Rayonier Inc (RYN) 2024 Q3 法說會逐字稿

Welcome and thank you for joining Rayonier's third-quarter 2024 conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

歡迎並感謝您參加 Rayonier 2024 年第三季電話會議。（操作員指示）今天的會議正在錄音。如果您有任何異議，您可以此時斷開連接。

Now, I will turn the meeting over to Mr. Collin Mings, Vice President, Capital Markets and Strategic Planning. You may go ahead.

現在，我將會議交給資本市場和策略規劃副總裁科林·明斯先生。你可以繼續。

Thank you and good morning. Welcome to Rayonier's investor teleconference, covering third quarter earnings. Our earnings statements and financial supplement were released yesterday afternoon and are available on our website at rayonier.com.

謝謝你，早安。歡迎參加 Rayonier 的投資者電話會議，會議內容涵蓋第三季財報。我們的收益報表和財務補充報告已於昨天下午發布，可在我們的網站 rayonier.com 上取得。

I would like to remind you that in these presentations, we include forward-looking statements made pursuant to the safe harbor provisions of federal securities laws. Our earnings release and forms 10-K and 10-Q filed with the SEC list, some of the factors that may cause actual results to differ materially from the forward-looking statements we may make.

我想提醒您，在這些簡報中，我們包含根據聯邦證券法安全港條款所做的前瞻性聲明。我們向 SEC 提交的收益發布以及表格 10-K 和 10-Q 列出了一些可能導致實際結果與我們可能做出的前瞻性聲明有重大差異的因素。

They are also referenced on page 2, of our financial supplement. Throughout these presentations, we will also discuss non-GAAP financial measures which are defined and reconciled to the nearest GAAP measures in our earnings release and supplemental materials.

我們的財務增刊第 2 頁也引用了它們。在這些演示中，我們還將討論非公認會計原則財務指標，這些指標是根據我們的收益發布和補充資料中最接近的公認會計原則指標進行定義和調整的。

With that, let's start our teleconference with opening comments from Mark McHugh, our President and CEO. Mark?

接下來，讓我們以總裁兼執行長馬克·麥克休 (Mark McHugh) 的開場白開始我們的電話會議。標記？

Thanks Collin. Good morning, everyone. Before reviewing our results for the third quarter, I'd like to first discuss the timberland dispositions we announced concurrent with our earnings release yesterday afternoon.

謝謝科林。大家早安。在回顧我們第三季的業績之前，我想先討論一下我們在昨天下午發布收益的同時宣布的林地處置。

Then I'll make some high-level comments on the quarter before turning it over to April Tice, Senior Vice President and Chief Financial Officer to review our consolidated financial results. We'll then ask Doug Long, Executive Vice President and Chief Resource Officer to comment on our US and New Zealand timber results.

然後我將對本季度發表一些高層評論，然後將其交給高級副總裁兼首席財務官 April Tice 審查我們的綜合財務業績。然後，我們將請執行副總裁兼首席資源長 Doug Long 對我們的美國和紐西蘭木材結果發表評論。

And following the review of our timber segments, April will discuss our real estate results and our outlook for the balance of the year. Yesterday afternoon, as part of our previously announced asset disposition and capital structure realignment plan, we announced completed and pending timberland dispositions totaling 200,000 acres for an aggregate purchase price of $495 million.

在對我們的木材部門進行審查之後，四月將討論我們的房地產業績以及我們對今年剩餘時間的展望。昨天下午，作為我們先前宣布的資產處置和資本結構調整計畫的一部分，我們宣布已完成和待處理的林地處置總計 20 萬英畝，總購買價為 4.95 億美元。

The total value represents an implied EBITDA multiple of 45 times the trailing three-year average EBITDA from these properties. Illustrating what we continue to believe is a significant disconnect between private market timberland values and the valuation implied by the company's share price.

總價值代表隱含 EBITDA 倍數，是這些房產過去三年平均 EBITDA 的 45 倍。這說明我們仍然認為私人市場林地價值與公司股價隱含的估值之間存在顯著脫節。

We expect that the timberland dispositions will generate pro forma CAD per share accretion of approximately 9%, while also further concentrating our portfolio in markets with the strongest cash flow attributes and the most favorable long-term growth prospects.

我們預計，Timberland 的處置將產生約 9% 的預計每股加元增值，同時也進一步將我們的投資組合集中在具有最強現金流屬性和最有利的長期成長前景的市場。

The timberlands were sold through four separate transactions to high-caliber institutional investors and consist of approximately 91,000 acres in Southeast Oklahoma and 109,000 acres on the Olympic Peninsula in Northwest Washington. Three of these deals which collectively comprise roughly 75% of the total proceeds have already closed during the fourth quarter and the remaining transaction is expected to close before the end of the year.

這些林地透過四筆單獨的交易出售給了高水準的機構投資者，包括俄克拉荷馬州東南部約 91,000 英畝的林地和華盛頓州西北部奧林匹克半島的約 109,000 英畝林地。其中三筆交易合計約佔總收益的 75%，已於第四季完成，其餘交易預計將在年底前完成。

Importantly, these dispositions are generating significant proceeds for deleveraging. Pro forma for the dispositions, we expect that leverage will decline to approximately 2.8 times net debt to pro forma adjusted EBITDA.

重要的是，這些配置正在為去槓桿化帶來可觀的效益。對於此次處置，我們預期槓桿率將下降至預計調整後 EBITDA 淨債務的 2.8 倍左右。

We have already used $90 million of the proceeds to pay down our only unhedged floating rate debt and the remaining proceeds will be used to further reduce leverage, return capital to shareholders, or fund other capital allocation priorities.

我們已經使用其中的 9000 萬美元來償還我們唯一的未對沖浮動利率債務，剩餘的收益將用於進一步降低槓桿、向股東返還資本或為其他資本配置優先事項提供資金。

As a result of these dispositions, we expect to make a special distribution to meet our REIT taxable income distribution requirements. We plan to announce the details of the special distribution before the end of the year. Since introducing our initiatives to enhance shareholder value last November, we have now completed or announced pending timberland dispositions totaling $737 million. Roughly three quarters of our original $1 billion target.

由於這些處置，我們預計將進行特別分配，以滿足我們的房地產投資信託應稅收入分配要求。我們計劃在年底前公佈特別分配的細節。自去年 11 月推出提高股東價值的措施以來，我們現已完成或宣布待處理的林地處置，總額達 7.37 億美元。大約是我們最初 10 億美元目標的四分之三。

Our execution of this plan underscores our relentless focus on nimble capital allocation, active portfolio management and prudent balance sheet management. Additional details regarding the dispositions and the pro forma impact for Rayonier are provided in a supplemental presentation posted to our website.

我們對該計劃的執行凸顯了我們對靈活資本配置、積極投資組合管理和審慎資產負債表管理的不懈關注。有關處置和對 Rayonier 的預計影響的更多詳細信息，請參閱我們網站上發布的補充演示文稿。

Now let's move on to our third quarter results. Overall, we generated third quarter adjusted EBITDA of $72 million and pro forma net income of $18 million or $0.12 per share. The decline in adjusted EBITDA versus the prior year period was primarily attributable to a lower contribution from our New Zealand Timber segment.

現在讓我們來看看第三季的業績。總體而言，我們第三季調整後 EBITDA 為 7,200 萬美元，預計淨利為 1,800 萬美元，即每股 0.12 美元。調整後 EBITDA 較上年同期下降的主要原因是紐西蘭木材部門的貢獻較低。

Drilling down further on our timber segment operating results. Our Southern Timber segment generated third quarter adjusted EBITDA of $38 million which was comparable to the prior year period, as significantly higher non-timber income was largely offset by a 13% decline in harvest volumes and 3% lower weighted average net stumpage realizations.

