Rayonier Inc. is a timberland real estate investment trust with assets located in some of the productive softwood timber growing regions in the United States and New Zealand. The Company's segments include Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. It owns, leases or manages approximately 2.5 million acres of timberlands located in the United States South (1.75 million acres), United States Pacific Northwest (308,000 acres) and New Zealand (412,000 gross acres). In addition, it engages in the trading of logs to Pacific Rim markets, predominantly from New Zealand, to support its New Zealand export operations. Its Trading segment primarily reflects log trading activities in New Zealand conducted by its New Zealand subsidiary, which conducts export sales through a joint venture, which arranges sales shipping and export documentation services for an agency fee.