Rayonier Inc (RYN) 2025 Q2 法說會逐字稿

Welcome, and thank you for joining Rayonier's second-quarter 2025 conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

歡迎，感謝您參加 Rayonier 2025 年第二季電話會議。（操作員指示）今天的會議正在錄製。如果您有任何異議，您可以立即斷開連接。

Now I would like to turn the meeting over to Collin Mings, Vice President, Capital Markets and Strategic Planning.

現在，我想將會議交給資本市場和策略規劃副總裁 Collin Mings。

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

謝謝，早安。歡迎參加 Rayonier 的第二季財報投資者電話會議。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 上查閱。

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. 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. They're also referenced on page 2 of our financial supplement.

我想提醒您，在這些演示中，我們包含了根據聯邦證券法的安全港條款所做的前瞻性陳述。向美國證券交易委員會提交的收益報告和 10-K 和 10-Q 表格列出了一些可能導致實際結果與我們可能做出的前瞻性陳述有重大差異的因素。我們的財務增刊第 2 頁也提到了它們。

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

在整個演示過程中，我們還將討論非 GAAP 財務指標，這些指標在我們的收益報告和補充資料中定義並與最接近的 GAAP 指標相協調。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. First, I'll make some high-level comments before turning it over to April Tice, Senior Vice President and Chief Financial Officer, to review our consolidated financial results. Then Doug Long, Executive Vice President and Chief Resource Officer, will comment on our timber results. And following the review of our timber segments, April will discuss our Real Estate results and our outlook for the balance of the year.

謝謝，科林。大家早安。首先，我將發表一些高層評論，然後將其交給資深副總裁兼財務長 April Tice 來審查我們的合併財務結果。然後，執行副總裁兼首席資源長Doug Long 將對我們的木材業績進行評論。在回顧我們的木材部門之後，April 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。

Before turning to our second-quarter results, I'd like to briefly touch on the sale of our New Zealand business. On June 30, we closed on the previously announced sale of our New Zealand joint venture interest to The Rohatyn Group or TRG for $710 million, marking a significant milestone in our asset disposition and capital structure realignment plan.

在介紹我們第二季的業績之前，我想先簡單談談我們紐西蘭業務的出售情況。6 月 30 日，我們完成了先前宣布的以 7.1 億美元的價格將新西蘭合資企業權益出售給 Rohatyn Group 或 TRG 的交易，這標誌著我們的資產處置和資本結構調整計劃的一個重要里程碑。

I want to once again extend our appreciation to the team in New Zealand for their diligence and professionalism throughout this process, as well as for the outstanding job that they did in managing these assets for value creation over the 30-plus years of Rayonier's ownership in the region. We are pleased to transfer the stewardship of this business to TRG, a well-regarded manager of forestry assets in the region.

我要再次向紐西蘭團隊表示感謝，感謝他們在整個過程中的勤奮和專業精神，以及他們在 Rayonier 擁有該地區 30 多年期間為管理這些資產創造價值所做的出色工作。我們很高興將這項業務的管理權轉讓給該地區享有盛譽的林業資產管理公司 TRG。

With the closing of the New Zealand transaction, we have now completed dispositions totaling $1.45 billion, significantly exceeding our original $1 billion target. The success of this plan has allowed us to achieve our new leverage target in a manner that has been accretive to both CAD and NAV per share as well as better position Rayonier to create long-term value for our shareholders going forward.

隨著紐西蘭交易的結束，我們目前已完成總額為 14.5 億美元的處置，大大超過了我們最初 10 億美元的目標。該計劃的成功使我們能夠以一種既增加加元又增加每股資產淨值的方式實現新的槓桿目標，並使 Rayonier 能夠更好地為股東創造長期價值。

As previously discussed, we anticipate using at least 50% of the sale proceeds from the New Zealand transaction to reduce leverage and return capital to shareholders through share repurchases and a special dividend, details of which will be announced later this year.

如前所述，我們預計將使用紐西蘭交易的至少 50% 的銷售收益來降低槓桿率，並透過股票回購和特別股息向股東返還資本，具體細節將於今年稍後公佈。

The remaining proceeds will be deployed opportunistically to fund other capital allocation priorities, including additional share buybacks or potential reinvestment into synergistic acquisitions. With that said, given where the stock currently sits, we believe share repurchases represent the most compelling use of capital. To this end, we completed $35 million of buybacks during the second quarter.

剩餘收益將適時用於資助其他資本配置優先事項，包括額外的股票回購或對協同收購的潛在再投資。話雖如此，考慮到股票目前的狀況，我們認為股票回購是最引人注目的資本用途。為此，我們在第二季完成了3500萬美元的回購。

Moving to our second-quarter financial results, excluding the contribution from New Zealand, which we reported as discontinued operations, we generated adjusted EBITDA of $45 million and pro forma net income of $10 million or $0.06 per share. Adjusted EBITDA increased 35% versus the prior-year quarter, reflecting improved results in our Pacific Northwest Timber and Real Estate segments as well as reduced overhead, partially offset by lower results in our (technical difficulty) segment.

談到我們的第二季財務業績，不包括紐西蘭的貢獻（我們將其報告為已停止營運的業務），我們產生的調整後 EBITDA 為 4500 萬美元，預計淨收入為 1000 萬美元或每股 0.06 美元。調整後的 EBITDA 較去年同期成長 35%，反映出我們太平洋西北部木材和房地產部門業績的改善以及管理費用的減少，但被我們（技術難度）部門業績的下降部分抵消。

In our Southern Timber segment, we generated second-quarter adjusted EBITDA of $28 million, down from the prior-year period, as harvest volumes decreased 5% and weighted average net stumpage realizations were down 14%.

在我們的南方木材部門，第二季調整後的 EBITDA 為 2,800 萬美元，低於去年同期，因為採伐量下降了 5%，加權平均淨伐木量實現量下降了 14%。

The availability of salvage volume in certain markets, coupled with extended mill downtime, continued to weigh on timber prices during the second quarter. However, the markets most impacted by salvage operations are normalizing. And we expect both volume and pricing in this segment to improve in the second half of the year.

某些市場的殘材供應，加上工廠停工時間延長，繼續對第二季的木材價格造成壓力。然而，受打撈行動影響最大的市場正在恢復正常。我們預計今年下半年該領域的銷售和價格都會有所改善。

Turning to the Pacific Northwest Timber segment, second-quarter adjusted EBITDA of $7 million increased 17% versus the prior-year quarter, as lower costs and higher log prices more than offset a 15% decline in harvest volumes due to the Washington dispositions we completed at the end of last year. We are pleased to generate higher adjusted EBITDA in the Pacific Northwest despite the reduction in acreage and volume, underscoring the relative quality of our residual portfolio in the regions.

談到太平洋西北木材部門，第二季度調整後的 EBITDA 為 700 萬美元，較去年同期增長 17%，因為成本降低和原木價格上漲抵消了去年年底我們完成的華盛頓處置導致的採伐量 15% 的下降。儘管種植面積和產量有所減少，但我們很高興在太平洋西北地區實現了更高的調整後 EBITDA，這凸顯了我們在該地區剩餘投資組合的相對品質。

In our Real Estate segment, we generated adjusted EBITDA of $19 million in the second quarter, up $14 million from the prior-year period. Adjusted EBITDA in our Real Estate segment improved significantly versus the first quarter and exceeded our expectations entering the quarter due to the accelerated timing of several transactions.

在我們的房地產部門，我們第二季的調整後 EBITDA 為 1,900 萬美元，比去年同期增加了 1,400 萬美元。由於幾筆交易的加速完成，我們房地產部門的調整後 EBITDA 與第一季相比有顯著改善，並且超出了我們進入本季的預期。

Turning to our outlook for the balance of 2025, we remain on track to achieve our full-year adjusted EBITDA guidance as we anticipate a significantly stronger second half fueled by higher contributions from our Southern Timber and Real Estate segments.

展望 2025 年的平衡發展，我們仍有望實現全年調整後的 EBITDA 指引，因為我們預計下半年業績將顯著強勁，這得益於南方木材和房地產部門的貢獻增加。

As we'll discuss later in the call, we're optimistic that increased lumber production at US mills as a result of higher duties on Canadian lumber, coupled with a reduction in salvage volume in our Atlantic region, should provide a tailwind through the second half of the year.

正如我們稍後將在電話會議中討論的那樣，我們樂觀地認為，由於加拿大木材關稅提高，美國木材廠的木材產量增加，再加上大西洋地區的打撈量減少，應該會為今年下半年帶來順風。

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

接下來，請允許我將時間交給四月份，以便我們了解第二季財務業績的更多詳細資訊。

Thanks, Mark. As we discussed last quarter, the contribution from our New Zealand business prior to its sale on June 30 is reflected in discontinued operations on our consolidated financial statements for the second quarter as well as all prior periods.

謝謝，馬克。正如我們上個季度所討論的那樣，我們的紐西蘭業務在 6 月 30 日出售之前的貢獻反映在我們第二季度以及所有之前期間的合併財務報表中的已終止經營業務中。

Moving to the financial highlights on page 5 of the supplement, for the second quarter, sales totaled $107 million, while operating income was $15 million. And net income attributable to Rayonier was $409 million or $2.63 per share.

