Demographics Bode Well for Real Estate Development Opportunities in Rayonier's Southern Acreage
After a number of robust quarters in the Pacific Northwest from a pricing perspective, weaker pricing softened Rayonier's results at the end of 2018. A combination of reduced U.S. homebuilding and tariffs on Chinese-bound logs led to lower demand. This drove lower stumpage prices in the region. However, performance in both the U.S. South and New Zealand was solid throughout the fourth quarter. While we've slightly lowered our 2019 outlook based on management's guidance and our expectations of we...Rayonier is a timberland real estate investment trust with assets located in the softwood timber growing regions in the United States and New Zealand. The company operates in five reportable business segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Southern Timber, Pacific Northwest Timber and New Zealand Timber segments include all activities related to the harvesting of timber in addition to lease and license activities, other non-timber activities and carbon credit sales. The company's Real Estate segment reflects all of its land or leasehold sales. The Trading segment reflects the log trading activities conducted by its New Zealand subsidiary.
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