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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
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/eabf61fb2fb3b239792ae96ba74509fa-ryn-20220331_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 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
 
ItemPage
PART I - FINANCIAL INFORMATION
1.
2.
3.
4.
PART II - OTHER INFORMATION
1.
1A.
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
March 31,
 20222021
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 INCOME45,318 28,485 
Interest expense(8,337)(10,028)
Interest and other miscellaneous expense, net(468)(4)
INCOME BEFORE INCOME TAXES36,513 18,453 
Income tax expense (Note 17)
(5,515)(3,421)
NET INCOME30,998 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 income47,073 47,007 
COMPREHENSIVE INCOME78,071 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, 2022December 31, 2021
ASSETS
CURRENT ASSETS
Cash and cash equivalents, excluding Timber Funds$256,537 $358,680 
Cash and cash equivalents, Timber Funds3,185 3,493 
Total cash and cash equivalents259,722 362,173 
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 expenses20,088 18,528 
Assets held for sale (Note 20)
2,466 5,099 
Other current assets1,162 749 
Total current assets375,098 451,431 
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION2,869,194 2,894,996 
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
     INVESTMENTS (NOTE 13)
111,445 106,878 
PROPERTY, PLANT AND EQUIPMENT
Land6,400 6,401 
Buildings31,198 31,168 
Machinery and equipment6,497 6,494 
Construction in progress510 460 
Total property, plant and equipment, gross44,605 44,523 
Less — accumulated depreciation(15,699)(14,900)
Total property, plant and equipment, net28,906 29,623 
RESTRICTED CASH, EXCLUDING TIMBER FUNDS (NOTE 19)
625 625 
RIGHT-OF-USE ASSETS104,183 101,837 
OTHER ASSETS70,413 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 taxes2,754 12,446 
Accrued payroll and benefits6,068 14,514 
Accrued interest6,677 6,343 
Deferred revenue13,699 17,802 
Distribution payable, Timber Funds5,464 6,341 
Other current liabilities24,782 25,863 
Total current liabilities92,662 231,721 
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 LIABILITY95,543 93,416 
OTHER NON-CURRENT LIABILITIES99,907 108,521 
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 earnings389,077 402,307 
Accumulated other comprehensive income (loss) (Note 18)
25,973 (19,604)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY1,836,996 1,771,776 
Noncontrolling interests in consolidated affiliates (Note 4)
44,643 43,802 
TOTAL SHAREHOLDERS’ EQUITY1,881,639 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 SharesRetained
Earnings
Accumulated
Other
Comprehensive Income (Loss)
Noncontrolling Interests in Consolidated AffiliatesShareholders’
Equity
 SharesAmount
Balance, January 1, 2022145,372,961 $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 plans11,364 415 — — — 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 shares2,535 104 — — — 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, 2022146,107,688 $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 SharesRetained
Earnings
Accumulated
Other
Comprehensive Income (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 
(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.























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,
 20222021
OPERATING ACTIVITIES
Net income$30,998 $15,032 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization47,419 45,213 
Non-cash cost of land and improved development5,359 1,813 
Stock-based incentive compensation expense2,797 2,156 
Deferred income taxes(8,014)(1,128)
Amortization of losses from pension and postretirement plans188 294 
Other(2,244)(3,681)
Changes in operating assets and liabilities:
Receivables(27,837)(3,697)
Inventories(4,875)(3,512)
Accounts payable7,376 6,684 
All other operating activities(1,500)(5,306)
CASH PROVIDED BY OPERATING ACTIVITIES49,667 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)
Other2,619 4,356 
CASH USED FOR INVESTING ACTIVITIES(18,945)(44,424)
FINANCING ACTIVITIES
Issuance of debt404,018  
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 plan579 1,166 
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs30,918 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 CASH620 (5)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash(103,328)(4,387)
Balance, beginning of year369,139 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 taxes14,042 4,838 
Non-cash investing activity:
Capital assets purchased on account4,511 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,
 20222021
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 INCOME45,318 28,485 
Interest expense(8,337)(10,028)
Interest and other miscellaneous expense, net(468)(4)
INCOME BEFORE INCOME TAXES36,513 18,453 
Income tax expense (Note 17)
(5,515)(3,421)
NET INCOME30,998 15,032 
Less: Net income attributable to noncontrolling interests in consolidated affiliates(1,012)(3,843)
NET INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS29,986 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 income47,073 47,007 
COMPREHENSIVE INCOME78,071 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, 2022December 31, 2021
ASSETS
CURRENT ASSETS
Cash and cash equivalents, excluding Timber Funds$256,537 $358,680 
Cash and cash equivalents, Timber Funds3,185 3,493 
Total cash and cash equivalents259,722 362,173 
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 expenses20,088 18,528 
Assets held for sale (Note 20)
2,466 5,099 
Other current assets1,162 749 
Total current assets375,098 451,431 
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION2,869,194 2,894,996 
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
     INVESTMENTS (NOTE 13)
111,445 106,878 
PROPERTY, PLANT AND EQUIPMENT
Land6,400 6,401 
Buildings31,198 31,168 
Machinery and equipment6,497 6,494 
Construction in progress510 460 
Total property, plant and equipment, gross44,605 44,523 
Less — accumulated depreciation(15,699)(14,900)
Total property, plant and equipment, net28,906 29,623 
RESTRICTED CASH, EXCLUDING TIMBER FUNDS (NOTE 19)
625 625 
RIGHT-OF-USE ASSETS104,183 101,837 
OTHER ASSETS70,413 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 taxes2,754 12,446 
Accrued payroll and benefits6,068 14,514 
Accrued interest