Thank you again for joining us for this afternoon session. For those that don't know me, my name is Buck Horne. I'm the Raymond James Housing, Homebuilding, Timber, REIT, and Residential Analyst. Known Rayonier and this team from Rayonier for quite some time. Some former Raymond James alumni we're proud to have on this team as well. So really interesting story developing at Rayonier. They're fresh off an Investor Day in New York where they disclosed some really, I thought, fascinating and interesting insights into the evolving nature of the timber industry, the evolving nature of climate solutions and carbon optionality, and different ways to think about the embedded land value inherent in timber and all the different ways that you can win as a timber owner, in addition to all the cash flow you can generate from harvesting the trees. So Mark McHugh is the incoming CEO of Rayonier. Congratulations. Thrilled to have him here for the presentation. I'll turn it over to him and walk you through the intro, and then we can have some time for Q&A. Thanks, Buck. Like Buck said, last week we had an Investor Day, and so we introduced a lot of new material. So I'm going to try to do a 20-minute version of our three-hour presentation that we did last week. So bear with me. I'm going to cover a lot of ground here, and then we'll open it up to Q&A, and Dave Nunes will join me. Like Buck said, President and CFO of Rayonier currently will be stepping into the CEO role on April 1st when Dave Nunes retires. So again, looking forward to diving into this material and taking some questions. So let's start with a brief snapshot of where we are today. Rayonier is one of three publicly traded timber REITs, but we like to think of ourselves as the only pure-play timber REIT. Now talk about what I mean by that and why we think it's important a little bit later. The company was founded in 1926, so almost a 100-year history. Today we own or lease roughly 2.7 million acres of timberlands, generating a sustainable yield of roughly 11 million tons annually. We define sustainable yield as the volume of timber that can be harvested into perpetuity. It's really the concept of harvesting growth. We believe that this disclosure is an important part of our commitment to transparency and sustainability. The chart on the right there shows our adjusted EBITDA breakdown in 2023. Roughly 70% of our adjusted EBITDA last year came from our timber segments, with the balance of about 30% coming from our real estate segment. That's been pretty consistent over time. Timber segments typically generate 70%-75% of adjusted EBITDA, with the balance coming from real estate. That's a snapshot of where we are today, but want to really focus the time today talking about where we're headed in the future. It starts with these trends that we believe are really reshaping our industry. On a high level, there are two key themes. The first is the low-carbon economy transition. We see this as a secular trend that is going to drive increasing demand for both land-based solutions as well as renewable wood-based products into the future. The second theme is the continued strength of the U.S. housing market. New home construction has proven to be very resilient amid a higher interest rate environment. The housing sector remains significantly underbuilt, so we expect that that strength will continue, particularly as mortgage rates begin to ease. We also see very favorable migration and demographic trends that we believe will benefit our development projects going forward. So again, overall, we believe that these trends are going to drive increasing demand for both land and timber for the foreseeable future. As these trends reshape our industry, they're also really reshaping how we think about our business. Increasingly, we've come to view ourselves as not just a timber company, but really more of a land resources company. As a land resources company, we're now focused on maximizing the value of our lands in a multitude of ways. In particular, we expect that over time, a small portion of our lands will become much more valuable for alternative uses such as land-based solutions and real estate development. Let's talk about why that matters. This next slide illustrates a potential value uplift per acre for these alternative uses. So for example, if you take an acre of U.S. South timberland that has a value of $2,000-$3,000 per acre, and you're able to transition that into a carbon capture and storage lease, that has the potential to lift the value of that acre up to 5x. If you're able to convert the use into a solar lease or an unimproved development use, that has the potential to lift the value of that acre by up to 10x. And if you're able to convert that acre into an improved development use, that has the potential to lift the value of that acre up to 15x. So again, significant value creation potential from optimizing land use. For example, if we're able to convert just 1% of our lands into one of these higher-value uses that has a 10-15x value increment, that translates into a 10%-15% increase in the value of the company. Now imagine if we're able to convert 5% or 10% of our lands into those higher-value uses. It really does have the potential to transform the value of our portfolio. Again, this is why we're so excited about these opportunities that we introduced last week at our Investor Day. Last week, we also rolled out a refreshed vision for Rayonier. We've long had a mission statement that was focused on generating industry-leading returns in our core timberland business. While we absolutely still intend to focus on this, we really