On June 30, 2025, we completed the sale of our entire 77% interest in our New Zealand operations to Taurus Forest Holdings Limited for a purchase price of $710 million, resulting in net proceeds of $699.3 million and a gain on disposal of $404.5 million. The results of the New Zealand Timber segment and the New Zealand portion of the Real Estate, former Trading and Corporate segments are classified as discontinued operations in the Consolidated Statements of Income and Comprehensive Income (Loss) for all periods presented. There was no activity related to the discontinued operations during the three months ended March 31, 2026. Following the closing, we have no significant continuing involvement with the divested operations. See Note 2 to the Consolidated Financial Statements in our 2025 Form 10-K for additional information.

The following table summarizes the results of our New Zealand operations for the three months ended March 31, 2026 and 2025, as presented in “Income from operations of discontinued operations, net of tax” in the Consolidated Statements of Income and Comprehensive Income (Loss):


	Three Months Ended March 31,
		2026	2025
Sales		—	$56,760
Costs and Expenses
Cost of sales		—	(50,589)

Other operating expense, net (a)		—	(1,622)
		—	(52,211)
Operating income from discontinued operations		—	4,549
Interest expense, net		—	(728)
Interest income		—	98
Income from operations of discontinued operations before income taxes		—	3,919
Income tax expense		—	(1,412)
Income from operations of discontinued operations, net of tax		—	2,507


Less: Net income from discontinued operations attributable to noncontrolling interests in the Operating Partnership		—	(28)
Less: Net income from discontinued operations attributable to noncontrolling interests in consolidated affiliates		—	(385)
Net income from discontinued operations attributable to Rayonier Inc.		—	$2,094

The following table summarizes the depreciation, depletion and amortization and capital expenditures of our New Zealand operations for the three months ended March 31, 2026 and 2025: