Maha Din, vice president, tax at Rayonier Inc. (NYSE: RYN), sat down for a video interview at Nareit's REITwise: 2025 Law, Accounting & Finance Conference® in San Antonio, Texas.
Din discussed how Rayonier navigates the complexities of maintaining REIT status. She explained that Rayonier qualifies as a REIT by primarily generating income from the sale of stumpage, or the right to cut timber, which satisfies both the 75% and 95% income tests for REITs.
She also highlighted the importance of capital gain income, which is generated from the sale of stumpage and allows Rayonier to meet the REIT qualification requirements under the Internal Revenue Code section 631 B.
Din talked about Rayonier’s real estate development business, which is conducted through a taxable REIT subsidiary (TRS) to avoid conflicts with REIT regulations. She noted the limitations on TRS, such as the 20% cap on its asset value, and advocates for changes to allow more flexibility.
Finally, Din emphasized the importance of educating non-tax colleagues about REIT rules. Through regular, conversational training sessions, she ensures that employees understand the intricacies of REIT structure and regulations.