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Table of Contents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from              to             
https://cdn.kscope.io/2518b243138ff01db8a7e6d4b7afcaad-ryn-20210930_g1.jpg
RAYONIER INC.
(Exact name of registrant as specified in its charter)
North Carolina1-678013-2607329
(State or other Jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)
Rayonier, L.P.
(Exact name of registrant as specified in its charter)
Delaware333-23724691-1313292
(State or other Jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)
1 RAYONIER WAY
WILDLIGHT, FL 32097
(Principal Executive Office)
Telephone Number: (904357-9100
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolExchange
Common Shares, no par value, of Rayonier Inc.RYNNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Rayonier Inc.    Yes         No  ☐    Rayonier, L.P.    Yes         No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Rayonier Inc.    Yes        No  ☐    Rayonier, L.P.    Yes        No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Rayonier Inc.
Large Accelerated Filer
 
Accelerated FilerNon-accelerated FilerSmaller Reporting CompanyEmerging Growth Company
Rayonier, L.P.
Large Accelerated FilerAccelerated FilerNon-accelerated Filer
 
Smaller Reporting CompanyEmerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Rayonier Inc.     Rayonier, L.P.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Rayonier Inc.    Yes         No  ☒    Rayonier, L.P.    Yes         No  ☒    
As of October 29, 2021, Rayonier Inc. had 143,152,315 Common Shares outstanding. As of October 29, 2021, Rayonier, L.P. had 3,851,897 Units outstanding.




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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarterly period ended September 30, 2021 of Rayonier Inc., a North Carolina corporation, and Rayonier, L.P., a Delaware limited partnership. Unless stated otherwise or the context otherwise requires, references to “Rayonier” or “the Company” mean Rayonier Inc. and references to the “Operating Partnership” mean Rayonier, L.P. References to “we,” “us,” and “our” mean collectively Rayonier Inc., the Operating Partnership and entities/subsidiaries owned or controlled by Rayonier Inc. and/or the Operating Partnership.

Rayonier Inc. has elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, commencing with its taxable year ended December 31, 2004. The Company is structured as an umbrella partnership REIT (“UPREIT”) under which substantially all of its business is conducted through the Operating Partnership. Rayonier Inc. is the sole general partner of the Operating Partnership. On May 8, 2020, Rayonier, L.P. acquired Pope Resources, a Delaware Limited Partnership (“Pope Resources”) and issued approximately 4.45 million operating partnership units (“OP Units” or “Redeemable Operating Partnership Units”) of Rayonier, L.P. as partial merger consideration. These OP Units are generally considered to be economic equivalents to Rayonier common shares and receive distributions equal to the dividends paid on Rayonier common shares. See Note 2 - Merger with Pope Resources for additional information pertaining to the merger.

As of September 30, 2021, the Company owned a 97.3% interest in the Operating Partnership, with the remaining 2.7% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership.

Rayonier Inc. and the Operating Partnership are operated as one business. The management of the Operating Partnership consists of the same members as the management of Rayonier Inc. As general partner with control of the Operating Partnership, Rayonier Inc. consolidates Rayonier, L.P. for financial reporting purposes, and has no material assets or liabilities other than its investment in the Operating Partnership.

We believe combining the quarterly reports of Rayonier Inc. and Rayonier, L.P. into this single report results in the following benefits:

Strengthens investors’ understanding of Rayonier Inc. and the Operating Partnership by enabling them to view the business as a single operating unit in the same manner as management views and operates the business;
Creates efficiencies for investors by reducing duplicative disclosures and providing a single comprehensive document; and
Generates time and cost savings associated with the preparation of the reports when compared to preparing separate reports for each entity.

There are a few important differences between Rayonier Inc. and the Operating Partnership in the context of how Rayonier Inc. operates as a consolidated company. The Company itself does not conduct business, other than through acting as the general partner of the Operating Partnership and issuing equity or equity-related instruments from time to time. The Operating Partnership holds, directly or indirectly, substantially all of the Company’s assets. Likewise, all debt is incurred by the Operating Partnership or entities/subsidiaries owned or controlled by the Operating Partnership. The Operating Partnership conducts substantially all of the Company’s business and is structured as a partnership with no publicly traded equity.

