52827--3/3/2006--RAYONIER

related topics

{tax, income, asset}

{loan, real, estate}

{condition, economic, financial}

{operation, natural, condition}

{cost, regulation, environmental}

{investment, property, distribution}

{debt, indebtedness, cash}

{personnel, key, retain}

{cost, operation, labor}

{acquisition, growth, future}

{stock, price, operating}

{provision, law, control}

{competitive, industry, competition}

The cyclical nature of our businesses could adversely affect our results of operations. Changes in global market trends and world events could impact customer demand. The forest products and real estate industries are highly competitive. Changes in energy and raw materials prices could impact our operating results and financial condition. Our businesses are subject to extensive environmental laws and regulations that may restrict or adversely impact our ability to conduct our business. Development of real estate entails a lengthy, uncertain and costly approval process. Changes in demand for our real estate and delays in the timing of real estate transactions may affect our revenues and operating results. Our joint venture partners may have interests that differ from ours and may take actions that adversely affect us. We may be unsuccessful in carrying out our acquisition strategy. Our failure to maintain satisfactory labor relations could have a material adverse effect on our business. We have a significant amount of debt and the capacity to incur significant additional debt. Weather and other natural conditions may limit our timber harvest and sales. We do not insure against losses of timber from any causes, including fire. A significant portion of the timberland that we own, lease or manage is concentrated in limited geographic areas. We are dependent upon attracting and retaining key personnel. Market interest rates may influence the price of our common shares. If we fail to qualify as a REIT or fail to remain qualified as a REIT, we will have reduced funds available for distribution to our shareholders because our income will be subject to taxation at regular corporate rates. The extent of our use of taxable REIT subsidiaries may affect the price of our common shares relative to the share price of other REITs. Lack of shareholder ownership and transfer restrictions in our articles of incorporation may affect our ability to qualify as a REIT. We may be limited in our ability to fund distributions using cash generated through our taxable REIT subsidiaries. Certain of our business activities are potentially subject to prohibited transactions tax. We will have potential deferred and contingent tax liabilities. Our cash dividends are not guaranteed and may fluctuate. We may not be able to complete like-kind exchange transactions for all real estate we sell.

Full 10-K form ▸

52827--3/3/2006--RAYONIER_INC