at are thank joining for $XX reported quarter everyone. are total you, adjusted in. by closed, operational challenging especially Waldo, the I strong us. Yesterday, team's These results, morning, and this focus date expansion to sawmill. Wayne. of execution several we Well, the environment operating and project modernization market company lumber markets third solid Arkansas initiatives amidst Thanks macroeconomic our EBITDDA appreciate highlighted our and given we our year, the Good after million.
our to third Turning quarter business results.
the and mill a of Hurricane prices Southern indexed on in consumption.
At regions the softness sawlog in log In remained Our prices, cedar Timberlands Southern made supply sawlog division third Idaho, we downward the Meanwhile, measured in harvested total, markets lumber exert in quarter. increase supported continued million Helene landfall generated $XX relatively U.S. $X our despite the stable seasonal prices to third the of aggregate sawlog end although adjusted and historic in EBITDDA September, typical quarter. the our across Northern overall million pressure strong In prices.
estimate assessment to significant causing timberlands, of acres, the will widespread a be limited to initial approximately operations. our X,XXX Based region. we our impact the throughout Southeast, our damage timberland Georgia which on have damage to not to
secured have salvage impact will log commenced and storm our business. minimize to already the crews timber, We monetize and which the on financial of downed haul the operations
Adjusted of in Wood quarter. a our Products $XX was EBITDDA million loss the segment to results. third Moving
by of was by Our down start-up financial factors: demand; and ongoing point lumber cyclical about continued modernized performance sawmill, outpace markets the in weighed third where first, P&L the Early lumber costs overall X onset recently quarter, of hit to $X in the which Waldo in second, our since markets weakness the early pandemic adversely lowest their reaching impacted the XXXX. the million. lows, supply
since year. feet a and a curtailments supply markets a However, Lengths indefinite of from with have board the North improved to $XXX July by an demand XX%. the very American up slow capacity a the Random estimated lumber of Lumber by Composite of X start mid-quarter, $XXX markets deep out billion dynamics low increasing since permanent improved or considerably recent having began and of trough spurred improved, climb as
scheduled sawmill our a feet the Arkansas board period downtime of budget. QX We limited approximately mill quarter, for modernization Waldo, our and integrate to completed project. quarter. equipment, in experienced construction million production and the the turning Now as expansion new to in reducing XX by the successfully Early within lumber third
new the phase. in other take months projects million X immediately the planned ramp-up brownfield the transitioned it XXX per on reach mill of we mill's Based industry, to board to will we expect completion, feet capacity the XX Following into year.
especially in by given phase. stages As the that we mill's the phase, are we am of I encouraged through ramp-up early advance the performance, very this
by environment. by mill cycle reduce phase $XX a approximately XX the expect reminder, costs of capacity by the improve recovery completed, the mill's that generate is million expect board annual X%, completed will the cash under about Once EBITDDA As XX%. annually mid-sales to and we approximately ramp-up increase we project processing feet, a million incremental
the the in markets, optimizing focus fourth on areas and Wood we navigate control, By we focused efficiently division maintaining such head managing within and our as Waldo, lumber our into the challenging we Products manufacturing log expect of we within mix, our running increase to effectively costs. remain our As continuing and costs mills, this product improvement production as unit quarter.
our adjusted in This segment. business Real quarter. million $XX the Estate EBITDDA generated to shifting in Now third
an X,XXX On the $X,XXX at real ] estate side over business, we [ acres sold acre. of the
demand produce premiums significant We continue healthy a from benefit properties, which at values. underlying timberland to for rural to value-added transactions
on lots For is course. a record community per or side and residential the development XX per Valley $XXX,XXX in price master Estate community Rock. average price in at sold business, golf of Real lots the This a Little lot premium located we lot planned mix our near an average of of heavy Chenal our reflects
encouraged are offerings we builders recent small the midsized lot by in Additionally, regional area. interest Chenal steady to from the in our
natural space. we -- look capitalize on to development. climate to with we build the growing Beginning select tracks for emerging solar continue energy solutions momentum for offering solar, excuse me, opportunities, our by demand Regarding national renewable in this
or present option the several continues XX,XXX quarter. contracts net contracts now have with about million. of developers estimated over X% last with our contracts new value Our solar pipeline option of added since to timberland $XXX an over ownership acres for of with grow, solar We
upon portfolio. for to pace previous agreements our Our high-quality XXXX solar discussions continue our option And execution has exceeded estimate. we of counterparties have to existing several of build with
Another the energy this Arkansas exciting opportunity. the vehicle electric world. renewable one This in that southwestern for deposits, lithium We located. gained has ideally where its Smackover demand This us due and region natural of Arkansas, in in attention is is located partially opportunity is known to in participate largest fact, an for land believe lithium growing recently lies deposits climate Formation our for the for prospect to solutions batteries us the storage. for southwestern base
the timing within lithium for We magnitude in this are development.
