# EDGAR Filing Document

**Accession Number:** 0000052827
**File Stem:** 0000052827-26-000069
**Filing Date:** 2026-4
**Character Count:** 49988
**Document Hash:** c0fff7ce84c1a2760d6f9213d0d16c2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000052827-26-000069.hdr.sgml**: 20260410

**ACCESSION NUMBER**: 0000052827-26-000069

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260130

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260410

**DATE AS OF CHANGE**: 20260410

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RAYONIER INC
- **CENTRAL INDEX KEY:** 0000052827
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 132607329
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-06780
- **FILM NUMBER:** 26855668

**BUSINESS ADDRESS:**
- **STREET 1:** 1 RAYONIER WAY
- **CITY:** WILDLIGHT
- **STATE:** FL
- **ZIP:** 32097
- **BUSINESS PHONE:** 9043579100

**MAIL ADDRESS:**
- **STREET 1:** 1 RAYONIER WAY
- **CITY:** WILDLIGHT
- **STATE:** FL
- **ZIP:** 32097

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ITT RAYONIER INC /CT/
- **DATE OF NAME CHANGE:** 19940422

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ITT RAYONIER INC
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Rayonier, L.P.
- **CENTRAL INDEX KEY:** 0001806931
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 911313292
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-237246-01
- **FILM NUMBER:** 26855669

**BUSINESS ADDRESS:**
- **STREET 1:** 1 RAYONIER WAY
- **CITY:** WILDLIGHT
- **STATE:** FL
- **ZIP:** 32097
- **BUSINESS PHONE:** 904-357-9100

**MAIL ADDRESS:**
- **STREET 1:** 1 RAYONIER WAY
- **CITY:** WILDLIGHT
- **STATE:** FL
- **ZIP:** 32097

?xml version='1.0' encoding='ASCII'? ryn-20260130

<u>[**Table of Contents**](#i83d7e8d765134b3481a6fd8001a4d461_7)</u>

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 8-K/A** 

**(Amendment No. 1)**

**CURRENT REPORT** 

**PURSUANT TO SECTION 13 OR 15(d) OF** 

**THE SECURITIES EXCHANGE ACT OF 1934** 

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)

January 30, 2026

![Rayonier Logo.jpg](ryn-20260130_g1.jpg)

COMMISSION FILE NUMBER 1-6780 (Rayonier Inc.)

COMMISSION FILE NUMBER: 333-237246 (Rayonier, L.P.)

**RAYONIER INC.** 

**Incorporated in the State of North Carolina** 

**I.R.S. Employer Identification Number 13-2607329** 

**RAYONIER, L.P.**

**Incorporated in the State of Delaware**

**I.R.S. Employer Identification Number 91-1313292**

**1 Rayonier Way** 

**Wildlight, Florida 32097** 

**(Principal Executive Office)** 

Telephone Number: (904) 357-9100

Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

<u>Title of each class</u> <u>Trading Symbol</u> <u>Exchange</u> <br> Common Shares, no par value, of Rayonier Inc. RYN New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities

Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Rayonier Inc.: Emerging growth company ☐ <br> Rayonier, L.P.: 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.: | ☐ |

---

------

<u>[**Table of Contents**](#i83d7e8d765134b3481a6fd8001a4d461_7)</u>

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **PAGE** |
| Item 9.01 | <u>[Financial Statements and Exhibits](#i83d7e8d765134b3481a6fd8001a4d461_13)</u> | <u>[1](#i83d7e8d765134b3481a6fd8001a4d461_13)</u> |
| | <u>[Signature](#i83d7e8d765134b3481a6fd8001a4d461_19)</u> | <u>[2](#i83d7e8d765134b3481a6fd8001a4d461_19)</u> |

---

**EXPLANATORY NOTE**

On February 2, 2026, Rayonier, Inc., a North Carolina corporation ("Rayonier"), filed a Current Report on Form 8-K (the "Original Report") with the U.S. Securities and Exchange Commission. The Original Report disclosed the consummation of the previously announced merger-of-equals transaction with PotlatchDeltic Corporation, a Delaware corporation ("PotlatchDeltic"). This Current Report on Form 8-K/A amends the Original Report to incorporate by reference and file herein the historical and pro forma financial information required by Item 9.01(a) and (b), respectively. Except as provided herein, the disclosures made in the Original Report remain unchanged.

---

| | |
|:---|:---|
| **ITEM 9.01.** | **Financial Statements and Exhibits.** |

---

**(a) Financial Statements of Business Acquired.**

The audited consolidated financial statements of PotlatchDeltic as of December 31, 2024 and for each of the years in the three-year period ended December 31, 2024, with the related notes thereto, are filed as Exhibit 99.1 hereto and incorporated herein by reference.

The unaudited condensed consolidated financial statements of PotlatchDeltic as of September 30, 2025 and for the periods ended September 30, 2025 and 2024, with the related notes thereto, are filed as Exhibit 99.2 hereto and incorporated herein by reference.

**(b) Pro Forma Financial Information.**

Rayonier's unaudited pro forma condensed combined financial information as of and for the nine months ended September 30, 2025, and for the year ended December 31, 2024, with the related notes thereto, updated to reflect final purchase price consideration, is filed as Exhibit 99.3 hereto and incorporated herein by reference.

