Rayonier Inc. reported 4Q 2020 net income of $10.3 million, or $0.07 per share, on revenues of $205.5 million. This compares to net income of $16.0 million, or $0.12 per share, on revenues of $178.8 million in the prior year quarter.
4Q 2020 operating income was $22.4 million versus $26.1 million in the prior year period. The current quarter operating income included costs related to the merger with Pope Resources1 of $0.7 million. Excluding this item and adjusting for $0.7 million of operating income attributable to noncontrolling interest in the Timber Funds segment, current quarter pro forma operating income was also $22.4 million.
4Q 2020 Adjusted EBITDA was $74.5 million versus $65 million in the prior year period.
Full-year 2020 cash provided by operating activities was $204.2 million versus $214.3 million in the prior year. Full-year cash available for distribution (CAD)2 of $162.4 million increased $13.1 million versus the prior year primarily due to higher Adjusted EBITDA2 ($19.6 million) and lower cash taxes paid ($0.9 million), partially offset by higher capital expenditures ($0.2 million) and higher cash interest paid ($7.1 million).
“Given the significant disruption and uncertainty associated with the COVID-19 pandemic throughout 2020, we were very pleased with our 4Q and full-year financial results,” said David Nunes, President and CEO. “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 in 2020, and we finished the year with encouraging momentum across our business segments. Moreover, we successfully closed and integrated the Pope Resources acquisition, and we are already seeing the benefits of our enhanced scale and portfolio quality. As we look to 2021, we believe we are well-positioned to capitalize on favorable sawlog trends associated with increased residential construction activity, continued strong endmarket demand for products derived from our pulpwood, improved log export market opportunities and growing interest in finished lots as well as rural and recreational properties.”
Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. The company also acts as the managing member in a private equity timber fund business with three funds comprising approximately 141,000 acres.
