RAYONIER INC

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. We invest in timberlands and actively manage them to provide current income and attractive long-term returns to our shareholders. We operate through an umbrella partnership real estate investment trust ( UPREIT ) structure, where our Operating Partnership and its subsidiaries own our assets. Rayonier is the sole general partner of the Operating Partnership. 2025 STRATEGIC DEVELOPMENTS In June 2025, we completed the sale of our 77% interest in the New Zealand joint venture. Consequently, these operations are classified as discontinued operations for all periods presented. See Note 2 Discontinued Operations for additional information. Effective with the third quarter of 2025, we realigned our reporting segments to reflect how our chief operating decision maker ( CODM ), the Chief Executive Officer, evaluates performance and allocates capital. As part of the realignment, the previously reported Trading segment’s log trading activities conducted in the U.S. South and Pacific Northwest are now reported in the respective Southern Timber or Pacific Northwest Timber segments based on geographical location for all periods presented. See Note 3 Segment and Geographical Information for further discussion of our reportable segments.