**(d) Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 23.1 | <u>[Consent of KPMG LLP](exhibit231kpmgconsent.htm)</u> |
| 99.1 | <u>[Audited consolidated financial statements of PotlatchDeltic as of December 31, 2024 and for each year in the three-year period ended December 31, 2024 (incorporated by reference to Part II, Item 8 of PotlatchDeltic's Annual Report on Form 10-K filed on February 13, 2025 (File No. 001-32729)).](https://www.sec.gov/Archives/edgar/data/1338749/000095017025019711/pch-20241231.htm)</u> |
| 99.2 | <u>[Unaudited condensed consolidated financial statements of PotlatchDeltic as of September 30, 2025 and for the periods ended September 30, 2025 and 2024 (incorporated by reference to Part I, Item 1 of PotlatchDeltic's Quarterly Report on Form 10-Q filed on November 7, 2025 (File No. 001-32729)).](https://www.sec.gov/Archives/edgar/data/1338749/000119312525272023/pch-20250930.htm)</u> |
| 99.3 | <u>[Unaudited pro](exhibit993q32025proformast.htm)[forma condensed combined financial information as of and for the nine months ended September 30, 2025, and for the year ended December 31, 2024](exhibit993q32025proformast.htm)[.](exhibit993q32025proformast.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

<u>[**Table of Contents**](#i83d7e8d765134b3481a6fd8001a4d461_7)</u>

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | RAYONIER INC. |
| BY: | /s/ APRIL TICE |
| | April Tice |
| | Senior Vice President, Chief Accounting Officer |

---

---

| | |
|:---|:---|
| | RAYONIER, L.P. |
| | By: RAYONIER INC., its sole general partner |
| BY: | /s/ APRIL TICE |
|  | April Tice |
|  | Senior Vice President, Chief Accounting Officer |

---

April 10, 2026

## Exhibit 23.1

&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 23.1** 

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our reports dated February 13, 2025, with respect to the consolidated financial statements of PotlatchDeltic Corporation, and the effectiveness of internal control over financial reporting, incorporated herein by reference.

![kpmgsign.jpg](kpmgsign.jpg)

Seattle, Washington<br>April 10, 2026

## Exhibit 99.3

**Exhibit 99.3**

**Unaudited Pro Forma Condensed Combined Balance Sheet**

**September 30, 2025**

**(Dollars in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Historical**<br>**Rayonier** | **Rayonier special dividend Adjustments** | **Note 4** | **Rayonier Subtotal** | **Historical**<br>**PotlatchDeltic Reclassified**<br>**(Note 2)** | **Pro Forma<br>Merger<br>Adjustments** | **Note 4** | **Pro Forma Combined** |
| **ASSETS** | | | | | | | | |
| **CURRENT ASSETS** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $919582 | $(54492) | k | $865090 | $88773 | $(47254) | a | $906609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables, net | 20085 |  |  | 20085 | 37850 |  |  | 57935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 16203 |  |  | 16203 | 116050 | 15833 | b | 148086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 9639 |  |  | 9639 | 3895 |  |  | 13534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 7412 |  |  | 7412 | 9243 |  |  | 16655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 972921 | (54492) |  | 918429 | 255811 | (31421) |  | 1142819 |
| **TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION** | 2313047 |  |  | 2313047 | 2317282 | 1256208 | c | 5886537 |
| **HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS** | 109536 |  |  | 109536 | 51221 | 7678 | d | 168435 |
| **PROPERTY, PLANT AND EQUIPMENT, NET** | 17950 |  |  | 17950 | 396509 | 151015 | e | 565474 |
| **RESTRICTED CASH, NON-CURRENT** | 677 |  |  | 677 | 4896 |  |  | 5573 |
| **OTHER ASSETS** | 77758 |  |  | 77758 | 147820 | (12805) | f | 212773 |
| **&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS** | $**3491889** | $**(54492)** |  | $**3437397** | $**3173539** | $**1370675** |  | $**7981611** |
| **LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS' EQUITY** | **LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS' EQUITY** | **LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS' EQUITY** | **LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS' EQUITY** | **LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS' EQUITY** | **LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS' EQUITY** | **LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS' EQUITY** | **LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS' EQUITY** | **LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS' EQUITY** |
| **CURRENT LIABILITIES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $13566 | $— |  | 13566 | $19152 | $— |  | $32718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt, net | 199969 |  |  | 199969 | 27495 | 5 | g | 227469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 69024 |  |  | 69024 | 83557 | 42400 | h | 194981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 282559 |  |  | 282559 | 130204 | 42405 |  | 455168 |
| **LONG-TERM DEBT, NET** | 845119 |  |  | 845119 | 1007594 | 1906 | g | 1854619 |
| **OTHER NON-CURRENT LIABILITIES** | 39264 |  |  | 39264 | 128341 | 45623 | i | 213228 |
| **NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP** | 46242 | 1685 |  | 47927 |  |  |  | 47927 |
| **SHAREHOLDERS' EQUITY** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Shares | 1737067 | 161529 | k | 1898596 | 2401789 | 826631 | j | 5127016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 514226 | (217706) | k | 296520 | (575134) | 534855 | j | 256241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 27412 |  |  | 27412 | 80745 | (80745) |  | 27412 |
| **&nbsp;&nbsp;&nbsp;&nbsp; TOTAL RAYONIER INC. SHAREHOLDERS' EQUITY** | 2278705 | (56177) |  | 2222528 | 1907400 | 1280741 | j | 5410669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHAREHOLDERS' EQUITY** | 2278705 | (56177) |  | 2222528 | 1907400 | 1280741 |  | 5410669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS' EQUITY** | $**3491889** | $**(54492)** |  | $**3437397** | $**3173539** | $**1370675** |  | $**7981611** |

