Rayonier: Priced Below Its Timberland, Waiting On A Catalyst

Rayonier Inc. trades below its "sum-of-the-parts" net asset value after the PotlatchDeltic merger but lacks a near-term catalyst. The Real Estate segment beat Q1 guidance at $46.2M of EBITDA, but soft timber and lumber pricing left dividend coverage tight. Management targets $40 million in annual merger cost savings within 24 months; none has reached the income statement yet.