Rayonier Adds to Its Collection of High-Value Atlantic Coast Timberland
Rayonier announced three acquisitions on March 16 that will collectively add 95,100 acres to its already significant holdings along the I-95 corridor near Savannah, Georgia. The $217 million price will be paid with new equity and cash on hand. While it's difficult to precisely gauge the value that Rayonier's getting in exchange, the transaction is small enough that our fair value estimate isn't especially sensitive to the specific assumptions we use. We're maintaining our $27 fair value estimate...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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