---

------

**Unaudited Pro Forma Condensed Combined Statements of Income**

**Nine Months Ended September 30, 2025**

**(Dollars in thousands, except per share** 

**amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Historical<br>Rayonier** | **Rayonier special dividend Adjustments** | **Note 5** | **Rayonier Subtotal** | **Historical<br>PotlatchDeltic Reclassified<br>(Note 2)** | **Pro Forma<br>Merger<br>Adjustments** | **Note 5** | &nbsp;&nbsp;&nbsp;**Pro Forma Combined** |
| **SALES** |  | $366990 | $— |  | $366990 | $857424 | $— |  | $1224414 |
| Costs and Expenses |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales |  | (258984) | &nbsp;&nbsp;&nbsp;&nbsp; —  |  | (258984) | (716867) | &nbsp;&nbsp;&nbsp;&nbsp;(30563) | a | &nbsp;&nbsp;&nbsp;&nbsp;(1006414) |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling and general expenses |  | (50621) | &nbsp;&nbsp;&nbsp;&nbsp; —  |  | (50621) | (64143) | &nbsp;&nbsp;&nbsp;&nbsp;(1252) | b | &nbsp;&nbsp;&nbsp;&nbsp;(116016) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating income (expense), net |  | (1071) |  |  | (1071) |  |  |  | (1071) |
|  |  | (310676) |  |  | (310676) | (781010) | (31815) |  | (1123501) |
| **OPERATING INCOME** |  | 56314 |  |  | 56314 | 76414 | (31815) |  | 100913 |
| Interest expense, net |  | (19704) |  |  | (19704) | (26227) |  |  | (45931) |
| Interest income |  | 15009 |  |  | 15009 | 2862 |  |  | 17871 |
| Other miscellaneous (expense) income, net |  | (3443) |  |  | (3443) | 704 |  |  | (2739) |
| **INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES** |  | 48176 |  |  | 48176 | 53753 | (31815) |  | 70114 |
| Income tax (expense) benefit |  | (291) |  |  | (291) | 5299 | 1377 | c | 6385 |
| **INCOME FROM CONTINUING OPERATIONS** |  | $**47885** |  |  | $**47885** | $**59052** | $**(30438)** |  | $**76499** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to noncontrolling interest in the Operating Partnership |  | (577) |  |  | (577) |  |  |  | (577) |
| **NET INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO RAYONIER INC.** |  | 47308 |  |  | 47308 | 59052 | (30438) |  | 75922 |
| **EARNINGS PER COMMON SHARE** |  |  |  |  |  |  |  |  |  |
| Basic earnings per share attributable to Rayonier Inc. | d | 0.31 |  | d | 0.29 |  |  | d | 0.25 |
| Diluted earnings per share attributable to Rayonier Inc. | d | 0.30 |  | d | 0.29 |  |  | d | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

**Unaudited Pro Forma Condensed Combined Statements of Income**

**Year Ended December 31, 2024**

**(Dollars in thousands, except per share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Historical<br>Rayonier** | **Rayonier special dividend Adjustments** | **Note 5** | **Rayonier Subtotal** | **Historical<br>PotlatchDeltic Reclassified<br>(Note 2)** | **Pro Forma<br>Merger<br>Adjustments** | **Note 5** | **Pro Forma Combined** |
| **SALES** | $987929 | $— |  | $987929 | $1062076 | $— |  | $2050005 |
| Costs and Expenses |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | (547582) |  |  | (547582) | (945672) | &nbsp;&nbsp;&nbsp;&nbsp;(27601) | &nbsp;&nbsp;&nbsp;&nbsp;a | &nbsp;&nbsp;&nbsp;&nbsp;(1520855) |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling and general expenses | (74439) |  |  | (74439) | (83940) | &nbsp;&nbsp;&nbsp;&nbsp;(55478) | &nbsp;&nbsp;&nbsp;&nbsp;b | &nbsp;&nbsp;&nbsp;&nbsp;(213857) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating (expense) income, net | (1801) |  |  | (1801) | 341 |  |  | (1460) |
|  | (623822) |  |  | (623822) | (1029271) | (83079) |  | (1736172) |
| **OPERATING INCOME** | 364107 |  |  | 364107 | 32805 | (83079) |  | 313833 |
| Interest expense, net | (33756) |  |  | (33756) | (37647) |  |  | (71403) |
| Interest income | 8212 |  |  | 8212 | 8724 |  |  | 16936 |
| Other miscellaneous income (expense), net | 1275 |  |  | 1275 | 4305 |  |  | 5580 |
| **INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES** | 339838 |  |  | 339838 | 8187 | (83079) |  | 264946 |
| Income tax (expense) benefit | 1022 |  |  | 1022 | 13689 | (1786) | c | 12925 |
| **INCOME FROM CONTINUING OPERATIONS** | $**340860** | $**—** |  | $**340860** | $**21876** | $**(84865)** |  | $**277871** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net (income) loss attributable to noncontrolling interest in the Operating Partnership | (4510) |  |  | (4510) |  |  |  | (4510) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net (income) loss attributable to noncontrolling interest in consolidated affiliates | (510) |  |  | (510) |  |  |  | (510) |
| **NET INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO RAYONIER INC.** | 335840 |  |  | 335840 | 21876 | (84865) |  | 272851 |
| **EARNINGS PER COMMON SHARE** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share attributable to Rayonier Inc. | 2.26 |  | d | 2.15 |  |  | d | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share attributable to Rayonier Inc, | 2.24 |  | d | 2.13 |  |  | d | 0.92 |

---

------

**Note 1 – Basis of Presentation**

The unaudited pro forma condensed combined financial statements and related notes thereto are prepared in accordance with Article 11 of Regulation S-X.