轉到補充資料第 5 頁的財務要點，第二季的銷售總額為 1.07 億美元，營業收入為 1,500 萬美元。歸屬於 Rayonier 的淨收入為 4.09 億美元，即每股 2.63 美元。

On a pro forma basis, net income was $10 million or $0.06 per share. Pro forma items in the quarter included a $404 million gain related to the sale of our New Zealand joint venture interest and a $600,000 loss from discontinued operations. Our adjusted EBITDA was $45 million in the second quarter, up from $33 million in the prior-year period.

以備考基礎計算，淨收入為 1,000 萬美元或每股 0.06 美元。本季的備考項目包括出售紐西蘭合資企業權益所獲得的 4.04 億美元收益以及因停止經營而產生的 60 萬美元損失。我們第二季的調整後 EBITDA 為 4,500 萬美元，高於去年同期的 3,300 萬美元。

Moving to our capital resources and liquidity at the bottom of page 5, our cash available for distribution or CAD for the first half of the year was $47 million versus $38 million in the prior-year period. Lower adjusted EBITDA was more than offset by lower cash interest and capital expenditures. A reconciliation of CAD to cash provided by operating activities and other GAAP measures is provided on page 8 of the financial supplement.

轉到第 5 頁底部的資本資源和流動性，我們上半年可供分配的現金或 CAD 為 4700 萬美元，而去年同期為 3800 萬美元。調整後 EBITDA 的下降被現金利息和資本支出的下降所抵銷。財務補充文件第 8 頁提供了加幣與經營活動提供的現金以及其他 GAAP 指標的對帳情況。

As Mark discussed in his opening comments, we believe share repurchases continue to represent a compelling use of capital at our current stock price. During the quarter, we repurchased 1.5 million shares at an average price of $23.71 per share or $35 million in total. As of June 30, we had $262 million remaining on our current share repurchase authorization and are positioned to continue opportunistic repurchases as we focus on creating long-term value for our shareholders.

正如馬克在開場白中所討論的那樣，我們相信，以我們目前的股價來看，股票回購仍然代表著一種令人信服的資本用途。本季度，我們以平均每股 23.71 美元的價格回購了 150 萬股，總計 3,500 萬美元。截至 6 月 30 日，我們目前的股票回購授權剩餘金額為 2.62 億美元，我們將繼續進行機會性回購，專注於為股東創造長期價值。

We closed the second quarter with $892 million of cash and roughly $1.1 billion of debt. At quarter-end, our weighted average cost of debt was approximately 2.4%. And the weighted average maturity on our debt portfolio was approximately four years.

我們第二季結束時擁有 8.92 億美元現金和約 11 億美元的債務。截至季末，我們的加權平均債務成本約為 2.4%。我們的債務組合的加權平均期限約為四年。

Our net debt to enterprise value based on our closing stock price at the end of the quarter was 4%. And our net debt is less than 1 times the midpoint of our adjusted EBITDA guidance. On that note, we were pleased about -- our current credit rating from S&P was recently upgraded from BBB- to BBB, following the closing of the New Zealand transaction.

根據本季末的收盤股價計算，我們的淨債務與企業價值之比為 4%。我們的淨債務不到調整後 EBITDA 指引中點的 1 倍。就這一點而言，我們很高興——在新西蘭交易結束後，標準普爾對我們目前的信用評級最近從 BBB- 升級到 BBB。

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

現在我將把電話轉給 Doug，讓他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 second quarter of $28 million was 16% below the prior-year quarter due to lower harvest volumes and net stumpage realizations.

謝謝，April。讓我們從第 9 頁的“南方木材”部分開始。第二季調整後的 EBITDA 為 2,800 萬美元，較去年同期下降 16%，原因是採伐量和淨伐木實現率較低。

Total harvest volumes decreased 5% versus the prior-year quarter due to softer demand from both sawmills and pulp mills, the availability of salvage volume on the market in our Atlantic region, and the disposition of our Oklahoma acreage in the fourth quarter of 2024.

由於鋸木廠和紙漿廠的需求疲軟、大西洋地區市場上可回收木材的數量減少以及我們在 2024 年第四季度處置了俄克拉荷馬州的土地，總採伐量與去年同期相比下降了 5%。

Meanwhile, non-timber revenue was slightly higher compared to prior-year period due to a higher contribution from our land-based solutions businesses. Average sawlog stumpage pricing was $27 per ton, a 9% decrease compared to the prior-year period due to reduced demand from sawmills and an unfavorable shift in geographic mix.

同時，由於我們的陸基解決方案業務貢獻增加，非木材收入與去年同期相比略有成長。鋸木原木平均價格為每噸 27 美元，由於鋸木廠需求減少和地理分佈不利的變化，比去年同期下降了 9%。

Hardwood net stumpage pricing was 25% lower than the prior-year quarter at roughly $13 per ton, driven by the continued impact of salvage volume on the market, softer demand from pulp mills due to maintenance outages and tariff uncertainty, and an unfavorable shift in geographic mix. Overall, weighted average stumpage prices in the second quarter fell 14% versus the prior-year quarter to roughly $19 per ton.

硬木淨立木價格比去年同期低 25%，約為每噸 13 美元，原因是市場殘值持續下降、紙漿廠因維護停工和關稅不確定性導致需求疲軟，以及地理分佈出現不利變化。總體而言，第二季加權平均木材價格較去年同期下降 14% 至每噸約 19 美元。

As we have discussed on the last few calls, we have contended with significant salvage volume in our Atlantic markets in recent quarters, stemming from last year's hurricanes. The availability of salvage volume was a considerable headwind in the first half of 2025 constrained demand for green logs and [lag on] pricing.

正如我們在前幾次電話會議中所討論的那樣，由於去年的颶風，最近幾季我們在大西洋市場的打撈量大幅下降。2025 年上半年，殘材供應量是一個相當大的阻力，限制了對綠色原木的需求和定價（滯後）。

Encouragingly, as we start the third quarter, conditions are normalizing in the markets most impacted by salvage efforts. We're seeing mills increasingly shift their procurement efforts to more green logs. In grade markets, soft end market demand, coupled with ample lumber inventories, led some sawmills to reduce production during the second quarter, negatively impacting sawtimber demand and pricing.

令人鼓舞的是，隨著第三季的開始，受紓困措施影響最大的市場狀況正在恢復正常。我們看到工廠越來越多地將採購重點轉向更多綠色原木。在等級市場中，終端市場需求疲軟，加上木材庫存充足，導致一些鋸木廠在第二季減少產量，對鋸材需求和定價產生負面影響。

Moving forward, we are optimistic that lumber production in the US will ramp up over the balance of the year in response to higher duties on Canadian lumber imports. Specifically, the sixth administrative review of antidumping duties has resulted in antidumping duties on most Canadian producers rising to 20.6%, up from 7.7%.

展望未來，我們樂觀地認為，由於加拿大木材進口關稅的提高，美國的木材產量將在今年剩餘時間內增加。具體而言，第六次反傾銷稅行政複審導致大多數加拿大生產商的反傾銷稅從7.7%上升至20.6%。

Countervailing duties are expected to increase as well, which will likely result in average combined duty rates climbing to roughly 35% for most companies, up from 14.4%. Further, if new tariffs are implemented on lumber and other wood products on the Section 232 investigation that began in March, this would likely serve as an additional catalyst to drive both lumber prices and US lumber production higher, which should in turn bolster sawtimber prices in the US.

反補貼稅預計也將增加，這可能會導致大多數公司的平均綜合稅率從 14.4% 攀升至 35% 左右。此外，如果根據3月開始的第232條款調查，對木材和其他木製品徵收新的關稅，這可能會成為推動木材價格和美國木材產量上漲的額外催化劑，進而推高美國鋸材價格。

Shifting to pulpwood markets, the pricing pressure created by the availability of salvage volume was exacerbated by reduced production at mills in Atlantic region for the second quarter due to maintenance outage-related issues and tariff uncertainty. Additionally, market conditions in the Gulf region were negatively impacted by recent mill closures.

轉向紙漿木材市場，由於維護停機相關問題和關稅不確定性，第二季大西洋地區工廠的產量下降加劇了廢棄物供應造成的定價壓力。此外，近期工廠關閉也對海灣地區的市場狀況產生了負面影響。

While tariff-related uncertainty to continue to weigh on some of our customers, we believe market conditions for pulpwood will improve over the balance of the year based on a number of factors. Specifically, we believe that increased mill operating rates, less salvage volume in the market, and some improved visibility on trade policy on the recently announced trade deals with the UK and EU, should collectively translate to improved market conditions for pulpwood in the second half of the year.

儘管與關稅相關的不確定性繼續對我們的一些客戶造成壓力，但我們相信，基於多種因素，紙漿木材的市場狀況將在今年內有所改善。具體而言，我們認為，工廠開工率的提高、市場殘值量的減少以及最近宣布的與英國和歐盟的貿易協議的貿易政策透明度的提高，應該會共同轉化為下半年紙漿木材市場狀況的改善。

Moving to our Pacific Northwest Timber segment on page 10, second-quarter adjusted EBITDA of $7 million was 17% above the prior-year quarter as lower costs and higher log prices more than offset lower harvest volumes and non-timber income. Total harvest volumes decreased 15% in the second quarter as compared to the prior-year period, reflecting the impact of the Washington dispositions we completed last year.

