Rayonier Inc. (Rayonier) is an international forest products company primarily engaged in activities associated with timberland management, the sale and entitlement of real estate, and the production and sale of specialty cellulose fibers and fluff pulp. The Company owns, leases or manages approximately 2.6 million acres of timberland and real estate located in the United States and New Zealand. It also owns and operates two specialty cellulose mills in the United States. In addition, it manufactures lumber in three sawmills in Georgia and engages in the trading of logs and wood products. Its principal businesses are conducted through two entities. Its United States timber operations are conducted by a wholly owned real estate investment trust (REIT) subsidiary, Rayonier Forest Resources, L.P. (RFR). Its non REIT-qualifying operations are held under its wholly owned subsidiary, Rayonier TRS Holdings Inc. (TRS).