The unaudited pro forma condensed combined financial statements reflect certain reclassifications to align the historical financial statement presentation of PotlatchDeltic to that of Rayonier's historical consolidated financial statement presentation. Rayonier has not yet identified all adjustments necessary to conform PotlatchDeltic's accounting policies and financial statement presentation to Rayonier's policies and presentation. Upon consummation of the merger or as more information becomes available, Rayonier will perform a detailed review of PotlatchDeltic's accounting policies and financial statement presentation. Differences identified in that review could have a material effect on the unaudited pro forma condensed combined financial information.

The unaudited pro forma condensed combined financial statements are based on Rayonier's historical consolidated financial statements and PotlatchDeltic's historical condensed consolidated financial statements, adjusted to give effect to the merger, the Rayonier special dividend and the other pro forma adjustments. The unaudited pro forma condensed combined balance sheet as of September 30, 2025 gives effect to the merger, the Rayonier special dividend and the other pro forma adjustments as if they had occurred on September 30, 2025. The unaudited pro forma condensed combined statements of income for the nine months ended September 30, 2025 and the year ended December 31, 2024 give effect to the merger, the Rayonier special dividend and the other pro forma adjustments as if they had occurred on January 1, 2024. As permitted under Article 11 of Regulation S-X, the pro forma balance sheet is presented in a condensed format, and therefore certain line items shown in Rayonier's historical consolidated balance sheet have been aggregated for purposes of these unaudited pro forma condensed combined financial statements.

The merger is accounted for under the acquisition method of accounting in accordance with Accounting Standards Codification Topic 805, Business Combinations ("ASC 805"). Under this method of accounting Rayonier has made the preliminary determination that it is the accounting acquirer and PotlatchDeltic is the accounting acquiree. In determining the accounting acquirer, management considered factors such as estimated relative size of the entities, estimated board and management composition, and estimated form and terms of consideration.

The unaudited pro forma condensed combined financial statements do not reflect the realization of any revenue synergies or dyssynergies, expected cost savings, operating efficiencies, or other strategic benefits from the merger as a result of integration activities or other initiatives following the completion of the merger.

**Note 2 – PotlatchDeltic and Rayonier Reclassification Adjustments**

During the preparation of these unaudited pro forma condensed combined financial statements, management performed a preliminary analysis of PotlatchDeltic's financial information to identify differences in accounting policies as compared to those of Rayonier and differences in financial statement presentation as compared to the presentation of Rayonier. At the time of preparing these unaudited pro forma condensed combined financial statements, Rayonier has not identified all adjustments necessary to conform PotlatchDeltic's accounting policies to Rayonier's accounting policies. The below reclassification adjustments have been made to conform PotlatchDeltic's historical condensed consolidated financial statement presentation to Rayonier's historical consolidated financial statement presentation. These adjustments represent Rayonier's best estimates based upon the information currently available to it and could be subject to change once more detailed information is available.

Refer to the table below for a summary of reclassification adjustments made to PotlatchDeltic's unaudited condensed consolidated balance sheet as of September 30, 2025 to conform to Rayonier's historical consolidated financial statement presentation (in thousands):

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Rayonier Historical Consolidated**<br>**Balance Sheet Line Item** | **PotlatchDeltic Historical Condensed Consolidated**<br>**Balance Sheet Line Items** | **PotlatchDeltic Historical Condensed Consolidated Balances** <br>**as of September 30, 2025** | **Reclassifications** | **PotlatchDeltic Adjusted<br>Historical Condensed Consolidated Balance Sheet<br>as of September 30, 2025** |
| Cash and cash equivalents | Cash and cash equivalents | $88773 | $— | $88773 |
| Trade and other receivables, net | Customer receivables, net | 34718 | 3132 | 37850 |
| Inventory | Inventories, net | 91203 | 24847 | 116050 |
| Prepaid expenses |  |  | 3895 | 3895 |
| Other current assets | Other current assets | 41117 | (31874) | 9243 |
| Timber and timberlands, net of depletion and amortization | Timber and timberlands, net | 2317282 |  | 2317282 |
| Higher and better use timberlands and real estate development investments | Investment in real estate held for development and sale | 51221 |  | 51221 |
| Property, plant and equipment, net | Property, plant and equipment, net | 396509 |  | 396509 |
| Restricted cash, non-current |  |  | 4896 | 4896 |
| Other assets |  | 152716 | (4896) | 147820 |
|  | Other long-term assets | 140148 |  |  |
|  | Intangible assets, net | 12568 |  |  |
| Accounts payable | Accounts payable and accrued liabilities | 97611 | (78459) | 19152 |
| Current maturities of long-term debt, net | Current portion of long-term debt | 27495 |  | 27495 |
| Other current liabilities | Current portion of pension and other postretirement employee benefits | 5098 | 78459 | 83557 |
| Long-term debt, net | Long-term debt | 1007594 |  | 1007594 |
| Other non-current liabilities |  | 128341 |  | 128341 |
|  | Deferred tax liabilities, net | 18793 |  |  |
|  | Other long-term obligations | 36453 |  |  |
|  | Pension and other postretirement employee benefits | 73095 |  |  |
| Common shares | Common stock | 77291 | 2324498 | 2401789 |
|  | Additional paid-in capital | 2324498 | (2324498) |  |
| Accumulated other comprehensive income (loss) | Accumulated other comprehensive income | 80745 |  | 80745 |
| Retained earnings | Accumulated deficit | (575134) |  | (575134) |