進一步深入了解我們的木材部門的經營績效。我們的南方木材部門第三季調整後EBITDA 為3,800 萬美元，與去年同期相當，因為非木材收入的顯著增加在很大程度上被採伐量下降13% 和加權平均淨立木實現減少3% 所抵消。

In our Pacific Northwest Timber segment, third quarter adjusted EBITDA of $9 million increased $1 million versus the prior year quarter. As a 10% increase in harvest volumes and favorable costs were partially offset by a 7% decrease in weighted average net stumpage realizations.

在我們的太平洋西北木材部門，第三季調整後 EBITDA 為 900 萬美元，比去年同期增加了 100 萬美元。採伐量增加 10%，有利的成本被加權平均淨立木實現量減少 7% 部分抵銷。

Turning to our New Zealand Timber segment. Third quarter, adjusted EBITDA of $15 million decreased $9 million versus the prior year quarter. The decrease in adjusted EBITDA was driven by lower carbon credit sales and a 16% decline in weighted average net stumpage realizations, primarily due to elevated shipping costs.

轉向我們的紐西蘭木材部門。第三季調整後 EBITDA 為 1,500 萬美元，與去年同期相比減少了 900 萬美元。調整後 EBITDA 的下降是由於碳信用銷售減少以及加權平均淨立木實現量下降 16%（主要是由於運輸成本上升）所致。

In our real estate segment, we generated third quarter adjusted EBITDA of $20 million up $1 million from the prior year period, as higher average per acre prices were partially offset by lower acres sold. Based on our year-to-date performance and our expectations for the balance of the year, we are updating our full year adjusted EBITDA guidance range to $275 million to $290 million.

在我們的房地產領域，我們第三季調整後的 EBITDA 為 2000 萬美元，比去年同期增加了 100 萬美元，因為每英畝平均價格的上漲被出售面積的減少部分抵消。根據我們今年迄今的業績和對今年剩餘時間的預期，我們將全年調整後 EBITDA 指引範圍更新為 2.75 億至 2.9 億美元。

This revision largely reflects the impact of the completed and pending dispositions discussed earlier, as we generally ceased harvesting operations on these timberlands around midyear ahead of the sales process.

這項修訂在很大程度上反映了前面討論的已完成和待處理處置的影響，因為我們通常在年中左右在銷售過程之前停止對這些林地的採伐作業。

With that, let me turn it over to April, for more details on our third quarter financial results.

那麼，讓我把時間轉到四月份，以了解有關我們第三季財務業績的更多詳細資訊。

Thanks Mark. Moving to the financial highlights on page 5, of the supplement. Sales for the third quarter totaled $195 million while operating income was $28 million and net income attributable to Rayonier was $29 million or $0.19 per share. On a pro forma basis, net income was $18 million or $0.12 per share.

謝謝馬克。前往增刊第 5 頁的財務要點。第三季銷售額總計 1.95 億美元，營業收入為 2,800 萬美元，歸屬於 Rayonier 的淨利潤為 2,900 萬美元，即每股 0.19 美元。按預計，淨利潤為 1800 萬美元，即每股 0.12 美元。

Pro forma items in the third quarter included a $12 million net recovery on legal settlements, $900,000 of costs related to our disposition plan, and a $300,000 pension settlement charge. Adjusted EBITDA was $72 million in the third quarter, down from $79 million in the prior year period.

第三季的預計項目包括 1,200 萬美元的法律和解淨回收額、與我們的處置計畫相關的 90 萬美元的費用以及 30 萬美元的退休金結算費用。第三季調整後 EBITDA 為 7,200 萬美元，低於去年同期的 7,900 萬美元。

On the bottom of page 5, we provide an overview of our capital resources and liquidity. Our cash available for distribution or CAD for the first nine months of the year was $106 million versus $115 million in the prior year period.

在第 5 頁的底部，我們概述了我們的資本資源和流動性。今年前 9 個月，我們可供分配的現金或加幣為 1.06 億美元，去年同期為 1.15 億美元。

The decrease was driven by lower adjusted EBITDA partially offset by lower net cash interest paid. A reconciliation of CAD to cash provided by operating activities and other GAAP measures is provided on page 8 of the financial supplement.

下降的原因是調整後的 EBITDA 較低，但部分被支付的淨現金利息減少所抵銷。財務補充文件第 8 頁提供了加幣與經營活動提供的現金和其他公認會計準則措施的調節表。

We closed the third quarter with $74 million of cash and roughly $1.3 billion of debt. Our net debt to trailing 12 months adjusted EBITDA was approximately 4.5 times. At quarter end, our weighted average cost of debt was approximately 2.9% and the weighted average maturity of our debt portfolio was approximately four years with no significant debt maturities until 2026.

第三季末，我們擁有 7,400 萬美元現金和約 13 億美元債務。我們的淨債務與過去 12 個月調整後 EBITDA 的比率約為 4.5 倍。截至季末，我們的加權平均債務成本約為 2.9%，債務組合的加權平均期限約為四年，到 2026 年為止沒有重大債務到期。

Our net debt to enterprise value based on our closing stock price at the end of the quarter was 20%. As Mark discussed, pro forma for the completed and pending dispositions, we estimate that the reduction in leverage will imply net debt to pro forma adjusted EBITDA of approximately 2.8 times.

根據本季末收盤價計算，我們的淨債務與企業價值之比為 20%。正如馬克所討論的，對於已完成和待處理的處置，我們估計槓桿率的降低將意味著淨債務與預計調整後 EBITDA 的比率約為 2.8 倍。

Subsequent to quarter end, we used $90 million of the disposition proceeds to pay off our only unhedged floating rate debt which reduced our weighted average cost of debt to approximately 2.7%.

季度末後，我們使用了 9,000 萬美元的處置收益來償還我們唯一的未對沖浮動利率債務，這將我們的加權平均債務成本降低至約 2.7%。

Within the supplemental presentation posted to our website, we detail the key aspects of the Oklahoma and Washington dispositions, as well as provide an overview of our pro forma capital structure and debt maturity profile.

在我們網站上發布的補充簡報中，我們詳細介紹了俄克拉荷馬州和華盛頓州處置的關鍵方面，並概述了我們的預期資本結構和債務到期情況。

I'll now turn the call over to Doug, to provide a more detailed review of our timber results.

我現在將把電話轉給道格，以對我們的木材結果進行更詳細的審查。

Thanks April. Let's start on page 9, with our Southern Timber segment. Adjusted EBITDA in the third quarter of $38 million was comparable to the prior year quarter, as lower harvest volumes, lower net stumpage realizations, and slightly higher costs were offset by higher non-timber revenue.

謝謝四月。讓我們從第 9 頁開始，即南方木材部分。第三季調整後 EBITDA 為 3,800 萬美元，與去年同期相當，收穫量下降、淨立木實現量下降以及成本略高被非木材收入增加所抵銷。

Total harvest volumes fell 13% versus a strong prior year quarter due to wet ground conditions that constrained production in our Atlantic region, as well as softer demand from lumber mills.

由於潮濕的地面條件限制了我們大西洋地區的生產，以及木材廠的需求疲軟，總收穫量與去年同期相比下降了 13%。

Meanwhile, non-timber revenue increased $6.8 million versus the prior year period driven by higher pipeline easement revenues and growth in our land based solutions business. Average sawlog stumpage pricing was $27 per ton, a 5% decrease compared to the prior year period due to weaker grade markets in a geographic mix shift away from the relatively higher-priced Atlantic region.