wanted to broaden the scope of our vision to match our new ambitions around land-based solutions and real estate development. Our new vision for Rayonier is to realize the full potential of our land resources in meeting the needs of society. We're going to pursue this vision by focusing on three key pathways. We're going to continue to grow renewable forest products to meet the world's growing need for wood-based materials. We're going to deliver innovative land-based solutions that will contribute to decarbonizing the economy. And we're going to create inspirational places where people can live, work, and recreate in a natural environment. Our organization, I can tell you, is very energized by this new vision, and we're very eager to take it forward. Let's move on to why we believe Rayonier is very well positioned to succeed. It starts with our portfolio advantages. First, Rayonier has a best-in-class timberland portfolio concentrated in the most attractive timber markets globally. We have a differentiated real estate platform with a pipeline of high-value development opportunities. Third, our portfolio is very well positioned to capture these transformative land-based solutions opportunities. Now I'm going to drill down into each of these in a little bit more detail. Slide 9 provides an overview of our timberland holdings by region. We own or lease roughly 2.7 million acres in total. That includes about 1.9 million acres in the U.S. South, roughly 420,000 acres in the Pacific Northwest, and roughly 420,000 acres in New Zealand. Notably, all of our timberlands are located in major softwood-producing regions with strong domestic markets as well as access to export markets. We don't own any timberlands in what we consider to be second-tier markets like the Lake States, Appalachia region, or the Northeast, where both timber demand as well as timberland M&A markets are quite a bit thinner. Slide 10 provides some additional detail on our timberlands by region. I won't go into too much detail here. But I would just note that while there are a lot of similarities across our portfolio, there are also some nuances in different regions. For example, our U.S. South product mix is relatively balanced between pulp wood and saw timber, whereas saw timber generally comprises upwards of 80% of our volume in the Pacific Northwest and New Zealand. You can also see significant differences in our export market mix. So well over half of our New Zealand volumes go into that export market. So as we kind of think about this from a portfolio construction standpoint, this differential reliance on different products and markets across the portfolio really provides us with some diversification benefits as these markets aren't necessarily well correlated with one another. Another noteworthy feature of our portfolio is our concentration in the strongest markets in the U.S. South. As you can see on slide 11, over two-thirds of our timberlands are located in the South, and 71% of our southern lands are located in top quartile markets as measured by the TimberMart-South composite pricing. This strong market positioning translates to superior EBITDA per acre. Over the past five years, our average EBITDA per acre has been over 35% higher than the NCREIF South Index. And NCREIF is a broad-based index that we believe represents average-quality southern timberlands. This chart really highlights that relative quality of our U.S. South portfolio. Slide 12 highlights the pricing differential that we see in those top quartile markets. As you can see, those top quartile markets enjoy significantly higher pricing versus the balance of the U.S. South. The average pricing in those top quartile markets is nearly 2x the average pricing in bottom quartile markets. So it's really this favorable relative pricing that is driving that much stronger EBITDA per acre generation versus the U.S. South average. Next, I want to talk about our real estate platform. I'll start by providing a very high-level overview of our real estate business. Slide 13 shows the range of real estate categories that we participate in. The first two, non-strategic and rural, these are really the bread and butter of our real estate business. We generally expect that we're going to sell 1%-2% of our land base into these HBU markets, typically at 50%-100% premiums above timberland value. This really forms the core of our HBU business. The next two categories comprise our development business. This is really where we see the growth opportunity. Unimproved development are properties where we've made minimal investments in entitlements as well as some development planning, but we've made no investments in any improvements of those properties. These tend to be high-value but relatively isolated parcels where we don't have significant adjacent land holdings. Improved development are where we likewise have made that investment in entitlements but have taken that next step and invested in horizontal infrastructure improvements as well. We only do this in very select areas where we have large adjacent land holdings that stand to benefit from those investments. So again, these are the major categories that comprise our real estate business. Next, I want to talk about the performance that we've seen in this HBU business. The chart on the left shows how our HBU values and premiums have evolved since 2015. As you can see, we generate a significant increase in our average HBU sales price per acre, going from roughly $2,800 per acre in the period between 2015 and 2017 to roughly $4,100 per acre in the most recent three-year period. We also generate a significant increase