RYN

Rayonier is the second-largest publicly traded timberland REIT, owning or leasing ~2.0 million acres across the US South and Pacific Northwest, and FY2025 was a year of balance-sheet transformation. The headline figures are distorted by one-time activity: revenue from continuing operations fell 51.0% to $483M (reflecting the New Zealand JV reclassified to discontinued operations), yet net income rose 32.1% to $474M — driven by disposition gains, not operations. The honest operating proxy is Adjusted EBITDA of $248M (per the 10-K), so the 6.9x P/E and 98.2% net margin shown here overstate earnings power; a timber REIT should be valued on land NAV, cash flow and the dividend, not GAAP EPS.

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