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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020
OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

| For the transition period from to

RAYONIER INC.
(Exact name of registrant as specified in its charter)

North Carolina | 1-6780 | 13-2607329
(State or other Jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number)

Rayonier, L.P.
(Exact name of registrant as specified in its charter)

Delaware | 333-237246 | 91-1313292
(State or other Jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number)

1 RAYONIER WAY
WILDLIGHT, FL 32097
(Principal Executive Office)
Telephone Number: (904) 357-9100
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class | Trading Symbol | Exchange
Common Shares, no par value, of Rayonier Inc. | RYN | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Rayonier Inc. Yes ☒ No ☐ Rayonier, L.P. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Rayonier Inc. Yes ☒ No ☐ Rayonier, L.P. Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Rayonier Inc.

Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐

Rayonier, L.P.

Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | ☒ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Rayonier Inc. ☐ Rayonier, L.P. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Rayonier Inc. Yes ☐ No ☒ Rayonier, L.P. Yes ☐ No ☒
As of October 23, 2020, Rayonier Inc. ha d 136,518,249 C ommon Shares outstanding. As of October 23, 2020, Rayonier, L.P. h ad 4,444,910 C ommon Units outstanding.

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EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the quarterly period ended September 30, 2020 of Rayonier Inc., a North Carolina corporation, and Rayonier, L.P., a Delaware limited partnership. Unless stated otherwise or the context otherwise requires, references to “Rayonier” or “the Company” mean Rayonier Inc. and references to the “Operating Partnership” mean Rayonier, L.P. References to “we,” “us,” and “our” mean collectively Rayonier Inc., the Operating Partnership and entities/subsidiaries owned or controlled by Rayonier Inc. and/or the Operating Partnership.
Rayonier Inc. has elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, commencing with its taxable year ended December 31, 2004. The Company is structured as an umbrella partnership REIT (“UPREIT”) under which substantially all of its business is conducted through the Operating Partnership. Rayonier Inc. is the sole general partner of the Operating Partnership. On May 8, 2020, Rayonier, L.P. acquired Pope Resources, a Delaware Limited Partnership (“Pope Resources”) and issued approximately 4.45 million operating partnership units (“OP Units” or “Redeemable Common Units”) of Rayonier, L.P. as partial merger consideration. These OP Units are generally considered to be economic equivalents to Rayonier common shares and receive distributions equal to the dividends paid on Rayonier common shares. See Note 2 - Merger with Pope Resources for additional information pertaining to the merger.
As of September 30, 2020, the Company owned a 96.8% interest in the Operating Partnership, with the remaining 3.2% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership.
Rayonier Inc. and the Operating Partnership are operated as one business. The management of the Operating Partnership consists of the same members as the management of Rayonier Inc. As general partner with control of the Operating Partnership, Rayonier Inc. consolidates Rayonier, L.P. for financial reporting purposes, and has no material assets or liabilities other than its investment in the Operating Partnership.
We believe combining the quarterly reports of Rayonier Inc. and Rayonier, L.P. into this single report results in the following benefits:
•Strengthens investors’ understanding of Rayonier Inc. and the Operating Partnership by enabling them to view the business as a single operating unit in the same manner as management views and operates the business;
•Creates efficiencies for investors by reducing duplicative disclosures and providing a single comprehensive document; and
•Generates time and cost savings associated with the preparation of the reports when compared to preparing separate reports for each entity.
There are a few important differences between Rayonier Inc. and the Operating Partnership in the context of how Rayonier Inc. operates as a consolidated company. The Company itself does not conduct business, other than through acting as the general partner of the Operating Partnership and issuing equity or equity-related instruments from time-to-time. The Operating Partnership holds, directly or indirectly, substantially all of the Company’s assets. Likewise, all debt is incurred by the Operating Partnership or entities/subsidiaries owned or controlled by the Operating Partnership. The Operating Partnership conducts substantially all of the Company’s business and is structured as a partnership with no publicly traded equity.
To help investors understand the significant differences between the Company and the Operating Partnership, this report includes:
•Separate Consolidated Financial Statements for Rayonier Inc. and Rayonier, L.P.;
•A combined set of Notes to the Consolidated Financial Statements with separate discussions of per share and per unit information, noncontrolling interests and shareholders’ equity and partners’ capital, as applicable;
•A combined Management’s Discussion and Analysis of Financial Condition and Results of Operations which includes specific information related to each reporting entity;

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•A separate Part 1, Item 4. Controls and Procedures related to each reporting entity;
•A separate Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds section related to each reporting entity; and
•Separate Exhibit 31 and 32 certifications for each reporting entity within Part II, Item 6.

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TABLE OF CONTENTS

Item |  |  | Page
|  | PART I - FINANCIAL INFORMATION |
1. |  | Financial Statements (unaudited) | 1
|  | Rayonier Inc.: |
|  | Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months Ended September 30, 2020 and 2019 | 1
|  | Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 | 2
|  | Consolidated Statements of Changes in Shareholders’ Equity for the Quarters and Nine Months ended September 30, 2020 and 2019 | 3
|  | Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019 | 6
|  | Rayonier, L.P.: |
|  | Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months Ended Se ptember 30, 2020 and 2019 | 7
|  | Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 | 8
|  | Consolidated Statements of Changes in Capital for the Quarters and Nine Months ended September 30, 2020 and 2019 | 9
|  | Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019 | 11
|  | Notes to Consolidated Financial Statements | 12
2. |  | Management's Discussion and Analysis of Financial Condition and Results of Operations | 56
3. |  | Quantitative and Qualitative Disclosures about Market Risk | 86
4. |  | Controls and Procedures | 88
|  | PART II - OTHER INFORMATION |
1A. |  | Risk Factors | 89
1. |  | Legal Proceedings | 89
2. |  | Unregistered Sales of Equity Securities and Use of Proceeds | 90
6. |  | Exhibits | 91
|  | Signatures | 92

i

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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
SALES (NOTE 3) | $198,875 |  |  | $156,417 |  |  | $653,635 |  |  | $532,764 |
Costs and Expenses |  |  |  |  |  |  |
Cost of sales | (180,944) |  |  | (134,463) |  |  | (545,333) |  |  | (418,169) |
Selling and general expenses | (14,498) |  |  | (10,102) |  |  | (37,036) |  |  | (30,896) |
Other operating expense, net (Note 19) | (1,653) |  |  | (865) |  |  | (19,247) |  |  | (2,799) |
| (197,095) |  |  | (145,430) |  |  | (601,616) |  |  | (451,864) |
OPERATING INCOME | 1,780 |  |  | 10,987 |  |  | 52,019 |  |  | 80,900 |
Interest expense | (10,421) |  |  | (7,996) |  |  | (28,457) |  |  | (23,629) |
Interest and other miscellaneous (expense) income, net | (137) |  |  | 788 |  |  | 1,232 |  |  | 3,178 |
(LOSS) INCOME BEFORE INCOME TAXES | (8,778) |  |  | 3,779 |  |  | 24,794 |  |  | 60,449 |
Income tax expense (Note 10) | (720) |  |  | (2,251) |  |  | (7,416) |  |  | (10,208) |
NET (LOSS) INCOME | (9,498) |  |  | 1,528 |  |  | 17,378 |  |  | 50,241 |
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership | 25 |  |  | — |  |  | (195) |  |  | — |
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates | 8,715 |  |  | (1,961) |  |  | 9,647 |  |  | (7,129) |
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC. | (758) |  |  | (433) |  |  | 26,830 |  |  | 43,112 |
OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |  |  |  |
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0, and $0 | 12,476 |  |  | (28,524) |  |  | (8,290) |  |  | (28,095) |
Cash flow hedges, net of income tax effect of $645, $888, $530 and $644 | 7,861 |  |  | (12,424) |  |  | (82,890) |  |  | (42,629) |
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0 | 217 |  |  | 112 |  |  | 652 |  |  | 337 |
Total other comprehensive income (loss) | 20,554 |  |  | (40,836) |  |  | (90,528) |  |  | (70,387) |
COMPREHENSIVE INCOME (LOSS) | 11,056 |  |  | (39,308) |  |  | (73,150) |  |  | (20,146) |
Less: Comprehensive income attributable to noncontrolling interests in the Operating Partnership | (508) |  |  | — |  |  | (1,184) |  |  | — |
Less: Comprehensive loss (income) attributable to noncontrolling interests in consolidated affiliates | 5,017 |  |  | 5,169 |  |  | 10,761 |  |  | (197) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC. | $15,565 |  |  | ($34,139) |  |  | ($63,573) |  |  | ($20,343) |
(LOSS) EARNINGS PER COMMON SHARE (NOTE 14) |  |  |  |  |  |  |
Basic (loss) earnings per share attributable to Rayonier Inc. | ($0.01) |  |  | — |  |  | $0.20 |  |  | $0.33 |
Diluted (loss) earnings per share attributable to Rayonier Inc. | ($0.01) |  |  | — |  |  | $0.20 |  |  | $0.33 |

See Notes to Consolidated Financial Statements.

1

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RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)

| September 30, 2020 |  | December 31, 2019
ASSETS
CURRENT ASSETS |  |  |
Cash and cash equivalents, excluding Timber Funds | $75,178 |  |  | $68,735 |
Cash and cash equivalents, Timber Funds | 2,973 |  |  | — |
Total cash and cash equivalents | 78,151 |  |  | 68,735 |
Accounts receivable, less allowance for doubtful accounts of $41 and $24 | 45,439 |  |  | 27,127 |
Inventory (Note 21) | 13,767 |  |  | 14,518 |
Prepaid expenses | 19,342 |  |  | 14,728 |
Assets held for sale (Note 25) | 9,727 |  |  | — |
Other current assets | 2,388 |  |  | 867 |
Total current assets | 168,814 |  |  | 125,975 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 3,284,695 |  |  | 2,482,047 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 8) | 108,286 |  |  | 81,791 |
PROPERTY, PLANT AND EQUIPMENT |  |  |
Land | 5,566 |  |  | 4,131 |
Buildings | 29,221 |  |  | 23,095 |
Machinery and equipment | 4,686 |  |  | 4,339 |
Construction in progress | 404 |  |  | 348 |
Total property, plant and equipment, gross | 39,877 |  |  | 31,913 |
Less — accumulated depreciation | (11,087) |  |  | (9,662) |
Total property, plant and equipment, net | 28,790 |  |  | 22,251 |
RESTRICTED CASH (NOTE 22) | 475 |  |  | 1,233 |
RIGHT-OF-USE ASSETS (NOTE 4) | 100,297 |  |  | 99,942 |
OTHER ASSETS | 35,642 |  |  | 47,757 |
TOTAL ASSETS | $3,726,999 |  |  | $2,860,996 |
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES |  |  |
Accounts payable | $24,645 |  |  | $18,160 |
Current maturities of long-term debt, excluding Timber Funds (Note 7) | — |  |  | 82,000 |
Accrued taxes | 8,067 |  |  | 3,032 |
Accrued payroll and benefits | 10,028 |  |  | 8,869 |
Accrued interest | 9,203 |  |  | 5,205 |
Deferred revenue | 15,673 |  |  | 11,440 |
Other current liabilities | 24,450 |  |  | 22,480 |
Total current liabilities | 92,066 |  |  | 151,186 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS, EXCLUDING TIMBER FUNDS (NOTE 7) | 1,318,205 |  |  | 973,129 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS, TIMBER FUNDS (NOTE 7) | 60,391 |  |  | — |
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 17) | 21,765 |  |  | 25,311 |
LONG-TERM LEASE LIABILITY (NOTE 4) | 91,122 |  |  | 90,481 |
OTHER NON-CURRENT LIABILITIES | 174,772 |  |  | 83,247 |
COMMITMENTS AND CONTINGENCIES (NOTES 9 and 11) |  |  |
NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP (NOTE 5) | 117,530 |  |  | — |
SHAREHOLDERS’ EQUITY |  |  |
Common Shares, 480,000,000 shares authorized,136,518,006 and 129,331,069 shares issued and outstanding | 1,065,188 |  |  | 888,177 |
Retained earnings | 485,636 |  |  | 583,006 |
Accumulated other comprehensive loss (Note 23) | (121,605) |  |  | (31,202) |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,429,219 |  |  | 1,439,981 |
Noncontrolling interests in consolidated affiliates (Note 5) | 421,929 |  |  | 97,661 |
TOTAL SHAREHOLDERS’ EQUITY | 1,851,148 |  |  | 1,537,642 |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | $3,726,999 |  |  | $2,860,996 |

See Notes to Consolidated Financial Statements.
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RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(Dollars in thousands, except share data)

| Common Shares |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests in Consolidated Affiliates |  | Shareholders’ Equity
| Shares |  | Amount |
Balance, January 1, 2020 | 129,331,069 |  |  | $888,177 |  |  | $583,006 |  |  | ($31,202) |  |  | $97,661 |  |  | $1,537,642 |
Net income | — |  |  | — |  |  | 25,854 |  |  | — |  |  | 567 |  |  | 26,421 |
Dividends ($0.27 per share) | — |  |  | — |  |  | (34,813) |  |  | — |  |  | — |  |  | (34,813) |
Issuance of shares under incentive stock plans | 2,407 |  |  | 66 |  |  | — |  |  | — |  |  | — |  |  | 66 |
Stock-based compensation | — |  |  | 1,510 |  |  | — |  |  | — |  |  | — |  |  | 1,510 |
Repurchase of common shares made under repurchase program | (152,237) |  |  | — |  |  | (3,152) |  |  | — |  |  | — |  |  | (3,152) |
Amortization of pension and postretirement plan liabilities | — |  |  | — |  |  | — |  |  | 217 |  |  | — |  |  | 217 |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | (33,894) |  |  | (10,129) |  |  | (44,023) |
Cash flow hedges | — |  |  | — |  |  | — |  |  | (82,376) |  |  | (1,099) |  |  | (83,475) |
Distributions to noncontrolling interests in consolidated affiliates | — |  |  | — |  |  | — |  |  | — |  |  | (725) |  |  | (725) |
Balance, March 31, 2020 | 129,181,239 |  |  | $889,753 |  |  | $570,895 |  |  | ($147,255) |  |  | $86,275 |  |  | $1,399,668 |
Issuances of shares associated with the merger with Pope Resources | 7,181,071 |  |  | 172,418 |  |  | — |  |  | — |  |  | — |  |  | 172,418 |
Net income (loss) | — |  |  | — |  |  | 1,954 |  |  | — |  |  | (1,499) |  |  | 455 |
Net income attributable to noncontrolling interest in the Operating Partnership | — |  |  | — |  |  | (219) |  |  | — |  |  | — |  |  | (219) |
Dividends ($0.27 per share) (a) | — |  |  | — |  |  | (36,957) |  |  | — |  |  | — |  |  | (36,957) |
Issuance of shares under incentive stock plans | 215,970 |  |  | 222 |  |  | — |  |  | — |  |  | — |  |  | 222 |
Stock-based compensation | — |  |  | 2,668 |  |  | — |  |  | — |  |  | — |  |  | 2,668 |
Repurchase of common shares | (66,168) |  |  | (1,572) |  |  | — |  |  | — |  |  | — |  |  | (1,572) |
Acquisition of noncontrolling interests in consolidated affiliates | — |  |  | — |  |  | — |  |  | — |  |  | 372,381 |  |  | 372,381 |
Adjustment of noncontrolling interest in the Operating Partnership | — |  |  | — |  |  | (3,992) |  |  | — |  |  | — |  |  | (3,992) |
Amortization of pension and postretirement plan liabilities | — |  |  | — |  |  | — |  |  | 217 |  |  | — |  |  | 217 |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | 17,872 |  |  | 5,386 |  |  | 23,258 |
Cash flow hedges | — |  |  | — |  |  | — |  |  | (8,306) |  |  | 1,030 |  |  | (7,276) |
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership | — |  |  | — |  |  | — |  |  | (457) |  |  | — |  |  | (457) |
Distributions to noncontrolling interests in consolidated affiliates | — |  |  | — |  |  | — |  |  | — |  |  | (6,856) |  |  | (6,856) |
Balance, June 30, 2020 | 136,512,112 |  |  | $1,063,489 |  |  | $531,681 |  |  | ($137,929) |  |  | $456,717 |  |  | $1,913,958 |

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Balance, June 30, 2020 | 136,512,112 |  |  | $1,063,489 |  |  | $531,681 |  |  | ($137,929) |  |  | $456,717 |  |  | $1,913,958 |
Net loss | — |  |  | — |  |  | (783) |  |  | — |  |  | (8,715) |  |  | (9,498) |
Net loss attributable to noncontrolling interest in the Operating Partnership | — |  |  | — |  |  | 25 |  |  | — |  |  | — |  |  | 25 |
Dividends ($0.27 per share) (a) | — |  |  | — |  |  | (37,257) |  |  | — |  |  | — |  |  | (37,257) |
Costs associated with the “At-the-Market” (ATM) offering program | — |  |  | (456) |  |  | — |  |  | — |  |  | — |  |  | (456) |
Issuance of shares under incentive stock plans | 6,079 |  |  | 167 |  |  | — |  |  | — |  |  | — |  |  | 167 |
Stock-based compensation | — |  |  | 1,965 |  |  | — |  |  | — |  |  | — |  |  | 1,965 |
Repurchase of common shares | (1,185) |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | (4) |
Measurement period adjustment of noncontrolling interests in consolidated affiliates | — |  |  | — |  |  | — |  |  | — |  |  | (701) |  |  | (701) |
Adjustment of noncontrolling interest in the Operating Partnership | — |  |  | — |  |  | (8,030) |  |  | — |  |  | — |  |  | (8,030) |
Conversion of common units to common shares | 1,000 |  |  | 27 |  |  | — |  |  | — |  |  | — |  |  | 27 |
Amortization of pension and postretirement plan liabilities | — |  |  | — |  |  | — |  |  | 217 |  |  | — |  |  | 217 |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | 9,160 |  |  | 3,316 |  |  | 12,476 |
Cash flow hedges | — |  |  | — |  |  | — |  |  | 7,479 |  |  | 382 |  |  | 7,861 |
Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership | — |  |  | — |  |  | — |  |  | (532) |  |  | — |  |  | (532) |
Distributions to noncontrolling interests in consolidated affiliates | — |  |  | — |  |  | — |  |  | — |  |  | (667) |  |  | (667) |
Noncontrolling interests in consolidated affiliates redemption of shares | — |  |  | — |  |  | — |  |  | — |  |  | (28,403) |  |  | (28,403) |
Balance, September 30, 2020 | 136,518,006 |  |  | $1,065,188 |  |  | $485,636 |  |  | ($121,605) |  |  | $421,929 |  |  | $1,851,148 |

(a)For information regarding distributions to noncontrolling interests in the Operating Partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 5 — Noncontrolling Interests.
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Table of Contents

| Common Shares |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Noncontrolling Interests in Consolidated Affiliates |  | Shareholders’ Equity
| Shares |  | Amount |
Balance, January 1, 2019 | 129,488,675 |  |  | $884,263 |  |  | $672,371 |  |  | $239 |  |  | $97,677 |  |  | $1,654,550 |
Net income | — |  |  | — |  |  | 24,794 |  |  | — |  |  | 2,999 |  |  | 27,793 |
Dividends ($0.27 per share) | — |  |  | — |  |  | (35,049) |  |  | — |  |  | — |  |  | (35,049) |
Issuance of shares under incentive stock plans | 26,031 |  |  | 597 |  |  | — |  |  | — |  |  | — |  |  | 597 |
Stock-based compensation | — |  |  | 1,477 |  |  | — |  |  | — |  |  | — |  |  | 1,477 |
Repurchase of common shares | (1,140) |  |  | (33) |  |  | — |  |  | — |  |  | — |  |  | (33) |
Amortization of pension and postretirement plan liabilities | — |  |  | — |  |  | — |  |  | 112 |  |  | — |  |  | 112 |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | 4,680 |  |  | 1,353 |  |  | 6,033 |
Cash flow hedges | — |  |  | — |  |  | — |  |  | (10,884) |  |  | 198 |  |  | (10,686) |
Distributions to noncontrolling interests in consolidated affiliates | — |  |  | — |  |  | — |  |  | — |  |  | (3,594) |  |  | (3,594) |
Balance, March 31, 2019 | 129,513,566 |  |  | $886,304 |  |  | $662,116 |  |  | ($5,853) |  |  | $98,633 |  |  | $1,641,200 |
Net income | — |  |  | — |  |  | 18,752 |  |  | — |  |  | 2,168 |  |  | 20,920 |
Dividends ($0.27 per share) | — |  |  | — |  |  | (35,125) |  |  | — |  |  | — |  |  | (35,125) |
Issuance of shares under incentive stock plans | 250,344 |  |  | 177 |  |  | — |  |  | — |  |  | — |  |  | 177 |
Stock-based compensation | — |  |  | 2,344 |  |  | — |  |  | — |  |  | — |  |  | 2,344 |
Repurchase of common shares | (134,194) |  |  | (4,207) |  |  | — |  |  | — |  |  | — |  |  | (4,207) |
Amortization of pension and postretirement plan liabilities | — |  |  | — |  |  | — |  |  | 112 |  |  | — |  |  | 112 |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | (4,305) |  |  | (1,299) |  |  | (5,604) |
Cash flow hedges | — |  |  | — |  |  | — |  |  | (19,465) |  |  | (54) |  |  | (19,519) |
Balance, June 30, 2019 | 129,629,716 |  |  | $884,618 |  |  | $645,743 |  |  | ($29,511) |  |  | $99,448 |  |  | $1,600,298 |
Net (loss) income | — |  |  | — |  |  | (433) |  |  | — |  |  | 1,961 |  |  | 1,528 |
Dividends ($0.27 per share) | — |  |  | — |  |  | (34,829) |  |  | — |  |  | — |  |  | (34,829) |
Issuance of shares under incentive stock plans | 2,423 |  |  | 57 |  |  | — |  |  | — |  |  | — |  |  | 57 |
Stock-based compensation | — |  |  | 1,562 |  |  | — |  |  | — |  |  | — |  |  | 1,562 |
Repurchase of common shares | (320,246) |  |  | (8) |  |  | (8,430) |  |  | — |  |  | — |  |  | (8,438) |
Amortization of pension and postretirement plan liabilities | — |  |  | — |  |  | — |  |  | 112 |  |  | — |  |  | 112 |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | (21,918) |  |  | (6,606) |  |  | (28,524) |
Cash flow hedges | — |  |  | — |  |  | — |  |  | (11,899) |  |  | (525) |  |  | (12,424) |
Distribution to minority shareholder | — |  |  | — |  |  | — |  |  | — |  |  | (3,721) |  |  | (3,721) |
Balance, September 30, 2019 | 129,311,893 |  |  | $886,229 |  |  | $602,051 |  |  | ($63,216) |  |  | $90,557 |  |  | $1,515,621 |

See Notes to Consolidated Financial Statements.
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Table of Contents
RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)

| Nine Months Ended September 30,
| 2020 |  | 2019
OPERATING ACTIVITIES |  |  |
Net income | $17,378 |  |  | $50,241 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |
Depreciation, depletion and amortization | 119,479 |  |  | 91,939 |
Non-cash cost of land and improved development | 20,701 |  |  | 9,985 |
Stock-based incentive compensation expense | 6,143 |  |  | 5,383 |
Deferred income taxes | 10,267 |  |  | 8,133 |
Amortization of losses from pension and postretirement plans | 652 |  |  | 337 |
Timber write-offs due to casualty events | 15,203 |  |  | — |
Gain on sale of large disposition of timberlands | (28,655) |  |  | — |
Other | (6,986) |  |  | (760) |
Changes in operating assets and liabilities, net of effects of merger with Pope Resources: |  |  |
Receivables | (14,089) |  |  | (1,839) |
Inventories | (2,310) |  |  | (1,107) |
Accounts payable | 6,553 |  |  | 2,021 |
All other operating activities | (6,352) |  |  | (140) |
CASH PROVIDED BY OPERATING ACTIVITIES | 137,984 |  |  | 164,193 |
INVESTING ACTIVITIES |  |  |
Capital expenditures | (44,679) |  |  | (45,271) |
Real estate development investments | (5,448) |  |  | (3,349) |
Purchase of timberlands | (24,379) |  |  | (81,913) |
Net proceeds from large disposition of timberlands | 115,666 |  |  | — |
Net cash consideration for merger with Pope Resources | (231,068) |  |  | — |
Other | 5,127 |  |  | (2,219) |
CASH USED FOR INVESTING ACTIVITIES | (184,781) |  |  | (132,752) |
FINANCING ACTIVITIES |  |  |
Issuance of debt | 320,000 |  |  | — |
Repayment of debt | (132,000) |  |  | — |
Dividends paid on common stock | (109,136) |  |  | (106,125) |
Distributions to noncontrolling interests in the Operating Partnership | (2,401) |  |  | — |
Proceeds from the issuance of common shares under incentive stock plan | 233 |  |  | 831 |
Repurchase of common shares | (1,577) |  |  | (4,249) |
Debt issuance costs | (2,483) |  |  | — |
Offering issuance costs | (456) |  |  | — |
Repurchase of common shares made under repurchase program | (3,152) |  |  | (8,430) |
Proceeds from shareholder distribution hedge | — |  |  | 135 |
Noncontrolling interests in consolidated affiliates redemption of shares | (5,113) |  |  | — |
Distributions to noncontrolling interest in consolidated affiliates | (8,247) |  |  | (7,315) |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 55,668 |  |  | (125,153) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (213) |  |  | (2,808) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH |  |  |
Change in cash, cash equivalents and restricted cash | 8,658 |  |  | (96,520) |
Balance, beginning of year | 69,968 |  |  | 156,454 |
Balance, end of period | $78,626 |  |  | $59,934 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |  |  |
Cash paid during the period: |  |  |
Interest (a) | $25,546 |  |  | $20,578 |
Income taxes | 621 |  |  | 1,352 |
Non-cash investing activity: |  |  |
Capital assets purchased on account | 3,250 |  |  | 2,271 |
Non-cash financing activity: |  |  |
Equity consideration for merger with Pope Resources | $172,640 |  |  | — |
Redeemable Common Unit consideration for merger with Pope Resources | 106,752 |  |  | — |

(a)Interest paid is presented net of patronage paymen ts received of $4.7 million an d $4.0 million for the nine months ended September 30, 2020 and September 30, 2019, respectively. For additional information on patronage payments, see Note 6 — Debt in the 2019 Form 10-K.
See Notes to Consolidated Financial Statements.
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Table of Contents
RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(Unaudited)
(Dollars in thousands, except per unit amounts)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
SALES (NOTE 3) | $198,875 |  |  | $156,417 |  |  | $653,635 |  |  | $532,764 |
Costs and Expenses |  |  |  |  |  |  |
Cost of sales | (180,944) |  |  | (134,463) |  |  | (545,333) |  |  | (418,169) |
Selling and general expenses | (14,498) |  |  | (10,102) |  |  | (37,036) |  |  | (30,896) |
Other operating expense, net (Note 19) | (1,653) |  |  | (865) |  |  | (19,247) |  |  | (2,799) |
| (197,095) |  |  | (145,430) |  |  | (601,616) |  |  | (451,864) |
OPERATING INCOME | 1,780 |  |  | 10,987 |  |  | 52,019 |  |  | 80,900 |
Interest expense | (10,421) |  |  | (7,996) |  |  | (28,457) |  |  | (23,629) |
Interest and other miscellaneous (expense) income, net | (137) |  |  | 788 |  |  | 1,232 |  |  | 3,178 |
(LOSS) INCOME BEFORE INCOME TAXES | (8,778) |  |  | 3,779 |  |  | 24,794 |  |  | 60,449 |
Income tax expense (Note 10) | (720) |  |  | (2,251) |  |  | (7,416) |  |  | (10,208) |
NET (LOSS) INCOME | (9,498) |  |  | 1,528 |  |  | 17,378 |  |  | 50,241 |
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates | 8,715 |  |  | (1,961) |  |  | 9,647 |  |  | (7,129) |
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER, L.P. COMMON UNITHOLDERS | (783) |  |  | (433) |  |  | 27,025 |  |  | 43,112 |
OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |  |  |  |
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0, and $0 | 12,476 |  |  | (28,524) |  |  | (8,290) |  |  | (28,095) |
Cash flow hedges, net of income tax effect of $645, $888, $530 and $644 | 7,861 |  |  | (12,424) |  |  | (82,890) |  |  | (42,629) |
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0 | 217 |  |  | 112 |  |  | 652 |  |  | 337 |
Total other comprehensive income (loss) | 20,554 |  |  | (40,836) |  |  | (90,528) |  |  | (70,387) |
COMPREHENSIVE INCOME (LOSS) | 11,056 |  |  | (39,308) |  |  | (73,150) |  |  | (20,146) |
Less: Comprehensive loss (income) attributable to noncontrolling interests in consolidated affiliates | 5,017 |  |  | 5,169 |  |  | 10,761 |  |  | (197) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER, L.P. COMMON UNITHOLDERS | $16,073 |  |  | ($34,139) |  |  | ($62,389) |  |  | ($20,343) |
(LOSS) EARNINGS PER COMMON UNIT (NOTE 14) |  |  |  |  |  |  |
Basic (loss) earnings per unit attributable to Rayonier, L.P. | ($0.01) |  |  | — |  |  | $0.20 |  |  | $0.33 |
Diluted (loss) earnings per unit attributable to Rayonier, L.P. | ($0.01) |  |  | — |  |  | $0.20 |  |  | $0.33 |

See Notes to Consolidated Financial Statements.