in the premium above the NCREIF Index, going from about 55% to over 100% over those same time periods. We've also seen a significant shift in our mix towards higher-value development sales. Those development sales comprise just 15% of our real estate revenue in 2015-2017 but increased to 44% in this most recent three-year period. What's really driving that mix shift is the momentum that we've gained in our Wildlight and Heartwood development projects. Slide 15 provides a high-level overview of our development pipeline as well as a map of our holdings in Northeast Florida and Southeast Georgia. As discussed on the prior page, we only pursue improved development projects in areas where we have significant adjacent land holdings. The two primary areas that we've done that are in Wildlight, our project north of Jacksonville, and Heartwood, our project south of Savannah. For example, in Wildlight, we own 25,000 acres within a five-mile radius of the epicenter of that project. We own 50,000 acres within a 10-mile radius, directly north of Jacksonville and the path of growth. Our strategy with these projects is really to create that catalyst for value creation across a very large footprint of land. Over time, we've been able to really refine our view of the areas that have this long-term development potential. We've dialed into roughly 50,000 acres that we believe has that potential over the next five to 10 years, and another 70,000 acres that we believe has longer-term development potential. Now I want to shift gears and talk about land-based solutions. This chart on the left here shows the global path to Net Zero to limit global warming to 1.5 degrees. It assumes a 50% reduction in emissions by 2030 and a 90% reduction in emissions by 2050, with a balance of roughly 5 gigatons of emissions assumed to be offset with some form of negative emissions or carbon removals. Now, we don't know exactly what this path will ultimately look like over the next 25 years. But what we do know is that there is significant global action underway to reduce emissions and mitigate the negative impacts of climate change. Over 75% of countries have made Net Zero commitments. Over 50% of the 2,000 largest global companies have made Net Zero commitments. And as a result, there's a tremendous amount of capital being put to work to decarbonize the economy. For example, between 2020 and 2030, utility-scale solar capacity is projected to grow by 7x. Carbon Capture and Storage demand is projected to grow by 11x. And Voluntary Carbon Market issuance is projected to grow by 6x. As a large landowner, we believe that these trends represent a very significant opportunity for Rayonier. When we talk about land-based solutions, I want to explain what we mean by that. Slide 17 provides an overview of how we broadly think about this business. We generally think of land-based solutions as falling into three categories. The first is alternative and additional land use. That would include things like leasing land for solar farms or wind farms or leasing pore space for carbon capture and storage. The second category would be carbon markets. That would include compliance markets like the New Zealand Emissions Trading Scheme that we participate in there, as well as voluntary markets where corporations can purchase offsets to meet their Net Zero claims. That's primarily what we're dealing with here in the U.S. The third bucket would be fiber for bioenergy and biofuels. That would include things like using wood fiber for bioenergy with carbon capture and storage or using wood fiber for the production of biofuels like Sustainable Aviation Fuel or green methanol. Long term, we think that all of these land-based solutions are very promising. That said, near term, we're really focused on solar and CCS and see those as the most significant opportunity for Rayonier. So let's do a deeper dive on solar and CCS for a moment. Third-party forecasts point to annual utility-scale solar capacity additions of roughly 40 GW over the next decade. That implies an annual land need of about 275,000 acres, so significant demand for land coming from this utility solar sector. As a result, our solar pipeline has grown significantly as well. So you can see in 2021, we had roughly 7,000 acres under solar option. We expect that to grow to over 50,000 acres by the end of this year. We're likewise seeing significant growth in CCS. The Inflation Reduction Act has really bolstered CCS development. We expect a big ramp-up over the next several years. Specifically, if you look at our CCS pipeline, we expect to go to 70,000 acres under CCS lease by the end of this year. That's up from zero three years ago. Again, very excited about the growth that we're seeing in both of these businesses. Now let's drill down just a little bit on the solar. Roughly half of the growth in utility solar is projected to come from the U.S. South. Roughly two-thirds of that growth is expected to happen in just two states, Texas and Florida, where we obviously have a lot of sunshine and population growth is driving increased demand for grid capacity. Based on where our geographic footprint is, we believe we're uniquely positioned relative to the peers. Specifically, about 30% of our U.S. lands are located in these two states, directly in that path of solar expansions. Again, we believe this creates a significant opportunity for us. So now drilling down on CCS, it's important to understand there are really three key factors that you need for CCS to work. You need proximity to high-purity emission sources that can be cost-effectively captured. You need suitable geologic storage