,000	876,000	3,552,000	3,705,000	1,813,000	7,366,000	6,671,000	6,982,000	5,266,000	1,500,000	9,225,000	5,989,000	698,000	1,632,000	3,385,000	-545,000	3,270,000	-3,423,000	-1,133,000	-189,000	-2,607,000	-5,668,000	4,507,000	5,596,000	4,725,000			-2,644,000	-18,072,000	3,028,000	-5,022,000	-8,290,000	7,345,000																																12,076,000	-2,072,000	-1,197,000
asset impairment charge	0
pension settlement charge					0	306,000	0	5,673,000
amortization of losses from pension and postretirement plans									2,000	1,000	2,000	1,000	189,000	188,000	188,000	188,000	293,000	294,000	293,000	294,000	217,000	217,000	218,000	217,000	112,000	113,000	112,000	112,000	168,000	169,000	179,000	159,000	116,000	116,000	117,000	116,000	632,000	632,000	632,000	617,000	585,000	957,000	922,000	939,000	773,000	607,000	2,868,000	3,028,000	5,218,000	5,338,000	6,279,000	4,884,000
timber write-offs resulting from casualty events									0
gain on sale of large disposition of timberlands																	16,000	-14,476,000			0	0	0	-28,655,000										0	5,000	-28,188,000		0
other	3,123,000	6,672,000	266,000	8,754,000	-652,000	-1,211,000	-637,000	1,899,000	5,347,000	8,363,000	-1,119,000	578,000	3,544,000	2,440,000	-1,962,000	-2,244,000	-2,705,000	4,928,000	10,914,000	-3,681,000	-4,114,000	3,646,000	-11,200,000	568,000	-4,239,000	-1,747,000	-504,000	1,491,000	-6,083,000	8,936,000	-11,737,000	6,271,000	-745,000	-1,690,000	-587,000	2,306,000	587,000	732,000	98,000	-1,081,000	-724,000	130,000	839,000	105,000	361,000	2,989,000	244,000	-287,000	398,000	-5,693,000	-3,243,000	-533,000	-259,000	-1,909,000	752,000	6,566,000	1,776,000	6,738,000	2,824,000	-506,000	2,253,000	1,830,000	4,285,000	2,734,000	2,231,000	2,142,000	1,187,000	1,515,000	1,411,000	2,006,000	2,355,000	919,000	1,840,000	261,000	-19,000
changes in operating assets and liabilities:
receivables	5,087,000	-3,376,000	5,577,000	-687,000	9,639,000	-7,709,000	2,733,000	-7,493,000	4,153,000	10,651,000	-14,130,000	3,730,000	3,736,000	4,215,000	10,777,000	-27,837,000	14,047,000	3,605,000	3,284,000	-3,697,000	-1,289,000	-6,485,000	-2,288,000	-5,316,000	990,000	19,192,000	-12,836,000	-8,195,000	16,026,000	10,942,000	-15,730,000	-10,473,000	12,277,000	-8,218,000	1,021,000	-11,442,000	6,414,000	5,470,000	-2,463,000	-6,904,000	139,000	-519,000	-1,130,000	3,544,000	4,037,000	-9,725,000	25,938,000	-15,950,000	-6,928,000	-3,004,000	-8,778,000	-396,000	-11,862,000	-1,911,000	1,151,000	-10,456,000	-14,766,000	31,530,000	-18,708,000	-3,250,000	11,202,000	-6,370,000	-14,691,000	-4,394,000	-1,408,000
inventories	0	2,000	1,739,000	-1,506,000	1,285,000	1,100,000	-944,000	565,000	1,703,000	-107,000	3,015,000	-4,098,000	1,903,000	-3,840,000	2,477,000	-4,875,000	578,000	556,000	1,875,000	-3,512,000	862,000	1,404,000	-96,000	-3,618,000	2,331,000	-113,000	349,000	-1,343,000	688,000	71,000	2,282,000	-1,268,000	-767,000	1,155,000	1,709,000	-3,481,000	3,416,000	-2,459,000	2,487,000	-4,619,000	-346,000	-1,296,000	-4,974,000	-3,133,000	1,319,000	-2,158,000	5,715,000	-950,000	-36,365,000	16,128,000	11,197,000	-7,742,000	-9,939,000	17,035,000	-9,502,000	-8,094,000	9,161,000	-24,212,000	3,878,000	-6,913,000	-446,000	13,324,000	4,261,000	-1,913,000	-6,470,000
accounts payable	-855,000	773,000	-3,034,000	1,131,000	-4,429,000	2,615,000	-6,152,000	8,537,000	-2,125,000	3,518,000	-8,801,000	8,913,000	-5,689,000	-126,000	-417,000	7,376,000	-4,943,000	-863,000	-2,471,000	6,684,000	-885,000	1,658,000	1,542,000	3,353,000	-3,575,000	-3,537,000	-831,000	6,389,000	-3,801,000	-5,273,000	527,000	3,921,000	-1,583,000	-123,000	-745,000	5,886,000	-1,142,000	-1,732,000	946,000	1,369,000	9,000	-2,020,000	1,017,000	2,857,000	-3,376,000	5,998,000	13,378,000	13,929,000	-5,823,000	4,149,000	15,386,000	-3,808,000	-13,496,000	3,978,000	-3,768,000	-4,530,000	14,644,000	4,387,000	-9,834,000	-2,176,000	3,017,000	3,855,000	-12,419,000	-2,233,000	-1,755,000
all other operating activities	-12,850,000	-6,786,000	10,104,000	-8,367,000	-27,928,000	-4,793,000	11,192,000	-1,439,000	-6,283,000	-8,991,000	12,081,000	1,937,000	-7,461,000	-10,810,000	9,828,000	-1,500,000	-1,540,000	-3,542,000	4,542,000	-5,306,000	4,652,000	-4,312,000	1,363,000	-3,403,000	-6,574,000	-2,819,000	3,712,000	-1,033,000	-782,000	-11,870,000	19,706,000	-7,196,000	-10,283,000	5,844,000	10,840,000	-8,332,000	-12,270,000	5,149,000	4,034,000	-7,051,000	-11,132,000	7,515,000	13,150,000	-3,282,000	-13,521,000	7,191,000	4,195,000	935,000	13,517,000	-7,753,000	99,000	14,892,000	7,531,000	-6,007,000
cash from operating activities	51,789,000	116,185,000	60,988,000	27,699,000	87,814,000	66,151,000	55,329,000	52,298,000	89,439,000	82,613,000	62,372,000	63,951,000	59,301,000	61,359,000	98,863,000	49,667,000	47,666,000	112,862,000	110,714,000	53,868,000	66,190,000	55,384,000	53,421,000	29,179,000	50,060,000	47,239,000	46,037,000	70,917,000	49,045,000	79,468,000	103,348,000	78,235,000	69,411,000	58,558,000	94,372,000	33,943,000	39,893,000	86,929,000	45,944,000	31,035,000	33,761,000	57,520,000	32,485,000	53,398,000	35,818,000	54,333,000	127,122,000	99,274,000	98,564,000	146,012,000	89,660,000	144,766,000	97,522,000	111,354,000	131,403,000	79,162,000	115,705,000	22,183,000	117,407,000	264,389,000	91,411,000	92,981,000	87,104,000	62,422,000	64,792,000	92,010,000	93,305,000	54,637,000	100,236,000		132,131,000	79,198,000	52,402,000							75,771,000		76,357,000	75,763,000	81,982,000							60,400,000
investing activities
capital expenditures from continuing operations	-15,025,000	-12,597,000	-10,404,000	-12,023,000
capital expenditures from discontinued operations	0	0	-4,444,000	-2,654,000
