UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT — January 29, 2004

COMMISSION FILE NUMBER 1-6780

RAYONIER INC.

Incorporated in the State of North Carolina

I.R.S. Employer Identification Number l3-2607329

50 North Laura Street, Jacksonville, Florida 32202

(Principal Executive Office)

Telephone Number: (904) 357-9100

RAYONIER INC.

TABLE OF CONTENTS

	PAGE
Item 7. Financial Statements and Exhibits	1
Item 12. Disclosure of Results of Operations and Financial Condition	1
Signature	4
Exhibit Index	5

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

(c) Exhibits:

99 Rayonier Reports Fourth Quarter 2003 Earnings, dated January 28, 2004

ITEM 12. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The following information is being furnished pursuant to Item 12, “Disclosure of Results of Operations and Financial Condition”.

On January 28, 2004, a press release was issued announcing fourth quarter 2003 consolidated earnings for Rayonier. A copy of Rayonier’s press release is attached hereto as Exhibit 99.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of l934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

RAYONIER INC. (Registrant)
By:	/s/ HANS E. VANDEN NOORT
	Hans E. Vanden Noort Vice President and Corporate Controller

January 29, 2004

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION	LOCATION
99	Rayonier Reports Fourth Quarter 2003 Earnings, dated January 28, 2004	Furnished herewith