Farmland Partners Inc (FPI) 2024 Q3 法說會逐字稿

Thank you for standing by and welcome to the Farmland Partners Incorporated third quarter, 2024 earnings conference call. (Operator Instructions) Thank you. I would now like to turn the call over to Luca Fabbri, President and CEO. Please go ahead.

感謝您的耐心等待並歡迎參加 Farmland Partners Incorporated 2024 年第三季財報電話會議。（操作員說明）謝謝。我現在想將電話轉給總裁兼執行長 Luca Fabbri。請繼續。

Thank you, Rochelle. Good morning, and welcome to Farmland Partners third quarter 2024 earnings conference call and webcast. We truly appreciate you taking the time to join us for these calls because we see them as a very important opportunity to share with you our thinking and our strategy in a format less formal and more interactive than public filings and press releases.

謝謝你，羅謝爾。早安，歡迎參加 Farmland Partners 2024 年第三季財報電話會議和網路廣播。我們非常感謝您抽出時間參加這些電話會議，因為我們認為這是一個非常重要的機會，可以透過比公開文件和新聞稿更不正式、更具互動性的形式與您分享我們的想法和策略。

I will now turn over the call to our General Counsel, Christine Garrison, for some customary preliminary remarks. Christine?

現在，我將把電話轉給我們的總法律顧問克里斯汀·加里森 (Christine Garrison)，按照慣例進行一些初步評論。克里斯汀？

Thank you, Luca, and thank you to everyone on the call. The press release announcing our third quarter earnings was distributed after market close yesterday. The supplemental package has been posted to the Investor Relations section of our website under the sub-header Events and Presentations. For those who listen to the recording of this presentation, we remind you that the remarks made herein are as of today, October 31, 2024, and will not be updated subsequent to this call.

謝謝你，盧卡，也謝謝參加電話會議的所有人。宣布我們第三季收益的新聞稿是在昨天收盤後發布的。補充包已發佈到我們網站的投資者關係部分的子標題“活動和演示”下。對於那些收聽本次演講錄音的人，我們提醒您，本文中的言論截至今天，即 2024 年 10 月 31 日，並且不會在本次電話會議後更新。

During this call, we will make forward-looking statements, including statements related to the future performance of our portfolio, our identified and potential acquisitions and dispositions, impact of acquisitions, dispositions and financing activities, business development opportunities as well as comments on our outlook for our business rents and the broader agricultural markets.

在本次電話會議中，我們將做出前瞻性聲明，包括與我們投資組合的未來業績、我們已確定的和潛在的收購和處置、收購、處置和融資活動的影響、業務發展機會以及對我們的前景的評論相關的聲明我們的商業租金和更廣泛的農業市場。

We will also discuss certain non-GAAP financial measures, including net operating income, FFO, adjusted FFO, EBITDAre and adjusted EBITDAre.

我們也將討論某些非 GAAP 財務指標，包括淨營業收入、FFO、調整後的 FFO、EBITDAre 和調整後的 EBITDAre。

Definitions of these non-GAAP measures as well as reconciliations to the most comparable GAAP measures are included in the company's press release announcing third quarter 2024 earnings, which is available on our website, farmlandpartners.com and is furnished as an exhibit to our current report on Form 8-K dated October 30, 2024.

這些非GAAP 衡量標準的定義以及與最具可比性GAAP 衡量標準的對帳均包含在本公司宣布2024 年第三季收益的新聞稿中，該新聞稿可在我們的網站farmlandpartners.com 上查看，並作為我們目前報告的附件提供。

Listeners are cautioned that these statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations, and we advise listeners to review the risk factors discussed in our press release distributed yesterday and in documents we have filed with or furnished to the SEC.

請聽眾注意，這些陳述存在一定的風險和不確定性，其中許多風險和不確定性難以預測，通常超出我們的控制範圍。這些風險和不確定性可能導致實際結果與我們目前的預期有重大差異，我們建議聽眾查看我們昨天發布的新聞稿以及我們向 SEC 提交或提供的文件中討論的風險因素。

I would now like to turn the call to our Executive Chairman, Paul Pittman. Paul?

我現在想把電話轉給我們的執行主席保羅·皮特曼。保羅？

Thanks, Christine. Series of comments here about both operations and asset sales and the future prospects of the company. The sort of headline is that this was an incredibly strong quarter on many different levels. It was strong operationally. It was also quite strong in terms of asset sales, although those asset sales while worked on in most of the third quarter didn't actually close until early the fourth quarter. But when you step back and think about this company, there are two really important themes that we have emphasized over and over.