capacity. And you need pipeline infrastructure to move the carbon from the point of capture to the point of storage. And as you can see on page 20, we own land in a few key areas that we believe check these boxes. Specifically, we own roughly 400,000 acres in Southeast Texas and Southwest Louisiana that we believe are uniquely positioned to capture this CCS upside long term. So now we've gone through the portfolio advantages. I want to discuss our organizational advantages, which I think are also very powerful. There are three key advantages that I'd highlight. The first is our pure-play timber REIT structure and the flexibility that affords us. The second is our nimble approach to capital allocation, including the initiatives to enhance shareholder value that we announced last November. The third is our culture and our ESG profile, which I believe are both very well aligned with our vision and strategy. So let's start with our pure-play structure. As I noted earlier, Rayonier is one of three publicly traded timber REITs, but we're the only pure-play REIT. What I mean by pure-play is that we're only engaged in timber and ancillary real estate businesses. We don't have any exposure to downstream wood products manufacturing. We believe this provides a number of key benefits. First is much greater earnings stability. Timber cash flows have historically been relatively stable versus wood products manufacturing cash flows. The second is our pure-play structure provides us with greater optionality in terms of how we manage our lands because we're not beholden to feeding a mill system. Third is a pure-play timber REIT with over two-thirds of our assets in the U.S. South. We believe we have a disproportionate opportunity around HBU and land-based solutions because most of this activity is really occurring in the South. Slide 23 just highlights this point around the relative volatility of timberlands versus wood products. You can see these charts on the bottom of this page show the average EBITDA margin of the timber REIT sector in the timber segments versus the wood product segments. So again, you can see timber margins have historically been relatively high, averaging in the mid-30s, as well as relatively stable. By contrast, wood products manufacturing margins, if you exclude kind of the post-COVID run-up that we saw, have averaged mid-single digits, with some years even being negative. So again, significant volatility there relative to our core timber business. Next, I want to talk about capital allocation. Our mantra around capital allocation has always been to be nimble and opportunistic with a view towards building long-term value per share. And we've often pivoted as we've seen different opportunities become available. We've grown our portfolio through acquisitions, but we've also not been afraid to sell assets when we felt our capital could be better deployed elsewhere. We've bought back stock, and we've seen a big disconnect between our stock price and our view of the underlying value of our assets. We've also issued stock through our ATM Program when we've seen attractive opportunities to deploy capital. We've increased leverage on a number of occasions to pursue strategic growth initiatives. But we've also carefully managed our balance sheet to maintain our investment-grade credit profile as well as a very low cost of debt. And of course, we recently announced our initiatives to enhance shareholder value, which included a $1 billion disposition target, really with a view towards reducing leverage in preparation for a higher interest-rate environment, as well as capitalizing on what we saw at the time as an unprecedented disconnect between public and private market timberland values. So again, we've been very nimble and opportunistic as we've executed our capital allocation strategy. These next two slides provide some highlights on our balance sheet and credit profile. In December, we paid down $150 million of our only floating-rate debt with proceeds from our ongoing disposition. Following this paydown, 100% of our debt is fixed with a very well-staggered maturity profile. At year-end, our net debt to adjusted EBITDA was about 3.9 times. Our net debt to enterprise value was roughly 19%. Slide 26 provides some additional highlights with respect to our credit profile. We have investment-grade credit ratings with both S&P and Moody's, also both with a stable outlook. We also recently adopted enhanced credit ratio targets in conjunction with our shareholder value enhancement initiatives that we announced in November, which we're going to further bolster our credit profile. We expect to achieve these new credit ratio targets over the course of the next several quarters as we execute on our disposition plan. So next, I want to touch on our ESG profile and our focus on sustainability. As a forestry company, sustainability is really ingrained in everything that we do. When we plant a seedling or when we make an investment in silviculture, we're generally not going to realize the benefit of that investment for decades. And so this requires us to take a very long-term view on how we manage our assets. Now, I'll just highlight a few aspects of our ESG profile that I believe are especially important. It starts with our carbon footprint. Climate change is top of mind for most companies today. Fortunately, Rayonier, we're not focused on solving a big emissions problem. We're really focused on how to create value from what is essentially a massive carbon sink. Our trees sequester over 14 million tons of carbon annually versus only 300,000 tons of emissions in our operations. So to