Earnings

Rayonier Books $90.6 Million Washington Timberland Gain

The Tip Desk · November 10, 2026 · 3 min read

Net income attributable to Rayonier was $123.3 million, or $0.41 a share, on sales of $565.6 million as Adjusted EBITDA reached $144.6 million.

Rayonier Inc. (RYN), a land resources real estate investment trust, reported third-quarter net income attributable to the company of $123.3 million, or $0.41 a share, on sales of $565.6 million.

The timberland owner closed previously announced, tax-efficient transactions with RMS, including a $145 million Large Disposition of about 36,000 acres in Washington and a $146 million acquisition of about 57,000 acres in Texas and Alabama. Results included $90.6 million of after-tax income from the Washington Large Disposition and $6.9 million of after-tax costs related to the PotlatchDeltic merger.

Excluding those items and adjusting for pro forma net income attributable to noncontrolling interests, pro forma net income was $40.0 million, or $0.13 a share, on pro forma sales of $420.6 million.

Adjusted EBITDA was $144.6 million, up from $123.7 million in the second quarter. Operating income was $146.9 million, including the Large Disposition income and $7.0 million of merger costs; pro forma operating income was $63.3 million.

Southern Timber Adjusted EBITDA was $52.4 million, 23% above the year-ago quarter, which the company attributed primarily to about 1.4 million tons of harvest volume from legacy PotlatchDeltic timberlands. Sales were $107.4 million and harvest volumes were 3.02 million tons. Average delivered pine sawtimber prices fell to $45.31 a ton from $47.45 a ton a year earlier, which the company said reflected a shift in geographic mix and modestly softer market conditions. Operating income in the segment was $20.7 million.

Northwest Timber Adjusted EBITDA was $32.3 million, versus $26.3 million in the second quarter. Sales were $73.6 million and harvest volumes were 571,000 tons, including 368,000 tons from PotlatchDeltic timberlands. Average delivered sawtimber prices were $129.12 a ton. Operating income was $3.6 million. The company said elevated depletion expense in the quarter primarily reflected a cumulative catch-up adjustment related to revisions to the preliminary purchase price allocation for the PotlatchDeltic merger.

Wood Products Adjusted EBITDA was $27.0 million. Sales totaled $206.2 million, including $172.5 million of lumber. Lumber shipments were 327 MMBF, with average realizations of $528 per thousand board feet. The company said lumber prices improved early in the quarter before moderating, with average realizations reaching their highest levels since the third quarter of 2022, and that shipment volumes were in line with targets. Operating income was $11.6 million.

Real Estate Adjusted EBITDA was $48.5 million. Sales of $208.0 million included $145.0 million from Large Dispositions, leaving pro forma sales of $63.0 million and pro forma operating income of $43.5 million. Operating income was $134.2 million. The company said the segment’s Adjusted EBITDA exceeded the high end of its prior quarterly guidance, reflecting strong transaction activity.

Corporate and Other operating expense was $21.9 million, which the company said primarily reflected the larger scale of the combined company and $7.0 million of merger costs. Interest expense was $16.7 million.

The company repurchased $59.8 million of shares in the third quarter at an average $21.00 a share. As of September 30, 2026, debt was $1.86 billion and cash was $361.4 million. On November 3, 2026, the board approved a new $300 million share repurchase authorization, incremental to $66.2 million remaining on the 2024 authorization.

For the fourth quarter, the company expects Southern Timber harvest of 3.0 to 3.2 million tons, Northwest Timber harvest of 500,000 to 550,000 tons, lumber shipments of about 295 to 305 million board feet, and Real Estate Adjusted EBITDA of $60 to $70 million. It expects Southern pine prices to remain relatively stable versus the third quarter and Northwest sawtimber prices to be lower, primarily due to lower sawlog prices in Idaho.

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