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Table of Contents
RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)

| September 30, 2020 |  | December 31, 2019
ASSETS
CURRENT ASSETS |  |  |
Cash and cash equivalents, excluding Timber Funds | $75,178 |  |  | $68,735 |
Cash and cash equivalents, Timber Funds | 2,973 |  |  | — |
Total cash and cash equivalents | 78,151 |  |  | 68,735 |
Accounts receivable, less allowance for doubtful accounts of $41 and $24 | 45,439 |  |  | 27,127 |
Inventory (Note 21) | 13,767 |  |  | 14,518 |
Prepaid expenses | 19,342 |  |  | 14,728 |
Assets held for sale (Note 25) | 9,727 |  |  | — |
Other current assets | 2,388 |  |  | 867 |
Total current assets | 168,814 |  |  | 125,975 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 3,284,695 |  |  | 2,482,047 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 8) | 108,286 |  |  | 81,791 |
PROPERTY, PLANT AND EQUIPMENT |  |  |
Land | 5,566 |  |  | 4,131 |
Buildings | 29,221 |  |  | 23,095 |
Machinery and equipment | 4,686 |  |  | 4,339 |
Construction in progress | 404 |  |  | 348 |
Total property, plant and equipment, gross | 39,877 |  |  | 31,913 |
Less — accumulated depreciation | (11,087) |  |  | (9,662) |
Total property, plant and equipment, net | 28,790 |  |  | 22,251 |
RESTRICTED CASH (NOTE 22) | 475 |  |  | 1,233 |
RIGHT-OF-USE ASSETS (NOTE 4) | 100,297 |  |  | 99,942 |
OTHER ASSETS | 35,642 |  |  | 47,757 |
TOTAL ASSETS | $3,726,999 |  |  | $2,860,996 |
LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL
CURRENT LIABILITIES |  |  |
Accounts payable | $24,645 |  |  | $18,160 |
Current maturities of long-term debt, excluding Timber Funds (Note 7) | — |  |  | 82,000 |
Accrued taxes | 8,067 |  |  | 3,032 |
Accrued payroll and benefits | 10,028 |  |  | 8,869 |
Accrued interest | 9,203 |  |  | 5,205 |
Deferred revenue | 15,673 |  |  | 11,440 |
Other current liabilities | 24,450 |  |  | 22,480 |
Total current liabilities | 92,066 |  |  | 151,186 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS, EXCLUDING TIMBER FUNDS (NOTE 7) | 1,318,205 |  |  | 973,129 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS, TIMBER FUNDS (NOTE 7) | 60,391 |  |  | — |
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 17) | 21,765 |  |  | 25,311 |
LONG-TERM LEASE LIABILITY (NOTE 4) | 91,122 |  |  | 90,481 |
OTHER NON-CURRENT LIABILITIES | 174,772 |  |  | 83,247 |
COMMITMENTS AND CONTINGENCIES (NOTES 9 and 11) |  |  |
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 5) 4,445,153 and 0 Common Units outstanding, respectively | 117,530 |  |  | — |
CAPITAL |  |  |
General partners’ capital | 15,498 |  |  | 14,712 |
Limited partners’ capital | 1,534,337 |  |  | 1,456,471 |
Accumulated other comprehensive loss (Note 23) | (120,616) |  |  | (31,202) |
TOTAL CONTROLLING INTEREST CAPITAL | 1,429,219 |  |  | 1,439,981 |
Noncontrolling interests in consolidated affiliates (Note 5) | 421,929 |  |  | 97,661 |
TOTAL CAPITAL | 1,851,148 |  |  | 1,537,642 |
TOTAL LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL | $3,726,999 |  |  | $2,860,996 |

See Notes to Consolidated Financial Statements.
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RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL
(Unaudited)
(Dollars in thousands, except share data)

|  |  |  |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests in Consolidated Affiliates |  | Total Capital
| Common Units |
|  | General Partners’ Capital |  | Limited Partners’ Capital |
Balance, January 1, 2020 |  | $14,712 |  |  | $1,456,471 |  |  | ($31,202) |  |  | $97,661 |  |  | $1,537,642 |
Distributions on common units ($0.27 per common unit) |  | (349) |  |  | (34,464) |  |  | — |  |  | — |  |  | (34,813) |
Issuance of common units under incentive stock plans |  | 1 |  |  | 65 |  |  | — |  |  | — |  |  | 66 |
Stock-based compensation |  | 15 |  |  | 1,495 |  |  | — |  |  | — |  |  | 1,510 |
Repurchase of common units made under repurchase program |  | (32) |  |  | (3,120) |  |  | — |  |  | — |  |  | (3,152) |
Net income |  | 259 |  |  | 25,595 |  |  | — |  |  | 567 |  |  | 26,421 |
Amortization of pension and postretirement plan liabilities |  | — |  |  | — |  |  | 217 |  |  | — |  |  | 217 |
Foreign currency translation adjustment |  | — |  |  | — |  |  | (33,894) |  |  | (10,129) |  |  | (44,023) |
Cash flow hedges |  | — |  |  | — |  |  | (82,376) |  |  | (1,099) |  |  | (83,475) |
Distributions to noncontrolling interests in consolidated affiliates |  | — |  |  | — |  |  | — |  |  | (725) |  |  | (725) |
Balance, March 31, 2020 |  | $14,606 |  |  | $1,446,042 |  |  | ($147,255) |  |  | $86,275 |  |  | $1,399,668 |
Issuance of common units associated with the merger with Pope Resources |  | 1,724 |  |  | 170,694 |  |  | — |  |  | — |  |  | 172,418 |
Distributions on common units ($0.27 per common unit) |  | (382) |  |  | (37,775) |  |  | — |  |  | — |  |  | (38,157) |
Issuance of common units under incentive stock plans |  | 2 |  |  | 220 |  |  | — |  |  | — |  |  | 222 |
Stock-based compensation |  | 27 |  |  | 2,641 |  |  | — |  |  | — |  |  | 2,668 |
Repurchase of common units |  | (15) |  |  | (1,557) |  |  | — |  |  | — |  |  | (1,572) |
Adjustment of Redeemable Common Units |  | (35) |  |  | (3,433) |  |  | — |  |  | — |  |  | (3,468) |
Net income (loss) |  | 20 |  |  | 1,934 |  |  | — |  |  | (1,499) |  |  | 455 |
Acquisition of noncontrolling interests in consolidated affiliates |  | — |  |  | — |  |  | — |  |  | 372,381 |  |  | 372,381 |
Amortization of pension and postretirement plan liabilities |  | — |  |  | — |  |  | 217 |  |  | — |  |  | 217 |
Foreign currency translation adjustment |  | — |  |  | — |  |  | 17,872 |  |  | 5,386 |  |  | 23,258 |
Cash flow hedges |  | — |  |  | — |  |  | (8,306) |  |  | 1,030 |  |  | (7,276) |
Distributions to noncontrolling interests in consolidated affiliates |  | — |  |  | — |  |  | — |  |  | (6,856) |  |  | (6,856) |
Balance, June 30, 2020 |  | $15,947 |  |  | $1,578,766 |  |  | ($137,472) |  |  | $456,717 |  |  | $1,913,958 |
Conversion of common units to common shares |  | — |  |  | 27 |  |  | — |  |  | — |  |  | 27 |
Distributions on common units ($0.27 per common unit) |  | (385) |  |  | (38,072) |  |  | — |  |  | — |  |  | (38,457) |
Costs associated with the “At-the-Market” (ATM) program |  | (5) |  |  | (451) |  |  | — |  |  | — |  |  | (456) |
Issuance of common units under incentive stock plans |  | 2 |  |  | 165 |  |  | — |  |  | — |  |  | 167 |
Stock-based compensation |  | 20 |  |  | 1,945 |  |  | — |  |  | — |  |  | 1,965 |
Repurchase of common units |  | — |  |  | (4) |  |  | — |  |  | — |  |  | (4) |
Adjustment of Redeemable Common Units |  | (73) |  |  | (7,264) |  |  | — |  |  | — |  |  | (7,337) |
Net loss |  | (8) |  |  | (775) |  |  | — |  |  | (8,715) |  |  | (9,498) |
Measurement period adjustment of noncontrolling interests in consolidated affiliates |  | — |  |  | — |  |  | — |  |  | (701) |  |  | (701) |
Amortization of pension and postretirement plan liabilities |  | — |  |  | — |  |  | 217 |  |  | — |  |  | 217 |
Foreign currency translation adjustment |  | — |  |  | — |  |  | 9,160 |  |  | 3,316 |  |  | 12,476 |
Cash flow hedges |  | — |  |  | — |  |  | 7,479 |  |  | 382 |  |  | 7,861 |
Distributions to noncontrolling interests in consolidated affiliates |  | — |  |  | — |  |  | — |  |  | (667) |  |  | (667) |
Noncontrolling interests in consolidated affiliates redemption of unit equivalents |  | — |  |  | — |  |  | — |  |  | (28,403) |  |  | (28,403) |
Balance, September 30, 2020 |  | $15,498 |  |  | $1,534,337 |  |  | ($120,616) |  |  | $421,929 |  |  | $1,851,148 |

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| Common Units |  | Accumulated Other Comprehensive Income (Loss) |  | Noncontrolling Interests in Consolidated Affiliates |  | Total Capital
| General Partners’ Capital |  | Limited Partners’ Capital |
Balance, January 1, 2019 | $15,566 |  |  | $1,541,068 |  |  | $239 |  |  | $97,677 |  |  | $1,654,550 |
Distributions on common units ($0.27 per common unit) | (351) |  |  | (34,698) |  |  | — |  |  | — |  |  | (35,049) |
Issuance of common units under incentive stock plans | 6 |  |  | 591 |  |  | — |  |  | — |  |  | 597 |
Stock-based compensation | 15 |  |  | 1,462 |  |  | — |  |  | — |  |  | 1,477 |
Repurchase of common units | — |  |  | (33) |  |  | — |  |  | — |  |  | (33) |
Net income | 248 |  |  | 24,546 |  |  | — |  |  | 2,999 |  |  | 27,793 |
Amortization of pension and postretirement plan liabilities | — |  |  | — |  |  | 112 |  |  | — |  |  | 112 |
Foreign currency translation adjustment | — |  |  | — |  |  | 4,680 |  |  | 1,353 |  |  | 6,033 |
Cash flow hedges | — |  |  | — |  |  | (10,884) |  |  | 198 |  |  | (10,686) |
Distributions to noncontrolling interests in consolidated affiliates | — |  |  | — |  |  | — |  |  | (3,594) |  |  | (3,594) |
Balance, March 31, 2019 | $15,484 |  |  | $1,532,936 |  |  | ($5,853) |  |  | $98,633 |  |  | $1,641,200 |
Distributions on common units ($0.27 per common unit) | (351) |  |  | (34,774) |  |  | — |  |  | — |  |  | (35,125) |
Issuance of common units under incentive stock plans | 2 |  |  | 175 |  |  | — |  |  | — |  |  | 177 |
Stock-based compensation | 23 |  |  | 2,321 |  |  | — |  |  | — |  |  | 2,344 |
Repurchase of common units | (42) |  |  | (4,165) |  |  | — |  |  | — |  |  | (4,207) |
Net income | 188 |  |  | 18,564 |  |  | — |  |  | 2,168 |  |  | 20,920 |
Amortization of pension and postretirement plan liabilities | — |  |  | — |  |  | 112 |  |  | — |  |  | 112 |
Foreign currency translation adjustment | — |  |  | — |  |  | (4,305) |  |  | (1,299) |  |  | (5,604) |
Cash flow hedges | — |  |  | — |  |  | (19,465) |  |  | (54) |  |  | (19,519) |
Balance, June 30, 2019 | $15,304 |  |  | $1,515,057 |  |  | ($29,511) |  |  | $99,448 |  |  | $1,600,298 |
Distributions on common units ($0.27 per common unit) | (348) |  |  | (34,481) |  |  | — |  |  | — |  |  | (34,829) |
Issuance of common units under incentive stock plans | 1 |  |  | 56 |  |  | — |  |  | — |  |  | 57 |
Stock-based compensation | 15 |  |  | 1,547 |  |  | — |  |  | — |  |  | 1,562 |
Repurchase of common units | (85) |  |  | (8,353) |  |  | — |  |  | — |  |  | (8,438) |
Net (loss) income | (4) |  |  | (429) |  |  | — |  |  | 1,961 |  |  | 1,528 |
Amortization of pension and postretirement plan liabilities | — |  |  | — |  |  | 112 |  |  | — |  |  | 112 |
Foreign currency translation adjustment | — |  |  | — |  |  | (21,918) |  |  | (6,606) |  |  | (28,524) |
Cash flow hedges | — |  |  | — |  |  | (11,899) |  |  | (525) |  |  | (12,424) |
Distributions to noncontrolling interests in consolidated affiliates | — |  |  | — |  |  | — |  |  | (3,721) |  |  | (3,721) |
Balance, September 30, 2019 | $14,883 |  |  | $1,473,397 |  |  | ($63,216) |  |  | $90,557 |  |  | $1,515,621 |

See Notes to Consolidated Financial Statements.
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RAYONIER, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)

| Nine Months Ended September 30,
| 2020 |  | 2019
OPERATING ACTIVITIES |  |  |
Net income | $17,378 |  |  | $50,241 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |
Depreciation, depletion and amortization | 119,479 |  |  | 91,939 |
Non-cash cost of land and improved development | 20,701 |  |  | 9,985 |
Stock-based incentive compensation expense | 6,143 |  |  | 5,383 |
Deferred income taxes | 10,267 |  |  | 8,133 |
Amortization of losses from pension and postretirement plans | 652 |  |  | 337 |
Timber write-offs due to casualty events | 15,203 |  |  | — |
Gain on sale of large disposition of timberlands | (28,655) |  |  | — |
Other | (6,986) |  |  | (760) |
Changes in operating assets and liabilities, net of effects of merger with Pope Resources: |  |  |
Receivables | (14,089) |  |  | (1,839) |
Inventories | (2,310) |  |  | (1,107) |
Accounts payable | 6,553 |  |  | 2,021 |
All other operating activities | (6,352) |  |  | (140) |
CASH PROVIDED BY OPERATING ACTIVITIES | 137,984 |  |  | 164,193 |
INVESTING ACTIVITIES |  |  |
Capital expenditures | (44,679) |  |  | (45,271) |
Real estate development investments | (5,448) |  |  | (3,349) |
Purchase of timberlands | (24,379) |  |  | (81,913) |
Net proceeds from large disposition of timberlands | 115,666 |  |  | — |
Cash consideration for merger with Pope Resources, net of cash acquired | (231,068) |  |  | — |
Other | 5,127 |  |  | (2,219) |
CASH USED FOR INVESTING ACTIVITIES | (184,781) |  |  | (132,752) |
FINANCING ACTIVITIES |  |  |
Issuance of debt | 320,000 |  |  | — |
Repayment of debt | (132,000) |  |  | — |
Distribution on common units | (111,537) |  |  | (106,125) |
Proceeds from the issuance of common units under incentive stock plan | 233 |  |  | 831 |
Repurchase of common units | (1,577) |  |  | (4,249) |
Debt issuance costs | (2,483) |  |  | — |
Offering issuance costs | (456) |  |  | — |
Repurchase of common units made under repurchase program | (3,152) |  |  | (8,430) |
Proceeds from shareholder distribution hedge | — |  |  | 135 |
Noncontrolling interests in consolidated affiliates redemption of shares | (5,113) |  |  | — |
Distributions to noncontrolling interest in consolidated affiliates | (8,247) |  |  | (7,315) |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 55,668 |  |  | (125,153) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (213) |  |  | (2,808) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH |  |  |
Change in cash, cash equivalents and restricted cash | 8,658 |  |  | (96,520) |
Balance, beginning of year | 69,968 |  |  | 156,454 |
Balance, end of period | $78,626 |  |  | $59,934 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |  |  |
Cash paid during the period: |  |  |
Interest (a) | $25,546 |  |  | $20,578 |
Income taxes | 621 |  |  | 1,352 |
Non-cash investing activity: |  |  |
Capital assets purchased on account | 3,250 |  |  | 2,271 |
Non-cash financing activity: |  |  |
Common unit consideration for merger with Pope Resources | $172,640 |  |  | — |
Redeemable Common Unit consideration for merger with Pope Resources | 106,752 |  |  | — |

(a)Interest paid is presented net of patronage paymen ts received of $4.7 million an d $4.0 million for the nine months ended September 30, 2020 and September 30, 2019, respectively. For additional information on patronage payments, see Note 6 — Debt in the 2019 Form 10-K.
See Notes to Consolidated Financial Statements.
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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
1.BASIS OF PRESENTATION
The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries and Rayonier, L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”).
The Rayonier Inc. year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC (the “2019 Form 10-K”).
On May 7, 2020, Rayonier Inc. contributed its 100% ownership interest in Rayonier Operating Company LLC (the “Contribution”) to Rayonier, L.P. As a result of the Contribution, which constituted the transfer of all or substantially all of Rayonier’s assets under the terms of the Indenture, dated March 5, 2012 (as supplemented and amended from time to time, the “Indenture”), between Rayonier, as issuer, the subsidiary guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee, Rayonier, L.P. expressly assumed all the obligations of Rayonier under the Indenture, including obligations with respect to the outstanding $325 million in aggregate principal amount of 3.750% Senior Notes due 2022 (the “2022 Notes”) issued thereunder.
On May 7, 2020, Rayonier, Rayonier, L.P., the subsidiary guarantors party thereto and the Trustee entered into the Third Supplemental Indenture, pursuant to which (1) Rayonier, L.P. succeeded to and became substituted for the Company under the Indenture and 2022 Notes and expressly assumed all the obligations of the Company under the Indenture, including obligations with respect to the 2022 Notes, and (2) Rayonier agreed to irrevocably, fully and unconditionally guarantee, jointly and severally, the obligations of Rayonier, L.P. under Indenture, including the 2022 Notes.
On May 8, 2020, Rayonier, L.P. acquired Pope Resources and became the general partner of Pope Resources. The acquisition occurred pursuant to a series of mergers (the “Mergers”) provided for in Agreement and Plan of Merger, dated as of January 14, 2020, as amended by Amendment No. 1, dated as of April 1, 2020 (as amended, the “Merger Agreement”), by and among Rayonier Inc., Rayonier, L.P., Rayonier Operating Company LLC, Rayonier Operating Company Holdings, LLC, Pacific GP Merger Sub I, LLC, Pacific GP Merger Sub II, LLC, Pacific LP Merger Sub III, LLC, Pope Resources, Pope EGP, Inc. and Pope MGP, Inc. As of September 30, 2020, the Company owned a 96.8% interest in the Operating Partnership, with the remaining 3.2% interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership, Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership.
The Rayonier, L.P. year-end balance sheet information was derived from the separate historical unaudited financial statements of Rayonier Operating Company LLC not included herein. In the opinion of management, these financial statements and notes reflect any adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the audited consolidated financial statements as of and for the years ended December 31, 2019, 2018 and 2017 included in Exhibit 99.4 of the Operating Partnership’s Amendment No. 1 to the Current Report on Form 8-K filed with the SEC on July 17, 2020.
The Contribution was accounted for as a change in reporting entity between entities under common control in accordance with ASC 250-10-45-21. A change in reporting entity requires retrospective application for all periods as if the Contribution had been in effect since inception of common control. As a result, the unaudited consolidated financial statements and notes thereto for Rayonier, L.P. in this combined report have been prepared as if the change in reporting entity occurred on January 1, 2019.
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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
The effect of the change in reporting entity on Rayonier L.P.’s operating income, net income attributable to Rayonier, L.P. and per unit amounts for the three and nine months ended September 30, 2020 and 2019, are presented below (in thousands, except per unit amounts):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Operating income | — |  |  | — |  |  | — |  |  | — |
Net income attributable to Rayonier, L.P. (a) | ($3,596) |  |  | ($3,596) |  |  | ($10,788) |  |  | ($10,788) |
Basic earnings per unit attributable to Rayonier, L.P. | ($0.03) |  |  | ($0.03) |  |  | ($0.08) |  |  | ($0.08) |
Diluted earnings per unit attributable to Rayonier, L.P. | ($0.03) |  |  | ($0.03) |  |  | ($0.08) |  |  | ($0.08) |

(a) The effect of the change in net income attributable to Rayonier, L.P. is due to the interest expense and guarantee fees associated with the 2022 Notes.
SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES
REDEEMABLE COMMON UNITS
Limited partners holding Redeemable Common Units have the right to put any and all of the common units to the Operating Partnership in exchange for Rayonier registered common shares, on a one-for-one basis, or cash, at Rayonier’s option. Consequently, these Redeemable Common Units are classified outside of permanent partners’ capital in the Operating Partnership's accompanying balance sheets. The recorded value of the Redeemable Common Units is based on the higher of 1) initial carrying amount, increased or decreased for its share of net income or loss, other comprehensive income or loss, and dividend or 2) redemption value as measured by the closing price of Rayonier common stock on the balance sheet date multiplied by the total number of Redeemable Common Units outstanding.
For a full description of our other significant accounting policies, see Note 1 — Summary of Significant Accounting Policies in the Company’s 2019 Form 10-K and Note 1 — S ummary of Significant Accounting Policies in the audited consolidated financial statements as of and for the years ended December 31, 2019, 2018 and 2017 included in Exhibit 99.4 of the Operating Partnership’s Amendment No. 1 to the Current Report on Form 8-K filed with the SEC on July 17, 2020.
MERGER WITH POPE RESOURCES
On May 8, 2020, we completed the acquisition of Pope Resources. Therefore, Pope Resources’ balance sheet and results of operations are included in our consolidated financial statements from and after the date of acquisition. See Note 2 - Merger with Pope Resources, Note 7 - Debt, and Note 20 - Charges for Integration and Restructuring for further information pertaining to the merger.
As a result of the Mergers, we have revised our reportable business segments, adding one additional segment, Timber Funds. Please see Note 6 - Segment and Geographical information for more information about our revised business segments.
NEW REAL ESTATE SALES CATEGORY
Effective September 2020, we added a new Real Estate sales category, “Conservation Easement,” in which we sell the development rights but withhold the rights to grow and harvest timber on a parcel or parcels of land. See Note 3 - Revenue for further information.
RECENTLY ADOPTED STANDARDS
We adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326) on January 1, 2020, with no material impact on the consolidated financial statements.
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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
On March 2, 2020, the SEC adopted amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities, as well for affiliates whose securities collateralize a registrant’s securities. The amendments revise Rules 3-10 and 3-16 of Regulation S-X, and relocate part of Rule 3-10 and all of Rule 3-16 to the new Article 13 in Regulation S-X, which is comprised of new Rules 13-01 and 13-02. We early adopted the requirements of the amendments on April 1, 2020, which included replacing guarantor condensed consolidating financial information with summarized financial information for the consolidated obligor group (Parent, Issuer, and Guarantor Subsidiaries) as well as no longer requiring guarantor cash flow information, financial information for non-guarantor subsidiaries, and a reconciliation to the consolidated results.
NEW ACCOUNTING STANDARDS
In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848), which provides optional guidance to ease the potential burden in accounting due to reference rate reform. The guidance in this update provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard.
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. The guidance issued in this update simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU No. 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard will be effective for annual reporting periods beginning after December 15, 2020, including interim reporting periods within those fiscal years. We do not expect a material impact on our Consolidated Financial Statements as a result of the new standard.
SUBSEQUENT EVENTS
We have evaluated events occurring from September 30, 2020 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.
2. MERGER WITH POPE RESOURCES
On May 8, 2020, Rayonier Inc. and Rayonier, L.P. acquired Pope Resources in connection with the Mergers. Pope Resources was a master limited partnership that primarily owned and managed timberlands in the U.S. Pacific Northwest. Pope Resources also managed and co-invested in three private equity timber funds and developed and sold real estate properties. The merger added approximately 124,000 acres of high-quality, predominantly Douglas-fir timberlands to our Pacific Northwest timberland portfolio as well as a private equity timber fund business with three funds comprising approximately 141,000 acres. Additionally, we believe the Mergers augmented our higher-and-better-use real estate pipeline with rural and conservation land sale opportunities and high-potential improved development projects in the West Puget Sound area.
Under the merger agreement, each outstanding unit representing limited partnership interests of Pope Resources was, at the option of its holder, exchanged for either:
• 3.929 shares of Rayonier Inc. common stock
• 3.929 units representing limited partnership interests of Rayonier, L.P.
• $125.00 in cash
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
Holders of Pope Resources units who did not make a valid election received shares of Rayonier common stock. The elections were subject to proration to ensure that the aggregate amount of Rayonier shares and Rayonier, L.P. units, on the one hand, and cash, on the other hand, issued in the merger equaled the amounts issued as if every Pope Resources unit converted into merger consideration received 2.751 shares of Rayonier common stock or Rayonier, L.P. units and $37.50 in cash.
Upon consummation of the merger, all outstanding Pope Resources restricted units were converted into equivalent equity awards with respect to Rayonier common shares. Pope Resources directors and some executive employees of Pope Resources held restricted Pope Resources units that were subject to accelerated vesting in connection with the merger. Since a portion of these Pope Resources units relate to services rendered to Pope Resources prior to the merger, a portion of the replacement Rayonier restricted stock awards’ fair value is included in the consideration transferred. See additional details about the replacement restricted stock awards in Note 18 — Incentive Stock Plans.
The following table summarizes the total consideration transferred by Rayonier in the merger (dollars in thousands, except per share and per unit data):

Cash consideration: |  |
Pope Resources units outstanding as of May 8, 2020 | 4,366,636 |  |
Less: Pope Resources units held by us | (114,400) |  |
Units outstanding, net | 4,252,236 |  |
Cash consideration (per Pope Resources unit) | $37.50 |  |
Cash consideration for elections |  | $159,463 |
General partner interest |  | 10,000 |
Repayment of Pope Resources debt |  | 65,943 |
Prepayment penalty and accrued interest on Pope Resources’ debt |  | 2,275 |
Closing costs paid on behalf of Pope Resources |  | 9,637 |
Cash consideration transferred |  | $247,318 |
Equity consideration: |  |
Rayonier common shares issued | 7,181,071 |  |
Rayonier share price (a) | $24.01 |  |
Equity consideration for elections |  | $172,418 |
Pope Resources replacement awards (b)(c) |  | 222 |
Equity consideration transferred |  | $172,640 |
Redeemable Common Unit consideration: |  |
Redeemable Common Units issued | 4,446,153 |  |
Rayonier share price (a) | $24.01 |  |
Redeemable Common Unit consideration transferred |  | $106,752 |
Fair value of Pope Resources units held by us (d) |  | $11,211 |
Total consideration |  | $537,921 |

(a)The closing price of Rayonier common stock on the NYSE on May 7, 2020.
(b)See Note 18 — Incentive Stock Plans for additional details.
(c)Represents the fair value of Rayonier replacement restricted stock awards for restricted Pope Resources units held by employees that relate to pre-merger services rendered to Pope Resources.
(d)Based on the closing price of Pope Resources units on the NASDAQ on May 7, 2020.
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
The following table contains the amounts of cash transferred in the merger and net cash consideration shown in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2020:

| September 30, 2020
Cash consideration transferred | $247,318 |
Less: Cash assumed in merger | (16,250) |
Net cash consideration shown in the Consolidated Statements of Cash Flows | $231,068 |

We recognized approximately $2.5 million, $13.5 million, and $0.4 million of merger-related costs that were expensed during the first, second and third quarters of 2020, respectively. See Note 20 — Charges for Integration and Restructuring for descriptions of the components of merger-related costs.
The acquisition of Pope Resources has been accounted for as a business combination under ASC 805, Business Combinations, (“ASC 805”). Under ASC 805, assets acquired and liabilities assumed in a business combination must be recorded at their fair value as of the acquisition date. Recorded fair valuation of assets acquired and liabilities assumed related to the acquisition of Pope Resources is preliminary and will be completed as soon as practicable, but no later than one year after the consummation of the transaction. Pursuant to ASC 805, the financial statements will not be retrospectively adjusted for any provisional amount changes that occur in subsequent periods. Rather, we will recognize any provisional amount adjustments during the reporting period in which the adjustments are determined. We will also be required to record, in the same period's financial statements, the effect on earnings of changes in depletion, depreciation, amortization, or other income effects, if any, as a result of any change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Our consolidated financial statements as of and for the nine months ended September 30, 2020, include results of operations for Pope Resources from May 8, 2020 through September 30, 2020.
The preliminary estimate of fair value required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that we believe to be reasonable; however, actual results may differ from these estimates. The assessment of fair value is preliminary and is based on information that was available to management at the time the consolidated financial statements were prepared. Those estimates and assumptions are subject to change as we obtain additional information related to those estimates during the applicable measurement periods (up to one year from the acquisition date). The most significant open items necessary to complete are related to timberlands, property, plant and equipment, higher and better use timberlands and real estate development investments, long-term debt instruments, environmental liabilities, intangible assets and tax related matters.
The preliminary fair value estimates were generally based on significant inputs that are not observable in the market and thus represent Level 3 measurements as defined in ASC 820, Fair Value Measurement, (“ASC 820”) with the exception of certain long-term debt instruments assumed in the merger that can be valued using observable market inputs and are therefore Level 2 measurements. See Note 16 — Fair Value Measurements for further information on the fair value hierarchy.
The following summarizes the fair value methodology utilized in our preliminary fair value estimates for significant assets and liabilities:
Income Approach — Estimates fair value for an asset based on the present value of cash flow projected to be generated by the asset. Projected cash flows are discounted at rates of return that reflect the relative risk of achieving the cash flows and the time value of money. This approach was primarily used to value acquired timberlands in both our Pacific Northwest and Timber Funds segment.
Cost Approach — Estimates value by determining the current cost of replacing an asset with another of equivalent economic utility. This approach was primarily used for property and equipment.
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
Market Approach — Estimates fair value for an asset based on values of recent comparable transactions. This approach was primarily used to value higher and better use timberlands and real estate developments investments, certain land and building assets and long-term debt instruments.
The preliminary allocation of purchase price to the identifiable assets acquired and liabilities assumed was based on preliminary estimates of fair value as of May 8, 2020, and is as follows (in thousands):

| Core Timberlands |  | Timber Funds |  | Total
Timberland and Real Estate Business |  |  |  |  |
Cash | $7,380 |  |  | $8,870 |  |  | $16,250 |
Accounts receivable | 2,265 |  |  | 1,794 |  |  | 4,059 |
Other current assets | 651 |  |  | 499 |  |  | 1,150 |
Timber and Timberlands | 515,541 |  |  | 471,900 |  |  | 987,441 |
Higher and Better Use Timberlands and Real Estate Development Investments | 27,722 |  |  | — |  |  | 27,722 |
Property, plant and equipment | 8,307 |  |  | — |  |  | 8,307 |
Other assets | 4,297 |  |  | — |  |  | 4,297 |
Total identifiable assets acquired | $566,163 |  |  | $483,063 |  |  | $1,049,226 |
Accounts payable | 274 |  |  | 293 |  |  | 567 |
Current maturities of long-term debt | — |  |  | 25,084 |  |  | 25,084 |
Accrued interest | 244 |  |  | 275 |  |  | 519 |
Other current liabilities | 7,203 |  |  | 1,940 |  |  | 9,143 |
Long-term debt | 53,502 |  |  | 35,759 |  |  | 89,261 |
Long-term environmental liabilities | 11,000 |  |  | — |  |  | 11,000 |
Other non-current liabilities (a) | 4,051 |  |  | — |  |  | 4,051 |
Total liabilities assumed | $76,274 |  |  | $63,351 |  |  | $139,625 |
Net identifiable assets | $489,889 |  |  | $419,712 |  |  | $909,601 |
Less: noncontrolling interest | (3,307) |  |  | (368,373) |  |  | (371,680) |
Total net assets acquired | $486,582 |  |  | $51,339 |  |  | $537,921 |

(a)Other non-current liabilities includes a $4.0 million deferred income tax liability resulting from the preliminary fair value adjustment to Pope Resources’ assets and liabilities.
These estimated fair values are preliminary in nature and subject to adjustments, which could be material. We have not identified any material unrecorded pre-merger contingencies where the related asset, liability or impairment is probable and the amount can be reasonably estimated. Our valuations will be finalized when certain information arranged to be obtained has been received and our review of that information has been completed. Prior to the finalization of the purchase price allocation, if information becomes available that would indicate it is probable that such events had occurred and the amounts can be reasonably estimated, such items will be included in the final purchase price allocation.
In September 2020, fires in Oregon burned approximately 6,700 acres of land owned by ORM Timber Fund II, which we manage and in which we hold a 20% ownership interest, and approximately 400 acres of land owned by ORM Timber Fund IV, which we manage and in which we hold a 15% ownership interest. As a result, we wrote off $8.8 million and $0.4 million of non-salvageable timber basis in Timber Fund II and Timber Fund IV, of which $1.8 million and $0.1 million was attributable to Rayonier, respectively. The amounts of these write-offs are based on preliminary fair value estimates of the underlying basis in the respective Funds’ timberlands and are subject to adjustments, which could be material. Once the purchase price allocation is finalized, the amounts of the write-offs will more than likely change.
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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
The amount of revenue of Pope Resources included in our Consolidated Statements of Income and Comprehensive Income from the date of the merger to September 30, 2020 is approximately $28.8 million. The net income effect resulting from the merger with Pope Resources for the three and nine months ended September 30, 2020 is impracticable to determine, as we immediately integrated Pope Resources into our ongoing operations.
Pursuant to ASC 805, unaudited supplemental pro forma results of operations for the three and nine months ended September 30, 2020 and 2019, assuming the acquisition had occurred as of January 1, 2019, are presented below (in thousands, except per share and unit amounts):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Sales | $198,975 |  |  | $184,300 |  |  | $684,900 |  |  | $613,800 |
Net income (loss) attributable to Rayonier Inc. | ($342) |  |  | ($7,975) |  |  | $28,317 |  |  | $25,722 |
Basic earnings (loss) per share attributable to Rayonier Inc. | — |  |  | ($0.06) |  |  | $0.21 |  |  | $0.19 |
Diluted earnings (loss) per share attributable to Rayonier Inc. | — |  |  | ($0.06) |  |  | $0.21 |  |  | $0.19 |
Net income (loss) attributable to Rayonier, L.P. | ($353) |  |  | ($8,235) |  |  | $29,240 |  |  | $26,560 |
Basic earnings (loss) per unit attributable to Rayonier, L.P. | — |  |  | ($0.06) |  |  | $0.21 |  |  | $0.19 |
Diluted earnings (loss) per unit attributable to Rayonier, L.P. | — |  |  | ($0.06) |  |  | $0.21 |  |  | $0.19 |

The unaudited pro forma results include certain pro forma adjustments to net earnings that were directly attributable to the acquisition, assuming the acquisition had occurred on January 1, 2019, including the following:
•additional depletion expense that would have been recognized relating to the basis increase in the acquired Timber and Timberlands;
•adjustment to interest expense to reflect the removal of Pope Resources debt and the additional borrowings we incurred in conjunction with the acquisition; and
•a reduction in expenses for the three and nine months ended September 30, 2020 of $0.4 million and $31.6 million, respectively, for acquisition-related transaction costs.
Pro forma data may not be indicative of the results that would have been obtained had these events occurred at the beginning of the periods presented, nor is it intended to be a projection of future results.
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
3. REVENUE
RECLASSIFICATIONS
Effective April 1, 2020, we changed the composition of our Rural and Timberland & Non-Strategic Real Estate sales categories to better align with the way management internally evaluates real estate sales. The Rural category now includes all real estate sales (excluding development sales) representing a demonstrable premium above timberland value. The Timberland & Non-Strategic category now includes all real estate sales representing little to no premium to timberland value. This category consists primarily of sales of property that management views as non-strategic to our long-term portfolio as well as sales of property for capital allocation purposes that do not fit the definition of a Large Disposition. All prior period amounts have been reclassified to reflect the new composition of these two sales categories. The Improved Development, Unimproved Development and Large Disposition categories remain unchanged, and this reclassification had no impact on overall segment results.
NEW REAL ESTATE SALES CATEGORY
Effective September 2020, we added a new Real Estate sales category, “Conservation Easement,” in which we sell the development rights but withhold the rights to grow and harvest timber on a parcel or parcels of land.
PERFORMANCE OBLIGATIONS
We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of September 30, 2020 are primarily due to advances on stumpage contracts, unearned license revenue and post-closing obligations on real estate sales. These performance obligations are expected to be satisfied within the next twelve months. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component.
CONTRACT BALANCES
The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when we have an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract.
The following table summarizes revenue recognized during the three and nine months ended September 30, 2020 and 2019 that was included in the contract liability balance at the beginning of each year:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Revenue recognized from contract liability balance at the beginning of the year (a) | $690 |  |  | $874 |  |  | $10,296 |  |  | $9,670 |

(a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales.
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
The following tables present our revenue from contracts with customers disaggregated by product type for the three and nine months ended September 30, 2020 and 2019:

Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $22,061 |  |  | $1,963 |  |  | $7,943 |  |  | $227 |  |  | — |  |  | $2,534 |  |  |  |  | — |  |  | $34,728 |
Sawtimber | 19,356 |  |  | 25,513 |  |  | 51,400 |  |  | 8,397 |  |  | — |  |  | 19,575 |  |  |  |  | — |  |  | 124,241 |
Hardwood | 760 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 760 |
Total Timber Sales | 42,177 |  |  | 27,476 |  |  | 59,343 |  |  | 8,624 |  |  | — |  |  | 22,109 |  |  |  |  | — |  |  | 159,729 |
License Revenue, Primarily from Hunting | 4,461 |  |  | 252 |  |  | 60 |  |  | (6) |  |  | — |  |  | — |  |  |  |  | — |  |  | 4,767 |
Other Non-Timber/Carbon Revenue | 1,015 |  |  | 1,157 |  |  | 3,401 |  |  | 15 |  |  | — |  |  | — |  |  |  |  | — |  |  | 5,588 |
Total Non-Timber Sales | 5,476 |  |  | 1,409 |  |  | 3,461 |  |  | 9 |  |  | — |  |  | — |  |  |  |  | — |  |  | 10,355 |
Improved Development | — |  |  | — |  |  | — |  |  | — |  |  | 1,344 |  |  | — |  |  |  |  | — |  |  | 1,344 |
Unimproved Development | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Rural | — |  |  | — |  |  | — |  |  | — |  |  | 23,245 |  |  | — |  |  |  |  | — |  |  | 23,245 |
Timberland & Non-Strategic | — |  |  | — |  |  | — |  |  | — |  |  | 42 |  |  | — |  |  |  |  | — |  |  | 42 |
Conservation Easement | — |  |  | — |  |  | — |  |  | — |  |  | 3,099 |  |  | — |  |  |  |  | — |  |  | 3,099 |
Deferred Revenue/Other (b) | — |  |  | — |  |  | — |  |  | — |  |  | 737 |  |  | — |  |  |  |  | — |  |  | 737 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | — |  |  | 28,467 |  |  | — |  |  |  |  | — |  |  | 28,467 |
Revenue from Contracts with Customers | 47,653 |  |  | 28,885 |  |  | 62,804 |  |  | 8,633 |  |  | 28,467 |  |  | 22,109 |  |  |  |  | — |  |  | 198,551 |
Lease Revenue | — |  |  | — |  |  | — |  |  | — |  |  | 324 |  |  | — |  |  |  |  | — |  |  | 324 |
Intersegment | — |  |  | — |  |  | — |  |  | 1,274 |  |  | — |  |  | 92 |  |  |  |  | (1,366) |  |  | — |
Total Revenue | $47,653 |  |  | $28,885 |  |  | $62,804 |  |  | $9,907 |  |  | $28,791 |  |  | $22,201 |  |  |  |  | ($1,366) |  |  | $198,875 |
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $19,093 |  |  | $2,109 |  |  | $7,930 |  |  | — |  |  | — |  |  | $2,795 |  |  |  |  | — |  |  | $31,927 |
Sawtimber | 11,581 |  |  | 16,064 |  |  | 51,415 |  |  | — |  |  | — |  |  | 22,214 |  |  |  |  | — |  |  | 101,274 |
Hardwood | 2,338 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 2,338 |
Total Timber Sales | 33,012 |  |  | 18,173 |  |  | 59,345 |  |  | — |  |  | — |  |  | 25,009 |  |  |  |  | — |  |  | 135,539 |
License Revenue, Primarily from Hunting | 4,351 |  |  | 199 |  |  | 91 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 4,641 |
Other Non-Timber/Carbon Revenue | 3,919 |  |  | 394 |  |  | 2,563 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 6,876 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 149 |  |  |  |  | — |  |  | 149 |
Total Non-Timber Sales | 8,270 |  |  | 593 |  |  | 2,654 |  |  | — |  |  | — |  |  | 149 |  |  |  |  | — |  |  | 11,666 |
Improved Development | — |  |  | — |  |  | — |  |  | — |  |  | 4,492 |  |  | — |  |  |  |  | — |  |  | 4,492 |
Unimproved Development | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Rural (a) | — |  |  | — |  |  | — |  |  | — |  |  | 4,212 |  |  | — |  |  |  |  | — |  |  | 4,212 |
Timberland & Non-Strategic (a) | — |  |  | — |  |  | — |  |  | — |  |  | 57 |  |  | — |  |  |  |  | — |  |  | 57 |
Deferred Revenue/Other (b) | — |  |  | — |  |  | — |  |  | — |  |  | 451 |  |  | — |  |  |  |  | — |  |  | 451 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | — |  |  | 9,212 |  |  | — |  |  |  |  | — |  |  | 9,212 |
Revenue from Contracts with Customers | 41,282 |  |  | 18,766 |  |  | 61,999 |  |  | — |  |  | 9,212 |  |  | 25,158 |  |  |  |  | — |  |  | 156,417 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 34 |  |  |  |  | (34) |  |  | — |
Total Revenue | $41,282 |  |  | $18,766 |  |  | $61,999 |  |  | — |  |  | $9,212 |  |  | $25,192 |  |  |  |  | ($34) |  |  | $156,417 |

(a) The three months ended September 30, 2019 reflects the reclassification of certain real estate sales between the Rural and Timberland & Non-Strategic sales categories to better align with the way management internally evaluates real estate sales.
(b) Includes deferred revenue adjustments and marketing fees related to Improved Development sales.
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)

Nine Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $74,239 |  |  | $8,253 |  |  | $18,545 |  |  | $555 |  |  | — |  |  | $7,527 |  |  |  |  | — |  |  | $109,119 |
Sawtimber | 55,224 |  |  | 75,255 |  |  | 117,157 |  |  | 14,701 |  |  | — |  |  | 57,493 |  |  |  |  | — |  |  | 319,830 |
Hardwood | 1,752 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 1,752 |
Total Timber Sales | 131,215 |  |  | 83,508 |  |  | 135,702 |  |  | 15,256 |  |  | — |  |  | 65,020 |  |  |  |  | — |  |  | 430,701 |
License Revenue, Primarily From Hunting | 13,386 |  |  | 444 |  |  | 200 |  |  | 4 |  |  | — |  |  | — |  |  |  |  | — |  |  | 14,034 |
Other Non-Timber/Carbon Revenue | 2,801 |  |  | 2,179 |  |  | 6,210 |  |  | 19 |  |  | — |  |  | — |  |  |  |  | — |  |  | 11,209 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 327 |  |  |  |  | — |  |  | 327 |
Total Non-Timber Sales | 16,187 |  |  | 2,623 |  |  | 6,410 |  |  | 23 |  |  | — |  |  | 327 |  |  |  |  | — |  |  | 25,570 |
Improved Development | — |  |  | — |  |  | — |  |  | — |  |  | 7,771 |  |  | — |  |  |  |  | — |  |  | 7,771 |
Unimproved Development | — |  |  | — |  |  | — |  |  | — |  |  | 8,426 |  |  | — |  |  |  |  | — |  |  | 8,426 |
Rural | — |  |  | — |  |  | — |  |  | — |  |  | 52,876 |  |  | — |  |  |  |  | — |  |  | 52,876 |
Timberland & Non-Strategic | — |  |  | — |  |  | — |  |  | — |  |  | 9,647 |  |  | — |  |  |  |  | — |  |  | 9,647 |
Conservation Easement | — |  |  | — |  |  | — |  |  | — |  |  | 3,099 |  |  | — |  |  |  |  | — |  |  | 3,099 |
Deferred Revenue/Other (b) | — |  |  | — |  |  | — |  |  | — |  |  | (879) |  |  | — |  |  |  |  | — |  |  | (879) |
Large Dispositions | — |  |  | — |  |  | — |  |  | — |  |  | 116,027 |  |  | — |  |  |  |  | — |  |  | 116,027 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | — |  |  | 196,967 |  |  | — |  |  |  |  | — |  |  | 196,967 |
Revenue from Contracts with Customers | 147,402 |  |  | 86,131 |  |  | 142,112 |  |  | 15,279 |  |  | 196,967 |  |  | 65,347 |  |  |  |  | — |  |  | 653,238 |
Lease Revenue | — |  |  | — |  |  | — |  |  | — |  |  | 397 |  |  | — |  |  |  |  | — |  |  | 397 |
Intersegment | — |  |  | — |  |  | — |  |  | 2,152 |  |  | — |  |  | 158 |  |  |  |  | (2,310) |  |  | — |
Total Revenue | $147,402 |  |  | $86,131 |  |  | $142,112 |  |  | $17,431 |  |  | $197,364 |  |  | $65,505 |  |  |  |  | ($2,310) |  |  | $653,635 |
Nine Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $65,202 |  |  | $7,196 |  |  | $25,278 |  |  | — |  |  | — |  |  | $10,947 |  |  |  |  | — |  |  | $108,623 |
Sawtimber | 51,019 |  |  | 48,748 |  |  | 149,705 |  |  | — |  |  | — |  |  | 81,104 |  |  |  |  | — |  |  | 330,576 |
Hardwood | 4,816 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 4,816 |
Total Timber Sales | 121,037 |  |  | 55,944 |  |  | 174,983 |  |  | — |  |  | — |  |  | 92,051 |  |  |  |  | — |  |  | 444,015 |
License Revenue, Primarily from Hunting | 12,772 |  |  | 404 |  |  | 287 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 13,463 |
Other Non-Timber/Carbon Revenue | 14,516 |  |  | 1,508 |  |  | 5,987 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 22,011 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 531 |  |  |  |  | — |  |  | 531 |
Total Non-Timber Sales | 27,288 |  |  | 1,912 |  |  | 6,274 |  |  | — |  |  | — |  |  | 531 |  |  |  |  | — |  |  | 36,005 |
Improved Development | — |  |  | — |  |  | — |  |  | — |  |  | 5,007 |  |  | — |  |  |  |  | — |  |  | 5,007 |
Unimproved Development | — |  |  | — |  |  | — |  |  | — |  |  | 15,430 |  |  | — |  |  |  |  | — |  |  | 15,430 |
Rural (a) | — |  |  | — |  |  | — |  |  | — |  |  | 30,525 |  |  | — |  |  |  |  | — |  |  | 30,525 |
Timberland & Non-Strategic (a) | — |  |  | — |  |  | — |  |  | — |  |  | 1,263 |  |  | — |  |  |  |  | — |  |  | 1,263 |
Deferred Revenue/Other (b) | — |  |  | — |  |  | — |  |  | — |  |  | 519 |  |  | — |  |  |  |  | — |  |  | 519 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | — |  |  | 52,744 |  |  | — |  |  |  |  | — |  |  | 52,744 |
Revenue from Contracts with Customers | 148,325 |  |  | 57,856 |  |  | 181,257 |  |  | — |  |  | 52,744 |  |  | 92,582 |  |  |  |  | — |  |  | 532,764 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 137 |  |  |  |  | (137) |  |  | — |
Total Revenue | $148,325 |  |  | $57,856 |  |  | $181,257 |  |  | — |  |  | $52,744 |  |  | $92,719 |  |  |  |  | ($137) |  |  | $532,764 |

(a) The nine months ended September 30, 2019 reflects the reclassification of certain real estate sales between the Rural and Timberland & Non-Strategic sales categories to better align with the way management internally evaluates real estate sales.
(b) Includes deferred revenue adjustments and marketing fees related to Improved Development sales.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
The following tables present our timber sales disaggregated by contract type for the three and nine months ended September 30, 2020 and 2019:

Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Trading |  |  |  | Total
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $14,518 |  |  | — |  |  | — |  |  | $754 |  |  | — |  |  |  |  | $15,272 |
Stumpage Lump Sum | 310 |  |  | 472 |  |  | — |  |  | — |  |  | — |  |  |  |  | 782 |
Total Stumpage | 14,828 |  |  | 472 |  |  | — |  |  | 754 |  |  | — |  |  |  |  | 16,054 |
Delivered Wood (Domestic) | 21,976 |  |  | 27,004 |  |  | 20,127 |  |  | 7,870 |  |  | 362 |  |  |  |  | 77,339 |
Delivered Wood (Export) | 5,373 |  |  | — |  |  | 39,216 |  |  | — |  |  | 21,747 |  |  |  |  | 66,336 |
Total Delivered | 27,349 |  |  | 27,004 |  |  | 59,343 |  |  | 7,870 |  |  | 22,109 |  |  |  |  | 143,675 |
Total Timber Sales | $42,177 |  |  | $27,476 |  |  | $59,343 |  |  | $8,624 |  |  | $22,109 |  |  |  |  | $159,729 |
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $13,077 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | $13,077 |
Stumpage Lump Sum | 1,677 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 1,677 |
Total Stumpage | 14,754 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 14,754 |
Delivered Wood (Domestic) | 16,597 |  |  | 18,173 |  |  | 22,722 |  |  | — |  |  | 624 |  |  |  |  | 58,116 |
Delivered Wood (Export) | 1,661 |  |  | — |  |  | 36,623 |  |  | — |  |  | 24,385 |  |  |  |  | 62,669 |
Total Delivered | 18,258 |  |  | 18,173 |  |  | 59,345 |  |  | — |  |  | 25,009 |  |  |  |  | 120,785 |
Total Timber Sales | $33,012 |  |  | $18,173 |  |  | $59,345 |  |  | — |  |  | $25,009 |  |  |  |  | $135,539 |

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)

Nine Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Trading |  |  |  | Total
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $56,141 |  |  | — |  |  | — |  |  | $1,285 |  |  | — |  |  |  |  | $57,426 |
Stumpage Lump Sum | 1,561 |  |  | 5,929 |  |  | — |  |  | — |  |  | — |  |  |  |  | 7,490 |
Total Stumpage | 57,702 |  |  | 5,929 |  |  | — |  |  | 1,285 |  |  | — |  |  |  |  | 64,916 |
Delivered Wood (Domestic) | 64,473 |  |  | 77,579 |  |  | 45,944 |  |  | 13,971 |  |  | 1,296 |  |  |  |  | 203,263 |
Delivered Wood (Export) | 9,040 |  |  | — |  |  | 89,758 |  |  | — |  |  | 63,724 |  |  |  |  | 162,522 |
Total Delivered | 73,513 |  |  | 77,579 |  |  | 135,702 |  |  | 13,971 |  |  | 65,020 |  |  |  |  | 365,785 |
Total Timber Sales | $131,215 |  |  | $83,508 |  |  | $135,702 |  |  | $15,256 |  |  | $65,020 |  |  |  |  | $430,701 |
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $56,257 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | $56,257 |
Stumpage Lump Sum | 4,353 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 4,353 |
Total Stumpage | 60,610 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 60,610 |
Delivered Wood (Domestic) | 52,977 |  |  | 55,944 |  |  | 65,161 |  |  | — |  |  | 5,417 |  |  |  |  | 179,499 |
Delivered Wood (Export) | 7,450 |  |  | — |  |  | 109,822 |  |  | — |  |  | 86,634 |  |  |  |  | 203,906 |
Total Delivered | 60,427 |  |  | 55,944 |  |  | 174,983 |  |  | — |  |  | 92,051 |  |  |  |  | 383,405 |
Total Timber Sales | $121,037 |  |  | $55,944 |  |  | $174,983 |  |  | — |  |  | $92,051 |  |  |  |  | $444,015 |

4. LEASES
TIMBERLAND LEASES
U.S. timberland leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms typically range between 30 and 99 years. New Zealand lease arrangements generally consist of Crown Forest Licenses (“CFLs”), forestry rights and land leases. A CFL is a license arrangement to use government or privately owned land to operate a commercial forest. CFLs generally extend indefinitely and may only be terminated upon a 35-year termination notice. If no termination notice is given, the CFLs renew automatically each year for a one-year term. Alternatively, some CFLs extend for a specific term. Once a CFL is terminated, we may be able to obtain a forestry right from the subsequent owner. A forestry right is a license arrangement with a private entity to use their lands to operate a commercial forest. Forestry rights terminate either upon the issuance of a termination notice (which can last 35 to 45 years), completion of harvest, or a specified termination date.
As of September 30, 2020, the New Zealand subsidiary has two CFLs comprising 9,000 gross acres or 8,000 net plantable acres under termination notice that are being relinquished as harvest activities are concluded, as well as two fixed-term CFLs comprising 3,000 gross acres or 2,000 net plantable acres expiring in 2062. Additionally, the New Zealand subsidiary has two forestry rights comprising 32,000 gross acres or 8,000 net plantable acres under termination notice that are being relinquished as harvest activities are concluded.
OTHER NON-TIMBERLAND LEASES
In addition to timberland holdings, we have leased properties for certain office locations. Significant leased properties include a regional office in Lufkin, Texas; a Pacific Northwest Timber office in Hoquiam, Washington and a New Zealand Timber and Trading headquarters in Auckland, New Zealand.
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
LEASE MATURITIES, LEASE COST AND OTHER LEASE INFORMATION
The following table details our undiscounted lease obligations as of September 30, 2020 by type of lease and year of expiration:

|  |  |  | Year of Expiration
Lease obligations |  | Total |  | Remaining 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter
Operating lease liabilities |  | $185,030 |  |  | $4,107 |  |  | $9,278 |  |  | $8,384 |  |  | $8,293 |  |  | $8,176 |  |  | $146,792 |
Total Undiscounted Cash Flows |  | $185,030 |  |  | $4,107 |  |  | $9,278 |  |  | $8,384 |  |  | $8,293 |  |  | $8,176 |  |  | $146,792 |
Imputed interest |  | (84,705) |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at September 30, 2020 |  | 100,325 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Current portion |  | (9,203) |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current portion at September 30, 2020 |  | $91,122 |  |  |  |  |  |  |  |  |  |  |  |  |

The following table details components of our lease cost for the three and nine months ended September 30, 2020 and September 30, 2019:

|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Lease Cost Components |  |  | 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease cost |  |  | $1,550 |  |  | $1,959 |  |  | $4,989 |  |  | $6,791 |
Variable lease cost (a) |  |  | 85 |  |  | 54 |  |  | 299 |  |  | 211 |
Total lease cost (b) |  |  | $1,635 |  |  | $2,013 |  |  | $5,288 |  |  | $7,002 |

(a) The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates.
(b) Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases are expensed on a straight line basis over the lease term. Short-term lease expense was not material for the nine months ended September 30, 2020.
The following table provides supplemental cash flow information related to our leases for the nine months ended September 30, 2020 and September 30, 2019:

|  |  | Nine Months Ended September 30,
Supplemental cash flow information related to leases: |  |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases |  |  | $1,516 |  |  | $2,152 |
Investing cash flows from operating leases |  |  | 3,473 |  |  | 4,639 |
Total cash flows from operating leases |  |  | $4,989 |  |  | $6,791 |
Weighted-average remaining lease term in years - operating leases |  |  | 28 |  | 28
Weighted-average discount rate - operating leases |  |  | 5 | % |  | 5 | %

Lessor lease information
In the Mergers, we acquired income generating commercial and residential leases primarily concentrated in Port Gamble, Washington. Each of these are classified as operating leases.
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
The following table details our lease income for the three and nine months ended September 30, 2020:

|  |  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
Lease Income Components |  |  | 2020 |  |  |  | 2020 |  |
Operating lease income |  |  | $324 |  |  |  |  | $397 |  |  |
Total lease income |  |  | $324 |  |  |  |  | $397 |  |  |

Future lease income as of September 30, 2020, based on payments due by period under the lease contracts, are presented in the following table:

|  |  |  | Year of Expiration
Lease assets |  | Total |  | Remaining 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter
Operating lease Income |  | $649 |  |  | $84 |  |  | $198 |  |  | $173 |  |  | $137 |  |  | $57 |  |  | — |

We apply the following practical expedients as allowed under ASC 842:

Practical Expedient |  | Description
Short-term leases |  | We do not record right-of-use assets or lease liabilities for short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that is reasonably certain to be exercised).
Separation of lease and non-lease components |  | We do not separate non-lease components from the associated lease components if they have the same timing and pattern of transfer and, if accounted for separately, would both be classified as an operating lease.

5. NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS IN CONSOLIDATED AFFILIATES
Matariki Forestry Group
We maintain a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand subsidiary”), a joint venture that owns or leases approximately 416,000 legal acres of New Zealand timberland. Accordingly, we consolidate the New Zealand subsidiary’s balance sheet and results of operations. The portions of the consolidated financial position and results of operations attributable to the New Zealand subsidiary’s 23% noncontrolling interest are reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net loss (income) attributable to noncontrolling interests in consolidated affiliates.” Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary, serves as the manager of the New Zealand subsidiary.
In September 2020, the New Zealand subsidiary made a capital distribution to its partners on a pro rata basis in order to redeem certain equity interests. A portion of this capital distribution was reinvested by the partners in shareholder loans to the New Zealand subsidiary. Our capital distribution and portion of the shareholder loan are eliminated in consolidation. The capital distribution to the minority shareholder and its reinvestment in the shareholder loan resulted in the recording of a noncontrolling interest share redemption of $5.1 million and a loan payable by the New Zealand subsidiary in the amount of $23.3 million due in 2025 at a fixed interest rate of 2.95%. As of September 30, 2020, the outstanding balance on the shareholder loan is $22.7 million. See Note 7 — Debt for further information.
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
The following table sets forth the income attributable to the New Zealand subsidiary’s noncontrolling interests:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Net income attributable to noncontrolling interest in the New Zealand subsidiary | $2,066 |  |  | $1,961 |  |  | $3,326 |  |  | $7,129 |

ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III LLC (Fund III), and ORM Timber Fund IV LLC. (Fund IV) (Collectively, the “Funds”)
Upon completion of the Mergers, we became manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and obtained ownership interests in the Funds of 20%, 5%, and 15%, respectively. We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the Funds’ economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate the Funds. Loss attributed to third-party investors is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income under the caption “Net loss (income) attributable to noncontrolling interests in consolidated affiliates.”
The following table sets forth the (loss) attributable to the Funds’ noncontrolling interests:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Net (loss) attributable to noncontrolling interest in the Funds: | ($10,627) |  |  | — |  |  | ($12,773) |  |  | — |

Prior to the Mergers, the Funds were formed by ORM LLC for the purpose of generating a return on investment through the acquisition, management, value enhancement and sale of timberland properties. Each Fund is organized to operate for a specified term from the end of its respective investment period: 10 years for each of Fund II and Fund III, and 15 years for Fund IV. Fund II is scheduled to terminate in March 2021, Fund III is scheduled to terminate in December 2025 and Fund IV is scheduled to terminate in December 2034. The obligations of each of the Funds do not have any recourse to the Company or the Operating Partnership.
Ferncliff Investors
We also acquired in the Mergers an ownership interest in a real estate joint venture entity. In 2017, Ferncliff Management and Ferncliff Investors were formed for the purpose of raising capital from third parties to invest in an unconsolidated real estate joint venture entity, Bainbridge Landing LLC, which is developing a five-acre parcel on Bainbridge Island, Washington into a multi-family community containing apartments and townhomes. Ferncliff Management is the manager and 33.33% owner of Ferncliff Investors, with the remaining ownership interest in Ferncliff Investors held by third-party investors. Ferncliff Investors holds a 50% interest in Bainbridge Landing LLC, the joint venture entity that owns and is developing the property.
We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the joint venture’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Ferncliff Investors. The obligations of Ferncliff Investors do not have any recourse to the Company or the Operating Partnership.
Bainbridge Landing LLC is considered a voting interests entity. Ferncliff Investors accounts for its interest in the joint venture entity under the equity method because neither it nor the other member can exercise control over Bainbridge Landing LLC. Under the equity method, Ferncliff Investors records its share of the net income or loss of Bainbridge Landing LLC. To date, this activity has been a loss and is included in Other operating expense, net in the Real Estate segment. The portion of Ferncliff Investors’ loss attributed to third-party investors is shown within the Consolidated Statements of Income and Comprehensive Income under the caption “Net loss (income) attributable to noncontrolling interests in consolidated affiliates.”
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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
The following table sets forth the (loss) attributable to Ferncliff Investors’ noncontrolling interests:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Net (loss) attributable to noncontrolling interest in the Ferncliff Investors: | ($153) |  |  | — |  |  | ($199) |  |  | — |

NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP
Noncontrolling interests in the Operating Partnership relate to the third-party ownership of Redeemable Common Units. Net (loss) income attributable to the noncontrolling interests in the Operating Partnership is computed by applying the weighted average Redeemable Common Units outstanding during the period as a percentage of the weighted average total common units outstanding to the Operating Partnership’s net income for the period. If a noncontrolling unitholder redeems a common unit for a registered common share of Rayonier or cash, the noncontrolling interests in the Operating Partnership will be reduced and the Company’s share in the Operating Partnership will be increased by the fair value of each security at the time of redemption.
The following table sets forth the Company’s noncontrolling interests in the Operating Partnership:

|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  |  | 2020 |  | 2020
Beginning noncontrolling interests in the Operating Partnership |  |  | $110,220 |  |  | — |
Issuances of Redeemable Common Units |  |  | — |  |  | 106,752 |
Adjustment of noncontrolling interests in the Operating Partnership |  |  | 8,030 |  |  | 12,022 |
Conversions of Common Units to Common Shares |  |  | (27) |  |  | (27) |
Net (Loss) Income attributable to noncontrolling interests in the Operating Partnership |  |  | (25) |  |  | 195 |
Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership |  |  | 532 |  |  | 989 |
Distributions to noncontrolling interests in the Operating Partnership |  |  | (1,200) |  |  | (2,401) |
Total noncontrolling interests in the Operating Partnership |  |  | $117,530 |  |  | $117,530 |

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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
6. SEGMENT AND GEOGRAPHICAL INFORMATION
As a result of the Mergers, we have revised our reportable business segments, adding one additional segment, Timber Funds. The Timber Funds segment represents operations of the three private equity timber funds included in the transaction – Fund II, Fund III and Fund IV (collectively, the “Funds”). Rayonier owns 20% of Fund II, 5% of Fund III, and 15% of Fund IV and is also the managing member of the Funds. As discussed in Note 5 - Noncontrolling Interests, the Funds are consolidated into our financial statements. The Timber Funds segment also includes fee revenue paid to us for managing the Funds, which consists of both fixed components based on invested capital and acres under management as well as variable components related to the harvest volumes of the Funds. These fees, which also represent an expense in the Timber Funds segment, are eliminated in consolidation.
We now operate in six reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Timber Funds, Real Estate, and Trading.
Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income (loss) and Adjusted EBITDA. Asset information is not reported by segment, as we do not produce asset information by segment internally.
Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”
The following tables summarize the segment information for the three and nine months ended September 30, 2020 and 2019:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
SALES | 2020 |  | 2019 |  | 2020 |  | 2019
Southern Timber | $47,653 |  |  | $41,282 |  |  | $147,402 |  |  | $148,325 |
Pacific Northwest Timber | 28,885 |  |  | 18,766 |  |  | 86,131 |  |  | 57,856 |
New Zealand Timber | 62,804 |  |  | 61,999 |  |  | 142,112 |  |  | 181,257 |
Timber Funds (a) | 9,907 |  |  | — |  |  | 17,431 |  |  | — |
Real Estate (b) | 28,791 |  |  | 9,212 |  |  | 197,364 |  |  | 52,744 |
Trading | 22,201 |  |  | 25,192 |  |  | 65,505 |  |  | 92,719 |
Intersegment Eliminations (c) | (1,366) |  |  | (34) |  |  | (2,310) |  |  | (137) |
Total | $198,875 |  |  | $156,417 |  |  | $653,635 |  |  | $532,764 |

(a)The three and nine months ended September 30, 2020 include $7.7 million and $13.5 million, respectively, of sales attributable to noncontrolling interest in Timber Funds.
(b)The nine months ended September 30, 2020 includes $116.0 million from a Large Disposition.
(c)Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds which are initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our New Zealand Timber segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
OPERATING INCOME (LOSS) | 2020 |  | 2019 |  | 2020 |  | 2019
Southern Timber (a) | $5,090 |  |  | $9,512 |  |  | $31,368 |  |  | $45,773 |
Pacific Northwest Timber | (1,825) |  |  | (3,567) |  |  | (9,453) |  |  | (11,123) |
New Zealand Timber | 10,720 |  |  | 10,104 |  |  | 21,142 |  |  | 38,621 |
Timber Funds (b) | (12,370) |  |  | — |  |  | (14,262) |  |  | — |
Real Estate (c) | 9,459 |  |  | 425 |  |  | 61,081 |  |  | 25,920 |
Trading | (557) |  |  | (37) |  |  | (474) |  |  | 271 |
Corporate and Other (d) | (8,737) |  |  | (5,450) |  |  | (37,383) |  |  | (18,562) |
Total Operating Income | 1,780 |  |  | 10,987 |  |  | 52,019 |  |  | 80,900 |
Unallocated interest expense and other | (10,558) |  |  | (7,208) |  |  | (27,225) |  |  | (20,451) |
Total (Loss) Income before Income Taxes | ($8,778) |  |  | $3,779 |  |  | $24,794 |  |  | $60,449 |

(a)The three and nine months ended September 30, 2020 include $6.0 million of timber write-offs resulting from casualty events attributable to Rayonier. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.”
(b)The three and nine months ended September 30, 2020 include $10.3 million and $12.3 million, respectively, of operating loss attributable to noncontrolling interest in Timber Funds. Included in operating loss attributable to noncontrolling interest in Timber Funds for the three and nine months ended September 30, 2020 is $7.3 million related to timber write-offs resulting from casualty events attributable to noncontrolling interest in Timber Funds. The three and nine months ended September 30, 2020 also include $1.8 million of timber write-offs resulting from casualty events attributable to Rayonier. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.”
(c)The nine months ended September 30, 2020 includes $28.7 million from a Large Disposition.
(d)The three and nine months ended September 30, 2020 include $0.4 million and $16.4 million, respectively, of integration and restructuring costs related to the merger with Pope Resources. See Note 20 — Charges for Integration and Restructuring for additional details.

| Three Months Ended September 30, |  | Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION | 2020 |  | 2019 |  | 2020 |  | 2019
Southern Timber | $14,954 |  |  | $13,025 |  |  | $48,368 |  |  | $45,633 |
Pacific Northwest Timber | 10,912 |  |  | 6,299 |  |  | 32,221 |  |  | 19,170 |
New Zealand Timber | 7,345 |  |  | 7,563 |  |  | 17,062 |  |  | 21,071 |
Timber Funds (a) | 4,170 |  |  | — |  |  | 8,239 |  |  | — |
Real Estate (b) | 5,527 |  |  | 668 |  |  | 47,950 |  |  | 5,202 |
Corporate and Other | 375 |  |  | 291 |  |  | 1,011 |  |  | 863 |
Total | $43,283 |  |  | $27,846 |  |  | $154,851 |  |  | $91,939 |

(a)The three and nine months ended September 30, 2020 include $3.7 million and $7.2 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interest in Timber Funds.
(b)The nine months ended September 30, 2020 includes $35.4 million from a Large Disposition.

| Three Months Ended September 30, |  | Nine Months Ended September 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | 2020 |  | 2019 |  | 2020 |  | 2019
Real Estate (a) | $7,259 |  |  | $4,339 |  |  | $72,340 |  |  | $9,985 |
Total | $7,259 |  |  | $4,339 |  |  | $72,340 |  |  | $9,985 |

(a) The nine months ended September 30, 2020 includes $51.6 million from a Large Disposition.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
7. DEBT
Our debt consisted of the following at September 30, 2020:

| September 30, 2020
Debt, excluding Timber Funds: |
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at September 30, 2020 (a) | $350,000 |
Senior Notes due 2022 at a fixed interest rate of 3.75% | 325,000 |
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at September 30, 2020 (b) | 300,000 |
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at September 30, 2020 (c) | 250,000 |
Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.7% at September 30, 2020 | 20,000 |
New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95% | 22,735 |
Northwest Farm Credit Services Credit Facility with quarterly interest-only payments, collateralized by Core Timberlands, with the following tranches (d) |
Due 2025 at a fixed interest rate of 6.1% | 11,690 |
Due 2028 at a fixed interest rate of 4.1% | 12,052 |
Due 2033 at a fixed interest rate of 5.3% | 19,497 |
Due 2036 at a fixed interest rate of 5.4% | 9,898 |
Total debt, excluding Timber Funds | 1,320,872 |
Less: Deferred financing costs, excluding Timber Funds | (2,667) |
Long-term debt, net of deferred financing costs, excluding Timber Funds | 1,318,205 |
Debt, Timber Funds: |
Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest payments, as follows: (d) |
Due 2022 at a fixed interest rate of 2.0% (e) | 11,000 |
Due 2022 at a fixed interest rate of 2.0% (e) | 14,000 |
Fund III Mortgages Payable, collateralized by Fund III timberlands with quarterly interest payments, as follows (d): |
Due 2023 at a fixed interest rate of 5.1% | 19,695 |
Due 2024 at a fixed interest rate of 4.5% | 15,708 |
Total debt, Timber Funds | 60,403 |
Less: Deferred financing costs, Timber Funds | (12) |
Long-term debt, net of deferred financing costs, Timber Funds | 60,391 |
Long-term debt, net of deferred financing costs | $1,378,596 |

(a) As of September 30, 2020, the periodic interest rate on the term credit agreement (the “Term Credit Agreement”) was LIBOR plus 1.600%. We estimate the effective fixed interest rate on the term loan facility to be approximately 3.2% after consideration of interest rate swaps and estimated patronage refunds.
(b) As of September 30, 2020, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.900%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.8% after consideration of interest rate swaps and estimated patronage refunds.
(c) As of September 30, 2020, the periodic interest rate on the 2020 incremental term loan (the “2020 Incremental Term Loan Facility”) was LIBOR plus 1.850%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.3% after consideration of interest rate swaps and estimated patronage refunds.
(d) See the section below labeled “Long-Term Debt Assumed in the Pope Resources Merger” for additional details.
(e) Beginning January 1, 2021, this will transition from a fixed to a variable interest rate of 3-month LIBOR plus 1.700%.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
Principal payments due during the next five years and thereafter are as follows:

| Excluding Timber Funds | Timber Funds | Total
2020 | — |  | — |  | — |
2021 | — |  | — |  | — |
2022 | 325,000 |  | 25,000 |  | 350,000 |
2023 | — |  | 17,980 |  | 17,980 |
2024 | — |  | 14,400 |  | 14,400 |
Thereafter | 987,735 |  | — |  | 987,735 |
Total Debt | $1,312,735 |  | $57,380 |  | $1,370,115 |

