PotlatchDeltic Q3 2025 Earnings Transcript: Strong Performance, Proposed Merger with Rayonier

PotlatchDeltic (PCH) reported Q3 2025 adjusted EBITDA of $89 million, driven by strong real estate performance in both rural and development businesses. The company's merger with Rayonier is expected to create a scaled business with 4.2 million acres of timberlands, 1.2 billion board feet of lumber capacity, and 150 million square feet of plywood capacity. The combined company will also have a diverse real estate portfolio and a strong pro forma balance sheet. Synergies are estimated at $40 million, primarily from corporate and operational cost optimization. The transaction is expected to close in late Q1 or early Q2 2026.