Rayonier is a leading Land Resources REIT focused on optimizing its portfolio value by delivering land to its highest and best use. The merger with PotlatchDeltic Corporation created a combined portfolio of approximately 4.1 million acres, primarily in the U.S. South and Northwest. The company anticipates significant value creation from the merger, including an estimated $40 million of run-rate synergies. Rayonier is well-positioned to benefit from key trends driving alternative land uses, such as strong demand for Highest and Best Use (HBU) properties and emerging opportunities in land-based solutions (LBS). The Wood Products segment includes six sawmills with a capacity to produce approximately 1.2 billion board feet (BBF) of lumber annually and one plywood facility with 150 million square feet (MMSF) capacity. Real Estate development projects include Wildlight (~20,600 entitled acres), Heartwood (~13,500 entitled acres), and Chenal Valley (~4,800-acre master-planned development). Land-Based Solutions include solar options on 80,000 acres and Carbon Capture & Storage (CCS) leases on 154,000 acres, with potential to generate 5-15x timberland EBITDA per acre. The company maintains a strong balance sheet with a target Net Debt / Adjusted EBITDA ratio below 3.0x, a weighted average cost of debt of approximately 2.4%, and a weighted average maturity of approximately 4 years as of February 2026.