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.
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.
In our New Zealand Timber segment, first quarter adjusted EBITDA more than doubled to $21 million.
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.
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.
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.
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.
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.
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, average sawlog stumpage pricing was roughly $28 per ton, a 3% increase compared to the prior year quarter.
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.
Adjusted EBITDA of $18 million was $8 million above the prior year quarter.
First quarter harvest volume was 13% above the prior year quarter.
At $91 per ton, our average delivered sawlog price during the first quarter was up 21% from the prior year quarter.
Meanwhile, pulpwood pricing fell 23% in the first quarter relative to the prior year quarter as sawmill residuals remain plentiful amid increased lumber production.
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.
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.
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.
As we have previously noted, prior to the ban, Australia was applying approximately 10% of the total volume imported by China.
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.
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 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.
Rural sales totaled roughly $2,400 -- 2,400 acres at an average price of nearly $4,100 per acre.
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.
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.
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.
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.
To this end, we closed on $30 million of negotiated bolt-on timber acquisitions across the U.S. South to start 2021.
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.

Summary:
In the first quarter, we generated adjusted EBITDA of $70 million and pro forma earnings per share of $0.08 per share.
Operating income was $29 million and net income attributable to Rayonier was $11 million, or $0.08 per share.
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.
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.