2020 DEBT ACTIVITY
U.S. Debt — Excluding Timber Funds
On April 1, 2020, we entered into a Second Amendment to Credit Agreement to increase the limit on our Revolving Credit Facility from $200 million to $250 million and extend its maturity date from August 5, 2020 to April 1, 2025. Additionally, the maturity date of the Term Credit Agreement was extended from August 5, 2024 to April 1, 2028. In connection herewith, we recorded deferred financing costs in the amount of $0.5 million which are being amortized over the term of the Term Credit Agreement.
On April 13, 2020, we entered into an Accordion Increase Agreement to further increase the limit on the Revolving Credit Facility from $250 million to $300 million. In connection herewith, we recorded deferred financing costs in the amount of $1.2 million which are being amortized over the term of the Revolving Credit Facility.
On April 16, 2020, we entered into a Third Amendment and Incremental Term Loan Agreement, which provided for the advancement of a five-year $250 million senior unsecured incremental term loan facility. In connection herewith, we recorded deferred financing costs in the amount of $0.8 million which are being amortized over the term of the 2020 Incremental Term Loan Facility. The proceeds from the 2020 Incremental Term Loan Facility were used to fund our acquisition of Pope Resources.
During the nine months ended September 30, 2020, we made borrowings of $70.0 million and repayments of $132.0 million on our Revolving Credit Facility. At September 30, 2020, we had available borrowings of $279.1 million under the Revolving Credit Facility, net of $0.9 million to secure our outstanding letters of credit.
U.S. Debt — Timber Funds
On September 1, 2020, we entered into an agreement to extend the maturity date of the Fund II Mortgages Payable from September 2020 to September 2022. Additionally, the fixed interest rates on both the $11 million tranche and the $14 million tranche were changed to 2.0%, from 4.9% and 3.8%, respectively. Beginning January 1, 2021, this fixed rate will transition to a variable rate of 3-month LIBOR plus 1.700%.
New Zealand
In June 2020, the New Zealand subsidiary renewed its NZ$20 million working capital facility for an additional 12-month term. During the nine months ended September 30, 2020, the New Zealand subsidiary made no borrowings or repayments on its working capital facility. At September 30, 2020, the New Zealand subsidiary had NZ$20.0 million of available borrowings under its working capital facility.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
In September 2020, the New Zealand subsidiary made a capital distribution to its partners on a pro rata basis in order to redeem certain equity interests. A portion of this capital distribution was reinvested by the partners in shareholder loans to the New Zealand subsidiary. Our capital distribution and portion of the shareholder loan are eliminated in consolidation. The capital distribution to the minority shareholder and its reinvestment in the shareholder loan resulted in the recording of a noncontrolling interest share redemption of $5.1 million and a loan payable by the New Zealand subsidiary in the amount of $23.3 million due in 2025 at a fixed interest rate of 2.95%. As of September 30, 2020, the outstanding balance on the shareholder loan is $22.7 million. See Note 5 — Noncontrolling Interests for more information regarding the New Zealand subsidiary.
LONG-TERM DEBT ASSUMED IN THE POPE RESOURCES MERGER
Northwest Farm Credit Services Credit Facility
We assumed five tranches of a credit facility payable to Northwest Farm Credit Services (the “NWFCS Credit Facility”) totaling $45.0 million. Quarterly payments of interest only are due on the NWFCS Credit Facility through the respective maturity of each tranche. The NWFCS Credit Facility is collateralized by a portion of the Pacific Northwest timberlands acquired in the merger with Pope Resources. The NWFCS Credit Facility allows us to receive annual patronage payments, which are profit distributions made by a cooperative to its member-users based on the quantity or value of business done with the member-user.
The pertinent details of each tranche of the NWFCS Credit Facility we assumed are as follows:

Tranche | Stated Fixed Interest Rate |  | Effective Fixed Interest Rate (a) |  | Stated Principal Amount |  | Est. Fair Value at Merger Date (b)
Tranche 2 (Due 2025) | 6.1 | % |  | 4.8 | % |  | $10,000 |  |  | $11,838 |
Tranche 4 (Due 2028) | 4.1 | % |  | 3.1 | % |  | 11,000 |  |  | 12,108 |
Tranches 6 & 7 (Due 2033) | 5.3 | % |  | 4.2 | % |  | 16,000 |  |  | 19,609 |
Tranche 8 (Due 2036) | 5.4 | % |  | 4.3 | % |  | 8,000 |  |  | 9,947 |
Total NWFCS Credit Facility assumed |  |  |  |  | $45,000 |  |  | $53,502 |

(a)Estimated effective fixed interest rates as of September 30, 2020 after consideration of estimated patronage refunds.
(b)The fair market value premium will be amortized as a benefit to interest expense over the maturity term of each tranche.
Fund II Mortgage Payable
We assumed Fund II's two mortgages payable (the “Fund II Mortgages Payable”) to MetLife totaling $25.0 million. Quarterly payments of interest only are due on the Fund II Mortgages Payable through their respective maturities. The Fund II Mortgages Payable are collateralized by Fund II Timberlands and do not have any recourse to the Company or the Operating Partnership.
The pertinent details of the Fund II Mortgages Payable are as follows:

Maturity Date |  | Stated Fixed Interest Rate (a) |  | Stated Principal Amount |  | Est. Fair Value at Merger Date (b)
September 2022 |  | 2.0 | % |  | $11,000 |  |  | $11,061 |
September 2022 |  | 2.0 | % |  | 14,000 |  |  | 14,023 |
|  |  |  | $25,000 |  |  | $25,084 |

(a)Beginning January 1, 2021, this will transition from a fixed to a variable interest rate of 3-month LIBOR plus 1.700%.
(b)The fair market value premium has been amortized as a benefit to interest expense over the original maturity term of each mortgage.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
Fund III Mortgage Payable
We assumed Fund III’s two mortgages payable (the “Fund III Mortgages Payable”) to NWFCS totaling $32.4 million. Quarterly payments of interest only are due on the Fund III Mortgages Payable through their respective maturities. The Fund III Mortgages Payable are collateralized by Fund III Timberlands and do not have any recourse to the Company or the Operating Partnership.
The pertinent details of the Fund III Mortgages Payable are as follows:

Maturity Date |  | Stated Fixed Interest Rate |  | Effective Fixed Interest Rate (a) |  | Stated Principal Amount |  | Est. Fair Value at Merger Date (b)
December 2023 |  | 5.1 | % |  | 3.9 | % |  | $17,980 |  |  | $19,915 |
October 2024 |  | 4.5 | % |  | 3.2 | % |  | 14,400 |  |  | 15,844 |
|  |  |  |  |  | $32,380 |  |  | $35,759 |

(a)Estimated effective fixed interest rates as of September 30, 2020 after consideration of estimated patronage refunds.
(b)The fair market value premium will be amortized as a benefit to interest expense over the maturity term of each mortgage.
DEBT COVENANTS — EXCLUDING TIMBER FUNDS
In connection with our $350 million Term Credit Agreement, $300 million Incremental Term Loan Agreement, $250 million 2020 Incremental Term Loan Agreement and $300 million Revolving Credit Facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios.
The covenants listed below, which are the most significant financial covenants in effect as of September 30, 2020, are calculated on a trailing 12-month basis:

| Covenant Requirement |  | Actual Ratio |  | Favorable
Covenant EBITDA to consolidated interest expense should not be less than | 2.5 to 1 |  | 9.42 to 1 |  | 6.92
Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % |  | 48 | % |  | 17 | %

In connection with our $45 million NWFCS Credit Facility, customary covenants must be met, the most significant of which include interest coverage and debt-to-capitalization ratios.
The covenants listed below, which are the most significant financial covenants in effect as of September 30, 2020, are calculated on a trailing 12-month basis:

| Covenant Requirement |  | Actual Ratio |  | Favorable
Covenant loan-to-appraised value shall not exceed | 50% |  | 11% |  | 39 | %
Covenant EBITDA to consolidated interest expense should not be less than | 2.5 to 1 |  | 9.42 to 1 |  | 6.92
Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % |  | 48 | % |  | 17 | %

In addition to these financial covenants listed above, the 2022 Notes, Term Credit Agreement, Incremental Term Loan Agreement, 2020 Incremental Term Loan Facility, Revolving Credit Facility, and NWFCS Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At September 30, 2020, we were in compliance with all applicable covenants.
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
DEBT COVENANTS — TIMBER FUNDS
The Fund II Mortgages Payable to MetLife contains a requirement to maintain a loan-to-value ratio of less than 50%, with the denominator defined as fair market value of the timberland pledged as collateral.
The Fund III Mortgages Payable to NWFCS contain a requirement to maintain a minimum interest coverage ratio of 1.5:1, minimum working capital of $500,000, and a loan-to-value ratio of less than 50%, with the denominator defined as fair market value.
Both Timber Funds are in compliance with their respective debt covenants as of September 30, 2020.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
8. HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS
We continuously assess potential alternative uses of our timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. We periodically transfer, via a sale or contribution from the real estate investment trust (“REIT”) entities to taxable REIT subsidiaries (“TRS”), higher and better use (“HBU”) timberlands to enable land-use entitlement, development or marketing activities. We also acquire HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, we also selectively pursue various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, we also invest in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties.
In the merger with Pope Resources, we acquired HBU properties with an estimated fair value of $27.7 million. This includes development properties in the town of Port Gamble, Washington, development projects in Gig Harbor, Kingston, and Bremerton, Washington and various other assets.
Changes in higher and better use timberlands and real estate development investments from December 31, 2019 to September 30, 2020 are shown below:

| Higher and Better Use Timberlands and Real Estate Development Investments
| Land and Timber |  | Development Investments |  | Total
Non-current portion at December 31, 2019 | $58,091 |  |  | $23,700 |  |  | $81,791 |
Plus: Current portion (a) | 274 |  |  | 12,389 |  |  | 12,663 |
Total Balance at December 31, 2019 | 58,365 |  |  | 36,089 |  |  | 94,454 |
Non-cash cost of land and improved development | (882) |  |  | (4,947) |  |  | (5,829) |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (619) |  |  | — |  |  | (619) |
Capitalized real estate development investments (b) | — |  |  | 5,448 |  |  | 5,448 |
HBU properties acquired in merger with Pope Resources (c) | 27,722 |  |  | — |  |  | 27,722 |
Capital expenditures (silviculture) | 211 |  |  | — |  |  | 211 |
Intersegment transfers | (3,979) |  |  | — |  |  | (3,979) |
Total Balance at September 30, 2020 | 80,818 |  |  | 36,590 |  |  | 117,408 |
Less: Current portion (a) | (326) |  |  | (8,796) |  |  | (9,122) |
Non-current portion at September 30, 2020 | $80,492 |  |  | $27,794 |  |  | $108,286 |

(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 21 — Inventory for additional information.
(b)Capitalized real estate development investments include $0.4 million of capitalized interest.
(c)Based on preliminary estimates of fair value as of May 8, 2020. See Note 2 - Merger with Pope Resources for additional information.
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
9. COMMITMENTS
At September 30, 2020, the future minimum payments under non-cancellable commitments were as follows:

| Environmental Remediation (a) |  | Development Projects (b) |  |  |  | Commitments (c) |  | Total
Remaining 2020 | $460 |  |  | $5,190 |  |  |  |  | $3,644 |  |  | $9,294 |
2021 | 3,238 |  |  | 161 |  |  |  |  | 14,289 |  |  | 17,688 |
2022 | 1,786 |  |  | 220 |  |  |  |  | 17,210 |  |  | 19,216 |
2023 | 1,775 |  |  | 232 |  |  |  |  | 17,946 |  |  | 19,953 |
2024 | 1,775 |  |  | 232 |  |  |  |  | 15,036 |  |  | 17,043 |
Thereafter | 2,684 |  |  | 2,770 |  |  |  |  | 39,350 |  |  | 44,804 |
| $11,718 |  |  | $8,805 |  |  |  |  | $107,475 |  |  | $127,998 |

(a)Environmental remediation represents our estimate of potential liability associated with environmental contamination in Port Gamble, Washington.
(b)Primarily consisting of payments expected to be made on our Wildlight and Richmond Hill development projects.
(c)Commitments include payments expected to be made on foreign exchange contracts, timberland deeds and other purchase obligations.
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
10. INCOME TAXES
Rayonier is a REIT under the Internal Revenue Code and therefore generally does not pay U.S. federal or state income tax. Through the Mergers, Rayonier transferred all of its assets to the Operating Partnership on May 8, 2020. See N ote 1 - B asis of Presentation for more information. As a result, Rayonier owns a 96.8% interest in the Operating Partnership and conducts substantially all of its timberland operations through the Operating Partnership. The taxable income or loss generated by the Operating Partnership is passed through and reported to its unit holders (including the Company) on a Schedule K-1 for inclusion in each unitholder’s income tax return. Certain operations, including log trading and certain real estate activities, such as the entitlement, development and sale of HBU properties, are conducted through our TRS. The TRS subsidiaries are subject to United States federal and state corporate income tax. The New Zealand timber operations are conducted by the New Zealand subsidiary, which is subject to corporate-level tax at 28% in New Zealand and is treated as a partnership for U.S. income tax purposes.
PROVISION FOR INCOME TAXES
The Company’s tax expense is principally related to corporate-level tax in New Zealand and non-resident withholding tax on repatriation of earnings from New Zealand. The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Income tax expense | ($720) |  |  | ($2,251) |  |  | ($7,416) |  |  | ($10,208) |

ANNUAL EFFECTIVE TAX RATE
The Company’s effective tax rate after discrete items is over the 21.0% U.S. statutory rate due to a higher proportion of our taxable income resulting from New Zealand operations. The following table contains the Company’s annualized effective tax rate after discrete items:

|  |  | Nine Months Ended September 30,
|  |  |  |  | 2020 |  | 2019
Annualized effective tax rate after discrete items |  |  |  |  | 29.9 | % |  | 16.6 | %

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
11. CONTINGENCIES
We have been named as a defendant in various lawsuits and claims arising in the normal course of business. While we have procured reasonable and customary insurance covering risks normally occurring in connection with our businesses, we have in certain cases retained some risk through the operation of large deductible insurance plans, primarily in the areas of executive risk, property, automobile and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on our financial position, results of operations, or cash flow.
12. ENVIRONMENTAL REMEDIATION LIABILITIES
Various federal and state environmental laws in the states in which we operate place liability for environmental contamination on the current and former owners of real estate on which contamination is discovered. These laws are often a source of “strict liability,” meaning that an owner or operator need not necessarily have caused, or even been aware of, the release of hazardous substances. Similarly, there are certain environmental laws that allow state, federal, and tribal trustees (collectively, the “Trustees”) to bring suit against property owners to recover damage for injuries to natural resources. Like the liability that attaches to current property owners in the cleanup context, liability for natural resource damages (“NRD”) can attach to a property simply because an injury to natural resources resulted from releases of hazardous substances on the owner’s property, regardless of culpability for the release.
In connection to the merger with Pope Resources, we assumed ownership of certain real estate in Port Gamble, Washington where hazardous substances had previously been discovered, requiring environmental remediation under these laws. Prior to the merger, Pope Resources had completed required remediation on the Port Gamble Bay, performed remedial investigation and drafted a cleanup action plan for the Port Gamble millsite, and started discussions relating to alleged natural resource damages.
Since completing the merger with Pope Resources, we have made $0.2 million in payments associated with our environmental remediation efforts. As of September 30, 2020, we have accrued $11.7 million for environmental remediation, which represents our current estimate of the fair value of remaining cleanup cost and most likely outcome to various contingencies. These estimates were based on assumptions that we believe to be reasonable; however, actual results may differ from these estimates. See Note 2 - Merger with P ope Resources for information regarding our preliminary estimates of fair value. It is expected that the millsite cleanup and NRD restoration will occur over the next two to three years, while the monitoring of the Port Gamble Bay, millsite and landfills containing dredged and excavated contaminated sediments will continue for an additional 10 to 15 years. The NRD costs might change as the scope of the restoration projects become more clearly defined. It is reasonably possible that these components of the liability may increase as the project progresses. Management continues to monitor the Port Gamble cleanup process and will make adjustments as needed. Should any future circumstances result in a change to the estimated cost of the project, we will record an appropriate adjustment to the liability in the period it becomes known and when we can reasonably estimate the amount. For further information on the timing and amount of future payments related to our environmental remediation liabilities, see Note 9 - Commitments.
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
13. GUARANTEES
We provide financial guarantees as required by creditors, insurance programs, and various governmental agencies.
As of September 30, 2020, the following financial guarantees were outstanding:

Financial Commitments (a) |  | Maximum Potential Payment |  |
Standby letters of credit |  | $885 |  |  |
Surety bonds (b) |  | 9,324 |  |  |
Total financial commitments |  | $10,209 |  |  |

(a)We have not recorded any liabilities for these financial commitments in our Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on our own performance.
(b)Surety bonds are issued primarily to secure performance obligations related to various operational activities, to provide collateral for our Wildlight development project in Nassau County, Florida and in connection with pending and completed sales from the Harbor Hill project in Gig Harbor, Washington. These surety bonds expire at various dates during 2020, 2021 and 2022 and are expected to be renewed as required.
In conjunction with the Contribution discussed in Note 1 - Basis of Presentation, the 2022 Notes assumed by the Operating Partnership are fully and unconditionally guaranteed on a joint and several basis by Rayonier Inc. and Rayonier TRS Holdings, Inc.

Financial Commitments |  | Maximum Potential Payment |  |
Senior Notes due 2022 (a) |  | $325,000 |  |  |
Total financial commitments |  | $325,000 |  |  |

(a)The Senior Notes due 2022 are classified as Long-Term Debt in our Consolidated Balance Sheets. See Note 7 - Debt for additional information.
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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
14. (LOSS) EARNINGS PER SHARE AND PER UNIT
The following table provides details of the calculations of basic and diluted (loss) earnings per common share of the Company:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
(Loss) Earnings per common share - basic |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net (Loss) Income | ($9,498) |  |  | $1,528 |  |  | $17,378 |  |  | $50,241 |
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership | 25 |  |  | — |  |  | (195) |  |  | — |
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates | 8,715 |  |  | (1,961) |  |  | 9,647 |  |  | (7,129) |
Net (loss) income attributable to Rayonier Inc. | ($758) |  |  | ($433) |  |  | $26,830 |  |  | $43,112 |
Denominator: |  |  |  |  |  |  |
Denominator for basic (loss) earnings per common share - weighted average shares | 136,351,271 |  |  | 129,325,181 |  |  | 132,948,124 |  |  | 129,293,562 |
Basic (loss) earnings per common share attributable to Rayonier Inc.: | ($0.01) |  |  | — |  |  | $0.20 |  |  | $0.33 |
(Loss) Earnings per common share - diluted |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net (Loss) Income | ($9,498) |  |  | $1,528 |  |  | $17,378 |  |  | $50,241 |
Less: Net loss (income) attributable to noncontrolling interest in consolidated affiliates | 8,715 |  |  | (1,961) |  |  | 9,647 |  |  | (7,129) |
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership | 25 |  | (a) | — |  |  | — |  |  | — |
Net (loss) income attributable to Rayonier Inc. used for determining (Loss) Earnings per common share - diluted | ($758) |  |  | ($433) |  |  | $27,025 |  |  | $43,112 |
Denominator: |  |  |  |  |  |  |
Denominator for basic (loss) earnings per common share - weighted average shares | 136,351,271 |  |  | 129,325,181 |  |  | 132,948,124 |  |  | 129,293,562 |
Add: Dilutive effect of: |  |  |  |  |  |  |
Stock options | — |  |  | — |  |  | 492 |  |  | 13,405 |
Performance shares, restricted shares and restricted stock units | — |  |  | — |  |  | 159,018 |  |  | 345,495 |
Noncontrolling interests in common units | — |  | (a) | — |  |  | 2,352,822 |  |  | — |
Denominator for diluted (loss) earnings per common share - adjusted weighted average shares | 136,351,271 |  |  | 129,325,181 |  |  | 135,460,456 |  |  | 129,652,462 |
Diluted (loss) earnings per common share attributable to Rayonier Inc.: | ($0.01) |  |  | — |  |  | $0.20 |  |  | $0.33 |

(a) For the three months ended September 30, 2020, net loss attributable to noncontrolling interest in the Operating Partnership was included in the numerator for diluted (loss) earnings per share as the Company generated a net loss attributable to Rayonier Inc. during the quarter. Also as a result of the net loss attributable to Rayonier Inc. during the three months ended September 30, 2020, the incremental shares related to noncontrolling interests in common units were excluded from the denominator of diluted loss per share.
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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Anti-dilutive shares excluded from the computations of diluted (loss) earnings per common share: |  |  |  |  |  |  |
Stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in common units (a) | 5,038,514 |  |  | 611,740 |  |  | 471,999 |  |  | 421,853 |
Total | 5,038,514 |  |  | 611,740 |  |  | 471,999 |  |  | 421,853 |

(a) For the three months ended September 30, 2020 and September 30, 2019, the incremental shares related to stock options, performance shares, restricted shares, restricted stock units and noncontrolling interests in common units were not included in the computation of diluted loss per share as their inclusion would have had an anti-dilutive effect.
The following table provides details of the calculations of basic and diluted (loss) earnings per common unit of the Operating Partnership:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
(Loss) earnings per common unit - basic |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net (Loss) Income | ($9,498) |  |  | $1,528 |  |  | $17,378 |  |  | $50,241 |
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates | 8,715 |  |  | (1,961) |  |  | 9,647 |  |  | (7,129) |
Net (loss) income available to unitholders | ($783) |  |  | ($433) |  |  | $27,025 |  |  | $43,112 |
Denominator: |  |  |  |  |  |  |
Denominator for basic (loss) earnings per common unit - weighted average units | 140,797,217 |  |  | 129,325,181 |  |  | 135,300,946 |  |  | 129,293,562 |
Basic (loss) earnings per common unit attributable to Rayonier, L.P.: | ($0.01) |  |  | — |  |  | $0.20 |  |  | $0.33 |
(Loss) earnings per common unit - diluted |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net (Loss) Income | ($9,498) |  |  | $1,528 |  |  | $17,378 |  |  | $50,241 |
Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates | 8,715 |  |  | (1,961) |  |  | 9,647 |  |  | (7,129) |
Net (loss) income available to unitholders | ($783) |  |  | ($433) |  |  | $27,025 |  |  | $43,112 |
Denominator: |  |  |  |  |  |  |
Denominator for basic (loss) earnings per common unit - weighted average units | 140,797,217 |  |  | 129,325,181 |  |  | 135,300,946 |  |  | 129,293,562 |
Add: Dilutive effect of unit equivalents: |  |  |  |  |  |  |
Stock options | — |  |  | — |  |  | 492 |  |  | 13,405 |
Performance shares, restricted shares and restricted stock units | — |  |  | — |  |  | 159,018 |  |  | 345,495 |
Denominator for diluted (loss) earnings per common unit - adjusted weighted average units | 140,797,217 |  |  | 129,325,181 |  |  | 135,460,456 |  |  | 129,652,462 |
Diluted (loss) earnings per common unit attributable to Rayonier, L.P.: | ($0.01) |  |  | — |  |  | $0.20 |  |  | $0.33 |

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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Anti-dilutive unit equivalents excluded from the computations of diluted (loss) earnings per common unit: |  |  |  |  |  |  |
Stock options, performance shares, restricted shares and restricted stock units (a) | 592,568 |  |  | 611,740 |  |  | 471,999 |  |  | 421,853 |
Total | 592,568 |  |  | 611,740 |  |  | 471,999 |  |  | 421,853 |

(a) For the three months ended September 30, 2020 and September 30, 2019, the incremental unit equivalents related to stock options, performance shares, restricted shares and restricted stock units were not included in the computation of diluted loss per unit as their inclusion would have had an anti-dilutive effect.
15. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
We are exposed to market risk related to potential fluctuations in foreign currency exchange rates and interest rates. We use derivative financial instruments to mitigate the financial impact of exposure to these risks.
Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, we record our derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive loss (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the investment is partially or completely liquidated. The changes in the fair value of derivatives not designated as hedging instruments and those which are no longer effective as hedging instruments, are recognized immediately in earnings.
FOREIGN CURRENCY EXCHANGE AND OPTION CONTRACTS
The functional currency of Rayonier New Zealand Limited, and the New Zealand subsidiary is the New Zealand dollar. The New Zealand subsidiary is exposed to foreign currency risk on export sales and ocean freight payments which are mainly denominated in U.S. dollars. The New Zealand subsidiary typically hedges 50% to 90% of its estimated foreign currency exposure with respect to the following twelve months forecasted sales and purchases, less distributions, and up to 75% of the forward 12 to 18 months. Additionally, the New Zealand subsidiary will occasionally hedge up to 50% of its estimated foreign currency exposure with respect to the following 18 to 48 months forecasted sales and purchases, less distributions, when the New Zealand dollar is at a cyclical low versus the U.S. dollar. Foreign currency exposure from the New Zealand subsidiary’s trading operations is typically hedged based on the following three months forecasted sales and purchases. As of September 30, 2020, foreign currency exchange contracts and foreign currency option contracts had maturity dates through April 2022 and August 2021, respectively.
Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments qualify for cash flow hedge accounting. We may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously accumulated in other comprehensive loss for de-designated hedges remains in accumulated other comprehensive loss until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings.
INTEREST RATE SWAPS
We are exposed to cash flow interest rate risk on our variable-rate Term Credit Agreement, Incremental Term Loan Agreement and 2020 Incremental Term Loan Facility and use variable-to-fixed interest rate swaps to hedge this exposure. For these derivative instruments, we report the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassify them to earnings as interest expense in the same period in which the hedged interest payments affect earnings.
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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
The following table contains information on the outstanding interest rate swaps as of September 30, 2020:

Outstanding Interest Rate Swaps (a)
Date Entered Into | Term | Notional Amount | Related Debt Facility | Fixed Rate of Swap (b) | Bank Margin on Debt | Total Effective Interest Rate (c)
August 2015 | 9 years | $170,000 |  | Term Credit Agreement | 2.20 | % | 1.60 | % | 3.80 | %
August 2015 | 9 years | 180,000 |  | Term Credit Agreement | 2.35 | % | 1.60 | % | 3.95 | %
April 2016 | 10 years | 100,000 |  | Incremental Term Loan | 1.60 | % | 1.90 | % | 3.50 | %
April 2016 | 10 years | 100,000 |  | Incremental Term Loan | 1.60 | % | 1.90 | % | 3.50 | %
July 2016 | 10 years | 100,000 |  | Incremental Term Loan | 1.26 | % | 1.90 | % | 3.16 | %
June 2020 | 10 years | 250,000 |  | 2020 Incremental Term Loan | 1.10 | % | 1.85 | % | 2.95 | %

(a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting.
(b) The interest rate swap entered in June 2020, was an off-market derivative, meaning it contained an embedded financing element, which the counterparties recovered through an incremental charge in the fixed rate over what would have been charged for an at-market swap.
(c) Rate is before estimated patronage payments.
TREASURY LOCKS
During the first quarter, we entered into treasury lock agreements, which were designated and qualified as cash flow hedges. These derivative instruments hedged the impact of changes in the benchmark interest rate to future interest payments associated with anticipated debt issuances. Prior to expiration, we de-designated and settled the treasury locks by converting them into interest rate swap lock agreements (discussed below). To the extent we de-designate or terminate a cash flow hedging relationship and the associated hedged item continues to exist, any unrealized gain or loss of the cash flow hedge at the time of de-designation remains in accumulated other comprehensive loss and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. Amounts recorded in accumulated other comprehensive loss in connection with the settled treasury locks were ($20.8) million which will be reclassified to earnings through interest expense over the life of the anticipated issued debt.
The following table contains information on the expired treasury lock agreements entered into during the nine months ended September 30, 2020:

Converted Treasury Rate Locks (a)
Date Entered Into | Term | Notional Amount | Rate | Related Debt Facility (b) | Expiration Date
January 2020 | 10 years | $100,000 |  | 1.53% | 2020 Incremental Term Loan Facility | March 30, 2020
January 2020 | 10 years | 100,000 |  | 1.53% | 2020 Incremental Term Loan Facility | March 31, 2020
February 2020 | 10 years | 50,000 |  | 1.35% | 2020 Incremental Term Loan Facility | March 31, 2020

(a) At inception, all treasury locks were designated as interest rate cash flow hedges and qualified for hedge accounting.
(b) See Note 7 — Debt for more information. We anticipate extending the term of the 2020 Incremental Term Loan facility for an additional five-year term upon maturity.
INTEREST RATE SWAP LOCKS
Upon de-designation, we converted the above treasury lock agreements to interest rate swap lock agreements to hedge the risk of changes in the interest payments attributable to changes in the benchmark LIBOR interest rate associated with anticipated issuances of debt. The interest rate swap locks were designated and qualified as cash flow hedges.
Prior to expiration, we de-designated and partially cash settled $11.1 million of the interest rate swap locks and converted them into interest rate swap agreements. To the extent we de-designate or terminate a cash flow hedging relationship and the associated hedged item continues to exist, any unrealized gain or loss of the cash flow hedge at the time of de-designation remains in accumulated other comprehensive loss and is amortized using the straight-
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
line method through interest expense over the remaining life of the hedged item. Incremental a mounts recorded in accumulated other comprehensive loss in connection with the settled interest rate swap locks were ($1.4) million, which will be reclassified to earnings through interest expense over the life of the anticipated issued debt.
The following table contains information on the terminated interest rate swap lock agreements as of September 30, 2020:

Converted Interest Rate Swap Locks (a)
Date Entered Into | Term | Notional Amount | Fixed Rate of Swap Lock (b) | Related Debt Facility (c) | Termination Date
March 2020 | 10 years | $100,000 |  | 1.56% | 2020 Incremental Term Loan Facility | June 30, 2020
March 2020 | 10 years | 100,000 |  | 1.59% | 2020 Incremental Term Loan Facility | June 30, 2020
March 2020 | 10 years | 50,000 |  | 1.41% | 2020 Incremental Term Loan Facility | June 30, 2020

(a) All interest rate swap locks have been designated as interest rate cash flow hedges and qualify for hedge accounting.
(b) These interest rate swap locks were off-market derivatives, meaning they contained an embedded financing element, which the counterparties recovered through an incremental charge in the fixed rate over what would have been charged for an at-market swap lock.
(c) See Note 7 — Debt for information. We anticipate extending the term of the 2020 Incremental Term Loan facility for an additional five-year term upon maturity.
FORWARD-STARTING INTEREST RATE SWAPS
We are exposed to cash flow interest rate risk on anticipated debt issuances and use forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the anticipated issuance date. For these derivative instruments, we report the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassify them to earnings as interest expense in the same period in which the hedged interest payments affect earnings.
The following table contains information on the outstanding forward-starting interest rate swaps as of September 30, 2020:

Outstanding Forward-Starting Interest Rate Swaps (a)
Date Entered Into | Term | Notional Amount | Fixed Rate of Swap | Related Debt Facility | Forward Date | Maximum Period Ending for Forecasted Issuance Date
February 2020 | 10 years | $325,000 |  | 1.40 | % | Anticipated refinancing of Senior Notes due 2022 | April 2022 | April 2022
March 2020 | 4 years | 100,000 |  | 0.88 | % | Term Credit Agreement | August 2024 | N/A
May 2020 | 4 years | 50,000 |  | 0.74 | % | Term Credit Agreement | August 2024 | N/A

(a) All forward-starting interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting.
CARBON OPTIONS
The New Zealand subsidiary enters into carbon options from time to time to sell carbon assets at certain prices. Changes in fair value of the carbon option contracts are recorded in “Interest and other miscellaneous (expense) income, net” as the contracts do not qualify for hedge accounting treatment. As of September 30, 2020, all existing carbon option contracts have expired.
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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
The following tables demonstrate the impact, gross of tax, of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2020 and 2019:

|  |  | Three Months Ended September 30,
| Income Statement Location |  | 2020 |  | 2019
Derivatives designated as cash flow hedges: |  |  |  |  |
Foreign currency exchange contracts | Other comprehensive income (loss) |  | $1,946 |  |  | ($2,870) |
Foreign currency option contracts | Other comprehensive income (loss) |  | 358 |  |  | (300) |
Interest rate products | Other comprehensive income (loss) |  | 2,417 |  |  | (9,592) |
| Interest Expense |  | 3,783 |  |  | (549) |

|  |  | Nine Months Ended September 30,
| Income Statement Location |  | 2020 |  | 2019
Derivatives designated as cash flow hedges: |  |  |  |  |
Foreign currency exchange contracts | Other comprehensive income (loss) |  | $1,806 |  |  | ($1,971) |
Foreign currency option contracts | Other comprehensive income (loss) |  | 85 |  |  | (330) |
Interest rate products | Other comprehensive income (loss) |  | (91,203) |  |  | (38,558) |
| Interest Expense |  | 6,951 |  |  | (2,414) |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign currency exchange contracts | Interest and other miscellaneous (expense) income, net |  | — |  |  | 135 |
Carbon option contracts | Interest and other miscellaneous income, net |  | 563 |  |  | 414 |

During the next 12 months, the amount of the September 30, 2020 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of the Company’s derivative instruments is a gain of approximately $1.1 million.
The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets:

| Notional Amount |
| September 30, 2020 |  | December 31, 2019 |
Derivatives designated as cash flow hedges: |  |  |  |
Foreign currency exchange contracts | $47,650 |  |  | $56,350 |  |
Foreign currency option contracts | 32,000 |  |  | 22,000 |  |
Interest rate swaps | 900,000 |  |  | 650,000 |  |
Forward-starting interest rate swaps | 475,000 |  |  | — |  |
Derivative not designated as a hedging instrument: |  |  |  |
Carbon options (a) | — |  |  | 9,592 |  |

