SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following tables summarize the segment information for the three years ended December 31:

Year Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Corporate and Other	Total
December 31, 2024
Sales (a)	$250,419	$100,786	$238,624	$643,769	$29,631	($232)	$1,262,997
Costs and Expenses
Cut & haul costs	(51,041)	(42,001)	(85,460)	—	(3,260)	—	(181,762)
Port / freight costs	(2,412)	(1,828)	(75,345)	—	(10,914)	—	(90,499)
Depreciation, depletion and amortization (a)	(73,409)	(31,668)	(20,317)	(169,020)	—	(1,791)	(296,205)
Non-cash cost of land and improved development (a)	—	—	—	(82,003)	—	—	(82,003)
Other costs and expenses (b)	(45,655)	(31,600)	(24,032)	(52,361)	(15,512)	(40,902)	(210,062)
Operating income (loss)	$77,902	($6,311)	$33,470	$340,385	($55)	($42,925)	$402,466
Add: Costs related to disposition initiatives (c)	—	—	—	—	—	1,597	1,597
Add: Restructuring charges (d)	—	—	—	—	—	1,139	1,139
Add: Depreciation, depletion and amortization (e)	73,409	31,668	20,317	13,064	—	1,791	140,249
Add: Non-cash cost of land and improved development (e)	—	—	—	44,409	—	—	44,409
Less: Large Dispositions (f)	—	—	—	(291,078)	—	—	(291,078)
Adjusted EBITDA	$151,311	$25,357	$53,787	$106,780	($55)	($38,398)	$298,782
Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income (g)							($27,708)
Depreciation, depletion and amortization (e)							(140,249)
Non-cash cost of land and improved development (e)							(44,409)
Non-operating income							1,275
Costs related to disposition initiatives (c)							(1,597)
Restructuring charges (d)							(1,139)
Large Dispositions (f)							291,078
Income Before Income Taxes							$376,033
Income tax expense							(7,050)
Net Income							$368,983

(a)Real Estate segment sales, depreciation, depletion and amortization, and non-cash cost of land and improved development includes $495.0 million, $156.0 million, and $37.6 million, respectively, from Large Dispositions.

(b)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.

(c)Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with the Company’s asset disposition plan, which was announced in November 2023. Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating (expense) income, net.”

(d)Restructuring charges include severance costs related to workforce optimization initiatives. Restructuring charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating (expense) income, net.”

(e)Excludes depreciation, depletion and amortization, and non-cash cost of land and improved development of $156.0 million, and $37.6 million, respectively, from Large Dispositions.

(f)Large Dispositions are defined as transactions involving the sale of productive timberland assets that exceed $20 million in size and do not reflect a demonstrable premium relative to timberland value. The year ended December 31, 2024 includes the sale of approximately 200,000 acres for an aggregate sale price of $495.0 million. These dispositions consisted of approximately 91,000 acres in Southeast Oklahoma and 109,000 acres on the Olympic Peninsula in Northwest Washington.

(g)Includes a $1.6 million gain from a terminated cash flow hedge.

Year Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Corporate and Other	Total
December 31, 2023
Sales (a)	$264,128	$124,145	$235,481	$389,963	$43,684	($468)	$1,056,933
Costs and Expenses
Cut & haul costs	(57,964)	(56,565)	(84,537)	—	(1,299)	—	(200,365)
Port / freight costs	(4,543)	(5,173)	(64,825)	—	(14,810)	—	(89,351)
Depreciation, depletion and amortization (a)	(79,974)	(36,924)	(21,666)	(109,085)	—	(1,712)	(249,361)
Non-cash cost of land and improved development (a)	—	—	—	(73,458)	—	—	(73,458)
Other costs and expenses (b)	(45,391)	(34,481)	(38,408)	(50,815)	(27,083)	(36,936)	(233,114)
Operating income (loss)	$76,256	($8,998)	$26,045	$156,605	$492	($39,116)	$211,284
Add: Depreciation, depletion and amortization (c)	79,974	36,924	21,666	17,955	—	1,712	158,231
Add: Non-cash cost of land and improved development (c)	—	—	—	29,768	—	—	29,768
Add: Timber write-offs resulting from casualty events (d)	—	—	2,302	—	—	—	2,302
Less: Large Dispositions (e)	—	—	—	(105,078)	—	—	(105,078)
Adjusted EBITDA	$156,230	$27,926	$50,013	$99,250	$492	($37,404)	$296,507
Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income							($45,945)
Depreciation, depletion and amortization (c)							(158,231)
Non-cash cost of land and improved development (c)							(29,768)
Non-operating income							18,278
Timber write-offs resulting from casualty events (d)							(2,302)
Large Dispositions (e)							105,078
Income Before Income Taxes							$183,617
Income tax expense							(5,122)
Net Income							$178,495

(a)Real Estate segment sales, depreciation, depletion and amortization, and non-cash cost of land and improved development includes $242.2 million, $91.1 million, and $43.7 million, respectively, from Large Dispositions.

(b)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.

