Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand As of December 31 2020 Rayonier owned or leased under longterm agreements approximately 27 million acres of timberlands located in the US South 173 million acres US Pacific Northwest 507000 acres and New Zealand 417000 acres The Company also acts as the managing member in a private equity timber fund business with three funds comprising approximately 141000 acres On a lookthrough basis the Companys ownership in the timber fund business equates to approximately 17000 acres