Rayonier functions as a prominent real estate investment trust focused on timberland, possessing substantial holdings in some of the most fertile softwood growing regions across the United States and New Zealand. By the close of 2020, its extensive portfolio encompassed approximately 2.7 million acres, either directly owned or managed through long-term leases. These properties are situated in the U.S. South (1.73 million acres), the U.S. Pacific Northwest (507,000 acres), and New Zealand (417,000 acres). Moreover, the company acts as the managing member for a private equity timber fund operation, comprising three distinct funds that collectively manage roughly 141,000 acres. Rayonier's effective ownership interest in this timber fund business, calculated on a look-through basis, is approximately 17,000 acres.