They are also referenced on Page 2 of our financial supplement.
Specifically, we generated adjusted EBITDA of $95 million and pro forma earnings per share of $0.22 per share.
Adjusted EBITDA exceeded the prior-year quarter by 21%, as favorable results in each of our timber segments more than offset lower adjusted EBITDA in the real estate segment.
Drilling down to our different operating segments, our Southern Timber segment generated adjusted EBITDA of $31 million for the quarter, which was 16% above the prior year second quarter.
Net stumpage prices increased 14% which more than offset a 4% reduction in harvest volumes as weather conditions impacted productions across the South.
In our Pacific Northwest Timber segment, we achieved adjusted EBITDA of $14 million, an improvement of $10 million versus the prior year quarter.
This sharp increase in adjusted EBITDA was driven by a 30% increase in delivered saw timber prices stemming from favorable domestic lumber markets and increased log export demand as well as higher volumes following the merger with Pope Resources.
Second quarter adjusted EBITDA nearly triple to $28 million.
The year-over-year increase in adjusted EBITDA was due to both significantly higher harvest volumes as the second quarter of 2020 was severely impacted by COVID 19 related headwinds and weighted average log prices and increased 51% as a result of robust export and domestic log demand.
In our Real Estate segment, we generated adjusted EBITDA of $29 million, down from $45 million in an exceptionally strong period last year.
The decline versus the prior year quarter was driven by a 61% reduction in acres sold, partially offset by significantly higher per acre prices.
The aggregate purchase price was $35.9 million and the transaction will be reflected in our third quarter financial results.
Following this transaction, we continue to manage, as well as own 20% co-investment stake in one Timber Fund comprising 31,000 acres in the Pacific Northwest.
Let's start on Page 5 with our financial highlights.
Sales for the quarter totaled $291 million, while operating income was $84 million and net income attributable to Rayonier was $57 million or $0.41 per share.
On a pro forma basis, net income was $31 million or $0.22 per share.
As Dave touched on second quarter adjusted EBITDA of $95 million was above the prior year period as higher results across all of our timber segments more than offset a lower contribution from our Real Estate segment.
On the bottom of Page 5, we provide an overview of our capital resources and liquidity at quarter-end as well as a comparison to year-end, our cash available for distribution or CAD for the first half of the year was $111 million versus $80 million in the prior-year period, primarily due to higher adjusted EBITDA, partially offset by higher cash taxes, interest expense and capital expenditures.
A reconciliation of CAD to 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 $81 million through our at-the-market equity offering program during the second quarter an average price of $36.79 per share.
Specifically in May, we issued $450 million or 2.75% senior notes due 2031.
We executed a credit agreement for a delayed-draw term loan for up to $200 million, which if utilized would mature in 2029.
A portion of the proceeds from the May debt offering were used to completely repay a $250 million term loan that was due in 2025.
Additionally, given our strong cash position, following the large disposition completed during the quarter we prepaid $100 million of the term loan that matures in 2026 reducing the outstanding balance to $200 million.
In conjunction with these actions, we recorded a $2.2 million loss associated with the termination of an interest rate swap as well as cost of $1.1 million related to debt extinguishments and modifications.
Collectively, these items translated the $0.02 per share, a pro forma adjustments in the quarter.
Pro forma for the repayment of our 2022 bond maturity, we expect that our weighted average cost of debt will drop below 3% and our weighted average maturity will extend to roughly seven years.
In sum, we closed the quarter with $310 million of cash and $1.4 billion of debt, both of which exclude cash and debt attributable to the Timber Funds segment which is non-recourse to Rayonier.
Our net debt of $1.1 billion represented 17% of our enterprise value based on our closing stock price at the end of the second quarter.
Let's start on Page 9 with our Southern Timber segment.
Adjusted EBITDA in the second quarter of $31 million was $4 million above the prior year quarter.
The 4% decline in volume during the second quarter was largely due to wet weather resulting in lost production days.
Specifically, average sawlog stumpage pricing was roughly $28 per ton, a 10% increase compared to the prior year quarter.
Pulpwood pricing climbed 14% from the prior year quarter, reflecting robust customer demand, coupled with tighter supply due to wet weather conditions.
Overall weighted average pine stumpage prices increased 14% versus the prior year quarter due to higher sawtimber and pulpwood prices as well as a more favorable mix of sawtimber.
Moving to our Pacific Northwest Timber segment on Page 10.
Adjusted EBITDA of $14 million was $10 million above the prior year quarter.
Second quarter harvest volume was 4% above the prior year quarter due to additional volume from last year's merger with Pope Resources.
At $98 per ton, our average delivered sawlog price during the second quarter was up 30% from the prior year quarter.