(a) Notional amount for carbon options is calculated as the number of units outstanding multiplied by the spot price as of the end of the period.
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets:

| Location on Balance Sheet |  | Fair Value Assets / (Liabilities) (a)
|  |  | September 30, 2020 |  | December 31, 2019
Derivatives designated as cash flow hedges: |  |  |  |
Foreign currency exchange contracts | Other current assets |  | $1,252 |  |  | $424 |
| Other assets |  | 1,293 |  |  | 390 |
| Other current liabilities |  | (96) |  |  | (172) |
Foreign currency option contracts | Other current assets |  | 563 |  |  | 151 |
| Other assets |  | — |  |  | 209 |
| Other current liabilities |  | (174) |  |  | (27) |
| Other non-current liabilities |  | — |  |  | (30) |
Interest rate swaps | Other assets |  | — |  |  | 2,614 |
| Other non-current liabilities |  | (61,308) |  |  | (11,068) |
Forward-starting interest rate swaps | Other non-current liabilities |  | (20,980) |  |  | — |
Derivative not designated as a hedging instrument: |  |  |  |
Carbon options | Other current liabilities |  | — |  |  | (607) |
Total derivative contracts: |  |  |  |  |
Other current assets |  |  | $1,815 |  |  | $575 |
Other assets |  |  | 1,293 |  |  | 3,213 |
Total derivative assets |  |  | $3,108 |  |  | $3,788 |
Other current liabilities |  |  | (270) |  |  | (806) |
Other non-current liabilities |  |  | (82,288) |  |  | (11,098) |
Total derivative liabilities |  |  | ($82,558) |  |  | ($11,904) |

(a) See Note 16 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.
OFFSETTING DERIVATIVES
Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. Our derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset.
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RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
16. FAIR VALUE MEASUREMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS
A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows:
Level 1 — Quoted prices in active markets for identical assets or liabilities.
Level 2 — Observable inputs other than quoted prices included in Level 1.
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The following table presents the carrying amount and estimated fair values of our financial instruments as of September 30, 2020 and December 31, 2019, using market information and what we believe to be appropriate valuation methodologies under GAAP:

|  | September 30, 2020 |  | December 31, 2019
Asset (Liability) (a) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
| Level 1 |  | Level 2 |  |  | Level 1 |  | Level 2
Cash and cash equivalents, excluding Timber Funds |  | $75,178 |  |  | $75,178 |  |  | — |  |  | $68,735 |  |  | $68,735 |  |  | — |
Cash and cash equivalents, Timber Funds |  | 2,973 |  |  | 2,973 |  |  | — |  |  | — |  |  | — |  |  | — |
Restricted cash (b) |  | 475 |  |  | 475 |  |  | — |  |  | 1,233 |  |  | 1,233 |  |  | — |
Current maturities of long-term debt, excluding Timber Funds |  | — |  |  | — |  |  | — |  |  | (82,000) |  |  | — |  |  | (82,000) |
Long-term debt, excluding Timber Funds (c) |  | (1,318,205) |  |  | — |  |  | (1,325,204) |  |  | (973,129) |  |  | — |  |  | (981,500) |
Long-term debt, Timber Funds (c) |  | (60,391) |  |  | — |  |  | (60,628) |  |  | — |  |  | — |  |  | — |
Interest rate swaps (d) |  | (61,308) |  |  | — |  |  | (61,308) |  |  | (8,454) |  |  | — |  |  | (8,454) |
Forward-starting interest rate swaps (d) |  | (20,980) |  |  | — |  |  | (20,980) |  |  | — |  |  | — |  |  | — |
Foreign currency exchange contracts (d) |  | 2,449 |  |  | — |  |  | 2,449 |  |  | 642 |  |  | — |  |  | 642 |
Foreign currency option contracts (d) |  | 389 |  |  | — |  |  | 389 |  |  | 303 |  |  | — |  |  | 303 |
Carbon option contracts (d) |  | — |  |  | — |  |  | — |  |  | (607) |  |  | — |  |  | (607) |
Marketable equity securities (e) |  | — |  |  | — |  |  | — |  |  | 10,582 |  |  | 10,582 |  |  | — |
Noncontrolling Interests in the Operating Partnership (f) |  | 117,530 |  |  | 117,530 |  |  | — |  |  | — |  |  | — |  |  | — |

(a)We did not have Level 3 assets or liabilities at September 30, 2020 and December 31, 2019.
(b)Restricted cash represents the proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow for a real estate sale. See Note 22 — Restricted Cash for additional information.
(c)The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 7 — Debt for additional information.
(d)See Note 15 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments.
(e)Investments in marketable securities are classified in “Other Assets” based on the nature of the securities and their availability for use in current operations.
(f)Noncontrolling Interests in the Operating Partnership is neither an asset or liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. Common Units by various individuals and entities other than the Company.
We use the following methods and assumptions in estimating the fair value of our financial instruments:
Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value.
Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value.
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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates.
Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate.
Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.
Carbon option contracts — The fair value of carbon option contracts is determined by a mark-to-market valuation using the Black-Scholes option pricing model, which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate.
Marketable equity securities — The fair value of marketable equity securities is determined by quoted prices in their active market.
Noncontrolling Interests in the Operating Partnership — The fair value of noncontrolling interests in the Operating Partnership is determined based on the period-end closing price of Rayonier Inc. common shares.
The following table presents marketable equity securities that have been in a continuous unrealized gain position for less than 12 months and for more than 12 months or greater at September 30, 2020 and December 31, 2019:

|  | September 30, 2020 |  | December 31, 2019
|  | Carrying Amount | Less than 12 Months | 12 Months or Greater | Total |  | Carrying Amount | Less than 12 Months | 12 Months or Greater | Total
Fair value of marketable equity securities |  | — |  | — |  | — |  | — |  |  | $10,582 | 10,582 |  | — |  | 10,582 |
Unrealized (losses) gains |  | — |  | — |  | — |  | — |  |  | — |  | 3,043 |  | — |  | 3,043 |

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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
17. EMPLOYEE BENEFIT PLANS
We have one qualified non-contributory defined benefit pension plan covering a portion of our employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan. Both plans are closed to new participants. Effective December 31, 2016, we froze benefits for all employees participating in the pension plan. In lieu of the pension plan, we provide those employees with an enhanced 401(k) plan match. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change.
As of September 30, 2020, we have pai d $2.9 million in pension contributions. These contributions, in conjunction with improvements in plan asset performance have improved the plan’s funding status so that we are no longer required to make mandatory 2020 pension contributions.
The net pension and postretirement benefit costs (credits) that have been recorded are shown in the following table:

Components of Net Periodic Benefit Cost (Credit) | Income Statement Location |  | Pension |  | Postretirement
| Three Months Ended September 30, |  | Three Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Service cost | Selling and general expenses |  | — |  |  | — |  |  | $2 |  |  | $1 |
Interest cost | Interest and other miscellaneous (expense) income, net |  | 677 |  |  | 799 |  |  | 13 |  |  | 13 |
Expected return on plan assets (a) | Interest and other miscellaneous (expense) income, net |  | (876) |  |  | (777) |  |  | — |  |  | — |
Amortization of losses | Interest and other miscellaneous (expense) income, net |  | 215 |  |  | 112 |  |  | 2 |  |  | — |
Net periodic benefit cost |  |  | $16 |  |  | $134 |  |  | $17 |  |  | $14 |

Components of Net Periodic Benefit Cost (Credit) | Income Statement Location |  | Pension |  | Postretirement
| Nine Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Service cost | Selling and general expenses |  | — |  |  | — |  |  | $5 |  |  | $4 |
Interest cost | Interest and other miscellaneous (expense) income, net |  | 2,029 |  |  | 2,398 |  |  | 38 |  |  | 40 |
Expected return on plan assets (a) | Interest and other miscellaneous (expense) income, net |  | (2,628) |  |  | (2,330) |  |  | — |  |  | — |
Amortization of losses | Interest and other miscellaneous (expense) income, net |  | 646 |  |  | 337 |  |  | 6 |  |  | — |
Net periodic benefit cost |  |  | $47 |  |  | $405 |  |  | $49 |  |  | $44 |

(a)The weighted-average expected long-term rate of return on plan assets used in computing 2020 net periodic benefit cost for pension benefit s is 5.7%
DEFINED CONTRIBUTION PLANS
Upon completion of the merger with Pope Resources, former Pope Resources employees were immediately eligible to participate in the Rayonier 401(k) plan. Pope Resources employees’ years of service were credited to the 401(k) plan for vesting purposes. Former Pope Resources employees have the option to rollover their former 401(k) account balance into our 401(k) plan. As discussed above, the defined benefit pension plan is currently frozen. In lieu of the pension plan, employees are eligible to receive an enhanced match contribution.
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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
18. INCENTIVE STOCK PLANS
REPLACEMENT RESTRICTED STOCK AWARDS FROM THE MERGERS
As a result of the Mergers, Rayonier issued 69,176 shares of restricted stock awards (“replacement awards”) in connection with unvested Pope Resources restricted units. Eligible outstanding Pope Resources restricted units were canceled and exchanged for replacement awards, pursuant to an exchange ratio in the merger agreement designed to maintain the intrinsic value of the awards immediately prior to the exchange.
In accordance with ASC 805, these awards are considered to be replacement awards. Exchanges of share-based payment awards in conjunction with a business combination are modifications in accordance with ASC 718, Compensation — Stock Compensation (“ASC 718”). As a result, the portion of the fair-value of replacement awards attributable to pre-merger services were included in measuring the consideration transferred in the business combination. The fair value of the replacement awards was estimated to be approximately $1.7 million of which $0.2 million was attributable to pre-merger services. See Note 2 — Merger with Pope Resources for additional information.
REPLACEMENT AWARD EXPENSE
The replacement awards issued have similar vesting provisions as the terms of existing Rayonier restricted stock. Expense for the replacement awards that were not fully vested prior to the date of the merger will continue to be recognized over a weighted average remaining service period of approximately 21 months unless a qualifying termination occurs.
A qualifying termination of an awardee will result in the acceleration of vesting and expense recognition in the period that the qualifying termination occurs. Qualifying terminations during the three and nine months ended September 30, 2020 resulted in the accelerated vesting of 3,973 and 15,049 of the replacement awards and recognition of approximately $0.1 million and $0.3 million of expense, respectively. This accelerated vesting expense is included in merger-related integration costs as described in Note 20 — Charges for Integration and Restructuring.
A summary of the replacement awards granted as a result of the Mergers is presented below:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
2020 |  | 2020
Replacement restricted shares granted | — |  |  | 69,176 |
Weighted average price of replacement restricted shares granted | — |  |  | $24.01 |
Replacement restricted shares vested as a result of acceleration due to qualifying terminations | 3,973 |  |  | 15,049 |
Grant date fair value of replacement restricted shares vested | $24.01 |  |  | $24.01 |
Intrinsic value of replacement restricted shares outstanding (a) | $1,431 |  |  | $1,431 |
Cash used to purchase common shares from employees with vested replacement shares to pay minimum withholding tax requirements | — |  |  | $44 |

(a)Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at September 30, 2020.
For additional information related to our incentive stock plans, see Note 17 — Incentive Stock Plans in the Company’s 2019 Form 10-K.
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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
19. OTHER OPERATING EXPENSE, NET
Other operating expense, net consisted of the following:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Loss on foreign currency remeasurement, net of cash flow hedges | ($976) |  |  | ($895) |  |  | ($2,263) |  |  | ($1,585) |
Gain on sale or disposal of property and equipment | 19 |  |  | — |  |  | 26 |  |  | 56 |
Log trading marketing fees | — |  |  | 102 |  |  | 50 |  |  | 239 |
Costs related to the merger with Pope Resources (a) | (430) |  |  | — |  |  | (16,415) |  |  | — |
Miscellaneous expense, net | (266) |  |  | (72) |  |  | (645) |  |  | (1,509) |
Total | ($1,653) |  |  | ($865) |  |  | ($19,247) |  |  | ($2,799) |

(a) Includes legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources. See Note 2 - Merger with Pope Resources and Note 20 - Charges for Integration and Restructuring for additional information.
20. CHARGES FOR INTEGRATION AND RESTRUCTURING
During 2020, we have incurred and accrued for termination benefits (primarily severance) and accelerated share-based payment costs based upon actual and expected qualifying terminations of certain employees as a result of restructuring decisions made concurrent with and subsequent to the Mergers. We have also incurred non-recurring professional services costs for investment banking, legal, consulting, accounting and certain other fees directly attributable to the Mergers.
A summary of the charges for integration and restructuring related to the Mergers is presented below:

| Three Months Ended |  | Nine Months Ended
| September 30, 2020 |  | September 30, 2020
Termination benefits | $70 |  |  | $651 |
Acceleration of share-based compensation related to qualifying terminations (Note 18) | 92 |  |  | 324 |
Professional services | 239 |  |  | 13,553 |
Other integration and restructuring costs | 29 |  |  | 1,887 |
Total integration and restructuring charges related to the Mergers | $430 |  |  | $16,415 |

Changes in accrued severance related to restructuring during the nine months ended September 30, 2020 were as follows:

|  |  | Nine Months Ended |  |
|  |  |  |  | September 30, 2020 |  |
Accrued severance as of March 31, 2020 |  |  |  |  | — |  |  |
Charges |  |  |  |  | 581 |  |  |
Payments |  |  |  |  | (334) |  |  |
Accrued severance as of June 30, 2020 |  |  |  |  | $247 |  |  |
Charges |  |  |  |  | 70 |  |  |
Payments |  |  |  |  | (71) |  |  |
Accrued severance as of September 30, 2020 |  |  |  |  | $246 |  |  |

Accrued severance is recorded within “Accrued Payroll and Benefits” in our Consolidated Balance Sheets. The majority of the accrued severance balance as of September 30, 2020 is expected to be paid within one year.
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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
21. INVENTORY
As of September 30, 2020 and December 31, 2019, our inventory consisted entirely of finished goods, as follows:

| September 30, 2020 |  | December 31, 2019
Finished goods inventory |  |  |
Real estate inventory (a) | $9,122 |  |  | $12,663 |
Log inventory | 4,645 |  |  | 1,855 |
Total inventory | $13,767 |  |  | $14,518 |

(a) Represents the cost of HBU real estate (including capitalized development investments) under contract to be sold.
See Note 8 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.
22. RESTRICTED CASH
In order to qualify for like-kind exchange (“LKE”) treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event LKE purchases are not completed, the proceeds are returned to us after 180 days and reclassified as available cash. As of September 30, 2020 and December 31, 2019, we had $0.5 million and $1.2 million, respectively, of proceeds from real estate sales classified as restricted cash which were deposited with an LKE intermediary as well as cash held in escrow for a real estate sale.
The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the nine months ended September 30, 2020:

| September 30, 2020 |  |
Restricted cash held in escrow | $475 |  |  |
Total restricted cash shown in the Consolidated Balance Sheets | 475 |  |  |
Cash and cash equivalents | 78,151 |  |  |
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $78,626 |  |  |

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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
23. ACCUMULATED OTHER COMPREHENSIVE LOSS
The following table summarizes the changes in AOCI by component for the nine months ended September 30, 2020 and the year ended December 31, 2019. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest.

| Foreign currency translation (loss) gains |  | Net investment hedges of New Zealand subsidiary |  | Cash flow hedges |  | Employee benefit plans |  | Total Rayonier, L.P. |  | Allocation to Operating Partnership |  | Total Rayonier Inc.
Balance as of December 31, 2018 | ($1,010) |  |  | $1,321 |  |  | $21,965 |  |  | ($22,037) |  |  | $239 |  |  | — |  |  | $239 |
Other comprehensive (loss) income before reclassifications | 784 |  |  | — |  |  | (29,251) |  |  | (1,799) |  |  | (30,266) |  |  | — |  |  | (30,266) |
Amounts reclassified from accumulated other comprehensive (loss) income | — |  |  | — |  |  | (1,624) |  |  | 449 |  | (b) | (1,175) |  |  | — |  |  | (1,175) |
Net other comprehensive (loss) income | 784 |  |  | — |  |  | (30,875) |  |  | (1,350) |  |  | (31,441) |  |  | — |  |  | (31,441) |
Balance as of December 31, 2019 | ($226) |  |  | $1,321 |  |  | ($8,910) |  |  | ($23,387) |  |  | ($31,202) |  |  | — |  |  | ($31,202) |
Other comprehensive loss before reclassifications | (6,862) |  |  | — |  |  | (88,723) |  | (a) | — |  |  | (95,585) |  |  | — |  |  | (95,585) |
Amounts reclassified from accumulated other comprehensive (loss) income | — |  |  | — |  |  | 5,519 |  |  | 652 |  | (b) | 6,171 |  |  | (989) |  |  | 5,182 |
Net other comprehensive (loss) income | (6,862) |  |  | — |  |  | (83,204) |  |  | 652 |  |  | (89,414) |  |  | (989) |  |  | (90,403) |
Balance as of September 30, 2020 | ($7,088) |  |  | $1,321 |  |  | ($92,114) |  |  | ($22,735) |  |  | ($120,616) |  |  | ($989) |  |  | ($121,605) |

(a)Includes $91.2 million of other comprehensive loss related to interest rate swaps, treasury locks, interest rate swap locks and forward-starting interest rate swaps. See Note 15 — Derivative Financial Instruments and Hedging Activities for additional information.
(b)This component of other comprehensive (loss) income is included in the computation of net periodic pension and post-retirement costs. See Note 17 — Employee Benefit Plans for additional information.
The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the nine months ended September 30, 2020 and September 30, 2019:

Details about accumulated other comprehensive (loss) income components |  | Amount reclassified from accumulated other comprehensive (loss) income |  | Affected line item in the income statement
| September 30, 2020 |  | September 30, 2019 |
Realized (gain) loss on foreign currency exchange contracts |  | ($2,568) |  |  | $580 |  |  | Other operating expense, net
Realized loss (gain) on foreign currency option contracts |  | (15) |  |  | (71) |  |  | Other operating expense, net
Noncontrolling interest |  | 594 |  |  | (117) |  |  | Comprehensive (loss) income attributable to noncontrolling interest
Realized loss (gain) on interest rate contracts |  | 6,951 |  |  | (2,414) |  |  | Interest expense
Income tax expense from net gain on foreign currency contracts |  | 557 |  |  | (110) |  |  | Income tax expense
Net loss (gain) from accumulated other comprehensive income |  | $5,519 |  |  | ($2,132) |  |  |

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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
24. VARIABLE INTEREST ENTITIES
ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III LLC (Fund III), and ORM Timber Fund IV LLC. (Fund IV) (Collectively, the “Funds”)
In the Mergers, we became manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and obtained ownership interests in the Funds of 20%, 5%, and 15%, respectively. We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the Funds’ economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate the Funds. For further information on the Funds, see Note 5 — Noncontrolling Interests.
The assets, liabilities and equity of the Funds as of September 30, 2020, were as follows:

Timber Funds | September 30, 2020
Assets: |
Cash and cash equivalents | $2,973 |
Accounts receivable | 4,437 |
Prepaid expenses | 38 |
Other current assets | 361 |
Total current assets | 7,809 |
Timber and timberlands, net of depletion and amortization | 452,777 |
Total assets | $460,586 |
Liabilities and Equity: |
Accounts payable | $907 |
Intercompany payable (a) | 552 |
Accrued taxes | 353 |
Accrued interest | 432 |
Deferred revenue | 275 |
Other current liabilities | 732 |
Total current liabilities | 3,251 |
Long-term debt, net of deferred financing costs | 60,391 |
Funds’ equity | 396,944 |
Total liabilities and equity | $460,586 |

(a)Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets.
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RAYONIER INC. AND SUBSIDIARIES
RAYONIER, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
Ferncliff Investors
We also acquired in the Mergers an ownership interest in a real estate joint venture entity. We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the joint venture’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Ferncliff Investors. For further information on Ferncliff Investors, see Note 5 — Noncontrolling Interests.
The assets, liabilities and equity of Ferncliff Investors as of September 30, 2020, were as follows:

Ferncliff Investors | September 30, 2020
Assets: |
Cash and cash equivalents | $2 |
Prepaid expenses | 740 |
Total current assets | 742 |
Investment in real estate joint venture entity | 2,927 |
Advances to real estate joint venture entity | 1,000 |
Total assets | $4,669 |
Liabilities and equity: |
Intercompany payable (a) | $8 |
Total current liabilities | 8 |
Ferncliff Investors’ equity | 4,661 |
Total liabilities and equity | $4,669 |

(a)Includes miscellaneous expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets.
25. ASSETS HELD FOR SALE
Assets held for sale is composed of properties under contract and expected to be sold within 12 months that also meet the other relevant held-for sale criteria in accordance with ASC 360-10-45-9. As of September 30, 2020, the basis in properties meeting this classification was $9.7 million. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized. As of December 31, 2019, there were no properties classified as assets held for sale.
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (“MD&A”)
When we refer to “Rayonier” or “the Company” we mean Rayonier Inc. and its consolidated subsidiaries. References to the “Operating Partnership” mean Rayonier, L.P. and its consolidated subsidiaries. References to “we,” “us,” or “our,” mean collectively Rayonier Inc., the Operating Partnership and entities/subsidiaries owned or controlled by Rayonier Inc. and/or the Operating Partnership. References herein to “Notes to Financial Statements” refer to the Notes to Consolidated Financial Statements of Rayonier Inc. and Rayonier, L.P. included in Item 1 of this report.
This MD&A is intended to provide a reader of our financial statements with a narrative from the perspective of management on our financial condition, results of operations, liquidity, and certain other factors which may affect future results. Our MD&A should be read in conjunction with our Consolidated Financial Statements included in Item 1 of this report, the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”), the audited consolidated financial statements of Rayonier Operating Company LLC as of and for the years ended December 31, 2019, 2018 and 2017 included in Exhibit 99.4 of the Operating Partnership’s Amendment No. 1 to the Current Report on Form 8-K filed with the SEC on July 17, 2020 and information contained in our subsequent reports filed with the Securities and Exchange Commission (the “SEC”).
FORWARD-LOOKING STATEMENTS
Certain statements in this document regarding anticipated financial outcomes, including our earnings guidance, if any, business and market conditions, outlook, expected dividend rate, our business strategies, including the recent acquisition of Pope Resources, expected harvest schedules, timberland acquisitions and dispositions, the anticipated benefits of our business strategies, and other similar statements relating to our future events, developments, or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “project,” “anticipate” and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While management believes that these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. The risk factors contained in Item 1A — Risk Factors in the Company’s 2019 Form 10-K, in this Report on Form 10-Q and similar discussions included in other reports that we subsequently file with the SEC, among others, could cause actual results or events to differ materially from our historical experience and those expressed in forward-looking statements made in this document.
Forward-looking statements are only as of the date they are made, and we undertake no duty to update our forward-looking statements except as required by law. You are advised, however, to review any subsequent disclosures we make on related subjects in subsequent reports filed with the SEC.
NON-GAAP MEASURES
To supplement our financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use certain non-GAAP measures, including “cash available for distribution,” and “Adjusted EBITDA,” which are defined and further explained in Performance and Liquidity Indicators below. Reconciliation of such measures to the nearest GAAP measures can also be found in Performance and Liquidity Indicators below. Our definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.
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OUR COMPANY
We are a leading timberland real estate investment trust (“REIT”) with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. We invest in timberlands and actively manage them to provide current income and attractive long-term returns to our shareholders. We conduct our business through an umbrella partnership real estate investment trust (“UPREIT”) structure in which our assets are owned by our Operating Partnership and its subsidiaries. Rayonier manages the Operating Partnership as its sole general partner. Our revenues, operating income and cash flows are primarily derived from the following core business segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Timber Funds, Real Estate, and Trading. As of September 30, 2020, we owned or leased under long-term agreem ents approximatel y 2.7 million acres of timberlands located in the U.S. South (1.75 million acres), U.S. Pacific Northwest (507,000 acres) and New Zealand (416,000 gross acres or 296,000 net plantable acres). We also act as the managing member in a private equity timber fund business with three funds comprising approximately 141,000 acres. On a “look-through basis,” our ownership in the timber fund business equates to approximately 17,000 acres.
SEGMENT INFORMATION
The Southern Timber, Pacific Northwest Timber, New Zealand Timber, and Timber Funds segments include all activities related to the harvesting of timber and other non-timber income activities, such as the licensing of properties for hunting, the leasing of properties for mineral extraction and cell towers, and carbon credit sales. Our New Zealand operations are conducted by Matariki Forestry Group, a joint venture (the “New Zealand subsidiary”), in which we maintain a 77% ownership interest. The Timber Funds segment operations are managed by ORM LLC, a subsidiary acquired in the merger with Pope Resources. We own approximately 20% of Fund II, 5% of Fund III and 15% of Fund IV. When referring to our proportionate ownership share of the Timber Funds segment, we will refer to the sums as “look-through” totals. See Note 5 - Noncontrolling Interests for additional information regarding our noncontrolling interests in the New Zealand Timber and Timber Funds segments.
The Real Estate segment includes all U.S. and New Zealand land or leasehold sales disaggregated into six sales categories: Improved Development, Unimproved Development, Rural, Timberland & Non-Strategic, Conservation Easement and Large Dispositions. It also includes residential and commercial lease activity, primarily in the town of Port Gamble, Washington.
The Trading segment primarily reflects the log trading activities that support our New Zealand operations. The Trading segment complements the New Zealand Timber segment by providing added market intelligence, increasing the scale of export operations and achieving cost savings that directly benefit the New Zealand Timber segment. It also provides additional market intelligence that benefits our Southern and Pacific Northwest export log marketing. During the third quarter, Matariki Forests Trading Limited (MFT), a subsidiary of the Matariki Forestry Group, entered into an export services joint venture with a third-party forest manager, in which it maintains a 50% ownership interest. This joint venture aligns with the Trading segment’s objectives of increasing scale efficiencies, market presence, and cost savings.
ENVIRONMENTAL MATTERS
PORT GAMBLE ENVIRONMENTAL REMEDIATION
In the merger with Pope Resources, we acquired the town of Port Gamble, Washington. Portions of this property require environmental remediation under federal and state environmental laws, and remediation activities are currently ongoing. As such, through the preliminary purchase price allocation for the merger with Pope Resources, we recognized environmental liabilities for the estimated fair value of liabilities assumed. See Note 2 - Merger with Pope Resources for additional information on the preliminary allocation of purchase price. For additional information on our environmental liabilities see Note 9 - Commitments and Note 12 - Environmental Liabilities.
The sections below provide a history of the environmental matters in Port Gamble, Washington:
Discovery and Initial Actions
In Port Gamble, Washington, hazardous substances were previously discovered requiring environmental remediation under federal and state environmental laws. The real estate subject to environmental remediation requirements was the location of a sawmill operated by Pope & Talbot, Inc. (“P&T”) from 1853 to 1995. P&T continued to lease various portions of the site for its operations until 2002. During the time P&T operated in Port
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Gamble, it also conducted shipping, log storage, and log transfer operations in the tidal and subtidal waters of Port Gamble Bay, some of which were under a lease from the Washington State Department of Natural Resources (“DNR”) that lasted from 1974 to 2004. P&T’s operations resulted in the release of hazardous substances that impacted the upland and submerged portions of the site. These substances include various hydrocarbons, cadmium, and toxins associated with wood waste and the production of wood products.
Following the mill closure, the Washington State Department of Ecology (the “DOE”) began to examine the environmental conditions at Port Gamble. Under Washington law, both Pope Resources and P&T were considered by the DOE to be “potentially liable persons” (“PLPs”); Pope Resources because of its ownership of certain portions of the site, and P&T because of its historical ownership and operation of the site. P&T and Pope Resources entered into a settlement agreement in 2002 that allocated responsibility for environmental contamination at the townsite, millsite, a solid waste landfill, and adjacent water to Pope Resources, with P&T assuming responsibility for funding cleanup in the Port Gamble Bay and the other areas of the site that were impacted by its historical operations.
In 2005, both Pope Resources and P&T received Environmental Excellence Awards from DOE for their work in remediating the contamination that had existed at the Port Gamble townsite and landfill. DOE also issued letters to both parties in 2006 indicating that the agency expected to take no further action regarding conditions at those portions of the site. Pope Resources continued cleaning up the remaining contamination at the millsite. By late 2005, the millsite portion of the site had largely been cleaned and the remaining aspects of that project consisted of test well monitoring and modest additional remediation. The Port Gamble Bay area and related tidelands, for which P&T was responsible under the parties’ settlement agreement, had not yet been remediated. In 2007, P&T filed for bankruptcy protection and was eventually liquidated, leaving Pope Resources as the only remaining PLP. Because environmental liabilities are joint and several as between PLPs, the result of P&T’s bankruptcy was to leave the liability with Pope Resources as the only remaining solvent PLP.
In-water Cleanup
Beginning in 2010, DOE began to reconsider its expectations regarding the level of cleanup that would be required for Port Gamble Bay, largely because of input from interested citizens and groups, one of the most prominent being the Port Gamble S’Klallam Tribe. In response to input from these groups, DOE adopted remediation levels that were far more stringent than either DOE or Pope Resources had contemplated previously. In December 2013, Pope Resources and DOE entered into a consent decree that included a cleanup action plan (“CAP”) requiring the removal of docks and pilings, excavation and backfilling of intertidal areas, subtidal dredging and monitoring, and other specific remediation steps. The construction phase of the cleanup of the Port Gamble Bay area and related tidelands began in September 2015 and the in-water portion of the cleanup was completed in January 2017.
Millsite Cleanup
With the in-water portion of the cleanup completed, there is expected to be relatively modest cleanup activity on the millsite and a monitoring period. In February 2018, Pope Resources and DOE entered into an agreed order with respect to the millsite under which Pope Resources performed a remedial investigation and feasibility study (“RI/FS”) which it submitted to DOE for review in January 2019. Following the finalization of the RI/FS, Pope Resources worked with DOE to develop a CAP. As with the in-water portion of the project, the CAP will define the scope of the remediation activity for the millsite. Once the CAP is approved by DOE, it will be codified in a consent decree.
Natural Resources Damages
In addition to the cleanup costs discussed previously, certain environmental laws allow state, federal, and tribal trustees (collectively, the “Trustees”) to bring suit against property owners to recover natural resource damages (“NRD”). Similar to cleanup responsibility, liability for NRD can attach to a property owner simply because an injury to natural resources resulted from releases of hazardous substances on the owner’s property, regardless of culpability for the release. Trustees have alleged that Pope Resources had NRD liability because of releases that occurred on its property. Prior to the merger with Rayonier, Pope Resources began negotiations with the Trustees for the purpose of identifying NRD restoration projects. Those negotiations are ongoing and will ultimately result in agreement as to requested mitigation activities.
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INDUSTRY AND MARKET CONDITIONS
The demand for timber is directly related to the underlying demand for pulp, paper, packaging, lumber and other wood products. The significant majority of timber sold in our Southern Timber segment is consumed domestically. With a higher proportion of pulpwood, our Southern Timber segment relies heavily on downstream markets for pulp and paper, and to a lesser extent wood pellet markets. Our Pacific Northwest Timber and Timber Funds segments rely primarily on domestic customers but also export a significant volume of timber, particularly to China. The Southern, Pacific Northwest Timber and Timber Funds segments rely on the strength of U.S. lumber markets as well as underlying housing starts. Our New Zealand Timber segment sells timber to domestic New Zealand wood products mills and also exports a significant portion of its volume to markets in China, South Korea and India. In addition to market dynamics in the Pacific Rim, the New Zealand Timber segment is subject to foreign exchange fluctuations, which can impact the operating results of the segment in U.S. dollar terms.
As the current novel coronavirus (“COVID-19”) pandemic continues to evolve, the expected duration and the extent of economic disruption it may ultimately cause remain uncertain. On March 19, 2020, the U.S. Department of Homeland Security issued a memorandum identifying the forest products industry as a “critical infrastructure industry,” which is expected to continue operating through the duration of the pandemic. Our New Zealand operations remained fully-operational during the third quarter after a government-mandated shutdown halted production from March 25, 2020 to April 27, 2020. In our Southern Timber segment, demand for pulpwood and grade lumber products remain strong as housing construction and repair and remodeling activity has rebounded sharply since the outset of the pandemic. In our Pacific Northwest Timber and Timber Funds segments, improved domestic lumber markets have driven sawtimber pricing higher while the deterioration of pulp export markets and higher lumber mill residuals have resulted in lower pulpwood prices. New Zealand Timber log markets have generally normalized to pre-COVID-19 levels of activity, although competition from lower-cost log and lumber imports into China have continued to impact export markets. Local, state and federal governments continue to evaluate policies and restrictions in order to mitigate the spread of COVID-19. Additional government-mandated shutdowns or shelter-in-place orders in markets in which we operate could negatively impact our results. Further, prolonged periods of lower overall business activity as a result of COVID-19 could cause significant damage to the underlying economy, which would likely impact U.S. timber markets. We will continue to monitor COVID-19 and its impact on the markets in which we operate going forward.
We are also subject to the risk of price fluctuations in our major cost components. The primary components of our cost of sales are the cost basis of timber sold (depletion), the cost basis of real estate sold and logging and transportation costs (cut and haul). Depletion includes the amortization of capitalized costs (site preparation, planting and fertilization, real estate taxes, timberland lease payments and certain payroll costs). Other costs include amortization of capitalized costs related to road and bridge construction and software, depreciation of fixed assets and equipment, road maintenance, severance and excise taxes, fire prevention and real estate commissions and closing costs.
For additional information on market conditions impacting our business, see Results of Operations.
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CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES
The preparation of financial statements requires us to make estimates, assumptions and judgments that affect our assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. We base these estimates and assumptions on historical data and trends, current fact patterns, expectations and other sources of information we believe are reasonable. Actual results may differ from these estimates. For a full description of our critical accounting policies, see Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s 2019 Form 10-K.
BUSINESS COMBINATIONS
We account for business combinations using the acquisition method of accounting, under which all assets acquired and liabilities assumed, including amounts attributable to noncontrolling interests, are recorded at their respective fair values as of the acquisition date. The excess of the purchase price over fair values of identifiable assets and liabilities is recorded as goodwill. The preliminary allocation of purchase price in a business combination uses significant assumptions and estimates. Critical estimates include, but are not limited to, future expected cash flows, including revenues and expenses, and applicable discount rates. While we believe our estimates and assumptions to be reasonable, they are subject to change as we obtain additional information related to those estimates during the applicable measurement periods (up to one year from the acquisition date). Pursuant to ASC 805, our financial statements are not retrospectively adjusted for any provisional amount changes that occur in subsequent periods. Rather, we recognize any provisional amount adjustments during the reporting period in which the adjustments are determined. We also record, in the same period’s financial statements, the effect on earnings of changes in depletion, depreciation, amortization, or other income effects, if any, as a result of any change to provisional amounts, calculated as if the accounting had been completed at the acquisition date.
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DISCUSSION OF TIMBER INVENTORY AND SUSTAINABLE YIELD
See Item 1 — Business — Discussion of Timber Inventory and Sustainable Yield in the Company’s 2019 Form 10-K.
OUR TIMBERLANDS
Our timber operations are comprised of our core timberland holdings, which are disaggregated into three geographically distinct reporting segments: Southern Timber, Pacific Northwest Timber and New Zealand Timber in addition to our timber fund holdings, which represents our ownership in Timber Funds II, III and IV. The following tables provide a breakdown of our timberland holdings as of September 30, 2020 and December 31, 2019:

Core Timberland Holdings |  |
(acres in 000s) | As of September 30, 2020 |  |  | As of December 31, 2019 |  |
| Owned |  | Leased |  | Total |  |  | Owned |  | Leased |  | Total |  |
Southern |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alabama | 226 |  |  | 14 |  |  | 240 |  |  |  | 226 |  |  | 14 |  |  | 240 |  |  |
Arkansas | — |  |  | 7 |  |  | 7 |  |  |  | — |  |  | 7 |  |  | 7 |  |  |
Florida | 328 |  |  | 63 |  |  | 391 |  |  |  | 331 |  |  | 63 |  |  | 394 |  |  |
Georgia | 608 |  |  | 72 |  |  | 680 |  |  |  | 628 |  |  | 77 |  |  | 705 |  |  |
Louisiana | 140 |  |  | — |  |  | 140 |  |  |  | 128 |  |  | — |  |  | 128 |  |  |
Mississippi | — |  |  | — |  |  | — |  |  |  | 67 |  |  | — |  |  | 67 |  |  |
Oklahoma | 92 |  |  | — |  |  | 92 |  |  |  | 92 |  |  | — |  |  | 92 |  |  |
South Carolina | 16 |  |  | — |  |  | 16 |  |  |  | 18 |  |  | — |  |  | 18 |  |  |
Texas | 183 |  |  | — |  |  | 183 |  |  |  | 184 |  |  | — |  |  | 184 |  |  |
| 1,593 |  |  | 156 |  |  | 1,749 |  |  |  | 1,674 |  |  | 161 |  |  | 1,835 |  |  |
Pacific Northwest |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oregon | 61 |  |  | — |  |  | 61 |  |  |  | 61 |  |  | — |  |  | 61 |  |  |
Washington | 442 |  |  | 4 |  |  | 446 |  |  |  | 318 |  |  | — |  |  | 318 |  |  |
| 503 |  |  | 4 |  |  | 507 |  |  |  | 379 |  |  | — |  |  | 379 |  |  |
New Zealand (a) | 185 |  |  | 231 |  |  | 416 |  |  |  | 185 |  |  | 229 |  |  | 414 |  |  |
Total | 2,281 |  |  | 391 |  |  | 2,672 |  |  |  | 2,238 |  |  | 390 |  |  | 2,628 |  |  |

(a)Represents legal acres owned and leased by the New Zealand subsidiary, in which we own a 77% interest. As of September 30, 2020, legal acres in New Zealand consisted of 296,000 plantable acres and 120,000 non-productive acres.

