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Text: They are also referenced on page 2 of our financial supplement.
With that, let's start our teleconference with opening comments from Dave Nunes, President and CEO.
First, I'll make some high level comments before turning it over to Mark McHugh, our Senior Vice President and Chief Financial Officer to review our consolidated financial results.
And then we'll ask Doug Long, Senior Vice President of Forest Resources to comment on our U.S. and New Zealand Timber results.
And following the review of our Timber segments, Mark will discuss our real estate results as well as our outlook for 2021.
We finished 2020 with encouraging momentum across all businesses, generating adjusted EBITDA of $75 million and pro forma earnings per share of $0.08 per share in the fourth quarter.
Adjusted EBITDA exceeded the prior year quarter by 15% with favorable results in the Pacific Northwest Timber, New Zealand Timber and Real Estate segments, more than offset a decline in adjusted EBITDA from the Southern Timber segment.
As we reflect on 2020 in its entirety, we are pleased with our performance across all our business lines, especially given the significant disruption and uncertainty created by the COVID-19 pandemic.
The diversity of our timber markets, the positioning of our real estate portfolio and the resiliency of our people during challenging operating conditions all contributed to our solid performance.
Moreover, despite the logistical challenges created by the pandemic, we successfully closed and integrated the Pope Resources acquisition.
We continue to believe the assets acquired as well as the expertise and dedication of the Pope team that has now joined Rayonier will play a critical role in our pursuit of long-term value creation for shareholders.
For the full year, we generated GAAP earnings per share of $0.27 per share and pro forma earnings per share of $0.25 per share.
Full year adjusted EBITDA of $267 million increased 8% versus the prior year.
In our Southern Timber segment, we achieved full year adjusted EBITDA of $109 million, which represents a decrease of 9% versus the prior year.
Core timber results were stable year-over-year with slightly higher volumes more than offsetting a slight decline in weighted average stumpage pricing.
However, non-timber income declined significantly due to lower pipeline easement income following a record year in 2019.
In our Pacific Northwest Timber segment, we generated full year adjusted EBITDA of $37 million.
This result represents a more than doubling of the prior-year result, which is attributable to a partial year contribution of our Pope Resources acquisition as well as a sharp increase in log pricing given strong domestic demand and robust lumber markets.
In our New Zealand timber segment, full year adjusted EBITDA declined 27% to $55 million.
The year-over-year decline in adjusted EBITDA was primarily driven by lower volumes due to the government mandated lockdown in the first half of the year as well as lower log pricing amid COVID-related export headwinds.
Lastly, our real estate segment, we generated full year adjusted EBITDA of $91 million, an increase of over 50% from the prior year result.
This year-over-year improvement was driven by an increase in acres sold amid growing buyer demand for rural land as well as residential lots and commercial properties within our real estate development project areas.
While the bulk of our real estate sales activity garnered significant premiums to timberland hold values, the successful completion of some low value non-strategic sales in 2020 brought down our weighted average sales price.
These non-strategic sales reflect our ongoing focus on improving the quality of our portfolio through both addition and subtraction.
Let's start on page 5 with our financial highlights.
Sales for the quarter totaled $206 million while pro forma sales totaled $196 million.
Operating income was $22 million including $700,000 of costs related to the Pope merger.
Net income attributable to Rayonier was $10 million or $0.07 per share.
Excluding these costs and adjusting for the operating income attributable to the non-controlling interest in our Timber Fund segment, pro forma operating income was also $22 million.
Pro forma net income was $11 million or $0.08 per share.
Fourth quarter adjusted EBITDA of $75 million was above the prior year quarter primarily due to significantly higher results in our Real Estate and Pacific Northwest Timber segments, partially offset by a lower contribution from our Southern Timber segment.
On the bottom of page 5, we provide an overview of our capital resources and liquidity at year-end as well as the comparison to the prior year.
Our Cash Available for Distribution or CAD for the year was $162 million compared to $149 million in the prior year, primarily due to higher adjusted EBITDA and lower cash taxes, partially offset by higher capital expenditures and higher cash interest.
A reconciliation of CAD, the cash provided by operating activities and other GAAP measures is provided on page 8 of the financial supplement.
Consistent with our nimble approach to capital allocation, we raised over $30 million through our at-the-market or ATM equity offering program during the fourth quarter at an average price of $30.26 per share.
As discussed on our last earnings call, we view the ATM program as a cost effective tool to opportunistically raise capital, strengthen our balance sheet and match fund bolt-on acquisitions.
In sum, we closed the year with $81 million of cash and $1.3 billion of debt, both of which exclude cash and debt attributable to the Timber Fund segment, which is nonrecourse to Rayonier.
