Sale of New Zealand Business
Rayonier completed the sale of its New Zealand joint venture interest for $710 million, significantly exceeding their original $1 billion target for asset dispositions. This has allowed them to achieve their new leverage target and position the company for long-term value creation.
Improved Financial Performance
Adjusted EBITDA increased by 35% compared to the prior year quarter, driven by improved results in the Pacific Northwest Timber and Real Estate segments and reduced overhead expenses.
Real Estate Segment Growth
Adjusted EBITDA in the Real Estate segment was $19 million, up $14 million from the prior year period due to strong demand and the accelerated timing of several transactions.
Upgraded Credit Rating
Rayonier's credit rating was upgraded from BBB- to BBB by S&P following the closing of the New Zealand transaction.