轉到第 10 頁的太平洋西北木材部門，第二季調整後的 EBITDA 為 700 萬美元，比去年同期高出 17%，因為成本降低和原木價格上漲抵消了採伐量和非木材收入的下降。與去年同期相比，第二季的總採伐量下降了 15%，這反映了我們去年完成的華盛頓處置的影響。

At $96 per ton, average delivered domestic sawlog pricing in the second quarter increased 6% from the prior-year period due to improved demand from domestic lumber mills and a favorable geographic mix shift. Meanwhile, at $32 per ton, pulpwood pricing was up 4% versus the prior-year quarter.

由於國內木材廠需求增加和地理結構有利轉變，第二季國內鋸木平均交貨價格為每噸 96 美元，較去年同期上漲 6%。同時，紙漿木材價格為每噸 32 美元，較去年同期上漲 4%。

Despite the pullback in lumber prices during the second quarter and some localized sawmill oversupply, demand from domestic lumber mills in the Pacific Northwest held fairly steady in anticipation of a reduction in Canadian SPF lumber supply.

儘管第二季木材價格回落且部分地區鋸木廠供應過剩，但由於預期加拿大 SPF 木材供應將減少，太平洋西北地區國內鋸木廠的需求仍保持相當穩定。

The lumber produced at the mills in the region more directly competes with Canadian lumber imports, leaving Pacific Northwest Mills well positioned to benefit from a further decline in Canadian supply as higher countervailing and antidumping duties come into effect.

該地區工廠生產的木材與加拿大進口木材面臨更直接的競爭，隨著反補貼和反傾銷稅的提高，加拿大木材供應量將進一步下降，太平洋西北工廠將因此受益。

Similar to the US South, we also believe domestic lumber producers and the Pacific Northwest stand to benefit to the extent new tariffs are implemented as a result of the Section 232 investigation on wood products.

與美國南部類似，我們也認為，隨著針對木製品的第 232 條調查實施新的關稅，國內木材生產商和太平洋西北地區也將受益。

While we are upbeat about the outlook for domestic sawtimber demand in the region, we expect demand from the export market to remain fairly limited over the near term due to the Chinese ban on US log imports. That said, we are encouraged to see demand from Japan gradually improving with the opening of a major sawmill that was previously closed due to a fire in 2023.

雖然我們對該地區國內鋸木需求前景持樂觀態度，但由於中國禁止進口美國原木，我們預期短期內出口市場的需求仍將相當有限。儘管如此，我們很高興地看到，隨著 2023 年因火災而關閉的一家大型鋸木廠的開業，日本的需求正在逐步改善。

I'll now turn it back over to April to cover our Real Estate results.

現在我將回到四月份，來介紹我們的房地產業績。

Thanks, Doug. As detailed on page 11, the contribution from our Real Estate segment during the second quarter was above our expectations due to continued strong demand and the accelerated timing of several transactions.

謝謝，道格。如第 11 頁所述，由於持續強勁的需求和幾筆交易的加速完成，我們第二季房地產部門的貢獻超出了我們的預期。

Real Estate revenue totaled $29 million on roughly 3,300 acres sold at an average price of $8,300 per acre. The strong average price per acre reflects both the proportion of development sales closed as well as the healthy premiums above timberland value that our team is realizing on rural land sales. Real Estate segment adjusted EBITDA in the second quarter was $19 million, well above our prior guidance range of $5 million to $10 million.

房地產總收入為 2,900 萬美元，共售出約 3,300 英畝土地，平均售價為每英畝 8,300 美元。強勁的每英畝平均價格既反映了已完成的開發銷售比例，也反映了我們的團隊在農村土地銷售中實現的高於林地價值的健康溢價。房地產部門第二季調整後的 EBITDA 為 1,900 萬美元，遠高於我們先前預測的 500 萬至 1,000 萬美元範圍。

Drilling down, sales in our improved development category totaled $8 million, with our Heartwood development project contributing $5 million and our Wildlight development project contributing $3 million. Sales in Heartwood consisted of a 23-acre commercial parcel for $5 million or $225,000 per acre. A multi-tenant retail project is expected to be developed on this parcel.

深入研究後，我們改進開發類別的銷售額總計 800 萬美元，其中 Heartwood 開發案貢獻了 500 萬美元，Wildlight 開發案貢獻了 300 萬美元。Heartwood 的銷售包括一塊 23 英畝的商業地塊，售價為 500 萬美元，即每英畝 225,000 美元。預計將在該地塊上開發一個多租戶零售項目。

Meanwhile, sales in Wildlight consisted of two commercial parcels totaling 3.1 acres that were sold at an average price above $1 million per acre, reflecting the strong demand for prime locations within this project. Moving forward, we remain encouraged by the strong interest and homebuilder activity at both projects.

同時，Wildlight 的銷售包括兩塊總面積為 3.1 英畝的商業地塊，平均售價超過每英畝 100 萬美元，反映出對該項目黃金地段的強勁需求。展望未來，我們仍然對這兩個項目的濃厚興趣和房屋建築商的活動感到鼓舞。

In Heartwood, we believe the opening of the new Richmond Hill High School this month located on the same campus as the previously opened elementary and middle schools, will serve as an additional catalyst to attract families to Heartwood in its highly regarded school system.

在 Heartwood，我們相信本月將開設新的 Richmond Hill 高中，該高中與之前開設的小學和中學位於同一校園，這將成為吸引家庭到 Heartwood 備受推崇的學校系統的額外催化劑。

Despite continued softness in the national housing market, demand remains robust for our master-planned communities in Florida and Georgia. Both Wildlight and Heartwood continue to benefit from strong positioning in their respective markets based on the project maturity, favorable amenities, a diverse mix of uses, healthy migration, and relatively affordable price points.

儘管全國房地產市場持續疲軟，但我們在佛羅裡達州和喬治亞州的總體規劃社區的需求仍然強勁。Wildlight 和 Heartwood 都繼續受益於各自市場的強勢定位，這得益於該項目的成熟度、良好的設施、多樣化的用途、健康的遷移以及相對實惠的價格。

Unimproved development sales in our Real Estate segment consisted of a 311-acre transaction in Flagler County, Florida, for $3 million or $9,635 per acre. In the rural category, second-quarter sales totaled $16 million, consisting of approximately 2,900 acres at an average price of roughly $5,400 per acre.

我們房地產部門的未開發開發銷售包括位於佛羅裡達州弗拉格勒縣的一塊 311 英畝土地的交易，價格為 300 萬美元或每英畝 9,635 美元。在鄉村類別中，第二季的銷售總額為 1,600 萬美元，涉及約 2900 英畝土地，平均價格約為每英畝 5,400 美元。

We experienced a solid quarter of closings following a relatively light first quarter and have a strong transaction pipeline for the second half of 2025. Momentum in our rural land sales business remains robust as we continue to see interest from conservation-oriented buyers, high-net-worth individuals seeking investment diversification, and recreation-driven buyers.

在經歷了相對清淡的第一季之後，我們經歷了一個穩健的季度成交，並且為 2025 年下半年準備了強大的交易管道。由於我們繼續看到以保護為導向的買家、尋求投資多元化的高淨值個人以及以娛樂為導向的買家的興趣，我們的農村土地銷售業務勢頭依然強勁。

Now turning to our outlook for the balance of 2025, as Mark discussed earlier, we remain on track to achieve full-year adjusted EBITDA of $215 million to $235 million and pro forma EPS of $0.34 to $0.41, consistent with our prior guidance range.

現在談談我們對 2025 年平衡的展望，正如馬克之前所討論的，我們仍有望實現全年調整後 EBITDA 2.15 億美元至 2.35 億美元和預測 EPS 0.34 美元至 0.41 美元，這與我們之前的指導範圍一致。

With respect to our individual segments, starting with our Southern Timber segment, we expect full-year harvest volumes towards the lower end of our prior guidance range, although we expect materially higher volumes in the second half versus the first half of the year.

就我們的各個部門而言，從南方木材部門開始，我們預計全年採伐量將接近我們先前指導範圍的低端，儘管我們預計下半年的採伐量將比上半年大幅增加。

We further expect that pine net stumpage realizations will be modestly higher in the second half of the year as compared to the first half due to reduced salvage volume on the market, more normalized demand conditions following several extended mill outages, and a favorable geographic mix. Overall, we anticipate significantly higher results in the second half versus the first half of the year, with full-year adjusted EBITDA near the lower end of our prior guidance range.

我們進一步預計，由於市場殘值減少、幾次工廠長期停工後需求狀況更加正常化以及有利的地理結構，下半年松木淨立木實現量將略高於上半年。總體而言，我們預計下半年業績將顯著高於上半年，全年調整後的 EBITDA 接近我們先前預測範圍的低階。

In our Pacific Northwest Timber segment, we expect to achieve full-year harvest volumes consistent with our prior guidance. We further expect that weighted average log pricing will be modestly higher in the second half of the year as compared to the first half due to the anticipated effect of increased duties on Canadian lumber imports. Overall, we anticipate full-year adjusted EBITDA consistent with our prior guidance range.

