Rayonier Inc.’s RYN first-quarter 2016 pro forma net income per share came in at 11 cents, beating the Zacks Consensus Estimate of 8 cents. However, it lagged the first-quarter 2015 figure of 14 cents.Total sales for the quarter were $134.8 million, down 3.9% year over year. However, the figure surpassed the Zacks Consensus Estimate of $127 million.Segmental PerformancePro forma operating income at the company’s Southern Timber segment rose to $15.8 million from $12.4 million recorded a year ago.The Pacific Northwest Timber segment posted pro forma operating income of $1.4 million, down from $2.6 million in first-quarter 2015.New Zealand Timber segment posted pro forma operating income of $4.7 million, down from pro forma operating income of $5.7 million in the prior-year quarter.The Real Estate segment posted pro forma operating income of $4.2 million, down from the year-ago tally of $12.6 million.Pro forma operating income at the Trading segment was $0.4 million, up from $0.3 million in the year-ago quarter.Lastly, pro-forma operating loss at the Corporate and Other segment declined to $4.3 million from a loss of $5.8 million incurred in first-quarter 2015.LiquidityRayonier ended first-quarter 2016 with $76.2 million in cash and cash equivalents, up from $51.8 million recorded at the end of fourth-quarter 2015. Total long-term debt was $857.4 million, up from $830.6 million as of Dec 31, 2015.Share RepurchaseDuring first-quarter 2016, Rayonier bought back shares worth around $0.7 million at an average price of $19.59 a share. As of Mar 31, 2016, the company has $99.3 million share buyback left under authorization.Our ViewpointContinuous divestiture of non-strategic timberlands as well as re-investment in strategic timberlands, and strong pulpwood demand from key markets bode well for Rayonier over the long term. On the other hand, tough compliance requirements, cut-throat competition with national and local players and foreign exchange fluctuations keep us concerned about this Zacks Rank #3 (Hold) stock.Investors interested in the retail REIT space may consider stocks like Equinix, Inc. EQIX, CoreSite Realty Corporation COR and Essex Property Trust Inc. ESS. All these stocks hold a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EQUINIX INC (EQIX): Free Stock Analysis Report RAYONIER INC (RYN): Free Stock Analysis Report ESSEX PPTY TR (ESS): Free Stock Analysis Report CORESITE REALTY (COR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research