謝謝，克里斯汀。這裡有一系列關於營運和資產銷售以及公司未來前景的評論。標題是，這個季度在許多不同層面上都表現得異常強勁。操作性很強。在資產銷售方面也相當強勁，儘管這些資產銷售雖然在第三季的大部分時間裡進行，但直到第四季初才真正結束。但當你退一步思考這家公司時，我們一再強調了兩個非常重要的主題。

One is that the appreciation of the asset class, meaning the underlying farmland is a very big part of the total return to an investor in farmland. We've said that now for probably a decade. I'm not sure the market overall grasps it, frankly, but we've certainly said it, and we've now proven it. We will have sold in the last 24 months over $500 million of farmland at very, very significant gains to our shareholders. That is really what happens with this asset class. That's why you do it. That long-term appreciation is incredibly powerful.

一是資產類別的升值，這意味著基礎農地佔農地投資者總回報的很大一部分。我們這樣說可能已經有十年了。坦白說，我不確定市場是否總體上理解了這一點，但我們確實已經說過了，而且現在已經證明了這一點。我們將在過去 24 個月內出售超過 5 億美元的農田，為股東帶來非常非常可觀的收益。這正是該資產類別所發生的情況。這就是你這樣做的原因。這種長期升值的力量非常強大。

The current yield, as we all know, is modest, but it's decent as well. And you think about the company, we will have in an approximately 12-month period of time, distributed $1.45 to our shareholders. That's a huge return on a $10 or $11 stock price. I don't think the market gives us credit for that. We continue to be seriously undervalued as a company.

眾所周知，目前的收益率雖然不大，但也不錯。你想想公司，我們將在大約 12 個月的時間內向股東分配 1.45 美元。對於 10 美元或 11 美元的股價來說，這是一個巨大的回報。我不認為市場對此給予我們信任。作為一家公司，我們的價值仍然被嚴重低估。

But what we have said is that we are going to get the value in our underlying portfolio to our shareholders either by seeing the stock price increase or by fundamentally returning capital to shareholders by stock buybacks and distributions. So we're true to that sort of course of action, and we intend to stick with it.

但我們所說的是，我們將透過股票價格上漲或透過股票回購和分配從根本上將資本返還給股東，為股東帶來基礎投資組合的價值。因此，我們忠於這種行動方針，並且打算堅持下去。

A couple of other significant things that have occurred. We have cut the debt load of the company by almost half. I have never been very concerned about leverage levels in our asset in the way we run our asset class. We've always stayed right around 40%. There are many investors, though, who frankly have shared with us their concerns that they will see less leverage. At this point, we are less levered than we have ever been as a company since we went public. And hopefully, the market will reward us for that.

還發生了其他一些重要的事情。我們已將公司的債務負擔削減了近一半。在我們經營資產類別的方式中，我從來沒有非常在意我們資產的槓桿程度。我們始終保持在 40% 左右。不過，有許多投資者坦率地與我們分享了他們對槓桿率下降的擔憂。目前，我們的槓桿率比公司上市以來的任何時候都要低。希望市場會因此獎勵我們。

When you think about the value of the underlying portfolio, in most of these phone calls, I'm pretty clear about what I think it is. I think we're valued based on our internal valuations of our assets somewhere in the $16 to $17 per share range. We get to that number by doing an internal valuation of each individual asset that we update from time to time. Of the assets that we have now sold, as I said, about $500 million of assets in the last two years, we have sold those assets slightly above our internal valuation metrics on average, but not meaningfully above, call it, 5% or so.

當你思考基礎投資組合的價值時，在大多數電話中，我很清楚我的想法是什麼。我認為我們的估值是基於我們資產的內部估值，在每股 16 美元到 17 美元的範圍內。我們透過對每項資產進行內部評估（不時更新）來得出這個數字。正如我所說，在我們現在出售的資產中，過去兩年中大約有5 億美元的資產，我們出售的這些資產平均略高於我們的內部估值指標，但沒有明顯高於，稱之為5% 左右。

But what that does is that gives me incredible confidence in how accurate our internal valuations are. You never really know what a real estate asset is worth until you sell it. But we are making sales that more or less are equal to or just, as I said, a little bit above what our internal valuations on average say. There is one section of our portfolio where I have less confidence in the actual valuation. A few investors have asked this question, and that's our California specialty crop assets.

