SEC Filing | Rayonier Inc.

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ryn-20220331

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 March 31, 2022


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


			For the transition period from to

RAYONIER INC.

(Exact name of registrant as specified in its charter)

North Carolina

1-6780

13-2607329

(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)

Delaware

333-237246

91-1313292

(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: (904) 357-9100

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol	Exchange
Common Shares, no par value, of Rayonier Inc.	RYN	New 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 Filer

☐

Non-accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

Rayonier, L.P.

Large Accelerated Filer

☐

Accelerated Filer

☐

Non-accelerated Filer

☒

Smaller Reporting Company

☐

Emerging 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 April 29, 2022, Rayonier Inc. had 146,292,726 Common Shares outstanding. As of April 29, 2022, Rayonier, L.P. had 3,312,229 Units outstanding.

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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2022 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.

As of March 31, 2022, the Company owned a 97.8% interest in the Operating Partnership, with the remaining 2.2% 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 I, 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


Item		Page
	PART I - FINANCIAL INFORMATION
1.	Financial Statements (unaudited)	1
	Rayonier Inc.:
	Consolidated Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2022 and 2021	1
	Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021	2
	Consolidated Statements of Changes in Shareholders’ Equity for the Quarters Ended March 31, 2022 and 2021	3
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021	5
	Rayonier, L.P.:
	Consolidated Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2022 and 2021	6
	Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021	7
	Consolidated Statements of Changes in Capital for the Quarters Ended March 31, 2022 and 2021	8
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021	9
	Notes to Consolidated Financial Statements	10
2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	33
3.	Quantitative and Qualitative Disclosures about Market Risk	54
4.	Controls and Procedures	56
	PART II - OTHER INFORMATION
1.	Legal Proceedings	56
1A.	Risk Factors	56
2.	Unregistered Sales of Equity Securities and Use of Proceeds	58
6.	Exhibits	59
	Signatures	60

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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 March 31,
		2022	2021
SALES (NOTE 3)		$222,041	$191,447
Costs and Expenses
Cost of sales		(160,979)	(151,378)
Selling and general expenses		(14,760)	(14,032)
Other operating (expense) income, net (Note 15)		(984)	2,448
		(176,723)	(162,962)
OPERATING INCOME		45,318	28,485
Interest expense		(8,337)	(10,028)
Interest and other miscellaneous expense, net		(468)	(4)
INCOME BEFORE INCOME TAXES		36,513	18,453
Income tax expense (Note 17)		(5,515)	(3,421)
NET INCOME		30,998	15,032
Less: Net income attributable to noncontrolling interests in the operating partnership		(669)	(341)
Less: Net income attributable to noncontrolling interests in consolidated affiliates		(1,012)	(3,843)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.		29,317	10,848
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment, net of income tax effect of $0 and $0		6,458	(14,288)
Cash flow hedges, net of income tax effect of $1,022 and $1,059		40,427	61,001
Amortization of pension and postretirement plans, net of income tax expense of $0 and $0		188	294
Total other comprehensive income		47,073	47,007
COMPREHENSIVE INCOME		78,071	62,039
Less: Comprehensive income attributable to noncontrolling interests in the operating partnership		(1,686)	(1,872)
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates		(2,408)	(580)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$73,977	$59,587
EARNINGS PER COMMON SHARE (NOTE 5)
Basic earnings per share attributable to Rayonier Inc.		$0.20	$0.08
Diluted earnings per share attributable to Rayonier Inc.		$0.20	$0.08

See Notes to Consolidated Financial Statements.

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RAYONIER INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands)


	March 31, 2022	December 31, 2021
ASSETS
CURRENT ASSETS
Cash and cash equivalents, excluding Timber Funds	$256,537	$358,680
Cash and cash equivalents, Timber Funds	3,185	3,493
Total cash and cash equivalents	259,722	362,173
Restricted cash, Timber Funds (Note 19)	5,464	6,341
Accounts receivable, less allowance for doubtful accounts of $66 and $59	52,906	30,018

Inventory (Note 14)	33,290	28,523

Prepaid expenses	20,088	18,528
Assets held for sale (Note 20)	2,466	5,099
Other current assets	1,162	749
Total current assets	375,098	451,431
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,869,194	2,894,996
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 13)	111,445	106,878
PROPERTY, PLANT AND EQUIPMENT
Land	6,400	6,401
Buildings	31,198	31,168
Machinery and equipment	6,497	6,494
Construction in progress	510	460
Total property, plant and equipment, gross	44,605	44,523
Less — accumulated depreciation	(15,699)	(14,900)
Total property, plant and equipment, net	28,906	29,623
RESTRICTED CASH, EXCLUDING TIMBER FUNDS (NOTE 19)	625	625
RIGHT-OF-USE ASSETS	104,183	101,837
OTHER ASSETS	70,413	50,966
TOTAL ASSETS	$3,559,864	$3,636,356
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$31,131	$23,447

