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- The addition comes from two separate purchases. The Louisiana property known as the King parcel contains about 12.2K acres and brings Rayonier's (NYSE:RYN) Louisiana holdings up to roughly 150K acres. It was purchased for $25.5M, contains merchantable inventory of 560K tons, is comprised of about 86% plantable lands, and is expected to improve the company's sustainable yield by about 45K tons per year.
- The Oregon property known as the Scappoose parcel has about 5.6K acres. It bring's the company's total Northwest ownership to 374K acres. This parcel was purchased for $34M. It contains merchantable inventory of 102K tons, of which an estimated 95% is high-value Douglas-fir. It's expected to improve the company's sustainable yield by about 35K tons per year.
- Source: Press Release
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Dec. 17, 2014, 10:35 AM
Dec. 10, 2014, 8:18 AM
- Mark McHugh comes over from Raymond James to assume the CFO role at Rayonier (NYSE:RYN), effective Friday. He succeeds Edwin Kiker who is transitioning to the newly created role of Chief Accounting Officer.
- At RayJay, McHugh was in the real estate investment banking group and has been advising Rayonier in the months since the RYAM spinoff.
- Source: Press Release
- Previously: Rayonier Advanced Materials CFO exits (Nov. 28, 2014)
- Previously: Raynoier restates results, makes strategic changes (Nov. 10, 2014)
Nov. 20, 2014, 1:41 PM
- This is what DA Davidson had to say about Rayonier (RYN +1.3%) the day after the company had to restate results and said it had been harvesting above sustainable levels for years: "Confidence in story (not management) shaken... the near term optics look bad, and we think it’s perhaps premature to get positive on the stock despite today’s 15% decline."
- Given a few days to think it over, the team now spots value in the stock (after its 20% decline) and upgrades to Buy from Neutral.
- Rayonier this afternoon released a new investor presentation. Next year's sales are expected in the area of $575M vs. $590M-$600M in 2014, with adjusted EBITDA of $200M-$220M vs. $238M-$242M this year.
Nov. 11, 2014, 8:21 AM
- In a highly-critical note titled "Rayonier Cuts Everything - Dividend, Inventory, and Harvest Projections. So Are We." D.A. Davidson drops its 12-18 month price target on Rayonier (NYSE:RYN) by 10% to $31.50. Key points:
- "Rayonier reported its first full quarter as a pure play Timber REIT, and its lowered the boom on everything. The quarter itself wasn’t so bad, but the message was; as the company has been harvesting above sustainable levels for the past decade, inventories were overstated and depletion was understated in recent quarters, compromising the quality of earnings thus far this year."
- "New management has clearcut the credibility of the old regime. We can’t recall a situation in covering the Timber REITs where the credibility of the old guard has been called into question so blatantly."
- "Confidence in story (not management) shaken... the near term optics look bad, and we think it’s perhaps premature to get positive on the stock despite today’s 15% decline."
- Previously: Raynoier restates results, makes strategic changes
- Previously: Rayonier Advanced Materials hit by Rayonier restatement
Rayonier Inc is an international forest products company. It is engaged in activities associated with timberland management, sale and entitlement of real estate, and production and sale of high value specialty cellulose fibers.
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