Our net debt of $1.2 billion represented 23% of our enterprise value based on our closing stock price at year-end.
Let's start on page 9 with our Southern Timber segment.
Adjusted EBITDA in the fourth quarter of $23 million was $5 million below the prior year quarter.
The declines in adjusted EBITDA relative to the prior year quarter was largely attributable to lower volumes due to the timing of harvest activity in 2020 as well as lower non-timber sales.
For the full year, harvest volumes totaled 6.2 million tons, an increase of 2% from 2019 and consistent with the high end of the revised guidance range we provided in August, however following notable year-over-year increases during both the second and third quarter, fourth quarter harvest volumes of 1.3 million tons or 15% below the prior-year quarter.
A decline in volumes during the fourth quarter was partially offset by stronger pricing.
Specifically, average sawlog stumpage pricing was roughly $25 a ton, a 10% increase compared to the prior-year quarter.
We are encouraged to see evidence of increased pricing tension in multiple U.S. south markets during the quarter amid robust lumber markets, growing competition among those for logs and improved demand for expert grade logs in our coastal markets.
Geographic mix also contributed to stronger average pricing as the contribution from our higher priced coastal Atlantic markets increased considerably year-over-year.
Pulpwood pricing climbed 6% from the prior-year quarter, also reflecting a favorable mix shift toward our Atlantic coastal markets.
Fourth quarter non-timber income of $5 million was $2 million below the prior-year quarter.
Recall that 2019 marked a record high year for our non-timber income business.
Moving to our Pacific Northwest Timber segment on page 10, adjusted EBITDA of $40 million was $6 million above the prior-year quarter.
The year-over-year improvement was driven by substantially higher sawlog pricing as market dynamics improved under the historic surge in lumber prices.
Fourth quarter harvest volume was 5% below the prior-year quarter.
The drop in volume was partially attributable to our decision to defer some stumpage sales in the region.
Sawmills in the region continued to run at full capacity during the quarter but export market demand remained sluggish.
We attribute the continued softness in the export market to the availability of Europeans spruce salvage logs for construction applications in China as well as the increased price of logs from Pacific Northwest.
For the full year, harvest volumes in the Pacific Northwest totaled 1.6 million tons.
A 32% increase from 2019 was largely driven by the partial year contribution from the Pope Resources acquisition and was in line with the revised guidance range we provided in August.
At $96 per ton, our average delivered sawlog price during the fourth quarter was at its highest level since 2018 and up 23% from the prior year quarter.
Meanwhile, pulpwood pricing fell 14% in the fourth quarter relative to the prior year quarter as sawlog residuals remained plentiful amid increased lumber production and soft chip export demand.
I'd also like to offer some comments on the impact of last year's wildfires in the Pacific Northwest.
Importantly, none of our fee timber properties were directly impacted by the fires although roughly 10,000 acres of timber farm properties sustained some fire damage.
Overall, our operations in the region have not been materially impacted from the salvage efforts conducted by others thus far although we are seeing some localized impact on market conditions in Oregon primarily related to lumber producers that also own timberland.
While these producers have been harvesting burnt wood on their own timberland to feed their mills, the impacts on overall market conditions has not been as widespread as we initially thought it could be.
We continue to closely monitor the situation but note that the quality of burnt logs deteriorate over time likely limiting any incremental impact in the first half of 2021.
Given the location of our timberland, the solid demand for green logs from many of our customers, the steady business we have been able to provide to our logging crews in the region, we are optimistic that the impact for operations from fire salvage efforts in the region were made minimal.
In sum, we believe we are well-positioned to capitalize from the solid demand trends and favorable pricing conditions we currently see in the Pacific Northwest, especially given our increased presence and operational flexibility in the region following the successful integration of Pope Resources.
Page 11 shows results in key offering metrics for our New Zealand Timber segment.
Adjusted EBITDA in the fourth quarter of $17 million was slightly above the $16 million that was reported a year ago.
Fourth quarter harvest volume of 702,000 tons was up 2% compared to the prior year quarter.
As discussed on previous earning calls, following the expiration of the government-mandated lockdown, our team did an excellent job of ramping up production.
For the full year, we were pleased to see harvest volumes in New Zealand total approximately 2.5 million tons, consistent with the high end of the revised guidance range we provided in August.
Turning to pricing, average delivered prices for export sawtimber increased 2% in the prior quarter to $105 per ton, largely reflecting improved China demand.
In addition, escalating tensions between China and Australia resulted in China implementing a ban on Australian log imports during the fourth quarter further increasing the demand for New Zealand logs.
For context, prior to the ban, Australia was exporting approximately 400,000 cubic meters of softwood logs a month to China or roughly 10% of the total volume imported by China.