但這讓我對我們內部估值的準確性充滿了難以置信的信心。在出售房地產資產之前，您永遠不會真正知道它的價值。但正如我所說，我們的銷售額或多或少等於或略高於我們內部的平均估值。我對我們投資組合的一部分的實際估值不太有信心。一些投資者問過這個問題，這就是我們加州的特種作物資產。

Determining value of specialty crop assets is way more difficult than determining value of row crop farms for the following reasons. The tree health and tree age is a whole another sort of vector of value that you have to think about as well as long-term water outlook, worldwide demand for those crops, so on and so forth. So it's a much more challenging valuation exercise because a big percentage of your asset base is not raw land. But even if we are mispricing our California assets and our internal work by $50 million to pick a number. This is a stock that still should be worth $15 to $16 a share. So in any way you look at it, I continue to believe we are trading at a deep, deep discount to underlying value.

由於以下原因，確定特種作物資產的價值比確定中耕作物農場的價值要困難得多。樹木的健康狀況和樹齡是您必須考慮的另一種價值載體，以及長期的水前景、全球對這些作物的需求等等。因此，這是一項更具挑戰性的估值工作，因為資產基礎的很大一部分不是原始土地。但即使我們在選擇一個數字時將加州資產和內部工作的定價錯誤了 5000 萬美元。這隻股票的每股價格仍應為 15 至 16 美元。因此，無論從哪個角度來看，我仍然相信我們的交易價格比基本價值有很大的折扣。

One of the comments I read on the Internet suggested that we should change our name from Farmland Partners to just Partners because we don't own any land anymore. It's a kind of what I call keyboard courage snarky comment from some random person. It's ridiculous. We own $1 billion of farmland more or less still today. We are the second largest landowner in what I believe is the most important ag state in the country, and that's Illinois. We are still a very large landowner.

我在網路上讀到的一則評論建議我們應該將我們的名字從 Farmland Partners 更改為 Partners，因為我們不再擁有任何土地。這是一種我稱之為「鍵盤勇氣」的尖酸刻薄的評論，來自某個隨機的人。這太荒謬了。時至今日，我們仍然或多或少擁有價值 10 億美元的農地。我們是第二大土地所有者，我認為這是美國最重要的農業州，那就是伊利諾州。我們仍然是一個非常大的土地所有者。

We are still very much in business. That's not to undermine the point I made, we are going to get that value gap closed one way or the other. But the idea that we're a tiny company and irrelevant is just not true. We're still one of the larger holders of ag land in the United States and certainly, among public market choices, one of the larger holders as well.

我們仍然在做生意。這並不是要破壞我提出的觀點，我們將以某種方式縮小價值差距。但認為我們是一家小公司且無關緊要的想法是不正確的。我們仍然是美國最大的農業土地持有者之一，當然，在公共市場選擇中，我們也是最大的農業土地持有者之一。

I think the only other comment I want to make about the remaining portfolio is that Illinois has always been our most important state in terms of total acres owned and dollars. We think that is the place where appreciation in the portfolio is stronger than anywhere else in the country. And we haven't really even tapped into ever selling those assets. Someday, we will sell them if we need to, to close this valuation gap. But what we think we are doing is gradually concentrating to a portfolio that is of the very, very best quality in terms of land, in terms of appreciation value, in terms of tenant base, and we'll continue to do that as time goes by.

我想我想對剩餘的投資組合做出的唯一評論是，就擁有的總面積和美元而言，伊利諾伊州一直是我們最重要的州。我們認為，這是投資組合升值幅度比該國其他任何地方都更強的地方。我們甚至還沒有真正考慮過出售這些資產。有一天，如果需要的話，我們會出售它們，以縮小這一估值差距。但我們認為我們正在做的事情是逐漸專注於在土地、增值價值和租戶基礎方面都具有非常非常優質的投資組合，隨著時間的推移，我們將繼續這樣做。

I'll be back for the Q&A session. But with that, I'm going to turn it over to you, Luca.

我會回來參加問答環節。但這樣一來，我就把它交給你了，盧卡。

Thank you, Paul. I just would like to kind of quickly reemphasize a couple of the points that Paul made. This was a very, very strong quarter operationally, a strength that we've built over the last (technical difficulty) into the cost control measures that we put in place and with portfolio restructuring that we put in place with the transactions that we've done, and the transactions that we've announced after the quarter close really enabled us to significantly further improve the P&L by reducing leverage very, very materially and therefore, kind of putting our balance sheet in a very, very strong position.

謝謝你，保羅。我只是想快速地再次強調保羅提出的幾點。這是一個營運上非常非常強勁的季度，我們在過去（技術難度）中將這一優勢融入到我們實施的成本控制措施以及我們透過交易實施的投資組合重組中。宣布的交易確實使我們能夠透過非常非常實質地降低槓桿比率來顯著進一步改善損益，因此，這使我們的資產負債表處於非常非常有利的位置。

I just want to spend a little bit of time quickly on the special dividend that we announced. We announced a range of $1 to $1.10. There are really two drivers behind the special dividend. One is, frankly, a tax requirement as a REIT that we have to distribute the gains that we have accumulated over the year. But it's also a very, very strong business signal that we want to send to our shareholders that the gains that we have talked about as being kind of incorporated in our portfolio are very, very real, and we want to give our shareholders a very, very tangible measure of these gains by issuing this special dividend.