To help investors understand the significant differences between the Company and the Operating Partnership, this report includes:

Separate Consolidated Financial Statements for Rayonier Inc. and Rayonier, L.P.;
A combined set of Notes to the Consolidated Financial Statements with separate discussions of per share and per unit information, noncontrolling interests and shareholders’ equity and partners’ capital, as applicable;
A combined Management’s Discussion and Analysis of Financial Condition and Results of Operations which includes specific information related to each reporting entity;


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A separate Part 1, Item 4. Controls and Procedures related to each reporting entity;
A separate Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds section related to each reporting entity; and
Separate Exhibit 31 and 32 certifications for each reporting entity within Part II, Item 6.


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TABLE OF CONTENTS
 
ItemPage
PART I - FINANCIAL INFORMATION
1.
2.
3.
4.
PART II - OTHER INFORMATION
1.
2.
6.
 
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PART I.        FINANCIAL INFORMATION

Item 1.         Financial Statements

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
SALES (NOTE 4)
$364,726 $198,875 $847,604 $653,635 
Costs and Expenses
Cost of sales(233,308)(180,944)(578,937)(545,333)
Selling and general expenses(13,174)(14,498)(41,899)(37,036)
Other operating income (expense), net (Note 18)
5,070 (1,653)9,474 (19,247)
(241,412)(197,095)(611,362)(601,616)
OPERATING INCOME123,314 1,780 236,242 52,019 
Interest expense(11,265)(10,421)(34,292)(28,457)
Interest and other miscellaneous income (expense), net1,274 (137)127 1,232 
INCOME (LOSS) BEFORE INCOME TAXES113,323 (8,778)202,077 24,794 
Income tax expense (Note 20)
(2,811)(720)(13,114)(7,416)
NET INCOME (LOSS)110,512 (9,498)188,963 17,378 
Less: Net (income) loss attributable to noncontrolling interests in the Operating Partnership(2,210)25 (4,303)(195)
Less: Net (income) loss attributable to noncontrolling interests in consolidated affiliates(32,471)8,715 (40,775)9,647 
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.75,831 (758)143,885 26,830 
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0, and $0
(6,622)12,476 (19,670)(8,290)
Cash flow hedges, net of income tax effect of $833, $645, $2,207 and $530
1,711 7,861 52,693 (82,890)
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0
294 217 881 652 
Total other comprehensive (loss) income(4,617)20,554 33,904 (90,528)
COMPREHENSIVE INCOME (LOSS)105,895 11,056 222,867 (73,150)
Less: Comprehensive income attributable to noncontrolling interests in the Operating Partnership(2,118)(508)(5,490)(1,184)
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated affiliates(31,099)5,017 (36,168)10,761 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.$72,678 $15,565 $181,209 ($63,573)
EARNINGS PER COMMON SHARE (NOTE 8)
Basic earnings (loss) per share attributable to Rayonier Inc.$0.53 ($0.01)$1.03 $0.20 
Diluted earnings (loss) per share attributable to Rayonier Inc.$0.53 ($0.01)$1.03 $0.20 








See Notes to Consolidated Financial Statements.

