Successful Sale of New Zealand Business
Rayonier completed the sale of its New Zealand joint venture interest for $710 million, exceeding the original $1 billion target for asset dispositions and achieving new leverage targets.
Improved Adjusted EBITDA
Adjusted EBITDA increased by 35% versus the prior year quarter, driven by improvements in the Pacific Northwest Timber and Real Estate segments.
Positive Real Estate Segment Performance
Real Estate segment adjusted EBITDA of $19 million was significantly above expectations, with strong demand and accelerated timing of transactions contributing to the results.
Share Repurchase Program
Rayonier repurchased 1.5 million shares at an average price of $23.71 per share, totaling $35 million, and has $262 million remaining on its share repurchase authorization.
Credit Rating Upgrade
Rayonier's credit rating from S&P was upgraded from BBB- to BBB following the New Zealand transaction.