As of February 12, 2021, Rayonier Inc. had 137,827,110 Common Shares outstanding. Financial Statements and Supplementary Data609. 8226;Attractive Pipeline of HBU Opportunities. For additional information, see Note 2 — Merger with Pope Resources. In 2020, we acquired approximately 2,000 acres of leased timberland in New Zealand. P&T continued to lease various portions of the site for its operations until 2002. Pope Resources continued cleaning up the remaining contamination at the millsite. He joined Pope in 1997 as director of portfolio management. Ms. Pyatt holds a bachelor's degree in Business Management. The industries in which we operate are highly competitive. We expect this type of anti-development activity to continue in the future. We expect that international sales will continue to contribute to future growth. These applications may be denied, conditioned or restricted by the regulatory agency. As of December 31, 2020, Rayonier is in compliance with these asset tests. Accordingly, cash available for distribution to our shareholders would be reduced. Consequently, our dividend levels may fluctuate. Shares of the Company have no par value. SELECTED FINANCIAL DATANot applicable.35Table of ContentsItem 7. We are also subject to the risk of price fluctuations in our major cost components. Full-year Adjusted EBITDA of $109.1 million was $10.6 million below the prior year. Average prices decreased 12% to $91.26 per ton versus $103.49 per ton in the prior year. Rayonier, L.P. is a limited partnership, in which Rayonier Inc. is the general partner. Our objective is to minimize the economic impact of these market risks. We believe that our audits provide a reasonable basis for our opinion. The transaction was accounted for as a business combination. Accordingly, we express no such opinion. For additional information on patronage payments, see Note 8 - Debt. ( See below for additional information. See Note 24 — Other Assets for additional information. Development periods often occur through several economic cycles. These performance obligations are expected to be satisfied within the next twelve months. Sales of export logs generally require a letter of credit from an approved bank. These acquisitions were funded from operating cash flow. New Zealand timberland lease terms typically range between 30 and 99 years. Alternatively, some CFLs extend for a specific term. Each of these are classified as operating leases. Monthly payments of interest only are due on this loan through maturity. See Note 6 - Noncontrolling Interests for further information. We also periodically acquire HBU properties in connection with timberland acquisitions. See Note 2 - Merger with Pope Resources for additional information.108RAYONIER INC. The TRS subsidiaries are subject to United States federal and state corporate income tax. Prior to the merger, the in-water portion of the clean up was completed. In 2020, we transitioned to a liability-driven investment ("LDI") strategy. As of June 1, 2016, the Rayonier Inc. Common Stock Fund was closed to new contributions. As permitted, we do not estimate a forfeiture rate for non-vested shares. These amounts are eliminated in the Consolidated Balance Sheets.136RAYONIER INC. d) Issuance of Performance Shares. 333–114858) of Rayonier Inc., 3) Registration Statement (Form S-8 No. M3VVA!)/(O9RX#%-R\\\'&G6O;OA?HCZ/X-ADF3;/L;A@RD +_XZ M ? CPF?A-^W=#X4L+OR;)9[V)+6UE?4UT\'[4 M_P =?#_[ 6SZ MK1)\'$J"18PK8%&/A)\