real estate development investments	-10,552,000	-3,712,000	-4,089,000	-4,087,000	-6,745,000	-8,949,000	-4,641,000	-5,483,000	-4,321,000	-4,000,000	-7,004,000	-7,753,000	-2,763,000	-4,922,000	-2,876,000	-3,137,000	-3,356,000	-2,896,000	-3,258,000	-3,011,000	-1,014,000	-1,861,000	-1,860,000	-1,727,000	-3,454,000	-2,350,000	678,000	-1,677,000	-2,612,000	-2,388,000	-2,161,000	-2,340,000	-4,004,000	-6,181,000	-3,414,000	-2,185,000	-3,931,000	-1,797,000	-1,333,000	-1,685,000
net proceeds on sale of discontinued operations	0	721,000
net proceeds on sale of property, plant and equipment	327,000	0
net proceeds from large disposition of timberlands																	-16,000	19,479,000			0	0	0	115,666,000										0	-5,000	42,034,000		0
purchase of timberlands					-19,116,000				-74,000	-4,693,000	-566,000	-8,729,000	-455,288,000	-5,000	-407,000	-2,830,000	-127,194,000	-39,000	-21,944,000	-29,938,000	-316,000	-141,000	-116,000	-24,122,000	-60,374,000	-55,517,000	-14,047,000	-12,349,000	-18,630,000	-7,744,000	-31,222,000	-12,000	-3,858,000	-1,817,000	-225,942,000	-11,293,000	-12,653,000	-77,214,000	-262,291,000	-14,323,000	-9,943,000	-52,000	-65,344,000	-23,070,000	-37,707,000	-18,372,000	-64,180,000	-10,637,000	-1,203,000	-8,887,000	-1,560,000	-2,945,000	2,000	-8,689,000	-81,186,000	-10,034,000	-2,942,000																	-268,391,000	-5,063,000	-1,000	-4,323,000
cash from investing activities	-27,826,000	-15,385,000	679,703,000	-21,438,000	428,858,000	-27,400,000	-23,396,000	-24,049,000	203,763,000	-23,204,000	-24,273,000	-32,199,000	-460,506,000	-21,384,000	-15,528,000	-18,945,000	-95,587,000	118,467,000	-4,709,000	-44,424,000	-28,862,000	-13,994,000	-245,498,000	74,711,000	-86,638,000	-71,964,000	-34,977,000	-25,811,000				-17,649,000	-24,196,000	-23,794,000	-141,663,000	-33,595,000	-29,059,000	-88,900,000	-144,913,000	-20,283,000	-23,438,000	-35,598,000	-63,534,000	-43,739,000	-40,800,000	-59,346,000	-92,173,000	-488,000	-95,187,000	-268,486,000	24,481,000	-72,882,000	-90,395,000	-73,667,000	-109,727,000	-39,993,000	-30,821,000	-40,044,000	-26,096,000	-38,901,000	-37,615,000	-21,224,000	-18,132,000	-24,714,000	-28,674,000	-22,218,000	-23,949,000	-245,992,000	-38,232,000		22,395,000	-59,077,000	-46,864,000							-40,444,000		-76,824,000	-46,523,000	-19,493,000							-16,313,000
financing activities
dividends paid on common shares	-96,677,000	-42,111,000	-42,825,000	-110,442,000	-42,472,000	-42,603,000	-43,233,000	-72,258,000		-42,398,000	-43,040,000	-42,149,000		-41,852,000	-42,323,000	-39,444,000
distributions to noncontrolling interests in the operating partnership	-1,000,000	-474,000	-568,000	-1,463,000	-616,000	-528,000	-579,000	-1,085,000	-697,000	-699,000	-705,000	-861,000	-914,000	-915,000	-944,000	-895,000	-896,000	-1,064,000	-1,154,000	-1,155,000	-1,195,000	-1,201,000
proceeds from the issuance of common shares under incentive stock plan													48,000	19,000	1,982,000	579,000	1,248,000	184,000	3,324,000	1,166,000	1,135,000	167,000	0	66,000	429,000	57,000	177,000	597,000	375,000	392,000	2,369,000	5,455,000		459,000	955,000	2,251,000
proceeds from the issuance of common shares under the “at-the-market” (atm) equity offering program, net of commissions and offering costs									1,000	0	-72,000	-10,000	29,680,000	-38,000	997,000	30,918,000	64,277,000	55,847,000	78,157,000	32,545,000
repurchase of common shares to pay withholding taxes on vested incentive stock awards	-213,000	-7,000	-2,640,000	-38,000	-12,000	-4,000	-4,132,000	-31,000	0	-29,000	-4,147,000	-41,000	0	-21,000	-3,990,000	-214,000
repurchase of common shares made under repurchase program	-2,893,000	-30,103,000	-34,928,000	-2,623,000																		0	0	-3,152,000
distributions to noncontrolling interests in consolidated affiliates	0	0	-1,171,000	-1,911,000	-1,647,000	-1,713,000	-2,047,000	-1,713,000					-2,962,000	-9,788,000	-4,000,000	-2,684,000	-89,392,000	-4,352,000	-6,475,000	-8,737,000
debt issuance costs	0																-17,000	-17,000			0	-56,000															0	0			0				0	0						-45,000	-88,000	-3,565,000	-364,000			-24,000	-2,000	-138,000	-397,000	-549,000
repayment of debt					-190,000,000								0	1,456,000	-6,350,000	-526,948,000	0	-70,000,000			-20,000,000	-15,000,000	-97,000,000	-20,000,000					0	-27,000	-25,014,000	-29,375,000	-4,941,000	-34,794,000	-39,892,000	-20,530,000	-3,996,000	-28,246,000	-185,421,000	-240,752,000	-63,531,000	-269,399,000	-20,101,000	-11,371,000	-116,588,000	-65,987,000	-997,062,000	-110,000,000	-180,376,000	-103,087,000	-170,000,000	-10,543,000	-23,110,000	-165,000,000	-35,000,000	-70,000,000	-75,000,000	0	-30,000,000	0	-66,650,000	-122,023,000	-155,620,000	-10,000,000	-20,000,000	-42,100,000	-35,585,000	-20,000,000	-55,000,000	-227,376,000	-67,550,000	-25,000,000	-68,000,000	-62,625,000	-28,140,000	-32,773,000	-34,772,000	-116,258,000	-20,772,000	-25,773,000	-27,773,000	-1,227,000	-66,772,000	-50,773,000	-95,773,000	-1,202,000	-5,273,000	-68,772,000	-44,400,000	-78,810,000	-44,500,000
cash from financing activities	-100,783,000	-73,474,000	-82,132,000	-116,477,000	-249,434,000	-104,848,000	-49,991,000	-75,087,000	-194,723,000	-43,126,000	-47,964,000	-43,061,000	233,024,000	-52,736,000	-50,207,000	-134,670,000	-64,037,000	-64,227,000	125,779,000	-13,826,000	-28,666,000	-59,262,000	153,648,000	-38,718,000	45,504,000	-47,118,000	-40,112,000	-37,923,000	-41,197,000	-36,947,000	-59,509,000	-56,061,000	-36,092,000	-66,518,000	-37,429,000	133,167,000	-32,401,000	-18,366,000	151,753,000	13,437,000	-26,362,000	-45,969,000	-13,546,000	-30,586,000	-16,017,000	-34,164,000	31,104,000	-142,372,000	-86,058,000	200,195,000	-128,703,000	-45,170,000	-54,943,000	120,410,000	26,268,000	-42,217,000	-117,351,000	-38,419,000	-29,779,000	-34,399,000	24,410,000	-149,930,000	24,112,000	-35,210,000	-40,518,000	-63,027,000	-34,644,000	65,408,000	-96,066,000		-79,062,000	-32,747,000	-17,071,000							-23,270,000		-24,461,000	-25,949,000	-20,956,000							-35,208,000
effect of exchange rate changes on cash	0	0	1,362,000	28,000	-1,284,000	760,000	61,000	-956,000	307,000	-61,000	-505,000	-362,000	4,068,000	-3,792,000	-2,866,000	620,000	-543,000	-472,000	131,000	-5,000	194,000	1,237,000	853,000	-2,303,000	1,108,000	-2,933,000	-718,000	843,000	1,912,000	-763,000	-1,385,000	807,000	-532,000	-743,000	1,922,000	-67,000	-2,563,000	722,000	666,000	238,000	2,061,000	-1,830,000	-2,822,000	-1,582,000	-274,000	-53,000	-63,000	13,000	-162,000	-157,000	-17,000	-342,000	344,000	-125,000	161,000	116,000	116,000	78,000	-51,000	125,000	-200,000	-8,000	172,000	-63,000	169,000	-72,000	-728,000	86,000	-150,000	-23,000	379,000	457,000	-167,000	837,000	1,492,000	-676,000	395,000	-107,000	31,000	12,000	-181,000	436,000	-147,000	-32,000	291,000
cash, cash equivalents and restricted cash
change in cash, cash equivalents and restricted cash	-76,820,000	27,326,000	659,921,000	-110,188,000	265,954,000	-65,337,000	-17,997,000	-47,794,000	98,786,000	16,222,000	-10,370,000	-11,671,000	-164,113,000	-16,553,000	30,262,000	-103,328,000	-112,501,000	166,630,000	231,915,000	-4,387,000	8,856,000	-16,635,000	-37,576,000	62,869,000	10,034,000	-74,776,000	-29,770,000	8,026,000	-35,223,000	15,428,000	-1,439,000	5,332,000
balance from continuing operations, beginning of year	0	0	0	323,107,000
balance from discontinued operations, beginning of year	0	0	0	20,093,000
total balance, beginning of year	0	0	0	343,200,000
balance from continuing operations, end of year
balance from discontinued operations, end of year
total balance, end of year
balance from continuing operations, end of period		27,326,000	676,014,000	216,919,000
balance from discontinued operations, end of period				16,093,000
total balance, end of period		27,326,000	659,921,000	233,012,000
non-cash cost of land and improved development				2,399,000	25,192,000	9,845,000	6,419,000	2,953,000	9,579,000	6,586,000	9,395,000	4,208,000	8,085,000	3,150,000	11,780,000	5,359,000	2,158,000	15,815,000	5,190,000	1,813,000	9,667,000	7,260,000	13,029,000	412,000	2,580,000	4,338,000	1,617,000	4,030,000	6,502,000	2,115,000	13,312,000	1,624,000		1,272,000	2,880,000	4,479,000		4,336,000	1,667,000	4,108,000
depreciation, depletion and amortization					33,586,000	33,486,000	36,094,000	37,083,000	43,950,000	36,967,000	39,715,000	37,599,000	33,118,000	31,052,000	35,750,000	47,419,000	34,488,000	33,325,000	42,696,000	45,213,000	45,517,000	43,284,000	41,866,000	34,329,000	36,296,000	27,846,000	27,602,000	36,491,000	28,395,000	34,806,000	46,383,000	34,537,000	30,964,000	28,707,000	37,122,000	30,773,000	31,457,000	31,978,000	22,365,000	29,342,000	27,924,000	31,958,000	23,851,000	29,975,000	27,526,000	38,002,000	7,693,000	46,759,000	53,151,000	43,667,000	35,992,000	36,325,000	35,006,000	31,168,000	38,895,000	30,993,000	31,870,000	27,719,000	39,165,000	33,193,000	43,329,000	31,537,000	40,159,000	48,156,000	38,519,000	56,202,000	40,138,000	38,396,000	33,503,000	39,742,000	36,947,000	37,052,000	40,945,000	37,697,000	32,187,000	34,210,000	32,401,000	37,197,000	34,513,000	37,485,000	38,105,000	36,814,000	41,866,000	37,002,000	38,518,000	38,469,000	39,352,000	41,570,000	40,192,000	36,288,000	43,942,000
capital expenditures	0	0	0	0	-26,614,000	-16,224,000	-18,074,000	-18,868,000	-28,319,000	-16,330,000	-18,052,000	-18,746,000	-26,600,000	-17,876,000	-14,738,000	-15,597,000	-28,468,000	-15,298,000	-16,368,000	-15,831,000	-21,821,000	-15,239,000	-12,264,000	-17,176,000	-18,725,000	-15,766,000	-15,383,000	-14,122,000	-18,188,000	-18,217,000	-12,728,000	-13,192,000	-19,614,000	-15,891,000	-15,478,000	-14,362,000	-18,477,000	-14,066,000	-12,882,000	-13,298,000	-18,776,000	-12,387,000	-12,838,000	-13,292,000	-18,031,000	-25,164,000	-43,739,000	-36,755,000	-28,356,000	-61,462,000	-32,664,000	-35,769,000	-34,167,000	-42,079,000	-21,945,000	-30,450,000	-34,761,000	-42,835,000	-24,266,000	-35,183,000	-36,165,000	-26,589,000	-14,971,000	-20,279,000	-29,828,000	-29,954,000	-14,971,000	-28,050,000	-31,831,000		-16,236,000	-19,786,000	-31,376,000							0		0	0	0							0
free cash flows	51,789,000	116,185,000	60,988,000	27,699,000	61,200,000	49,927,000	37,255,000	33,430,000	61,120,000	66,283,000	44,320,000	45,205,000	32,701,000	43,483,000	84,125,000	34,070,000	19,198,000	97,564,000	94,346,000	38,037,000	44,369,000	40,145,000	41,157,000	12,003,000	31,335,000	31,473,000	30,654,000	56,795,000	30,857,000	61,251,000	90,620,000	65,043,000	49,797,000	42,667,000	78,894,000	19,581,000	21,416,000	72,863,000	33,062,000	17,737,000	14,985,000	45,133,000	19,647,000	40,106,000	17,787,000	29,169,000	83,383,000	62,519,000	70,208,000	84,550,000	56,996,000	108,997,000	63,355,000	69,275,000	109,458,000	48,712,000	80,944,000	-20,652,000	93,141,000	229,206,000	55,246,000	66,392,000	72,133,000	42,143,000	34,964,000	62,056,000	78,334,000	26,587,000	68,405,000		115,895,000	59,412,000	21,026,000							75,771,000		76,357,000	75,763,000	81,982,000							60,400,000
issuance of debt													250,000,000	-1,597,000	4,421,000	404,018,000	0	0			0	0	300,000,000	20,000,000					0	0			0	0	33,670,000	29,719,000	1,820,000	40,321,000	368,223,000	285,552,000	93,531,000	319,927,000	47,100,000	12,000,000	131,301,000	56,774,000	1,206,570,000	31,819,000	152,885,000	355,000,000	100,000,000	0	15,000,000	340,000,000	110,000,000			0	30,000,000	0	127,000,000	10,000,000	227,500,000	10,000,000	20,000,000	18,800,000	35,000,000			355,000,000	22,000,000	20,000,000	80,000,000	165,000,000	27,000,000	32,000,000	34,000,000	20,000,000	45,000,000	30,000,000	72,000,000	0	66,000,000	50,000,000	95,000,000	0	-500,000	43,000,000	4,000,000	31,610,000	9,500,000
