Rayonier Inc. (Rayonier) is a timberland real estate investment trust (REIT). As of December 31, 2014, the Company owned, leased or managed 2.7 million acres of timberlands located in the United States South (1.9 million acres), United States Pacific Northwest (372,000 acres) and New Zealand (451,000 gross acres, or 309,000 net plantable acres). In addition, the Company is engaged in the trading of logs from New Zealand and Australia to Pacific Rim markets, primarily to support New Zealand export operations. The Company operates through five segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Company’s Timber segments own or lease approximately 2.7 million acres of timberlands located in the United States and New Zealand. The Company’s Real Estate segment’s holdings are primarily in the southeastern United States. The Company’s Trading segment consists of log trading activities in New Zealand and Australia.