Well, thank by These our the and strong we Thanks closed, reported provided joining you, total real the performance adjusted stability of results us. reflect our $XXX everyone. estate XXXX. for Yesterday, EBITDDA business Timberlands after for market Good Wayne. the of operations. morning, million
Our to controllable part Wood weak we the across environment, relatively for market our Despite on pricing which remained business segments. were all towards metrics a by conditions, focused improve effectively year challenged Products the year. results managing only operational the began lumber of latter
and for Additionally, by modernization highlighted strategic Waldo expansion sawmill. we of initiatives the the our successfully several achieved year
of and both our cedar of lumber Southern Despite prices EBITDDA in bolstered regional at log Idaho showed the the by and prices. beginning harvested tons across adjusted line plan aggregate demand our southern in generated year. with million resilience. the overall in of our regions, division X.X Timberlands for XXXX. We Idaho, driven northern $XXX total softness Our regions markets sawlog In a million which stronger was markets,
are due arrangements. improved throughout log the into particularly supply. our mill lumber to sawlog in from sawlog year prices move Idaho measured improvements generally consumption the stable seeing As index stemming a relatively challenges despite new and abundant sawlog prices, under year, Southern remained Meanwhile, we we prices
in million of EBITDDA XXXX. Products was segment, $X our a adjusted Wood In loss
prices. However, the million the adjusted fourth division's shifted improved EBITDDA with positively in quarter financial performance $X lumber in on
financial exerted market soft lumber XXXX downward sentiment, markets. faced several ample These including factors supply and dynamics, performance buyer cautious Our pressure on demand markets. in end lumber
Later a markets in period composite per markets we recent And due the in we weak since lumber optimistic, thousand for contributed Random building prices, the feet which in to believe upward have capacity held our more outlook quarter spring balanced on XXXX balanced lumber year, generally to curtailments, With lumber trajectory board the season. $XX more spot the dynamic, increasing has Composite alone. Lengths what became is a X% beginning or in the the the steady especially seasonally fourth with prices, price supply/demand the approach as year. lumber cautiously of is Lumber
of to equipment a board This brief even achievement project. X.X a Waldo for over our the just the record sawmill at of annual downtime expansion the company in year, new feet came period and billion during while incurred year setting integrate shipped We for during lumber modernization shipment new volume. we
dedication the to ramp on thank project. the of and is construction to team's completion ramp mill's expansion this team excellent are and of effective up, trajectory testament like opportunity firmly Waldo, progress the Waldo this modernization the Regarding up a we and successful and to positive mill's to of their achieve level sawmill production I are track The mid-year. the take Arkansas execution making by targeted performance. would the for
project mill's will increase the by reminder, million feet. a the we annual anticipate board XX capacity As that
assuming decrease phase, Additionally, in a $XX we generate about EBITDA that by processing complete incremental approximately we X% expect million cash rates ramp-up Once recovery the environment. will the to by and approximately project annually, to we improve mill mid-cycle XX%. sales costs
behind and flow now on from phase completed, us strategic this maximizing strong generating capital investment. construction cash focus major expenditures returns the our and is With
a contributing business Real sold our Real This strong over an very to at rural year, segment. division, $X,XXX $XXX acre. XX,XXX million EBITDDA. Estate acres Estate Shifting we had In in our adjusted
value on for real real focused exemplified estate the sales pursuing was second Our opportunities XXXX. by sale acre is or average that team regular of drive million $X,XXX young, aged, our beyond quarter of in acres XX,XXX the X-year-old of shareholder This estate. per recurring of timberland very $XX
XXXX, this nature While for we remains anticipate a world similar don't in typical our demand and of strong. sale magnitude properties
timberland capitalizing to to to continue expect at premiums significant value. We on opportunities land sell rural
business land for real residential Little side on and our sale in the closed sold master acre lot per per a On estate Valley in average our lots price living $X with Chenal development challenging along an Despite lot of planned million with the of aligns at lot $XXX,XXX in in offerings sales Valley Chenal successfully this we XXXX, $XXX,XXX year average. commercial Rock. community we the our of year's of a we interest achieved the of market. the environment, brought volume highlights number community, rate the residential sales This to premium desirability XXX historical
we excited about Solutions on potential and in XXXX, these initiatives made meaningful the future. are value In create progress our Climate the opportunities Natural will
By and contracts. with associated XX,XXX of contracts option Over value of we we the present solar these $XXX acres value solar XXXX, contract net net options doubled our estimated course year-end, had exceeding over million. the an covering under present
solar demand subside this new to continue We administration. the for to U.S. anticipate opportunity projects under see do and not strong
