They are also referenced on page 2 of our financial supplement.
We finished 2020 with encouraging momentum across all businesses, generating adjusted EBITDA of $75 million and pro forma earnings per share of $0.08 per share in the fourth quarter.
Adjusted EBITDA exceeded the prior year quarter by 15% with favorable results in the Pacific Northwest Timber, New Zealand Timber and Real Estate segments, more than offset a decline in adjusted EBITDA from the Southern Timber segment.
For the full year, we generated GAAP earnings per share of $0.27 per share and pro forma earnings per share of $0.25 per share.
Full year adjusted EBITDA of $267 million increased 8% versus the prior year.
In our Southern Timber segment, we achieved full year adjusted EBITDA of $109 million, which represents a decrease of 9% versus the prior year.
In our Pacific Northwest Timber segment, we generated full year adjusted EBITDA of $37 million.
In our New Zealand timber segment, full year adjusted EBITDA declined 27% to $55 million.
Lastly, our real estate segment, we generated full year adjusted EBITDA of $91 million, an increase of over 50% from the prior year result.
Let's start on page 5 with our financial highlights.
Sales for the quarter totaled $206 million while pro forma sales totaled $196 million.
Operating income was $22 million including $700,000 of costs related to the Pope merger.
Net income attributable to Rayonier was $10 million or $0.07 per share.
Excluding these costs and adjusting for the operating income attributable to the non-controlling interest in our Timber Fund segment, pro forma operating income was also $22 million.
Pro forma net income was $11 million or $0.08 per share.
Fourth quarter adjusted EBITDA of $75 million was above the prior year quarter primarily due to significantly higher results in our Real Estate and Pacific Northwest Timber segments, partially offset by a lower contribution from our Southern Timber segment.
On the bottom of page 5, we provide an overview of our capital resources and liquidity at year-end as well as the comparison to the prior year.
Our Cash Available for Distribution or CAD for the year was $162 million compared to $149 million in the prior year, primarily due to higher adjusted EBITDA and lower cash taxes, partially offset by higher capital expenditures and higher cash interest.
A reconciliation of CAD, the cash provided by operating activities and other GAAP measures is provided on page 8 of the financial supplement.
Consistent with our nimble approach to capital allocation, we raised over $30 million through our at-the-market or ATM equity offering program during the fourth quarter at an average price of $30.26 per share.
In sum, we closed the year with $81 million of cash and $1.3 billion of debt, both of which exclude cash and debt attributable to the Timber Fund segment, which is nonrecourse to Rayonier.
Our net debt of $1.2 billion represented 23% of our enterprise value based on our closing stock price at year-end.
Let's start on page 9 with our Southern Timber segment.
Adjusted EBITDA in the fourth quarter of $23 million was $5 million below the prior year quarter.
For the full year, harvest volumes totaled 6.2 million tons, an increase of 2% from 2019 and consistent with the high end of the revised guidance range we provided in August, however following notable year-over-year increases during both the second and third quarter, fourth quarter harvest volumes of 1.3 million tons or 15% below the prior-year quarter.
Specifically, average sawlog stumpage pricing was roughly $25 a ton, a 10% increase compared to the prior-year quarter.
Pulpwood pricing climbed 6% from the prior-year quarter, also reflecting a favorable mix shift toward our Atlantic coastal markets.
Fourth quarter non-timber income of $5 million was $2 million below the prior-year quarter.
Moving to our Pacific Northwest Timber segment on page 10, adjusted EBITDA of $40 million was $6 million above the prior-year quarter.
Fourth quarter harvest volume was 5% below the prior-year quarter.
For the full year, harvest volumes in the Pacific Northwest totaled 1.6 million tons.
A 32% increase from 2019 was largely driven by the partial year contribution from the Pope Resources acquisition and was in line with the revised guidance range we provided in August.
At $96 per ton, our average delivered sawlog price during the fourth quarter was at its highest level since 2018 and up 23% from the prior year quarter.
Meanwhile, pulpwood pricing fell 14% in the fourth quarter relative to the prior year quarter as sawlog residuals remained plentiful amid increased lumber production and soft chip export demand.
Importantly, none of our fee timber properties were directly impacted by the fires although roughly 10,000 acres of timber farm properties sustained some fire damage.