同時，由於管道地役權收入增加和陸上解決方案業務成長，非木材收入較上年同期增加了 680 萬美元。鋸材立木平均價格為每噸 27 美元，比去年同期下降 5%，因為地理組合從價格相對較高的大西洋地區轉移，等級市場疲軟。

Pulpwood net stumpage pricing was 4% higher than the prior year quarter at roughly $17 per ton. Overall, weighted average stumpage prices in the third quarter decreased 3% versus the prior quarter to roughly $21 per ton.

紙漿木材淨立木價格比去年同期高出 4%，約每噸 17 美元。整體而言，第三季的加權平均立木價格較上一季下降 3%，至每噸約 21 美元。

Stable end-market demand and reduced residual sawmill chip supply availability translated into improved pulpwood pricing across most of our markets in the US South. Market pulp prices have improved over the past year and containerboard operating rates have rebounded following the inventory destocking cycle that weighed heavily on demand in 2023.

穩定的終端市場需求和減少的剩餘鋸木廠木片供應轉化為美國南部大部分市場紙漿木材價格的改善。過去一年，市場紙漿價格有所改善，而在 2023 年庫存去庫存週期嚴重影響需求之後，箱板紙開工率也出現反彈。

Turning to grade markets, log demand was soft throughout the third quarter due to continued weakness in southern yellow pine lumber demand.

轉向等級市場，由於南方黃松木材需求持續疲軟，整個第三季原木需求疲軟。

Encouragingly, there has been a significant rebound in southern yellow pine lumber prices recently, which are now up 18% from September lows when lumber producers responded to weak market conditions with mill curtailments and reduced production levels.

令人鼓舞的是，近期南方黃松木材價格大幅反彈，較 9 月的低點上漲了 18%，當時木材生產商透過削減工廠產量和降低產量來應對疲軟的市場狀況。

That said, the overall demand picture for lumber remains challenged by continued softness in housing and repair and remodel markets.

儘管如此，木材的整體需求狀況仍受到住房、維修和改造市場持續疲軟的挑戰。

As it relates to the hurricanes that impacted the US south during September and October, the direct impact to our portfolio was minor. We currently estimate that roughly 4,000 acres of our timberlands across Florida and Georgia suffered some degree of damage as a result of Hurricane Helene.

由於它與 9 月和 10 月影響美國南部的颶風有關，因此對我們投資組合的直接影響很小。目前，我們估計佛羅裡達州和喬治亞州約 4,000 英畝的林地因海倫颶風而遭受了一定程度的破壞。

We have started salvaged operations on the more severely impacted tracks, some of which were in the process of being thinned and will now be clear cut.

我們已經開始對受影響較嚴重的軌道進行搶救工作，其中一些軌道正在被稀疏化，現在將被清除。

We expect salvage operations to be largely completed by the end of Q4. With respect to Hurricane Milton, there was no notable damage to our timberlands, but the storm did contribute to already wet operating conditions across some of our Florida ownership.

我們預計打撈作業將在第四季末基本完成。就颶風米爾頓而言，我們的林地沒有受到明顯損害，但這場風暴確實導致了我們佛羅裡達州部分所有權本已潮濕的經營條件。

In the short-term, there were some minimal impacts to harvest activity and production at our customers’ mills due to the wet weather events, but operations normalized fairly quickly.

短期內，由於潮濕的天氣事件，我們客戶工廠的收割活動和生產受到了一些輕微的影響，但營運很快就恢復正常了。

However, we expect salvage operations of windthrown timber throughout parts of Georgia and Florida will contribute to elevated supply in these areas for the next couple of quarters.

然而，我們預計喬治亞州和佛羅裡達州部分地區的風吹木材打撈作業將有助於增加這些地區未來幾季的供應量。

Moving to our Pacific Northwest Timber segment on page 10, adjusted EBITDA of $9 million was $1 million above the prior quarter. The year over year increase was primarily driven by higher harvest volumes as lower net stumpage realizations were largely offset by lower costs.

轉到第 10 頁的太平洋西北木材部門，調整後的 EBITDA 為 900 萬美元，比上一季高出 100 萬美元。年比成長主要是由於採伐量增加所致，因為淨立木實現量的減少在很大程度上被成本降低所抵消。

Volumes increased 10% in the third quarter, as compared to the prior period. At $95 per ton average delivered domestic sawlog pricing in the third quarter decreased 12% in the prior period due to a combination of weaker demand from domestic lumber mills and reduced export market tension, as well as a lower proportion of Douglas fir volumes.

與上一季相比，第三季銷量成長了 10%。由於國內木材廠需求疲軟、出口市場緊張局勢緩解以及花旗松銷量比例下降，第三季國內鋸材原木交付平均價格為每噸 95 美元，較上一期下降 12%。

Meanwhile, at $30 per ton, pulpwood pricing has remained fairly stable thus far in 2024, but was down 9% versus the prior quarter.

同時，紙漿木材價格在 2024 年迄今仍相當穩定，為每噸 30 美元，但較上一季下降了 9%。

The Pacific Northwest log market continued to face headwinds during the third quarter from both challenging domestic lumber markets and reduced demand for log exports. However, we are optimistic that as lumber prices continue to recover from the lows reached earlier this year, this should translate to higher log prices as we move into 2025.

第三季度，太平洋西北地區原木市場持續面臨國內木材市場挑戰和原木出口需求減少的不利因素。然而，我們樂觀地認為，隨著木材價格繼續從今年稍早達到的低點回升，這應該會在進入 2025 年時轉化為更高的原木價格。

Moving to New Zealand. Page 11 shows results and key operating metrics for our New Zealand Timber segment. Adjusted EBITDA in the third quarter of $15 million was $9 million below the prior year quarter.

搬到紐西蘭。第 11 頁顯示了我們紐西蘭木材部門的績效和關鍵營運指標。第三季調整後 EBITDA 為 1,500 萬美元，比去年同期低 900 萬美元。

The decrease in adjusted EBITDA compared to the prior period was primarily driven by lower carbon credit sales and lower net stumpage realizations. Average delivered export sawtimber prices of $104 per ton increased 10% compared to the prior quarter. But these pricing gains were more than offset by higher port and freight costs.

與上一期相比，調整後 EBITDA 的下降主要是由於碳信用額銷售減少和淨立木變現減少所致。鋸材平均交貨出口價格為每噸 104 美元，較上一季上漲 10%。但這些定價收益被較高的港口和貨運成本所抵銷。

In October, offtake from Chinese ports was approximately 70,000 cubic meters per day. Although up slightly from prior levels, the demand environment remains challenged.

10月份，中國港口的卸貨量約為每天7萬立方公尺。儘管較之前水準略有上升，但需求環境仍面臨挑戰。

Inventory levels have generally adjusted to the weaker demand environment due to ongoing softness in China's property sector.

由於中國房地產行業持續疲軟，庫存水準已普遍調整以適應疲軟的需求環境。

As of early November, softwood log inventories at Chinese ports stood at approximately 2.7 million cubic meters comparable to where they were a year ago.

截至11月初，中國港口的軟木原木庫存約為270萬立方米，與一年前相當。

Shifting to the New Zealand domestic market, third quarter average delivered sawlog prices increased 2% from the prior year period.

轉向紐西蘭國內市場，第三季鋸木平均交貨價格較去年同期上漲 2%。

While economic headwinds in New Zealand persist, we are encouraged by signs of property market stabilization and increased consumer confidence as interest rates have eased. Third quarter non-timber income in New Zealand of $9 million decreased $6 million relative to the prior year period.