在我們的太平洋西北木材部門，我們預計全年採伐量將與我們先前的預期一致。我們進一步預計，由於加拿大木材進口關稅預計增加的影響，下半年原木加權平均價格將比上半年略高。總體而言，我們預計全年調整後的 EBITDA 將與我們先前的指導範圍一致。

Turning to our Real Estate segment, we remain encouraged by our transaction pipeline and expect significant closing activity over the balance of the year. We currently expect an adjusted EBITDA contribution of $50 million to $65 million in the third quarter. However, given the magnitude of certain anticipated closings, it is possible that a substantial portion of this contribution could shift to the fourth quarter.

談到我們的房地產部門，我們仍然對我們的交易管道感到鼓舞，並預計在今年餘下時間裡將有大量的成交活動。我們目前預計第三季調整後的 EBITDA 貢獻為 5,000 萬至 6,500 萬美元。然而，考慮到某些預期關閉的規模，這項貢獻的很大一部分可能會轉移到第四季度。

Overall, we now expect full-year adjusted EBITDA in our Real Estate segment to be at or modestly above the high end of our prior guidance range. Similar to last quarter, in an effort to provide additional transparency and to better manage expectations around the quarter-to-quarter variability, we are also providing high-level quarterly guidance for overall adjusted EBITDA and EPS. As it relates to the third quarter, we currently expect net income attributable to Rayonier of $29 million to $44 million, EPS of $0.18 to $0.28, and adjusted EBITDA of $80 million to $100 million.

總體而言，我們現在預計房地產部門全年調整後的 EBITDA 將達到或略高於我們先前指導範圍的高端。與上一季類似，為了提供額外的透明度並更好地管理季度間變化的預期，我們也為整體調整後的 EBITDA 和 EPS 提供了高階季度指引。就第三季而言，我們目前預計歸屬於 Rayonier 的淨收入為 2,900 萬美元至 4,400 萬美元，每股收益為 0.18 美元至 0.28 美元，調整後 EBITDA 為 8,000 萬美元至 1 億美元。

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

現在我將把電話轉回給馬克，請他發表最後評論。

Thanks, April. As I reflect on the first half of the year, I'm proud of the perseverance displayed by our team in the face of continued economic uncertainty. Our team focused on controlling the controllables within our operations amid challenging timber market conditions while also advancing important strategic priorities aimed at building long-term value per share.

謝謝，April。回顧今年上半年，我為我們的團隊在持續的經濟不確定性面前所展現的毅力感到自豪。在充滿挑戰的木材市場條件下，我們的團隊專注於控制營運中的可控因素，同時推進旨在實現每股長期價值的重要策略重點。

Although housing starts, and repair and remodel activity have underwhelmed thus far in 2025, we believe that a combination of factors will result in relatively improved timber market conditions during the second half of the year. As Doug discussed earlier, the headwinds created by hurricane salvage operations within some of our larger US South markets are subsiding and demand for green logs is normalizing.

儘管 2025 年迄今的住房開工、維修和改造活動表現不佳，但我們相信，多種因素的綜合作用將導致下半年木材市場狀況相對改善。正如道格先前所討論的，我們在美國南部一些較大的市場中，颶風打撈行動所造成的阻力正在消退，對綠色原木的需求正在恢復正常。

Further, the supply of lumber entering the US market is poised to decline in response to higher duty rates being assessed on Canadian lumber imports. In turn, US sawmills should gain market share, leading to better operating conditions for timberland owners.

此外，由於加拿大對進口木材徵收更高的關稅，進入美國市場的木材供應量將會下降。反過來，美國鋸木廠應該會獲得市場份額，從而為林地所有者帶來更好的經營條件。

Further, the potential for new tariffs, stemming from the Section 232 investigation on wood products, could potentially serve as an additional catalyst for increased US lumber production. These factors, coupled with the prospect of interest rate cuts later this year, give us reasons for optimism regarding the near-term outlook for our timber business.

此外，因針對木製品的第232條款調查而產生的新關稅可能成為美國木材產量增加的額外催化劑。這些因素，加上今年稍後降息的前景，讓我們有理由對木材業務的近期前景感到樂觀。

Turning to Real Estate, demand for our rural properties remains strong. And we continue to see favorable momentum at both our Wildlight and Heartwood development projects. As discussed earlier, we expect a significantly stronger contribution from the Real Estate segment during the second half of the year versus the first half. And we now expect that full-year results will be at or modestly above the high end of our prior guidance range.

談到房地產，我們對鄉村房產的需求仍然強勁。我們繼續看到 Wildlight 和 Heartwood 開發項目的良好動力。如前所述，我們預計下半年房地產領域的貢獻將顯著高於上半年。我們現在預計全年業績將達到或略高於我們先前預測範圍的高端。

On the land-based solutions front, our team continues to advance solar, carbon capture and storage, and carbon offset project opportunities with high-quality counterparties. Although policy initiatives and certain incentives at the federal level have evolved, we believe our land portfolio remains uniquely well positioned to support the growing demand for power and decarbonization solutions.

在陸基解決方案方面，我們的團隊繼續與優質交易對手推動太陽能、碳捕獲和儲存以及碳補償專案機會。儘管聯邦層級的政策舉措和某些激勵措施已經發生了變化，但我們相信，我們的土地組合仍然具有獨特的優勢，可以滿足日益增長的電力和脫碳解決方案的需求。

Specifically, with respect to the recent passage of the One Big Beautiful Bill Act, I'd offer the following thoughts on its impact to our land-based solutions business. First, with respect to solar, we continue to see a tremendous growth trajectory for utility-scale solar and share the view of many industry participants that solar will continue to grow at a pace exceeding pre-IRA projections.

具體來說，關於最近通過的《一項偉大的美麗法案》，我對其對我們的陸基解決方案業務的影響提出以下看法。首先，就太陽能而言，我們繼續看到公用事業規模太陽能的巨大成長軌跡，並同意許多業內參與者的觀點，即太陽能將繼續以超過 IRA 之前預測的速度成長。

The rapid deployment of AI and the data centers needed to support this technology are driving significant growth in energy demand. And utility solar remains poised to play a major role in meeting the need for cost-effective renewable energy.

人工智慧的快速部署以及支援該技術所需的資料中心正在推動能源需求的大幅成長。公用事業太陽能仍將在滿足具有成本效益的再生能源需求方面發揮重要作用。

While all else being equal, the IRA incentives boosted the return profile of these projects. The economics of solar stand on their own, and they are competitive with other forms of energy generation, even without these incentives.

在其他條件相同的情況下，IRA 激勵措施提高了這些專案的回報率。太陽能具有獨立的經濟性，即使沒有這些激勵措施，它也能與其他形式的能源生產競爭。

Moreover, with the lead times for new gas turbines reportedly extending beyond five years, we expect that solar could have a timing advantage as well. In sum, while we expect that some developer timelines may shift forward or backward as recent policy initiatives are digested, we remain optimistic about the long-term trajectory of our solar leasing opportunities.

此外，據報道，新型燃氣渦輪機的交付週期超過五年，我們預計太陽能也將具有時間優勢。總而言之，雖然我們預計隨著近期政策舉措的消化，一些開發商的時間表可能會提前或推遲，但我們對太陽能租賃機會的長期發展軌跡仍然持樂觀態度。

Turning to carbon capture and storage, as we've discussed in the past, the economics of these projects are relatively more dependent on government incentives. However, as expected, the 45Q tax credit was preserved in the recent legislation, and our counterparties are continuing to advance their CCS projects.

談到碳捕獲和儲存，正如我們過去討論過的，這些項目的經濟效益相對來說更依賴政府的激勵措施。然而，正如預期的那樣，45Q 稅收抵免在最近的立法中得到了保留，我們的交易對手正在繼續推進他們的 CCS 項目。

We currently have 154,000 acres under lease for CCS. And encouragingly, nearly half of these acres are now represented in various Class VI well permit applications. As we move forward, we are optimistic that the additional clarity provided on the 45Q credits will provide both current and future counterparties with more conviction around their CCS-related ambitions.

我們目前有 154,000 英畝土地租給 CCS。令人鼓舞的是，這些土地中近一半已列入各種 VI 級井許可證申請中。隨著我們繼續前進，我們樂觀地認為，45Q 信用額度的進一步明確將為當前和未來的交易對手提供更多有關其 CCS 相關目標的信心。

Beyond solar and CCS, we're also working to advance opportunities in the voluntary carbon market. We continue to see growing interest in forest-based carbon offsets. And we don't see this being impacted by the recent legislation. As this market continues to mature and as credit pricing becomes more competitive with traditional forest products markets, we expect that Rayonier will participate in the forest carbon market over time.

除了太陽能和 CCS 之外，我們也致力於拓展自願性碳市場的機會。我們持續看到人們對基於森林的碳補償的興趣日益濃厚。我們認為這不會受到最近立法的影響。隨著該市場不斷成熟，以及信用定價與傳統林產品市場相比更具競爭力，我們預期 Rayonier 將逐漸參與森林碳市場。

Before wrapping up, I also want to take a moment to commend our team for their extraordinary efforts and determination in executing our asset disposition plan over the past 18 months. The recent closing of the New Zealand transaction leaves us well positioned with considerable balance sheet flexibility moving forward.