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Refer to the table below for a summary of reclassification adjustments made to PotlatchDeltic's unaudited condensed consolidated statements of operations for the nine months ended September 30, 2025 to conform presentation:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Rayonier**<br>**Historical Consolidated**<br>**Statement of Income Line Items** | **PotlatchDeltic**<br>**Historical Condensed Consolidated**<br>**Statement of Operations Line Items** | **PotlatchDeltic<br>Historical Condensed Consolidated Statements of Operations for the nine months ended September 30, 2025** | **Reclassifications** | **PotlatchDeltic Adjusted Historical<br>Condensed Consolidated Statement of Income<br>for the nine months ended September 30, 2025\*** |
| Sales | Revenues<sup>1</sup> | $857424 | $— | $857424 |
| Cost of sales | Cost of goods sold | 716867 |  | 716867 |
| Selling and general expenses | Selling, general and administrative expenses | 61750 | 2393 | 64143 |
|  | Merger-related expenses | 1903 | (1903) |  |
|  | Environmental charge | 490 | (490) |  |
| Interest expense, net | Interest expense, net | (23365) | (2862) | (26227) |
| Interest income |  |  | 2862 | 2862 |
| Other miscellaneous (expense) income, net | Other | 1757 | (1053) | 704 |
|  | Non-operating pension and other postretirement employee benefits | (1053) | 1053 |  |
| Income tax (expense) benefit | Income taxes | 5299 |  | 5299 |

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\* Presentation has been conformed to Rayonier's presentation.

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Refer to the table below for a summary of reclassification adjustments made PotlatchDeltic's unaudited condensed consolidated statements of operations for the year ended December 31, 2024 to conform presentation:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Rayonier**<br>**Historical Consolidated**<br>**Statement of Income Line Items** | **PotlatchDeltic**<br>**Historical Condensed Consolidated**<br>**Statement of Operations Line Items** | **PotlatchDeltic<br>Historical Condensed Consolidated Statements of Operations for the year ended December 31, 2024** | **Reclassifications** | **PotlatchDeltic Adjusted Historical<br>Consolidated Statement of Income<br>for the year ended December 31, 2024\*** |
| Sales | Revenues | $1062076 | $— | $1062076 |
| Cost of sales | Cost of goods sold | 945672 |  | (945672) |
| Selling and general expenses | Selling, general and administrative expenses | 83212 | 728 | (83940) |
| Other operating (expense) income, net |  |  | 341 | 341 |
| Interest expense, net | Interest expense, net | (28923) | (8724) | (37647) |
| Interest income |  |  | 8724 | 8724 |
| Other miscellaneous income (expense), net | Other | 3115 | 1190 | 4305 |
|  | Non-operating pension and other postretirement employee benefits | 803 | (803) |  |
| Income tax (expense) benefit | Income taxes | 13689 |  | 13689 |

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\* Presentation has been conformed to Rayonier's presentation.

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**Note 3 – Preliminary Allocation of Purchase Consideration**

The following table summarizes the preliminary estimated merger consideration:

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| | |
|:---|:---|
| *In thousands, except shares and per share data* | **Amount** |
| ***Equity consideration:*** |  |
| Shares of PotlatchDeltic common stock issued and outstanding immediately prior to the merger (i) | 77466233 |
| Adjusted Exchange Ratio (ii) | 1.8185 |
| Number of Rayonier common shares to be issued in the merger (iii) | 140872344 |
| Price per share of Rayonier common shares as of January 30, 2026 | $22.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Estimated fair value of Rayonier common shares issued  | $3203437 |
| ***Cash consideration*** |  |
| Fair value of consideration in connection with the cash paid for the Rayonier special dividend | 47254 |
| ***Estimated fair value of preliminary cash and equity purchase consideration*** | $3250691 |
| Fair value of Rayonier replacement awards for vested portions of PotlatchDeltic awards (iv) | 24983 |
| ***Estimated fair value of preliminary purchase consideration*** | $3275674 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Based on shares of PotlatchDeltic common stock issued and outstanding as of January 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Adjusted Exchange Ratio is calculated pursuant to the merger agreement by adjusting the Exchange Ratio to offset the economic impact of the Rayonier special dividend paid to Rayonier shareholders, including (i) the increase in outstanding Rayonier shares attributable to the stock portion of the dividend and (ii) the cash portion of the dividend, with these components incorporated into the share adjustment amount and cash adjustment amount calculations, resulting in an Adjusted Exchange Ratio of 1.8185.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Number of Rayonier common shares issued in the merger. Excludes cash in lieu of fractional shares of Rayonier common shares payable to holders of PotlatchDeltic common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Represent the estimated consideration attributed to equity compensation awards. A portion of the fair value of such equity compensation awards represents consideration transferred, while the remaining portion represents post-merger compensation expense based on the vesting terms of the awards.