儘管紐西蘭的經濟逆風持續存在，但房地產市場穩定的跡像以及隨著利率下降而增強的消費者信心令我們感到鼓舞。紐西蘭第三季非木材收入為 900 萬美元，比去年同期減少 600 萬美元。

The year over year decrease reflects lower carbon credit sales in the current year period, as sales in the third quarter of 2023 were elevated because we had deferred sales from earlier in the year.

年比下降反映了本年度碳信用銷售的減少，因為我們推遲了今年稍早的銷售，因此 2023 年第三季的銷售額有所增加。

We anticipate that we will remain active in the New Zealand carbon market over the remainder of 2024, as pricing has firmed following the announcement of a reduction in the amount of auction credits available in 2025.

我們預計，在 2024 年剩餘時間內，我們將繼續活躍於新西蘭碳市場，因為在宣布 2025 年可用拍賣額度減少後，定價已經堅挺。

Lastly in our trading segment, we registered a breakeven result in the third quarter. As a reminder, our trading activities typically generate low margins and are primarily designed to provide additional economies of scale to our fee timber export business.

最後，在我們的貿易部門，我們在第三季取得了盈虧平衡的結果。提醒一下，我們的貿易活動通常會產生較低的利潤，主要旨在為我們的收費木材出口業務提供額外的規模經濟。

I'll now turn it back over to April, to cover our real estate results.

現在我將把它轉回到四月份，以涵蓋我們的房地產業績。

Thanks Doug. As detailed on page 12, the contribution from our real estate segment during the third quarter was slightly higher as compared to the prior year period. Real estate revenue totaled $30 million on roughly 2,900 acres sold at an average price of $8,800 per acre. The strong average price per acre reflects the higher proportion of improved development sales closed during the period.

謝謝道格。如第 12 頁所述，第三季房地產業務的貢獻略高於去年同期。大約 2,900 英畝土地的房地產收入總計 3,000 萬美元，平均價格為每英畝 8,800 美元。每英畝的強勁平均價格反映了在此期間完成的開發銷售改善的比例較高。

Real estate segment adjusted EBITDA in the third quarter with $20 million. Drilling down, sales in the improved development category totaled $12 million. In our Wildlight development project north of Jacksonville, Florida, we completed two residential pod sales totaling 104 acres for $7.7 million or $74,000 per acre.

房地產部門第三季調整後的 EBITDA 為 2,000 萬美元。深入分析，改進開發類別的銷售額總計 1200 萬美元。在佛羅裡達州傑克遜維爾北部的 Wildlight 開發案中，我們以 770 萬美元或每英畝 74,000 美元的價格完成了兩處住宅區銷售，總面積為 104 英畝。

We also had two small non-residential sales in Wildlight totaling $200,000. In our Heartwood development project south of Savannah, Georgia, sales consisted of 8.8 acres for $3.6 million or $410,000 per acre.

我們還在 Wildlight 進行了兩次小型非住宅銷售，總金額為 20 萬美元。在我們喬治亞州薩凡納以南的 Heartwood 開發案中，銷售面積為 8.8 英畝，售價為 360 萬美元，每英畝 41 萬美元。

We also sold an industrial-use parcel in Kitsap County, Washington for $500,000 or $266,000 per acre.

我們還以 50 萬美元（即每英畝 266,000 美元）的價格出售了華盛頓州基薩普縣的一塊工業用地。

There continues to be healthy interest from homebuilders in both our Wildlight and Heartwood projects as the pace of sales at both remains on a favorable trajectory. In Wildlight, we remain encouraged by the pipeline of future opportunities and expect the first sales within Phase 2 of the project to close next year.

住宅建築商對我們的 Wildlight 和 Heartwood 項目仍然抱有濃厚的興趣，因為這兩個項目的銷售步伐仍然保持在良好的軌道上。在 Wildlight 中，我們仍然對未來機會的管道感到鼓舞，並預計該專案第二階段的首次銷售將於明年完成。

In Heartwood, the Hyundai Mobis manufacturing facility recently opened and we continue to see a long runway of future demand in response to continued economic growth in the area.

現代摩比斯製造工廠最近在 Heartwood 開業，隨著該地區經濟的持續增長，我們繼續看到未來需求的長期增長。

Despite the continuing momentum at both projects, as we discussed last quarter, some commercial deals are taking longer to materialize due to the challenges that developers are contending with in the relatively higher interest rate environment.

儘管這兩個項目的勢頭持續強勁，但正如我們上季度討論的那樣，由於開發商在相對較高的利率環境中面臨挑戰，一些商業交易需要更長的時間才能實現。

Turning to the rural category. Third quarter sales totaled $14 million consisting of approximately 2,800 acres at an average price of roughly $4,900 per acre.

轉向農村類別。第三季銷售額總計 1,400 萬美元，包括約 2,800 英畝土地，平均價格約為每英畝 4,900 美元。

The overall demand and pricing for rural properties remains favorable and we have been encouraged to see increased buyer interest in certain markets in recent months. In addition, we continue to see strong interest from conservation focus buyers which contributed to sales activity during the quarter and remains an important component of our sales pipeline as we approach 2025.

農村房產的整體需求和定價仍然有利，近幾個月來，我們看到買家對某些市場的興趣增加，這讓我們感到鼓舞。此外，我們繼續看到以保護為重點的買家的強烈興趣，這對本季度的銷售活動做出了貢獻，並且在接近 2025 年時仍然是我們銷售管道的重要組成部分。

That said, continued economic uncertainty coupled with relatively elevated interest rates continue to impact the willingness of some buyers to transact. Overall, we are pleased with the momentum in our real estate business as we head into year end and are optimistic that lower interest rates in 2025 will spur further demand for both development and rural properties.

儘管如此，持續的經濟不確定性加上相對較高的利率繼續影響一些買家的交易意願。總體而言，我們對年底之際房地產業務的勢頭感到滿意，並樂觀地認為 2025 年較低的利率將進一步刺激開發和農村房地產的需求。

Now, moving on to our outlook for the balance of 2024. Based on our year-to-date results, recent disposition activity and our expectations for the fourth quarter, we now expect that full year adjusted EBITDA will be in the range of $275 million to $290 million.

現在，我們展望 2024 年的情況。根據我們今年迄今的業績、最近的處置活動以及我們對第四季度的預期，我們現在預計全年調整後 EBITDA 將在 2.75 億美元至 2.9 億美元之間。

We further expect full year net income attributable to Rayonier of $343 million to $359 million, earnings per share of $2.30 to $2.40 and pro forma earnings per share of $0.36 to $0.40. Our revised guidance reflects the reduced volume from the disposition properties as harvest operations generally ceased around mid-year in preparation for the sales process.

我們進一步預期 Rayonier 全年淨利潤為 3.43 億美元至 3.59 億美元，每股收益為 2.30 美元至 2.40 美元，預計每股收益為 0.36 美元至 0.40 美元。我們修訂後的指導反映了處置物業數量的減少，因為收穫作業通常在年中左右停止，為銷售過程做準備。

As a reminder, our prior financial guidance excluded the potential impact of 2024 asset sales as part of the disposition plan. With respect to our individual segments, in our Southern Timber segment, we expect full year harvest volumes of approximately 7 million tons, which is slightly below the lower end of our prior guidance range due to the Oklahoma disposition, as well as weather-related impacts in certain markets.

提醒一下，我們先前的財務指引排除了 2024 年資產出售的潛在影響，作為處置計畫的一部分。就我們的各個部門而言，在我們的南部木材部門，我們預計全年採伐量約為 700 萬噸，由於俄克拉荷馬州的處置以及天氣相關的影響，略低於我們之前指導範圍的下限在某些市場。

Further, we anticipate that pine stumpage realizations will be slightly lower in the fourth quarter as compared to the third quarter due to less favorable geographic mix, lower sawlog prices, and the impact of salvage volume in Florida and Georgia.

