Rayonier Inc (RYN) 2025 Q3 法說會逐字稿

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

歡迎參加雷尼爾公司 2025 年第三季電話會議，感謝您的參與。（操作說明）今天的會議正在錄音。如果您有任何異議，可以立即斷開連接。

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

現在我將把會議交給資本市場和策略規劃副總裁科林·明斯先生。

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. 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.

謝謝，早安。歡迎參加雷尼爾公司關於第三季財報的投資者電話會議。我們的獲利報告和財務補充文件已於昨日下午發布，可在我們的網站rayonier.com上查閱。在此提醒各位，這些文件中包含根據聯邦證券法安全港條款所作的前瞻性陳述。

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. They're 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.

我們在向美國證券交易委員會提交的獲利報告和 10-K 及 10-Q 表格中列出了一些可能導致實際結果與我們可能作出的前瞻性聲明有重大差異的因素。我們的財務補充資料第 2 頁也提到了它們。在這些演示中，我們還將討論非GAAP財務指標，這些指標的定義和與最接近的GAAP指標的調節表已在我們的收益報告和補充資料中列出。

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

接下來，讓我們先由我們的總裁兼執行長馬克·麥克休致開幕詞，開始我們的電話會議。標記？

Thanks, Collin. Good morning, everyone. Before turning to our third quarter results, I'd like to briefly touch on the proposed merger of equals transaction that we announced with PotlatchDeltic on October 14. As detailed on our joint conference call a few weeks ago, we believe that this transaction will deliver significant strategic and financial benefits beyond what either company could achieve independently, including roughly $40 million of estimated run rate synergies.

謝謝你，科林。各位早安。在介紹我們第三季業績之前，我想先簡單談談我們在 10 月 14 日宣布的與 PotlatchDeltic 的平等合併交易。正如我們在幾週前的聯合電話會議上詳細闡述的那樣，我們相信，此次交易將帶來遠超兩家公司單獨行動所能實現的重大戰略和財務收益，其中包括約 4000 萬美元的預計年度協同效應。

The combination will create a premier land resources company with a high-quality and well-diversified timberland portfolio spanning over 4 million acres, a dynamic real estate platform and a well-positioned wood products manufacturing business. The merger will drive -- will further drive enhanced opportunities to grow our land-based solutions and natural climate solutions business, given our increased scale and complementary revenue streams.

此次合併將打造一家一流的土地資源公司，該公司擁有超過 400 萬英畝的高品質、多元化的林地資產組合、充滿活力的房地產平台以及定位良好的木材產品製造業務。鑑於我們規模的擴大和收入來源的互補性，此次合併將進一步推動我們陸基解決方案和自然氣候解決方案業務的發展，帶來更多機會。

The combined company will benefit from a strong balance sheet, exceptional talent pool and a shared focus on disciplined capital allocation. I'm both excited and confident about the long-term value creation potential of this merger for our shareholders. The merger remains on track to close in late first quarter or early second quarter of 2026, subject to the satisfaction of customary closing conditions, including the receipt of required regulatory approvals and the approval of Rayonier and PotlatchDeltic shareholders.

合併後的公司將受益於強勁的資產負債表、優秀的人才儲備以及對穩健資本配置的共同重視。我對此次合併為股東創造長期價值的潛力感到既興奮又充滿信心。該合併仍有望在 2026 年第一季末或第二季初完成，但需滿足慣例成交條件，包括獲得必要的監管批准以及 Rayonier 和 PotlatchDeltic 股東的批准。

I've been pleased by the progress made during the initial phases of our integration planning, which is a testament to the cultural alignment of the two companies. Both organizations are very focused on the opportunity to create value for our shareholders through synergies, operational efficiencies and the sharing of best practices. And we look forward to providing further updates as we get closer to closing.

我對我們整合計劃初期階段的進展感到滿意，這證明了兩家公司在文化上的契合度。兩家機構都非常注重透過協同效應、提高營運效率和分享最佳實踐來為股東創造價值的機會。隨著交易接近尾聲，我們將期待提供更多最新消息。

Moving to our third quarter financial results. 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.

接下來是第三季財務業績。在將我們的合併財務表現交給資深副總裁兼財務長 April Tice 審閱之前，我將先做一些概括性的評論。接下來，執行副總裁兼首席資源長道格·朗將對我們的木材業務業績發表評論。在回顧了我們的木材業務板塊之後，April 將討論我們的房地產業績以及對今年剩餘時間的展望。

In the third quarter, we generated adjusted EBITDA of $114 million and pro forma net income of $50 million or $0.32 per share. Adjusted EBITDA roughly doubled compared to the prior year quarter, driven by strong performance in our Real Estate segment, improved results in our Southern Timber segment and favorable overhead costs, which were partially offset by lower results in our Pacific Northwest Timber segment.

第三季度，我們實現了調整後的 EBITDA 1.14 億美元，備考淨收入為 5,000 萬美元，即每股 0.32 美元。經調整的 EBITDA 與上年同期相比大約翻了一番，這主要得益於房地產業務的強勁表現、南方木材業務的業績改善以及有利的管理費用，但太平洋西北木材業務的業績下降部分抵消了這些增長。

In our Southern Timber segment, we generated third quarter adjusted EBITDA of $43 million, which was up 13% from the prior year period as increased harvest volumes more than offset a modest decline in weighted average net stumpage realizations. The 24% increase in harvest volumes versus the prior year quarter reflects drier weather conditions as well as the normalization of green log demand following significant salvage activity during the first half of the year.

在我們的南方木材業務板塊，第三季調整後 EBITDA 為 4,300 萬美元，比上年同期增加 13%，原因是採伐量的增加抵消了加權平均淨林木收益的輕微下降。與上一季相比，收穫量增加了 24%，這反映了天氣狀況更加乾燥，以及在今年上半年大量搶救活動之後，原木需求的正常化。

While overall market conditions continue to be challenging, we are pleased with our operational execution and financial results during the quarter. Turning to the Pacific Northwest Timber segment. Third quarter adjusted EBITDA of $6 million was roughly $2 million below the prior year quarter as higher log prices and lower costs were more than offset by a 34% decline in harvest volumes due to the Washington dispositions we completed at the end of last year.

儘管整體市場環境依然充滿挑戰，但我們對本季的營運執行和財務表現感到滿意。接下來我們來看太平洋西北地區的木材業務。第三季調整後 EBITDA 為 600 萬美元，比去年同期減少了約 200 萬美元，因為原木價格上漲和成本下降被去年年底完成的華盛頓州資產處置導致的採伐量下降 34% 所抵銷。

In our real estate segment, we generated adjusted EBITDA of $74 million in the third quarter, up $54 million from the prior year period. The significant increase in adjusted EBITDA reflects a large contribution from a conservation sale in Florida as well as strong results in our real estate development business. Turning to our outlook for the balance of 2025. We are on track to achieve full year adjusted EBITDA at or above the higher end of our prior guidance range, driven largely by the continued strong momentum in our real estate business.

在房地產業務方面，我們第三季調整後 EBITDA 為 7,400 萬美元，比上年同期成長 5,400 萬美元。調整後 EBITDA 的大幅成長反映了佛羅裡達州一項保護性資產出售的巨大貢獻，以及我們房地產開發業務的強勁業績。接下來，我們展望一下2025年剩餘時間的情況。我們預計將實現全年調整後 EBITDA 達到或超過先前預期範圍的上限，這主要得益於我們房地產業務持續強勁的成長勢頭。

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

接下來，我會把時間交給April，請她詳細介紹我們第三季的財務表現。

Thanks, Mark. As you review our financial results for the quarter, please note that all periods presented have been retrospectively adjusted to recast the historical results of the former Trading segment into the Southern Timber and Pacific Northwest Timber segments as we have eliminated the Trading segment following the sale of our New Zealand business.

