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 and six months ended June 30, 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 and six months ended June 30, 2026 and 2025, as presented in “Income from discontinued operations” in the Consolidated Statements of Income and Comprehensive Income (Loss):


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Sales	—	$52,572	—	$109,332
Costs and Expenses
Cost of sales	—	(51,461)	—	(102,050)

Other operating expense, net (a)	—	(1,778)	—	(3,400)
	—	(53,239)	—	(105,450)
Operating (loss) income from discontinued operations	—	(667)	—	3,882
Interest expense, net	—	(780)	—	(1,508)
Interest income	—	104	—	202
(Loss) income from operations of discontinued operations before income taxes	—	(1,343)	—	2,576
Income tax benefit (expense)	—	718	—	(693)
(Loss) income from operations of discontinued operations, net of tax	—	(625)	—	1,883
Gain on sale of discontinued operations (b)	—	404,463	—	404,463
Income from discontinued operations	—	403,838	—	406,346
Less: Net income from discontinued operations attributable to noncontrolling interests in the Operating Partnership	—	(5,347)	—	(5,375)
Less: Net loss from discontinued operations attributable to noncontrolling interests in consolidated affiliates	—	577	—	192
Net income from discontinued operations attributable to Rayonier Inc.	—	$399,068	—	$401,163