此外，我們預計第四季度松木立木的實現量將略低於第三季度，原因是地理結構較差、鋸木價格較低以及佛羅裡達州和喬治亞州廢品回收量的影響。

Lastly, we remain encouraged by the momentum in our land-based solutions business and we continue to expect higher non-timber income for full year 2024 relative to the full year 2023. Overall, we anticipate full year Southern Timber adjusted EBITDA slightly below the lower end of our prior guidance range.

最後，我們仍然對陸基解決方案業務的勢頭感到鼓舞，我們繼續預計 2024 年全年的非木材收入將高於 2023 年全年。總體而言，我們預計南方木材公司全年調整後 EBITDA 略低於我們先前指導範圍的下限。

In our Pacific Northwest Timber segment, we now expect full year harvest volumes of approximately 1.2 million tons, which is below our prior guidance due to the disposition of approximately 109,000 acres in Washington. We further expect modestly lower sawtimber price realizations as compared to the third quarter.

在我們的太平洋西北木材部門，我們目前預計全年採伐量約為 120 萬噸，由於華盛頓州處置了約 109,000 英畝的木材，這低於我們先前的指導。我們進一步預期鋸材價格實現量將比第三季小幅下降。

Overall, we expect full year Pacific Northwest Timber adjusted EBITDA to be slightly below the lower end of our prior guidance range.

總體而言，我們預計太平洋西北木材公司全年調整後 EBITDA 將略低於我們先前指導範圍的下限。

In our New Zealand Timber segment, we are on track to achieve our full year volume guidance of 2.4 million to 2.5 million tons. However, we expect full year New Zealand Timber adjusted EBITDA to fall modestly below our prior guidance range due to lower carbon credit sales, softer export markets and elevated shipping costs.

在新西蘭木材部門，我們預計將實現 240 萬噸至 250 萬噸的全年產量目標。然而，由於碳信用額銷售減少、出口市場疲軟和運輸成本上升，我們預計紐西蘭木材公司全年調整後 EBITDA 將小幅低於我們先前的指導範圍。

In our real estate segment, we continue to expect strong fourth quarter, closing activity and full year adjusted EBITDA within our prior guidance range, contingent on the timing of several large transactions.

在我們的房地產領域，我們繼續預計第四季度的成交活動和全年調整後的 EBITDA 將在我們先前的指導範圍內強勁，具體取決於幾筆大型交易的時間表。

I'll now turn the call back to Mark, for closing comments.

現在我將把電話轉回馬克，以徵求結束意見。

Thanks April. As we conclude today's call, I'd like to recognize our team's unrelenting focus on advancing the important strategic initiatives that we communicated over the past year. These initiatives include executing on our asset disposition and capital structure realignment plan, advancing our land-based solutions business, and unlocking the value embedded in our real estate development platform.

謝謝四月。在我們結束今天的電話會議時，我想感謝我們的團隊堅持不懈地致力於推進我們在過去一年中傳達的重要策略舉措。這些舉措包括執行我們的資產處置和資本結構調整計劃、推進我們的土地解決方案業務以及釋放我們的房地產開發平台所蘊含的價值。

We've made significant strides on each of these fronts despite also having to contend with difficult headwinds facing our timber businesses. I'm very proud of how our team has risen to this challenge.

儘管我們的木材業務面臨困難的阻力，但我們在這些方面都取得了重大進展。我對我們的團隊如何應對這項挑戰感到非常自豪。

While improved supply demand dynamics for pulpwood in the US South have been a relative bright spot in 2024. This has been more than offset by continued weakness in sawtimber markets across our footprint.

美國南部紙漿木材供應需求動態的改善是 2024 年的一個相對亮點。我們的足跡中鋸木市場的持續疲軟足以抵消這種影響。

Although macroeconomic headwinds continue to adversely impact and market demand. I'm pleased by how our team has navigated through these challenges to achieve optimal results. I'm also optimistic that an undersupplied US housing market, coupled with further rate cuts, should translate to a relatively improved operating environment as we move into 2025.

儘管宏觀經濟逆風持續對市場需求產生不利影響。我很高興我們的團隊如何克服這些挑戰並取得最佳結果。我還樂觀地認為，進入 2025 年，供應不足的美國房地產市場，加上進一步降息，應該會轉化為相對改善的營運環境。

On the real estate front, we're poised to finish the year with a very strong quarter based on our anticipated pipeline of closing activity. Our team continues to generate significant premiums to timberland values through the sale of both rural properties and entitled acreage in our development projects. And we remain optimistic that more favorable financing conditions could further bolster the demand we're seeing across our real estate categories.

在房地產方面，根據我們預期的成交活動，我們準備以非常強勁的季度結束今年。我們的團隊透過出售農村房產和開發項目中的授權面積，繼續為林地價值帶來可觀的溢價。我們仍然樂觀地認為，更有利的融資條件可能會進一步提振我們在房地產類別中看到的需求。

Meanwhile, consistent with the ambitions we detailed at our investor day earlier this year, we have continued to make significant strides in advancing our land-based solutions business. Specifically, we now have approximately 76,000 acres under lease for carbon capture and storage and expect to have over 40,000 acres under option for solar development by year end.

同時，與我們在今年稍早的投資者日詳述的雄心一致，我們在推進陸基解決方案業務方面繼續取得重大進展。具體來說，我們現在擁有約 76,000 英畝的租賃土地用於碳捕獲和儲存，預計到年底將有超過 40,000 英畝的土地可供選擇用於太陽能開發。

Our team continues to build a strong pipeline of additional opportunities with high-quality counterparties as we diligently work toward the 2027 and 2030 EBITDA targets that we communicated in February. And lastly, as I detailed at the start of the call, we're very encouraged by the progress we've made toward our $1 billion disposition target.

我們的團隊將繼續與優質交易對手建立強大的額外機會管道，努力實現 2 月傳達的 2027 年和 2030 年 EBITDA 目標。最後，正如我在電話會議開始時詳細介紹的那樣，我們對 10 億美元處置目標所取得的進展感到非常鼓舞。

Consistent with the goals that we laid out when we announced the plan last November, the dispositions completed to date have allowed us to capitalize on the significant disconnect between public and private timberland values, strengthen our balance sheet, return capital to shareholders, and improve our long term growth profile.

與我們去年11 月宣布該計劃時制定的目標一致，迄今為止完成的處置使我們能夠利用公共和私人林地價值之間的顯著脫節，加強我們的資產負債表，向股東返還資本，並改善我們的業績。

We've further been able to execute the plan in a manner that is accretive to both CAD and NAV per share. In sum, notwithstanding the transitory market headwinds our team continues to navigate, I remain quite optimistic that Rayonier is well-positioned to enhance shareholder value and execute on future growth opportunities as we move forward.

我們也能夠以增加每股加幣和資產淨值的方式執行該計劃。總而言之，儘管我們的團隊繼續應對短暫的市場逆風，但我仍然非常樂觀地認為 Rayonier 處於有利位置，可以在我們前進的過程中提高股東價值並抓住未來的成長機會。

That concludes our prepared remarks and I'll now turn the call back to the operator for questions.

我們準備好的發言就到此結束，現在我將把電話轉回給接線員詢問問題。

(Operator Instructions)

（操作員說明）

Matthew McKellar, RBC Capital Markets.