(c)Excludes depreciation, depletion and amortization, and non-cash cost of land and improved development of $91.1 million, and $43.7 million, respectively, from Large Dispositions.

(d)Timber write-offs resulting from casualty events include the write-off and adjustments of merchantable and pre-merchantable timber volume damaged by a casualty event that cannot be salvaged. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “cost of sales.”

(e)Large Dispositions are defined as transactions involving the sale of productive timberland assets that exceed $20 million in size and do not reflect a demonstrable premium relative to timberland value. The year ended December 31, 2023 includes the sale of approximately 55,000 acres in Oregon for $242.2 million.

Year Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Corporate and Other	Total
December 31, 2022
Sales (a)	$264,201	$162,237	$274,076	$138,008	$70,952	($402)	$909,072
Costs and Expenses
Cut & haul costs	(63,977)	(62,731)	(94,253)	—	(4,975)	—	(225,936)
Port / freight costs	(6,836)	(2,803)	(94,061)	—	(27,689)	—	(131,389)
Depreciation, depletion and amortization (a)	(60,298)	(48,024)	(23,876)	(22,216)	—	(1,255)	(155,669)
Non-cash cost of land and improved development (a)	—	—	—	(32,934)	—	—	(32,934)
Other costs and expenses (b)	(36,474)	(33,487)	(31,265)	(24,363)	(37,906)	(33,827)	(197,322)
Operating income (loss)	$96,616	$15,192	$30,621	$58,495	$382	($35,484)	$165,822
Add: Depreciation, depletion and amortization (c)	60,298	48,024	23,876	13,886	—	1,255	147,339
Add: Non-cash cost of land and improved development (c)	—	—	—	28,374	—	—	28,374
Add: Timber write-offs resulting from casualty events (d)	—	729	—	—	—	—	729
Less: Gain associated with the multi-family apartment complex sale attributable to NCI (e)	—	—	—	(11,480)	—	—	(11,480)
Less: Large Dispositions (f)	—	—	—	(16,606)	—	—	(16,606)
Adjusted EBITDA	$156,914	$63,945	$54,497	$72,669	$382	($34,229)	$314,178
Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income							($33,194)
Depreciation, depletion and amortization (c)							(147,339)
Non-cash cost of land and improved development (c)							(28,374)
Non-operating expense							(448)
Timber write-offs resulting from casualty events (d)							(729)
Gain associated with the multi-family apartment complex sale attributable to NCI (e)							11,480
Large Dispositions (f)							16,606
Income Before Income Taxes							$132,180
Income tax expense							(9,389)
Net Income							$122,791

(a)Real Estate segment sales, depreciation, depletion and amortization, and non-cash cost of land and improved development includes $30.5 million, $8.3 million, and $4.6 million, respectively from Large Dispositions.

(b)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.

(c)Excludes depreciation, depletion, and amortization and non-cash cost of land and improved development of $8.3 million and $4.6 million.

(d)Timber write-offs resulting from casualty events include the write-off and adjustments of merchantable and pre-merchantable timber volume damaged by casualty events that cannot be salvaged. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “cost of sales.”

(e)The gain associated with the multi-family apartment complex sale attributable to noncontrolling interests represents the gain recognized in connection with the sale of property by the Bainbridge Landing joint venture attributable to noncontrolling interests. The gain associated with the multi-family apartment complex sale attributable to noncontrolling interest is recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating (expense) income, net.”

(f)Large Dispositions are defined as transactions involving the sale of productive timberland assets that exceed $20 million in size and do not reflect a demonstrable premium relative to timberland value. The year ended December 31, 2022 includes the sale of approximately 11,000 acres in Washington for $30.5 million.

	Gross Capital Expenditures
	2024	2023	2022
Capital Expenditures (a)
Southern Timber	$48,398	$46,506	$39,301
Pacific Northwest Timber	13,340	17,371	16,770
New Zealand Timber	17,686	16,663	18,455
Real Estate	323	302	285
Corporate and other	33	605	—
Total capital expenditures	$79,780	$81,447	$74,811
Timberland Acquisitions
Southern Timber	$22,753	$10,471	$457,770
Pacific Northwest Timber	—	3,591	26
New Zealand Timber	—	—	734
Total timberland acquisitions	$22,753	$14,062	$458,530
Total Gross Capital Expenditures	$102,533	$95,509	$533,341

(a)Excludes timberland acquisitions presented separately, in addition to real estate development investments of $25.8 million, $23.1 million and $13.7 million in the years ended December 31, 2024, 2023 and 2022, respectively.

Schedule of Geographical Operating Information

	Geographical Operating Information
	Sales			Operating Income			Identifiable Assets
	2024	2023	2022	2024	2023	2022	2024	2023
United States	$987,697	$787,906	$576,780	$363,803	$185,156	$135,900	$2,998,504	$3,098,555
New Zealand	275,300	269,027	332,292	38,663	26,128	29,922	475,915	549,030
Total	$1,262,997	$1,056,933	$909,072	$402,466	$211,284	$165,822	$3,474,419	$3,647,585