Asset SalesFollowing the completion of $1B+ of asset sales, we assume RYN can generate normalized post-NZ EBITDA of ~$250mm, fully covering the ~$156mm annual dividend.
Balance Sheet StrengthRayonier announced a successful exit from its New Zealand joint venture at favorable pricing, positioning the company as an entirely U.S.-based timber REIT with a nearly net debt-free balance sheet.
Valuation GapRayonier's current 21% NAV discount is considered too steep, with expectations for a meaningful narrowing of the valuation gap.