Welcome to our dedicated page for Rayonier news (Ticker: RYN), a resource for investors and traders seeking the latest updates and insights on Rayonier stock.
Rayonier Inc. (symbol: RYN) is a leading international real estate investment trust (REIT) specializing in forest resources and real estate. Founded in 1926 in the Pacific Northwest and now headquartered in Jacksonville, Florida, Rayonier has evolved to become the third-largest timber REIT in the world, owning and managing over 2.7 million acres of timberland across the United States and New Zealand.
The company's core business lies in the stewardship of land, focusing on its highest and best use to maximize value. Rayonier's expansive portfolio is strategically diverse, encompassing crucial geographic regions such as the US South, Gulf States, Pacific Northwest, and New Zealand. This diversity bolsters the company's resilience and market reach.
Rayonier's operations are multifaceted, involving the growth, harvest, and sale of timber, alongside land management and real estate development. The firm’s commitment to sustainability and responsible resource management is evident in their practices and adherence to certification standards like the Sustainable Forestry Initiative®.
In recent achievements, Rayonier has shown remarkable adaptability and leadership in wildfire management. As detailed in recent releases, Rayonier's fire crews have demonstrated exceptional preparedness and cooperation across state lines, particularly during the historic wildfire season in 2023, safeguarding vast areas of forestland and neighboring communities.
Financially, Rayonier benefits from its REIT structure, which exempts it from federal income taxes on earnings generated from timber harvest activities. This structure allows the company to reinvest in its operations and growth initiatives effectively.
Rayonier's vision is to be recognized as a best-in-class international land resources company. This is pursued through its rigorous focus on sustainability, innovative resource management, and a commitment to excellence in all operations. The company's timber marketing managers play a crucial role in maintaining market stability by negotiating sales and nurturing long-term relationships with buyers and contractors.
For those interested in the latest updates on Rayonier's performance and developments, the company's recent activities and strategic initiatives provide ongoing insights into its operational and financial health.
Rayonier has awarded $144,125 in grants to 46 organizations serving Nassau County and North Florida through its Community Fund. The grants will support programs focused on education, environmental conservation, cultural enrichment, civic engagement, and health and human services.
The company celebrated the grant recipients at an annual awards breakfast at FSCJ Betty P. Cook Nassau Center, attended by local leaders including county commissioners, law enforcement officials, and education representatives. Among the beneficiaries, Take Stock in Children will use the funding to provide four-year university scholarships for underserved children in Nassau County.
Rayonier (NYSE:RYN) has announced a new $300 million share repurchase authorization, replacing its existing $100 million program. The repurchases can be executed through open market or private transactions, with no time limit and flexibility for suspension. CEO Mark McHugh emphasized the program reflects confidence in the company's underlying net asset value amid a disconnect between public and private timberland values. The company reports approximately 148.5 million common shares and 2.0 million operating partnership units outstanding as of November 29, 2024.
Rayonier (NYSE:RYN) has declared a one-time special dividend of $1.80 per common share, payable on January 30, 2025, to shareholders of record on December 12, 2024. The dividend will be distributed as 25% cash and 75% common shares, following $495 million in timberland dispositions completed in Q4. Shareholders can elect to receive the dividend all in cash or all in shares, with a minimum cash payment of $0.45 per share for those electing cash. The number of shares issued will be calculated based on the volume-weighted average trading prices during January 17-22, 2025.
Rayonier has awarded $63,700 in grants to 27 nonprofit organizations across the Pacific Northwest through its Community Fund. The grants will support various initiatives including educational, environmental, cultural, civic, and health and human services programs. The company celebrated the recipients at an annual awards breakfast in Aberdeen, attended by local leaders including Mayor Douglas Orr.
The awarded organizations include diverse entities such as the Agriculture and Forestry Education Foundation, Coastal Harvest, Family Promise of Grays Harbor, and various community food banks. These grants aim to strengthen local communities and support essential services for residents of all ages.