Shifting to the market -- the domestic market in New Zealand, average delivered prices for domestic sawtimber increased 6% from the prior year period to $74 per ton.
The increase in U.S. dollar pricing was driven primarily by foreign exchange rates as New Zealand dollar domestic pricing was relatively flat in the fourth quarter versus the prior quarter.
Average domestic pulpwood pricing slipped 2% as compared to the prior year quarter.
As we enter 2021, we are pleasantly surprised to see a more moderate seasonal slowdown in demand from China, ahead of Chinese New Year.
While we've seen a slight increase in inventories as we enter the Chinese New Year, we don't believe the build will be nearly as significant as last year when China was battling COVID.
We are currently seeing stronger demand with some of those even running through the holiday to employees returning to their home cities and risking exposure to COVID.
As demand improves seasonally past the holidays, we believe we're well-positioned to capitalize on further strengthening the Chinese economy as well as any prolonged reduction in log imports from Australia.
I'll now briefly discuss the results for our Timber Funds segment.
Highlighted on page 12, the Timber Funds segment generated consolidated EBITDA of $5 million in the fourth quarter on harvest volumes of 115,000 tons.
Adjusted EBITDA, which reflects the look-through contribution from Timber Funds was $900,000.
Lastly in our Trading segment, we reported breakeven adjusted EBITDA in the fourth quarter.
As reminder, our trading activities typically generate low margins and are primarily designed to provide additional scale to our fee timber export business.
As detailed on page 13, our Real Estate team capitalized on growing demand for rural land as well as finished lots and commercial parcels within our development projects.
After a very slow start to 2020, given the uncertainty created by the pandemic, we saw a sharp rebound in activity and finished the year with encouraging momentum across our Real Estate categories.
In the fourth quarter, sales totaled $32 million or roughly 12,500 acres sold at an average price of over $2,400 per acre.
Real Estate adjusted EBITDA was $26 million in the fourth quarter, marking our second strongest quarter since 2018.
Sales in the improved development category totaled $6.7 million.
Specifically, we sold the Parcel and the Belfast Commerce Park Development Project, south of Savannah, Georgia, for $4.6 million.
In our Wildlight Development Project north of Jacksonville, Florida, we sold 25 five residential lots for $1.6 million or $64,000 per lot.
In addition, we sold a small development property in Washington State from the Pope Real Estate portfolio for roughly $500,000.
In the rural category, fourth quarter sales totaled $14 million or roughly 3,600 acres sold at an average price of $3,900 per acre.
Interest in rural recreation and residential lots in the 5 to 40 acre size range continues to build as households are planning for more permanent work-from-home arrangements and desire to leave crowded urban and suburban areas.
The space, privacy and recreational opportunities offered by these properties are attracting buyers and we believe this momentum will continue into 2021.
Timberland and non-strategic sales of $9.6 million comprise just over 8,700 acres in total.
These properties were non-strategic to our core timber operations as they consisted of numerous scattered parcels with a relatively high percentage of non-plantable lands.
Overall, we believe favorable tailwinds for our real estate business are growing and remain optimistic that a combination of demographic trends, historically low mortgage rates and an increased need for space will benefit our various real estate sales categories.
On the development front, we've been encouraged by homebuilder demand for finished lots and entitled infrastructure surge land.
We believe we are well-positioned to meet this demand with a building pipeline of opportunities in Wildlight, Florida, Richmond Hill, Georgia and the West Puget Sound area of Washington.
With 2020 marking our fourth year of development in Wildlight, this project is looking increasingly like an established community with a growing list of amenities helping to drive additional interest from builders.
Meanwhile in Richmond Hill, the new I-95 interchange embedded within our landholdings recently opened.
We view the interchange as an important catalyst for real estate holdings in the area and have been encouraged by recent interest in land entitled for industrial uses at the Belfast Commerce Park as well as land entitled for commercial and residential uses adjacent to the interchange.
Now, moving on to our guidance for the year.
For full year 2021, we expect total adjusted EBITDA of $285 million to $315 million, net income attributable to Rayonier of $44 million to $56 million, an earnings per share of $0.32 to $0.41.
The projected year-over-year increase in adjusted EBITDA is driven by our expectation that the contribution from each of our key Timber segments will increase in 2021.
However, we believe this will be partially offset by a lower contribution from the Real Estate segment following an exceptionally strong 2020.
Overall, we are encouraged by the positive momentum across our business segments to start the year.
In our Southern Timber segment, we expect to achieve full year harvest volumes of 6.2 million tons to 6.4 million tons.
As we start 2021, we are seeing some upward momentum in grade timber pricing driven by increased mill capacity, strong lumber prices and improved log export markets.
