You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: They are also referenced on page two of our financial supplement.
With that, let's start our teleconference with opening comments from Dave Nunes, President and CEO.
First, I'll make some high-level comments before turning it back over to Mark to review our consolidated financial results.
Then I'll ask Doug Long, our Senior Vice President of Forest Resources, to comment on our U.S. and New Zealand timber results.
And following the review of our timber results, Mark will discuss our real estate results as well as our outlook for the balance of 2021.
We started 2021 with encouraging momentum across all our businesses, a testament to the strength and diversity of our timber markets and the positioning of our real estate portfolio.
In the first quarter, we generated adjusted EBITDA of $70 million and pro forma earnings per share of $0.08 per share.
Adjusted EBITDA exceeded the prior year quarter by 47% as favorable results in the New Zealand Timber, Pacific Northwest Timber and Real Estate segments more than offset a modest decline in adjusted EBITDA from our Southern Timber segment.
As we reflect on the first quarter, we're pleased with how our team worked collaboratively to capitalize on strong domestic markets, improving real estate market trends and growing demand for logs from China.
Drilling down to our different operating segments.
Our Southern Timber segment generated adjusted EBITDA of $32 million for the quarter, which was 5% below the prior year first quarter.
A 7% increase in net stumpage prices and stronger nontimber sales were more than offset by 18% lower harvest volumes due to the front-loaded timing of 2020 harvest activity as well as weather-related disruptions we experienced earlier this year.
In our Pacific Northwest Timber segment, we achieved adjusted EBITDA of $18 million, an improvement of 81% versus the prior year quarter.
This strong result is attributable to a sharp increase in log pricing given strong domestic demand and robust lumber markets as well as higher volumes from the acquisition of Pope Resources.
In our New Zealand Timber segment, first quarter adjusted EBITDA more than doubled to $21 million.
This year-over-year increase in adjusted EBITDA was due to significantly higher harvest volumes and sawtimber pricing as the first quarter of 2020 was severely impacted by COVID-19-related headwinds.
Lastly, in our Real Estate segment, we generated adjusted EBITDA of $5 million.
This year-over-year improvement was driven by an increase in acres sold, excluding the large disposition in 2020 amid growing buyer demand as well as a 9% increase in weighted average prices.
While improved versus the prior year quarter we anticipated coming into the year, Q1 Real Estate activity was relatively light in the context of our full year expectations due to the timing of closings.
Let's start on page five with our financial highlights.
Sales for the quarter totaled $191 million, while pro forma sales totaled $180 million.
Operating income was $29 million and net income attributable to Rayonier was $11 million, or $0.08 per share.
Adjusting for the operating income attributable to the noncontrolling interest in our Timber Funds segment, pro forma operating income was $27 million.
First quarter adjusted EBITDA of $70 million was above the prior year quarter as higher results in our New Zealand Timber, Pacific Northwest Timber, and Real Estate segments more than offset a modestly lower contribution from our Southern Timber segment.
On the bottom of page five, we provide an overview of our capital resources and liquidity at quarter end as well as a comparison to year-end.
Our cash available for distribution, or CAD, for the quarter was $47 million compared to $27 million in the prior year quarter, primarily due to higher adjusted EBITDA and lower capital expenditures, partially offset by higher cash taxes and interest.
A reconciliation of CAD to cash provided by operating activities and other GAAP measures is provided on page seven of the financial supplement.
Consistent with our nimble approach to capital allocation, we raised $37 million through our at-the-market, or ATM, equity offering program during the first quarter at an average price of $33.31 per share.
As previously discussed, we view the ATM program as a cost-effective tool to opportunistically raise capital, strengthen our balance sheet and match fund bolt-on acquisitions.
In sum, we closed the quarter with $78 million of cash and $1.3 billion of debt, both of which exclude cash and debt attributable to the Timber Funds segment, which is nonrecourse to Rayonier.
Our net debt of $1.2 billion represented 21% of our enterprise value based on our closing stock price at the end of the first quarter.
Let's start on page eight with our Southern Timber segment.
Adjusted EBITDA in the first quarter of $32 million was $2 million below the prior year quarter.
The decline relative to the prior year quarter was largely driven by an 18% decrease in harvest volumes due to the front-loaded timing of 2020 activity as well as weather-related disruptions incurred earlier this year.
Specifically, winter snowstorms in the Gulf region and wet ground conditions in Georgia resulted in lost production days compared to the first quarter of 2020.
The decline in volumes during the first quarter was partially offset by higher net stumpage prices and nontimber income.
Specifically, average sawlog stumpage pricing was roughly $28 per ton, a 3% increase compared to the prior year quarter.
Sawlog pricing is gradually improving as we are successfully leveraging continued lumber market strength into higher sawlog prices in certain U.S. South markets.
Furthermore, increased pricing tension due to the growing demand for export-grade logs are becoming more visible in our coastal markets.
However, pricing trends continue to vary considerably by region, underscoring the importance of local timber market dynamics.
Pulpwood pricing climbed 7% from the prior year quarter, reflecting the weather conditions that constricted supply during the first quarter as well as a favorable mix shift toward our coastal Atlantic markets.
