We updated our research report on Rayonier Inc. (RYN Quick QuoteRYN - Free Report) on Aug 8, 2016. As of Jun 30, 2016, this Jacksonville, FL-based timberland real estate investment trust (“REIT”) owned or leased around 2.7 million acres of timberlands across the U.S. and New Zealand.

Rayonier aims at enhancing its timberland base through disciplined business deals. In early May, to improve its Pacific Northwest timberland portfolio, Rayonier closed two separate transactions. First one was the acquisition of Menasha Forest Products Corporation in partnership with Atlanta-based Forest Investment Associates (“FIA”) for $263 million. The second deal involved the disposition of 55,000 acres of pre-merchantable timberland in Washington to FIA for around $130 million.

On Aug 3, Rayonier reported second-quarter 2016 pro forma net income per share of 7 cents which beat the Zacks Consensus Estimate of 3 cents. The second-quarter 2015 pro forma net income per share had just managed to breakeven.

RAYONIER INC Price and EPS Surprise

RAYONIER INC Price and EPS Surprise | RAYONIER INC Quote

The stock presently carries a Zacks Rank #2 (Buy).

Investors interested in the REIT sector can consider stocks like Apple Hospitality REIT, Inc. (APLE Quick QuoteAPLE - Free Report) , Communications Sales & Leasing, Inc. and CoreSite Realty Corporation (COR Quick QuoteCOR - Free Report) . Each of these stocks carries the same Zacks Rank as Rayonier.

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