謝謝你，馬克。當您審查本季財務業績時，請注意，所有列示期間均已進行追溯調整，將原貿易部門的歷史業績重新劃分為南方木材和太平洋西北木材部門，因為我們在出售新西蘭業務後已取消了貿易部門。

Moving to the financial highlights on page 5 of the supplement. For the third quarter, sales totaled $178 million, while operating income was $42 million and net income attributable to Rayonier was $43 million or $0.28 per share. On a pro forma basis, net income was $50 million or $0.32 per share. Pro forma items in the quarter included a $7 million asset impairment charge associated with the fair value assessment of certain real estate assets that were part of the Pope Resources acquisition.

接下來請看增刊第5頁的財務亮點。第三季度，銷售額總計 1.78 億美元，營業收入為 4,200 萬美元，歸屬於 Rayonier 的淨收入為 4,300 萬美元，即每股 0.28 美元。以備考基準計算，淨收入為 5,000 萬美元，即每股 0.32 美元。本季度備考項目包括與 Pope Resources 收購案中某些房地產資產的公允價值評估相關的 700 萬美元資產減損費用。

Our adjusted EBITDA was $114 million in the third quarter, up from $57 million in the prior year period. Moving to our capital resources and liquidity at the bottom of page 5. Our cash available for distribution, or CAD, for the first nine-months of the year was $154 million versus $77 million in the prior year period. The significant increase was driven by a combination of higher adjusted EBITDA, lower cash interest expense, higher interest income and lower capital expenditures.

第三季調整後 EBITDA 為 1.14 億美元，高於去年同期的 5,700 萬美元。接下來，我們將介紹第 5 頁底部的資本資源和流動性情況。今年前九個月，我們可供分配的現金（CAD）為 1.54 億美元，去年同期為 7,700 萬美元。這一顯著增長是由調整後 EBITDA 增加、現金利息支出減少、利息收入增加和資本支出減少等因素共同推動的。

A reconciliation of CAD to cash provided by operating activities and other GAAP measures is provided on page 8 of the financial supplement. During the third quarter, we repurchased 1.2 million shares at an average price of $24.55 per share or $30 million in total. As we continue to believe that share repurchases represent a compelling use of capital.

財務補充文件第 8 頁提供了 CAD 與經營活動產生的現金及其他 GAAP 指標的調整表。第三季度，我們以每股 24.55 美元的平均價格回購了 120 萬股股票，總計 3,000 萬美元。我們仍然認為股票回購是有效利用資本的有效方法。

As of September 30, we had $232 million remaining on our current share repurchase authorization. However, given our pending merger with PotlatchDeltic, our ability to repurchase shares has been and will continue to be limited prior to the closing. We finished the third quarter with $920 million of cash and roughly $1.1 billion of debt.

截至9月30日，我們目前的股票回購授權額度還剩2.32億美元。然而，鑑於我們與 PotlatchDeltic 的合併尚未完成，在合併完成之前，我們回購股票的能力一直並將繼續受到限制。第三季末，我們擁有9.2億美元現金和約11億美元債務。

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. Our net debt to enterprise value based on our closing stock price at the end of the quarter was 3%, and our net debt was less than one times the midpoint of our adjusted EBITDA guidance.

截至季末，我們的加權平均債務成本約為 2.4%，債務組合的加權平均到期期限約為四年。根據季度末的收盤股價計算，我們的淨債務與企業價值之比為 3%，淨債務不到我們調整後 EBITDA 指引中位數的 1 倍。

As a result of the taxable gains arising from the sale of our New Zealand joint venture interest, we declared a $1.40 per share special dividend on October 14, which will be paid on December 12 in a combination of cash and shares. The number of common shares issued as a result of the dividend will be calculated based on the volume weighted average trading prices of the company's common shares on the New York Stock Exchange on December 1st, 2nd and 3rd.

由於出售我們在新西蘭的合資企業權益產生了應稅收益，我們於 10 月 14 日宣布派發每股 1.40 美元的特別股息，將於 12 月 12 日以現金和股票的形式支付。因派發股息而發行的普通股數量將根據該公司普通股在紐約證券交易所 12 月 1 日、2 日和 3 日的成交量加權平均交易價格計算。

Similar to the dividend paid earlier this year by issuing shares to meet part of our REIT taxable income distribution requirement, we have retained significant flexibility for allocation priorities.

與今年稍早透過發行股票來滿足部分 REIT 應稅收入分配要求而支付的股息類似，我們在分配優先事項方面保留了相當大的靈活性。

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

現在我將把電話交給道格，讓他更詳細地介紹我們的木材勘探結果。

Thanks, April. Let's start on page 9 with our Southern Timber segment. Adjusted EBITDA in the third quarter of $43 million was 13% above the prior year quarter as higher harvest volumes more than offset lower net stumpage realizations. Total harvest volumes increased 24% versus the prior year quarter as production improved due to drier weather conditions and increased demand for green logs as salvage operations in our Atlantic region subside.

謝謝你，艾普麗爾。讓我們從第 9 頁的南方木材部分開始。第三季調整後 EBITDA 為 4,300 萬美元，比上年同期成長 13%，原因是收穫量增加抵銷了淨林木收益的下降。由於天氣乾燥，產量有所提高，加上大西洋地區的打撈作業減少，對新鮮原木的需求增加，總收穫量比去年同期增加了 24%。

Meanwhile, non-timber revenue was modestly lower compared to an exceptionally strong prior year period due to lower pipeline easement revenue. Average sawlog net stumpage pricing was $27 per ton, a 3% decrease compared to the prior year period, primarily due to reduced sawmill demand, coupled with the lingering market impacts of elevated salvage volume earlier in the year.

同時，由於管道通行權收入下降，非木材收入與上年同期異常強勁的業績相比略有下降。平均鋸材淨價為每噸 27 美元，比去年同期下降 3%，主要原因是鋸木廠需求減少，加上年初高回收量帶來的持續市場影響。

Pulpwood net stumpage pricing of roughly $14 per ton was 20% lower than the prior year quarter, driven by weaker demand following recent mill closure announcements, excess supply due to prior salvage operations and an unfavorable shift in geographic mix. Overall, third quarter weighted average net stumpage realizations fell 5% versus the prior year quarter to roughly $20 per ton as lower pulpwood pricing was partially offset by an increased proportion of sawtimber volume.

紙漿木材淨原木價格約為每噸 14 美元，比上年同期下降 20%，主要原因是近期工廠關閉公告導致需求疲軟、先前的打撈作業造成供應過剩以及地域結構不利變化。整體而言，第三季加權平均淨林木採伐價較上年同期下降 5%，至每噸約 20 美元，原因是紙漿木材價格下降被鋸材產量比例增加部分抵消。

Last quarter, we noted that salvage volume from hurricanes in 2024 was normalizing in our Atlantic markets, with mills shifting back to a green log procurement. While salvage operations are largely in the rearview mirror, pricing improvements to date have been limited as recent mill closure announcements have tempered the pulpwood demand outlook in certain market areas.

上個季度，我們注意到，2024 年颶風造成的木材殘值在我們的大西洋市場正在恢復正常，木材廠也開始重新採購新鮮原木。雖然搶救作業已基本成為過去，但由於最近工廠關閉的消息抑制了某些市場地區的紙漿木材需求前景，迄今為止價格改善有限。

Looking beyond the current market headwinds, we continue to expect the supply side of the equation to tighten significantly in these markets over the next several years. The Georgia Force Association estimates that approximately 26 million tons of pine and 30 million tons of hardwood were impacted by last year's hurricanes, a substantial hit to regional supply that the market will contend with for years to come.

撇開當前市場不利因素不談，我們仍預期未來幾年這些市場的供應端將大幅收緊。喬治亞州木材協會估計，去年颶風影響了約 2,600 萬噸松木和 3,000 萬噸硬木，這對區域供應造成了巨大打擊，市場將在未來幾年內持續受到影響。

In gray markets, soft in-market demand, coupled with weaker residual markets, led some sawmills to reduce production during the quarter. Although construction activity is slowing seasonally, we expect US lumber production to eventually ramp up in response to higher duties on Canadian lumber imports, the recently announced Section 232 tariffs of 10% on all softwood lumber imports and the prospect of additional interest rate cuts and improved housing demand as we move forward.

