Rayonier Inc, headquartered in Jacksonville, Florida, is a leading timberland real estate investment trust ("REIT") with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. Its core businesses segments are timber and real estate. As of September 30, 2016, the company owned or leased approximately 2.3 million acres of timberlands located in the U.S. South (1.9 million acres) and U.S. Pacific Northwest (379,000 acres). The company also has a 77% ownership interest in Matariki Forestry Group, a joint venture, that owns or leases approximately 436,000 acres (299,000 net plantable acres) of timberlands in New Zealand. Rayonier was founded in 1926 as the Rainier Pulp and Paper Company in Shelton, Washington with an office in San Francisco, California. Its name was inspired by Mount Rainier in Washington state. Its first mill opened the next year in Shelton, Washington, and Port Angeles, Washington on the Olympic Peninsula. The mill used Tsuga heterophylla (western hemlock) trees to create a premium bleached paper pulp. In 1931, Rainier Pulp and Paper began working with the DuPont chemical company to produce hemlock pulp for the manufacture of rayon. Two additional pulp mills were constructed and began operation in the state of Washington. Rainier Pulp and Paper changed its name to Rayonier, a portmanteau of the words, "rayon" and "Rainier", in 1937, when it became a publicly traded company. The following year, the company acquired timber stands in the southeastern United States and began construction of a Fernandina Beach, Florida, pulp mill, which began production in 1939.