joining by had quarter after of estate reported segments a languishing first largely Well, real economic environment closed, we adjusted performance. market total quarter $XX us. Yesterday, million. lumber each good across thank strong million you you, execution and and This markets. second we the of driven morning, EBITDA $XXX everyone. Overall, from our the operational is current increase for was and despite the business Thank solid
logging our $XX second and quarter. exceeding generated with This starting quarter adjusted hauling harvest Northern regions our plan the and QX favorable We our conditions. conditions in our division. both EBITDA our weather Timberlands to Turning harvested in results, X.X tons, of million second segment million better-than-expected provided as Southern
coupled higher prices in due Sawlog cedar prices. indexed increased our with Idaho to agreements,
market conditions. the price were to lumber quarter average first despite log Southern the challenging our realizations South, For comparable
the the quarter of results. Adjusted first compared $X Wood to Products million was EBITDA Moving in segment a to quarter. breakeven loss second in our
homebuilding markets remained second activity in result quarter, seasonal the tightening During lumber markets. did as challenging not lumber
markets, across lumber Southern for notable our has weakness Yellow is there While most been Pine. it all
of low demand at product. are [treaters] and prices Pine from supply declining construction, historically ample from weakness in levels, multifamily stem Yellow which Southern pronounced
can optimizing While depressed mills continue our product including control, mix, focus Wood lumber to costs. effectively and areas efficiently our on results, weigh on Products our markets continued we we managing to the running
QX, believe or near as prices. in recent a at As signs modest the lumber we prices trend upward of look seen have lumber we towards we bottom are
half The year, Waldo, have track milestones and project with Entering the back expansion we million and several remaining QX with project. completion progress significant to the sawmill budget. of reached continues $XXX modernization Arkansas in our well within on
to quarter, equipment. reduce production of Products early mill the This of will in the XX million third the undertake period is the quarter. third new downtime in expected downtime board or approximately part XX% division In tie the to by feet lumber a limited Wood our
a we year. in ramp-up into anticipate Following production QX completion, and next through
we will industry new year. XXX capacity have in per that other X reach XX Based to months the take of we million feet additions it expect on to brownfield seen, the mill's board
the ramp-up sales generate environment mill capacity recovery Once a completed, As reminder, expect million board reduce cost the phase mill's project. the improve of million increase approximately is X% feet, under will cash project annually by about the processing and by annual $XX by incremental to with a XX EBITDA mid-cycle approximately will this XX%. we
quarter. segment. adjusted Estate second to This the $XX in Shifting our Real generated million in EBITDA business
young the rural strong million. timberland $XX second estate very during real highlight QX. quarter XX,XXX for the per XX,XXX successfully Our as of of $X,XXX estate acres our transaction at rural financial previously of sale of was the announced real an of completed activity results side we closing acre The average the business produced acre
years. cash last sold it old was The next had as just X no quarter a call, the meaningful XX timberland at and As years for premium continues was discussed on the other also significant the Arkansas for to quite $X,XXX value-added real premiums transactions acre. per sale estate land X,XXX-acre remain Demand at rural in value, including a included to timberland conservation strong. significant flows
steady business of in higher this side real remains interest development The environment. rate our estate
second sale lots and land Rock. During completed Valley quarter, $XXX,XXX XX average in $X a community million of lot an we in at per the planned commercial residential master our price Chenal about sold Little
in from on remainder lot just While this we latest our we past residential of residential our in on the lot residential this felt remain take-up optimistic quarter, of year short sales regional outlook sales builders the our about based offerings week. second strong
opportunities, contracts evolve solar with our Regarding added and solar to new our quarter option emerging X continues it continues Starting of last developers contracts expand business, since grow. with natural with ended. portfolio the solutions climate to
option solar over an represents X% million Our entire with timberland of of or basis. approximately acres net our now contracts $XXX a of inventory value estimated XX,XXX present on holdings value
utility we expect with continues the pipeline. growth over appetite, to demonstrate we year's By include estimated end, roughly present sector to portfolio option solar million. XX,XXX value the our energy, $XXX Given contracts of our net anticipate for acres an solar further of
an battery our discussions selected areas counterparties subsurface of timberlands regarding our in of we also portion Notably, deposits leasing leases Southern Arkansas rights. production. prospects for the lithium. initial with NCS Currently, opportunity are that a engaged lithium focusing promising geological of certain actively on pursuing offer featured for We're subsurface in crucial formations for