Current maturities of long-term debt, net, (Note 6)	2,087	124,965

Accrued taxes	2,754	12,446

Accrued payroll and benefits	6,068	14,514
Accrued interest	6,677	6,343
Deferred revenue	13,699	17,802
Distribution payable, Timber Funds	5,464	6,341
Other current liabilities	24,782	25,863
Total current liabilities	92,662	231,721
LONG-TERM DEBT, NET, (NOTE 6)	1,243,673	1,242,819

PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 16)	10,201	10,478
LONG-TERM LEASE LIABILITY	95,543	93,416
OTHER NON-CURRENT LIABILITIES	99,907	108,521
COMMITMENTS AND CONTINGENCIES (NOTES 9 and 10)
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 4)	136,239	133,823
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized,146,107,688 and 145,372,961 shares issued and outstanding	1,421,946	1,389,073
Retained earnings	389,077	402,307
Accumulated other comprehensive income (loss) (Note 18)	25,973	(19,604)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,836,996	1,771,776
Noncontrolling interests in consolidated affiliates (Note 4)	44,643	43,802
TOTAL SHAREHOLDERS’ EQUITY	1,881,639	1,815,578
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY	$3,559,864	$3,636,356

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 Shares		Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Consolidated Affiliates	Shareholders’ Equity
	Shares	Amount
Balance, January 1, 2022	145,372,961	$1,389,073	$402,307	($19,604)	$43,802	$1,815,578
Net income	—	—	29,986	—	1,012	30,998
Net income attributable to noncontrolling interests in the operating partnership	—	—	(669)	—	—	(669)
Dividends ($0.27 per share) (a)	—	—	(39,902)	—	—	(39,902)
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $339	726,248	29,771	—	—	—	29,771
Issuance of shares under incentive stock plans	11,364	415	—	—	—	415
Stock-based compensation	—	2,797	—	—	—	2,797
Repurchase of common shares	(5,420)	(214)	—	—	—	(214)

Adjustment of noncontrolling interests in the operating partnership	—	—	(2,645)	—	—	(2,645)
Conversion of units into common shares	2,535	104	—	—	—	104
Amortization of pension and postretirement plan liabilities	—	—	—	188	—	188
Foreign currency translation adjustment	—	—	—	5,668	790	6,458
Cash flow hedges	—	—	—	39,822	605	40,427
Allocation of other comprehensive income to noncontrolling interests in the operating partnership	—	—	—	(101)	—	(101)
Distributions to noncontrolling interests in consolidated affiliates	—	—	—	—	(1,566)	(1,566)
Balance, March 31, 2022	146,107,688	$1,421,946	$389,077	$25,973	$44,643	$1,881,639

(a)For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 4 — Noncontrolling Interests.

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RAYONIER INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED)

(Unaudited)

(Dollars in thousands, except share data)


	Common Shares		Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Consolidated Affiliates	Shareholders’ Equity
	Shares	Amount
Balance, January 1, 2021	137,678,822	$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 plans	39,140	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 shares	150,134	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, 2021	138,970,890	$1,146,265	$407,716	($25,146)	$381,086	$1,909,921

See Notes to Consolidated Financial Statements.

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RAYONIER INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)


	Three Months Ended March 31,
	2022	2021
OPERATING ACTIVITIES
Net income	$30,998	$15,032
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization	47,419	45,213
Non-cash cost of land and improved development	5,359	1,813
Stock-based incentive compensation expense	2,797	2,156
Deferred income taxes	(8,014)	(1,128)
Amortization of losses from pension and postretirement plans	188	294





Other	(2,244)	(3,681)
Changes in operating assets and liabilities:
Receivables	(27,837)	(3,697)
Inventories	(4,875)	(3,512)
Accounts payable	7,376	6,684

All other operating activities	(1,500)	(5,306)
CASH PROVIDED BY OPERATING ACTIVITIES	49,667	53,868
INVESTING ACTIVITIES
Capital expenditures	(15,597)	(15,831)

Real estate development investments	(3,137)	(3,011)

Purchase of timberlands	(2,830)	(29,938)






Other	2,619	4,356
CASH USED FOR INVESTING ACTIVITIES	(18,945)	(44,424)
FINANCING ACTIVITIES
Issuance of debt	404,018	—
Repayment of debt	(526,948)	—
Dividends paid on common shares	(39,444)	(37,490)
Distributions to noncontrolling interests in the operating partnership	(895)	(1,155)

Proceeds from the issuance of common shares under incentive stock plan	579	1,166
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs	30,918	32,545


Repurchase of common shares to pay withholding taxes on vested incentive stock awards	(214)	(155)





Distributions to noncontrolling interests in consolidated affiliates	(2,684)	(8,737)


CASH USED FOR FINANCING ACTIVITIES	(134,670)	(13,826)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	620	(5)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	(103,328)	(4,387)
Balance, beginning of year	369,139	87,482
Balance, end of period	$265,811	$83,095

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period:
Interest (a)	$3,935	$2,945
Income taxes	14,042	4,838
Non-cash investing activity:
Capital assets purchased on account	4,511	4,814

(a)Interest paid is presented net of patronage payments received of $5.5 million and $6.2 million for the three months ended March 31, 2022 and March 31, 2021, respectively. For additional information on patronage payments, see Note 10 — Debt in the 2021 Form 10-K.

