TIMBERLAND ACQUISITIONS

In eight separate transactions throughout 2015, Rayonier purchased approximately 35,000 acres of timberland located in Florida, Georgia, Louisiana, Mississippi and Oregon, for approximately $88.5 million. These acquisitions were funded with cash on hand, like-kind exchange proceeds from real estate and timberland sales, or through the revolving credit facility and were accounted for as asset purchases. Additionally, in one transaction during 2015, the Company acquired forestry rights covering approximately 1,800 acres of timberland with mature timber in New Zealand for approximately $9.9 million. This acquisition was funded with cash on hand.

In 12 separate transactions throughout 2014, Rayonier purchased approximately 62,000 acres of timberland located in Alabama, Florida, Georgia, Texas and Washington, for approximately $130 million. These acquisitions were funded with cash on hand, like-kind exchange proceeds from real estate and timberland sales, or through the revolving credit facility and were accounted for as asset purchases. Additionally, in one transaction during 2014, approximately 500 acres were purchased in New Zealand for approximately $0.9 million. This acquisition was funded with cash on hand.

The following table summarizes the timberland acquisitions at December 31, 2015 and 2014:



	2015			2014
	Cost		Acres	Cost		Acres
Alabama	—		—		$41,453	18,113
Florida	5,031		3,428	22,157		15,774
Georgia	1,495		1,443	46,525		16,573
Louisiana	47,840		24,494	—		—
Mississippi	42		40	—		—
Oregon	34,052		5,578	—		—
Texas	—		—	17,960		10,900
Washington	—		—	1,878		438
New Zealand (a)	9,949		1,767	923		546
Total Acquisitions		$98,409	36,750		$130,896	62,344


(a)	The 2015 New Zealand transaction represents the purchase of a forestry right.