
	Three Months Ended June 30,		Six Months Ended June 30,
SALES	2021	2020	2021	2020
Southern Timber	$49,294	$46,767	$100,971	$99,749
Pacific Northwest Timber	35,323	26,171	76,844	57,245
New Zealand Timber	80,559	41,769	138,138	79,308
Timber Funds (a)	18,646	7,524	33,585	7,524
Real Estate (b)	74,531	50,009	85,035	168,573
Trading	34,546	24,320	51,212	43,304

Intersegment Eliminations (c)	(1,468)	(930)	(2,907)	(943)
Total	$291,431	$195,630	$482,878	$454,760

(a)The three and six months ended June 30, 2021 includes $14.7 million and $26.7 million, respectively, of sales attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $5.8 million of sales attributable to noncontrolling interests in Timber Funds.

(b)The three and six months ended June 30, 2021 includes $36.0 million from a Large Disposition. The six months ended June 30, 2020 includes $116.0 million from a Large Disposition. Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value.

(c)Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds which are initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.


	Three Months Ended June 30,		Six Months Ended June 30,
OPERATING INCOME (LOSS)	2021	2020	2021	2020
Southern Timber	$16,980	$11,208	$34,327	$26,278
Pacific Northwest Timber	1,872	(6,681)	3,222	(7,629)
New Zealand Timber	20,714	4,973	34,658	10,422
Timber Funds (a)	1,991	(1,892)	3,492	(1,892)
Real Estate (b)	50,511	24,848	52,199	51,622
Trading	418	102	662	83

Corporate and Other (c)	(8,042)	(20,872)	(15,631)	(28,646)
Total Operating Income	84,444	11,686	112,929	50,238
Unallocated interest expense and other	(14,144)	(8,241)	(24,175)	(16,666)
Total Income before Income Taxes	$70,300	$3,445	$88,754	$33,572

(a)The three and six months ended June 30, 2021 includes $1.6 million and $2.7 million, respectively, of operating income attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $2.0 million of operating loss attributable to noncontrolling interests in Timber Funds.

(b)The three and six months ended June 30, 2021 includes $30.3 million from a Large Disposition. The six months ended June 30, 2020 includes $28.7 million from a Large Disposition.

(c)The three and six months ended June 30, 2020 include $13.5 million and $16.0 million, respectively, of integration and restructuring costs related to the merger with Pope Resources. See Note 24 — Charges for Integration and Restructuring for additional details.


	Three Months Ended June 30,		Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2021	2020	2021	2020
Southern Timber	$13,576	$15,231	$27,935	$33,414
Pacific Northwest Timber	12,031	10,606	28,316	21,308
New Zealand Timber	6,952	4,942	14,201	9,716
Timber Funds (a)	6,121	4,070	11,621	4,070
Real Estate (b)	8,535	6,678	10,092	42,422


Corporate and Other	313	340	576	637
Total	$47,528	$41,867	$92,741	$111,567

(a)The three and six months ended June 30, 2021 include $5.1 million and $10.1 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $3.5 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds.

(b)The three and six months ended June 30, 2021 includes $4.8 million from a Large Disposition. The six months ended June 30, 2020 includes $35.4 million from a Large Disposition.


	Three Months Ended June 30,		Six Months Ended June 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2021	2020	2021	2020



Real Estate (a)	$5,254	$13,030	$7,067	$65,081


Total	$5,254	$13,030	$7,067	$65,081

(a) The three and six months ended June 30, 2021 includes $0.1 million from a Large Disposition. The six months ended June 30, 2020 includes $51.6 million from a Large Disposition.