May 06, 2016. /Lesprom Network/. Rayonier Inc. reported 1Q net income of $14.5 million, on revenues of $134.8 million. This compares to net income of $17.7 million, on revenues of $140.3 million in the prior year quarter, as the company said in the press release received by Lesprom Network.

1Q Adjusted EBITDAwas $55.6 million versus $61.5 million in the prior year period.

“We are pleased with our start to 2016,” said David Nunes, President and CEO. “Southern Timber volumes were well above the prior year period, as wet weather conditions led to accelerated removals by stumpage customers. New Zealand log prices strengthened relative to the second half of 2015 due to solid domestic markets and improved demand in China for Radiata pine logs. Log prices in the Pacific Northwest continued to be impacted by reduced local sawmill capacity and relatively weak demand from China, although we saw modest strengthening in export prices compared to the second half of 2015.

“In Real Estate, lower results this quarter compared with the prior year quarter primarily reflected lower average pricing due to mix, as the quarter included a 5,200-acre sale of lower-value, non-strategic property.”

Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive timber growing regions in the U.S. and New Zealand.