balance, beginning of year					0	0	0	208,374,000	0	0	0	115,407,000	0	0	0	369,139,000	0	0	0	87,482,000	0	0	0	69,968,000	0	0	0	156,454,000	0	0	0	172,356,000	0	0	0	85,909,000	0	0	0	51,777,000	0	0	0	161,558,000	0	0	0	199,644,000	0	0	280,596,000	0	0	78,603,000	0	0	349,463,000	0	0	0	74,964,000	0	0	0	61,685,000	0	0	0	181,081,000	0				0	0	0	146,227,000	0	0	84,117,000	0	0	0	21,397,000	0	0	0	18,924,000			14,123,000
balance, end of year
balance, end of period						-65,337,000	-17,997,000	160,580,000		16,222,000	-10,370,000	103,736,000		-16,553,000	30,262,000	265,811,000		166,630,000	231,915,000	83,095,000		-16,635,000	-37,576,000	132,837,000		-74,776,000	-29,770,000	164,480,000		15,428,000	-1,439,000	177,688,000		-32,497,000	-82,798,000	219,357,000		-19,615,000	53,450,000	76,204,000		-25,877,000	-47,417,000	139,049,000		-39,230,000	65,990,000	156,071,000	-82,843,000	77,564,000	266,017,000	26,372,000	-47,472,000	236,575,000	48,105,000	-2,932,000	317,112,000		61,481,000	191,214,000	152,970,000		93,256,000	2,435,000	57,454,000		33,984,000	-125,861,000	146,869,000		75,843,000	-12,169,000	28,471,000		3,865,000	38,841,000	126,179,000	-26,731,000	40,129,000	96,186,000		-24,492,000	3,144,000	62,898,000		39,431,000	42,578,000	4,410,000	2,603,000	15,689,000	23,002,000
gain on fund ii timberland dispositions																	-15,571,000
gain on sale of timber funds iii & iv																	54,000
fund ii carried interest incentive fee
net proceeds from sale of timber funds iii & iv																	-54,000
net proceeds from fund ii timberland dispositions																	69,541,000
dividends paid on common stock																	-39,254,000	-38,585,000	-38,186,000	-37,490,000	-37,212,000	-36,932,000
make-whole fee on nwfcs debt prepayment																	0
timber write-off resulting from a casualty event
timber write-offs due to casualty event												2,302,000
timber write-offs due to casualty events																					0
changes in operating assets and liabilities, net of effects of merger with pope resources:
cash consideration for merger with pope resources, net of cash acquired
noncontrolling interests in consolidated affiliates redemption of shares																					0
supplemental disclosures of cash flow information
cash paid during the period:
interest															12,997,000	3,935,000			14,732,000	2,945,000		9,412,000	13,539,000	2,595,000		6,201,000	12,257,000	2,120,000		6,052,000	12,273,000	2,585,000		6,939,000	12,851,000	3,695,000		6,606,000	11,126,000	5,808,000		6,641,000	10,287,000	5,016,000		11,268,000	17,990,000	8,990,000	10,176,000	13,192,000	3,562,000	7,303,000	5,723,000	5,213,000	4,227,000	14,808,000	4,671,000	15,492,000	4,799,000	15,259,000	4,441,000	19,684,000	479,000	20,053,000	1,217,000	20,478,000	1,191,000	20,381,000	641,000	25,042,000	3,478,000	22,567,000	20,230,000	5,181,000	1,731,000	21,514,000	1,221,000	2,069,000	22,452,000	1,415,000	21,628,000	660,000	21,437,000	1,092,000	21,902,000	1,002,000	26,203,000	1,670,000	21,232,000	6,738,000	2,469,000
income taxes															288,000	14,042,000			2,294,000	4,838,000		-462,000	898,000	185,000		647,000	74,000	631,000		522,000	21,000	281,000		137,000	162,000	214,000		158,000	218,000	119,000		151,000	132,000	138,000		36,000	3,283,000	7,134,000	3,516,000	14,105,000	70,403,000	3,923,000	10,664,000	325,000	5,440,000	5,444,000	-5,892,000	7,238,000	4,394,000	-2,555,000	2,699,000	-723,000	4,935,000	3,883,000	729,000	11,987,000	-3,075,000	4,102,000	-262,000	16,202,000	-5,911,000	8,898,000	6,755,000	16,108,000	12,865,000	3,246,000	6,737,000	11,268,000	1,590,000	4,308,000	-2,121,000	728,000	1,426,000	-612,000	2,205,000	5,873,000	10,332,000	10,000	343,000	5,649,000	2,604,000
non-cash investing activity:
capital assets purchased on account															371,000	4,511,000			-659,000	4,814,000		1,033,000	-1,998,000	4,215,000		-1,136,000	53,000	3,354,000		-3,798,000	5,121,000	1,525,000		-709,000	-146,000	5,430,000		2,314,000	-663,000	2,725,000		-451,000	-45,000	2,441,000		-9,237,000	-6,344,000	17,891,000	-29,991,000	10,635,000	49,094,000	22,552,000	-14,401,000	44,576,000	5,375,000	-5,296,000	16,425,000	2,588,000	-3,795,000	-3,487,000	17,082,000	5,407,000	-5,329,000	-5,390,000	14,034,000	3,557,000	-7,547,000	-1,372,000	14,037,000	5,970,000	-4,588,000	-7,248,000	15,950,000	3,732,000	7,056,000	-7,139,000	5,467,000
non-cash financing activity:
proceeds from shareholder distribution hedge																									0				1,415,000
net cash consideration for merger with pope resources																						0
repurchase of common shares																		-6,000	-1,453,000	-155,000		-5,000				-8,000	-4,208,000	-33,000	-4,000	-14,000	-2,948,000	-18,000										-64,564,000	-8,963,000	-94,000	-24,000	0	-80,000	-1,754,000	-62,000	0	-11,241,000	0	0	-7,783,000	-81,000	-2,000	-7,826,000	0	-31,000	0	-5,997,000	0	0	0	-1,388,000	-241,000	0	-250,000	-3,488,000						-54,000														-1,998,000
equity consideration for merger with pope resources																						0
redeemable operating partnership unit consideration for merger with pope resources
repurchase of common shares under repurchase program
offering issuance costs
distributions to noncontrolling interest in consolidated affiliates																						-666,000
redeemable common unit consideration for merger with pope resources																						0
