Rayonier Announces Timberland Acquisitions Across the US South

Rayonier Inc., a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand, announced on Wednesday (11-2-22) that it has entered into two separate agreements to acquire approximately 172,400 acres of high-quality commercial timberland located in Texas, Georgia, Alabama, and Louisiana for an aggregate purchase price of $474 million (USD) from Manulife Investment Management, a leading timberland investment manager.

According to the announcement, the acquisitions comprise well-stocked and highly productive timberlands located in in some of the strongest timber markets in the US South. Approximately 80% of the acquisitions consist of fee ownership, and the remaining 20% consist of long-term lease.

The acquisitions are subject to customary closing conditions and expected to close in 22Q4. Rayonier expects to finance the purchases with cash on hand and the proceeds from incremental borrowing through Farm Credit System.