RYN

Rayonier is the second-largest publicly traded timberland REIT, owning or leasing ~2.0 million acres across the US South and Pacific Northwest, and FY2025 was a year of balance-sheet transformation. The headline figures are distorted by one-time activity: revenue from continuing operations fell 51.0% to $483M (reflecting the New Zealand JV reclassified to discontinued operations), yet net income rose 32.1% to $474M — driven by disposition gains, not operations. The honest operating proxy is Adjusted EBITDA of $248M (per the 10-K), so the 6.9x P/E and 98.2% net margin shown here overstate earnings power; a timber REIT should be valued on land NAV, cash flow and the dividend, not GAAP EPS.

What the company actually accomplished is impressive de-risking. It completed a $1.45B asset-disposition and capital-realignment plan (capped by the June 2025 sale of its 77% NZ JV stake), cutting net debt to Adjusted EBITDA from 3.2x to just 0.8x while lifting cash 178.1% to $843M and equity 24.9% to $2.21B. It holds investment-grade ratings (S&P BBB, Moody's Baa3, stable) and a low 32% debt-to-capital ratio. Crucially, it raised the dividend 45.6% to $292M and returned capital from the dispositions — the core attraction of a timber REIT.