support credit continues credits being The brought high-quality continue carbon order to credits voluntary in ensure grow. market. that forest registries evolve to to to carbon credit market are to Shifting voluntary high-quality Carbon markets opportunities. for
adhere new Carbon Market. widely recognized the by to In fact, established principles carbon voluntary in are principles for carbon marketplace. becoming shifting a quickly leading the highest establishing benchmark carbon their CCP, or Council the credits the the global registries Voluntary relatively Integrity have These are core relatively new carbon integrity found as for core to methodologies the projects
climate XX,XXX-acre our this Timberland pricing. carbon mind, credits premium these new believe we project highest as meet standards. our believe methodology and along or carbon premium therefore, this having CCP real that best to future pricing. CCP are demand are our garner With will recognized creating Consequently, any in shifting the be forest transparent that will labeled we redesigning We project in and demand verifiable in Southern impact we obtain using identify will that under practices, with approach projects a globally ensure strong will
bringing we type year, carbon Once the expected end a carbon CCP redesign clearer project time this is further will assess picture to horizon of project, market. our of have labeled which the by of the of a and we
as valuable We biofuels. have potentially and prospects in also capture identified well as and bioenergy storage carbon
expected in the for value long immediately, ventures these materialize are to run. potential While not hold they the substantial
that flows. solutions climate likely increase increasing will for to believe all of higher diverse We cash driving demand values natural these to and continue timberland due opportunities land, rural
the capital value to allocation to committed In opportunistic over We to time. allocation change grow Moving constantly is economic and evaluate disciplined quarter-to-quarter. capital environment, our and allocation. and our capital shareholder approach, dynamic all opportunities remain current we of from can
repurchases price our to activity. very from below were QX asset in trading dividend, million repurchased Aside option quarter, average of repurchase XXX,XXX were the returned through considerably as a attractive shares $XX an our share we second shareholders we were share per net value. share. Approximately $XX In at estimated
remaining authorization share of our program. utilized current million We have half $XXX with repurchase the under now
new Now continues demonstrate and rates market resilience by the to residential stability contributed factors, homebuilders units down turning to elevated in affordability X be such some market. mortgage Despite This continuing months. as out weighed our have construction market. to This been fair as level of affordability. has incentives attention large activity to use overall has these the in level mortgage continues to supported the million buydowns X challenges. address of of starts last a rate level U.S. of single-family X The housing to exceeded by
As excessive residential construction, pullback for has new due of market to of cost and construction. the entering multifamily influx experienced financing segment it the a supply the an of
Consequently, some There to possibly indicators, restrictive this inflation Reserve start from including that data improve as the home but market positive a showing into easing. expect once see rate. trend Not macroeconomic and renewed new Federal well, early continues, as only is will If policy rates begin pivot September. signs not inflation mortgage rates, would to rate to existing lower would would locked of homeowners are anticipated we existing low momentum homes drop. affordable, more as as the sales as it housing in its mortgage are become
in we a optimistic which strong term, Longer house units tailwind. by This estimated housing of is supported remain on fundamentals. shortage demographic new an million X some pundits residential stock underlying
interest R&R rates, and Now moving which turnover projects, the low driver especially headwinds demand for raising on is of coupled of Remodel do-it-yourself be cost in softened, remodel Demand market with and activity. fact, to to the this in near-term the repair segment, elevated has homes, lumber. by largest driven existing appear in The which discretionary segment. thus spurs Repair typically the
remain longer-term favorable XX stock fundamentals an levels. at over policies housing forward, home years average, and home work continued Looking elevated from on to continue aging equity with
highlighting we corporate goals momentum we XXXX Report, Corporate our around May, the responsibility Responsibility generating continued in initiatives. our Back are released and
the to strategic on budget Looking we project and contractors. our for focused Waldo continue ahead, and the be within our schedule sawmill employees with modernization safety diligently utmost our and expansion completing at on
implemented controls all all market and business Additionally, across our cost we tough mills. segments. of of enhancing operational And are committed financial of across light performance have our to in conditions additional
disciplined and liquidity, allocation positioned value deliver for capital us ample long-term sheet, strategy balance investment-grade our Our to shareholders.
results to I current discuss our Wayne quarter it outlook. and now will second turn to over our