在結束之前，我還想花點時間讚揚我們的團隊在過去 18 個月為執行資產處置計劃所付出的非凡努力和決心。最近完成的紐西蘭交易使我們在未來的資產負債表上擁有相當大的靈活性。

By successfully executing on our asset disposition and capital structure realignment plan, we've strengthened our balance sheet, streamlined our portfolio, and better position Rayonier for future growth and shareholder value creation.

透過成功執行資產處置和資本結構調整計劃，我們增強了資產負債表，精簡了投資組合，並為 Rayonier 的未來成長和股東價值創造做好了更好的準備。

In sum, while timber markets continue to face some headwinds, our team is navigating the current environment with a long-term perspective. And we're looking forward to what we expect will be better market conditions and stronger financial results in the second half of the year.

總而言之，儘管木材市場繼續面臨一些阻力，但我們的團隊正在以長遠的眼光來應對當前的環境。我們期待下半年市場狀況會更好，財務表現會更強勁。

In closing, I remain highly optimistic about the long-term value creation potential that we see ahead for our portfolio. And I believe that we're very well positioned to capitalize on future growth opportunities in our business.

最後，我仍然對我們投資組合的長期價值創造潛力非常樂觀。我相信，我們已做好準備，充分利用我們業務未來的成長機會。

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

我們的準備好的演講到此結束。現在我將把電話轉回給接線員以回答問題。

(Operator Instructions) Mike Roxland, Truist Securities.

（操作員指示）Truist Securities 的 Mike Roxland。

Yeah. Thank you, Mark, April, Doug, Colin, for taking my questions. And congrats on all the significant progress. First question is, sawtimber prices in the Pacific Northwest better than we expected. Are you starting to see some increasing tension due to the upcoming Canadian duties?

是的。感謝馬克、艾普麗爾、道格、柯林回答我的問題。並祝賀所有重大進展。第一個問題是，太平洋西北地區的鋸材價格比我們預期的要好。您是否開始感受到即將實施的加拿大關稅帶來的緊張局勢加劇？

Yeah, sure. This is Doug. I'll take that. Yeah, as you noticed, we did see improved pricing during the quarter. I would say that in anticipation of that, we're seeing folks that are looking towards that. But it's been relatively steady as we go on.

是的，當然。這是道格。我會接受的。是的，正如您所注意到的，我們確實看到本季的價格上漲。我想說的是，我們看到人們正在期待這一點。但隨著我們繼續前進，情況一直相對穩定。

What we've actually seen, interestingly enough, is that whitewood pricing also came up during that time. So there's anticipation, but I wouldn't say that that's been a significant increase yet. But we're hearing a lot of chatter about that going forward.

有趣的是，我們實際上看到的是，白木的價格在那段時間也上漲了。因此，人們有期待，但我不會說這是一個顯著的成長。但我們聽到了很多關於這個問題的討論。

And, Mike, keep in mind that some of that is a function of just the residual portfolio following the disposition of the properties in Clallam. The residual portfolio is just a better portfolio. So that's reflected in the pricing achieved in this most recent quarter.

麥克，請記住，其中一部分只是克拉勒姆房產處置後的剩餘投資組合的功能。剩餘投資組合只是一個更好的投資組合。這反映在最近一個季度的定價中。

Yeah, I appreciate the color. That makes sense. What are you seeing currently just out of curiosity in terms of prices? Have you seen -- so in 2Q, if there was a residual from the portfolio and it's -- you're seeing trends as you outline them, are you seeing anything more currently with respect to pricing being tensioned because the ADD was announced?

是的，我很欣賞這個顏色。這很有道理。就價格而言，您目前看到什麼只是出於好奇？您是否看到了 - 那麼在第二季度，如果投資組合中有剩餘，並且 - 您看到了您概述的趨勢，那麼由於宣布了 ADD，您是否看到目前與定價緊張相關的更多情況？

Yeah. This is Doug, and I'll take that. I would say right now, it's pretty much still steady as [she] goes with the expectation that we'll see things. There still are ample log supplies out there right this minute. So I think folks are really waiting to see how this impacts things. But we have seen some mills that are increasing demand.

是的。我是 Doug，我接受這個。我想說，現在情況仍然很穩定，正如她所期望的那樣，我們會看到事情的發生。目前，市場上仍有充足的原木供應。所以我認為人們真的在等著看這會產生什麼影響。但我們看到一些工廠正在增加需求。

So there is that opportunity out there, and we expect that will come forward as we see things. But I think it's just too early to really say that we've seen prices respond immediately. But expectations are definitely that as the Canadian lumber starts to slow down coming in with these extra duties, that we will see that response.

所以，這個機會是存在的，而且我們期望，隨著情況的發展，這個機會將會逐漸出現。但我認為現在說我們已經看到價格立即做出反應還為時過早。但可以肯定的是，隨著加拿大木材因這些額外關稅而開始放緩進口，我們將看到這種反應。

Typically, in the past, we've seen is that there has been additional shipments of lumber from Canada pre-increases in duties in the United States. So you don't normally see it just immediately respond at the announcement of the duties. There's usually a little bit of a lag time between when that happens and that product starts to clear out the supply channels.

通常，在過去，我們看到的是，在美國提高關稅之前，來自加拿大的木材出貨量會增加。因此，你通常不會看到它在宣布職責後立即回應。從這種情況發生到產品開始清除供應管道之間通常會有一點延遲時間。

Got it. I appreciate it. And one final question. Just, Mark, now that you've completed your transformation -- that paydown has been notable -- what's next for the company? In recent calls, you've mentioned that you're better positioned for growth.

知道了。我很感激。最後一個問題。馬克，既然你已經完成了轉型——回報非常顯著——公司下一步計劃做什麼？在最近的電話會議中，您提到自己已做好了更好的成長準備。

So help us frame how you expect to accomplish that growth, particularly given comments you've made around elevated timberland values. And really, is your -- is it more just you're going to run the business as it stands today and just use share repurchases to drive NAV accretion? Any color you can provide around growth and how you expect to drive that? Thank you.

因此，請幫助我們闡述您期望如何實現這一增長，特別是考慮到您對林地價值提高的評論。實際上，您是否只是要按照目前的狀況經營業務，並使用股票回購來推動資產淨值成長？您能否提供有關成長的任何資訊以及您期望如何推動成長？謝謝。

Yeah, sure. Maybe just kind of focusing on our philosophy around capital allocation more generally, it's always been to just be nimble and opportunistic really with a view towards building long-term value per share. You've seen over the past several years, we pivoted our priorities a number of times to take advantage of what we thought was the best opportunity in the market at that point in time.

是的，當然。也許只是更廣泛地關注我們關於資本配置的概念，它始終只是靈活和抓住機會，真正著眼於建立每股的長期價值。你已經看到，在過去的幾年裡，我們多次調整我們的優先事項，以利用我們認為當時市場上最好的機會。

So we've grown our portfolio through acquisitions. We bought back stock when we've seen a big disconnect between our stock price and NAV. And more recently here, we paid down some debt as we wanted to improve our balance sheet positioning.

因此，我們透過收購擴大了我們的投資組合。當我們發現股價與資產淨值之間存在巨大差距時，我們就會回購股票。最近，我們還清了一些債務，因為我們希望改善我們的資產負債表狀況。

We don't go into any period with prescriptive capital allocation targets. We really try to play the hand we're dealt to create value for shareholders. Right now, we're certainly focused on share buybacks given the significant disconnect that we see between our share price and our view of NAV. But we're not afraid to pivot when it makes sense to do so.

我們不會進入任何具有規定性資本配置目標的時期。我們確實盡力為股東創造價值。目前，鑑於我們看到的股價和資產淨值觀點之間存在顯著的脫節，我們當然會關注股票回購。但當有必要時，我們並不懼怕轉變。

Of course, we've indicated that we intend to maintain a leverage target below 3 times net debt to EBITDA. So some of our cash will invariably be earmarked for debt paydown. But that still leaves about $500 million or over $500 million that we have available to deploy opportunistically.

當然，我們已經表示，我們打算將槓桿目標維持在淨債務與 EBITDA 比率的 3 倍以下。因此，我們的部分現金將不可避免地被指定用於償還債務。但仍有大約 5 億美元或超過 5 億美元可供我們隨時部署。

So again, we're going to just continue to think about that in terms of how do we build long-term value per share. Timberland acquisitions are obviously challenging in this market environment relative to our cost of capital. But that could change -- that dynamic could change over time.

因此，我們將繼續思考如何實現每股長期價值。相對於我們的資本成本而言，在這種市場環境下收購 Timberland 顯然具有挑戰性。但這種情況可能會改變——這種動態可能會隨著時間而改變。

Got it. Thank you.

知道了。謝謝。

Buck Horne, Raymond James.

巴克霍恩、雷蒙詹姆斯。

Hey, thanks. Good morning, guys, and congrats on the New Zealand sale and all the progress year-to-date. Great job. And I'm kind of curious about your thoughts on just the upcoming hurricane season as it relates to the US South.