dividends paid																								-34,907,000	-34,946,000	-35,018,000	-36,230,000	-34,877,000	-34,933,000	-34,786,000	-34,930,000	-32,123,000	-32,061,000	-32,183,000	-32,207,000	-30,618,000	-30,750,000	-30,686,000	-30,734,000	-30,675,000	-30,656,000	-30,859,000	-31,754,000	-31,667,000	-31,640,000	-101,249,000	-62,083,000	-62,545,000	-61,857,000	-55,478,000	-57,744,000	-54,157,000	-48,952,000	-49,249,000	-48,692,000	-43,977,000	-43,894,000	-43,517,000	-40,166,000	-40,080,000	-39,910,000	-39,678,000	-39,611,000	-39,513,000	-39,416,000	-39,339,000	-39,296,000	-39,215,000	-39,128,000	-38,998,000	-38,879,000	-36,449,000	-36,300,000	-36,063,000	-35,979,000	-35,947,000	-35,894,000	-31,301,000	-31,137,000	-31,108,000	-27,934,000	-27,873,000	-27,739,000	-27,651,000	-72,612,000	-11,447,000	-11,293,000	-9,998,000	-9,995,000	-9,997,000	-9,940,000
distribution to minority shareholder																								-725,000	-1,846,000	-3,721,000	0	-3,594,000	-8,050,000
income tax receivable/payable																															206,000	-290,000	-308,000	0	0	-126,000	-159,000	-488,000	539,000	-98,000	53,000	-626,000	-171,000	-150,000	82,000	-4,439,000	3,856,000	1,339,000	3,144,000	-21,541,000	15,915,000	20,431,000
rayonier office building under construction																																	-105,000	-406,000	-2,969,000	-2,604,000	-2,374,000	-2,778,000
proceeds from the issuance of common shares from equity offering, net of costs																																	0	0	45,000	152,345,000
amortization of debt discount/premium																																																	50,000	418,000	419,000	1,504,000	1,973,000	1,890,000
assets purchased in business acquisition																																					226,000	0
cash (used for) investing activities																														-26,330,000
non-cash cost of land and real estate sold
non-cash adjustments to unrecognized tax benefit liability																																									0				3,950,000
gain on sale of large dispositions
net proceeds from large dispositions
proceeds from settlement of foreign currency hedge
change in restricted cash																																	-49,073,000	1,151,000	99,495,000	-39,568,000	-70,614,000	4,445,000	7,372,000	10,613,000	999,000	-21,995,000	11,231,000	-7,071,000	14,938,000	-15,810,000	17,816,000	45,312,000	-3,614,000	-2,305,000	9,908,000	1,631,000	-8,818,000	-5,609,000	0			4,978,000	-3,166,000	-234,000	-9,809,000	156,000	2,387,000	1,820,000	-2,964,000
proceeds from the issuance of common shares																																					687,000	245,000	626,000	18,000	795,000	604,000	172,000	546,000	934,000	1,298,000	1,320,000	2,027,000	2,562,000	2,552,000	4,091,000	16,752,000	1,919,000	2,061,000	354,000	2,495,000	5,399,000	4,782,000	9,300,000	5,021,000	7,211,000	1,887,000	5,530,000	3,480,000	218,000
cash and cash equivalents
change in cash and cash equivalents																																	8,591,000	-32,497,000	-82,798,000	133,448,000	-24,130,000	-19,615,000	53,450,000	24,427,000	-13,978,000	-25,877,000	-47,417,000	-22,509,000	-21,273,000	-39,230,000	65,990,000	-43,573,000	-82,843,000	77,564,000	-14,579,000	26,372,000	-47,472,000	157,972,000	48,105,000	-2,932,000	-32,351,000
repurchase of common shares made under share repurchase program																																						0	0	-690,000
depreciation and amortization from discontinued operations																																													0	0
expenditures for dispositions and discontinued operations																																													0	0	-2,598,000	-2,498,000	-2,396,000	-2,384,000	-1,631,000	-2,064,000	-3,092,000	-1,711,000	-1,999,000	-2,469,000	-2,447,000	-2,148,000	-2,165,000	-2,290,000	-2,029,000	-2,127,000	-1,866,000	-1,817,000	-2,285,000	-2,518,000	-1,748,000	-1,623,000	-1,771,000	-1,558,000	-1,346,000	-3,099,000	-2,572,000	-2,380,000	-2,301,000	-1,874,000	-3,234,000	-1,834,000	-3,057,000	-1,747,000	-2,932,000	-1,460,000	-1,654,000	-1,755,000			-2,307,000	-1,928,000
proceeds from repurchase of common shares
net cash disbursed upon spin-off of performance fibers business
non-cash cost of new york timberland sale
tax benefit of afmc for cbpc exchange																																																	0	0	-18,761,000
gain related to consolidation of new zealand joint venture																																																	0
loss on early redemption of exchangeable notes
payment to exchange afmc for cbpc																																																	0	0	-70,311,000
purchase of additional interest in new zealand joint venture																																																	0
jesup mill cellulose specialties expansion																																																	-37,207,000	-63,451,000	-36,734,000	-40,784,000	-37,972,000	-26,026,000
proceeds from disposition of wood products business																																																			83,741,000
excess tax benefits on stock-based compensation																																																	790,000	1,208,000	6,191,000	2,823,000	288,000	3,946,000	-51,000	-930,000	-3,970,000	-340,000	-1,120,000	-798,000	-3,153,000	-433,000	-1,396,000	-823,000	-68,000	158,000	-1,318,000	-1,134,000	-954,000
non-cash cost of land sold and real estate development costs recovered upon sale																																										4,594,000	1,191,000	3,747,000
real estate development costs																																										-1,167,000	-272,000	-306,000
non-cash cost of land sold
purchase of timberland deeds for rayonier advanced materials																																													0	0
debt issuance funds distributed to rayonier advanced materials																																													0	0
proceeds from spin-off of rayonier advanced materials																																													0	0