Pursuant to the terms of the merger agreement, the consideration received by PotlatchDeltic's common stockholders included a cash component to reflect the cash issued in connection with the Rayonier special dividend, with PotlatchDeltic's common stockholders having received an amount in cash per share equal to the cash per share paid by Rayonier in the Rayonier special dividend multiplied by the 1.7339 Exchange Ratio. The cash presented within the fair value of the preliminary purchase consideration reflects the actual amount of cash elected by Rayonier shareholders for the Rayonier special dividend.

Under the acquisition method of accounting, the total purchase price was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their preliminary fair values as of the merger date. The preliminary allocation of the purchase price is based on the terms of the merger agreement and Rayonier management's estimates of the fair value of PotlatchDeltic's assets and liabilities as of September 30, 2025, derived from the condensed consolidated historical balance sheet of PotlatchDeltic as of September 30, 2025, and using the merger consideration adjusted based on the closing share price of Rayonier common shares of $22.74 on January 30, 2026. Rayonier management has not finalized the detailed valuation exercises necessary to arrive at the required estimates of the fair value of PotlatchDeltic's assets acquired and the liabilities assumed and the related allocations of purchase price. For the preliminary estimate of fair values of assets acquired and liabilities assumed in the merger, Rayonier used publicly available benchmarking information as well as a variety of other assumptions, including market participant assumptions. Rayonier is expected to use widely accepted income-based, market-based, and cost-based valuation approaches upon finalization of purchase accounting for the merger. Actual results may differ materially from the assumptions within the accompanying unaudited pro forma condensed combined financial information. The pro forma adjustments are based upon available information and certain assumptions that Rayonier believes are reasonable under the circumstances. Additional

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intangible asset classes may be identified as the valuation process continues. The purchase price adjustments relating to the merger are preliminary and subject to change, as additional information becomes available and as additional analyses are performed.

The following table summarizes the allocation of the preliminary purchase price as of September 30, 2025 (in thousands):

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| | |
|:---|:---|
|  | **Amount** |
| Cash and cash equivalents | $88773 |
| Other current assets | 182871 |
| Timber and timberland | 3573490 |
| Land held for development and sale | 58899 |
| Property, plant, and equipment | 547524 |
| Other assets | 139913 |
| Current liabilities | 104832 |
| Debt | 1037000 |
| Other non-current liabilities | 173964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total identifiable net assets | 3275674 |
| **Estimated fair value of preliminary purchase consideration** | $3275674 |

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**Note 4 – Rayonier Special Dividend and Merger Transaction Adjustments to the Unaudited Pro Forma Condensed Combined Balance Sheet**

The following pro forma adjustments have been reflected in the Pro Forma Merger Adjustments column in the accompanying unaudited pro forma condensed combined balance sheet as of September 30, 2025. All adjustments were based on preliminary assumptions and estimated fair values, which are subject to change.

&nbsp;&nbsp;&nbsp;&nbsp;a.Reflects the estimated cash consideration to be paid in connection with the merger.

&nbsp;&nbsp;&nbsp;&nbsp;b.Reflects an adjustment to increase the cost basis in the acquired inventory estimated fair value. In determining the fair value of the inventory, Rayonier utilized valuation methodologies, including an analysis of the average market lumber prices. The fair value calculations are preliminary and subject to change after Rayonier finalizes its review of the specific types of PotlatchDeltic's inventory.

&nbsp;&nbsp;&nbsp;&nbsp;c.Reflects an adjustment to increase the basis in the acquired timber and timberlands to estimated fair value. In determining the fair value of the timberlands, Rayonier utilized valuation methodologies, including a discounted cash flow analysis. The fair value calculations are preliminary and subject to change after Rayonier finalizes its review of the specific types, nature, age, condition and location of PotlatchDeltic's timberlands.

&nbsp;&nbsp;&nbsp;&nbsp;d.Reflects an adjustment to increase the basis in the acquired real estate development investments to estimated fair value. In determining the fair value of the real estate development investments, Rayonier utilized valuation methodologies, including sales comparison and a discounted cash flow analysis. The fair value calculations are preliminary and subject to change after Rayonier finalizes its review of the specific types, nature, age, condition and location of PotlatchDeltic's real estate development investments.

&nbsp;&nbsp;&nbsp;&nbsp;e.Reflects an adjustment to increase the basis in the acquired property, plant and equipment to estimated fair value. In determining the fair value of the property, plant and equipment Rayonier utilized valuation methodologies, including a sales comparison approach. Additionally, the replacement cost of the PP&E assets was calculated, and an economic obsolescence adjustment was applied to derive their fair value. The fair value calculations are preliminary and subject to change after Rayonier finalizes its review of the specific

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types, nature, age, condition and location of PotlatchDeltic's property, buildings and equipment. Preliminary property, plant and equipment assets in the unaudited pro forma condensed combined financial statements consist of the following (in thousands):

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| | | |
|:---|:---|:---|
| | **Preliminary Fair Value** | **Estimated Useful Life** |
| Land | $20708 | n.a. |
| Buildings & Improvements | 79532 | 9.5 |
| Machinery & Equipment | 427007 | 20.1 |
| Other | 20277 | n.a. |
| **Total Property, Plant & Equipment** | $547524 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;f.Reflects an adjustment to Other assets that consists of the following components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)An adjustment of $12.6 million to primarily write-off the carrying value of certain trade names the combined company will discontinue using following the merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)An adjustment of $0.2 million to decrease Right-of-use assets to reflect the present value of the remaining lease payments using Rayonier's incremental borrowing rate of 6.13%.

