Rayonier Announces Timberland Dispositions Totaling $495 Million
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 (NYSE:RYN) ha annunciato cessioni di terreni forestali totali per circa 200.000 acri, per un valore di 495 milioni di dollari (circa 2.475 dollari/acre) attraverso quattro transazioni separate. Le vendite includono circa 91.000 acri nel sudest dell'Oklahoma e circa 109.000 acri nel nord-ovest dello stato di Washington. Tre transazioni, che rappresentano circa il 75% dei proventi, si sono concluse nel quarto trimestre, mentre l'affare rimanente dovrebbe chiudere entro la fine dell'anno. Il prezzo di vendita rappresenta un multiplo di 45 volte la media EBITDA degli ultimi tre anni. L'azienda ha utilizzato 90 milioni di dollari per ridurre il debito a tasso variabile, mentre i restanti proventi sono destinati alla riduzione del debito e ai ritorni per gli azionisti. Si prevede che il rapporto Pro forma Debito Netto a EBITDA Rettificato diminuisca a circa 2,8x.
Rayonier (NYSE:RYN) anunció la disposición de tierras forestales que totalizan ~200,000 acres por $495 millones (~$2,475/acres) a través de cuatro transacciones separadas. Las ventas incluyen ~91,000 acres en el sureste de Oklahoma y ~109,000 acres en el noroeste de Washington. Tres transacciones que representan ~75% de los ingresos se han cerrado en el cuarto trimestre, mientras que se espera que el acuerdo restante cierre a finales de año. El precio de venta representa un múltiplo de 45 veces el EBITDA promedio de los últimos tres años. La empresa ha utilizado $90 millones para pagar deuda a tasa flotante, destinando los ingresos restantes para reducir apalancamiento y devolver a los accionistas. Se espera que la relación Pro forma Deuda Neta a EBITDA Ajustado disminuya a ~2.8x.
레이온리어 (NYSE:RYN)는 4건의 개별 거래를 통해 약 20만 에이커 규모의 임야 처분을 발표했으며, 총액은 4억 9천5백만 달러(에이커당 약 2,475달러)에 달합니다. 판매에는 오클라호마 남동부의 약 91,000 에이커와 워싱턴 북서부의 약 109,000 에이커가 포함됩니다. 수익의 약 75%를 차지하는 세 건의 거래는 4분기에 마무리되었으며, 남은 거래는 연말까지 종료될 것으로 예상됩니다. 판매 가격은 최근 3년 평균 EBITDA의 45배에 해당합니다. 회사는 변동금리 부채 상환을 위해 9천만 달러를 사용했으며, 나머지 수익은 레버리지 감소와 주주 환원에 사용될 예정입니다. 조정된 EBITDA 대비 순 부채 비율은 약 2.8배로 감소할 것으로 예상됩니다.
Rayonier (NYSE:RYN) a annoncé des cessions de terrains forestiers totalisant environ 200 000 acres pour 495 millions de dollars (environ 2 475 dollars/l'acre) à travers quatre transactions distinctes. Les ventes comprennent environ 91 000 acres dans le sud-est de l'Oklahoma et environ 109 000 acres dans le nord-ouest de l'État de Washington. Trois transactions représentant environ 75 % des revenus ont été finalisées au quatrième trimestre, le reste étant prévu pour la fin de l'année. Le prix de vente représente un multiple de 45 fois l'EBITDA moyen des trois dernières années. L'entreprise a utilisé 90 millions de dollars pour rembourser sa dette à taux variable, et les revenus restants seront ciblés pour réduire l'effet de levier et pour le retour aux actionnaires. Le ratio Pro forma de la dette nette à l'EBITDA ajusté devrait diminuer à environ 2,8x.