non-cash cost of real estate sold																																														3,205,000	2,324,000	978,000	1,756,000	1,960,000	633,000	604,000	1,019,000	1,382,000	1,359,000	1,453,000	296,000	161,000	3,097,000	1,240,000	2,194,000	1,339,000	1,063,000	1,742,000	3,490,000	3,507,000	3,032,000	2,040,000	2,566,000	885,000	4,149,000	2,184,000	1,394,000
shareholder debt assumed in acquisition of new zealand joint venture																																																	0
conversion of shareholder debt to equity noncontrolling interest																																																	0
partial conversion of senior exchangeable notes to equity
change in restricted cash reserved for dividends
gain on foreign currency forward contracts																																																			-1,881,000
excess tax (deficiencies) benefits on stock-based compensation																																																-1,240,000
proceeds from disposition of wood products business, net of income tax payments of 16,027
proceeds from disposition of wood products business, net of income tax payments of 11,137
cash paid (received) during the period:
amortization of gains/losses from pension and postretirement plans																																																						4,508,000
gain on sale of a portion of interest in the new zealand joint venture
amortization of convertible debt discount																																																							2,168,000	2,151,000	2,152,000	2,057,000	2,045,000	2,029,000	2,029,000	1,942,000	1,692,000	1,441,000	1,442,000
income tax receivable																																																							131,000	9,623,000	10,356,000
other current assets																																																							2,301,000	-10,335,000	-3,210,000	8,605,000	5,764,000	-10,292,000	-1,504,000	9,225,000	6,445,000	-18,693,000	-770,000
accrued liabilities																																																							12,703,000	13,186,000	1,101,000	-29,281,000	12,017,000	20,171,000	-15,712,000	-4,605,000	23,476,000	5,930,000	3,516,000
other assets																																																							-71,000	1,054,000	185,000	-2,492,000	720,000	12,000	-103,000	1,407,000	61,000	408,000	-454,000
other non-current liabilities																																																							-16,325,000	-959,000	-1,475,000	-43,238,000	145,000	47,000	-513,000	-855,000	3,046,000	5,464,000	-217,000
income tax and alternative fuel mixture credit receivable																																																										-20,152,000	-1,461,000	191,408,000	1,050,000	-58,078,000	-49,398,000
purchase of real estate																																																																						0				0
purchase of exchangeable note hedge																																																														0
proceeds from issuance of warrant																																																														0
increase in cash and cash equivalents																																																										-56,202,000	61,481,000	191,214,000	78,006,000	-78,181,000				6,693,000				88,936,000	75,843,000			-128,714,000	3,865,000	38,841,000	-20,048,000	-26,731,000	40,129,000	12,069,000	42,567,000	-24,492,000	3,144,000	41,501,000	-65,022,000	39,431,000	42,578,000	-14,514,000	2,603,000
cash paid during the year:
gain on sale of a portion of the interest in the new zealand joint venture																																																											0	0	-11,545,000
deferred income tax expense																																																											14,486,000	340,000	45,000
adjustments to reconcile net income to total cash from operating activities:
non-cash items included in income:
non-cash cost of forest fire losses																																																																						810,000	0
non-cash stock-based incentive compensation expense																																																														3,802,000	3,790,000	3,824,000	4,338,000	3,157,000	3,112,000	3,346,000	3,729,000	3,372,000	2,509,000	2,846,000	4,751,000	3,979,000	2,300,000	2,200,000	3,599,000
non-cash change in deferred income taxes
purchase of timberlands and wood chipping facilities																																																																		-176,000	-101,000	-209,857,000	-19,567,000	-10,438,000	-766,000	-2,998,000	-8,670,000
deferred income tax (benefit) expense																																																															-2,544,000	-1,939,000	-1,238,000																-5,521,000	-2,304,000						-766,000
decrease in cash and cash equivalents																																																																2,435,000	-4,231,000			-125,861,000	-34,212,000				-11,700,000
gain on sale of new zealand timber assets
deferred income tax benefit																																																																						-3,514,000			-1,689,000	-9,983,000	-5,746,000	-3,079,000	-492,000	-21,393,000	-12,537,000	-47,000				-53,823,000
proceeds from the sale of nz timber assets
increase in restricted cash																																																																						-8,416,000	42,817,000	-29,176,000	-14,037,000		641,000			-11,522,000	18,132,000	-20,130,000
non-cash items included in net income:
deferred income tax provision																																																																			5,320,000	3,157,000	3,786,000
increase in accounts receivable																																																																			169,000						-3,541,000			-9,526,000	-7,981,000	-13,678,000	885,000	-1,499,000		11,684,000	-7,570,000	-4,837,000				-2,438,000
increase in inventory																																																																														-6,047,000	-1,787,000	-925,000					7,384,000
