雷欧尼尔 2026年季度报告

FORM 10-Q (Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March 31, 2026OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto RAYONIER INC.(Exact name of registrant as specified in its charter)North Carolina1-678013-2607329(State or other Jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number) Rayonier, L.P.(Exact name of registrant as specified in its charter)Delaware333-23724691-1313292(State or other Jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number) 1 RAYONIER WAYWILDLIGHT, FL 32097(Principal Executive Office)Telephone Number: (904)357-9100Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: Title of each classTrading SymbolExchangeCommon Shares, no par value, of Rayonier Inc.RYNNew York Stock Exchange Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirementsfor the past 90 days.☒☐☒☐ Rayonier Inc.YesNoRayonier, L.P.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).☒☐ Rayonier Inc.Yes☒No☐Rayonier, L.P.YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” inRule 12b-2 of the Exchange Act. Rayonier Inc. Rayonier, L.P. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.Rayonier Inc.☐Rayonier, L.P.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☒☐☒ Rayonier Inc.Yes☐NoRayonier, L.P.YesNo As of May1, 2026, Rayonier Inc. had 300,747,223 Common Shares outstanding. As of May1, 2026, Rayonier, L.P. had 1,682,257 Units outstanding. EXPLANATORY NOTE This report combines the quarterly reports on Form 10-Q for the quarterly period ended March31, 2026 of Rayonier Inc.,a North Carolina corporation, and Rayonier, L.P., a Delaware limited partnership. Unless stated otherwise or the contextotherwise requires, references to “Rayonier” or “the Company” mean Rayonier Inc. and references to the “OperatingPartnership”mean Rayonier,L.P.References to“we,”“us,”and“our”mean collectively Rayonier Inc.,the OperatingPartnership and entities/subsidiaries owned or controlled by Rayonier Inc. and/or the Operating Partnership. Rayonier Inc. has elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of1986, as amended, effective December 31, 2004. We operate as an umbrella partnership REIT (“UPREIT”), conductingsubstantially all business through the Operating Partnership. Rayonier Inc. is the sole general partner of the OperatingPartnership. On May 8, 2020, Rayonier, L.P. acquired Pope Resources, a Delaware Limited Partnership (“Pope Resources”)and issued approximately 4.45 million operating partnership units (“OP Units” or “Redeemable Operating Partnership Units”)of Rayonier, L.P. as partial merger consideration. These OP Units are generally considered to be economic equivalents toRayonier common shares and receive distributions equal to the dividends paid on Rayonier common shares. As of March31, 2026, the Company owned a 99.4% interest in the Operating Partnership, with the remaining 0.6%interest owned by limited partners of the Operating Partnership. As the sole general partner of the Operating Partnership,Rayonier Inc. has exclusive control of the day-to-day management of the Operating Partnership. RayonierInc.and the Operating Partnership are operated as one business.The management of the OperatingPartnership consists of the same members as the management of Rayonier Inc. As general partner with control of theOperating Partnership, Rayonier Inc. consolidates Rayonier, L.P. for financial reporting purposes, and has no material assetsor liabilities other than its investment in the Operating Partnership. We believe combining the quarterly reports of Rayonier Inc. and Rayonier, L.P. into this single report results in thefollowing benefits: •Strengthens investors’ unde