America's play its can addressing crucial growing in independence. in energy of energy Solar pursuit needs energy role a
Southwestern located. the on our On lithium in is pursue opportunities to development, we partially subservice continue where Smackover Formation lease to Arkansas rights land
emerging execute pricing factors, ultimate on in potential the rates negotiating brine to this demand royalty opportunities of and which region we lease agreement, for coming expect are will other in weeks. including currently of depend and the determination and a The future lithium. the We several
scenario" either an buyer offsets, are well-respected broader project with for "no-distinct or we projects identified pursue developers a carbon forest high-quality a Regarding engaged couple a market opportunity. to under
high necessary expect high-quality, don't a care market complexity transparent developing this in we project, bring carbon the year. to project to this Given and
climate exploring capture these In opportunities to values driving increase we for likely as timberland and ultimately higher. addition initiatives solutions such natural land, these storage. projects, are carbon believe long-term rural will demand our We other actively
Moving deployed disciplined XXXX, a strategy. balanced on In the to capital while we uncertainty. lumber and our macroeconomic navigating approach allocation and challenging markets
project, Our high-return capital around cash Waldo share making to quarterly repurchases, such returning and as priorities capital accretive investing shareholders were centered timberland value-enhancing through our acquisition. modernization our an in dividend and projects,
an with For capital million allocation. are $X estimated fourth repurchases our well our the option paid stock, dividends. we cash believe we remaining at net in attractive levels for million, million year, the below value, $XXX averaging share our purchased of were trading repurchase share. our common leaves million $XX stock $XX With repurchases we In to our This per bringing quarter, full us program. under year $XX asset
to with financial our we allows us continue XXXX. profile into move liquidity being solid deployment position, with Our coupled as opportunistic
Turning our attention to the U.S. housing market.
rate the basis on period. Although in Reserve actually rate fixed mortgage XX-year cuts September, totaling XXX issued the the Federal interest increased points X over this
is back to demand a mortgage As still the activity. market hold construction result, rates home continue somewhat depressed and influence near-term elevated as buying
as inventory their low existing Regarding effect choose their historical homes in to is rates. risen, below has due current supply, existing it mortgage to to home of levels continuing move homeowners stay are the although wanting to still lock-in
have near adjusted has segment million a on throughout providing landscape, single-family Despite remained held homebuilding incentives single-family the by resilient relatively market X as XXXX, rate units large basis such as this bolstered interest homebuilders starts seasonally buydowns.
units, of combined multifamily segment hand, multifamily remains an On anemic with to homebuilding the construction restrictive oversupply as the continues multifamily other starts. financing environment limit the
will of state formations. affordability lumber current remain We an in market housing homes, these housing the believe fundamentals improved highlight fundamentals significant create the positive strong low demand the for demographics, of and favorable long-term supported by that tenants household these strong. continue with fueling coupled These momentum While take mortgage to hold, growth. growth rates housing once market, are undersupply fundamentals
at discretionary sentiment segment, Repair the under factors economic has subdued, demand higher largest which sector. particularly this Remodel backdrop, remained weighed for home suppressed improvement financing uncertain the Looking do-it-yourself for housing on and turnover costs including in activity a projects. the an have segment, and Several cautious buyer lumber, driver is
the the in a support at solid XXXX are Harvard remodeling anticipated labor gains predicts by as remodeling home leading and market to for home greater these modest Center for Housing indicator University, of Studies Despite activity values published challenges, activity. Joint rising
at are Menards. customers our Lowe's business, retail seeing big Looking we own strong from box Depot, takeaway such Home our and as
of Additionally, continuing favorable median home. a structural drivers for R&R as an the to XX to number are levels with and a at from aging housing historic expected sector, long-term equity years, home highs stock age including support medium over to people work fundamentals remained
markets our lumber and we prospects we of we are employment segments. As reductions, market a and ahead driven consumer capacity across Regardless our the strategy operational improving XXXX, sentiment supportive performance optimistic solid committed remain of by about financial all to of business executing and backdrop. fluctuations, in maximizing look
core to capital are our to planet, Additionally, value positioned shareholders. With disciplined allocation, we focus well continue a and strong balance corporate liquidity our long-term sheet, responsibility ample forests, to a people, initiatives on performance. approach around for and deliver we
results Wayne and to fourth quarter outlook. our discuss over it to our turn now XXXX will I
