Rayonier
An American timberland real estate investment trust owning and managing forest assets in the United States and New Zealand.
Last updated August 31, 2026
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Overview
Rayonier Inc. is a publicly traded American real estate investment trust focused on timberlands, forest management, timber sales, and real-estate development. The company traces its origins to 1926, when Rainier Pulp and Paper Company began operating in Shelton, Washington. Its original business was the manufacture of premium bleached pulp from western hemlock. A 1930 collaboration with DuPont to develop hemlock pulp for rayon production helped shape the company’s eventual name, Rayonier, adopted in 1937 when the business became publicly traded. During the twentieth century, Rayonier expanded from the Pacific Northwest into the southeastern United States, where it built and acquired pulp-making capacity and timberland. The company opened a mill in Fernandina Beach, Florida, in 1939 and built a major facility at Jesup, Georgia, in the 1950s. The Jesup mill was substantially expanded in 1974 and became one of the world’s largest pulp mills. Rayonier also established international sales operations in Europe and Asia, developed commercial relationships in China after diplomatic relations were restored between China and the United States, and entered New Zealand through log trading and later timberland ownership. ITT acquired Rayonier in 1968, and the company operated for a period as ITT Rayonier. It was spun off from ITT in 1994, returning to independent ownership and the Rayonier name. A large acquisition of timberland in Florida, Georgia, and Alabama in 1999 strengthened its southeastern base and was followed by the relocation of corporate offices to Jacksonville, Florida. Rayonier adopted the REIT structure on January 1, 2004, aligning its corporate form with its emphasis on income-producing land and long-lived real-estate assets. The company later separated its traditional manufacturing activities from its land and forestry platform. It sold its wood-products division to Interfor in 2013 and spun off its performance-fibers business as Rayonier Advanced Materials in 2014. These transactions left Rayonier primarily focused on timberland ownership, sustainable forest operations, land sales, and development-oriented real estate. Its subsidiary TerraPointe was created to manage properties with higher development potential. Rayonier’s modern portfolio is concentrated in major softwood-growing regions. At December 31, 2024, it owned or leased approximately 2.5 million acres in total, including about 1.75 million acres in the U.S. South and 308,000 acres in the U.S. Pacific Northwest. Through a roughly 77% interest in Matariki Forestry Group, it also had exposure to approximately 412,000 acres of New Zealand timberlands. Its 2024 business mix consisted principally of U.S. real estate and timber, with a smaller trading activity. The company’s strategy combines recurring timber income with optionality from rural, conservation, residential, and other land uses. Reference materials also describe a planned sale of its New Zealand joint-venture interest and a proposed combination with PotlatchDeltic; these later transactions should be verified against current company filings because their status may change.
History
Rayonier began in 1926 as Rainier Pulp and Paper Company in Shelton, Washington, with corporate offices initially in San Francisco. Its first mill opened in Shelton in 1927 and used western hemlock to produce bleached paper pulp. In 1930, the company began working with DuPont on hemlock pulp for rayon manufacture. Additional mills followed in Hoquiam and Port Angeles, Washington. The company adopted the Rayonier name in 1937, combining the concepts of rayon and Mount Rainier, and became publicly traded. It soon broadened its geographic footprint. In 1938 it acquired southeastern timber stands and began constructing a pulp mill at Fernandina Beach, Florida, which entered production in 1939. After World War II, Rayonier made substantial land acquisitions in the Pacific Northwest. In 1952 it established the Rayonier Foundation to support charitable, civic, and educational organizations in communities associated with its operations. Rayonier expanded overseas sales in the 1950s and built a second southeastern pulp facility at Jesup, Georgia. Strong demand led to repeated expansion, including a major 1974 enlargement that made the Jesup operation exceptionally large by global standards. The company moved its offices to New York in 1944 and later to Stamford, Connecticut, in 1978. ITT purchased Rayonier in 1968, after which the business was known as ITT Rayonier. Rayonier developed commercial relationships in China after the restoration of diplomatic relations in 1979, eventually opening a Beijing office in 1985. It entered New Zealand initially through log trading in 1988 and acquired 250,000 acres from the New Zealand government in 1992. The company was spun off from ITT in 1994, again becoming an independent Rayonier listed on the New York Stock Exchange. A 1999 acquisition of approximately 969,000 acres in Florida, Georgia, and Alabama reinforced the company’s southeastern timberland platform and preceded the move of its corporate offices to Jacksonville. Rayonier became a REIT in 2004. In 2005 it created TerraPointe to manage land with development potential. Additional acquisitions and dispositions refined the portfolio, including a 2008 purchase of Washington timberland, the 2013 sale of its wood-products division, and changes to its Matariki Forestry Group ownership in New Zealand. The 2014 spin-off of Rayonier Advanced Materials separated the performance-fibers business from the timberland REIT. Rayonier subsequently concentrated on timber, land management, real estate, and trading. It acquired Pacific Northwest acreage in 2016, consolidated its offices into a new Wildlight, Florida, campus in 2017, and acquired Pope Resources in 2020. By the end of 2024, the company’s assets covered approximately 2.5 million acres in the United States, supplemented by its majority interest in New Zealand’s Matariki Forestry Group. Later reference material describes proposed New Zealand divestiture and a proposed PotlatchDeltic combination, but the current legal and operating status of those developments requires confirmation from company filings.