Overall, weighted average pine stumpage prices were up 8% versus the prior year quarter based on higher sawtimber and pulpwood prices as well as a more favorable mix of sawtimber.
First quarter nontimber sales of $8 million were $2 million above the prior year quarter.
A large pipeline easement sale drove the increase as compared to prior year quarter.
Moving to our Pacific Northwest Timber segment on page nine.
Adjusted EBITDA of $18 million was $8 million above the prior year quarter.
The year-over-year improvement was largely attributable to robust domestic lumber markets, driving significantly improved pricing.
First quarter harvest volume was 13% above the prior year quarter.
The year-over-year increase was largely driven by the incremental volume from last year's acquisition of Pope Resources.
At $91 per ton, our average delivered sawlog price during the first quarter was up 21% from the prior year quarter.
Strong pricing was sustained throughout the quarter even as domestic mills in the region maintained ample log inventories.
Meanwhile, pulpwood pricing fell 23% in the first quarter relative to the prior year quarter as sawmill residuals remain plentiful amid increased lumber production.
Notably, the Pacific Northwest is seeing some improved demand from the export market.
Transportation constraints restricting the flow of European spruce salvage logs coupled with the ban on Australian log imports into China are translating into improved demand for exports from the Pacific Northwest.
With domestic log demand already at very healthy levels due to the strength in domestic lumber markets, we believe stronger export market demand will create additional pricing support, particularly for whitewood species.
I'd also like to offer a few brief comments on the impact of last year's wildfires in Pacific Northwest.
As a reminder, none of our feed timber properties were directly impacted by the fires, although roughly 10,000 acres of Timber Fund properties sustained some fire damage.
Consistent with the update we provided in February, our operations in the region have not been materially impacted from the salvage efforts conducted by others.
There have been some localized hauling cost increases in the areas directly impacted by the fires.
However, the location of our timberland, the solid demand for green logs from many of our customers and the steady business we have been able to provide to our logging crews in the region has resulted in minimal impact to our operations.
Overall, we remain well positioned to capitalize on solid domestic demand trends, improving export market conditions and favorable pricing environment we currently see in Pacific Northwest, especially following last year's potential integration of Pope Resources.
Page 10 shows results and key operating metrics for our New Zealand Timber segment.
Adjusted EBITDA in the first quarter of $21 million was more than double the $10 million that we reported in the prior year quarter.
The increase in adjusted EBITDA was driven by much stronger pricing and a more normalized level of harvest activity versus a prior year period constrained by COVID-19 disruptions.
Increased volumes and pricing were partially offset by reduced carbon credit sales.
We opted to defer carbon credit sales during the quarter as we expect that the value of these credits is poised for further price depreciation due to recent changes to New Zealand's climate change goals and proposed changes to the country's emissions trading scheme.
Average delivery prices for export sawtimber climbed 28% from the prior year quarter to $120 per ton, reflecting improved trade demand as well as escalating trade tensions between China and Australia.
New Zealand log export pricing continues to benefit from the ban on Australian log imports in China.
As we have previously noted, prior to the ban, Australia was applying approximately 10% of the total volume imported by China.
Furthermore, while the abundant supply of European spruce continues to compete for market share in China, availability has at least temporarily been constrained by higher shipping costs and the lack of container availability.
In turn, we have seen tremendous pricing upside in New Zealand on the export front, albeit partially offset by materially higher shipping costs.
We expect these costs to remain elevated given the global economic recovery and shipping demand for a wide range of commodities.
Shifting to the New Zealand domestic market.
Average delivered sawlog prices increased 16% from the prior year period to $81 per ton.
The increase in U.S. pricing was driven primarily by foreign exchange rates as New Zealand domestic pricing improved by a more modest 4% in the first quarter versus the prior year quarter.
Average domestic pulpwood pricing climbed 19% as compared to the prior year quarter.
In sum, despite the recent increase in shipping costs, we believe our New Zealand operations are well positioned to capitalize on further strengthening of the Chinese economy and any prolonged reduction in log imports from Australia as well as continued healthy domestic demand.
I'll now briefly discuss the results from our Timber Funds segment.
Highlighted on page 11, the Timber Funds generated consolidated EBITDA of $7 million in the first quarter on harvest volume of 145,000 tons.
Adjusted EBITDA, which reflects the look-through contribution from the Timber Funds was $1 million.
Lastly, in our Trading segment, we reported $200,000 of adjusted EBITDA in the first quarter.
As a reminder, our trading activities typically generate low margins and are primarily designed to provide additional economies of scale to our feed timber export business.
As detailed on page 12, real estate closings were relatively light during the first quarter, which was consistent with our expectations and guidance we provided earlier this year.
Specifically, sales totaled just over $10 million on roughly 2,400 acres sold at an average price of nearly $4,200 per acre.
Real estate adjusted EBITDA was $5 million in the first quarter.
The bulk of first quarter sales were in the rural category.
Rural sales totaled roughly $2,400 -- 2,400 acres at an average price of nearly $4,100 per acre.