In part due to the pricing support created by stronger export market demand meanwhile pulpwood pricing fell 21% in the second quarter relative to prior year quarter.
As a reminder, none of our fee timber properties were impacted by last year's fires, either on the roughly 10,000 acres of timber fund properties sustained fired image.
Page 11 shows results and key operating metrics for our New Zealand Timber segment.
Adjusted EBITDA in the second quarter of $28 million was nearly triple the $10 million that we reported in the prior year quarter.
Turning to pricing, average delivered prices for export sawtimber jumped 50% in the second quarter from the prior year period to $148 per tonne, reflecting improved China demand the ban on a strain log exports in China and the reduced flow of European Spruce salvage logs into China.
As we've previously noted, prior to the ban Australia was applying approximately 10% of the total volume imported by China.
Shifting to the New Zealand domestic market average delivered sawlog prices increased 27% in the prior year period to $85 per ton.
The increase in US dollar pricing was driven primarily by foreign exchange rates and New Zealand domestic pricing improved by more modest 9% in the second quarter versus the prior year quarter.
Average domestic pulpwood pricing declined 35% as compared to the prior year quarter.
Highlight on Page 12 Timber Funds segment generated consolidated EBITDA of $8 million in the second quarter on harvest volume of 185,000 tons.
Adjusted EBITDA, which reflects the look through contribution from the Timber Funds was $1 million.
Lastly, in our Trading segment we reported $400,000 of adjusted EBITDA in the second quarter.
As detailed on Page 13, our Real Estate segment delivered strong results in the second quarter, second quarter real estate sales totaled $75 million on roughly 17,000 acres sold, which included a large disposition in Washington consisting of roughly 8500 acres.
Excluding this transaction, second quarter sales totaled $39 million on roughly 8,000 acres sold at an average price of $4900 per acre.
Adjusted EBITDA for the quarter was $29 million.
Sales in the Improved Development category totaled a record high $19 million in the second quarter as we closed significant transactions within both our Wildlight and Belfast Commerce Park development projects.
In our Wildlight development project north of Jacksonville, Florida sales included a $9.1 million sale of 130 acres to a national homebuilder for the first phase of an active adult community.
Due to post closing obligations roughly $5 million of revenue from this transaction was deferred and will be recognized in future periods.
In addition, we closed on 36 residential lots in our Wildlight project for $2.3 million or $65 per lot.
Meanwhile, in our Belfast Commerce Park development project south of Savannah, Georgia, we sold 153 acre parcel to a national developer of industrial properties for $7.9 million or $51,000 per acre.
In the rural category sales totaled roughly 7700 acres at an average price of just over $2600 per acre, a nearly 100-acre sale in Georgia to the Conservation Fund comprise the bulk of our second quarter activity.
We also closed on a conservation easement sale covering 18 acres in Washington for $4 million in the second quarter.
Lastly, if we closed on a large disposition in Western Washington during the quarter for $6 million roughly $100 per acre.
Based on our solid first half results and our expectations for the balance of the year, we are raising our full-year adjusted EBITDA guidance to range of $300 million to $320 million, which reflects a 3% increase at the midpoint from our original guidance.
In our Southern Timber segment, we now expect full year harvest volumes of $5.9 million to $6.1 million tons as production has been constrained by regional weather conditions and trucking availability.
Overall, we expect full-year adjusted EBITDA of $118 to $122 million and our Southern Timber segment a modest increase from prior guidance.
In our Pacific Northwest Timber segment we are maintaining our full year volume guidance of $1.7 million to $1.8 million tons, along with our full-year adjusted EBITDA guidance of $50 million to $55 million.
In our New Zealand Timber segment, we are maintaining our full year volume guidance of $2.6 million to $2.8 million tons.
Given the robust start to 2021, we now expect full-year adjusted EBITDA of $78 million to $82 million.
In our Real Estate segment, we now expect full-year adjusted EBITDA of $78 million to $86 million.
As I reflect on the last 18 months.
We opportunistically recycled capital out of a non-strategic timberland holding in Washington State while also closing on a total of $22 million of bolt-on acquisitions.

Summary:
Specifically, we generated adjusted EBITDA of $95 million and pro forma earnings per share of $0.22 per share.
Sales for the quarter totaled $291 million, while operating income was $84 million and net income attributable to Rayonier was $57 million or $0.41 per share.
On a pro forma basis, net income was $31 million or $0.22 per share.
At $98 per ton, our average delivered sawlog price during the second quarter was up 30% from the prior year quarter.
Based on our solid first half results and our expectations for the balance of the year, we are raising our full-year adjusted EBITDA guidance to range of $300 million to $320 million, which reflects a 3% increase at the midpoint from our original guidance.