Inexperienced income investors often see the word “REIT” and think it's a sure ticket to good income growth. That's not always the case, though, and Rayonier (NYSE:RYN) is case in point. Although I do believe Rayonier will see improving demand for the output of its timberlands, not all of the company's earnings are shielded by its REIT status and investors may well find that the market has already more than anticipated the business improvements to come from the housing recovery.
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http://www.investopedia.com/stock-analysis/070313/rayonier-not-really-income-play-housing-recovery-ryn-wy-pcl-pch-bki.aspx
Investopedia: Rayonier Not Really An Income Play On A Housing Recovery
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