嘿，謝謝。大家早安，恭喜紐西蘭的銷售以及今年迄今的所有進展。幹得好。我有點好奇您對即將到來的美國南部颶風季節的看法。

And you've been dealing with the salvage volume overhang for the past couple of quarters. But we've got another hurricane season where the forecast is for an above-average number of storms and three to five kind of major hurricanes projected.

過去幾個季度以來，你們一直在處理殘值過剩的問題。但我們又迎來了一個颶風季節，預計風暴數量將高於平均水平，並會出現三到五次大型颶風。

How do you look at the landscape in terms of, if we did have a couple of major storms, is -- are the -- I mean, it's a hard question to answer -- but are the timber strands that are out there in the wood baskets more or less vulnerable to damages or salvage or some sort of salvage activity if we did have another couple of major storms hit the region?

如果我們真的遭遇了幾場大風暴，您如何看待這一情況？ ——我的意思是，這是一個很難回答的問題——但是，如果該地區再遭遇幾場大風暴，那麼木籃中的木材線條是否更容易或更不容易受到損壞或打撈或某種打撈活動的影響？

Yeah. As you say, that is a hard one to predict or forecast going forward to your point. What I would say is you're right, they are predicting potentially additional. But what we've seen so far is the setup is that they're not necessarily aimed at the Southeast United States right this minute, which is good news as we go forward.

是的。正如您所說，對於您的觀點，很難進行預測或預報。我想說的是，你是對的，他們預測可能會有額外的成長。但就我們目前所見，他們的策略不一定瞄準美國東南部，這對我們未來的發展來說是個好消息。

So it's been a little bit slow to start. And I'm going to knock on some wood that that continues and that they don't form that formation. With respect to our own assets, we -- for the last few years, we've been thinking about this quite a bit as we think about kind of adapting for climate change, things like that.

所以開始得有點慢。我要敲敲木頭，希望這種情況能持續下去，而且它們不會形成那種陣型。關於我們自己的資產，過去幾年來，我們一直在思考這個問題，例如如何適應氣候變遷之類的事情。

So we've been doing less thinning within a certain distance from the coastlines basically. And I know that other folks are also starting to follow through with that also. So I think you're seeing forest owners starting to basically -- often what happens is recently thinned stands that really take a beating when a hurricane comes through.

因此，我們基本上在距離海岸線一定距離的範圍內減少了疏伐。我知道其他人也開始這麼做了。所以我認為你看到森林所有者開始基本上——通常發生的情況是最近稀疏的林分在颶風來臨時受到嚴重打擊。

And so we're seeing folks start to think about those similarly as we go across. So I would say in some respects, over time, we're going to see that hardening off. But it really is impossible to tell kind of the duration of the impact of a hurricane and how it's going to impact an area and just what might happen.

因此，我們看到人們開始以類似的方式思考這些問題。所以我想說，從某些方面來說，隨著時間的推移，我們將看到這種趨勢逐漸增強。但實際上不可能知道颶風的影響持續時間、它將如何影響某個地區以及可能發生什麼情況。

Hurricane Helene was definitely a unique one that we haven't seen before we started in Florida and all way up into North Carolina. I'm praying we don't see another one like that. But our own assets, like I said, we're adapting to things. We're seeing changes in the climate and kind of what I'd call hardening off and making ourselves less susceptible to those things. And I've seen that elsewhere also.

颶風海倫絕對是一場獨特的颶風，我們從佛羅裡達州出發，一路向北進入北卡羅來納州，從未見過它。我祈禱我們不會再看到這樣的事情。但正如我所說，我們正在適應我們自己的資產。我們看到了氣候的變化，我稱之為“強化”，使我們自己不那麼容易受到這些事情的影響。我也在其他地方看到過這種情況。

Great. I appreciate the color there. Thank you. And on the Real Estate side, looking ahead to the third quarter with the projections and the pipeline looks very robust, I mean, is there any particular group of buyers that is getting more active, whether that's the rural or the conservation side? Or is there a noticeable uptick in terms of just how sustainable this level of demand for higher and better use Real Estate is going forward?

偉大的。我很欣賞那裡的色彩。謝謝。在房地產方面，展望第三季度，預測和管道看起來非常強勁，我的意思是，是否有特定的買家群體變得更加活躍，無論是農村還是保護區方面？或者，就對更高、更好利用的房地產的需求水準的可持續性而言，未來是否會出現明顯的上升趨勢？

I'd say we've generally continue to see pretty strong demand across all the different categories of Real Estate sales. Recognize, as we discussed in the prepared remarks, Real Estate sales are invariably lumpy in nature. And we do have a pretty strong second half planned for.

我想說，我們總體上繼續看到所有不同類別的房地產銷售需求相當強勁。正如我們在準備好的評論中所討論的那樣，房地產銷售本質上總是不穩定的。我們確實為下半年制定了相當強勁的計劃。

And that's really just driven by a number of relatively large transactions that we anticipate are going to close in the third quarter. So again, overall demand environment continues to be strong. But really, the strong 3Q and H2, it's really driven by a handful of significant transactions.

這實際上只是由我們預計在第三季完成的一些相對較大的交易所推動的。因此，整體需求環境持續強勁。但實際上，第三季和下半年的強勁表現，實際上是由幾筆重大交易推動的。

Got it. All right. Thanks for the color. Good luck, guys.

知道了。好的。謝謝你的顏色。祝大家好運。

Anthony Pettinari, Citi Research.

安東尼‧佩蒂納裡，花旗研究部。

Mark, you touched on this in your earlier comments. But I'm just wondering if you could dig a little bit deeper on One Big Beautiful Bill impact, if any, to solar end market and kind of conversations you've had with partners and customers since the bill was passed.

馬克，你在之前的評論中提到了這一點。但我只是想知道您是否可以更深入地探討《美麗法案》對太陽能終端市場的影響（如果有的話），以及自該法案通過以來您與合作夥伴和客戶進行的對話。

Yeah, I'll let Doug comment on that.

是的，我會讓 Doug 對此發表評論。

Sure. I'm happy to comment on that. For our solar development pipeline, we continue to be encouraged by the level of activity that we're seeing in new projects being identified and negotiated, [putting] our option agreements across ESL footprint.

當然。我很高興對此發表評論。對於我們的太陽能開發管道，我們看到新專案的確定和談判活動水準持續受到鼓舞，我們的選擇協議已涵蓋整個 ESL 業務範圍。

So kind of despite that uncertainty from the One Big Beautiful Bill Act that you mentioned, we're still seeing our best activity and driving new projects forward toward development and securing new properties for post-tax incentive kind of window development.

因此，儘管您提到的「一項偉大的美麗法案」存在不確定性，但我們仍然看到了最好的活動，推動新項目向前發展，並確保新房產獲得稅後激勵窗口開發。

And as we've seen and Mark mentioned, kind of industry reports show a broad range of expected impacts to the level of new utility-scale solar development over the next 5 to 10 years. But still, most are estimating that that residual level of growth is going to be above the pre-IRA levels.

正如我們所見以及馬克所提到的，行業報告顯示，未來 5 到 10 年內，新公用事業規模太陽能開發水準預計將受到廣泛的影響。但大多數人仍估計，剩餘的成長水準將高於愛爾蘭共和軍之前的水準。

And so we currently have solar options covering about 40,000 acres, a little bit over that, in the US South. And we've seen a modest number of options expire. But we've also seen those be offset by new options that were put in place over the last quarter.

因此，我們目前在美國南部擁有覆蓋約 40,000 英畝（略多一點）的太陽能選項。我們已經看到有少量期權到期。但我們也看到這些影響被上個季度實施的新選擇所抵銷。

So we feel good about where we're sitting right this minute. As we've mentioned before, we still think it's got a good growth rate. And our option pipeline remains strong. We've got more than 10 projects currently in negotiation or consideration with high-quality counterparties. So we have seen some move-off, but we've also seen those been replaced in the last quarter.

因此，我們對此刻所處的位置感到很滿意。正如我們之前提到的，我們仍然認為它具有良好的成長率。我們的選擇管道依然強勁。目前，我們已有10多個項目正在與優質交易對手進行談判或考慮。因此，我們看到了一些舉措，但我們也看到上個季度這些舉措已被取代。

Okay. That's very helpful. And then the 100% bonus depreciation, does that have any impact to your customers or sort of project timelines? And is there anything else from One Big Beautiful Bill that investors should keep in mind when we think about Rayonier?

好的。這非常有幫助。那麼 100% 的獎金折舊會對您的客戶或專案時間表產生影響嗎？當我們考慮 Rayonier 時，投資人還應該記住《One Big Beautiful Bill》中的其他內容嗎？

I think we tried to cover kind of the key highlights around that in prepared remarks. And so those are what we really see as the key drivers that are going to affect us as we look forward. And again, it's mainly around our land-based solutions business and opportunities there.

我認為我們已經在準備好的發言中嘗試涵蓋了有關該問題的關鍵要點。因此，我們真正認為這些是未來將影響我們的關鍵驅動因素。再次強調，這主要圍繞著我們的陸基解決方案業務和那裡的機會。

Okay. That's helpful. I'll turn it over.

好的。這很有幫助。我把它翻過來。

Mark Weintraub, Seaport Research Partners.