在灰色市場，市場需求疲軟，加上剩餘市場疲軟，導致一些鋸木廠在本季減少了產量。儘管建築活動季節性放緩，但我們預計，隨著加拿大木材進口關稅的提高、最近宣布對所有軟木材進口徵收 10% 的第 232 條款關稅，以及未來利率進一步下調和住房需求改善的前景，美國木材產量最終將會提高。

In pulpwood markets, conditions remain challenging through Q3. Mill closures announced earlier this year in the Gulf region, followed by more recent announcements in Atlantic markets have reduced regional demand and weighed on pricing. In our Gulf markets, dry conditions led to softer pricing but allowed us to harvest some difficult access areas.

第三季紙漿木材市場情勢依然嚴峻。今年稍早海灣地區宣布的工廠關閉，以及最近大西洋市場宣布的更多關閉措施，降低了區域需求，並對價格造成了壓力。在我們的海灣市場，乾旱導致價格走軟，但也使我們能夠收割一些難以進入的地區的作物。

In the Atlantic, recent mill closures have resulted in some pricing pressure as wood flows adjust to these new demand patterns. As we move forward, we are optimistic that the recent capacity reductions to support improved operating rates across the remaining containerboard mill base, although the benefits will vary by region given the localized nature of pulpwood markets.

在大西洋地區，近期工廠關閉導致木材價格承壓，因為木材供應需要調整以適應這些新的需求模式。展望未來，我們樂觀地認為，近期產能削減將有助於提高剩餘箱板紙廠的營運率，儘管考慮到紙漿木材市場的地域性，不同地區的效益會有所不同。

Moving to our Pacific Northwest Timber segment on page 10. Third quarter adjusted EBITDA of $6 million was 26% below the prior year quarter due to lower harvest volumes, partially offset by higher log prices and costs. Total harvest volumes decreased 34% in the third quarter as compared to the prior year period, reflecting the impact of the Washington dispositions we completed late last year.

接下來請翻至第 10 頁，閱讀我們的太平洋西北地區木材專題報導。第三季調整後 EBITDA 為 600 萬美元，比去年同期下降 26%，原因是收成量減少，但原木價格和成本上漲部分抵銷了這一影響。第三季總收穫量比去年同期下降了 34%，這反映了我們去年底完成的華盛頓資產處置的影響。

At $100 per ton average delivered domestic sawlog pricing, the third quarter increased 5% from the prior year period, primarily due to a favorable species mix. Meanwhile, at $36 per ton, pulpwood pricing was up 20% versus the prior year quarter. While lumber prices softened during the quarter, leading mills to build inventories, reduce production and implement quotas, we remain confident in the region's positioning for the structural changes ahead.

第三季國內原木平均到貨價格為每噸 100 美元，比去年同期成長 5%，主要原因是樹種組合有利。同時，紙漿木材價格為每噸 36 美元，比去年同期上漲了 20%。雖然本季木材價格走軟，導致木材廠增加庫存、減少產量並實施配額，但我們仍對該地區應對未來結構性變化的定位充滿信心。

Lumber produced in Pacific Northwest competes more directly with Canadian production making those in the region, particularly well positioned to capture market share as higher duties constrain the supply hearing from Canada. The region should also benefit from the Section 232 tariffs on imported lumber further supporting domestic producers over time.

太平洋西北地區生產的木材與加拿大生產的木材競爭更為直接，因此，隨著加拿大進口木材因關稅上漲而受到限制，該地區的木材生產者在搶佔市場份額方面處於特別有利的地位。該地區還將受益於第 232 條對進口木材徵收的關稅，這將進一步支持國內生產商。

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

現在我將把麥克風交給 April，讓她來介紹我們的房地產表現。四月？

Thanks, Doug. As detailed on page 11, the contribution from our real estate segment during the third quarter was significantly above the prior year quarter due to a higher number of acres sold, partially offset by a lower weighted average price per acre. Real estate revenue totaled $91 million on roughly 23,300 acres sold at an average price of $3,500 per acre, which included a 21,600 acre conservation sale in Florida.

謝謝你，道格。如第 11 頁所述，由於售出的土地面積較上年同期有所增加，我們房地產業務在第三季度的貢獻顯著高於上年同期，但部分被每英畝加權平均價格的下降所抵消。房地產收入總計 9,100 萬美元，售出約 23,300 英畝土地，平均每英畝售價 3,500 美元，其中包括佛羅裡達州 21,600 英畝的保護地出售。

Real estate segment adjusted EBITDA in the third quarter was $74 million, above our prior guidance range of $50 million to $65 million due to the successful closing of the large conservation sales as well as better-than-expected results in our improved development category. Drilling down, sales in our improved development category totaled $21 million, with our Wildlight development project contributing $17 million, and our Heartwood development project contributing $4 million.

第三季房地產業務調整後 EBITDA 為 7,400 萬美元，高於我們先前 5,000 萬美元至 6,500 萬美元的預期範圍，這得益於大型保護性銷售的成功完成，以及我們改進後的開發類別業績好於預期。進一步分析，我們改進型開發專案的銷售額總計為 2,100 萬美元，其中 Wildlight 開發專案貢獻了 1,700 萬美元，Heartwood 開發專案貢獻了 400 萬美元。

Sales in Wildlight consisted of 3 residential pods totaling 212 acres at an average price of $78,000 per acre. These sales represent the first closings within the second phase of entitlements at Wildlight or DSAP 2, which allows for the development of about 15,000 homes and 1.4 million square feet of commercial uses. Key infrastructure supporting DSAP 2 was completed during the third quarter, and we were excited to announce the initial builders involved in this new face of Wildlight during September.

Wildlight 的銷售包括 3 個住宅區，總面積為 212 英畝，平均價格為每英畝 78,000 美元。這些銷售代表了 Wildlight 或 DSAP 2 第二階段開發許可的首批成交，該許可允許開發約 15,000 套住宅和 140 萬平方英尺的商業用途。支援 DSAP 2 的關鍵基礎設施已於第三季完成，我們很高興地宣布了 9 月參與 Wildlight 新面貌建設的首批建造者。

As we have discussed in the past, we will capture additional value from these pod sales through participation fees received from the homebuilders as deliveries occur based on the final home sale prices. Heartwood sales in the quarter consisted of a 14-acre parcel for the development of a senior living community for $4 million or $271,000 per acre.

正如我們過去討論過的，我們將透過從房屋建築商收取參與費，從這些艙體銷售中獲得額外價值，這些參與費將在交付時根據最終房屋銷售價格收取。Heartwood 在本季的銷售包括一塊 14 英畝的土地，用於開發老年生活社區，售價為 400 萬美元，即每英畝 27.1 萬美元。

We also sold a two-acre commercial used parcel in Kitsap County, Washington, for roughly $400,000 or $200,000 per acre. Overall, we continue to see a favorable growth trajectory for both Wildlight and Heartwood moving forward. The work we've done over the last several years to build our entitlements pipeline, enhance infrastructure and catalyze these markets continues to translate into strong interest from both commercial and residential end users.

我們還出售了位於華盛頓州基薩普縣的一塊兩英畝的商業用地，售價約為 40 萬美元，即每英畝 20 萬美元。總體而言，我們認為 Wildlight 和 Heartwood 未來都將保持良好的成長動能。過去幾年，我們為建立產權管道、加強基礎設施和促進這些市場發展所做的工作，持續轉化為商業和住宅終端用戶的濃厚興趣。

In the rural category, third quarter sales totaled $7 million, consisting of approximately 1,500 acres at an average price of roughly $4,800 per acre. We experienced a fairly light quarter of closing activity, but our pipeline for rural land sales remain strong, and we continue to see healthy interest from potential buyers. Timberland and nonstrategic sales during the quarter totaled $53.5 million, which consisted of a 21,600 acre property in Levy County, Florida, sold to a conservation-oriented buyer for roughly $2,500 per acre.

