Merger with PotlatchDeltic
Rayonier announced a merger with PotlatchDeltic, which is expected to deliver strategic and financial benefits, including $40 million in estimated run rate synergies. The merger will create a premier land resources company with a diversified timberland portfolio and enhance growth opportunities.
Strong Real Estate Segment Performance
The Real Estate segment generated adjusted EBITDA of $74 million in Q3, a significant increase of $54 million from the prior year period, driven by a large conservation sale in Florida and strong results in real estate development.
Improved Southern Timber Segment
The Southern Timber segment's adjusted EBITDA increased by 13% year-over-year to $43 million, driven by a 24% increase in harvest volumes due to drier weather conditions and normalization of green log demand.
Record Adjusted EBITDA
Rayonier achieved adjusted EBITDA of $114 million in Q3, which doubled compared to the prior year quarter, driven by strong real estate performance and improved results in the Southern Timber segment.