Rayonier Inc. (Rayonier) is an international forest product company engaged in activities associated with timberland management, the sale and entitlement of real estate, and the production and sale of high value specialty cellulose fibers. It owns or leases approximately 2.6 million acres of timberland and real estate located in the United States and New Zealand. Included in this property are approximately 200,000 acres of high value real estate located primarily along the coastal corridor from Savannah, Georgia to Daytona Beach, Florida. It owns and operates two specialty cellulose mills in the United States. In addition, it is engaged in the trading of logs. It is a real estate investment trust (REIT). Its United States and New Zealand timber operations are conducted by its wholly-owned and majority-owned REIT subsidiaries, respectively. Its non-REIT qualifying operations, are held by its wholly-owned REIT subsidiary, Rayonier TRS Holdings Inc. (TRS).