TIMBERLAND ACQUISITIONS

In 2017, the Company acquired approximately 95,100 acres of timberlands (including approximately 11,000 acres of leased lands) in Florida, Georgia and South Carolina for $214.3 million using proceeds from the offering and sale of 5.75 million shares under the universal shelf registration along with like-kind exchange proceeds. In five additional transactions throughout 2017, Rayonier purchased approximately 7,000 acres of timberland located in Georgia and Washington for approximately $7.2 million, which were funded with like-kind exchange proceeds. All acquisitions were accounted for as asset purchases.

Additionally, in two transactions during 2017, the Company acquired forestry rights covering approximately 8,000 acres of timberland with mature timber in New Zealand for approximately $21.4 million. These acquisitions were funded through the short-term working capital facility, which was fully repaid during the year.

In 2016, the Company completed a business combination that resulted in the acquisition of 61,000 acres of timberland in Oregon and Washington for a final purchase price of approximately $263 million. The acquisition was funded with proceeds received from a Large Disposition completed in May 2016 and by entering into a $300 million incremental term loan. In five additional transactions throughout 2016, Rayonier purchased approximately 50,000 acres of timberland located in Florida, Georgia and Texas for approximately $103.9 million. These acquisitions were funded with cash on hand, like-kind exchange proceeds, and borrowings under the revolving credit facility, and were accounted for as asset purchases.

The following table summarizes the timberland acquisitions at December 31, 2017 and 2016:



	2017			2016
	Cost		Acres	Cost		Acres
Florida		$32,334	15,382		$14,323	6,937
Georgia	147,833		68,473	12,485		5,427
Oregon	—		—	239,896		55,603
South Carolina	39,884		17,651	—		—
Texas	—		—	77,139		37,513
Washington	1,483		481	22,638		5,247
New Zealand	21,376		7,546	—		—
Total Acquisitions		$242,910	109,533		$366,481	110,727