Timber Fund Holdings
(acres in 000s) | As of September 30, 2020 |  | As of December 31, 2019
| Total |  | Look-through |  | Total |  | Look-through
Timber Funds |  |  |  |  |  |  |
Oregon | 51 |  |  | 7 |  |  | — |  |  | — |
Washington | 71 |  |  | 9 |  |  | — |  |  | — |
California | 19 |  |  | 1 |  |  | — |  |  | — |
Total | 141 |  |  | 17 |  |  | — |  |  | — |

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Total Timberland under Management
(acres in 000s) | As of September 30, 2020 |  | As of December 31, 2019
| Total |  |  |  | Total |  |
Southern | 1,749 |  |  |  |  | 1,835 |  |  |
Pacific Northwest | 507 |  |  |  |  | 379 |  |  |
New Zealand | 416 |  |  |  |  | 414 |  |  |
Timber Funds | 141 |  |  |  |  | — |  |  |
Total | 2,813 |  |  |  |  | 2,628 |  |  |

The following tables detail activity for owned and leased acres in our core timberland holdings by state from December 31, 2019 to September 30, 2020:

(acres in 000s) | Acres Owned
| December 31, 2019 |  | Acquisitions |  | Sales |  | Other |  | September 30, 2020
Southern |  |  |  |  |  |  |  |  |
Alabama | 226 |  |  | — |  |  | — |  |  | — |  |  | 226 |
Florida | 331 |  |  | — |  |  | (8) |  |  | 5 |  |  | 328 |
Georgia | 628 |  |  | — |  |  | (20) |  |  | — |  |  | 608 |
Louisiana | 128 |  |  | 12 |  |  | — |  |  | — |  |  | 140 |
Mississippi | 67 |  |  | — |  |  | (67) |  |  | — |  |  | — |
Oklahoma | 92 |  |  | — |  |  | — |  |  | — |  |  | 92 |
South Carolina | 18 |  |  | — |  |  | (2) |  |  | — |  |  | 16 |
Texas | 184 |  |  | — |  |  | (1) |  |  | — |  |  | 183 |
| 1,674 |  |  | 12 |  |  | (98) |  |  | 5 |  |  | 1,593 |
Pacific Northwest |  |  |  |  |  |  |  |  |
Oregon | 61 |  |  | — |  |  | — |  |  | — |  |  | 61 |
Washington | 318 |  |  | 120 |  |  | — |  |  | 4 |  |  | 442 |
| 379 |  |  | 120 |  |  | — |  |  | 4 |  |  | 503 |
New Zealand (a) | 185 |  |  | — |  |  | — |  |  | — |  |  | 185 |
Total | 2,238 |  |  | 132 |  |  | (98) |  |  | 9 |  |  | 2,281 |

(a)Represents legal acres owned by the New Zealand subsidiary, in which we have a 77% interest.

(acres in 000s) | Acres Leased
| December 31, 2019 |  | New Leases |  | Sold/Expired Leases (a) |  | Other |  | September 30, 2020
Southern |  |  |  |  |  |  |  |  |
Alabama | 14 |  |  | — |  |  | — |  |  | — |  |  | 14 |
Arkansas | 7 |  |  | — |  |  | — |  |  | — |  |  | 7 |
Florida | 63 |  |  | — |  |  | — |  |  | — |  |  | 63 |
Georgia | 77 |  |  | — |  |  | (5) |  |  | — |  |  | 72 |
| 161 |  |  | — |  |  | (5) |  |  | — |  |  | 156 |
Pacific Northwest |  |  |  |  |  |  |  |  |
Washington (b) | — |  |  | 4 |  |  | — |  |  | — |  |  | 4 |
New Zealand (c) | 229 |  | 2 |  |  | — |  |  | — |  |  | 231 |
Total | 390 |  |  | 6 |  |  | (5) |  |  | — |  |  | 391 |

(a)Includes acres previously under lease that have been harvested and activity for the relinquishment of leased acres.
(b)Primarily timber reservations acquired in the merger with Pope Resources.
(c)Represents legal acres leased by the New Zealand subsidiary, in which we have a 77% interest.
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The following table details activity in our timber fund holdings by state from December 31, 2019 to September 30, 2020:

(acres in 000s) | Acres Owned
| December 31, 2019 |  | Acquisitions |  | Sales |  | Other |  | September 30, 2020
Fund II |  |  |  |  |  |  |  |  |
Oregon | — |  |  | 18 |  |  | — |  |  | — |  |  | 18 |
Washington | — |  |  | 13 |  |  | — |  |  | — |  |  | 13 |
Total Fund II | — |  |  | 31 |  |  | — |  |  | — |  |  | 31 |
Look-through share of Fund II | — |  |  | 6 |  |  | — |  |  | — |  |  | 6 |
Fund III |  |  |  |  |  |  |  |  |
Oregon | — |  |  | 13 |  |  | — |  |  | — |  |  | 13 |
Washington | — |  |  | 25 |  |  | — |  |  | — |  |  | 25 |
California | — |  |  | 19 |  |  | — |  |  | — |  |  | 19 |
Total Fund III | — |  |  | 57 |  |  | — |  |  | — |  |  | 57 |
Look-through share of Fund III | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
Fund IV |  |  |  |  |  |  |  |  |
Oregon | — |  |  | 20 |  |  | — |  |  | — |  |  | 20 |
Washington | — |  |  | 33 |  |  | — |  |  | — |  |  | 33 |
Total Fund IV | — |  |  | 53 |  |  | — |  |  | — |  |  | 53 |
Look-through share of Fund IV | — |  |  | 8 |  |  | — |  |  | — |  |  | 8 |
Total Timber Funds | — |  |  | 141 |  |  | — |  |  | — |  |  | 141 |
Look-through share of Funds | — |  |  | 17 |  |  | — |  |  | — |  |  | 17 |

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RESULTS OF OPERATIONS
CONSOLIDATED RESULTS
The following table provides key financial information by segment and on a consolidated basis:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
Financial Information (in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Sales |  |  |  |  |  |  |
Southern Timber | $47.7 |  |  | $41.3 |  |  | $147.4 |  |  | $148.3 |
Pacific Northwest Timber | 28.9 |  |  | 18.8 |  |  | 86.1 |  |  | 57.9 |
New Zealand Timber | 62.8 |  |  | 62.0 |  |  | 142.1 |  |  | 181.3 |
Timber Funds | 9.9 |  |  | — |  |  | 17.4 |  |  | — |
Real Estate |  |  |  |  |  |  |
Improved Development | 1.3 |  |  | 4.5 |  |  | 7.8 |  |  | 5.0 |
Unimproved Development | — |  |  | — |  |  | 8.4 |  |  | 15.4 |
Rural (a) | 23.2 |  |  | 4.2 |  |  | 52.9 |  |  | 30.5 |
Timberland & Non-Strategic (a) | — |  |  | — |  |  | 9.6 |  |  | 1.3 |
Conservation Easement | 3.1 |  |  | — |  |  | 3.1 |  |  | — |
Deferred Revenue/Other (b) | 1.1 |  |  | 0.5 |  |  | (0.5) |  |  | 0.5 |
Large Dispositions | — |  |  | — |  |  | 116.0 |  |  | — |
Total Real Estate | 28.8 |  |  | 9.2 |  |  | 197.4 |  |  | 52.7 |
Trading | 22.2 |  |  | 25.2 |  |  | 65.5 |  |  | 92.7 |
Intersegment Eliminations | (1.4) |  |  | (0.1) |  |  | (2.3) |  |  | (0.1) |
Total Sales | $198.9 |  |  | $156.4 |  |  | $653.6 |  |  | $532.8 |
Operating Income (Loss) |  |  |  |  |  |  |
Southern Timber | $5.1 |  |  | $9.5 |  |  | $31.4 |  |  | $45.8 |
Pacific Northwest Timber | (1.8) |  |  | (3.6) |  |  | (9.5) |  |  | (11.1) |
New Zealand Timber | 10.7 |  |  | 10.1 |  |  | 21.1 |  |  | 38.6 |
Timber Funds | (12.4) |  |  | — |  |  | (14.3) |  |  | — |
Real Estate (b)(c) | 9.5 |  |  | 0.4 |  |  | 61.1 |  |  | 25.9 |
Trading | (0.6) |  |  | — |  |  | (0.5) |  |  | 0.3 |
Corporate and Other | (8.7) |  |  | (5.4) |  |  | (37.3) |  |  | (18.6) |
Operating Income | 1.8 |  |  | 11.0 |  |  | 52.0 |  |  | 80.9 |
Interest expense, interest income and other | (10.6) |  |  | (7.2) |  |  | (27.2) |  |  | (20.5) |
Income tax expense | (0.7) |  |  | (2.3) |  |  | (7.4) |  |  | (10.2) |
Net (Loss) Income | (9.5) |  |  | 1.5 |  |  | 17.4 |  |  | 50.2 |
Less: Net loss (income) attributable to noncontrolling interest in consolidated affiliates | 8.7 |  |  | (1.9) |  |  | 9.6 |  |  | (7.1) |
Net (Loss) Income Attributable to Rayonier, L.P. | ($0.8) |  |  | ($0.4) |  |  | $27.0 |  |  | $43.1 |
Less: Net loss (income) attributable to noncontrolling interest in the Operating Partnership | — |  |  | — |  |  | (0.2) |  |  | — |
Net (Loss) Income Attributable to Rayonier Inc. | ($0.8) |  |  | ($0.4) |  |  | $26.8 |  |  | $43.1 |
Adjusted EBITDA (d) |  |  |  |  |  |  |
Southern Timber | $26.1 |  |  | $22.5 |  |  | $85.8 |  |  | $91.4 |
Pacific Northwest Timber | 9.1 |  |  | 2.7 |  |  | 22.8 |  |  | 8.0 |
New Zealand Timber | 18.1 |  |  | 17.7 |  |  | 38.2 |  |  | 59.7 |
Timber Funds | 0.2 |  |  | — |  |  | 0.8 |  |  | — |
Real Estate | 22.2 |  |  | 5.4 |  |  | 65.7 |  |  | 41.1 |
Trading | (0.6) |  |  | — |  |  | (0.5) |  |  | 0.3 |
Corporate and Other | (7.9) |  |  | (5.1) |  |  | (19.9) |  |  | (17.7) |
Total Adjusted EBITDA | $67.2 |  |  | $43.2 |  |  | $192.9 |  |  | $182.8 |

(a)The three and nine months ended September 30, 2019 reflect the reclassification of certain real estate sales between the Rural and Timberland & Non-Strategic sales categories to better align with the way management internally evaluates real estate sales. See Note 3 — Revenue for additional information.
(b)Includes deferred revenue adjustments and marketing fees related to Improved Development sales in addition to residential and commercial lease revenue.
(c)The nine months ended September 30, 2020 include $28.7 million from a Large Disposition.
(d)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.
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| Three Months Ended September 30, |  | Nine Months Ended September 30,
Southern Timber Overview | 2020 |  | 2019 |  | 2020 |  | 2019
Sales Volume (in thousands of tons) |  |  |  |  |  |  |
Pine Pulpwood | 881 |  |  | 829 |  |  | 3,017 |  |  | 2,705 |
Pine Sawtimber | 551 |  |  | 369 |  |  | 1,728 |  |  | 1,575 |
Total Pine Volume | 1,432 |  |  | 1,198 |  |  | 4,746 |  |  | 4,280 |
Hardwood | 51 |  |  | 82 |  |  | 116 |  |  | 209 |
Total Volume | 1,483 |  |  | 1,280 |  |  | 4,862 |  |  | 4,490 |
Percentage Delivered Sales | 46 | % |  | 37 | % |  | 39 | % |  | 34 | %
Percentage Stumpage Sales | 54 | % |  | 63 | % |  | 61 | % |  | 66 | %
Net Stumpage Pricing (dollars per ton) |  |  |  |  |  |  |
Pine Pulpwood | $15.50 |  |  | $15.53 |  |  | $15.86 |  |  | $17.01 |
Pine Sawtimber | 25.02 |  |  | 23.16 |  |  | 25.79 |  |  | 25.43 |
Weighted Average Pine | $19.16 |  |  | $17.88 |  |  | $19.48 |  |  | $20.10 |
Hardwood | 11.03 |  |  | 20.47 |  |  | 11.40 |  |  | 17.26 |
Weighted Average Total | $18.88 |  |  | $18.05 |  |  | $19.28 |  |  | $19.97 |
Summary Financial Data (in millions of dollars) |  |  |  |  |  |  |
Timber Sales | $42.2 |  |  | $33.0 |  |  | $131.2 |  |  | $121.0 |
Less: Cut, Haul & Freight | (14.2) |  |  | (9.9) |  |  | (37.5) |  |  | (31.4) |
Net Stumpage Sales | $28.0 |  |  | $23.1 |  |  | $93.7 |  |  | $89.7 |
Non-Timber Sales | 5.5 |  |  | 8.3 |  |  | 16.2 |  |  | 27.3 |
Total Sales | $47.7 |  |  | $41.3 |  |  | $147.4 |  |  | $148.3 |
Operating Income | $5.1 |  |  | $9.5 |  |  | $31.4 |  |  | $45.8 |
(+) Timber write-offs resulting from casualty events (a) | 6.0 |  |  | — |  |  | 6.0 |  |  | — |
(+) Depreciation, depletion and amortization | 15.0 |  |  | 13.0 |  |  | 48.4 |  |  | 45.6 |
Adjusted EBITDA (b) | $26.1 |  |  | $22.5 |  |  | $85.8 |  |  | $91.4 |
Other Data |  |  |  |  |  |  |
Period-End Acres (in thousands) | 1,749 |  |  | 1,825 |  |  | 1,749 |  |  | 1,825 |

(a)Timber write-offs resulting from casualty events include the write-off of merchantable and pre-merchantable timber volume destroyed by casualty events which cannot be salvaged.
(b)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.
65

| Three Months Ended September 30, |  | Nine Months Ended September 30, |
Pacific Northwest Timber Overview | 2020 |  | 2019 |  | 2020 |  | 2019 |
Sales Volume (in thousands of tons) |  |  |  |  |  |  |  |
Pulpwood | 62 |  |  | 56 |  |  | 231 |  |  | 172 |  |
Sawtimber | 284 |  |  | 205 |  |  | 976 |  |  | 622 |  |
Total Volume | 346 |  |  | 261 |  |  | 1,207 |  |  | 794 |  |
Sales Volume (converted to MBF) |  |  |  |  |  |  |  |
Pulpwood | 5,912 |  |  | 5,277 |  |  | 21,853 |  |  | 16,286 |  |
Sawtimber | 38,892 |  |  | 28,039 |  |  | 129,144 |  |  | 83,587 |  |
Total Volume | 44,804 |  |  | 33,316 |  |  | 150,997 |  |  | 99,873 |  |
Percentage Delivered Sales | 95 | % |  | 100 | % |  | 89 | % |  | 100 | % |
Percentage Sawtimber Sales | 82 | % |  | 79 | % |  | 81 | % |  | 79 | % |
Delivered Log Pricing (in dollars per ton) |  |  |  |  |  |  |  |
Pulpwood | $32.12 |  |  | $37.87 |  |  | $36.01 |  |  | $41.89 |  |
Sawtimber | 93.34 |  |  | 78.26 |  |  | 81.01 |  |  | 78.36 |  |
Weighted Average Log Price | $82.44 |  |  | $69.64 |  |  | $72.06 |  |  | $70.47 |  |
Summary Financial Data (in millions of dollars) |  |  |  |  |  |  |  |
Timber Sales | $27.5 |  |  | $18.2 |  |  | $83.5 |  |  | $55.9 |  |
Less: Cut and Haul | (12.4) |  |  | (10.6) |  |  | (41.0) |  |  | (33.0) |  |
Net Stumpage Sales | $15.1 |  |  | $7.6 |  |  | $42.5 |  |  | $22.9 |  |
Non-Timber Sales | 1.4 |  |  | 0.6 |  |  | 2.6 |  |  | 1.9 |  |
Total Sales | $28.9 |  |  | $18.8 |  |  | $86.1 |  |  | $57.9 |  |
Operating Loss | ($1.8) |  |  | ($3.6) |  |  | ($9.5) |  |  | ($11.1) |  |
(+) Depreciation, depletion and amortization | 10.9 |  |  | 6.3 |  |  | 32.2 |  |  | 19.2 |  |
Adjusted EBITDA (a) | $9.1 |  |  | $2.7 |  |  | $22.8 |  |  | $8.0 |  |
Other Data |  |  |  |  |  |  |  |
Period-End Acres (in thousands) | 507 |  |  | 379 |  |  | 507 |  |  | 379 |  |
Sawtimber (in dollars per MBF) | $677 |  |  | $575 |  |  | $621 |  |  | $591 |  |
Estimated Percentage of Export Volume | 9 | % |  | 18 | % |  | 10 | % |  | 20 | % |

(a)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.
66

| Three Months Ended September 30, |  | Nine Months Ended September 30,
New Zealand Timber Overview | 2020 |  | 2019 |  | 2020 |  | 2019
Sales Volume (in thousands of tons) |  |  |  |  |  |  |
Domestic Pulpwood (Delivered) | 136 |  |  | 132 |  |  | 343 |  |  | 369 |
Domestic Sawtimber (Delivered) | 220 |  |  | 235 |  |  | 497 |  |  | 634 |
Export Pulpwood (Delivered) | 38 |  |  | 34 |  |  | 82 |  |  | 111 |
Export Sawtimber (Delivered) | 381 |  |  | 354 |  |  | 863 |  |  | 927 |
Total Volume | 776 |  |  | 754 |  |  | 1,786 |  |  | 2,042 |
Delivered Log Pricing (in dollars per ton) |  |  |  |  |  |  |
Domestic Pulpwood | $34.71 |  |  | $38.47 |  |  | $33.65 |  |  | $38.91 |
Domestic Sawtimber | 70.24 |  |  | 75.29 |  |  | 69.30 |  |  | 80.17 |
Export Sawtimber | 94.42 |  |  | 95.51 |  |  | 95.86 |  |  | 106.81 |
Weighted Average Log Price | $76.50 |  |  | $78.68 |  |  | $75.99 |  |  | $85.68 |
Summary Financial Data (in millions of dollars) |  |  |  |  |  |  |
Timber Sales | $59.3 |  |  | $59.3 |  |  | $135.7 |  |  | $175.0 |
Less: Cut and Haul | (23.8) |  |  | (23.2) |  |  | (54.6) |  |  | (66.3) |
Less: Port and Freight Costs | (13.3) |  |  | (13.6) |  |  | (29.8) |  |  | (35.9) |
Net Stumpage Sales | $22.2 |  |  | $22.6 |  |  | $51.3 |  |  | $72.8 |
Non-Timber Sales / Carbon Credits | 3.5 |  |  | 2.7 |  |  | 6.4 |  |  | 6.3 |
Total Sales | $62.8 |  |  | $62.0 |  |  | $142.1 |  |  | $181.3 |
Operating Income | $10.7 |  |  | $10.1 |  |  | $21.1 |  |  | $38.6 |
(+) Depreciation, depletion and amortization | 7.3 |  |  | 7.6 |  |  | 17.1 |  |  | 21.1 |
Adjusted EBITDA (a) | $18.1 |  |  | $17.7 |  |  | $38.2 |  |  | $59.7 |
Other Data |  |  |  |  |  |  |
New Zealand Dollar to U.S. Dollar Exchange Rate (b) | 0.6614 |  |  | 0.6554 |  |  | 0.6459 |  |  | 0.6676 |
Net Plantable Period-End Acres (in thousands) | 296 |  |  | 295 |  |  | 296 |  |  | 295 |
Export Sawtimber (in dollars per JAS m 3) | $109.78 |  |  | $111.05 |  |  | $111.46 |  |  | $124.19 |
Domestic Sawtimber (in $NZD per tonne) | $116.83 |  |  | $126.36 |  |  | $118.02 |  |  | $132.10 |

(a)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.
(b)Represents the period-average rate.
67

| Three Months Ended September 30, |  | Nine Months Ended September 30,
Timber Funds Overview | 2020 |  | 2019 |  | 2020 |  | 2019
Sales Volume (in thousands of tons) |  |  |  |  |  |  |
Pulpwood | 9 |  |  | — |  |  | 19 |  |  | — |
Sawtimber | 101 |  |  | — |  |  | 181 |  |  | — |
Total Volume | 110 |  |  | — |  |  | 200 |  |  | — |
Summary Financial Data (in millions of dollars) |  |  |  |  |  |  |
Timber Sales | $8.6 |  |  | — |  |  | $15.3 |  |  | — |
Less: Cut and Haul | (3.4) |  |  | — |  |  | (6.4) |  |  | — |
Net Stumpage Sales | $5.2 |  |  | — |  |  | $8.9 |  |  | — |
Timberland Management Fees | 1.3 |  |  | — |  |  | 2.2 |  |  | — |
Total Sales | $9.9 |  |  | — |  |  | $17.4 |  |  | — |
Operating Loss | ($12.4) |  |  | — |  |  | ($14.3) |  |  | — |
Operating loss attributable to NCI in Timber Funds | 10.3 |  |  | — |  |  | 12.3 |  |  | — |
(+) Timber write-offs resulting from casualty events attributable to Rayonier (a) | 1.8 |  |  | — |  |  | 1.8 |  |  | — |
(+) Depreciation, depletion and amortization (“Look-through”) | 0.5 |  |  | — |  |  | 1.0 |  |  | — |
Adjusted EBITDA (b) | $0.2 |  |  | — |  |  | $0.8 |  |  | — |
Other Data |  |  |  |  |  |  |
Period-End Acres (in thousands) | 141 |  |  | — |  |  | 141 |  |  | — |
“Look-through” Period-End Acres (in thousands) | 17 |  |  | — |  |  | 17 |  |  | — |

(a)Timber write-offs resulting from casualty events attributable to Rayonier include the write-off of merchantable and pre-merchantable timber volume destroyed by casualty events which cannot be salvaged.
(b)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.
68

| Three Months Ended September 30, |  | Nine Months Ended September 30,
Trading Overview | 2020 |  | 2019 |  | 2020 |  | 2019
Sales Volume (in thousands of tons) |  |  |  |  |  |  |
U.S. Pacific Northwest | 1 |  |  | — |  |  | 1 |  |  | 1 |
NZ Trading - Domestic | 6 |  |  | 9 |  |  | 21 |  |  | 66 |
NZ Trading - Export | 245 |  |  | 261 |  |  | 704 |  |  | 809 |
Total Volume | 252 |  |  | 270 |  |  | 726 |  |  | 876 |
Summary Financial Data (in millions of dollars) |  |  |  |  |  |  |
Trading Sales | $22.1 |  |  | $25.0 |  |  | $65.0 |  |  | $92.1 |
Non-Timber Sales | 0.1 |  |  | 0.2 |  |  | 0.5 |  |  | 0.7 |
Total Sales | $22.2 |  |  | $25.2 |  |  | $65.5 |  |  | $92.7 |
Operating (Loss) Income | ($0.6) |  |  | — |  |  | ($0.5) |  |  | $0.3 |
Adjusted EBITDA (a) | ($0.6) |  |  | — |  |  | ($0.5) |  |  | $0.3 |

(a)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.
69

| Three Months Ended September 30, |  | Nine Months Ended September 30,
Real Estate Overview | 2020 |  | 2019 |  | 2020 |  | 2019
Sales (in millions of dollars) |  |  |  |  |  |  |
Improved Development | $1.3 |  |  | $4.5 |  |  | $7.8 |  |  | $5.0 |
Unimproved Development | — |  |  | — |  |  | 8.4 |  |  | 15.4 |
Rural (a) | 23.2 |  |  | 4.2 |  |  | 52.9 |  |  | 30.5 |
Timberland & Non-Strategic - U.S. (a) | — |  |  | — |  |  | 9.6 |  |  | 1.3 |
Conservation Easement | 3.1 |  |  | — |  |  | 3.1 |  |  | — |
Deferred Revenue/Other (c) | 1.1 |  |  | 0.5 |  |  | (0.5) |  |  | 0.5 |
Large Dispositions (b) | — |  |  | — |  |  | 116.0 |  |  | — |
Total Sales | $28.8 |  |  | $9.2 |  |  | $197.4 |  |  | $52.7 |
Acres Sold |  |  |  |  |  |  |
Improved Development | 4.1 |  |  | 21.7 |  |  | 126.1 |  |  | 23.7 |
Unimproved Development | — |  |  | — |  |  | 570 |  |  | 791 |
Rural (a) | 10,482 |  |  | 1,291 |  |  | 18,816 |  |  | 8,677 |
Timberland & Non-Strategic - U.S. (a) | 75 |  |  | 32 |  |  | 11,983 |  |  | 797 |
Large Dispositions (b) | — |  |  | — |  |  | 66,946 |  |  | — |
Total Acres Sold | 10,562 |  |  | 1,345 |  |  | 98,441 |  |  | 10,289 |
Gross Price per Acre (dollars per acre) |  |  |  |  |  |  |
Improved Development | $329,412 |  |  | $207,325 |  |  | $61,626 |  |  | $211,166 |
Unimproved Development | — |  |  | — |  |  | 14,780 |  |  | 19,507 |
Rural (a) | 2,218 |  |  | 3,262 |  |  | 2,810 |  |  | 3,518 |
Timberland & Non-Strategic - U.S. (a) | 553 |  |  | 1,749 |  |  | 805 |  |  | 1,585 |
Large Dispositions (b) | — |  |  | — |  |  | 1,733 |  |  | — |
Weighted Average (Total) (d) | $2,332 |  |  | $6,513 |  |  | $2,499 |  |  | $5,076 |
Weighted Average (Adjusted) (e) | $2,206 |  |  | $3,225 |  |  | $2,262 |  |  | $4,600 |
Conservation Easement (dollars per acre) | $1,443 |  |  | — |  |  | $1,443 |  |  | — |
Sales (Excluding Large Dispositions) | $28.8 |  |  | $9.2 |  |  | $81.4 |  |  | $52.7 |
Operating Income | $9.5 |  |  | $0.4 |  |  | $61.1 |  |  | $25.9 |
(+) Depreciation, depletion and amortization - U.S. | 5.5 |  |  | 0.7 |  |  | 12.6 |  |  | 5.2 |
(+) Non-cash cost of land and improved development - U.S. | 7.3 |  |  | 4.3 |  |  | 20.7 |  |  | 10.0 |
(–) Large Dispositions (b) | — |  |  | — |  |  | (28.7) |  |  | — |
Adjusted EBITDA (f) | $22.2 |  |  | $5.4 |  |  | $65.7 |  |  | $41.1 |

(a)The three and nine months ended September 30, 2019 reflects the reclassification of certain real estate sales between the Rural and Timberland & Non-Strategic sales categories to better align with the way management internally evaluates real estate sales. See Note 3 - Revenue for additional information.
(b)Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. In March 2020, we completed the disposition of approximately 67,000 acres located in Mississippi for a sales price and gain of approximate ly $116.0 million and $28.7 million, respectively.
(c)Includes deferred revenue adjustments and marketing fees related to Improved Development sales in addition to residential and commercial lease revenue.
(d)Excludes Conservation Easement and Large Dispositions.
(e)Excludes Improved Development, Conservation Easement and Large Dispositions.
(f)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators.
70

| Three Months Ended September 30, |  | Nine Months Ended September 30,
Capital Expenditures By Segment (in millions of dollars) | 2020 |  | 2019 |  | 2020 |  | 2019
Timber Capital Expenditures |  |  |  |  |  |  |
Southern Timber |  |  |  |  |  |  |
Reforestation, silviculture and other capital expenditures | $3.7 |  |  | $3.8 |  |  | $13.4 |  |  | $12.3 |
Property taxes | 1.7 |  |  | 1.7 |  |  | 5.1 |  |  | 5.3 |
Lease payments | 0.2 |  |  | 0.3 |  |  | 1.5 |  |  | 2.2 |
Allocated overhead | 1.0 |  |  | 1.0 |  |  | 3.3 |  |  | 3.2 |
Subtotal Southern Timber | $6.6 |  |  | $6.8 |  |  | $23.3 |  |  | $22.9 |
Pacific Northwest Timber |  |  |  |  |  |  |
Reforestation, silviculture and other capital expenditures | 1.1 |  |  | 2.1 |  |  | 4.3 |  |  | 5.7 |
Property taxes | 0.2 |  |  | 0.2 |  |  | 0.6 |  |  | 0.6 |
Allocated overhead | 1.1 |  |  | 0.8 |  |  | 3.0 |  |  | 2.3 |
Subtotal Pacific Northwest Timber | $2.5 |  |  | $3.1 |  |  | $7.9 |  |  | $8.7 |
New Zealand Timber |  |  |  |  |  |  |
Reforestation, silviculture and other capital expenditures | 3.2 |  |  | 3.3 |  |  | 6.7 |  |  | 7.2 |
Property taxes | 0.2 |  |  | 0.2 |  |  | 0.5 |  |  | 0.5 |
Lease payments | 1.0 |  |  | 1.1 |  |  | 2.2 |  |  | 3.2 |
Allocated overhead | 0.7 |  |  | 0.6 |  |  | 2.0 |  |  | 2.0 |
Subtotal New Zealand Timber | $5.1 |  |  | $5.2 |  |  | $11.4 |  |  | $12.9 |
Total Timber Segments Capital Expenditures | $14.2 |  |  | $15.1 |  |  | $42.6 |  |  | $44.5 |
Timber Funds (“Look-through”) (a) | 0.1 |  |  | — |  |  | 0.2 |  |  | — |
Real Estate | — |  |  | — |  |  | 0.2 |  |  | 0.2 |
Corporate | — |  |  | 0.6 |  |  | — |  |  | 0.6 |
Total Capital Expenditures | $14.3 |  |  | $15.8 |  |  | $43.1 |  |  | $45.3 |
Timberland Acquisitions |  |  |  |  |  |  |
Southern Timber | — |  |  | $26.4 |  |  | $24.2 |  |  | $42.3 |
Pacific Northwest Timber | — |  |  | — |  |  | — |  |  | 3.6 |
New Zealand Timber | 0.1 |  |  | 29.1 |  |  | 0.1 |  |  | 36.0 |
Timberland Acquisitions | $0.1 |  |  | $55.5 |  |  | $24.4 |  |  | $81.9 |
Real Estate Development Investments (b) | $1.9 |  |  | $2.4 |  |  | $5.4 |  |  | $3.3 |

(a)The three and nine months ended September 30, 2020 exclude $0.9 million and $1.6 million, respectively, in capital expenditures attributable to noncontrolling interests in Timber Funds.
(b)The nine months ended September 30, 2019 includes $3.7 million of reimbursements from community development bonds.
71

The following tables summarize sales, operating income (loss) and Adjusted EBITDA variances for September 30, 2020 versus September 30, 2019 (millions of dollars):

Sales |  | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  | Intersegment Eliminations |  | Total
Three Months Ended September 30, 2019 |  | $41.3 |  |  | $18.8 |  |  | $62.0 |  |  | — |  |  | $9.2 |  |  | $25.2 |  |  | ($0.1) |  |  | $156.4 |
Volume |  | 3.7 |  |  | 2.5 |  |  | 1.7 |  |  | — |  |  | 60.0 |  |  | (1.7) |  |  | — |  |  | 66.2 |
Price |  | 1.2 |  |  | 5.0 |  |  | (1.0) |  |  | — |  |  | (44.2) |  |  | (1.2) |  |  | — |  |  | (40.2) |
Non-timber sales |  | (2.8) |  |  | 0.8 |  |  | 0.8 |  |  | — |  |  | — |  |  | (0.1) |  |  | — |  |  | (1.3) |
Foreign exchange (a) |  | — |  |  | — |  |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.2 |
Other |  | 4.3 |  | (b) | 1.8 |  | (b) | (0.9) |  | (c) | 9.9 |  | (d) | 3.8 |  | (e) | — |  |  | (1.3) |  | (f) | 17.6 |
Three Months Ended September 30, 2020 |  | $47.7 |  |  | $28.9 |  |  | $62.8 |  |  | $9.9 |  |  | $28.8 |  |  | $22.2 |  |  | ($1.4) |  |  | $198.9 |

(a) Net of currency hedging impact.
(b) Includes variance due to stumpage versus delivered sales.
(c) Includes variance due to domestic versus export sales.
(d) Timber Funds was a new segment in Q2 2020. Includes $7.7 million of sales attributable to noncontrolling interest in Timber Funds. Also includes $1.3 million of sales related to timberland investment management fees paid to us by the timber funds.
(e) Includes $3.1 million of Conservation Easement sales, $0.3 million of deferred revenue adjustments and $0.4 million of residential and commercial lease revenue.
(f) Includes $1.3 million of Intersegment eliminations related to timberland management fees paid to us by the timber funds and reported as sales within the Timber Funds segment.

