RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES
Net income		$ 2,306	$ 7,437
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		37,083	37,599
Non-cash cost of land and improved development		2,953	4,208
Stock-based incentive compensation expense		3,218	2,499
Deferred income taxes		(1,004)	(1,155)
Pension settlement charge		5,673	0
Timber write-offs resulting from casualty events		0	2,302
Other		1,899	578
Changes in operating assets and liabilities:
Receivables		(7,493)	3,730
Inventories		565	(4,098)
Accounts payable		8,537	8,913
All other operating activities		(1,439)	1,938
CASH PROVIDED BY OPERATING ACTIVITIES		52,298	63,951
INVESTING ACTIVITIES
Capital expenditures		(18,868)	(18,746)
Real estate development investments		(5,483)	(7,753)
Purchase of timberlands		0	(8,729)
Other		302	3,029
CASH USED FOR INVESTING ACTIVITIES		(24,049)	(32,199)
FINANCING ACTIVITIES
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		0	(10)
Distributions to noncontrolling interests in consolidated affiliates		(1,713)	0
CASH USED FOR FINANCING ACTIVITIES		(75,087)	(43,061)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(956)	(362)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(47,794)	(11,671)
Balance, beginning of year		208,374	115,407
Balance, end of period		160,580	103,736
Cash paid during the period:
Interest	[1]	800	3,802
Income taxes		1,845	2,203
Non-cash investing activity:
Capital assets purchased on account		7,330	5,689
Rayonier Limited Partnership
OPERATING ACTIVITIES
Net income		2,306	7,437
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		37,083	37,599
Non-cash cost of land and improved development		2,953	4,208
Stock-based incentive compensation expense		3,218	2,499
Deferred income taxes		(1,004)	(1,155)
Pension settlement charge		5,673	0
Timber write-offs resulting from casualty events		0	2,302
Other		1,899	578
Changes in operating assets and liabilities:
Receivables		(7,493)	3,730
Inventories		565	(4,098)
Accounts payable		8,537	8,913
All other operating activities		(1,439)	1,938
CASH PROVIDED BY OPERATING ACTIVITIES		52,298	63,951
INVESTING ACTIVITIES
Capital expenditures		(18,868)	(18,746)
Real estate development investments		(5,483)	(7,753)
Purchase of timberlands		0	(8,729)
Other		302	3,029
CASH USED FOR INVESTING ACTIVITIES		(24,049)	(32,199)
FINANCING ACTIVITIES
Distributions on units	[2]	(73,343)	(43,010)
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		0	(10)
Repurchase of units to pay withholding taxes on vested incentive stock awards		(31)	(41)
Distributions to noncontrolling interests in consolidated affiliates		(1,713)	0
CASH USED FOR FINANCING ACTIVITIES		(75,087)	(43,061)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(956)	(362)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(47,794)	(11,671)
Balance, beginning of year		208,374	115,407
Balance, end of period		160,580	103,736
Cash paid during the period:
Interest	[3]	800	3,802
Income taxes		1,845	2,203
Non-cash investing activity:
Capital assets purchased on account		$ 7,330	$ 5,689

[1] Interest paid is presented net of patronage payments received of $8.1 million and $6.1 million for the three months ended March 31, 2024 and March 31, 2023, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2023 Form 10-K.

[2] The three months ended March 31, 2024 includes an additional cash distribution of $.20 per operating partnership unit, totaling $30.2 million. The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023.

[3] Interest paid is presented net of patronage payments received of $8.1 million and $6.1 million for the three months ended March 31, 2024 and March 31, 2023, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2023 Form 10-K.