&nbsp;&nbsp;&nbsp;&nbsp;g.Reflects an adjustment to eliminate PotlatchDeltic's unamortized debt issuance costs as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;h.Reflects an adjustment to Other current liabilities that consists of the following components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The accrual of estimated one-time merger costs of $33.6 million expected to be incurred by Rayonier after September 30, 2025. Merger costs include fees for investment banking, advisory, and other professional fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The accrual of a one-time compensation expense of $6.7 million to the CEO of PotlatchDeltic. See Note 5(b)(3) for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)An adjustment of $2.1 million to increase the current portion of the carrying values of the acquired operating and finance lease liabilities to the present value of the relevant remaining lease payments using Rayonier's incremental borrowing rate.

&nbsp;&nbsp;&nbsp;&nbsp;i.Reflects an adjustment to Other non-current liabilities that consists of the following components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)An adjustment of $2.0 million to increase the basis in the acquired operating and finance lease liabilities at the present value of remaining lease payments using Rayonier's incremental borrowing rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)An adjustment of $43.6 million to record the deferred income tax liability resulting from the preliminary fair value adjustment to certain PotlatchDeltic's assets and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;j.The following represents the pro forma adjustments to equity, including the elimination of the historical equity of PotlatchDeltic (in thousands):

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---

| | | | |
|:---|:---|:---|:---|
|  | **Common Shares** | **Retained earnings** | **Accumulated other comprehensive income (loss)** |
| Elimination of PotlatchDeltic's historical equity | $(2401789) | $575134 | $(80745) |
| Issuance of shares of Rayonier's common stock | 3203437 |  |  |
| Fair value of Rayonier replacement awards for vested PotlatchDeltic awards | 24983 |  |  |
| Impact to retained earnings from recording one-time estimated merger costs |  | (33550) |  |
| Impact of one-time payment to PotlatchDeltic CEO |  | (6729) |  |
|  | $826631 | $534855 | $(80745) |

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&nbsp;&nbsp;&nbsp;&nbsp;k.The Rayonier special dividend of $1.40 per share, was paid on December 12, 2025 to shareholders of record on October 24, 2025, following the taxable gains generated from the sale of its New Zealand joint venture. The dividend was distributed in a mix of cash and common shares, with the cash portion capped at 25% in total and the remaining 75% delivered in common shares. Shareholders elected to receive the dividend entirely in cash or entirely in common shares; however, because the total cash elections exceeded 25%, the cash was prorated, and each cash-electing shareholder received approximately $0.35 in cash per share. Shareholders who did not make an election automatically received 25% cash and 75% Rayonier common shares. The following represents the pro forma adjustments to equity and assets, resulting from the Rayonier special dividend (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cash and cash equivalents** | **Noncontrolling Interests in the Operating Partnership** | **Common Shares** | **Retained earnings** |
| Pro forma impact from recording the Rayonier special dividend | ($54492) | $1685 | $161529 | ($217706) |

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**Note 5 – Rayonier Special Dividend and Merger Transaction Adjustments to the Unaudited Pro Forma Condensed Combined Statements of Income**

&nbsp;&nbsp;&nbsp;&nbsp;a.Reflects adjustments to Cost of goods sold for the nine months ended September 30, 2025 and the year ended December 31, 2024. These adjustments consist of the following components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)An adjustment of $25.2 million and $36.2 million for the nine months ended September 30, 2025, and the year ended December 31, 2024, respectively, to reflect the depletion of fair value adjustments to acquired timber and timberlands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)An adjustment of $0.5 million and $0.6 million for the nine months ended September 30, 2025, and the year ended December 31, 2024, respectively, to reflect the amortization of fair value adjustments to acquired real estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)An adjustment of $4.9 million and $6.6 million for the nine months ended September 30, 2025, and the year ended December 31, 2024, respectively, to reflect the depreciation of fair value adjustments to acquired property, plant, and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)A one-time adjustment of $15.8 million for year ended December 31, 2024 to reflect the decrease in Cost of goods sold related to the change of inventory cost from LIFO to lower of cost and net realizable value.

&nbsp;&nbsp;&nbsp;&nbsp;b.Reflects adjustments to Selling and general expenses for the nine months ended September 30, 2025 and the year ended December 31, 2024. These adjustments consist of the following components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)An adjustment of $0.1 million and $0.1 million for the nine months ended September 30, 2025, and the year ended December 31, 2024, respectively, to reflect the depreciation of fair value adjustments to acquired property, plant, and equipment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)A one-time adjustment reflecting Rayonier's merger costs of $33.6 million for the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)An adjustment to reflect the following post-combination compensation expense (in thousands):

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended**<br>**September 30, 2025** | **Year Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;Estimated PotlatchDeltic equity compensation expense (i) | $— | $1694 |
| &nbsp;&nbsp;Estimated PotlatchDeltic retention awards (ii) |  | 7707 |
| &nbsp;&nbsp;Estimated Rayonier retention awards (ii) | 1134 | 5693 |
| &nbsp;&nbsp;Estimated post-combination compensation expense attributable to the CEO of PotlatchDeltic (iii) |  | 6729 |
| &nbsp;&nbsp;**Pro forma adjustment to Selling and general expenses** | $**1134** | $**21823** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Reflects the difference between PotlatchDeltic's historical equity compensation expense and the estimated post-combination equity compensation expense related to replacement awards issued to continuing employees pursuant to the merger agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Reflects the estimated post-combination compensation expense associated with employee retention awards for both PotlatchDeltic and Rayonier employees, which are vesting over one- to two-year service periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Pursuant to the Cremers Agreement, Mr. Cremers received a one-time cash payment of $6.7 million following the merger date.

