The following is a summary of the Rayonier Inc. (RYN) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Rayonier's Q4 2023 performance showed GAAP earnings per share at $1.17 and adjusted EBITDA at $297 million, a 6% decline from the previous year.

• The Real Estate segment showed compelling Q4 results, closing sales at $310 million from about 75500 acres sold.

• Fourth quarter sales came in at $467 million, with an operating income of $145 million and net income attributable to Rayonier at $127 million, or $0.85 per share.

• The business ended the quarter with $208 million in cash and $1.4 billion of debt, posting a net debt to 2023 adjusted EBITDA ratio of around 3.9 times.

• Expectations for 2024 include adjusted EBITDA between $290 million and $325 million, and net income attributable to Rayonier falling between $60 million and $80 million.

Business Progress:

• 2023 saw notable achievements, including a boost in land-based solutions and successful downsizing of timberland to decrease leverage.

• Focus for the future lies in stabilizing timber market conditions, capitalizing on a growing pipeline of land-based solutions, and tapping into strong demand for both rural and improved development real estate properties.

• Completion of the disposition of 55000 acres of Timberland in Oregon was done for $242 million, with $150 million used towards paying down the floating rate debt.

• Received approval for the next phase of the Wildlight project, greenlighting the development of 15000 residential units and 1.4 million square feet of nonresidential uses on nearly 15000 acres.

• Seeing increasing demand for its land for uses including solar wind, bioenergy, carbon sequestration, and carbon capture storage opportunities.

• Focus on expanding into non-traditional areas, particularly the land-based solutions market, is planned for the immediate future.

More details: Rayonier Inc IR

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