我只想快速花一點時間討論我們宣布的特別股息。我們宣布價格範圍為 1 美元至 1.10 美元。特別股息背後實際上有兩個驅動因素。坦白說，一個是作為房地產投資信託基金的稅收要求，我們必須分配我們一年來累積的收益。但這也是一個非常非常強烈的商業訊號，我們希望向我們的股東發出這樣的訊號：我們所說的納入我們投資組合的收益是非常非常真實的，我們希望給我們的股東一個非常非常的回報。

The exact amount of the special dividend is still a little bit in flux. That's why we gave a range, substantially hinged upon the actual performance of the company and the net income in the fourth quarter. In terms of timing, last year, we announced the special dividend. We declared it in mid-December with a record date of late December and a payment in the first half of January. We expect this year to fall in the same kind of timing pattern.

特別股息的確切金額仍然存在一些變化。這就是為什麼我們給出了一個範圍，很大程度上取決於公司的實際業績和第四季度的淨利潤。從時間上來說，去年我們宣布了特別股息。我們是12月中旬申報的，備案日期是12月底，付款是1月上半月。我們預計今年也會出現同樣的時間模式。

Having said that, I will turn the call over to Susan for her overview of the company's financial performance. Susan?

話雖如此，我會將電話轉給蘇珊，讓她概述公司的財務表現。蘇珊？

Thank you, Luca. I'm going to cover a few items today, including the summary of the three and nine months ended September 30, 2024, a review of capital structure and interest rates, comparison of year-to-date revenue, and updated guidance for 2024. I'll be referring to the supplemental package, which is available in the Investor Relations section of our website under the sub-header Events and Presentations.

謝謝你，盧卡。今天我將介紹一些內容，包括截至 2024 年 9 月 30 日的三個月和九個月的摘要、資本結構和利率的審查、年初至今收入的比較以及 2024 年的更新指導。我將指的是補充包，該包可在我們網站的投資者關係部分的子標題「活動和演示」下找到。

First, I will share a few metrics that appear on Page 2. For the three months ended September 30, 2024, net income was $1.8 million or $0.02 per share available to common stockholders, which was lower than the same period for 2023, largely due to the impacts of dispositions that occurred in 2023. AFFO was $1.4 million or $0.03 per weighted average share, which was higher than the same period for 2023. AFFO was positively impacted by lower property taxes, and depreciation due to fewer properties, lower interest expense, and increased volume and profitability of crop sales on our directly operated properties.

首先，我將分享第 2 頁上出現的一些指標。截至 2024 年 9 月 30 日的三個月，普通股股東可獲得的淨利潤為 180 萬美元，即每股 0.02 美元，低於 2023 年同期，這主要是由於 2023 年發生的處置的影響。AFFO 為 140 萬美元，即每股加權平均 0.03 美元，高於 2023 年同期。AFFO 受到較低的財產稅、由於財產減少而導致的折舊、利息費用降低以及我們直接經營的財產作物銷售量和盈利能力增加的積極影響。

For the nine months ended September 30, 2024, net income was $1.2 million or negative $0.02 per share available to common stockholders, which was lower than the same period for 2023, largely due to the impacts of dispositions that occurred in 2023.

截至 2024 年 9 月 30 日的九個月，普通股股東可獲得的淨利潤為 120 萬美元，即每股負 0.02 美元，低於 2023 年同期，這主要是由於 2023 年發生的處置的影響。

AFFO was $4.7 million or $0.10 per weighted average share, which was higher than the same period for 2023. AFFO was positively impacted by $1.2 million of income from forfeited deposits from the first quarter, lower property taxes and depreciation due to fewer properties, lower interest expense and increased volume and profitability of crop sales on our directly operated properties.

AFFO 為 470 萬美元，即每股加權平均 0.10 美元，高於 2023 年同期。AFFO 受到第一季沒收押金收入 120 萬美元、財產稅和折舊下降（由於財產減少）、利息費用降低以及我們直接經營的財產作物銷售量和盈利能力增加的積極影響。

Next, I'm going to review some operating expenses and other items that are located on Page 5. Property operating expenses were lower for the three and nine months ended for September 30, 2024, caused by lower tax expenses, insurance and repairs.

