WILDLIGHT, Fla. (News release) -- Rayonier Inc. announced that the Company's board of directors has approved a new $300 million share repurchase authorization. The new authorization replaces and supersedes the Company's existing $100 million share repurchase authorization. Repurchases may be made at management's discretion from time to time on the open market or through privately negotiated transactions. The new repurchase program has no time limit and may be suspended for periods or discontinued at any time.

"Our new share repurchase authorization provides us additional capacity to execute on share repurchases, demonstrating our conviction in the underlying net asset value of the company amid the continued disconnect between public and private timberland values," said Mark McHugh, President & CEO of Rayonier. "We view share repurchases as an important component of our capital allocation strategy, and our recent dispositions provide us significant financial flexibility to act opportunistically to enhance shareholder value going forward."

As of November 29, 2024, the Company had approximately 148.5 million common shares and 2.0 million operating partnership units outstanding.