NONCONTROLLING INTERESTS

6 Months Ended

Jun. 30, 2024

NONCONTROLLING INTERESTS IN CONSOLIDATED AFFILIATES

Matariki Forestry Group

We maintain a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand subsidiary”), a joint venture that owns or leases approximately 410,000 legal acres of New Zealand timberland. Accordingly, we consolidate the New Zealand subsidiary’s balance sheet and results of operations. Income attributable to the New Zealand subsidiary’s 23% noncontrolling interests is reflected as an adjustment to income in our Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Net (income) loss attributable to noncontrolling interests in consolidated affiliates.” Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary, serves as the manager of the New Zealand subsidiary.

NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP

Noncontrolling interests in the Operating Partnership relate to the third-party ownership of Redeemable Operating Partnership Units. Net income attributable to the noncontrolling interests in the Operating Partnership is computed by applying the weighted average Redeemable Operating Partnership Units outstanding during the period as a percentage of the weighted average total units outstanding to the Operating Partnership’s net income for the period. If a noncontrolling unitholder redeems a unit for a registered common share of Rayonier or cash, the noncontrolling interests in the Operating Partnership will be reduced and the Company’s share in the Operating Partnership will be increased by the fair value of each security at the time of redemption.

The following table sets forth the Company’s noncontrolling interests in the Operating Partnership:


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Beginning noncontrolling interests in the Operating Partnership	$69,589	$82,461	$81,651	$105,763

Adjustment of noncontrolling interests in the Operating Partnership	(8,093)	(4,296)	(7,802)	(1,920)
Conversions of Redeemable Operating Partnership Units to common shares	(1,915)	(304)	(13,426)	(24,185)
Net income attributable to noncontrolling interests in the Operating Partnership	26	318	46	492
Other comprehensive income (loss) attributable to noncontrolling interests in the Operating Partnership	19	58	(246)	(1,052)
Distributions to noncontrolling interests in the Operating Partnership	(579)	(705)	(1,176)	(1,566)
Total noncontrolling interests in the Operating Partnership	$59,047	$77,532	$59,047	$77,532