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Rayonier owns, controls or leases about 2.7 million acres of timberland. Some of those 2.7 million acres–what’s known as higher-and better-use land — are more valuable for development than as timberland. I’d estimate that about 400,000 acres fall into that category. At the June 2009 price of $41 a share, investors who bought the stock were getting Rayonier’s land for about $7,500 an acre. (Full disclosure: I own shares of Rayonier in my personal portfolio.)