increase in accounts payable																																																																			-2,755,000	7,325,000	2,684,000	5,036,000	-6,435,000	4,554,000	-11,657,000	11,122,000	-15,122,000	10,945,000	4,404,000			-3,043,000				5,594,000
increase in other current assets																																																																			13,888,000								-3,528,000	-1,055,000	-14,998,000
increase in accrued liabilities																																																																			24,795,000	-9,297,000	10,718,000	-16,257,000	33,694,000			-15,049,000	19,085,000	3,068,000	-141,000	4,241,000	-576,000	2,620,000	-27,378,000	22,729,000	4,330,000	17,099,000	-25,619,000	20,185,000	-14,969,000	-266,000	-11,964,000	11,532,000	8,697,000
decrease in other non-current liabilities
increase in other non-current assets
decrease (increase) in restricted cash																																																																			-1,987,000	-3,422,000	10,013,000								84,000
issuance of common shares																																																																			3,919,000	3,739,000	596,000	3,877,000	3,758,000	6,205,000	5,051,000	3,758,000	1,668,000	1,246,000	4,099,000	3,367,000	4,356,000	3,611,000	3,074,000	4,639,000	2,562,000	7,468,000	4,570,000	14,113,000	4,896,000	120,000	585,000	3,908,000	9,732,000
supplemental disclosures of cash flow information and noncash investing activities:
decrease in inventory																																																																				4,281,000	3,845,000		-2,089,000	-10,505,000	16,516,000											1,452,000				3,444,000
increase in other non-current liabilities																																																																				614,000	-69,000	790,000	-10,958,000	1,115,000	2,796,000	-1,671,000	1,097,000	527,000	1,127,000	2,775,000	2,796,000	994,000	2,350,000	3,874,000	1,324,000	1,018,000	10,471,000	4,627,000	4,209,000	-7,608,000	4,132,000	3,717,000	3,656,000
decrease (increase) in other assets
decrease (increase) in accounts receivable																																																																					941,000																1,089,000
decrease (increase) in other current assets																																																																					77,000	-11,823,000
increase in other assets																																																																					-781,000
(income) income from discontinued operations
cash from operating activities from continuing operations																																																																										84,579,000	89,237,000	82,296,000	50,816,000
cash from operating activities from discontinued operations
investment in nz joint venture
proceeds from the sale of other assets
cash from investing activities from continuing operations																																																																										-285,804,000	-51,653,000	-7,274,000	-40,462,000
cash from investing activities from discontinued operations
payment on forward currency contract
cash from financing activities from continuing operations																																																																										71,674,000	-35,211,000	-35,505,000	-30,797,000
proceeds from sale of portion of new zealand timber assets
tax benefits on stock based compensation
and noncash investing activities:
increase in current timber purchase agreements and other current assets																																																																								8,125,000	-15,819,000									-5,119,000	607,000	-998,000		-1,336,000	2,323,000	-2,447,000			-1,641,000
increase in non-current timber purchase agreements and other assets
proceeds from sale of portion of new zealand joint venture																																																																										0	0
excess tax benefits on stock based compensation																																																																								2,497,000	2,178,000
balance, beginning of period																																																																								0	40,171,000																0
decrease in accrued liabilities																																																																									-16,009,000
decrease in non-current timber purchase agreements and other assets																																																																									367,000
non-cash cost of real estate sales																																																																										1,544,000	6,314,000	3,657,000	847,000	4,381,000
decrease (increase) in inventory																																																																										2,716,000	-6,789,000	-686,000	7,501,000
decrease (increase) in non-current timber purchase agreements and other assets
proceeds from the sale of nz timberlands
repurchase of common shares and cash in lieu of fractional shares
income from continuing operations																																																																											55,036,000	42,778,000	23,304,000	74,894,000							1,972,000	8,092,000	31,672,000	8,236,000	15,478,000
gain on sale of portion of new zealand joint venture																																																																											0
proceeds from matured energy forward contracts																																																																											246,000	435,000	239,000
excess tax benefits from stock-based compensation																																																																											294,000	441,000	1,770,000
decrease in other assets																																																																												8,376,000	3,473,000												2,181,000	-275,000	2,990,000
loss on matured forward energy contracts																																																																													257,000
equity in loss of new zealand jv investment																																																																													749,000
