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]

Financial Performance - Total Adjusted EBITDA for Q1 2025 was $634 million, with a 236% margin[10] - Cash Available for Distribution (CAD) reached $1253 million[10] - The company returned cash through a $142 million annual dividend run rate, yielding 40%[11] - Share repurchases amounted to $41 million at $45 per share[11] Segment Results - Timberlands Adjusted EBITDA was $424 million, with 19 million tons harvested[10] - Wood Products Adjusted EBITDA was $117 million, shipping 290 MMBF of lumber[10] - Real Estate Adjusted EBITDA was $227 million, including the sale of 70K rural acres and 11 residential lots[10] Timberlands - Northern sawlog prices increased by 9% due to higher indexed and cedar sawlog prices[22] - Northern sawlog harvest volume increased by 17000 tons from Q4 2024 to 354000 tons in Q1 2025[27] - Southern sawlog prices decreased, primarily due to a higher mix of smaller diameter logs[22] Wood Products - Average lumber price increased by 2% to $454 per thousand board feet (MBF) in Q1 2025[41] - Lumber shipment volume increased by 7 MMBF from Q4 2024 to 290 MMBF in Q1 2025[47] Real Estate - 7043 rural acres were sold at an average price of $3303 per acre[53, 55] - 11 residential lots were sold at an average price of $112745 per lot[54] Capital Structure - The company maintains a strong liquidity position with $447 million available[11] - Net debt to enterprise value is at 200%[11]