在農村地區，第三季銷售額總計 700 萬美元，約 1500 英畝，平均價格約為每英畝 4800 美元。本季成交量相對較少，但我們的鄉村土地銷售管道依然強勁，潛在買家的興趣也持續旺盛。本季林地和非策略性銷售總額為 5,350 萬美元，其中包括佛羅裡達州萊維縣一塊 21,600 英畝的土地，以每英畝約 2500 美元的價格出售給一位注重環境保護的買家。

We view this property as nonstrategic as it was only 55% plan table, had an average plantation age class of just seven-years and was fairly distant from our core holdings in the region. The pricing we achieved on this sale reflects a strong premium to timberland value and a strong return on our original investment, and we're pleased that the property will now provide a unique recreation and conservation area in the state of Florida.

我們認為該地產不具戰略意義，因為它的規劃面積僅佔 55%，平均樹齡僅為七年，而且距離我們在該地區的核心地產相當遠。此次出售的價格反映了林地價值的大幅溢價以及我們最初投資的豐厚回報，我們很高興該地塊現在將成為佛羅裡達州一個獨特的休閒和保護區。

Now turning to our outlook for the balance of 2025. As Mark discussed earlier, we are on track to achieve full year adjusted EBITDA and pro forma EPS at or above the higher end of our prior guidance range of $215 million to $235 million and $0.34 to $0.41, respectively. With respect to our individual segments, starting with our Southern Timber segment, we expect full year adjusted EBITDA will be modestly below our prior guidance range, due to continued softness in end market demand and lower anticipated harvest volumes.

現在讓我們展望一下2025年剩餘時間的情況。正如馬克之前討論的那樣，我們預計將實現全年調整後 EBITDA 和備考每股收益達到或超過我們之前預期範圍的上限，分別為 2.15 億美元至 2.35 億美元和 0.34 美元至 0.41 美元。就我們各個業務板塊而言，首先是南方木材業務板塊，由於終端市場需求持續疲軟和預期採伐量下降，我們預計全年調整後 EBITDA 將略低於我們先前的預期範圍。

In our Pacific Northwest Timber segment, we expect full year adjusted EBITDA toward the lower end of our prior guidance range, as the anticipated improvement in lumber markets from the increase in duties on Canadian imports has been slower to materialize than previously expected. In our real estate segment, we expect full year adjusted EBITDA to exceed the high end of our prior guidance range due to our strong third quarter results and our transaction pipeline for the remainder of the year.

在我們的太平洋西北木材業務板塊，我們預計全年調整後 EBITDA 將接近我們先前預期範圍的下限，因為加拿大進口木材關稅增加帶來的預期木材市場改善的實現速度比之前預期的要慢。在我們的房地產業務板塊，由於第三季度業績強勁以及今年剩餘時間的交易計劃，我們預計全年調整後 EBITDA 將超過我們之前預期範圍的上限。

And as in recent quarters, we are providing quarterly guidance for our overall adjusted EBITDA and EPS to help manage expectations around quarter-to-quarter variability. For the fourth quarter, we currently expect net income attributable to Rayonier of $13 million to $17 million, EPS of $0.08 to $0.11 and adjusted EBITDA of $50 million to $60 million.

與最近幾季一樣，我們按季度提供整體調整後 EBITDA 和 EPS 的指引，以幫助管理對季度間波動性的預期。我們目前預計第四季度雷尼爾公司淨利潤為 1300 萬美元至 1700 萬美元，每股收益為 0.08 美元至 0.11 美元，調整後 EBITDA 為 5000 萬美元至 6000 萬美元。

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

現在我將把電話轉回給馬克，請他做總結發言。

Thanks, April. As we wrap up our comments on the quarter, I'd like to commend our team for their relentless focus on operational execution amid challenging market conditions. We continue to focus on optimizing our near-term financial results while also advancing important strategic initiatives and allocating our capital with a view towards building long-term value per share.

謝謝你，艾普麗爾。在總結本季業績時，我想表揚我們的團隊，在充滿挑戰的市場環境下，他們始終堅持不懈地專注於營運執行。我們將繼續專注於優化近期財務業績，同時推進重要策略舉措，並合理配置資本，以期實現每股長期價值的成長。

As we discussed last quarter, housing starts, and repair and remodel activity have underwhelmed in 2025. However, we are optimistic as we approach 2026 that a combination of factors, including higher duty rates, new tariffs stemming from the Section 232 investigation and lower mortgage rates will collectively drive increased US lumber production, which should be a positive for US timberland owners.

正如我們上個季度所討論的，2025 年的房屋開工量以及維修和改造活動均不盡如人意。然而，隨著 2026 年的臨近，我們樂觀地認為，包括更高的關稅稅率、因 232 條款調查而產生的新關稅以及更低的抵押貸款利率在內的多種因素將共同推動美國木材產量的增長，這對美國林地所有者來說應該是一個利好消息。

In addition, with greater clarity on tariffs, and anticipated improvements in pulp and paper mill operating rates, we're optimistic that our pulpwood customers will see fundamentals improve next year as well. In our real estate business, we are on pace for another strong year in 2025. We continue to capitalize on opportunities to unlock value across our portfolio given the continued strong demand for our rural properties, the healthy interest from conservation-oriented buyers and the favorable momentum at both our Wildlight and Heartwood development projects.

此外，隨著關稅政策更加明朗，以及紙漿和造紙廠開工率的預期改善，我們樂觀地認為，我們的紙漿木材客戶明年的基本面也會有所改善。在我們的房地產業務方面，我們預計在 2025 年再創佳績。鑑於市場對我們鄉村房地產的持續強勁需求、注重保護的買家表現出濃厚的興趣，以及我們的 Wildlight 和 Heartwood 開發項目均取得了良好的發展勢頭，我們將繼續抓住機遇，釋放我們投資組合的價值。

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. I remain very encouraged about the long-term value creation potential from our land-based solutions business. In particular, the substantial capital that continues to flow into AI and data center infrastructure is 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.

在陸基解決方案方面，我們的團隊繼續與優質合作夥伴推動太陽能、碳捕獲與封存以及碳抵消專案機會。我對我們陸基解決方案業務的長期價值創造潛力仍然感到非常鼓舞。特別是，持續流入人工智慧和資料中心基礎設施的大量資金正在推動能源需求的顯著增長，而公用事業太陽能仍有望在滿足對經濟高效的可再生能源的需求方面發揮重要作用。

Turning to the merger with PotlatchDeltic. I see a tremendous runway for the combined company as significant strategic and financial benefits will be realized by combining our portfolios and our teams. Our shareholders will benefit from a more diversified timberland portfolio, a complementary Wood Products manufacturing business and an enhanced platform to unlock value through HBU real estate opportunities as well as natural climate and land-based solutions.

接下來談談與 PotlatchDeltic 的合併。我認為合併後的公司將擁有巨大的發展前景，因為透過整合我們的產品組合和團隊，將實現重大的策略和財務效益。我們的股東將受益於更多元化的林地組合、互補的木製品製造業務以及透過 HBU 房地產機會以及自然氣候和土地解決方案釋放價值的增強平台。

We continue to estimate run rate synergies of $40 million by the end of year-two, which will be primarily driven by corporate and operational cost optimization. Integration planning is progressing well, and our teams are working to position the combined company to hit the ground running following the closing of the merger. In sum, while timber markets continue to face some headwinds, our team is focused on navigating the current environment with a long-term perspective and we're energized by the significant value creation potential that we see on the horizon.