Overall, we have seen a meaningful uptick in demand for rural land as the space, privacy and recreational opportunities offered by these properties are attracting buyers.
We expect this positive momentum to continue, and we remain focused on achieving price realizations well above timberland values.
Sales in the improved development category totaled roughly $250,000 and consisted of three residential lots in our Wildlight development project north of Jacksonville, Florida, for an average price of $84,000 per lot, or $406,000 per acre.
While development closings were limited in the quarter, we are very encouraged by the pipeline that we built for the balance of 2021.
Overall, the team is capitalizing on growing demand for rural land as well as residential lots and commercial parcels within our development projects.
We remain optimistic that a combination of demographic trends, historically low mortgage rates and an increased need for space will benefit our various real estate sales categories.
Relative to the first quarter, we expect a significant increase in the EBITDA contribution from our Real Estate segment over the next few quarters.
Specifically, on the development front, there is currently healthy demand from homebuilders for lots and entitled infrastructure served land.
In February, we are excited to announce that, Publix, a popular supermarket chain based in Florida, is set to anchor a new shopping center in Wildlight.
We believe that as this community continues to get more established, interest from builders will continue to grow.
We're also encouraged by the pipeline of opportunities for our properties in Richmond Hill, Georgia and the West Puget Sound area of Washington.
Now moving on to our outlook for the year.
Based on our solid start to 2021 and our expectation that there will be a significant pickup in real estate closings as the year progresses, we believe we are on track to achieve full year adjusted EBITDA toward the upper end of our prior guidance range of $285 million to $315 million.
In our Southern Timber segment, we expect to achieve our full year volume guidance of 6.2 million to 6.4 million tons as we anticipate the demand from lumber mills will remain strong and that select U.S. South markets will continue to benefit from improving export demand.
Further, we continue to expect a modest improvement in weighted average pricing relative to the prior year, with quarterly fluctuations largely driven by geographic mix.
In our Pacific Northwest Timber segment, we expect to achieve our full year volume guidance of 1.7 million to 1.8 million tons.
However, given we pulled forward some volume into the first quarter to capture favorable demand and pricing, we anticipate lower quarterly harvest volumes for the balance of the year.
We further expect that strong domestic lumber markets and a pickup in export demand will hold pricing at or above first quarter average prices through the rest of the year.
In our New Zealand Timber segment, we expect to achieve our full year volume guidance of 2.6 million to 2.8 million tons with increased quarterly harvest volumes for the balance of the year.
We expect continued strong export and domestic demand, and we further expect that the restriction on Australian log imports into China will constrain competing log supplies.
We anticipate this positive operating momentum will translate into log prices remaining near or above levels realized in the first quarter, which will be partially offset by elevated shipping costs.
In our Real Estate segment, we expect a significant pickup in closings over the balance of the year based on our current pipeline of opportunities.
Our pipeline has grown substantially as we have progressed through 2021, driving our increasingly optimistic sales outlook for residential and commercial properties within our real estate development projects.
While first quarter closings were relatively light as expected, we remain confident that we will achieve or exceed our prior full year adjusted EBITDA guidance.
As we approach the one year anniversary of the Pope Resources acquisition, which closed last May, we remain very pleased with the integration process and the benefits realized from this transaction.
The addition of these high-quality assets and the integration of Pope's personnel into the Rayonier family has meaningfully increased our operational flexibility and market reach within the Pacific Northwest.
We've leveraged these improvements to our team and our portfolio as market conditions continue to improve over the past year.
Alongside the Pope integration, we've also continued to focus on other opportunities to grow and improve our portfolio.
To this end, we closed on $30 million of negotiated bolt-on timber acquisitions across the U.S. South to start 2021.
We also published our inaugural carbon report in March.
This report detailed the 5.7 million metric tons of net carbon sequestered by our forest operations in 2019 and demonstrates the important role that working for us play in fighting climate change.
Rayonier's business model provides a natural climate change solution.
Our trees remove carbon from the atmosphere during their growth cycle.
And after harvesting, a significant portion of this carbon remains stored for an extended period of time within downstream wood products.
Building on our inaugural carbon report, we plan to release a comprehensive sustainability report this summer.
We believe our mission of providing industry-leading returns, financial returns to our shareholders while serving as a responsible steward of our lands is well aligned with the holistic approach embodied by greater adherence to ESG principles.
And we're proud of the progress we've made to date on enhancing our ESG disclosures.
We look forward to further engagement on these important topics with our shareholders and other stakeholders going forward.
In summary, we are benefiting from strengthening end markets and continuing to make progress on several important strategic priorities.
I'm very proud of the accomplishments of our people and their unwavering commitment to building long-term value for our shareholders.
Despite the unprecedented challenges encountered over the past year, our team is working hard to better position the company for long-term success.

user
q1 earnings per share $0.08.
in our southern timber segment, we expect to achieve our full-year volume guidance.
in our pacific northwest timber segment, expect to achieve full-year volume guidance.
anticipate lower quarterly harvest volumes for remainder of year in pacific northwest timber segment.
in new zealand timber segment, expect to achieve full-year volume guidance.

assistant