Financial Highlights - Total Adjusted EBITDDA reached a record of $195 million, driven by strong lumber markets[4] - The company's Cash Available for Distribution (CAD) for the trailing twelve months ended March 31, 2021, was $4131 million[7] - The company has a strong liquidity position with $761 million available[13] Segment Performance - Timberlands Adjusted EBITDDA was $679 million, with 13 million tons harvested[12] - Wood Products Adjusted EBITDDA was $1255 million, with 258 MMBF of lumber shipped[12] - Real Estate Adjusted EBITDDA was $166 million, including the sale of 7K rural acres, 51 residential lots, and 11 commercial acres[12] Timberlands - Northern Timberlands Adjusted EBITDDA was $542 million, with sawlog harvest volume of 427 thousand tons and a price of $178 per ton[26, 29] - Southern Timberlands Adjusted EBITDDA was $137 million, with sawlog harvest volume of 508 thousand tons and a price of $44 per ton[34, 37] Wood Products - Wood Products Adjusted EBITDDA was $1255 million, with lumber shipments of 258 MMBF and an average lumber price of $890 per MBF[12, 44] - The average lumber price realizations increased 41% to $890 per MBF in Q1 2021[42] Real Estate - Real Estate Adjusted EBITDDA was $166 million, with 7,083 acres of rural land sold at an average price of $1,415 per acre[12, 53] - 51 residential lots were sold at an average price of $99,000 per lot[53] Outlook - The company anticipates Q2 2021 Total Adjusted EBITDDA will be higher than Q1 2021, potentially setting a new quarterly record[68]

Core Insights - In the first half of 2025, Shenyang auctioned six land parcels, with the most expensive being the one on Hunnan West Road, sold for 7,050 yuan per square meter [1] - The upcoming land auction in the second half of the year is expected to break previous records, particularly in the South Tower area [1] Land Auction Details - The first land parcel for the second half of 2025 is located in Shenhe District, starting at a price that exceeds the previous half-year record [1] - The land parcel at Wencui Road near the subway station has an area of 2,431.62 square meters, designated for commercial use (B1) and urban rail transit (S2), with a starting price of 9,264 yuan per square meter [3][5] Location and Development Potential - The Wencui Road land parcel is strategically located at the northwest corner of the intersection of South Tower Street and Wencui Road, adjacent to the under-construction subway Line 6 [5] - The area is characterized by high-frequency customer flow potential and scarcity of commercial land, making it valuable for future development [7] - The surrounding region has seen significant infrastructure investments exceeding 100 million yuan to improve accessibility, including upgrades to backstreets and drainage systems [7] Educational and Industrial Advantages - The vicinity boasts rich educational resources, including several primary and secondary schools, enhancing the attractiveness of the area for families [9] - The land is also close to key research institutions, providing industrial advantages that could support future commercial activities [9] Future Development Opportunities - The area is experiencing a surge in high-end residential projects, with several luxury developments nearby, indicating a strong demand for real estate [10][11] - Additional prime land parcels are expected to be auctioned soon, which are anticipated to have high development value, further enhancing the area's real estate landscape [12][14]

Core Insights - The "Hua Zhi Men" complex in Xuhui has undergone significant land use changes, including the cancellation of a 150-meter skyscraper and the addition of a 43,000 square meter residential plot [1][2] - There is a trend in Shanghai where multiple land plots are being converted from commercial to residential use, indicating a shift in urban development strategy [5][18] Group 1: Land Use Changes - The original D7C-2 plot, designated for a 150-meter high commercial building, has been changed to a mixed-use plot with a height limit of 120 meters [2] - The D7D-1 plot has been converted from commercial to a pure residential use with a height limit of 60 meters and a floor area ratio of 2.5, covering 17,389 square meters and yielding a residential area of 43,000 square meters [2] - The D7B-2 plot has shifted from commercial and community service use to a mixed-use area for residential and community-level public service facilities [2] Group 2: Recent Land Transactions - In 2024, the Xuhui Binjiang plot, originally commercial, was reclassified as residential with a sale price of 4.805 billion yuan, achieving a record floor price of over 130,000 yuan per square meter [5] - The North Bund area in Hongkou has seen a similar transformation, with a plot originally planned for a 220-meter commercial building now designated for residential use, with an estimated total price of nearly 7.5 billion yuan based on a hypothetical price of 150,000 yuan per square meter [7] - The Jing'an District's Jiangning community has also adjusted a plot from commercial to residential, with a total building area of approximately 59,335.77 square meters, of which 79% is residential [11][15]