&nbsp;&nbsp;&nbsp;&nbsp;c.Rayonier intends to continue to qualify as a REIT under the requirements of the Code, and as a result, Rayonier's effective tax rate is expected to continue to be below the U.S. statutory tax rate. With respect to the merger, Rayonier expects to hold the taxable subsidiaries of PotlatchDeltic acquired in the merger in Rayonier TRS Holdings Inc., Rayonier's taxable REIT subsidiary (TRS). Rayonier TRS Holdings Inc. is subject to U.S. federal and state income taxes. As a result, in the preparation of the unaudited pro forma condensed combined financial statements, the pro forma adjustments related to the Wood Products segment, delivered log, and real estate development operations gave rise to income tax expense, as these operations are held within the TRS entities.

&nbsp;&nbsp;&nbsp;&nbsp;d.Pro forma basic earnings per common share attributable to Rayonier has been calculated based on the number of Rayonier common shares assumed to be outstanding, assuming such shares were outstanding for the full period presented. The following tables set forth the computation of unaudited pro forma basic and diluted earnings per share attributable to Rayonier for (i) the distribution of the Rayonier special dividend, and (ii) the pro forma condensed combined financial statements (in thousands, except shares and per share data):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)EPS calculated for the issuance of the Rayonier special dividend:

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| | | |
|:---|:---|:---|
| *(in thousands, except shares and per share amounts)* | **Nine Months Ended September 30, 2025** | **Year Ended December 31, 2024** |
| ***Denominator – basic:*** |  |  |
| Historical weighted average Rayonier common shares outstanding – basic | $154509107 | 148839858 |
| Incremental Rayonier common shares issued for Rayonier special dividend | 7510443 | 7510443 |
| **Weighted average Rayonier common shares outstanding as adjusted for Rayonier special dividend – basic** | 162019550 | 156350301 |
| ***Denominator – diluted:*** |  |  |
| Historical weighted average Rayonier common shares outstanding – diluted: | 157543437 | 152095503 |
| Incremental Rayonier common shares issued for Rayonier special dividend | 7510443 | 7510443 |
| Incremental Operating Partnership units issued for Rayonier special dividend | 78321 | 78321 |
| **Weighted average common shares outstanding as adjusted for Rayonier special dividend – diluted** | 165132201 | 159684267 |
| ***Pro forma earnings per share – basic:*** |  |  |
| Historical net income from continuing operations attributable to Rayonier | $47308 | $335840 |
| Earnings per share as adjusted for Rayonier special dividend – basic | $0.29 | $2.15 |
| ***Pro forma earnings per share – diluted:*** |  |  |
| Historical diluted net income from continuing operations attributable to Rayonier | $47885 | $340350 |
| Earnings per share as adjusted for Rayonier special dividend – diluted | $0.29 | $2.13 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)EPS calculated for the merger:

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| | | |
|:---|:---|:---|
| *(in thousands, except shares and per share amounts)* | **Nine Months Ended September 30, 2025** | **Year Ended December 31, 2024** |
| ***Denominator – basic:*** |  |  |
| Weighted average common shares outstanding as adjusted for Rayonier special dividend – basic | 162019550 | 156350301 |
| Issuance of shares to PotlatchDeltic common stockholders as consideration for the merger | 140872344 | 140872344 |
| Issuance of shares for PotlatchDeltic vested compensation awards as consideration for the merger | 1064024 | 1064024 |
| **Pro forma weighted average Rayonier common shares outstanding – basic** | 303955918 | 298286669 |
| ***Denominator – diluted:*** |  |  |
| Weighted average common shares outstanding as adjusted for Rayonier special dividend – diluted | 165132201 | 159684267 |
| Issuance of shares to PotlatchDeltic common stockholders as consideration for the merger | 140872344 | 140872344 |
| Issuance of shares for PotlatchDeltic vested compensation awards as consideration for the merger | 1064024 | 1064024 |
| Dilutive effect of Rayonier replacement awards issued for PotlatchDeltic awards | 363486 | 363486 |
| **Pro forma weighted average Rayonier common shares outstanding – diluted** | 307432055 | 301984121 |
| ***Pro forma earnings per share – basic*** |  |  |
| Pro forma net income (loss) from continuing operations attributable to Rayonier Inc. – basic | $75922 | $272851 |
| Pro forma earnings per share – basic | $0.25 | $0.91 |
| ***Pro forma earnings per share – diluted:*** |  |  |
| Pro forma net income (loss) from continuing operations attributable to Rayonier Inc.– diluted | $76499 | $277362 |
| Pro forma earnings per share– diluted | $0.25 | $0.92 |

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&nbsp;&nbsp;&nbsp;&nbsp;

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