馬修·麥凱勒，加拿大皇家銀行資本市場部。

Hi, good morning. Thanks for all the detail and congratulations on the transactions. Could you maybe first provide a bit of color on where your process is around evaluating strategic alternatives for your stake in the New Zealand Business?

嗨，早安。感謝您提供所有詳細資訊並祝賀交易成功。您能否先提供一些關於評估您在新西蘭業務中的股份的策略替代方案的流程？

And then maybe more holistically, how are you evaluating your options for further dispositions to bring you to the $1 billion target?

然後也許更全面地講，您如何評估進一步部署的選擇，以實現 10 億美元的目標？

Yeah. Hi, Matthew. This is Mark. I'll take that one. You know, first of all, as it relates to the status of the New Zealand evaluation. As we discussed on prior calls, we've been engaged in a full evaluation of strategic alternatives with respect to our joint venture interest in New Zealand.

是的。嗨，馬修。這是馬克。我會接受那個。你知道，首先，因為這關係到紐西蘭評估的狀況。正如我們在先前的電話會議中所討論的那樣，我們一直在對我們在新西蘭的合資企業權益的戰略替代方案進行全面評估。

You know, that process is ongoing, and we don't really have anything new to report on that front at this point. I recall that we previously indicated that the New Zealand evaluation process would be a much longer process, given the governance provisions in the joint venture agreement there.

你知道，這個過程正在進行中，目前我們在這方面沒有任何新的報告。我記得我們之前曾表示，考慮到紐西蘭合資協議中的治理條款，紐西蘭的評估過程將是一個更長的過程。

So again, we're still working through that process, but we're not in a position to comment much further at this point in time. As it relates to kind of the broader plan, any kind of future dispositions that we may evaluate.

再說一次，我們仍在完成這個過程，但目前我們無法進一步發表評論。因為它涉及更廣泛的計劃，我們可能評估的任何未來部署。

You know, as discussed on prior calls, as a general matter, we don't comment on M&A until there's a closed transaction or some type of definitive contract, you know, but we recognize that there is an elevated level of interest and speculation around our disposition plans given the $1 billion target that we laid out last year.

你知道，正如先前電話會議中所討論的那樣，一般來說，在完成交易或某種類型的最終合約之前，我們不會對併購發表評論，但我們認識到，人們對併購的興趣和投機程度很高鑑於我們去年制定的 10 億美元目標，我們制定了處置計劃。

So, you know, we have been very transparent as it relates to what options have been under consideration over the past year. Given where we're at now, having completed three quarters of our original target and still evaluating alternatives in New Zealand. We're not planning to provide any further details around, other alternatives that might be under consideration at this time.

所以，你知道，我們一直都非常透明，因為這與過去一年正在考慮的選項有關。鑑於我們目前的處境，我們已經完成了原定目標的四分之三，並且仍在評估紐西蘭的替代方案。我們不打算提供有關目前可能正在考慮的其他替代方案的任何進一步細節。

You know, we've essentially achieved much of what we set out to do with the original plan. So we intend to be very opportunistic as it relates to our consideration of any additional dispositions at this point, including New Zealand.

你知道，我們基本上已經實現了原計劃的大部分目標。因此，我們打算採取非常機會主義的態度，因為這關係到我們目前考慮的任何其他處置，包括紐西蘭。

Great, thanks for that color. Maybe next, can you comment on your expectations for how the log market in China evolves into 2025 on the supply side, are you seeing reduction in supply from Europe as their beetle affected harvest wanes and then on the demand side, what do you expect in terms of stimulus measures in China and how those flow through to demand? Thanks.

太好了，謝謝你的顏色。接下來，您能否評論一下您對中國原木市場到2025 年如何發展的預期？預期如何？謝謝。

Sure. This is Doug, I'll take that one. Excuse me. Yeah, as you mentioned, on the supply side, we have seen, you know, reduction in supply from Europe in particular and New Zealand has taken up a much greater share of the incoming supply into China.

當然。這是道格，我就選那個。打擾一下。是的，正如你所提到的，在供應方面，我們已經看到，特別是來自歐洲的供應減少，而紐西蘭在中國的進口供應中所佔的份額要大得多。

Right now, as was mentioned before, kind of the demand is, is relatively stable at this point in time, but the supply has come down. So we're seeing some, you know, positive in price movement there. But this past quarter, we did see increased shipping rates so that worked against us.

現在，正如之前提到的，目前的需求相對穩定，但供應已經下降。因此，我們看到那裡的價格走勢出現了一些正面的變化。但上個季度，我們確實看到運費上漲，這對我們不利。

The stimulus you talked about, the government has pumped more stimulus in and has done what they've created the waitlist for housing. And so that's given us some short term opportunities for people and we're hoping that goes forward, but it's been really you know, unclear as to how long that will go forward.

你提到的刺激措施，政府已經注入了更多的刺激措施，並完成了他們為住房制定的等候名單。因此，這為我們提供了一些短期機會，我們希望這種情況能繼續下去，但你知道，目前還不清楚這種情況會持續多久。

So right now, we're working on the assumptions we've had with, you know, improvements, but it's kind of steady as she goes. But basically the New Zealand volume is taking up the majority of that volume that's coming in now. So that's been positive for pricing for New Zealand operations.

所以現在，我們正在研究我們已經做出的假設，你知道，改進，但隨著她的進展，情況是穩定的。但基本上紐西蘭的銷量佔了目前進口量的大部分。因此，這對紐西蘭業務的定價是積極的。

Great. Thanks very much for the color. I'll turn it back.

偉大的。非常感謝你的顏色。我會把它轉回來。

Anthony Pettinari, Citi.

安東尼佩蒂納裡，花旗銀行。

Hi, good morning, everyone. This is Gregory on Anthony this morning. Just a quick one on the dispositions. So I'm taking a look at the slide deck now, you included a helpful slide on the impact to the Pacific Northwest portfolio site index, mix commercial acreage, operable acreage.

嗨，大家早安。這是格雷戈里今天早上對安東尼的採訪。只是簡單介紹一下配置。所以我現在看一下投影片，您提供了一張有用的投影片，介紹了對太平洋西北地區投資組合場地指數、混合商業面積、可營運面積的影響。

I'm wondering how we should think about the impact of the Oklahoma sale on the Southern portfolio quality. Granted it's a much smaller piece of the pie there or if we should expect any log price tailwinds into next year, if that land is lower on a dollar per ton basis.

我想知道我們應該如何考慮俄克拉荷馬州出售對南方投資組合品質的影響。誠然，它所佔的份額要小得多，或者如果我們預計明年原木價格會上漲，如果該土地以每噸美元計算較低的話。

Yeah. That's a good question and we didn't include a pro forma impact on the Southern portfolio. Recognizing that is a much smaller portion of the overall portfolio with respect to the Washington Dispositions. You know, we were talking about, 25% 30% of the overall portfolio.

是的。這是一個很好的問題，我們沒有考慮對南方投資組合的預期影響。認識到就華盛頓處置而言，這僅佔整體投資組合的一小部分。你知道，我們談論的是整個投資組合的 25% 30%。

So there were some pretty material impacts to what that residual portfolio looked like. With respect to Oklahoma, that's you know, 5% of our overall Southern portfolio. So that the impact just wouldn't be all that pronounced.

因此，對剩餘投資組合的外觀產生了一些相當重大的影響。就俄克拉荷馬州而言，您知道，占我們南部投資組合的 5%。這樣影響就不會那麼明顯。

That said, as a general matter, Oklahoma properties tend to transact at a much lower per acre value than the broader US South. You know, productivity tends to be much lower there, markets are certainly thinner and there's less HBU upside or alternatives in Oklahoma.