Sales |  | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  | Intersegment Eliminations |  | Total
Nine Months Ended September 30, 2019 |  | $148.3 |  |  | $57.9 |  |  | $181.3 |  |  | — |  |  | $52.7 |  |  | $92.7 |  |  | ($0.1) |  |  | $532.8 |
Volume |  | 7.4 |  |  | 11.9 |  |  | (21.7) |  |  | — |  |  | 107.7 |  |  | (15.8) |  |  | — |  |  | 89.5 |
Price |  | (3.4) |  |  | 7.7 |  |  | (12.7) |  |  | — |  |  | (81.1) |  |  | (11.2) |  |  | — |  |  | (100.7) |
Non-timber sales |  | (11.1) |  |  | 0.7 |  |  | 0.3 |  |  | — |  |  | — |  |  | (0.2) |  |  | — |  |  | (10.3) |
Foreign exchange (a) |  | — |  |  | — |  |  | (2.3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2.3) |
Other |  | 6.2 |  | (b) | 7.9 |  | (b) | (2.8) |  | (c) | 17.4 |  | (d) | 118.1 |  | (e) | — |  |  | (2.2) |  | (f) | 144.6 |
Nine Months Ended September 30, 2020 |  | $147.4 |  |  | $86.1 |  |  | $142.1 |  |  | $17.4 |  |  | $197.4 |  |  | $65.5 |  |  | ($2.3) |  |  | $653.6 |

(a) Net of currency hedging impact.
(b) Includes variance due to stumpage versus delivered sales.
(c) Includes variance due to domestic versus export sales.
(d) Timber Funds was a new segment in Q2 2020. Includes $13.5 million of sales attributable to noncontrolling interest in Timber Funds. Also includes $2.2 million of sales related to timberland investment management fees paid to us by the timber funds.
(e) Real Estate includes $116.0 million in Large Dispositions, $3.1 million of Conservation Easement and $0.4 million of of residential and commercial lease revenue, partially offset by $1.4 million of deferred revenue adjustments.
(f) Includes $2.2 million million of Intersegment eliminations related to timberland management fees paid to us by the timber funds and reported as sales within the Timber Funds segment.
72

Operating Income (Loss) |  | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  | Corporate and Other |  | Total
Three Months Ended September 30, 2019 |  | $9.5 |  |  | ($3.6) |  |  | $10.1 |  |  | — |  |  | $0.4 |  |  | — |  |  | ($5.4) |  |  | $11.0 |
Volume |  | 1.6 |  |  | — |  |  | 0.4 |  |  | — |  |  | 26.4 |  |  | — |  |  | — |  |  | 28.4 |
Price |  | 1.2 |  |  | 5.0 |  |  | (1.0) |  |  | — |  |  | (44.1) |  |  | — |  |  | — |  |  | (38.9) |
Cost |  | 1.6 |  |  | (1.4) |  |  | — |  |  | — |  |  | 0.2 |  |  | (0.5) |  |  | (2.8) |  |  | (2.9) |
Non-timber income |  | (2.9) |  |  | 0.8 |  |  | 0.9 |  |  | — |  |  | — |  |  | (0.1) |  |  | — |  |  | (1.3) |
Foreign exchange (a) |  | — |  |  | — |  |  | (0.2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.2) |
Depreciation, depletion & amortization |  | 0.1 |  |  | (2.6) |  |  | 0.5 |  |  | — |  |  | (0.9) |  |  | — |  |  | (0.1) |  |  | (3.0) |
Non-cash cost of land and improved development |  | — |  |  | — |  |  | — |  |  | — |  |  | 24.5 |  |  | — |  |  | — |  |  | 24.5 |
Other (b) |  | (6.0) |  |  | — |  |  | — |  |  | (12.4) |  |  | 3.0 |  |  | — |  |  | (0.4) |  |  | (15.8) |
Three Months Ended September 30, 2020 |  | $5.1 |  |  | ($1.8) |  |  | $10.7 |  |  | ($12.4) |  |  | $9.5 |  |  | ($0.6) |  |  | ($8.7) |  |  | $1.8 |

(a) Net of currency hedging impact.
(b) Southern Timber includes $6.0 million in timber write-offs resulting from casualty events. Timber Funds was a new segment in Q2 2020 and includes a $10.3 million operating loss attributable to noncontrolling interest in Timber Funds and a $2.1 million operating loss attributable to Rayonier, these losses include $7.3 million and $1.8 million in timber write-offs resulting from casualty events respectively. Real Estate includes Conservation Easement sales, deferred revenue adjustments and marketing fees related to Improved Development sales in addition to residential and commercial lease revenue. Corporate and Other includes $0.4 million in costs related to the merger with Pope Resources.

Operating Income (Loss) |  | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  | Corporate and Other |  | Total
Nine Months Ended September 30, 2019 |  | $45.8 |  |  | ($11.1) |  |  | $38.6 |  |  | — |  |  | $25.9 |  |  | $0.3 |  |  | ($18.6) |  |  | $80.9 |
Volume |  | 3.6 |  |  | (0.7) |  |  | (6.8) |  |  | — |  |  | 73.6 |  |  | — |  |  | — |  |  | 69.7 |
Price |  | (3.4) |  |  | 7.7 |  |  | (12.7) |  |  | — |  |  | (81.1) |  |  | — |  |  | — |  |  | (89.5) |
Cost |  | 1.6 |  |  | (2.9) |  |  | (0.3) |  |  | — |  |  | 0.2 |  |  | (0.6) |  |  | (2.2) |  |  | (4.2) |
Non-timber income |  | (11.2) |  |  | 0.7 |  |  | 0.6 |  |  | — |  |  | — |  |  | (0.2) |  |  | — |  |  | (10.1) |
Foreign exchange (a) |  | — |  |  | — |  |  | 0.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.8 |
Depreciation, depletion & amortization |  | 1.0 |  |  | (3.2) |  |  | 0.9 |  |  | — |  |  | 2.8 |  |  | — |  |  | (0.1) |  |  | 1.4 |
Non-cash cost of land and improved development |  | — |  |  | — |  |  | — |  |  | — |  |  | 8.5 |  |  | — |  |  | — |  |  | 8.5 |
Other (b) |  | (6.0) |  |  | — |  |  | — |  |  | (14.3) |  |  | 31.2 |  |  | — |  |  | (16.4) |  |  | (5.5) |
Nine Months Ended September 30, 2020 |  | $31.4 |  |  | ($9.5) |  |  | $21.1 |  |  | ($14.3) |  |  | $61.1 |  |  | ($0.5) |  |  | ($37.3) |  |  | $52.0 |

(a) Net of currency hedging impact.
(b) Southern Timber includes $6.0 million in timber write-offs resulting from casualty events. Timber Funds was a new segment in Q2 2020 and includes a $12.3 million operating loss attributable to noncontrolling interest in Timber Funds and $2.0 million operating loss attributable to Rayonier, these losses include $7.3 million and $1.8 million in timber write-offs resulting from casualty events respectively. Real Estate includes $28.7 million from Large Dispositions in addition to Conservation Easement sales and residential and commercial lease revenue, partially offset by deferred revenue adjustments and marketing fees related to Improved Development sales. Corporate and Other includes $16.4 million in costs related to the merger with Pope Resources.
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Adjusted EBITDA (a) |  | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  | Corporate and Other |  | Total
Three Months Ended September 30, 2019 |  | $22.5 |  |  | $2.7 |  |  | $17.7 |  |  | — |  |  | $5.4 |  |  | — |  |  | ($5.1) |  |  | $43.2 |
Volume |  | 3.7 |  |  | 2.0 |  |  | 0.6 |  |  | — |  |  | 57.5 |  |  | — |  |  | — |  |  | 63.8 |
Price |  | 1.2 |  |  | 5.0 |  |  | (1.0) |  |  | — |  |  | (44.1) |  |  | — |  |  | — |  |  | (38.9) |
Cost |  | 1.6 |  |  | (1.4) |  |  | — |  |  | — |  |  | 0.2 |  |  | (0.5) |  |  | (2.8) |  |  | (2.9) |
Non-timber income |  | (2.9) |  |  | 0.8 |  |  | 0.9 |  |  | — |  |  | — |  |  | (0.1) |  |  | — |  |  | (1.3) |
Foreign exchange (b) |  | — |  |  | — |  |  | (0.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.1) |
Other (c) |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | 3.2 |  |  | — |  |  | — |  |  | 3.4 |
Three Months Ended September 30, 2020 |  | $26.1 |  |  | $9.1 |  |  | $18.1 |  |  | $0.2 |  |  | $22.2 |  |  | ($0.6) |  |  | ($7.9) |  |  | $67.2 |

(a)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators below.
(b)Net of currency hedging impact.
(c)Timber Funds was a new segment in Q2 2020. Real Estate includes Conservation Easement sales, deferred revenue adjustments and marketing fees related to Improved Development sales in addition to residential and commercial lease revenue.

Adjusted EBITDA (a) |  | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  | Corporate and Other |  | Total
Nine Months Ended September 30, 2019 |  | $91.4 |  |  | $8.0 |  |  | $59.7 |  |  | — |  |  | $41.1 |  |  | $0.3 |  |  | ($17.7) |  |  | $182.8 |
Volume |  | 7.4 |  |  | 9.3 |  |  | (9.2) |  |  | — |  |  | 103.9 |  |  | — |  |  | — |  |  | 111.4 |
Price |  | (3.4) |  |  | 7.7 |  |  | (12.7) |  |  | — |  |  | (81.1) |  |  | — |  |  | — |  |  | (89.5) |
Cost |  | 1.6 |  |  | (2.9) |  |  | (0.3) |  |  | — |  |  | 0.2 |  |  | (0.6) |  |  | (2.2) |  |  | (4.2) |
Non-timber income |  | (11.2) |  |  | 0.7 |  |  | 0.6 |  |  | — |  |  | — |  |  | (0.2) |  |  | — |  |  | (10.1) |
Foreign exchange (b) |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |
Other (c) |  | — |  |  | — |  |  | — |  |  | 0.8 |  |  | 1.6 |  |  | — |  |  | — |  |  | 2.4 |
Nine Months Ended September 30, 2020 |  | $85.8 |  |  | $22.8 |  |  | $38.2 |  |  | $0.8 |  |  | $65.7 |  |  | ($0.5) |  |  | ($19.9) |  |  | $192.9 |

(a)Adjusted EBITDA is a non-GAAP measure defined and reconciled in Performance and Liquidity Indicators below.
(b)Net of currency hedging impact.
(c)Timber Funds was a new segment in Q2 2020. Real Estate includes Conservation Easement sales and residential and commercial lease revenue, partially offset by deferred revenue adjustments and marketing fees related to Improved Development sales.
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SOUTHERN TIMBER
Third quarter sales of $47.7 million increased $6.4 million, or 15%, versus the prior year period primarily due to higher volumes, partially offset by lower pipeline easement revenue. Harvest volumes increased 16% to 1.48 million tons versus 1.28 million tons in the prior year period due to strong demand for sawtimber and pulpwood products. Average pine sawtimber stumpage prices increased 8% to $25.02 per ton versus $23.16 per ton in the prior year period, primarily due to improved demand for domestic and export grade timber coupled with favorable geographic mix. Average pine pulpwood stumpage prices were flat at $15.50 per ton versus $15.53 per ton in the prior year period. Overall, weighted-average stumpage prices (including hardwood) increased 5% to $18.88 per ton versus $18.05 per ton in the prior year period, primarily driven by higher sawtimber prices coupled with an 8% increase in sawtimber mix. Operating income of $5.1 million decreased $4.4 million versus the prior year period due to the write-off of timber basis as a result of Hurricane Laura ($6.0 million) and lower non-timber income ($2.9 million), partially offset by higher volumes ($1.6 million), higher net stumpage prices ($1.2 million), lower lease and other expenses ($1.6 million) and lower depletion rates ($0.1 million). Third quarter Adjusted EBITDA of $26.1 million was $3.6 million above the prior year period.
Year-to-date sales of $147.4 million decreased $0.9 million, or 1% versus the prior year period. Harvest volumes increased 8% to 4.86 million tons versus 4.49 million tons in the prior year period, primarily due to strong pulpwood and sawtimber demand. Average pine sawtimber stumpage prices increased 7% to $25.79 per ton versus $25.43 per ton in the prior year period due to strong lumber markets and continued price tension between domestic and export markets. Average pine pulpwood stumpage prices decreased 7% to $15.86 per ton versus $17.01 per ton in the prior year period, primarily due to an increase in available log supply resulting from drier ground conditions versus the prior year period. Overall, weighted-average stumpage prices (including hardwood) decreased 3% to $19.28 per ton versus $19.97 per ton in the prior year period. Operating income of $31.4 million decreased $14.4 million versus the prior year period due to the write-off of timber basis as a result of Hurricane Laura ($6.0 million), lower non-timber income ($11.2 million) and lower net stumpage prices ($3.4 million), partially offset by higher volumes ($3.6 million), lower lease and other expenses ($1.6 million) and lower depletion rates ($1.0 million).
PACIFIC NORTHWEST TIMBER
Third quarter sales of $28.9 million increased $10.1 million, or 54%, versus the prior year period. Harvest volumes increased 33% to 346,000 tons versus 261,000 tons in the prior year period primarily due to improved sawtimber demand coupled with 55,000 tons of incremental volume from the acquired Pope Resources timberlands. Average delivered sawtimber prices increased 19% to $93.34 per ton versus $78.26 per ton in the prior year period, primarily due to improved domestic lumber markets coupled with a higher percentage of Douglas-fir sawtimber. Average delivered pulpwood prices decreased 15% to $32.12 per ton versus $37.87 per ton in the prior year period, as the deterioration of pulpwood export markets and higher lumber mill residuals resulted in excess domestic supply. Operating loss of $1.8 million improved $1.7 million versus the prior year period due to higher net stumpage prices ($5.0 million) and higher non-timber income ($0.8 million), partially offset by higher depletion rates ($2.6 million) and higher overhead and road maintenance costs ($1.4 million). Third quarter Adjusted EBITDA of $9.1 million was $6.4 million above the prior year period.
Year-to-date sales of $86.1 million increased $28.3 million, or 49%, versus the prior year period. Harvest volumes increased 52% to 1,207,000 tons versus 794,000 tons in the the prior year period primarily due to improved sawtimber demand and 110,000 tons of incremental volume from the acquired Pope Resources timberlands. Average delivered sawtimber prices increased 3% to $81.01 per ton versus $78.36 per ton in the prior year period, primarily due to gradually improving domestic lumber markets throughout 2020 coupled with a higher percentage of Douglas fir sawtimber. Average delivered pulpwood prices decreased 14% to $36.01 per ton versus $41.89 per ton in the prior year period, primarily due to excess supply resulting from a weaker pulp export market and higher lumber mill residuals. Operating loss of $9.5 million improved $1.7 million versus the prior year period due to higher net stumpage prices ($7.7 million) and higher non-timber income ($0.7 million), partially offset by higher depletion rates ($3.2 million), higher overhead and other costs ($2.9 million) and higher other variable costs ($0.7 million).
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NEW ZEALAND TIMBER
Third quarter sales of $62.8 million increased $0.8 million, or 1%, versus the prior year period. Harvest volumes increased 3% to 776,000 tons versus 754,000 tons in the prior year period. Average delivered prices for export sawtimber decreased 1% to $94.42 per ton versus $95.51 per ton in the prior year period, while average delivered prices for domestic sawtimber decreased 7% to $70.24 per ton versus $75.29 per ton in the prior year period. The slight decrease in export sawtimber prices was driven primarily by a buildup of China log inventories and continued competition from lower-cost European log and lumber imports into China. The decrease in domestic sawtimber prices (in U.S. dollar terms) was partially offset by the slight rise in the NZ$/US$ exchange rate (US$0.661 per NZ$1.00 versus US$0.655 per NZ$1.00). Excluding the impact of foreign exchange rates, domestic sawtimber prices decreased 8% versus the prior year period, generally lagging the prior negative trend in the export market. Operating income of $10.7 million increased $0.6 million versus the prior year period as a result of higher volumes ($0.4 million), higher carbon credit sales ($0.9 million) and lower depletion rates ($0.5 million), partially offset by lower net stumpage prices ($1.0 million) and unfavorable foreign exchange impacts ($0.2 million). Third quarter Adjusted EBITDA of $18.1 million was $0.4 million above the prior year period.
Year-to-date sales of $142.1 million decreased $39.1 million, or 22% versus the prior year. Harvest volumes decreased 13% to 1.79 million tons versus 2.04 million tons in the prior year, primarily due to the government-mandated shutdown of all non-essential activity (including the harvesting and transport of logs) from late-March through late-April. Average delivered prices for export sawtimber decreased 10% to $95.86 per ton versus $106.81 per ton in the prior year period, while average delivered prices for domestic sawtimber decreased 14% to $69.30 per ton versus $80.17 per ton in the prior year. The decrease in export sawtimber prices was driven primarily by lower demand resulting from the COVID-19 lockdown in China and increased competition from lower-cost log and lumber imports into China. The decrease in domestic sawtimber prices (in US dollars terms) was driven in part by the fall in the NZ$/US$ exchange rate (US$0.65 per NZ$1.00 versus US$0.67 per NZ$1.00). Excluding the impact of foreign exchange rates, domestic sawtimber prices decreased 11% versus the prior year period, generally lagging the negative trend of the export market. Operating Income of $21.1 million decreased $17.5 million versus the prior year period as a result of lower net stumpage prices ($12.7 million), lower volumes ($6.8 million), and higher costs ($0.3 million), partially offset by favorable foreign exchange impacts ($0.8 million), lower depletion rates ($0.9 million), and higher non-timber income ($0.6 million). Year-to-date Adjusted EBITDA of $38.2 million was $21.5 million below the prior year period.
TIMBER FUNDS
The Timber Funds segment generated third quarter sales of $9.9 million on harvest volumes of 110,000 tons, and operating loss of $12.4 million. Third quarter operating loss included timber write-offs of $9.2 million resulting from two fires in Oregon. Third quarter Adjusted EBITDA was $0.2 million.
Since the May 8, 2020 merger with Pope Resources, the Timber Funds segment has generated sales of $17.4 million on harvest volumes of 200,000 tons and operating loss of $14.3 million. Year-to-date operating loss includes timber write-offs of $9.2 million resulting from fires in Oregon. Year-to-date Adjusted EBITDA was $0.8 million.
REAL ESTATE
Real Estate Sales Category Reclassification
Effective April 1, 2020, the Company changed the composition of its Rural and Timberland & Non-Strategic sales categories to better align with the way management internally evaluates real estate sales. The Rural category now includes all real estate sales (excluding development sales) representing a demonstrable premium above timberland value. The Timberland & Non-Strategic category now includes all real estate sales representing little to no premium to timberland value. This category consists primarily of sales of property that management views as non-strategic to our long-term portfolio as well as sales of property for capital allocation purposes that do not fit the definition of a Large Disposition. All prior period amounts have been reclassified to reflect the new composition of these two sales categories. The Improved Development, Unimproved Development and Large Disposition categories remain unchanged, and this reclassification had no impact on overall segment results.
Third quarter sales of $28.8 million increased $19.6 million versus the prior year period while operating income of $9.5 million increased $9.0 million versus the prior year period due to a higher number of acres sold (10,562 acres sold versus 1,345 acres sold in the prior year period), partially offset by a decrease in weighted-average prices ($2,332 per acre versus $6,513 per acre in the prior year period).
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Improved Development sales of $1.3 million included $1.0 million of sales in the Wildlight development project north of Jacksonville, Florida consisting of 15 residential lots ($65,000 per lot or $377,000 per acre) in addition to a $0.3 million sale of development property in Kitsap County, Washington ($247,000 per acre). This compares to prior year period sales of $4.5 million, which consisted of 21.7 acres of commercial property ($207,000 per acre) in the Wildlight development project.
There were no Unimproved Development sales in the third quarter or the prior year period.
Rural sales of $23.2 million consisted of 10,482 acres at an average price of $2,218 per acre. This compares to prior year period sales of $4.2 million, which consisted of 1,291 acres at an average price of $3,262 per acre.
Timberland and Non-Strategic sales in the current quarter and the prior year quarter were negligible.
During the third quarter, we began reporting Conservation Easement sales as a new sales category within the Real Estate segment. Since Conservation Easement sales involve the sale of certain land use rights rather than an outright sale of the land, these sales are not reflected in our average price per acre metrics for the Real Estate segment.
Conservation Easement sales during the quarter were $3.1 million and covered 2,150 acres in Kitsap and Mason Counties, Washington ($1,450 per acre). There were no Conservation Easement sales in the prior year period.
Third quarter Adjusted EBITDA of $22.2 million was $16.8 million above the prior year period.
Year-to-date sales of $197.4 million increased $144.7 million versus the prior year period, while operating income of $61.1 million increased $35.2 million versus the prior year period. Year-to-date sales and operating income includes $116.0 million and $28.7 million, respectively, from Large Dispositions. Sales and operating income increased in the first nine months primarily due to higher volumes (98,441 acres sold versus 10,289 acres sold in the prior year period), partially offset by lower weighted-average prices. Year-to-date Adjusted EBITDA of $65.7 million increased $24.6 million versus the prior year.
TRADING
Third quarter sales of $22.2 million decreased $3.0 million versus the prior year period due to lower volumes and prices. Sales volumes decreased 7% to 252,000 tons versus 270,000 tons in the prior year period. The Trading segment generated operating loss of $0.6 million versus breakeven results in the prior year period, due to lower trading margins resulting from lower volumes and prices as well as higher shipping expenses.
Year-to-date sales of $65.5 million decreased $27.2 million versus the prior year period primarily due to lower volumes and prices and lower export demand as a result of the COVID-19 pandemic. Sales volumes decreased 17% to 726,000 tons versus 876,000 tons in the prior year period. Operating loss and Adjusted EBITDA of ($0.5) million decreased $0.7 million versus the prior year period.
OTHER ITEMS
CORPORATE AND OTHER EXPENSE / ELIMINATIONS
Third quarter corporate and other operating expenses of $8.7 million increased $3.3 million versus the prior year period, primarily due to higher employee benefit costs ($1.8 million), legal expenses ($0.7 million), costs related to the Pope Resources merger ($0.4 million) and other overheads ($0.4 million). The increase in employee benefit costs was primarily driven by an increase in the annual bonus accrual due to an improved outlook for the year as well as additional headcount from the Pope Resources merger.
Year-to-date corporate and other operating expenses of $37.3 million increased $18.8 million versus the prior year period due to costs related to the Pope Resources merger ($16.4 million), higher employee benefit costs ($2.3 million) and other expenses ($0.1 million).
INTEREST EXPENSE
Third quarter and year-to-date interest expense of $10.4 million and $28.4 million, respectively, increased $2.4 million and $4.8 million, respectively, versus the prior year periods due to higher outstanding debt following the Pope Resources merger.
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INTEREST AND OTHER MISCELLANEOUS (EXPENSE) INCOME, NET
Third quarter other miscellaneous (expense) income, net was ($0.1) million versus $0.8 million in the prior year period. The prior year period included favorable mark-to-market adjustments on marketable equity securities and dividend income. Year-to-date interest and other miscellaneous (expense) income, net of $1.2 million, includes favorable mark-to-market adjustments on marketable equity securities and carbon options.
INCOME TAX EXPENSE
Third quarter and year-to-date income tax expense, of $0.7 million and $7.4 million decreased $1.5 million and $2.8 million versus the prior year periods. The New Zealand subsidiary is the primary driver of income tax expense.
OUTLOOK
In our Southern Timber segment, we expect continued strong sawtimber demand and pricing, partially offset by lower-priced salvage volume and market impacts from Hurricane Laura. In our Pacific Northwest Timber segment, we expect continued strong log demand and pricing. In our New Zealand Timber segment, our operations continue to normalize following the COVID-19 disruptions earlier this year, and we anticipate modest improvements in both export and domestic pricing. In our Real Estate segment, we continue to see strong demand and a favorable transaction pipeline across our sales categories. Overall, we remain very encouraged by the stability of our business and the strength of our end markets despite the ongoing uncertainty associated with the COVID-19 pandemic.
LIQUIDITY AND CAPITAL RESOURCES
Our principal source of cash is cash flow from operations, primarily the harvesting of timber and sales of real estate. As an UPREIT, our main use of cash is dividends and unitholder distributions. We also use cash to maintain the productivity of our timberlands through replanting and silviculture. Our operations have generally produced consistent cash flow and required limited capital resources. Short-term borrowings have helped fund working capital needs while acquisitions of timberlands generally require funding from external sources or Large Dispositions.
AT-THE-MARKET (“ATM”) EQUITY OFFERING PROGRAM
On September 10, 2020, we entered into a distribution agreement with a group of sales agents through which we may sell common shares, from time to time, having an aggregate sales price of up to $300 million. There were no shares issued under the ATM program during the three months ended September 30, 2020, and all $300 million authorized under the program remained available for issuance.
SUMMARY OF LIQUIDITY AND FINANCING COMMITMENTS

| September 30, |  | December 31,
(millions of dollars) | 2020 |  | 2019
Cash and cash equivalents (excluding Timber Funds) | $75.2 |  |  | $68.7 |
Total debt (excluding Timber Funds) (a) | 1,312.7 |  |  | 1,057.0 |
Noncontrolling interest in Operating Partnership | 117.5 |  |  | — |
Shareholders’ equity | 1,851.1 |  |  | 1,537.6 |
Total capitalization (total debt plus permanent and temporary equity) | 3,281.3 |  |  | 2,594.6 |
Debt to capital ratio | 40 | % |  | 41 | %
Net debt to enterprise value (b)(c) | 26 | % |  | 19 | %

(a)Total debt as of September 30, 2020 and December 31, 2019 reflects principal on long-term debt, gross of deferred financing costs and net of fair market value adjustments.
(b)Net debt is calculated as total debt less cash and cash equivalents.
(c)Enterprise value is calculated as the number of shares outstanding multiplied by the Company’s share price plus net debt as of September 30, 2020 and December 31, 2019.
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SUMMARY OF GUARANTOR FINANCIAL INFORMATION
In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022 (the “2022 Notes”). On May 7, 2020, Rayonier Inc. contributed its 100% ownership interest in Rayonier Operating Company LLC (the “Contribution”) to Rayonier, L.P. As a result of the Contribution, Rayonier, L.P. expressly assumed all the obligations of Rayonier Inc. with respect to the outstanding 2022 Notes and Rayonier Inc. agreed to irrevocably, fully and unconditionally guarantee jointly and severally, the obligations of Rayonier, L.P. under the Indenture, including the 2020 Notes. Rayonier L.P. is the current issuer of the 2022 Notes.
The subsidiary guarantor, Rayonier TRS Holdings Inc., and parent guarantor, Rayonier Inc., have guaranteed the notes fully and unconditionally on a joint and several basis. As general partner of Rayonier, L.P., Rayonier Inc. consolidates Rayonier, L.P. and has no material assets or liabilities other than its interest in Rayonier, L.P. These notes are unsecured and unsubordinated and will rank equally with all other unsecured and unsubordinated indebtedness from time to time outstanding.
Rayonier, L.P. is a limited partnership, in which Rayonier Inc. is the general partner. The operating subsidiaries of Rayonier, L.P. conduct all of our operations. Rayonier, L.P.’s most significant assets are its interest in operating subsidiaries, which have been eliminated in the table below to eliminate intercompany transactions between the issuer and guarantors and to exclude investments in non-guarantors. As a result, our ability to make required payments on the notes depends on the performance of our operating subsidiaries and their ability to distribute funds to us. There are no material restrictions on dividends from the operating subsidiaries.
The summarized balance sheet information for the consolidated obligor group of debt issued by Rayonier, L.P. for the nine months ended September 30, 2020 and year ended December 31, 2019 are provided in the table below:

(in millions) | September 30, 2020 |  | December 31, 2019
Current assets | $69.9 |  |  | $51.7 |
Non-current assets | 47.3 |  |  | 48.8 |
Current liabilities | 24.5 |  |  | 100.2 |
Non-current liabilities | 2,029.9 |  |  | 1,632.7 |
Due to non-guarantors | 647.4 |  |  | 587.0 |

The summarized results of operations information for the consolidated obligor group of debt issued by Rayonier, L.P. for the nine months ended September 30, 2020 and year ended December 31, 2019 are provided in the table below:

(in millions) | September 30, 2020 |  | December 31, 2019
Cost and expenses | ($36.2) |  |  | ($22.0) |
Operating loss | (36.2) |  |  | (22.0) |
Net loss | (64.5) |  |  | (54.2) |
Revenue from non-guarantors | 653.6 |  |  | 711.6 |

CASH FLOWS
The following table summarizes our cash flows from operating, investing and financing activities for the nine months ended September 30, 2020 and 2019:

(millions of dollars) | 2020 |  | 2019
Cash provided by (used for): |  |  |
Operating activities | $138.0 |  |  | $164.2 |
Investing activities | (184.8) |  |  | (132.8) |
Financing activities | 55.7 |  |  | (125.2) |

