Timberland Acquisitions

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

TIMBERLAND ACQUISITIONS

In 2018, the Company acquired approximately 26,000 acres of timberland in Florida, Georgia, and Texas for $45.9 million of like-kind exchange proceeds. Additionally, in two transactions during 2018, the Company acquired forestry rights covering approximately 4,000 acres of timberland in New Zealand for approximately $11.7 million. These acquisitions were funded from operating cash flow and use of the New Zealand subsidiary’s working capital facility. See Note 5 — Debt.

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.

The following table summarizes the timberland acquisitions at December 31, 2018 and 2017:



	2018			2017
	Cost		Acres	Cost		Acres
Florida		$35,560	20,513		$32,334	15,382
Georgia	2,532		2,232	147,833		68,473
South Carolina	—		—	39,884		17,651
Texas	7,851		3,279	—		—
Washington	—		—	1,483		481
New Zealand	11,665		3,833	21,376		7,546
Total Acquisitions		$57,608	29,857		$242,910	109,533