馬克‧溫特勞布 (Mark Weintraub)，海港研究夥伴。

Thank you, and congrats on completing the asset disposition program. First, Mark, you mentioned the $500 million of cash for opportunistic actions. Does -- is a portion of that going to be used for distribution?

謝謝，恭喜您完成資產處置計畫。首先，馬克，你提到了用於機會主義行動的 5 億美元現金。其中一部分是否會用於分發？

I know you have some flexibility on how you can do that distribution. But does that include some that would be part of that distribution? And if so, is there a minimum amount that would be cash in the distribution?

我知道您在如何進行分配方面具有一定的靈活性。但這是否包括一些屬於該分佈的部分？如果是的話，分配中現金的最低金額是多少？

Yes. As it relates to the distribution, our guidance that we indicated at the time that we announced the New Zealand transaction, our expectation is still that we'll have a $1, $2.40 per share special distribution for this year that will be paid in some combination of cash and stock.

是的。至於分配，我們在宣布紐西蘭交易時所指出的指導意見是，我們預計今年每股將有 1 至 2.40 美元的特別分配，以現金和股票的形式支付。

So we haven't yet identified the specific amount of that or kind of what the breakdown would be between cash and stock. But we do anticipate announcing that later this year. I recognize that that distribution is driven not just by the gain on the New Zealand transaction, but also the [pre-taxable] income from operations. And so we want to get a little bit further into the year and kind of see where we expect that to shake out before we declare that special.

因此，我們尚未確定具體金額，也未確定現金和股票之間的具體比例。但我們確實預計將在今年稍後宣布這一消息。我認識到，這種分配不僅是由紐西蘭交易的收益推動的，而且還由營業收入（稅前）推動。因此，我們希望在今年稍後再進一步了解一下情況，然後再宣布這一特殊情況。

Understood. And then presumably, like last time, you'd have some flexibility on how much of it is cash versus how much is a stock dividend? Is that --

明白了。然後大概就像上次一樣，你會對其中多少是現金、多少是股票紅利有一定的彈性？那是嗎--

That's right.

這是正確的。

Okay. All right. So we can do the math. So then -- so obviously, the development business seems to be doing very well. I'm just curious, so 18 months ago, you had your Investor Day, a very thorough presentation on what you saw as potential there.

好的。好的。所以我們可以做一下計算。那麼——顯然，開發業務似乎做得很好。我只是好奇，18 個月前，您舉辦了投資者日，對您在那裡看到的潛力進行了非常詳盡的演示。

Has that evolved at all? Or would you say that that's still sort of the blueprint that we can look back to see the likely trajectory from your perspective?

它有進化嗎？或者您會說這仍然是一種藍圖，我們可以回顧一下，從您的角度了解可能的軌跡？

Yeah. I'd say our expectations are largely still in line with what we laid out in Investor Day last year, certainly in terms of the net value per acre that we're looking to achieve within that business. Maybe just to offer some comments more broadly on our development business.

是的。我想說，我們的預期基本上與去年投資者日所提出的一致，當然就我們希望在該業務中實現的每英畝淨值而言。也許只是對我們的開發業務提出一些更廣泛的評論。

The overall housing environment has been pretty challenging. But we continue to see really strong momentum at both Wildlight and Heartwood, our two master-planned communities. You recognize we had pretty meaningful commercial sales in both those projects this past quarter, which I think really underscores kind of how those projects have matured over time.

整體住房環境相當具有挑戰性。但我們繼續看到我們的兩個總體規劃社區 Wildlight 和 Heartwood 都呈現出強勁的發展勢頭。您認識到，上個季度我們在這兩個項目中都取得了相當可觀的商業銷售額，我認為這確實凸顯了這些項目隨著時間的推移而逐漸成熟。

Yeah, as we discussed in the past, improved development sales are inherently going to be lumpy quarter to quarter and year to year. But I'd say we've been very pleased with the overall trajectory of both of those projects over the past few years. Our team has really put a lot of attention into placemaking and really trying to build a strong brand among homebuilders. And we're seeing that activity within those projects ramp up.

是的，正如我們過去討論過的，開發銷售額的成長本質上會在每個季度和每年出現波動。但我想說，我們對過去幾年這兩個項目的整體進展感到非常滿意。我們的團隊確實非常重視場所營造，並真正努力在住宅建築商中打造強大的品牌。我們看到這些項目的活動正在增加。

To put things in perspective, Wildlight had about 30 homes entering 2020. We're on pace to finish the year with over 750 project-to-date residential closings in Wildlight. And we expect that pace of residential closings are going to continue to ramp up over the next few years. We expect to get to upwards of 400 closings annually, which would put Wildlight up there among the top 50 MPCs in the country.

客觀來看，2020 年 Wildlight 大約有 30 戶家庭。我們預計在今年年底前完成 Wildlight 超過 750 個住宅項目的成交。我們預計未來幾年住宅關閉的速度將繼續加快。我們預計每年的成交量將達到 400 家以上，這將使 Wildlight 躋身全國前 50 名 MPC 之列。

So suffice it to say, we're still in the early innings on these projects. Overall, we've sold 10% of the acres that we have entitled at Wildlight and less than 15% of the acreage at Heartwood. But again, we're really looking forward to a long runway for value creation here.

所以可以說，我們仍然處於這些專案的早期階段。總體而言，我們已售出 Wildlight 所擁有土地的 10%，以及 Heartwood 所擁有土地的不到 15%。但再次強調，我們確實期待在這裡創造長期的價值。

Okay. Super. Two real fast ones. Have you repurchased any stock since the end of the quarter, since June 30? And second -- so you mentioned on -- so I guess, in some cases, because there are still -- there are -- you can get the tax incentives on development spend, if you hurry it up. But it doesn't sound like you're seeing any acceleration from any of the situations where you're involved.

好的。極好的。兩個非常快的。自本季末（即 6 月 30 日以來）以來，您是否回購了任何股票？其次 — — 正如您所提到的 — — 所以我想，在某些情況下，因為仍然有 — — 有 — — 如果您加快速度，您就可以獲得發展支出的稅收優惠。但聽起來你並沒有看到你所涉及任何情況有任何加速。

And then just on CCS, you have one competitor who's talking about maybe they could see meaningful revenue starting 2029 -- sorry, 2029 or 2030. Do you have any timeline of when that might be a meaningful revenue contributor for you guys?

然後就 CCS 而言，有一個競爭對手錶示他們可能從 2029 年開始看到可觀的收入——抱歉，是 2029 年或 2030 年。您是否有一個時間表，表明什麼時候這會為您帶來有意義的收入貢獻？

Yeah. I'll maybe take the first question, and then I'll turn it over to Doug. We have bought back some additional stock post the end of the quarter. Not going to get into the details of that right now. We'll plan to just make those disclosures in line with our quarterly earnings release. But again, we continue to see a real opportunity with that disconnect between private market values and where the stock trades.

是的。我可能會回答第一個問題，然後我會把它交給 Doug。本季結束後，我們回購了一些額外的股票。現在不打算深入討論細節。我們計劃根據季度收益報告披露這些資訊。但我們再次看到，私人市場價值和股票交易之間的脫節帶來了真正的機會。

Yeah. And I'll pick up first on, I believe, your question kind around solar and development credit. And yeah, we have seen some potential for a couple of our counterparties to speed up within the existing options we already had in conversions.

是的。我相信，我首先會回答您關於太陽能和發展信貸的問題。是的，我們已經看到了一些交易對手在現有轉換選項中加速的潛力。

Several of them anticipating the tariffs had bought ahead enough equipment basically for a year or more. And so we're seeing them talking about moving forward on that. So -- and in some cases, one of the options that dropped off was one they're saying we're going to put our attention on this other one and focus on that.

他們中的一些人預計關稅將上漲，因此提前購買了足夠使用一年或更長時間的設備。因此我們看到他們正在談論如何推進這一進程。所以 — — 在某些情況下，他們放棄的其中一個選擇是，他們說我們要把注意力放在另一個選擇上，並專注於此。

So we are seeing some focus on that. I can't say when they're going to go into place yet, but we have seen some people speeding up on that kind of option lease process. So that is something that's on people's minds for sure in the solar.

因此我們看到了一些對此的關注。我還不能說他們什麼時候會開始實施，但我們已經看到一些人正在加快這種選擇租賃流程。所以這肯定是人們對太陽能關注的問題。

And on the carbon capture and storage, as we mentioned in our prepared comments, we're really pleased to have made the progress we have, with almost nearly half of our 154,000 acres on our CCS lease. And those are now moving through different stages of the Class VI underground injection control permitting process.

關於碳捕獲和儲存，正如我們在準備好的評論中提到的那樣，我們非常高興取得了進展，我們的 154,000 英畝土地中幾乎有一半屬於 CCS 租賃範圍。目前，這些項目正處於 VI 級地下注入控制許可流程的不同階段。

And that's for up to 53 wells right now. So it's an impressive number of wells that are currently in the permitting process. And we're really encouraged by continued momentum of work we have with several other parties on new projects.

目前已擁有多達 53 口油井。因此，目前正在辦理許可手續的油井數量令人印象深刻。我們與其他幾方在新的專案上繼續保持合作勢頭，這讓我們深受鼓舞。

And one of the things that didn't necessarily come out of the OBBA but has kind of come out from recent (inaudible) actions is the current regime has been supportive of CCS and really on improving things -- getting things processed more quickly.

其中一件事不一定是出自 OBBA 而是出自最近的（聽不清楚）行動，那就是現政權一直支持 CCS 並且真正致力於改善事情 — — 讓事情處理得更快。

And so there, to the permitting technology action plan, the administration is aiming to see that the Class VI wells get permitted within two years. And that's through promoting state primacy and also streamlining regulatory reviews. So I think that's a positive. Days were getting stuck in three- to four-year permitting processes before.

因此，對於許可技術行動計劃，政府的目標是確保 VI 類井在兩年內獲得許可。這是透過促進國家主導地位和簡化監管審查來實現的。所以我認為這是積極的。以前，審批流程要花三到四年的時間。

So that is -- hopefully, if they're able to achieve the goals they have there. Then as we kind of mentioned at our Investor Day, we talked about -- these are three- to five-year kind of projects from the time that you get something under lease and when it gets through permitting and can get into build.

所以——希望他們能夠實現他們的目標。然後，正如我們在投資者日上提到的那樣，我們談論的是——這些都是三到五年的項目，從你獲得租賃權到獲得許可並開始建造。

So with respect to the timing you mentioned before, I can't predict when something is going to happen based on still got to go through that government permitting. But it does seem positive that it seems like we're seeing that kind of acceleration closer than what was happening before.

因此，關於您之前提到的時間，我無法預測某件事何時會發生，因為還需要政府許可。但看起來確實積極的是，我們似乎看到這種加速比以前更接近了。

And kind of we laid out in our Investor Day, the economics are probably driven by the number of wells and the injection rates once they're operational. So we get those pre-injection rental payments that are healthy, 1 to 2 times timber EBITDA per acre.

正如我們在投資者日上所闡述的，經濟效益可能取決於油井的數量以及投入營運後的注入率。因此，我們獲得的注入前租金是健康的，是每英畝木材 EBITDA 的 1 到 2 倍。

But once you get those injection royalties, that's when things come up to 3 to 5 times that timber EBITDA per acre. So -- and that really depends kind of on the CO2 sources, the number of wells you have, geology, permitted storage capacity, and things like that.

但是一旦你獲得了這些注入特許權使用費，那麼每英畝木材的 EBITDA 就會達到 3 到 5 倍。所以——這實際上取決於二氧化碳來源、擁有的油井數量、地質情況、允許的儲存容量等等。

So in this area, there's a lot to like. You can still grow trees. You can still do carbon credits on top of it and have that opportunity. So I think net-net, the positive is we're seeing potential, at least, talk from the administration about moving that permitting process forward. So we would, hopefully, see those kind of opportunities in the near future.

因此，在這個領域，有很多值得喜歡的地方。你仍然可以種樹。您仍然可以在此基礎上進行碳信用並獲得這個機會。所以我認為總體來說，積極的一面是我們至少看到了政府關於推動許可程序向前發展的潛力。因此，我們希望在不久的將來能看到這樣的機會。

Super. Appreciate the color.

極好的。欣賞色彩。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Good morning, and thanks for taking my question. Maybe coming back to Southern Timber, excluding kind of the salvage activity that's been going on for the last couple of quarters, are you seeing sort of signs that sort of things are stabilizing and sort of demand is improving?

早上好，感謝您回答我的問題。也許回到南方木材，除了過去幾季一直在進行的打撈活動之外，您是否看到某種跡象表明情況正在穩定並且需求正在改善？

I mean, if you look from a housing standpoint, the recent data points haven't been great. So I'm just curious, what are you hearing from your customers in terms of their approach towards the back half as it relates to both sawlog and pulpwood?

我的意思是，如果從住房的角度來看，最近的數據並不好。所以我很好奇，您從客戶那裡聽到了什麼關於鋸木和紙漿木材後半部分的做法？

Sure. This is Doug. I'll start with that. I'd say even in light of the tough conditions we've seen particularly from the salvage, if you look, our pine sawtimber average pricing was still up 3% quarter over quarter. So while we are still contending with really tough conditions, we did see improvement overall across the US South in our operations and did see that pine sawtimber pricing coming up.

當然。這是道格。我先從那裡開始。我想說，即使考慮到我們所看到的艱苦條件，特別是在打撈方面，如果你看一下，我們的松木鋸材平均價格仍然比上一季上漲了 3%。因此，雖然我們仍在與非常艱難的條件作鬥爭，但我們確實看到整個美國南部的業務總體上有所改善，並且松木鋸材的價格有所上漲。

So I think where we sit right now, we've seen -- it's very dependent on the customer and how they're thinking. We've recently seen mills that are procuring additional sawtimber and are looking to gear up, talking about additional shifts in the US South, in particular.

所以我認為我們現在的處境很大程度上取決於客戶以及他們的想法。我們最近看到工廠正在採購額外的鋸木，並希望增加生產力度，特別是在美國南部增加班次。

And then we've seen customers who are taking a wait and see. So it's -- there's just a lot of uncertainty still. I wish I could tell you exactly answer that. But what's been positive is that we have seen customers returning from their harvesting operations, as Mark mentioned, kind of normalized, and we talked in our prepared comments.

然後我們看到一些顧客正在觀望。所以——仍然存在著許多不確定性。我希望我能準確地告訴你答案。但積極的一面是，我們看到客戶從收割作業中回來，正如馬克提到的那樣，情況已經恢復正常，我們在準備好的評論中也談到了這一點。

We had Florida customers who are up harvesting basically pulpwood salvage in Georgia. Primarily, most of what we're aware of, they've returned back to Florida. And they've been active in recent stumpage sales and really looking at increasing sawtimber production.

我們有來自佛羅裡達州的客戶，他們基本上是在喬治亞州收穫紙漿木材廢料。首先，據我們所知，他們大部分已經返回佛羅裡達。他們最近積極參與木材銷售，並真心希望增加鋸材產量。

And so we've seen pricing improve and our stumpage sales as we've sold things. So I think we're seeing the early hints of improvement there. It's a positive momentum as we go through that. But in the quarter, we still suffered from that, as we mentioned kind of last time, about a 20% price decline in that primary market of our Southeast Georgia area.

因此，隨著商品的銷售，我們看到價格提高，木材銷售也有所成長。所以我認為我們已經看到了改善的早期跡象。當我們經歷這一切時，這是一個積極的勢頭。但在本季度，我們仍然遭受了這種影響，正如我們上次提到的那樣，我們東南喬治亞地區的主要市場價格下跌了約 20%。

But as we get outside of that, we've been pleased with what we've seen so far. And pricing was more than stable. It increased by 3% on the sawlog side, and we are seeing increased talk about demand. I think people are still waiting to see how things go. As I mentioned before, there's usually additional lumber and supply chain [pre] the duty is getting imposed.

但當我們走出困境時，我們對目前所看到的情況感到滿意。而且價格非常穩定。鋸木方面增加了 3%，我們看到有關需求的討論增加。我認為人們仍在觀望事情的進展。正如我之前提到的，在徵收關稅之前，通常會有額外的木材和供應鏈。

And so I think folks don't want to get caught out. But they're definitely the right momentum talking about opportunity to add crews and increase production. So it's a positive signal, I'd say, overall. But I think folks are still just being careful in the current situation.

所以我認為人們不想被抓住。但他們談論增加員工和提高產量的機會肯定是正確的動力。所以我認為總的來說這是一個積極的信號。但我認為在當前情況下人們仍然保持謹慎。

And primarily, interestingly enough, it's been more on the Southern Yellow Pine side that we've seen that than it has been in the Northwest, mainly because I think most of our Northwest mills we're already operating near capacity.

有趣的是，我們看到的這種情況主要發生在黃松南部，而不是西北部，主要是因為我認為我們西北部的大部分工廠已經接近滿載運作。

And I mentioned earlier, what we've seen is the whitewood mills, which are -- have had lower pricing. Those are the ones that we've seen some improved pricing really in the last quarter kind of in relation to that. So we're seeing that kind of substitution effect as we go forward. So really think there's going to be positive momentum here once these duties take bite and that supply chain starts to clear out some.

我之前提到過，我們看到白木廠的價格較低。我們在上個季度確實看到與此相關的一些產品的定價有所改善。因此，隨著我們不斷前進，我們會看到這種替代效應。因此，一旦這些關稅開始生效並且供應鏈開始清理，真的會出現積極的勢頭。

Understood. Now that's a very helpful perspective. I'll jump back in the queue. Good luck.

明白了。這是一個非常有用的觀點。我會重新回到隊列中。祝你好運。

Thank you. There are no further questions. I'll now turn the call back over to Collin Mings. You may go ahead, sir.

謝謝。沒有其他問題了。現在我將把電話轉回給 Collin Mings。先生，您可以繼續。

Thanks. This is Collin Mings. I'd like to thank everybody for joining us. Please contact us with any follow-up questions.

謝謝。這是 Collin Mings。我要感謝大家的參與。如有任何後續問題，請與我們聯絡。

Thank you. This concludes today's conference call. You may go ahead and disconnect at this time.

謝謝。今天的電話會議到此結束。現在您可以繼續並斷開連接。