- 2024
Portfolio reported at approximately 2.5 million acres
[1]At year-end, Rayonier reported approximately 2.5 million owned or leased acres across U.S. timber regions, plus New Zealand joint-venture exposure.
- 2020
Pope Resources acquisition
[1]Rayonier acquired Pope Resources, expanding its Pacific Northwest timberland holdings.
- 2014
Rayonier Advanced Materials spin-off
[1]The performance-fibers business was separated into a new publicly traded company.
- 2004
REIT conversion
[1]Rayonier converted to a real estate investment trust.
- 1994
Spin-off from ITT
[1]Rayonier returned to independent ownership and public trading.
- 1968
ITT acquisition
[1]ITT acquired the company, which operated as ITT Rayonier for the following period.
- 1937
Company renamed Rayonier
[1]The business adopted the Rayonier name and became publicly traded.
- 1927
First mill opens in Shelton
[1]Rayonier’s predecessor began operating its first mill on Washington’s Olympic Peninsula.
- 1926
Rainier Pulp and Paper Company founded
[1]The company was established in Shelton, Washington, beginning its history in pulp and paper manufacturing.
Products and positioning
A timberland-focused REIT combining biological-growth assets, timber harvesting, land management, and real-estate value creation.
Timberland
U.S. South timberlands
Rayonier’s largest geographic timberland platform, covering approximately 1.75 million acres at December 31, 2024. The region supports softwood forestry, timber harvesting, land management, and potential alternative land uses.
Timberland
U.S. Pacific Northwest timberlands
A Pacific Northwest portfolio centered on softwood-growing regions in Washington and Oregon. The assets generate timber income and may provide long-term value through conservation, recreational, rural, and other land-use opportunities.
New Zealand forestry joint venture
Matariki Forestry Group
A New Zealand forestry platform in which Rayonier held approximately 77% according to the supplied reference material. The venture owns or leases approximately 412,000 acres of timberlands and supports harvesting and forest-management activities.
Real-estate development land · 2005
TerraPointe
A Rayonier business established to manage properties with development potential. Its role reflects the company’s strategy of realizing value from land uses beyond conventional timber production, including large-scale community and other real-estate projects.
Trading
Forest products trading
A smaller business activity involving the marketing and trading of timber and related forest products. Trading represented approximately 2% of total sales in 2024 according to the supplied reference material.
Controversies
2017
Shareholder class actions concerning harvesting disclosures
Certain shareholders brought class actions against members of Rayonier’s former management concerning alleged over-harvesting and public statements about harvesting below a sustainable rate. Court orders approving a settlement and distribution plan were entered on October 5, 2017.
Marketing campaigns
- 2017Wildlight development
United States
Rayonier consolidated offices in Wildlight, Florida, while developing a large mixed-use land project associated with its real-estate platform.
Outcome. The reference material states that work on a later phase began in 2022.
- 1952Rayonier Foundation
United States
Rayonier created a foundation to support charitable, civic, and educational organizations in communities where it operated.
Outcome. The foundation became part of the company’s community-support activities.
Brand decisions
2025
Proposed sale of New Zealand joint-venture interestM&ABackground
Rayonier announced a plan to exit its interest in Matariki Forestry Group.
Action taken
The company announced an intended sale to The Rohatyn Group for $710 million.
Aftermath
Completion and final ownership status require verification from current filings.
Announced transaction value. $710 million (2025 announcement)
2025
Proposed combination with PotlatchDelticM&ABackground
Rayonier and PotlatchDeltic announced an intended all-stock combination to create a larger forestry company.
Action taken
The proposed transaction was described as creating a company with approximately 4.2 million acres of U.S. timberland; the supplied material states that it closed in January 2026.
Aftermath
The transaction status, resulting corporate structure, and headquarters arrangements should be checked against post-closing disclosures.
2014
Spin-off of Rayonier Advanced MaterialsM&ABackground
Rayonier separated its performance-fibers manufacturing business from its timberland and real-estate operations.
Action taken
The business was spun off as Rayonier Advanced Materials, with Rayonier shareholders receiving one share for every three Rayonier shares.
Aftermath
Rayonier became more concentrated on timberlands, timber, and real estate.
2013
Sale of wood-products divisionM&ABackground
Rayonier was narrowing its focus toward timberland ownership and real estate.
Action taken
It sold its wood-products division, including mills in Baxley, Swainsboro, and Eatonton, Georgia, to International Forest Products for $80 million.
Aftermath
The transaction reduced Rayonier’s direct manufacturing footprint.
Transaction value. $80 million (2013)
Recent events
Sources3 sources
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