Rayonier: Prime Timberland Selling For ~$1,800 An Acre

Following my initial coverage in November 2025, Rayonier completed its transformative merger with PotlatchDeltic and also announced its Q4-25 financial results. On a pro-forma basis, Rayonier now owns 4.1 million acres of timberland, in addition to six sawmills, one plywood manufacturing facility and a real estate development business. Based on the current share price of $20.30 per share, Rayonier currently trades at an implied valuation of ~$1,800 per acre, which is well below private market transactions.