put that in context, our forests sequester roughly 1 ton of carbon every two seconds. So our business and our assets are already playing a vital role in climate change mitigation. On the social front, we've been at the forefront of contractor safety. A few years ago, we made it a priority to sharpen our focus on contractor safety. And we've really started to see results there. Last year, we saw a 50% year-over-year reduction in U.S. contractor recordable injuries. So again, we made significant progress here, and this is something we're very proud of. Lastly, on governance, I'd say we're in a very strong position. We employ best-in-class governance practices across the organization, including with respect to board independence, board diversity, as well as executive compensation. So putting all this together, we believe we're executing a clear strategy to build long-term value per share and to realize the full potential of our land resources. This strategy focuses on optimizing our core timber operations to generate increased productivity and operational efficiencies across our land base, growing our land-based solutions business with a near-term focus on solar and CCS and a longer-term focus on voluntary carbon markets and bioenergy. And lastly, leveraging our differentiated real estate platform to create unique and inspirational places that we believe are going to add significant value for our shareholders and other stakeholders. As we look to execute this strategy, last week, we also introduced long-term financial targets for both land-based solutions and real estate development. In our land-based solutions business, we set a 2030 adjusted EBITDA target of $75 million and an interim 2027 target of $30 million. The reason for this significant pickup beyond 2027 is really due to the permitting timetable associated with these projects. We're building up a significant pipeline of solar options and CCS leases currently. But it generally takes three to five years to get these sites permitted. We really expect the big ramp to occur after those solar options have started to convert to leases and after those CCS leases have started to convert to injection royalties. Moving on to our real estate development targets, given the lumpiness of real estate transactions generally, rather than giving these targets as a single point in time, we've laid them out as five-year averages. We're likewise expecting significant growth in this business over the next several years. We expect 2026-2030 average real estate development adjusted EBITDA of $40 million. That's over 40% growth versus the prior 5-year period. So in total, we expect these two businesses to contribute over $100 million of adjusted EBITDA by 2030. And that's up from essentially nothing six or seven years ago. So that was a very quick flyover. I hope you, again, tried to cover a lot of ground here in a relatively short period of time but also allow some time for some questions. So again, hopefully, you gained an appreciation for why we're so optimistic about these new growth opportunities that we're seeing emerge from our timberland assets. And now I'll turn it over to Buck to ask some questions. Okay. Thanks, Mark. And I want to say this sincerely. This slide deck, this new presentation, the data that's included if you guys haven't really taken the time, we went through a lot in a short period of time. That is probably, I think, the most informative investing-class presentation slide deck, not just of any timber REIT, I think, of any REIT I've seen. I mean, there's a lot of information. I think it's going to take some time for all of us to absorb what's in that slide deck. Speaking of which, now. There is a three-hour video if any of you have the stomach to sit through it. Right. So So first of all, congratulations. That is a lot of work went into that. I think that's worth commending and noting that. And if you guys, please. Take the time to read through this thing. But it also speaks to the idea that you're making a case that we may be on the very early innings of a complete rethink, reevaluation of how timber should be valued in the marketplace in terms of obviously, the optionality. You guys have now started to quantify what this as these leases come through, as all these different alternative use cases can be built. And it will take some time to play out. But it's a significant lift in valuations. And we're starting to see some nontraditional investors paying prices for very immature timberland, basically, but based on the carbon optionality. My question is, weighing that against your deleveraging strategy and your kind of plan to start selling off some timber, how do you weigh the disposition platform, the program, as you're going to be selling some assets over the next 18 months versus the upside that could potentially play out over the next five to 10 years? Yeah. I mean, I'd say that there are two key criteria that we established in selecting disposition targets. That was to really concentrate our capital in markets that have the strongest cash flow attributes and the most favorable long-term growth prospects. So like I said earlier, when we look at these opportunities in land-based solutions, particularly around CCS and solar, they are concentrated in some relatively select geographic areas. We're certainly looking to preserve that optionality as we go about the disposition program. We own 2.7 million acres in total. So invariably, there are portions of the portfolio that are lower quality or less strategic in terms of how we think about these growth opportunities. That's really where we intend to focus our efforts