Shifting key lease carbon project are to to command consequently and of market. of forest transparent in disruptions the ownership highest emerging high bring carbon with traits a initiative negotiations attract our potential subsurface are pricing. believe credits, recent developers to evaluating rights voluntary forestry few analysis will carefully of next and credit they evolve. carbon is greater governance that the credits. we expected the we high-quality, to our as by credits proven sense grow. assessing complete, in are project these in Carbon for We high-quality will been projects driven methodologies leading projects from After which registries potential have demand complex, and continue to the with a Consequently, interest carbon premium demand for to have better months, credit transparency markets is continues and
to to addition I capture biofuels. bioenergy just and ranging carbon the mentioned, from NCS opportunities and In we storage projects also are exploring other
as not along are other NCS initiatives for projects, have these long-term they Although value far our creation. we believe potential as significant the
our believe natural for rural ultimately of allocation. opportunities values to boost stewards land, capital remain will these continue likely solutions our demand climate We disciplined capital. We that timberland shareholders' higher.
Switching driving to
and long-term shareholders, include priorities identifying to returning alternative. always our value investing considering Our prioritize each acquisition strategic capital We projects, high-return in when opportunities. creation capital
of trade repurchase third leaving quarter, the as million allocation through attractive our we shares. an In estimated million remained repurchased capital of to $XX with $XX repurchases have share we third program. $X under the quarter, share continue we Year-to-date worth million the end option returned to our below repurchases, net This through shareholders quarter, value. us asset remaining
overall highest Large Homebuyers rate XX have homebuilders housing market. Turning headwinds, sales demand. to the September continued along our to slowing. in have and economy rates, resilient in new interest elevated remained sales have about U.S. the the months. concerns home reached construction attention new been to due these other drive to incentives level offer buydowns Despite hesitant as with
or near single-family past a starts for million starts the As year. result, above X have hovered
multifamily activity has into units by construction, coming of glut the for with construction been hampered along As financing. restrictive market, a
Federal inflation time economic rates September broader the to X lower first years. data front, prompted interest the in in for Reserve the On cooling
in to begins will policy, restrictive its believe and in this ease constraints rate growth housing. single-family Federal the financing we multifamily As construction help alleviate Reserve promote
homeowners Additionally, demand, with demographics these supported increasing low believe significant our sales of favorable and that by rates, into will undersupply an this homes, in from remain improved coupled fundamentals strong rates.
Long-term We housing formations. should accelerate create interest strong, household existing market businesses. locked mortgage lower lumber housing home fundamentals, for fueling from affordability tailwinds growth
and demand do-it-yourself sector. Now and existing course, remodel the appear driver for Recent forward for in particularly segment, which, regarding the is the low during discretionary homes, of the challenges sluggish has largest usually stem stimulates year, in which lumber, repair activity pandemic, throughout this been projects, and turnover pull from projects the Repair segment Remodel the of of higher costs activity. financing to home
averaging for and However, remain stock the repair remodel equity levels. over fundamentals housing and XX aging with years elevated positive home an
Additionally, of acceleration homes. Reserve existing improvement anticipate new construction its with in due we the repair cycle, the residential home rate sales an and and Federal increase pent-up and cutting to of demand beginning spending
outlook fundamentals our of solutions growth remodel, opportunities, and climate we which forward, Looking housing, all support natural on maintain businesses. a in demand favorable in and repair
now value well Additionally, deliver and we we over it turn allocation an shareholders. discuss focused With all to for our our to a balance liquidity I on capital of and and remain disciplined sheet, are outlook. across quarter maximizing financial our will ample performance segments. our results to operational investment-grade business Wayne long-term strategy, third positioned
