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Real Estate

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We Expect to Sell Approximately One Percent of Our Rural Acres at a Premium to Timberland Value Each Year

Rural Real Estate

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We Create Signiﬁcant Conservation Outcomes Through Rural Land Transactions

Boundary Waters – “Plan B”

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We Create Signiﬁcant Conservation Outcomes Through Rural Land Transactions

Mississippi River Northwoods

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Interest in Solar Opportunities on Our Timberlands Has Increased

Land Sales for Solar

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1 | EBITDDA is a non-GAAP measure; reconciliation to GAAP and definition can be found in the financial performance and appendix sections.

We Also Develop and Sell Building Lots in a Highly Desirable 4,800 Acre Master-Planned Community

Chenal Master-Planned Community Little Rock, Arkansas

1 | As of December 31, 2022.

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