我們繼續預計到第二年末，綜效將達到 4,000 萬美元，這主要得益於公司和營運成本的最佳化。整合計劃進展順利，我們的團隊正在努力使合併後的公司能夠在合併完成後迅速投入營運。總而言之，儘管木材市場繼續面臨一些不利因素，但我們的團隊專注於以長遠的眼光應對當前的環境，並且我們對未來看到的巨大價值創造潛力感到振奮。

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

我們的發言到此結束，現在我將把電話轉回給接線生，回答大家的問題。

(Operator Instructions) Mark Weintraub, Seaport Research Partners.

（操作說明）Mark Weintraub，Seaport Research Partners。

So definitely lots of positive developments, it seems on the real estate side. And maybe I wanted to get a little bit of an update on how sustainable some of like the increased activity in the various categories might be as you see it? And then separately, though, also on the pulpwood side, it's quite challenging. And in the past, there has been conversations about alternative demand sources.

所以，房地產方面似乎有很多正面的進展。或許我想了解一下，您認為各領域活動的成長是否具有永續性？但另一方面，在紙漿木材方面，也面臨相當大的挑戰。過去也曾有過關於替代需求來源的討論。

And just curious whether or not you have any updated views on whether there might be any developments there to help offset some of the lost demand we've seen as mills have shut.

我只是好奇，您是否對是否有任何新的進展可以幫助抵消因工廠關閉而造成的部分需求損失有任何看法。

Mark, this is Mark. I'll take the first question on real estate, and then I'll turn it over to Doug to address the pulpwood question. As we discussed in the past, real estate sales are invariably going to be lumpy. And in this particular quarter, we had a large conservation sale as well as a pretty strong results in our development business. Recognize that it can take quite a while for a conservation transaction of this scale to come together, this particular transaction has actually been in the works for about a year now.

馬克，我是馬克。我先回答第一個關於房地產的問題，然後把問題交給道格回答紙漿木材的問題。正如我們之前討論過的，房地產銷售總是會出現波動。在這個季度，我們不僅完成了一筆大額的保護性資產出售，而且我們的開發業務也取得了相當強勁的業績。要知道，如此規模的文物保護交易可能需要相當長的時間才能完成，而這筆交易實際上已經籌備了大約一年了。

So even though it's a lower price per acre than we typically see for some of our smaller rural HBU transactions, we still felt that the value was pretty compelling given the timberland attributes relative to the conservation potential of this particular property. And look, if we can realize a significant premium to underlying timberland value and even more significant premium to the implied public market trading value of our lands, we see that as a smart arbitrage opportunity.

因此，儘管每英畝的價格比我們通常在一些較小的農村HBU交易中看到的價格要低，但考慮到這處特定房產的林地屬性及其保護潛力，我們仍然認為其價值相當有吸引力。而且，如果我們能夠獲得遠高於林地潛在價值的溢價，甚至比我們土地的隱含公開市場交易價值獲得更大的溢價，我們認為這是一個明智的套利機會。

So this level of real estate activity is certainly not going to be the type of thing we're going to see on a regular basis. But we were very pleased to have a couple major transactions get over the finish line in the third quarter.

因此，這種程度的房地產交易活動肯定不會成為我們經常看到的現象。但我們很高興看到第三季有幾筆重大交易順利完成。

Mark, this is Doug. I'll take the second part of your question around the pulpwood. Yes, as you know, we're always looking at other strategic alternatives to diversify our pulpwood markets, kind of beyond our traditional domestic pulp and paper customers. And while not new as meaningful as it was before China ban logs from the US, we started to see some renewed export activity to other markets, particularly in that Port of Savannah area.

馬克，這是道格。我將回答你關於紙漿木材問題的第二部分。是的，如您所知，我們一直在尋找其他策略性選擇，以實現紙漿木材市場的多元化，超越我們傳統的國內紙漿和造紙客戶。雖然不像中國禁止從美國進口原木之前那樣具有實質意義，但我們開始看到對其他市場的出口活動有所恢復，尤其是在薩凡納港地區。

And as part of the larger trade barrier negotiations, the Trump administration is actually involved in seeking some regulatory relief for timber exports to Europe, specifically challenging the EU restrictions on fumigation for Southern Yellow Pine chips. So this was an important market for pulpwood chips. And so we're kind of actively involved in that and seeking to see what happens there.

作為更廣泛的貿易壁壘談判的一部分，川普政府實際上正在尋求對歐洲木材出口的一些監管豁免，特別是對歐盟關於南方黃松木片熏蒸的限制提出質疑。所以，這裡是紙漿木片的重要市場。所以我們正在積極參與其中，並希望看看那裡會發生什麼。

But there's also been renewed interest from the European side as we're looking for European deforestation, free regulation compliant fiber. So I think there's definitely a push from our side and there's some interest from the other side, and we'll see how that plays out. But probably going more to what you're talking about. The volatility and the policy shifts that have happened over the last year or so, I guess, let's say, put more risk or large-scale investments for biofuel refineries and things like that currently.

但歐洲方面也重新燃起了興趣，因為我們正在尋找符合歐洲森林砍伐限制和監管規定的纖維。所以我覺得我們這邊肯定在積極推動，對方也表現出了一些興趣，我們拭目以待吧。但可能更接近你剛才說的那個意思。我想，過去一年左右發生的波動和政策轉變，可能會為生物燃料煉油廠等帶來更大的風險或大規模投資。

But we're still seeing growing demand globally for products such as same as fuel and biofuels for those industries are hard to abate like the aviation shipping. And so this opportunity continues to work, but I'd say it's much more behind the scenes now. So you don't see as many press releases about it and things like that as folks are keeping their head down and trying to work through that.

但我們仍然看到全球對燃料和生物燃料等產品的需求不斷增長，而航空和航運等行業的需求很難抑制。所以這個機會依然存在，但我覺得現在更多的是在幕後運作了。所以你不會看到很多相關的媒體報道之類的，因為大家都在低調處理這件事。

So announced projects in Louisiana and East Texas, totaling over $10 billion investment, and they're backed by major airlines and then some Japanese investors could collectively consume several million tons of woody biomass annually in that area. And to date, best of our knowledge, others have achieved final investment decision, but successful execution of them, (technical difficulty) facilities will establish the biofuels market and be significant demand for Southern Timber markets.

因此，路易斯安那州和德克薩斯州東部宣布的項目總投資超過 100 億美元，這些項目得到了主要航空公司和一些日本投資者的支持，這些投資者每年可能在該地區共同消耗數百萬噸木質生物質。據我們所知，迄今為止，其他公司已經做出了最終投資決定，但這些公司的成功營運（技術難度）將建立生物燃料市場，並為南方木材市場帶來巨大的需求。

In addition to that, our land-base solutions team continues to see strong interest in the voluntary carbon market, but not only for IFM projects also for uses pine biomass for carbon dioxide removal credits. And you think of things like biochar or biocoke and different things like that. While these individually won't be as a multibillion-dollar refinery, they are a fraction of the cost to establish and they're replicable.

除此之外，我們的陸地解決方案團隊繼續看到人們對自願碳市場的濃厚興趣，不僅是對 IFM 項目，還包括利用松樹生物質進行二氧化碳去除信用額度的用途。然後你會想到生物炭、生物焦之類的東西。雖然這些設施單獨來看不會像數十億美元的煉油廠那樣規模龐大，但它們的建造成本只是其一小部分，而且它們可以複製。

So you can build one of these for something in the tens of millions of dollars. And so if you have those specific wood basket to be meaningful for that area. So we continue to work with folks on projects like this and seek that and believe that there's a good opportunity for those in the near future.

所以，建造這樣一個東西需要花費數千萬美元。所以，如果你有那些特定的木籃子，它們對那個地區來說就具有特殊的意義。因此，我們繼續與人們合作進行此類項目，並尋求這樣的機會，相信在不久的將來，這些人會迎來很好的機會。

Matthew McKellar, RBC Capital Markets.

Matthew McKellar，加拿大皇家銀行資本市場。

First for me, the comment about the volume of timber destroyed in Georgia through last year's hurricanes was pretty interesting. Do you have a sense in percentage terms of how much less potential supply there should be in that market over the next few years?