decrease in accounts payable																																																																														-9,355,000				963,000						-2,292,000
decrease (increase) in current timber purchase agreements and other current assets																																																																																1,555,000
increase in timber purchase agreements and other assets																																																																																		-6,569,000	-4,800,000	-2,233,000
cash from operating activities of continuing operations																																																																														83,119,000							35,411,000	64,003,000	69,469,000	39,328,000	72,786,000
cash from operating activities of discontinued operations																																																																														6,930,000
capital expenditures, net of proceeds from sales and retirements																																																																														-7,810,000				-18,022,000
cash from investing activities of continuing operations																																																																														-32,222,000							-31,909,000	-25,983,000	-14,548,000	-18,192,000	-23,509,000
cash from investing activities of discontinued operations																																																																														39,741,000
cash from financing activities of continuing operations																																																																														-124,192,000							-68,815,000	1,464,000	-12,343,000	-35,650,000	-51,808,000
decrease (increase) in timber purchase agreements and other assets
non-cash cost basis of real estate sold																																																																																3,965,000
decrease (increase) in long-term timber purchase agreements and other assets																																																																																1,954,000
capital expenditures, net of sales and retirements																																																																																-20,314,000				-19,493,000
cash paid (received) during the period for:
non-cash items included in income from continuing operations:
reserves for dispositions
decrease in current timber purchase agreements and other current assets																																																																																									2,572,000
increase in long-term timber purchase agreements and other assets
capital expenditures, net of sales and retirements of 264, 979 and 773
purchase of alabama timberlands																																																																																	0
purchase of assets previously leased																																																																																					0
cash paid in lieu of fractional shares																																																																																					0	0
cash from discontinued operations																																																																																									5,134,000
cash paid (received) during the year for:
non-cash cost of land sales																																																																																		711,000	1,317,000	7,928,000				2,963,000	4,966,000	573,000	2,700,000
non-cash cost basis of land sold																																																																																					172,000	1,090,000
pre-tax expenditures for dispositions and discontinued operations																																																																																					-2,762,000
capital expenditures, net of sales and retirements of 979, 773 and 491
(decrease) in accounts payable
decrease in long-term timber purchase agreements and other assets
capital expenditures, net of sales and retirements of 979 and 245
non-cash investing and financing activities
note receivable from sale of east coast new zealand operations
decrease in accounts receivable
(increase) in inventory
decrease in timber purchase agreements and other assets																																																																																							2,649,000	860,000
capital expenditures, net of sales and retirements of 536 and 1,205
non-cash investing and financing activities:
capital expenditures, net of sales and retirements of 51 and 762																																																																																								-18,192,000
change in accounts receivable, inventory and accounts payable																																																																																									5,022,000	-1,582,000	-6,973,000
expenditures for dispositions, net of tax benefits of 2,337 and 2,454
capital expenditures, net of sales and retirements of 245 and 153
supplemental disclosures of cash flow information:
cash paid during the period for:
note receivable from sale of new zealand east coast operations																																																																																									0
expenditures for dispositions, net of tax benefits of 1,284 and 1,411
capital expenditures, net of sales and retirements of 1,205 and 237
expenditures for dispositions and discontinued operations,
net of tax benefits of 661 and 754																																																																																											-1,175,000
capital expenditures, net of sales and retirements of 762 and 74																																																																																											-16,313,000
cash and short term investments
increase in cash and short-term investments																																																																																											8,879,000

Rayonier Inc(NYSE:RYN)

Rayonier Inc
(NYSE:RYN)