Rayonier is a timberland real estate investment trust that owns and manages approximately 2 million acres of productive softwood timberlands in the United States, with major holdings in the South and Pacific Northwest. The company generates recurring revenue primarily from harvesting and selling timber products to pulp, paper, wood products, and biomass manufacturers, along with supplementary income from non-timber sources such as hunting licenses, mineral leases, and emerging land-based solutions like solar and carbon capture. Rayonier also pursues capital appreciation through selective higher-and-better-use land sales at significant premiums, conservation transactions, and development projects in targeted real estate markets.