首先，關於去年颶風在喬治亞州造成的木材損毀量的評論讓我很感興趣。您能否以百分比的形式估算一下，未來幾年該市場的潛在供應量可能會減少多少？

Yes. I don't have a quantitative percentage. I just have more of an anecdotal from driving around and seeing the devastation. And I would say -- it's definitely significant. I mean Georgia is a large timber production state. So I don't think wrong, there's still a lot of timber there for the existing mills, but it's definitely put a significant dent when you drive around, there's a lot of stands that were younger harvested than they should have been and a lot of mature stands that they were harvested.

是的。我沒有具體的百分比數據。我只是開車四處轉轉，親眼目睹了災情，所以有一些零星的見聞。而且我認為──這絕對意義重大。我的意思是，喬治亞州是一個木材生產大州。所以我覺得我的想法沒錯，現有的鋸木廠仍然有很多木材可用，但是當你開車四處轉轉的時候，你會發現那里肯定受到了很大的影響，有很多林木比應該砍伐的年齡要小，還有很多成熟的林木也被砍伐了。

So I can't quantify it, but qualitatively, I can say it's definitely going to be impactful for the near term for sure.

所以我無法量化，但定性而言，我可以肯定地說，這在短期內肯定會產生影響。

That's fair enough. That's helpful. And then just a quick one on real estate. Are you seeing any differences in strength of rural real estate sales by geography compared to maybe one or two-years ago?

這很合理。那很有幫助。最後簡單聊聊房地產。與一兩年前相比，您是否觀察到不同地區的鄉村房地產銷售強度有任何差異？

Yes, I wouldn't say it's really changed. I mean our strongest HBU markets continue to be Texas and Florida. And really, that's where we see the most opportunity. And again, I think it's worth noting that we have a large portfolio in both areas. And so if you look at our historical HBU realizations, I think that they've generally been sector-leading. And so we expect that, that will continue.

是的，我不會說它真的改變了。我的意思是，我們最強大的HBU市場仍然是德克薩斯州和佛羅裡達州。而實際上，我們認為機會最大。再次強調，我們在這兩個領域都有龐大的投資組合。因此，如果你看看我們歷史上的 HBU 實現情況，我認為它們總體上一直處於行業領先地位。因此，我們預計這種情況還會持續下去。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Maybe to start with, on the Southern Timber, there was a pretty nice uptick in that non-timber sales line. Can you just give us some sense of kind of what is driving that? And how should we think about it going forward?

或許首先，南方木材公司的非木材銷售額出現了相當不錯的成長。您能否大致說明一下，是什麼因素在驅動這種情況？那麼，我們接下來該如何看待這個問題呢？

Yes. This is Doug. I'll take that. Yes. So that nice uptick in Q3 was probably around pipeline easements. We had similar kind of uptick last year in that. So -- these are kind of episodic as they happen, but we do tend to have them almost every year, they come through. And so just coincidence, they happen to be both in the same in the Q3.

是的。這是道格。我接受。是的。所以第三季的良好成長可能與管道用地有關。去年我們也出現了類似的成長。所以——這些事情是偶發性的，但我們幾乎每年都會遇到，它們都會發生。純屬巧合，它們恰好都在第三季。

But -- so that's something we see, and particularly as we've seen growth in the area and support for the kind of oil and gas industry as well as carbon capture storage industries, we see there's opportunities for pipelines to continue on going forward. But that was kind of a onetime in Q3. That said, we expect to have more of those. We're in negotiations talking to folks about those.

但是——我們看到，尤其是在該地區的發展以及對石油和天然氣行業以及碳捕獲和儲存行業的支持下，我們看到管道建設在未來還有繼續發展的機會。但那隻是第三季發生的一次特殊事件。也就是說，我們預期以後會有更多這樣的情況發生。我們正在與相關人士進行談判。

So they kind of continually are in discussions year-over-year on these things, and they just happen to be when they occur. It sound like real estate, they happen at one time.

所以他們年復一年地就這些事情進行討論，而這些討論恰好發生在這些事情發生的時候。聽起來像房地產交易，這類事情往往同時發生。

Understood. Okay. No, that's helpful. And then just one more on the pulpwood dynamics, you kind of mentioned a lot of other potential revenue streams. Do you have a sense on how should we think about the timing of some of these things materializing for actual pulpwood demand? Is it -- are we talking about a couple of years? Are we talking about three to five-years?

明白了。好的。不，這很有幫助。關於紙漿木材動態，您剛才提到了許多其他潛在的收入來源。您認為我們應該如何看待這些因素何時會真正對紙漿木材需求產生影響？是──我們說的是幾年時間嗎？我們說的是三到五年嗎？

How would you have to think about it? Because you've seen a number of these mill curtailments on the pulp paper side here in the US South. So beyond -- if you just keep the cyclical element aside, just structurally, there has been a lot of demand pressure on the pulpwood side.

你會怎麼考慮這個問題？因為你已經看到美國南部一些紙漿造紙廠出現了類似的減產情況。所以，撇開週期性因素不談，僅從結構上看，紙漿木材方面一直存在著很大的需求壓力。

Yes. I think the traditional expansion we've heard about it, Georgia-Pacific Alabama River and IP Riverdale and places like that. Those are going to be more immediate. Obviously, those are traditional manufacturing where they're making adjustments. And so I think those are going to be very short term. When you talk about things like the biofuels biorefineries, you're right, those are still -- I mean, I think those are five-years out, those are not quick.

是的。我認為我們聽說過的傳統擴建項目，例如喬治亞-太平洋阿拉巴馬河項目和IP Riverdale項目等等。這些會更直接。顯然，這些都是傳統製造業正在進行調整。所以我認為這些都只是短期措施。當你談到生物燃料、生物煉製廠之類的東西時，你說得對，那些仍然——我的意思是，我認為那些還需要五年時間，那些不是很快就能實現的。

The other ones I mentioned that the smaller ones are generating other uses from biomass, I believe those are shorter term. Those could be in that several year type of opportunity. I think that's -- one of the things I would say also, just with respect to pulpwood markets, they are very regional. And one thing, while we never want to see mills close down as we've seen in one area, it tends to help the operating rates in other areas.

我提到的其他一些較小的項目，它們利用生物質進行其他用途，我認為這些用途是短期的。這些機會可能需要幾年時間才能實現。我認為——就紙漿木材市場而言，我也想說一點，那就是它們具有很強的區域性。還有一點，雖然我們永遠不希望看到工廠像我們在某些​​地區看到的那樣倒閉，但這往往有助於提高其他地區的開工率。

So we have seen other areas of the opportunities where mills have started operating 5% and 10% more than they were before. So hopeful to see those end markets recover for them and then we see them really start to make progress.

因此，我們看到其他領域的機遇，例如一些工廠的營運規模比以前增加了 5% 到 10%。真心希望看到他們的終端市場復甦，然後我們才能看到他們真正開始取得進展。

Got it. And that in the short term, so I'm talking about, let's say, one to two-years, is there anything you can do to modulate harvest for pulpwood here given sort of the current pricing dynamics? Is that -- do you have kind of much flexibility to do that?

知道了。就短期而言，比如說一到兩年，鑑於目前的價格動態，您能否採取一些措施來調節這裡的紙漿木材採伐量？也就是說——你在這方面有很大的彈性嗎？

There's some ability, I'd say it's probably more on the sawlog side of things and that a lot of times, the pulpwood is coming along. We don't typically go out and harvest pulpwood stand. So it's often part of the harvest of a sawlog stand or it's part of our culture regime for thinning. And so you can do some things there, but the reality is, a lot of that is part of the process we're working through.