around the disposition plan. Look, the longer-term objective with the disposition plan as well is really to put the company in a better position to grow from there. We had a very deliberate leverage target of 4.5x net debt to EBITDA. That was designed to optimize our cost of capital, an environment where we could access debt at sub-3% rates. In an elevated interest environment, as we're looking at having to refinance some of that debt at 6%+, we just didn't think it made sense. We thought it was value destructive to put that type of debt on our timberland assets. So I think what we're looking to do is really right-size the leverage level for a different interest-rate environment. We don't have a gun to our head. We have plenty of time to do this. We have a very well-staggered maturity profile and a very low cost of debt that's 100% fixed. And so as swaps mature, as some of our debt tranches mature, we have a lot of flexibility in terms of how we go about that. But I don't really see anything that we're doing on the disposition plan as really diluting our longer-term growth opportunity around land-based solutions and real estate development. I'd just tag on to that, that we're leaning into the pure-play timber model. We have the freedom to work at our portfolio. We have a rank ordering of quality within our portfolio. And we sort of have this mantra of never being satisfied with it. So if we can improve our portfolio through sales, we're going to do it. And we're going to have a balance sheet that'll help us on the back end of that. Great. And I think you highlighted so the best near-term opportunity probably is the solar category, at least in terms of CCS. Seems like it's next in line coming along a few years down the road. Well, is there a catalyst, or is there something that needs to happen to kind of convert these solar options into solar leases? What does it take to go from just in and what are you getting as these deals are being optioned? Are you able to offset? Are you getting supplemental income under the option agreement? How does that work? Go ahead. Yeah. We are getting option payments under those solar options. And really, what needs to happen is it's just a process that solar developers need to undertake. They need to do an interconnection study. They need to understand the cost to connect to the grid. They need to understand the topography of the area that they're looking at putting a solar farm. They just kind of need to make sure that it all works in a cost-effective manner. And that takes time. And our expectation is that those solar options will convert to leases probably at a rate somewhere in the 25%-40% range. We certainly hope to be towards the higher end of that. But we're really focused on partnering with the right counterparties, high-quality counterparties, and building up that solar option pipeline. There's no way that you can really expedite that permitting process. It's a two-three-year process. But I think where we're focused is, again, on finding the right partners to build that portfolio and really just building that pipeline of options that will then convert to leases. Some of the reason that conversion rate is low is the initial phases of this involved kind of third parties that weren't the ultimate converter. So what we're trying to do is skip that and jump into the parties that are well-capitalized that can do the actual conversion. We think that will help translate to a higher conversion rate of the leases. What's exciting for us as well is we don't see this. We gave a 2030 adjusted EBITDA target. We don't see this stopping at 2030. Solar, in particular, the levelized cost of solar is now very competitive with essentially all other forms of electricity production. And so we really see this continuing to grow well beyond 2030. I mean, if you look at some of the forecasts for solar development, I mean, it really just continues to grow right now through 2040. And so we really see this as a significant opportunity to not just transition some of the current acres that we have in the pipeline but really to build that pipeline over time. Well, guys, that's a lot of information that you want. Okay. Rick, we're real fast. Well, just quickly, Buck, earlier today a competitor spoke to a solar option and referenced a specific number, which I was hoping you might be able to help me remember. But it was basically they put a number to a specific amount of acreage and that contribution to your EBITDA target. Can you do that? Can you provide us with just an idea of the lever and? Yeah. What we've provided in this presentation is really a framework to think about what the per-acre economics are. But recognize, there are a lot of variables that go into there. There's the per-acre lease rate. There's the sort of option to lease conversion rate. And so we've obviously set an adjusted EBITDA target. We believe that our pipeline is building a trajectory towards that target, or we wouldn't have put it out there. But to kind of put specific values on specific acres today, I think, is a bit premature. We know what the economic terms of those leases look like once we get there. But it's a bit harder to say, "Well, with this particular acre, again, what is that probability weighting, whether or not it converts? What is the ultimate lease rate?" But again, I'd say we're gaining conviction around the magnitude of this opportunity. Guys, I appreciate the time. Unfortunately, we have to wrap it up there. We're out of time. But we can go downstairs and chat further with any follow-ups you have. Happy to host you guys down in the breakout. Thanks for everybody attending.