Page 11 shows results in key offering metrics for our New Zealand Timber segment.
Adjusted EBITDA in the fourth quarter of $17 million was slightly above the $16 million that was reported a year ago.
Fourth quarter harvest volume of 702,000 tons was up 2% compared to the prior year quarter.
For the full year, we were pleased to see harvest volumes in New Zealand total approximately 2.5 million tons, consistent with the high end of the revised guidance range we provided in August.
Turning to pricing, average delivered prices for export sawtimber increased 2% in the prior quarter to $105 per ton, largely reflecting improved China demand.
For context, prior to the ban, Australia was exporting approximately 400,000 cubic meters of softwood logs a month to China or roughly 10% of the total volume imported by China.
Shifting to the market -- the domestic market in New Zealand, average delivered prices for domestic sawtimber increased 6% from the prior year period to $74 per ton.
Average domestic pulpwood pricing slipped 2% as compared to the prior year quarter.
Highlighted on page 12, the Timber Funds segment generated consolidated EBITDA of $5 million in the fourth quarter on harvest volumes of 115,000 tons.
Adjusted EBITDA, which reflects the look-through contribution from Timber Funds was $900,000.
As detailed on page 13, our Real Estate team capitalized on growing demand for rural land as well as finished lots and commercial parcels within our development projects.
In the fourth quarter, sales totaled $32 million or roughly 12,500 acres sold at an average price of over $2,400 per acre.
Real Estate adjusted EBITDA was $26 million in the fourth quarter, marking our second strongest quarter since 2018.
Sales in the improved development category totaled $6.7 million.
Specifically, we sold the Parcel and the Belfast Commerce Park Development Project, south of Savannah, Georgia, for $4.6 million.
In our Wildlight Development Project north of Jacksonville, Florida, we sold 25 five residential lots for $1.6 million or $64,000 per lot.
In addition, we sold a small development property in Washington State from the Pope Real Estate portfolio for roughly $500,000.
In the rural category, fourth quarter sales totaled $14 million or roughly 3,600 acres sold at an average price of $3,900 per acre.
Interest in rural recreation and residential lots in the 5 to 40 acre size range continues to build as households are planning for more permanent work-from-home arrangements and desire to leave crowded urban and suburban areas.
Timberland and non-strategic sales of $9.6 million comprise just over 8,700 acres in total.
Meanwhile in Richmond Hill, the new I-95 interchange embedded within our landholdings recently opened.
For full year 2021, we expect total adjusted EBITDA of $285 million to $315 million, net income attributable to Rayonier of $44 million to $56 million, an earnings per share of $0.32 to $0.41.
In our Southern Timber segment, we expect to achieve full year harvest volumes of 6.2 million tons to 6.4 million tons.
In sum, we expect that Southern Timber will contribute 2021 adjusted EBITDA of $114 million to $120 million.
In our Pacific Northwest Timber segment, we expect to achieve full year harvest volumes of 1.7 million tons to 1.8 million tons as we realize a full year contribution from the Pope Resources acquisition.
Overall, we expect 2021 adjusted EBITDA in the Pacific Northwest Timber segment of $50 million to $55 million.
In our New Zealand Timber segment, we expect to achieve harvest volumes of 2.6 million tons to 2.8 million tons up modestly year-over-year following the operational disruptions imposed by the pandemic in 2020.
Overall, we expect 2021 adjusted EBITDA in the New Zealand Timber segment of $71 million to $75 million.
As such, we expect that our Real Estate segment will contribute adjusted EBITDA of $70 million to $85 million in 2021.
While dedicating significant resources to ensure Pope's successful integration, we also executed on some smaller acquisitions throughout the year totaling roughly $25 million.
In addition, we executed a large disposition of 67,000 acres in Mississippi for $116 million.

Summary:
We finished 2020 with encouraging momentum across all businesses, generating adjusted EBITDA of $75 million and pro forma earnings per share of $0.08 per share in the fourth quarter.
Net income attributable to Rayonier was $10 million or $0.07 per share.
Pro forma net income was $11 million or $0.08 per share.
For full year 2021, we expect total adjusted EBITDA of $285 million to $315 million, net income attributable to Rayonier of $44 million to $56 million, an earnings per share of $0.32 to $0.41.