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RAYONIER INC Director's Dealing 2005

Jun 24, 2005

31153_dirs_2005-06-24_878220e9-73b3-492e-bd39-ecc859a3eae2.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2005-06-22

Reporting Person: O GRADY JOHN P (Senior Vice President)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2005-06-22 Common Shares M 44513 $26.26 Acquired 163540.18 Direct
2005-06-22 Common Shares M 21366 $25.59 Acquired 184906.18 Direct
2005-06-22 Common Shares S 44513 $53.80 Disposed 140393.18 Direct
2005-06-22 Common Shares S 2425 $53.75 Disposed 137968.18 Direct
2005-06-22 Common Shares S 800 $53.76 Disposed 137168.18 Direct
2005-06-22 Common Shares S 700 $53.77 Disposed 136468.18 Direct
2005-06-22 Common Shares S 900 $53.78 Disposed 135568.18 Direct
2005-06-22 Common Shares S 7987 $53.80 Disposed 127581.18 Direct
2005-06-22 Common Shares S 100 $53.81 Disposed 127481.18 Direct
2005-06-22 Common Shares S 1500 $53.79 Disposed 125981.18 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2005-06-22 01/03/00 Employee Stock Options $26.26 M 44513 Disposed 2010-01-05 Common Shares (44513.00) Direct
2005-06-22 01/04/99 Employee Stock Option $25.59 M 21366 Disposed 2009-01-06 Common Shares (21366.00) Direct