Rayonier (NYSE:RYN) gab den Verkauf von Waldbesitz in Höhe von insgesamt ~200.000 Acres für 495 Millionen Dollar (~2.475 Dollar/Acre) in vier separaten Transaktionen bekannt. Zu den Verkäufen gehören ~91.000 Acres im Südosten von Oklahoma und ~109.000 Acres im Nordwesten von Washington. Drei Transaktionen, die etwa ~75% der Erlöse ausmachen, wurden im 4. Quartal abgeschlossen, während der verbleibende Deal bis zum Jahresende erwartet wird. Der Verkaufspreis entspricht dem 45-fachen des durchschnittlichen EBITDA der letzten drei Jahre. Das Unternehmen hat 90 Millionen Dollar verwendet, um variable Schulden abzubauen, wobei die verbleibenden Erlöse für die Reduzierung der Verschuldung und die Rückzahlungen an die Aktionäre vorgesehen sind. Die pro forma Netto-verschuldung im Verhältnis zum angepassten EBITDA wird voraussichtlich auf etwa 2,8x sinken.
- Sale of 200,000 acres generating $495 million (~$2,475/acre)
- Strong valuation at 45x trailing three-year average EBITDA multiple
- Reduction of floating rate debt by $90 million
- Expected improvement in leverage ratio to 2.8x Net Debt to Adjusted EBITDA
- Special distribution to shareholders planned
- Divestment of significant land assets may impact future revenue generation capacity
Insights
This major asset disposition of
The reduction in Net Debt to Adjusted EBITDA to 2.8x enhances balance sheet flexibility in the current high-rate environment. With
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Four separate transactions comprising ~91,000 acres in
Oklahoma and ~109,000 acres inWashington - Aggregate sale value represents multiple of 45x three-year average EBITDA*
- Transactions capitalize on public-private valuation disparity and generate significant proceeds for de-leveraging and return of capital to shareholders
- Pro forma Net Debt to pro forma Adjusted EBITDA* expected to decline to ~2.8x
WILDLIGHT, Fla.--(BUSINESS WIRE)--
Rayonier Inc. (NYSE:RYN) today announced completed and pending timberland dispositions totaling ~200,000 acres for an aggregate purchase price of
The dispositions align with the Company’s previously stated goal of enhancing shareholder value by capitalizing on the disconnect between public and private timberland values and reducing leverage amid a higher interest rate environment. These initiatives further improve the Company’s competitive positioning by divesting less strategic assets and concentrating capital in markets with the strongest cash flow attributes and most favorable long-term growth prospects. The aggregate sale price of
“I’m very pleased with how our team is executing our strategy to create value for shareholders as well as right-size our leverage to the current market environment,” said Mark McHugh, President and Chief Executive Officer. “Since introducing our Initiatives to Enhance Shareholder Value last November, we have now completed or announced pending timberland dispositions totaling
About Rayonier
Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in
Forward-Looking Statements –
Certain statements in this press release regarding anticipated financial outcomes including Rayonier’s earnings guidance, if any, business and market conditions, outlook, expected dividend rate, Rayonier’s business strategies, expected harvest schedules, timberland acquisitions and dispositions, the anticipated benefits of Rayonier’s business strategies and other similar statements relating to Rayonier’s future events, developments or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “project,” “anticipate” and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While management believes that these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements.
The following important factors, among others, could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document: the cyclical and competitive nature of the industries in which we operate; fluctuations in demand for, or supply of, our forest products and real estate offerings, including any downturn in the housing market; entry of new competitors into our markets; changes in global economic conditions and world events, including the war in
For additional factors that could impact future results, please see Item 1A - Risk Factors in the Company’s most recent Annual Report on Form 10-K and similar discussion included in other reports that we subsequently file with the Securities and Exchange Commission (the “SEC”). Forward-looking statements are only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent reports filed with the SEC.
*Non-GAAP Financial Measures – To supplement Rayonier’s financial statements presented in accordance with generally accepted accounting principles in
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106833816/en/
Investors: Collin Mings, investorrelations@rayonier.com, 904-357-9100
Media: Alejandro Barbero, alejandro.barbero@rayonier.com
Source: Rayonier Inc.
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