我覺得他們有一定的能力，可能比較擅長鋸材加工，很多時候，紙漿材的加工也比較順利。我們通常不會外出砍伐紙漿材林。因此，它通常是鋸材林收穫的一部分，或是我們間伐管理制度的一部分。所以你可以在那裡做一些事情，但實際上，很多事情都是我們正在經歷的過程的一部分。

So I would say it's more on the sawlog side we have there. What more we have is flexibility to move it geographically with our kind of spread from South Carolina to Georgia across -- to Texas across the South. If we see weakness in a particular market, we can shift away from that market for a period of time and harvest in other areas and hope to see some more balance come back in place.

所以我覺得我們那裡更多的是鋸材。我們更有靈活性，可以根據我們的業務範圍，從南卡羅來納州到喬治亞州，再到德克薩斯州，橫跨整個南部地區，進行地理上的遷移。如果我們發現某個市場疲軟，我們可以暫時撤出該市場，轉而投資其他領域，希望市場能夠恢復平衡。

So I'd say really being able to shift volumes around across the diversity of the asset is an important part of that process.

所以我認為，能夠靈活地在各種資產之間調配交易量是這個過程的重要組成部分。

Ketan, this is Mark. I would note that we've also been continuing to shift our product mix increasingly towards sawtimber. So while we saw a pretty material decline in pulpwood pricing on a period-over-period basis, that the mix of sawtimber improved. So the weighted average decline was actually quite a bit less than that. So that's a trend that we continue to -- we expect to continue to increase in that direction. And so that's a positive just in terms of long-term outlook.

凱坦，我是馬克。我想指出的是，我們也一直在不斷調整產品組合，讓鋸材的比例越來越高。因此，雖然我們看到紙漿木材價格在一段時間內出現了相當大的下降，但鋸材的組合卻有所改善。因此，加權平均跌幅實際上要小得多。所以，我們預計這趨勢將繼續朝著這個方向發展。所以從長遠來看，這是一個正面的訊號。

Buck Horne, Raymond James.

巴克·霍恩，雷蒙德·詹姆斯。

Just a quick question on capital allocation thoughts going into year-end. I fully appreciate that you guys are somewhat limited on repurchases until the deal closes, and you still have to get through the special dividend process and all those calculations. But thinking out maybe into early next year, if this massive public versus private market timber disconnects were to persist.

關於年底前的資本配置，我想問一個問題。我完全理解在交易完成之前，你們的股票回購會受到一些限制，而且你們還要完成特別股息的發放流程以及所有相關的計算。但考慮到這種情況可能會持續到明年年初，如果這種巨大的公共木材市場與私人木材市場脫節的情況繼續下去的話。

I'm wondering as you've had a chance to kind of evaluate both the combined portfolios, what would your thoughts be around potentially accelerating some noncore timber dispositions to try to either prove out this disconnect or reallocate capital to more accretive uses?

既然您已經有機會對這兩個合併後的投資組合進行評估，我想知道您是否考慮加快處置一些非核心木材資產，以驗證這種脫節現象，或者將資本重新分配到更具增值性的用途？

Yes. Maybe just at a high level from a capital allocation standpoint, recognizing that we're anticipating the merger with PotlatchDeltic to close early next year. As we discussed in the merger call a few weeks ago, I'd say the Rayonier and PotlatchDeltic share a very similar philosophy on capital allocation. I'd say we've both been nimble and opportunistic with a view towards building long-term value per share.

是的。或許只是從資本配置的角度來看，考慮到我們預計與 PotlatchDeltic 的合併將在明年初完成。正如我們在幾週前的合併電話會議上討論的那樣，我認為 Rayonier 和 PotlatchDeltic 在資本配置方面有著非常相似的理念。我認為我們雙方都靈活應變，善於把握機會，並專注於創造每股長期價值。

We both shied away from putting out prescriptive targets as market conditions and the merits of different capital allocation strategies can certainly change over time. And sometimes it can change pretty rapidly. I'd say the playbook we've followed historically as two separate companies will likely be very similar going forward as a combined company.

我們都避免設定具體的投資目標，因為市場狀況和不同資本配置策略的優劣肯定會隨著時間而改變。而且有時候變化速度很快。我認為，我們過去作為兩家獨立公司所遵循的策略，未來合併後的公司很可能會非常相似。

We laid out some of those key capital allocation priorities in the presentation materials for the merger call. That includes maintaining an investment-grade balance sheet, growing our dividend over time and investing in growth opportunities, when we think it makes sense to do so. To your point, we also see share buybacks is very compelling at the current share price.

我們在合併電話會議的簡報資料中列出了一些關鍵的資本配置優先事項。這包括保持投資等級資產負債表，隨著時間的推移提高股息，並在我們認為合適的時候投資於成長機會。正如您所說，我們也認為以目前的股價來看，股票回購非常有吸引力。

And we expect to have ample flexibility to be opportunistic on that front after we close the merger as well, recognizing that at least in the near term, we will be navigating some of these regulatory hurdles.

我們也希望在合併完成後，能夠在這方面擁有足夠的靈活性，抓住機遇，同時我們也意識到，至少在短期內，我們將需要克服一些監管障礙。

Appreciate that. And just kind of as a follow-up. I mean as it stands today, obviously, the stock price is dynamic and things like that. But if we were in a similar position a few months out from now, what would be a more accretive or attractive use of incremental capital for you potentially repurchases? Or reinvesting or growing the Potlatch Wood products division?

謝謝。就當是後續補充吧。我的意思是，就目前情況來看，股價顯然是動態變化的，諸如此類的事情。但如果我們幾個月後處於類似的境地，對您而言，增量資本更具增值或吸引力的用途是什麼？是進行股票回購嗎？或對波特拉奇木製品部門進行再投資或發展？

Yes. Again, our philosophy on capital allocation is to play the hand that we're dealt. Certainly, in the current environment, assuming kind of status quo, where the stock price is today on a post-closing basis, we continue to believe that buybacks are very compelling. But again, we view the Wood Products manufacturing business is just another tool in the capital allocation toolkit.

是的。再次強調，我們的資本配置理念是接受並利用我們所擁有的資源。當然，在當前環境下，假設維持現狀，即股票價格在收盤後目前的水平，我們仍然認為股票回購非常具有吸引力。但我們仍然認為，木製品製造業只是資本配置工具包中的另一種工具。

And if we see an opportunity for high return projects there, we will certainly evaluate that. But we're going to look at that through the same lens as we look at and any other capital allocation priority, it's really with a view towards building long-term value per share and what's the best alternative. Hard to -- it's a pretty high bar, though, for external growth right now, kind of given where the stock price is.

如果我們發現那裡有高回報項目的機會，我們一定會進行評估。但我們將以看待任何其他資本配置優先事項的相同視角來看待這個問題，其真正目的是為了創造每股長期價值，以及什麼是最佳替代方案。很難——不過，考慮到目前的股價，外部成長的門檻相當高。

(Operator Instructions) Michael Roxland, Truist Securities.

（操作說明）邁克爾·羅克克蘭，Truist Securities。

Congrats on all the progress. Doug, I just wanted to follow up, not trying to beat this topic to death here. But just on pulpwood in the US South, you mentioned the potential for -- once some of these mills are closed for the remaining assets of these companies to run at higher utilization rates and they will consume more pulpwood. But that's -- you're still going to be -- it's going to be a net loss, right? So you're not going to see one for one. Is that fair to say?

祝賀你們取得的所有進展。道格，我只是想跟進一下，並不是想在這個話題上糾纏不休。但就美國南部的紙漿木材而言，您提到了這樣一種可能性——一旦其中一些工廠關閉，這些公司剩餘的資產將以更高的利用率運行，它們將消耗更多的紙漿木材。但那樣的話——你最終還是會——會是淨虧損，對吧？所以你不會看到一對一的交換。這樣說公平嗎？

Yes, that's fair to say. I'd say we've seen growth in both the pulp business and the OSB business over time and continue to see more investments in that. But to your point, in specific markets, there's going to be excess pulpwood over demand.