In addition, we are seeing strong demand for pulpwood in our core markets driven by continued positive trends in containerboard and tissue markets.
Overall, we expect a modest improvement in our weighted average pricing relative to full year 2020 driven by these demand trends as well as a higher mix of sawtimber partially offset by an increased proportion of planned harvest volume from relatively lower priced markets.
In sum, we expect that Southern Timber will contribute 2021 adjusted EBITDA of $114 million to $120 million.
In our Pacific Northwest Timber segment, we expect to achieve full year harvest volumes of 1.7 million tons to 1.8 million tons as we realize a full year contribution from the Pope Resources acquisition.
We further anticipate higher average sawtimber prices in 2021 versus 2020 as we expect continued strong domestic demand trends given the favorable outlook for lumber prices.
That said we expect that this increased log pricing coupled with continued competition from European spruce salvage will limit China export demand growth.
Overall, we expect 2021 adjusted EBITDA in the Pacific Northwest Timber segment of $50 million to $55 million.
In our New Zealand Timber segment, we expect to achieve harvest volumes of 2.6 million tons to 2.8 million tons up modestly year-over-year following the operational disruptions imposed by the pandemic in 2020.
We believe strong demand from both China and local markets, coupled with reduced supply from Australia will lead to improved export and domestic prices.
That said we anticipate some increase in shipping costs due to reduced ship availability.
Overall, we expect 2021 adjusted EBITDA in the New Zealand Timber segment of $71 million to $75 million.
In our Real Estate segment, we continue to focus on unlocking the long-term value of our HBU development and rural property portfolio.
Following the exceptionally strong real estate results in 2020, we currently anticipate more normalized transaction activity in 2021.
As such, we expect that our Real Estate segment will contribute adjusted EBITDA of $70 million to $85 million in 2021.
We anticipate a relatively light first quarter this year with a heavy proportion of our Real Estate activity concentrated in the second half of the year.
Reflecting back on our earnings call a year ago, we certainly couldn't have imagined the events that would unfold in 2020.
I'm very proud of how our team responded to all the unforeseen and unprecedented challenges associated with the COVID-19 pandemic.
We figured out new ways to work together in a safe yet distant manner and rose to the many challenges posed by the pandemic, while at the same time remaining intensely focused on our strategic priorities.
As such, I want to take a moment to recap some of the key milestones we achieved in 2020 despite the extraordinary circumstances we faced.
Underscoring our focus on always looking to improve our portfolio through active portfolio management, we executed several transactions that we believe better position us to create value for our shareholders.
First and foremost, in May, we successfully completed the acquisition of Pope Resources announced last January.
The addition of these high-quality Pacific Northwest Timberlands as well as an attractive real estate portfolio improved our species mix, smoothed out our age-class distribution and increased our proportion, increased our operational flexibility and market reach within the region.
Moreover, we believe the operating structure we employed as part of the transaction has great potential to be used in other Timberland transactions in the future.
While dedicating significant resources to ensure Pope's successful integration, we also executed on some smaller acquisitions throughout the year totaling roughly $25 million.
In addition, we executed a large disposition of 67,000 acres in Mississippi for $116 million.
These transactions reflect our unwavering commitment to nimble capital allocation and active portfolio management as well as our focus on maintaining balance sheet flexibility.
As it relates to capital allocation, we also took advantage of opportunities to both issue and repurchase shares in 2020.
We repurchased a modest amount of stock early in the year amid the turmoil in the financial markets but also established and utilized an at-the-market equity offering program in late 2020.
We believe that the symmetry afforded by maintaining both buyback and issuance optionality will allow us to deploy these tools opportunistically to build NAV per share over the long term.
We've also continued to reinvest in our business, particularly in technology and systems designed to optimize our long-term performance.
Despite the social distancing necessitated by the pandemic, our investments in technology allowed us to push forward and achieve goals related to improving efficiencies, reducing costs and enhancing our market intelligence and proprietary analytical tools.
Furthermore, selective and measured real estate investments continued throughout 2020, leaving us increasingly well positioned to optimize returns of our portfolio in the years to come.
As we look back over a very challenging year, I'd like to highlight the importance and durability of our culture, which is the cornerstone of Rayonier's financial and strategic success.
Collectively, we remain focused on our mission to provide industry-leading returns while being a responsible steward of our lands.
I'm proud of the dedication and accomplishments of our people and their unwavering commitment to building long-term value for our shareholders.

user
compname reports q4 earnings per share $0.07.
q4 pro forma earnings per share $0.08 excluding items.
q4 earnings per share $0.07.
in 2021, expect to achieve net income attributable to rayonier of $44 to $56 million.

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