Rayonier (NYSE:RYN) reported Q3 2024 results with net income of $28.8 million ($0.19 per share) on revenues of $195.0 million, compared to $19.2 million ($0.13 per share) in the prior year. Pro forma net income was $18.1 million ($0.12 per share). Adjusted EBITDA decreased 9% to $71.8 million.
The company updated its full-year guidance, now expecting net income of $343-359 million, EPS of $2.30-2.40, and Adjusted EBITDA of $275-290 million. The revision reflects lower harvest volumes due to recent timberland dispositions, including 91,000 acres in Oklahoma and 109,000 acres in Washington.
Rayonier (NYSE:RYN) announced timberland dispositions totaling ~200,000 acres for $495 million (~$2,475/acre) through four separate transactions. The sales include ~91,000 acres in Southeast Oklahoma and ~109,000 acres in Northwest Washington. Three transactions representing ~75% of proceeds have closed in Q4, with the remaining deal expected to close by year-end. The sale price represents a 45x multiple of trailing three-year average EBITDA. The company has used $90 million to pay down floating rate debt, with remaining proceeds targeted for leverage reduction and shareholder returns. Pro forma Net Debt to Adjusted EBITDA is expected to decrease to ~2.8x.
Rayonier Inc. (NYSE:RYN) has announced its fourth quarter 2024 dividend. The company's board of directors has declared a cash dividend of $0.285 per common share, payable on December 31, 2024, to shareholders of record on December 17, 2024. Additionally, the board, acting as the board of directors of the general partner of Rayonier, L.P., has declared a fourth quarter cash distribution of $0.285 per operating partnership unit, with the same payment and record dates as the common share dividend.
Rayonier Inc. (NYSE:RYN) has announced its schedule for releasing third quarter 2024 earnings. The company plans to disclose its financial results after the market closes on Wednesday, November 6, 2024. Following this, Rayonier will host a conference call and live audio webcast on Thursday, November 7, at 10:00 a.m. (ET) to discuss the results.
Investors can access supplemental materials and the live audio webcast at www.rayonier.com. A replay of the webcast will be available on the company's website shortly after the call. For those preferring to listen via phone, the conference call can be accessed by dialing 888-604-9366 (domestic) or 517-308-9338 (international) using the passcode: RAYONIER.
A replay of the conference call will be available for one month, until Friday, December 6, 2024, by dialing 800-395-6236 (domestic) or 203-369-3270 (international) with the passcode: 4077.
Rayonier, a major landowner, is focusing on land-based solutions to address environmental needs and support the transition to a low-carbon economy. These solutions include:
1. Alternative land uses: Leasing land for solar and wind farms to produce clean energy. In 2023, the first solar farm on Rayonier land came online in Texas, powering 30,000 homes and avoiding 250,000 metric tons of CO₂ emissions annually.
2. Carbon capture and storage (CCS): Providing underground pore space for CO₂ storage. Rayonier announced 75,000 acres of pore space lease agreements in 2024.
3. Carbon sequestration: Maximizing carbon capture in forests and participating in carbon offset markets. In 2023, Rayonier generated $23 million in New Zealand Unit sales.
4. Bioenergy and biofuel production: Supplying wood fiber for renewable fuels and exploring opportunities in bioenergy with carbon capture and storage (BECCS).
5. Environmental conservation: Implementing conservation strategies and enhancing biodiversity through sustainable land management practices.
Rayonier has launched ForestryCareers.com, a new website aimed at educating students and career seekers about opportunities in the forestry industry. The site offers interactive lessons, informative videos, and a career resources guide for educators, counselors, and parents to introduce forestry careers to students. It provides detailed profiles and salary information for various roles in the sector.
Tiffany Wilson, director of strategic communications at Rayonier, emphasized the importance of attracting talented individuals to manage forests sustainably. The website is a resource for students, parents, guidance counselors, teachers, and forestry professionals interested in connecting with the next generation. This initiative is part of Rayonier's broader commitment to forestry education and career development, which includes partnerships with schools and universities for internships and scholarships.
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