thank Well, everyone. Wayne, morning, good you, and
by reported Looking adjusted operational closed I'm results, pleased total with the and the EBITDA quarter. of delivered team at quarter solid market our million after weather-related challenges yesterday. our first the during despite market we $XX performance
segment $XX QX first X.X million harvested We the in tons, Timberlands generated of achieving quarter. range plan. million of adjusted harvest upper our the Our EBITDA
segment's loss quarter. first in was EBITDA compared to the quarter a Our breakeven Products of Wood in adjusted million $X the fourth
lumber start The difficult Wood Products this start weather challenging kicked modestly restricted year in driving our off as upward in to inventory the trended first January. Despite quarter, to season, for severe construction building markets lumber prices a results. throughout across improvement typical activity the the country, the
phases million Arkansas of capital project. XXXX plan, $XXX sawmill elevated are Waldo, expansion we the our for final approaching As modernization and our
startup track budget well is continuing project completion construction third to for remain the equipment and on Vertical in quarter. with and underway within early installation
the XX we mill's through board it reach into XXX of to in will take industry QX Following million a X the year. in year. other on additions we feet anticipate next the months seen, and brownfield we have Based project, per production new ramp-up to capacity completion of expect
by mill's improve recovery the by As it a will capacity reminder, million the costs feet, by board processing increase annual reduced XX X% cash and about XX%. project will
phase Once approximately completed, EBITDA the incremental million annually. generate mill $XX of to ramp-up the expect is we
segment first $X Real million of in adjusted Our EBITDA generated Estate quarter. the
development the the XX planned side residential our Chenal at per Arkansas. sold in of of average lots about On price community we business, Rock, in lot master Valley Little an $XXX,XXX
On transactions that we acre. nearly the quarter-to-quarter, the acres estate rural in of can sale the second of although at an pace completed of subdued level fluctuate estate real period, the significantly from quarter. of business, volume we sales we this in rural expect we as move real accelerate estate $X,XXX note to side experienced to important our a X,XXX real the through transactions It's rural
total of land our of acres estate age have in in high. the for quite upcoming second $XX XX,XXX highlight Southern the which anticipated sell X remains previously interest acre. a of activity years, or an includes under per deal The to The our announced timberlands, just average rural rural plantation $X,XXX of million real quarter
to Now our emerging let Climate Solutions transition me business. Natural
Our solar additional collaboration first deal an in with continues evidenced grow the quarter. optioning by developers solar as to the of
X% net land nearly solar a option sales ownership. basis, timberland our Currently, on million value are present our of contracts for at roughly leases valued $XXX total and representing
net of several present in sale approximately lease solar end on XX,XXX basis. the finalizing on process the acres valued and expect we value are options. of more we to negotiations options million land At under XXXX, $XXX contract at Additionally, of have over lease a
a and credits generating a is process, move decade each the thereafter. forward. an lengthy XXX,XXX first at extensive year initiative credits verification carbon carbon in Timberland credit with XXX,XXX and necessitates continues least which credits high-quality in excess these nature complex. Southern of to The We're thorough estimated Our anticipating year scope of for
end preliminary the initiated year. marketing the in have the sale are activities We of and of targeting placement towards market and credits
time accreditation of dependent currently discussion is natural carbon parties. parties third project solutions capture on other the along also various other Nonetheless, heavily as as in involved potentially under We've well in process. line and These with prospects storage various bioenergy. completion with this climate valuable identified opportunities, are the
continue we all opportunities will not these that are natural higher. they of climate land, as the potential to likely value. we driving boost demand imminent, are their Although to values our timberland optimistic rural Furthermore, solutions believe for
capital to allocation. Moving
disciplined we our capital our was main time. We committed quarter. the our to continue to during approach, and all grow opportunities over to shareholder M&A priority Timberland allocation and opportunistic be constantly evaluate value
As announced, of in acquired transaction high-quality per or mature in negotiated Arkansas QX, timberlands about a we previously acres through XX,XXX million $X,XXX for we one-on-one $XX privately acre.
stringent the of real timberland criteria when first above X% expect transaction, solar the evaluating opportunities. We did achieve employ well acquired particular strong capital. this for M&A. IRR, Also, to purchase quarter. an including approximate has in cost timberland our shares And real We not we is estate oral which potential, any
We repurchases component an our capital taking are consistently options, important into economic assess backdrop. especially remain we of share the trading well our our strategy, below However, estimated allocation and allocation capital when consideration NAV. prioritize
million We share million $XXX repurchase our authorization. have on remaining $XXX
our Existing U.S. poses this at market the housing in meeting to of segment scarcity inventories demand. market. hover home persistently for sale continue levels. in challenges low the housing Turning The attention historically to
housing new new rate buydown given today's with are especially mortgage more over construction emerged homebuilders affordability attractive, with financially Large environment. making rate an has buyers home However, existing advantage housing. incentives, enticing
the by to demonstrated month, stability X fifth resilience consecutive level some maintaining of single-family residential million providing construction market. new starts over Consequently, the for
the in steady territory direction and uptick inflation in as under In rates. addition, in driven of level new and timing of cuts rate challenges residential Reserve Federal the persists due uncertainty potential the the of costs. continues construction has pace mortgage In large spite segment to of residential financing new to homebuilder uncertainty. excessive been multifamily confidence the the of recent rates. interest and add in has the positive the by particular, to part housing economy by of Nonetheless, in underperform pressure been
tailwinds that begin will Longer to year, rate to once spur possibly positive pent-up units retain anticipate a housing housing housing will term, funded of estimate likely the demographic outlook an which markets. to begin later trends cuts we this and ultimately However, we X on underlying lumber once some decline, shortage fundamentals, decline, it rates housing provide market. demand benefiting million stock, favorable
per X.X U.S. more return and will that once starts expect levels long-term million above rates decline become year mortgage to units continue to the affordable. homes housing average We of
DIY equity Turning That this remains Remodel some said, business to have and The home center underpinned factors, market interest U.S., the existing record resilience balance moderated our segment. and the consumer to homes prevailing due across Repair in home levels with in overall by in repair several labor remodel strong steady rate markets, environment. Demand the and higher to sheets, somewhat weakness including solid. in is market the the segment. homeowners appears staying their
leading be the home bolstered of the by indicate remodel an housing to activity prevalence ahead, and elevated stock, the towards increased will equity as market Looking and trends well This is repair as favorable. work. levels repair ongoing fundamentals optimism that aging long-term remote
business enhancing all of and segments. across committed financial to In closing, operational remain our we performance
solid sheet part on balance Waldo With our project creating budget. and foundation strategy. capital at modernization of of a sawmill to and this this liquidity, a possess and shareholders remains schedule value. to diligently As the completing Also, investment-grade focused our on long-term are shareholder we strategic within continue we returning expansion commitment, tenant our the core ample flexibility
I outlook. discuss first quarter will over Wayne to now our it turn and results our to