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RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
 September 30, 2021December 31, 2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents, excluding Timber Funds$419,604 $80,454 
Cash and cash equivalents, Timber Funds12,202 4,053 
Total cash and cash equivalents431,806 84,507 
Restricted cash, Timber Funds (Note 22)
49,209  
Accounts receivable, less allowance for doubtful accounts of $81 and $25
42,352 49,082 
Inventory (Note 17)
18,592 10,594 
Prepaid expenses19,362 16,168 
Assets held for sale (Note 23)
56,397 3,449 
Other current assets2,212 6,765 
Total current assets619,930 170,565 
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION2,788,991 3,262,126 
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
     INVESTMENTS (NOTE 16)
110,592 108,518 
PROPERTY, PLANT AND EQUIPMENT
Land6,569 6,548 
Buildings31,028 31,024 
Machinery and equipment4,392 4,615 
Construction in progress710 452 
Total property, plant and equipment, gross42,699 42,639 
Less — accumulated depreciation(14,167)(12,238)
Total property, plant and equipment, net28,532 30,401 
RESTRICTED CASH, EXCLUDING TIMBER FUNDS (NOTE 22)
625 2,975 
RIGHT-OF-USE ASSETS107,631 108,992 
OTHER ASSETS50,113 45,156 
TOTAL ASSETS$3,706,414 $3,728,733 
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$27,989 $24,790 
Current maturities of long-term debt, net, excluding Timber Funds (Note 9)
199,887  
Accrued taxes18,503 7,347 
Accrued payroll and benefits11,210 12,327 
Accrued interest12,555 6,325 
Deferred revenue19,899 11,112 
Distribution payable, Timber Funds49,209  
Other current liabilities28,983 29,234 
Total current liabilities368,235 91,135 
LONG-TERM DEBT, NET, EXCLUDING TIMBER FUNDS (NOTE 9)
1,167,967 1,300,336 
LONG-TERM DEBT, NET, TIMBER FUNDS (NOTE 9)
 60,179 
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 19)
22,173 23,344 
LONG-TERM LEASE LIABILITY99,275 100,251 
OTHER NON-CURRENT LIABILITIES115,749 160,722 
COMMITMENTS AND CONTINGENCIES (NOTES 12 and 13)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 6)
140,555 130,121 
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized,143,049,458 and 137,678,822 shares issued and outstanding
1,296,877 1,101,675 
Retained earnings450,076 446,267 
Accumulated other comprehensive loss (Note 21)
(36,560)(73,885)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY1,710,393 1,474,057 
Noncontrolling interests in consolidated affiliates (Note 6)
82,067 388,588 
TOTAL SHAREHOLDERS’ EQUITY1,792,460 1,862,645 
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY$3,706,414 $3,728,733 
See Notes to Consolidated Financial Statements.
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RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(Dollars in thousands, except share data)
 Common SharesRetained
Earnings
Accumulated
Other
Comprehensive Loss
Noncontrolling Interests in Consolidated AffiliatesShareholders’
Equity
 SharesAmount
Balance, January 1, 2021137,678,822 $1,101,675 $446,267 ($73,885)$388,588 $1,862,645 
Net income— — 11,189 — 3,843 15,032 
Net income attributable to noncontrolling interests in the Operating Partnership— — (341)— — (341)
Dividends ($0.27 per share) (a)
— — (37,532)— — (37,532)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $197
1,107,814 36,708 — — — 36,708 
Issuance of shares under incentive stock plans39,140 1,166 — — — 1,166 
Stock-based compensation— 2,156 — — — 2,156 
Repurchase of common shares(5,020)(155)— — — (155)
Measurement period adjustment of noncontrolling interests in consolidated affiliates— — — — 655 655 
Adjustment of noncontrolling interests in the Operating Partnership— — (11,867)— — (11,867)
Conversion of units into common shares150,134 4,715 — — — 4,715 
Amortization of pension and postretirement plan liabilities— — — 294 — 294 
Foreign currency translation adjustment— — — (11,652)(2,636)(14,288)
Cash flow hedges— — — 61,628 (627)61,001 
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership— — — (1,531)— (1,531)
Distributions to noncontrolling interests in consolidated affiliates— — — — (8,737)(8,737)
Balance, March 31, 2021138,970,890 $1,146,265 $407,716 ($25,146)$381,086 $1,909,921 
Net income— — 58,959 — 4,461 63,420 
Net income attributable to noncontrolling interests in the Operating Partnership— — (1,753)— — (1,753)
Dividends ($0.27 per share) (a)
— — (37,981)— — (37,981)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $927
2,199,459 79,994 — — — 79,994 
Issuance of shares under incentive stock plans185,544 3,325 — — — 3,325 
Stock-based compensation— 2,852 — — — 2,852 
Repurchase of common shares(42,425)(1,453)— — — (1,453)
Measurement period adjustment of noncontrolling interests in consolidated affiliates— — — — 9,034