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CASH PROVIDED BY OPERATING ACTIVITIES
Cash provided by operating activities decreased $26.2 million primarily due to costs related to the Pope Resources merger ($16.4 million) and lower working capital ($15.1 million), partially offset by higher operating results.
CASH USED FOR INVESTING ACTIVITIES
Cash used for investing activities increased $52.0 million versus the prior year period primarily due to the net cash consideration transferred in our merger with Pope Resources ($231.1 million) and higher real estate development investments ($2.0 million), partially offset by proceeds from a Large Disposition ($115.7 million), a decrease in timberland acquisitions ($57.5 million), lower capital expenditures ($0.6 million) and other investing activities ($7.3 million).
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash provided by financing activities increased $180.8 million from the prior year period primarily due to an increase in net borrowings ($188.0 million) and decreases in share repurchases ($7.9 million), partially offset by increases in debt issuance costs ($2.5 million), offering issuance costs ($0.5 million), dividends paid on common stock ($3.0 million), distributions to consolidated affiliates ($0.9 million), distributions to noncontrolling interests in the Operating Partnership ($2.4 million), noncontrolling interests in consolidated affiliates redemption of shares ($5.1 million) and decreases in proceeds from the issuance of common shares under the Company’s incentive stock plan ($0.7 million).
EXPECTED 2020 EXPENDITURES
Capital expenditures in 2020 are expected to be between $66 million and $69 million, excluding capital expenditures attributable to the Timber Funds and any strategic timberland acquisitions we may make. Capital expenditures are expected to primarily consist of seedling planting, fertilization and other silvicultural activities, property taxes, lease payments, allocated overhead and other capitalized costs. Aside from capital expenditures, we may also acquire timberland as we actively evaluate acquisition opportunities.
We anticipate real estate development investments in 2020 to be between $10 million and $12 million, net of reimbursements from community development bonds. Expected real estate development investments include approximately $5.2 million of committed spending primarily related to Wildlight, our mixed-use community development project located north of Jacksonville, Florida and our Richmond Hill mixed-use development project located south of Savannah, Georgia. Uncommitted real estate developments can be managed as market conditions change. We are continuing to monitor the impacts of the COVID-19 pandemic on our real estate development business and expect to periodically adjust our 2020 real estate development investments based on end market conditions and the anticipated timing of improved development sales.
Including shares issued in the merger with Pope Resources, the Company’s 2020 dividend payments are expected to be approximately $145 million assuming no change in the quarterly dividend rate of $0.27 per share or material changes in the number of shares outstanding. Additionally, distributions to noncontrolling interests in the Operating Partnership are expected to be approximately $3.6 million assuming no material changes in the number of Redeemable Common Units outstanding.
Future share repurchases, if any, will depend on the Company’s liquidity and cash flow, as well as general market conditions and other considerations including capital allocation priorities.
We have no mandatory pension contribution requirements in the current year.
Cash tax payments in 2020 are expected to be approximately $0.8 million, primarily related to the New Zealand subsidiary.
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PERFORMANCE AND LIQUIDITY INDICATORS
The discussion below is presented to enhance the reader’s understanding of our operating performance, liquidity, and ability to generate cash and satisfy rating agency and creditor requirements. This information includes two measures of financial results: Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”) and Cash Available for Distribution (“CAD”). These measures are not defined by Generally Accepted Accounting Principles (“GAAP”), and the discussion of Adjusted EBITDA and CAD is not intended to conflict with or change any of the GAAP disclosures described above.
Management uses CAD as a liquidity measure. CAD is a non-GAAP measure of cash generated during a period that is available for common stock dividends, distributions to noncontrolling interest in the Operating Partnership, distributions to the New Zealand minority shareholder, repurchase of the Company’s common shares, debt reduction, timberland acquisitions and real estate development investments. CAD is defined as cash provided by operating activities adjusted for capital spending (excluding timberland acquisitions and real estate development investments), CAD attributable to noncontrolling interest in Timber Funds, working capital and other balance sheet changes. CAD is not necessarily indicative of the CAD that may be generated in future periods.
Management uses Adjusted EBITDA as a performance measure. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that investors can use to evaluate the operational performance of the assets under management. It removes the impact of specific items that management believes do not directly reflect the core business operations on an ongoing basis attributable to Rayonier. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and expense, operating loss attributable to noncontrolling interest in Timber Funds, costs related to the merger with Pope Resources, timber write-offs resulting from casualty events and Large Dispositions.
We reconcile Adjusted EBITDA to Net Income for the consolidated Company and to Operating Income (Loss) for the segments, as those are the most comparable GAAP measures for each. The following table provides a reconciliation of Net Income to Adjusted EBITDA for the respective periods (in millions of dollars):

| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019 |  |
Net Income to Adjusted EBITDA Reconciliation |  |  |  |  |  |  |  |  |
Net (loss) income | ($9.5) |  |  | $1.5 |  |  | $17.4 |  |  | $50.2 |  |  |
Operating loss attributable to NCI in Timber Funds | 10.3 |  |  | — |  |  | 12.3 |  |  | — |  |  |
Interest, net attributable to NCI in Timber Funds | 0.2 |  |  | — |  |  | 0.3 |  |  | — |  |  |
Income Tax expense attributable to NCI in Timber Funds | 0.1 |  |  | — |  |  | 0.2 |  |  | — |  |  |
Net Income (Excluding NCI in Timber Funds) | 1.1 |  |  | 1.5 |  |  | 30.2 |  |  | 50.2 |  |  |
Interest, net and miscellaneous income attributable to Rayonier | 10.2 |  |  | 7.4 |  |  | 27.9 |  |  | 21.2 |  |  |
Income tax expense attributable to Rayonier | 0.6 |  |  | 2.3 |  |  | 7.3 |  |  | 10.2 |  |  |
Depreciation, depletion and amortization attributable to Rayonier | 39.6 |  |  | 27.8 |  |  | 112.2 |  |  | 91.9 |  |  |
Non-cash cost of land and improved development | 7.3 |  |  | 4.3 |  |  | 20.7 |  |  | 10.0 |  |  |
Timber write-offs resulting from casualty events attributable to Rayonier (a) | 7.9 |  |  | — |  |  | 7.9 |  |  | — |  |  |
Non-operating expense (income) | 0.2 |  |  | (0.2) |  |  | (1.0) |  |  | (0.8) |  |  |
Costs related to the merger with Pope Resources (b) | 0.4 |  |  | — |  |  | 16.4 |  |  | — |  |  |
Large Dispositions (c) | — |  |  | — |  |  | (28.7) |  |  | — |  |  |
Adjusted EBITDA | $67.2 |  |  | $43.2 |  |  | $192.9 |  |  | $182.8 |  |  |

(a) Timber write-offs resulting from casualty events attributable to Rayonier include the write-off of merchantable and pre-merchantable timber volume destroyed by casualty events which cannot be salvaged.
(b) Costs related to the merger with Pope Resources include legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources.
(c)Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. In March 2020, we completed the disposition of approximately 67,000 acres located in Mississippi for a sales price and gain of approximately $116.0 million and $28.7 million, r espectively.
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The following tables provide a reconciliation of Operating Income (Loss) by segment to Adjusted EBITDA by segment for the respective periods (in millions of dollars):

Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  | Corporate and Other |  | Total
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating income (loss) | $5.1 |  |  | ($1.8) |  |  | $10.7 |  |  | ($12.4) |  |  | $9.5 |  |  | ($0.6) |  |  | ($8.7) |  |  | $1.8 |
Operating loss attributable to NCI in Timber Funds | — |  |  | — |  |  | — |  |  | 10.3 |  |  | — |  |  | — |  |  | — |  |  | 10.3 |
Timber write-offs resulting from casualty events attributable to Rayonier (a) | 6.0 |  |  | — |  |  | — |  |  | 1.8 |  |  | — |  |  | — |  |  | — |  |  | 7.9 |
Depreciation, depletion and amortization | 15.0 |  |  | 10.9 |  |  | 7.3 |  |  | 0.5 |  |  | 5.5 |  |  | — |  |  | 0.4 |  |  | 39.6 |
Non-cash cost of land and improved development | — |  |  | — |  |  | — |  |  | — |  |  | 7.3 |  |  | — |  |  | — |  |  | 7.3 |
Costs related to the merger with Pope Resources (b) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.4 |  |  | 0.4 |
Adjusted EBITDA | $26.1 |  |  | $9.1 |  |  | $18.1 |  |  | $0.2 |  |  | $22.2 |  |  | ($0.6) |  |  | ($7.9) |  |  | $67.2 |
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating income (loss) | $9.5 |  |  | ($3.6) |  |  | $10.1 |  |  | — |  |  | $0.4 |  |  | — |  |  | ($5.4) |  |  | $11.0 |
Depreciation, depletion and amortization | 13.0 |  |  | 6.3 |  |  | 7.6 |  |  | — |  |  | 0.7 |  |  | — |  |  | 0.3 |  |  | 27.8 |
Non-cash cost of land and improved development | — |  |  | — |  |  | — |  |  | — |  |  | 4.3 |  |  | — |  |  | — |  |  | 4.3 |
Adjusted EBITDA | $22.5 |  |  | $2.7 |  |  | $17.7 |  |  | — |  |  | $5.4 |  |  | — |  |  | ($5.1) |  |  | $43.2 |

(a) Timber write-offs resulting from casualty events attributable to Rayonier include the write-off of merchantable and pre-merchantable timber volume destroyed by casualty events which cannot be salvaged.
(b) Costs related to the merger with Pope Resources include legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources.
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Nine Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  | Corporate and Other |  | Total
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating income (loss) | $31.4 |  |  | ($9.5) |  |  | $21.1 |  |  | ($14.3) |  |  | $61.1 |  |  | ($0.5) |  |  | ($37.3) |  |  | $52.0 |
Operating loss attributable to NCI in Timber Funds | — |  |  | — |  |  | — |  |  | 12.3 |  |  | — |  |  | — |  |  | — |  |  | 12.3 |
Timber write-offs resulting from casualty events attributable to Rayonier (a) | 6.0 |  |  | — |  |  | — |  |  | 1.8 |  |  | — |  |  | — |  |  | — |  |  | 7.9 |
Depreciation, depletion and amortization | 48.4 |  |  | 32.2 |  |  | 17.1 |  |  | 1.0 |  |  | 12.6 |  |  | — |  |  | 1.0 |  |  | 112.2 |
Non-cash cost of land and improved development | — |  |  | — |  |  | — |  |  | — |  |  | 20.7 |  |  | — |  |  | — |  |  | 20.7 |
Costs related to merger with Pope Resources (b) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16.4 |  |  | 16.4 |
Large Dispositions (c) | — |  |  | — |  |  | — |  |  | — |  |  | (28.7) |  |  | — |  |  | — |  |  | (28.7) |
Adjusted EBITDA | $85.8 |  |  | $22.8 |  |  | $38.2 |  |  | $0.8 |  |  | $65.7 |  |  | ($0.5) |  |  | ($19.9) |  |  | $192.9 |
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating income (loss) | $45.8 |  |  | ($11.1) |  |  | $38.6 |  |  | — |  |  | $25.9 |  |  | $0.3 |  |  | ($18.6) |  |  | $80.9 |
Depreciation, depletion and amortization | 45.6 |  |  | 19.2 |  |  | 21.1 |  |  | — |  |  | 5.2 |  |  | — |  |  | 0.9 |  |  | 91.9 |
Non-cash cost of land and improved development | — |  |  | — |  |  | — |  |  | — |  |  | 10.0 |  |  | — |  |  | — |  |  | 10.0 |
Adjusted EBITDA | $91.4 |  |  | $8.0 |  |  | $59.7 |  |  | — |  |  | $41.1 |  |  | $0.3 |  |  | ($17.7) |  |  | $182.8 |

(a) Timber write-offs resulting from casualty events attributable to Rayonier include the write-off of merchantable and pre-merchantable timber volume destroyed by casualty events which cannot be salvaged.
(b) Costs related to the merger with Pope Resources include legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources.
(c) Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. In March 2020, we completed the disposition of approximatel y 67,000 acres located in Mississippi for a sales price and gain of approximat ely $116.0 million and $28.7 million, respectively.
The following table provides a reconciliation of Cash Provided by Operating Activities to Adjusted CAD (in millions of dollars):

| Nine Months Ended September 30,
| 2020 |  | 2019
Cash provided by operating activities | $138.0 |  |  | $164.2 |
Capital expenditures (a) | (44.7) |  |  | (45.3) |
Costs related to the merger with Pope Resources (b) | 16.4 |  |  | — |
CAD attributable to NCI in Timber Funds | (0.1) |  |  | — |
Working capital and other balance sheet changes | 14.6 |  |  | (3.3) |
CAD | 124.2 |  |  | 115.6 |
Mandatory debt repayments | — |  |  | — |
CAD after mandatory debt repayments | 124.2 |  |  | 115.6 |

Cash used for investing activities | ($184.8) |  |  | ($132.8) |
Cash provided by (used for) financing activities | $55.7 |  |  | ($125.2) |

(a) Capital expenditures during the nine months ended September 30, 2020 exclude timberland acquisitions. Excluding the Pope Resources acquisition, timberland acquisitions were $24.4 million and $81.9 million, respectively, during the nine months ended September 30, 2020 and September 30, 2019.
(b) Costs related to the merger with Pope Resources include legal, accounting, due diligence, consulting and other costs related to the merger with Pope Resources.
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The following table provides supplemental cash flow data (in millions):

| Nine Months Ended September 30,
| 2020 |  | 2019
Purchase of timberlands (a) | ($24.4) |  |  | ($81.9) |
Real Estate Development Investments | (5.4) |  |  | (3.3) |
Distributions to noncontrolling interest in consolidated affiliates | (8.2) |  |  | (7.3) |

(a) The nine months ended September 30, 2020 excludes timberland acquired in the merger with Pope Resources. See Note 2 - Merger with Pope Resources for additional information.
LIQUIDITY FACILITIES
2020 DEBT ACTIVITY
See Note 7 — Debt for additional information.
OFF-BALANCE SHEET ARRANGEMENTS
We utilize off-balance sheet arrangements to provide credit support for certain suppliers and vendors in case of their default on critical obligations, and collateral for outstanding claims under our previous workers’ compensation self-insurance programs. These arrangements consist of standby letters of credit and surety bonds. As part of our ongoing operations, we also periodically issue guarantees to third parties. Off-balance sheet arrangements are not considered a source of liquidity or capital resources and do not expose us to material risks or material unfavorable financial impacts. See Note 13 — Guarantees for details on the letters of credit and surety bonds as of September 30, 2020.
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CONTRACTUAL FINANCIAL OBLIGATIONS
In addition to using cash flow from operations and proceeds from Large Dispositions, we finance our operations through the issuance of debt and by entering into leases. These financial obligations are recorded in accordance with accounting rules applicable to the underlying transaction, with the result that some are recorded as liabilities on the Consolidated Balance Sheets, while others are required to be disclosed in the Notes to Consolidated Financial Statements and Management’s Discussion and Analysis.
The following table aggregates our contractual financial obligations as of September 30, 2020 and anticipated cash spending by period:

Contractual Financial Obligations (in millions) | Total |  | Payments Due by Period
Remaining 2020 |  | 2021-2022 |  | 2023-2024 |  | Thereafter
Long-term debt, excluding Timber Funds (a) | $1,312.7 |  |  | — |  |  | $325.0 |  |  | — |  |  | $987.7 |
Long-term debt, Timber Funds (b) | 57.4 |  |  | — |  |  | 25.0 |  |  | 32.4 |  |  | — |
Interest payments on long-term debt, excluding Timber Funds (c) | 156.7 |  |  | 11.3 |  |  | 59.6 |  |  | 41.3 |  |  | 44.5 |
Interest payments on long-term debt, Timber Funds | 6.4 |  |  | 0.5 |  |  | 3.9 |  |  | 2.0 |  |  | — |
Operating leases — timberland (d) | 176.1 |  |  | 3.9 |  |  | 15.6 |  |  | 14.1 |  |  | 142.5 |
Operating leases — PP&E, offices (d) | 7.1 |  |  | 0.4 |  |  | 2.6 |  |  | 1.8 |  |  | 2.3 |
Commitments — derivatives (e) | 106.5 |  |  | 3.5 |  |  | 30.7 |  |  | 32.9 |  |  | 39.4 |
Commitments — environmental remediation (f) | 11.7 |  |  | 0.5 |  |  | 5.0 |  |  | 3.5 |  |  | 2.7 |
Commitments — other (g) | 9.8 |  |  | 5.3 |  |  | 1.2 |  |  | 0.5 |  |  | 2.8 |
Total contractual cash obligations | $1,844.4 |  |  | $25.4 |  |  | $468.6 |  |  | $128.5 |  |  | $1,221.9 |

(a)The book value of long-term debt, excluding Timber Funds, net of deferred financing costs and fair market value adjustments, is currently recorded at $1,318.2 million o n our Consolidated Balance Sheet, but upon maturity the liability will be $1,312.7 million. See Note 7 — Debt for additional information.
(b)The book value of long-term debt for the Timber Funds, net of fair market value adjustments, is currently recorded at $60.4 million on our Consolidated Balance Sheet, but upon maturity the liability will be $57.4 million. See Note 7 - Debt for additional information.
(c)Projected interest payments for variable rate debt were calculated based on outstanding principal amounts and interest rates as of September 30, 2020.
(d)Excludes anticipated renewal options.
(e)Commitments — derivatives represents payments expected to be made on derivative financial instruments (foreign exchange contracts, interest rate swaps and forward-starting interest rate swaps). See Note 15 — Derivative Financial Instruments and Hedging Activities.
(f)Commitments — environmental remediation represents our estimate of potential liability associated with environmental contamination at Port Gamble. See Note 12 - Environmental Liabilities.
(g)Commitments — other includes payments expected to be made on the Wildlight and Richmond Hill development projects, payments made on timberland deeds and other purchase obligations.
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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to various market risks, including changes in interest rates, commodity prices and foreign exchange rates. Our objective is to minimize the economic impact of these market risks. We use derivatives in accordance with policies and procedures approved by the Audit Committee of the Board of Directors. Derivatives are managed by a senior executive committee whose responsibilities include initiating, managing and monitoring resulting exposures. We do not enter into financial instruments for trading or speculative purposes.
Interest Rate Risk
We are exposed to interest rate risk through our variable rate debt, primarily due to changes in LIBOR. However, we use interest rate swaps to manage our exposure to interest rate movements on our term credit agreements by swapping existing and anticipated future borrowings from floating rates to fixed rates. As of September 30, 2020, we had $920 million of U.S. variable rate debt, including $20 million outstanding on our revolving credit facility and $900 million outstanding on our term credit agreements.
The notional amount of outstanding interest rate swap contracts with respect to our term credit agreements at September 30, 2020 was $900 million. The maturity date of the Term Credit Agreement was extended from August 2024 to April 2028, with the associated interest rate swaps maturing in August 2024. We have entered into forward starting interest rate swaps to cover $150 million of the Term Credit Agreement through the extended maturity date. The Incremental Term Loan Agreement and associated interest rate swaps mature in May 2026, and the 2020 Incremental Term Loan Agreement matures in April 2025 and the associated interest rate swaps mature in June 2030. At this borrowing level, a hypothetical one-percentage point increase/decrease in interest rates would result in a corresponding increase/decrease in interest payments and expense of approximately $0.2 million over a 12-month period.
The fair market value of our long-term fixed interest rate debt is also subject to interest rate risk. The estimated fair value of our long-term fixed rate debt excluding the Timber Funds at September 30, 2020 was $405 million compared to the $393 million principal amount. The estimated fair value of our Timber Funds’ long-term fixed rate debt at September 30, 2020 was $60.6 million compared to the $57.4 million principal amount. We use interest rates of debt with similar terms and maturities to estimate the fair value of our debt. Generally, the fair market value of fixed-rate debt will increase as interest rates fall and decrease as interest rates rise. A hypothetical one-percentage point increase/decrease in prevailing interest rates at September 30, 2020 would result in a corresponding decrease/increase in the fair value of our long-term fixed rate debt of approximately $11 million.
We estimate the periodic effective interest rate on our U.S. long-term fixed and variable rate debt, excluding Timber Funds, to be approximately 3.1% after consideration of interest rate swaps and estimated patronage refunds, excluding unused commitment fees on the revolving credit facility. We estimate the periodic effective interest rate on our Timber Funds’ long-term fixed rate debt to be approximately 2.9% after consideration of estimated patronage refunds.
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The following table summarizes our outstanding debt, interest rate swaps and average interest rates, by year of expected maturity and their fair values at September 30, 2020:

(Dollars in thousands) | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter |  | Total |  | Fair Value
Variable rate debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Principal amounts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | $920,000 |  |  | $920,000 |  |  | $920,000 |
Average interest rate (a)(b) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.92 | % |  | 1.92 | % |  |
Fixed rate debt, excluding Timber Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Principal amounts | — |  |  | — |  |  | $325,000 |  |  | — |  |  | — |  |  | $67,735 |  |  | $392,735 |  |  | $405,204 |
Average interest rate (b) | — |  |  | — |  |  | 3.75 | % |  | — |  |  | — |  |  | 4.46 | % |  | 3.87 | % |  |
Fixed rate debt, Timber Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Principal amounts | — |  |  | — |  |  | $25,000 |  |  | $17,980 |  |  | $14,400 |  |  | — |  |  | $57,380 |  |  | $60,628 |
Average interest rate (b) | — |  |  | — |  |  | 1.95 | % |  | 5.10 | % |  | 4.45 | % |  | — |  |  | 3.56 | % |  |
Interest rate swaps: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notional amount | — |  |  | — |  |  | — |  |  | — |  |  | $350,000 |  |  | $550,000 |  |  | $900,000 |  |  | ($61,308) |
Average pay rate (b) | — |  |  | — |  |  | — |  |  | — |  |  | 2.28 | % |  | 1.31 | % |  | 1.69 | % |  |
Average receive rate (b) | — |  |  | — |  |  | — |  |  | — |  |  | 0.15 | % |  | 0.15 | % |  | 0.15 | % |  |
Forward-starting interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notional amount | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | $475,000 |  |  | $475,000 |  |  | ($20,980) |
Average pay rate (b) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.22 | % |  | 1.22 | % |  |
Average receive rate (b) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.15 | % |  | 0.15 | % |  |

(a) Excludes estimated patronage refunds.
(b) Interest rates as of September 30, 2020.
Foreign Currency Exchange Rate Risk
The functional currency of our New Zealand-based operations and New Zealand subsidiary is the New Zealand dollar. Through these operations and our ownership in the New Zealand subsidiary, we are exposed to foreign currency risk on cash held in foreign currencies, shareholder distributions which are paid in U.S. dollars and on foreign export sales and ocean freight payments that are predominantly denominated in U.S. dollars. To mitigate these risks, the New Zealand subsidiary routinely enters into foreign currency exchange contracts and foreign currency option contracts to hedge a portion of the New Zealand subsidiary’s foreign exchange exposure.
Sales and Expense Exposure
At September 30, 2020, the New Zealand subsidiary had foreign currency exchange contracts with a notional amount of $48 million and foreign currency option contracts with a notional amount of $32 million outstanding related to foreign export sales and ocean freight payments. The amount hedged represents a portion of for ecasted U.S. dollar denominated export timber and log trading sales proceeds over the next 24 months and next 3 months, respectively.
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The following table summarizes our outstanding foreign currency exchange rate risk contracts at September 30, 2020:

(Dollars in thousands) | 0-1 months |  | 1-2 months |  | 2-3 months |  | 3-6 months |  | 6-12 months |  | 12-18 months |  | 18-24 months |  | Total |  | Fair Value
Foreign exchange contracts to sell U.S. dollar for New Zealand dollar |  |  |  |  |  |
Notional amount | $7,650 |  | $4,000 |  | $3,000 |  | $7,000 |  | $14,000 |  | $11,000 |  | $1,000 |  | $47,650 |  | $2,449
Average contract rate | 1.5188 |  | 1.5189 |  | 1.5189 |  | 1.5191 |  | 1.5186 |  | 1.5175 |  | 1.5169 |  | 1.5185 |  |
Foreign currency option contracts to sell U.S. dollar for New Zealand dollar |  |  |  |  |  |
Notional amount | — |  | $2,000 |  | $2,000 |  | $12,000 |  | $16,000 |  | — |  | — |  | $32,000 |  | $389
Average strike price | — |  | 1.5781 |  | 1.5777 |  | 1.5787 |  | 1.5848 |  | — |  | — |  | 1.5817 |  |

Item 4. CONTROLS AND PROCEDURES
DISCLOSURE CONTROLS AND PROCEDURES
Rayonier Inc.
Rayonier management is responsible for establishing and maintaining adequate disclosure controls and procedures. Disclosure controls and procedures (as defined in Rule 13a-15(e)) under the Securities Exchange Act of 1934 (the “Exchange Act”), are designed with the objective of ensuring information required to be disclosed by the Company in reports filed under the Exchange Act, such as this quarterly report on Form 10-Q, is (1) recorded, processed, summarized and reported or submitted within the time periods specified in the SEC’s rules and forms and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Because of the inherent limitations in all control systems, no control evaluation can provide absolute assurance that all control exceptions and instances of fraud have been prevented or detected on a timely basis. Even systems determined to be effective can provide only reasonable assurance that their objectives are achieved.
Based on an evaluation of the Company’s disclosure controls and procedures as of the end of the period covered by this quarterly report on Form 10-Q, our management, including the Chief Executive Officer and Chief Financial Officer, concluded the design and operation of the disclosure controls and procedures were effective as of September 30, 2020.
In the quarter ended September 30, 2020, based upon the evaluation required by Rule 13a-15(d) under the Exchange Act, there were no changes in our internal control over financial reporting that would materially affect or are reasonably likely to materially affect our internal control over financial reporting.
Rayonier, L.P.
The Operating Partnership is responsible for establishing and maintaining adequate disclosure controls and procedures. Disclosure controls and procedures (as defined in Rule 13a-15(e)) under the Securities Exchange Act of 1934 (the “Exchange Act”), are designed with the objective of ensuring information required to be disclosed by Rayonier, L.P. in reports filed under the Exchange Act, such as this quarterly report on Form 10-Q, is (1) recorded, processed, summarized and reported or submitted within the time periods specified in the SEC’s rules and forms and (2) accumulated and communicated to our management, including Rayonier’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Because of the inherent limitations in all control systems, no control evaluation can provide absolute assurance that all control exceptions and instances of fraud have been prevented or detected on a timely basis. Even systems determined to be effective can provide only reasonable assurance that their objectives are achieved.
Based on an evaluation of the Operating Partnership’s disclosure controls and procedures as of the end of the period covered by this quarterly report on Form 10-Q, management, including Rayonier’s Chief Executive Officer and Chief Financial Officer, concluded the design and operation of the disclosure controls and procedures were effective as of September 30, 2020.
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In the quarter ended September 30, 2020, based upon the evaluation required by Rule 13a-15(d) under the Exchange Act, there were no changes in internal controls over financial reporting that would materially affect or are reasonably likely to materially affect internal controls over financial reporting.
PART II. OTHER INFORMATION
Item 1A. RISK FACTORS
Our operations are subject to a number of risks. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in this Quarterly Report on Form 10-Q. If any of the events described in the following risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. The information presented below updates the risk factors set forth in Part I, “Item 1A. Risk Factors,” of the Company’s 2019 Form 10-K.
Coronavirus (COVID-19) Pandemic
The recent novel coronavirus (COVID-19) outbreak could materially adversely affect our financial condition and results of operations.
Epidemics, pandemics or other such crises or public health concerns in regions of the world where we have operations or sell products, could result in the disruption of our business. Specifically, the ongoing COVID-19 outbreak has resulted in increased travel restrictions and extended shutdowns of certain businesses around the world, as well as a deterioration of general economic conditions. These or any governmental or other regulatory developments or health concerns in countries in which we operate or export to could result in operational restrictions or social and economic instability, or labor shortages. At this point in time, there is substantial uncertainty relating to the potential impact of COVID-19 on our business. Infections may continue to spread, which could limit our ability to timely harvest, sell and transport our timber, restrict our operations or cause supply chain disruptions for us and our customers. In addition, we also face risks and costs associated with implementation of business continuity plans and modified work conditions, including making required resources available to our workforce to enable them to continue essential work. Any of these developments could have a negative impact on our business, financial condition and operating results. In addition, the COVID-19 pandemic could continue to adversely affect the economies and markets of many countries, resulting in a further economic downturn that could impact the pricing or demand for timber, real estate, and especially housing, which could have an adverse effect on our business, operating results and financial condition, as well as market value of our securities. Further, our customers may be negatively impacted due to the general decline in business and operating conditions and constraints on their own liquidity and access to capital relating to COVID-19, which could increase our counterparty credit exposure. The continued spread of COVID-19 has also led to disruption and volatility in the global capital markets. This could lead to further volatility in interest and exchange rates, increase our cost of capital, and adversely impact our access to capital, credit ratings or overall liquidity.
Failure of Operating Partnership to maintain status as a partnership for U.S. federal income tax purposes
We believe our Operating Partnership qualifies as a partnership for U.S. federal income tax purposes. As a partnership, our Operating Partnership is not subject to U.S. federal income tax on its income. Instead, each of the partners is allocated its share of our Operating Partnership’s income. We cannot assure you, however, that the IRS will not challenge the status of our Operating Partnership as a partnership for U.S. federal income tax purposes. If the IRS were to successfully challenge the status of our Operating Partnership as a partnership, it would be taxable as a corporation. In such event, this would reduce the amount of distributions that our Operating Partnership could make, which could have further implications as to our ability to maintain our status as a REIT. This would substantially reduce our cash available to pay distributions and the return on a unitholder and/or shareholder’s investment.
Item 1. LEGAL PROCEEDINGS
The information set forth in Note 11 — Contingencies in the “Notes to Consolidated Financial Statements” under Item 1 of Part I of this report is incorporated herein by reference.
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Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Rayonier Inc.
REGISTERED SALES OF EQUITY SECURITIES
From time to time, the Company may issue shares of common stock in exchange for common units in the Operating Partnership. Such shares are issued based on an exchange ratio of one share for each common unit in the Operating Partnership. During the quarter ended September 30, 2020, the Company issued 1,000 common shares in exchange for an equal number of common units in the Operating Partnership pursuant to the agreement of the Operating Partnership.
ISSUER PURCHASES OF EQUITY SECURITIES
In February 2016, the Board of Directors approved the repurchase of up to $100 million of Rayonier’s common shares (the “share repurchase program”) to be made at management’s discretion. The program has no time limit and may be suspended or discontinued at any time. There were no shares repurchased under this program in the third quarter of 2020. Based on the period-end closing stock price of $26.44 at September 30, 2020, there was $87.7 million, or approximately 3,318,020 shares, remaining under this program.
The following table provides information regarding our purchases of Rayonier common shares during the quarter ended September 30, 2020:

Period |  | Total Number of Shares Purchased (a) |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b) |  | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (c)
July 1 to July 31 |  | — |  |  | — |  |  | — |  |  | 3,157,971 |
August 1 to August 31 |  | 139 |  |  | $27.85 |  |  | — |  |  | 2,996,190 |
September 1 to September 30 |  | 1,046 |  |  | $26.44 |  |  | — |  |  | 3,318,020 |
Total |  | 1,185 |  |  |  |  | — |  |  |

(a)Includes 1,185 shares of the Company’s common shares purchased in July, August and September from current and former employees in non-open market transactions. The shares were sold by current and former employees of the Company in exchange for cash that was used to pay withholding taxes associated with the vesting of share-based awards under the Company’s Incentive Stock Plan. The price per share surrendered is based on the closing price of the Company’s common shares on the respective vesting dates of the awards.
(b)Purchases made in open-market transactions under the $100 million share repurchase program announced on February 10, 2016.
(c)Maximum number of shares authorized to be purchased under the share repurchase program at the end of July, August and September are based on month-end closing stock prices of $27.78, $29.28 and $26.44, respectively.
Rayonier, L.P.
UNREGISTERED SALES OF EQUITY SECURITIES
There were no unregistered sales of equity securities made by the Operating Partnership during the quarter ended September 30, 2020.
ISSUER PURCHASES OF EQUITY SECURITIES
Pursuant to the Operating Partnership’s limited partnership agreement, limited partners have the right to redeem their common units in the Operating Partnership for cash, or at our election, shares of Rayonier Common Stock on a one-for-one basis. During the quarter ended September 30, 2020, 1,000 common units in the Operating Partnership held by limited partners were redeemed in exchange for shares of Rayonier Common Stock.
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Item 6. EXHIBITS

10.1 |  | Rayonier Incentive Stock Plan, as amended* | Filed herewith
10.2 |  | Executive Severance Pay Plan, as amended* | Filed herewith
22.1 |  | List of Guarantor Subsidiaries | Incorporated by reference to Exhibit 22.1 to the Registrant’s June 30, 2020 Form 10-Q
31.1 |  | Rayonier Inc. - Chief Executive Officer’s Certification Pursuant to Rule 13a-14(a)/15d-14(a) and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith
31.2 |  | Rayonier Inc. - Chief Financial Officer’s Certification Pursuant to Rule 13a-14(a)/15d-14(a) and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith
31.3 |  | Rayonier, L.P. - Chief Executive Officer’s Certification Pursuant to Rule 13a-14(a)/15d-14(a) and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith
31.4 |  | Rayonier, L.P. - Chief Financial Officer’s Certification Pursuant to Rule 13a-14(a)/15d-14(a) and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith
32.1 |  | Rayonier Inc. - Certification of Periodic Financial Reports Under Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished herewith
32.2 |  | Rayonier, L.P. - Certification of Periodic Financial Reports Under Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished herewith
101 |  | The following financial information from our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2020, formatted in Extensible Business Reporting Language (“XBRL”), includes: (i) the Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months Ended September 30, 2020 and 2019; (ii) the Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019; (iii) the Consolidated Statements of Changes in Shareholders’ Equity for the Nine Months Ended September 30, 2020 and 2019; (iv) the Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019; and (v) the Notes to Consolidated Financial Statements | Filed herewith
104 |  | The cover page from the Company’s Quarterly Report on Form 10-Q from the quarter ended September 30, 2020, formatted in Inline XBRL (included as Exhibit 101). |

*Management contract or compensatory plan
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|  | RAYONIER INC.
| By: | /s/ APRIL TICE
|  | April Tice Vice President, Financial Services and Corporate Controller (Duly Authorized Officer, Principal Accounting Officer)

Date: November 2, 2020

|  | RAYONIER, L.P.
|  | By: RAYONIER INC., its sole general partner
| By: | /s/ APRIL TICE
|  | April Tice Vice President, Financial Services and Corporate Controller (Duly Authorized Officer, Principal Accounting Officer)

Date: November 2, 2020
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