也就是說，總體而言，俄克拉荷馬州的房產每英畝交易價格往往比美國南部地區低得多。你知道，那裡的生產力往往要低得多，市場肯定更薄弱，而且俄克拉荷馬州的 HBU 上漲空間或替代品也更少。

So, again, wouldn't really see it as, you know, driving a significant impact on the overall business as it relates to log pricing just given how small a piece of the overall portfolio it is, but certainly as it relates to how it impacts the residual portfolio, we certainly view it as an upgrade in kind of addition through subtraction.

因此，再說一次，我不會真正認為它對整體業務產生重大影響，因為它與原木定價相關，只是考慮到它在整個投資組合中所佔的比例很小，但肯定是因為它與它如何相關。

Understood. Thank you for that. And maybe just one more on timberlands cost specifically. So I'm looking at the year over year EBIT bridges for the South and the Pacific Northwest and you had costs flat year over year in the South and maybe a slight tailwind in the Pacific Northwest. So wondering if you can kind of break down the moving pieces there and how we should think about your cost bucket into the fourth quarter.

明白了。謝謝你。也許只是在林地上再加一處專門的費用。因此，我正在研究南部和太平洋西北地區的逐年息稅前利潤橋樑，南部地區的成本比去年同期持平，太平洋西北地區的成本可能略有上升。因此，想知道您是否可以分解那裡的移動部分，以及我們應該如何考慮第四季度的成本。

Sure. You know what you're seeing, as you said, is relatively stable in the US South and in Pacific Northwest, we have seen some reduction in those costs, you know, the operations we had in Oregon were in particular higher cost operations than we had in our Washington operations.

當然。你知道，正如你所說，美國南部和太平洋西北地區相對穩定，我們已經看到這些成本有所下降，你知道，我們在俄勒岡州的業務尤其比我們的成本更高我們在華盛頓的業務中有過這樣的經驗。

So those had an impact, a positive impact on reducing costs, as well as we've seen some fuel reductions and the operations that we've just recently announced the disposition there are also in some of our steeper higher ground country. And so we'll also expect some opportunities there for cost reductions as we change the harvest operations.

因此，這些對降低成本產生了積極的影響，而且我們已經看到一些燃料減少以及我們最近剛剛宣布的部署也出現在我們一些地勢較高的國家。因此，當我們改變收穫作業時，我們也預期會有一些降低成本的機會。

Thank you very much. I'll turn it over.

非常感謝。我會把它翻過來。

Mark Weintraub, Seaport Research Partners.

馬克‧溫特勞布 (Mark Weintraub)，海港研究夥伴。

Thank you. Congrats on the progress on the disposition program. One real quick follow up on that. You mentioned, obviously, I understand the CAD accretive to CAD. You also said accretive to NAV per share. What did you mean by that exactly?

謝謝。祝賀處置計劃取得進展。對此進行了真正的快速跟進。您提到，顯然，我了解 CAD 對 CAD 的增值作用。您也說過要增加每股資產淨值。你這句話到底是什麼意思？

I mean, as a general matter, you know, one of the key the underlying this disposition program is that we are seeing, much stronger valuations of timberland assets in the private market versus the public market. And so, obviously we're monetizing properties in the public market and you using those proceeds to, you know, deploy internally, for example, the share buybacks, we would, we generally think that would translate into an NAV accretion. And so that was really more kind of a statement of the overall impact of the plan and how we're approaching capital allocation around deployment of proceeds.

我的意思是，一般而言，這項處置計畫的關鍵之一是我們看到，私人市場上的林地資產估值比公開市場高得多。因此，顯然我們正在將公開市場上的財產貨幣化，而您可以使用這些收益進行內部部署，例如股票回購，我們通常認為這將轉化為資產淨值增值。因此，這實際上更像是對該計劃的整體影響以及我們如何圍繞收益部署進行資本配置的陳述。

Got it. So it was a statement basically relative to what you would say the implied valuations, the public markets were putting on it as opposed to you getting a higher value than per se you perhaps internally were putting on it. That was sort of the clarification, I was just trying to get.

知道了。因此，這是一個基本上與你所說的隱含估值相關的聲明，公開市場對它的估值，而不是你獲得的價值高於你內部可能對它本身的估值。這就是我只是想得到的澄清。

That's absolutely right. Yes.

這是絕對正確的。是的。

Okay. Very good. And then recognizing you're not going to be providing specifics on incremental decisions, et cetera. But is it fair to say that, obviously, as you say, you know, roughly 75% to that $1 billion target, does that necessarily preclude the possibility of transactions that might take you meaningfully above the billion and if that were to be the case, would you then look to like be reinvesting them into other acquisition opportunities or how should we be thinking about that?

好的。非常好。然後認識到您不會提供有關增量決策等的細節。但可以公平地說，顯然，正如您所說，您知道，大約 75% 達到 10 億美元目標，這是否必然排除可能使您的交易大幅超過 10 億美元的可能性，如果情況確實如此，那麼您是否希望將它們再投資到其他收購機會中，或者我們應該如何考慮這一點？

You know, it's a great question. You know, and we touched on this in prior calls just in terms of our appetite to potentially overshoot the target because you obviously, as you deduced, being sort of three quarters of the way through the original $1 billion target. And still considering New Zealand, you know, were we to do something around New Zealand that would certainly take us over that.

你知道，這是一個很好的問題。你知道，我們在之前的電話會議中談到了這一點，只是因為我們有可能超出目標，因為正如你推斷的那樣，你顯然已經完成了最初 10 億美元目標的四分之三。仍然考慮紐西蘭，你知道，如果我們在新西蘭周圍做一些事情，肯定會讓我們克服這一點。

And, look, you know, I generally think our view on that, you know, relative to how we've talked about it in prior calls hasn't really changed. You know, while we're not deliberately looking to overshoot the $1 billion target, you know, we're certainly not averse to doing so if we're able to achieve compelling values on the asset that we've taken in the market or might take to market in the future.

而且，看，你知道，我一般認為我們對此的看法，你知道，相對於我們在之前的電話會議中討論的方式並沒有真正改變。你知道，雖然我們並不是故意尋求超越 10 億美元的目標，但如果我們能夠在市場上獲得的資產實現令人信服的價值，或者未來可能會推向市場。

And if we were to exceed our target, you know, we do have some flexibility to redeploy those proceeds into other timberland acquisitions through like kind exchange transactions for example. Alternatively, we could look to further delever or return incremental capital to shareholders, particularly if we see a compelling buyback opportunity.

如果我們要超過我們的目標，你知道，我們確實有一定的靈活性，可以透過類似的交換交易將這些收益重新部署到其他林地收購中。或者，我們可以尋求進一步去槓桿化或將增量資本返還給股東，特別是如果我們看到一個令人信服的回購機會。

You know, look we've always operated with this mindset of nimble capital allocation and active portfolio management, you know, really with a view towards building long term value per share and we intend to adhere to that mindset as we continue to consider other alternatives going forward.

你知道，我們一直以靈活的資本配置和積極的投資組合管理的心態進行運營，你知道，實際上是為了建立每股的長期價值，我們打算在繼續考慮其他替代方案時堅持這種心態繼續前進。

Okay, great, very helpful. And then two last quick ones. One, so how much EBITDA this year was associated with the properties being part of the disposition.

好的，太好了，非常有幫助。然後是最後兩個快速的。第一，今年有多少 EBITDA 與作為處置一部分的房產有關。

You know, we haven't disclosed the contribution this year just because you again recognize that any sort of short term period with respect to a particular property of that scale isn't going to be all that relevant just given the, seasonality of harvest patterns in different areas and the like and so.