See Notes to Consolidated Financial Statements.

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RAYONIER, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

AND COMPREHENSIVE INCOME

(Unaudited)

(Dollars in thousands, except per unit amounts)


	Three Months Ended March 31,
		2022	2021
SALES (NOTE 3)		$222,041	$191,447
Costs and Expenses
Cost of sales		(160,979)	(151,378)
Selling and general expenses		(14,760)	(14,032)
Other operating (expense) income, net (Note 15)		(984)	2,448
		(176,723)	(162,962)
OPERATING INCOME		45,318	28,485
Interest expense		(8,337)	(10,028)
Interest and other miscellaneous expense, net		(468)	(4)
INCOME BEFORE INCOME TAXES		36,513	18,453
Income tax expense (Note 17)		(5,515)	(3,421)
NET INCOME		30,998	15,032
Less: Net income attributable to noncontrolling interests in consolidated affiliates		(1,012)	(3,843)
NET INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS		29,986	11,189
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment, net of income tax effect of $0 and $0		6,458	(14,288)
Cash flow hedges, net of income tax effect of $1,022 and $1,059		40,427	61,001
Amortization of pension and postretirement plans, net of income tax expense of $0 and $0		188	294
Total other comprehensive income		47,073	47,007
COMPREHENSIVE INCOME		78,071	62,039
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates		(2,408)	(580)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS		$75,663	$61,459
EARNINGS PER UNIT (NOTE 5)
Basic earnings per unit attributable to Rayonier, L.P.		$0.20	$0.08
Diluted earnings per unit attributable to Rayonier, L.P.		$0.20	$0.08

See Notes to Consolidated Financial Statements.

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RAYONIER, L.P. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands)


	March 31, 2022	December 31, 2021
ASSETS
CURRENT ASSETS
Cash and cash equivalents, excluding Timber Funds	$256,537	$358,680
Cash and cash equivalents, Timber Funds	3,185	3,493
Total cash and cash equivalents	259,722	362,173
Restricted cash, Timber Funds (Note 19)	5,464	6,341
Accounts receivable, less allowance for doubtful accounts of $66 and $59	52,906	30,018

Inventory (Note 14)	33,290	28,523

Prepaid expenses	20,088	18,528
Assets held for sale (Note 20)	2,466	5,099
Other current assets	1,162	749
Total current assets	375,098	451,431
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,869,194	2,894,996
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 13)	111,445	106,878
PROPERTY, PLANT AND EQUIPMENT
Land	6,400	6,401
Buildings	31,198	31,168
Machinery and equipment	6,497	6,494
Construction in progress	510	460
Total property, plant and equipment, gross	44,605	44,523
Less — accumulated depreciation	(15,699)	(14,900)
Total property, plant and equipment, net	28,906	29,623
RESTRICTED CASH, EXCLUDING TIMBER FUNDS (NOTE 19)	625	625
RIGHT-OF-USE ASSETS	104,183	101,837
OTHER ASSETS	70,413	50,966
TOTAL ASSETS	$3,559,864	$3,636,356
LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL
CURRENT LIABILITIES
Accounts payable	$31,131	$23,447

Current maturities of long-term debt, net, (Note 6)	2,087	124,965

Accrued taxes	2,754	12,446

Accrued payroll and benefits	6,068	14,514
Accrued interest	6,677	6,343
Deferred revenue	13,699	17,802
Distribution payable, Timber Funds	5,464	6,341
Other current liabilities	24,782	25,863
Total current liabilities	92,662	231,721
LONG-TERM DEBT, NET, (NOTE 6)	1,243,673	1,242,819

PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 16)	10,201	10,478
LONG-TERM LEASE LIABILITY	95,543	93,416
OTHER NON-CURRENT LIABILITIES	99,907	108,521

COMMITMENTS AND CONTINGENCIES (NOTES 9 and 10)
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 3,313,206 and 3,315,741 Units outstanding, respectively	136,239	133,823
CAPITAL
General partners’ capital	18,068	17,872
Limited partners’ capital	1,788,713	1,769,367
Accumulated other comprehensive income (loss) (Note 18)	30,215	(