是的，這麼說沒錯。我認為，隨著時間的推移，紙漿業務和定向刨花板業務都實現了成長，我們將繼續看到對這兩個領域的更多投資。但正如你所說，在某些特定市場，紙漿木材會出現供過於求的情況。

Got it. All right. Perfect. And then just on the Pacific Northwest. Last quarter, you mentioned not seeing any tension there. It sounds like that those conditions have persisted in 3Q as well. Or are there any signs of things that are going to change? What are you seeing in the Pacific Northwest? Is there -- I mean, I think one of the overhangs was maybe going back a quarter or so is -- there's lumber inventories in the channel.

知道了。好的。完美的。然後就只關注太平洋西北地區了。上個季度，你提到沒有看到那裡有任何緊張局勢。聽起來這些情況在第三季也持續存在。或者說，是否有任何跡象表明情況即將改變？你在太平洋西北地區看到了什麼？那裡——我的意思是，我認為其中一個懸垂物可能向後延伸了大約四分之一——河道裡有木材庫存。

I think a lot of -- from what I've been hearing, a lot has been worked through. Wondering if the Pacific Northwest is now positioned in a better place where you could start to see some tensioning whether it be through less supply or just for maybe housing picking up in near term sometime next year. So I think you have the Pacific Northwest and what's happening and why still -- why it's not as tension as I think it should be --

我認為——就我所聽到的情況來看——很多問題都已經解決了。我想知道太平洋西北地區現在是否處於一個更有利的位置，可能會出現一些緊張局勢，無論是由於供應減少，還是僅僅因為明年某個時候住房市場可能會出現短期回暖。所以我認為，你了解了太平洋西北地區正在發生的事情，以及為什麼——為什麼緊張局勢沒有達到我預期的程度。--

Yes, sure. Kind of hit two questions there. I think one thing kind of on -- just going back on the pulpwood side of things, and obviously, a lot of questions around that. I think we're -- on that -- my question has been around basically how we see those things. And one thing I talked about is that one of the things we've seen where we've had the pulp mill closures in non-operating area is that like the IP mills that closed in (technical difficulty), we have eight other major pulpwood outlets within 100 miles of that shuttered mill basically.

當然可以。總共回答了兩個問題。我認為有一件事需要繼續討論——回到紙漿木材方面，顯然，圍繞這一點有很多問題。我認為我們——關於這一點——我的問題基本上是圍繞著我們如何看待這些事情的。我談到的一點是，我們看到一些紙漿廠在非營運區域關閉，就像那些因技術困難而關閉的IP紙漿廠一樣，在關閉的紙漿廠方圓100英里內，我們還有8個主要的紙漿木材出口點。

So kind of different in some places where a mill shut down and then there wasn't much demand there. We still have quite a few mills that are within a short distance of our -- or short minimal haul distance of our operating region there in that northeast corner. So while we see those impacts are significant, I think the hurricane impacts have also been a major impact in that area.

所以有些地方情況就不同了，像是工廠倒閉後，那裡的需求不多。在東北角，我們仍然有不少工廠距離我們的營運區域很近，或者說距離我們的營運區域運輸距離很短。所以，雖然我們看到這些影響很大，但我認為颶風的影響在該地區也造成了重大影響。

And so we're still working through what that looks like and contend there. So it's kind of -- we're optimistic that there's improved operating rates that I mentioned before, these other mills, will help in some of that process of offsetting that and fiber will find its way around, just kind of following up on that one. But moving to the Northwest, you're right, that market has softened a little bit in recent months, and that was not what we kind of thought was going into here.

所以，我們仍在努力弄清楚那會是什麼樣子，並在那裡展開爭論。所以情況有點——我們樂觀地認為，正如我之前提到的，其他工廠的運營率有所提高，這將有助於抵消部分影響，纖維也會找到出路，我只是在跟進這件事。但是搬到西北地區後，你說得對，近幾個月來那裡的市場確實有所疲軟，這和我們當初設想的情況不太一樣。

Earlier there was a pretty substantial premium on Douglas for lumber, and that helps support log pricing, but that premium has eroded as we haven't seen that in demand really grow as much as we thought. Last call, we talked about before the tariffs went in place that there was a considered amount of lumber that came from Canada into the Pacific Northwest and really all the way into Houston basically into the United States.

先前花旗松木材的價格溢價相當高，這有助於支撐原木價格，但隨著需求成長不如預期，這種溢價已經下降。上次通話中，我們談到在關稅生效之前，有大量的木材從加拿大運往太平洋西北地區，甚至遠至休士頓，進入美國各地。

And so I think we're still seeing with a more muted demand working through that as we go forward. So I think that's part of why we haven't seen that kind of response we thought we'd see. The good news is most facilities, they have spare capacity and they can ramp up quickly to your point. So we start to see that in demand happen, I think we'll see some improvement there.

所以我認為，隨著我們繼續前進，我們仍然會看到需求較為疲軟，並逐漸克服這些問題。所以我覺得，這在某種程度上解釋了為什麼我們沒有看到我們預期的那種反應。好消息是，大多數工廠都有備用產能，可以迅速提升產能以滿足您的需求。所以，當我們開始看到需求出現成長時，我認為情況會有所改善。

Log inventories kind of this type of year typically start to get constrained by weather. So -- and so that's an important part of this process. But lumber inventories right now in that area in particular still remain a bit elevated. And so that's something we need to see work through. In the South, I've heard of some mills basically taking some slower production time going through the holidays basically and trying to come out of the year with lean inventories as they move forward, just don't want that inventory in the books.

這種年份的原木庫存通常會開始受到天氣的限制。所以——所以這是這個過程的重要組成部分。但目前該地區的木材庫存仍偏高。所以，這是我們需要觀察解決的問題。我聽說南方的一些工廠在假期期間會放慢生產速度，努力在年底前保持精簡的庫存，不想讓庫存留在帳面上。

I think we're seeing a little bit in the Northwest also. We've heard about some recent mills talking about taking some downtime and some shifts down. So I think what we're seeing is folks are trying to kind of constrain and restrict that lumber inventory. They built up thinking things are going to go great when tariffs put in place.

我認為我們在西北地區也看到了一些類似的情況。我們聽說最近一些工廠正在考慮停工一段時間，減少一些班次。所以我覺得我們現在看到的是，人們正在試圖限制和控制木材庫存。他們當時的想法是，關稅實施後一切都會好轉。

We've seen that kind of muted demand still need the housing and repair and remodeling to step back, which we see these -- hopefully, we see these forecasted reductions in rates going into next year, and we'll see that happen. So I think there is some optimism, but at the same point in time, people don't want to just keep cutting wood on top of what they have.

我們已經看到，這種疲軟的需求仍然需要住房、維修和改造，我們希望明年利率能如預期般下降，我們也會看到這種情況發生。所以我認為目前存在一些樂觀情緒，但同時，人們也不想在現有基礎上繼續砍伐木材。

So I think you mentioned that the China markets and that has historically been something that provided pricing support. And while we don't have that now. I do believe that the Douglas fir, the SPF market is a strong market, and it can recover very quickly. We've seen this happen before in that market where things can swing quite quickly. So if we see a housing demand kind of start to rebound, I think it's going to be the first places with the well-tensioned markets where we'll see that response come back.

所以，我想你提到了中國市場，而從歷史上看，中國市場一直在為價格提供支撐。而我們現在還沒有。我相信花旗松和SPF市場是一個強勁的市場，而且可以很快復甦。我們以前在這個市場也見過這種情況，市場波動可能非常迅速。因此，如果我們看到住房需求開始反彈，我認為最先出現這種反彈的將是那些市場緊張的地區。

And I'm showing no further questions at this time, and we'll turn the call over to Collin Mings.

我目前沒有其他問題要問，接下來我們將把電話交給科林·明斯。

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

好的。這是科林·明斯。感謝各位的到來。如有任何後續問題，請與我們聯絡。

This concludes today's call. Thank you for your participation. You may disconnect at this time.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。