TIMBERLAND ACQUISITIONS

In 12 separate transactions throughout 2014, Rayonier purchased 61,798 acres of timberland located in Alabama, Florida, Georgia, Texas and Washington, for approximately $130.0 million. These acquisitions were funded with cash on hand, like-kind exchange proceeds from real estate and timberland sales, or through the revolving credit facility and were accounted for as asset purchases. Additionally, in one transaction during 2014, 546 acres were purchased in New Zealand for approximately $0.9 million. This acquisition was funded with cash on hand.

In four separate transactions throughout 2013, Rayonier purchased 17,094 acres located in Florida, Georgia and Louisiana for $20.4 million. These acquisitions were funded with cash on hand or through the revolving credit facility and were accounted for as asset purchases.

The following table summarizes the timberland acquisitions at December 31, 2014 and 2013:



	2014		2013
	Cost	Acres	Cost		Acres
Alabama	$41,453	18,113	—		—
Florida	22,157	15,774	1,198		640
Georgia	46,525	16,573	10,215		9,036
Louisiana	—	—	8,894		7,418
Texas	17,960	10,900	94	(a)	—
Washington	1,878	438	—		—
New Zealand	923	546	—		—
Total Acquisitions	$130,896	62,344	$20,401		17,094


(a)	Represents funds expended in early 2013 for an acquisition in late 2012.