您知道，我們今年沒有披露捐款額，只是因為您再次認識到，考慮到收穫模式的季節性，與該規模的特定財產有關的任何短期時期都不會那麼相關在不同的領域等等。

You know, rather we showed that on a three-year look back and then compared, you know, that multiple to, similarly situated multiples in the NCREIF indices.

你知道，相反，我們透過三年回顧來展示這一點，然後將該倍數與 NCREIF 指數中類似情況的倍數進行比較。

But you know, as a general matter, we indicated that three-year average was, you know, $11 million that we generally ceased harvesting around midyear. So as a general matter, you can kind of think of it as you know, roughly half of that $11 million contribution is how we were thinking about the partial year contribution.

但你知道，一般而言，我們表示三年平均收入為 1100 萬美元，我們通常在年中左右停止收穫。因此，一般而言，您可以這樣想，您知道，這 1100 萬美元捐款中大約有一半是我們對部分年度捐款的看法。

Got you helpful. Thank you. And then lastly, you mentioned 76,000 CCS, 40,000 solar by the end of the year. Do you expect any of these projects particularly in solar potentially being exercised coming to beginning to come to fruition next year or are those still a little further down the road?

對你有幫助。謝謝。最後，您提到今年底將實現 76,000 個 CCS、40,000 個太陽能。您是否預計這些專案中的任何一個（特別是可能正在實施的太陽能專案）將在明年開始取得成果，或者這些專案是否仍需要進一步實施？

Yeah, this is Doug, I'll take that question. Yeah, as we've talked about before, these options typically take two or three years at least before going into being exercised. And right now, I think we're still in that process of looking at where those go.

是的，我是道格，我來回答這個問題。是的，正如我們之前討論過的，這些選擇通常至少需要兩到三年的時間才能付諸實行。現在，我認為我們仍在研究這些內容的去向。

So I don't see anything immediate that's going to be turning into a lease. But there are some of the developments in basically the soil area that give us some confidence that we'll see some improvement going forward and pretty excited about. So there are the Federal Energy Regulatory Commission issued an order that basically is going to reduce some of the backlog.

所以我不認為任何事情會立即變成租賃。但基本上土壤區域的一些發展給了我們一些信心，我們將看到未來的一些改進，並且對此感到非常興奮。因此，聯邦能源管理委員會發布了一項命令，基本上是要減少一些積壓。

Right now, there's about a 26-month backlog in the queue for getting these things processed. And they've implemented this new order and it's going to improve the process as we go forward. And what it really does is it aims to make sure people have done due diligence before they enter into it.

目前，處理這些事務的隊列積壓了大約 26 個月。他們已經實施了這項新命令，隨著我們的前進，它將改進流程。它真正的作用是確保人們在參與之前已經進行了盡職調查。

And so that's been a key challenge before, is folks just essentially got control of some land. And then said here we are, here's our plan, but the new order it focuses on, are you ready? Do you have everything in place? And so it implements basically a deposit at the time when they start.

因此，這一直是一個關鍵的挑戰，人們只是基本上控制了一些土地。然後說我們到了，這是我們的計劃，但是它所關注的新秩序，你準備好了嗎？一切都準備就緒了嗎？因此，基本上它在啟動時就實施了押金。

So you got to put some money upfront when you go in, a penalty if you withdraw, and then also if you missed deadlines to the process penalties. So we expect that this kind of temporary backlog will start to work through more quickly and hope to see some of these shift over from options into exercising into the leases here in the next year or so.

因此，當你進入時，你必須預先存一些錢，如果你退出，你會受到處罰，如果你錯過了流程的最後期限，也會受到處罰。因此，我們預計這種臨時積壓將開始更快地解決，並希望在明年左右看到其中一些從期權轉變為行使租賃。

But we still do have a backlog there that we're working through at this point in time. But we see this as very positive for the sector and an opportunity to reduce that amount as well believe the conversion rates should improve as you go forward. You know, before we've talked about kind of in that 25% to 35% with the rate that we've seen as an industry average thinking we're going to be on the higher end of that.

但我們目前仍有積壓的工作正在處理中。但我們認為這對該行業非常有利，並且是減少這一金額的機會，並且相信隨著您的前進，轉換率應該會提高。你知道，在我們討論過 25% 到 35% 的比例之前，我們認為這個比例是行業平均水平，我們認為我們將處於該比例的較高端。

But with this, now that folks have to put down a lot more money and then the penalties and these penalties, you know, depending on the size of the project are in the millions of dollars, we think that's going to, you know, reduce that backlog and also improve conversion rates.

但有了這個，現在人們必須投入更多的錢，然後是罰款，這些罰款，你知道，根據項目的規模，有數百萬美元，我們認為這將減少減少積壓並提高轉換率。

And I'll just add on to that. I mean, what we've seen really in the last year is that, the process to get properties under option is quite a bit more arduous again, like to refer to based on these queue forms that have occurred, you know, a lot more that due diligence work is now occurring at the front end.

我將對此進行補充。我的意思是，我們在去年真正看到的是，獲取選項下的屬性的過程再次變得更加艱鉅，就像基於已經發生的這些隊列形式進行參考，你知道，還有更多盡職調查工作現在正在前端進行。

But the byproduct of that is that we expect that that conversion rate will be considerably higher than what we anticipated a year ago. I think in our Investor Day, we communicated 25% to 40% is our estimate of that conversion rate. We're certainly anticipating that to be higher, given what's happened with queue reform.

但這樣做的副產品是，我們預期轉換率將大大高於我們一年前的預期。我想在我們的投資者日，我們傳達了 25% 到 40% 是我們對轉換率的估計。考慮到隊列改革所發生的情況，我們當然預計這一數字會更高。

Would that apply to your existing backlog or would that just be for anything that comes in the future?

這適用於您現有的積壓工作還是僅適用於將來出現的任何事情？

Yeah, I feel good about the bulk of our existing backlog. So we really have been focusing on high quality developers in large scale. So we believe the folks we've been working with already have good projects in line. And we entered in some options very early in 2017 that have now rolled off and are no longer on our books.

是的，我對我們現有的大部分積壓工作感到滿意。所以我們確實一直專注於大規模的高品質開發人員。因此，我們相信與我們合作的人們已經有了很好的項目。我們在 2017 年初就制定了一些選項，但現在這些選項已經取消，不再出現在我們的帳簿上。

But that we're probably more in the developer space, but now we're working with these large, you know, we kind of producers of electricity can also be consumers of electricity and sellers. And so we feel good about where we're at.

但我們可能更多地在開發商領域，但現在我們正在與這些大型企業合作，你知道，我們是電力生產商，也可以是電力消費者和銷售商。所以我們對自己所處的位置感覺良好。

So that conversion rate we believe will be applied to it doesn't mean there still won't be some that do roll off. But the bulk of what we have now, we feel strongly about that, they have good conversion rates.

因此，我們認為將適用的轉換率並不意味著仍然不會出現一些下滑。但我們現在擁有的大部分產品，我們對此有強烈的感覺，它們具有良好的轉換率。

Much appreciate it.

非常感謝。

Thank you. And there are no further questions at this time. I will turn the call back to Collin Mings, for closing remarks.

謝謝。目前沒有其他問題。我將把電話轉回給科林·明斯，讓其致閉幕詞。

All right, this is Collin Mings. I'd like to thank everybody for joining us. Please contact us with any follow up questions.

好吧，我是科林·明斯。我要感謝大家加入我們。如有任何後續問題，請與我們聯絡。

Thank you. That does conclude today's conference. Thank you all for participating. You may disconnect at this time.

謝謝。今天的會議到此結束。感謝大家的參與。此時您可以斷開連線。