接下來，我將回顧第 5 頁上的一些營運費用和其他項目。截至 2024 年 9 月 30 日的三個月和九個月，由於稅務費用、保險和維修費用減少，物業營運費用較低。

Depreciation, depletion and amortization was lower for the three and nine months ended for 2024 caused by asset dispositions in 2023 and more assets becoming fully depreciated, which was partially offset by depreciable assets being placed into service. G&A expenses increased for the nine months ended September 30, 2024, compared to the prior year due to a onetime severance expense of $1.4 million, which was recognized in Q2. This is partially offset by lower compensation and travel expense.

由於 2023 年的資產處置以及更多資產完全折舊，2024 年截至 3 個月和 9 個月的折舊、消耗和攤銷較低，部分被投入使用的可折舊資產所抵銷。截至 2024 年 9 月 30 日的九個月，一般管理費用較前一年有所增加，原因是在第二季確認了 140 萬美元的一次性遣散費。這被較低的薪資和差旅費用部分抵消。

General and administrative expenses decreased for the three months ended September 30, 2024, as a result of the company's ongoing cost reductions and is primarily related to lower compensation and travel expenses. Impairment of assets was also lower for the three and nine months ended September 30, 2024, from the prior year due to a held-for-sale asset in 2023 that was written down to its estimated fair value less cost to sell.

截至 2024 年 9 月 30 日的三個月，一般和管理費用有所下降，原因是公司持續削減成本，主要與薪資和差旅費用減少有關。截至 2024 年 9 月 30 日的三個月和九個月，資產減損也較上年下降，原因是 2023 年持有待售資產減記至其估計公允價值減去出售成本。

Gain on disposition of assets was lower for the three and nine months ended in 2024 as no farms were sold during the nine months ended in the current year. Only small fixed asset dispositions on a few properties were recorded. Note that $2.1 million of the gain recognized in the current quarter relates to the recognition of a deferred gain from a disposition that occurred in December of 2023. Interest expense decreased for the three and nine months ended September 30, 2024, due to lower outstanding debt, partially offset by higher interest rates.

截至 2024 年的三個月和九個月，資產處置收益較低，因為截至本年度的九個月內沒有出售農場。僅記錄了少數房產的小額固定資產處置。請注意，本季確認的收益中的 210 萬美元與確認 2023 年 12 月發生的處置的遞延收益有關。截至 2024 年 9 月 30 日的三個月和九個月，利息支出有所下降，原因是未償債務減少，但部分被利率上升所抵銷。

Next, moving on to Page 12. There are a few capital structure items that I would like to point out. As of September 30, 2024, floating rate debt, net of the swap as a percent of total debt was approximately 20%. As of the date of this call, approximately $100 million of floating rate debt and approximately $89 million of fixed rate debt has been repaid. Additionally, the swap reduces our exposure of floating rate debt to zero. We had undrawn capacity on the lines of credit of approximately $132 million at the end of the third quarter of 2024. And as of today, our availability is at the full capacity of approximately $169 million. Our weighted average cost of debt decreased from 5.34% at the end of Q3 2024 to 5.05% after repayment.

接下來，轉到第 12 頁。我想指出一些資本結構項目。截至 2024 年 9 月 30 日，扣除掉期費用的浮動利率債務佔總債務的百分比約為 20%。截至本次電話會議之日，約 1 億美元的浮動利率債務和約 8,900 萬美元的固定利率債務已得到償還。此外，互換將我們的浮動利率債務風險降至零。截至 2024 年第三季末，我們的未動用信貸額度約為 1.32 億美元。截至今天，我們的可用容量已達到約 1.69 億美元。我們的加權平均債務成本從 2024 年第三季末的 5.34% 下降至償還後的 5.05%。

As of September 30, 2024, we have two MetLife loans with rate resets in the fourth quarter on debt totaling approximately $27 million. MetLife's term loan 11 repriced effective October 1 to 5.35%. MetLife #12 was set to reprice in December. Both of these loans were subsequently repaid in full.

截至 2024 年 9 月 30 日，我們有兩筆大都會人壽貸款在第四季度進行了利率重置，債務總額約為 2,700 萬美元。大都會人壽的定期貸款 11 自 10 月 1 日起重新定價至 5.35%。MetLife #12 定於 12 月重新定價。這兩筆貸款隨後均已全額償還。

Page 14 breaks down the different revenue categories with comments at the bottom to describe the differences between periods. A few points that I'd like to highlight are, as expected, fixed farm rent did decrease by approximately 3.5%. This is primarily due to dispositions in 2023. The decreases in fixed farm rent were partially offset by 2024 acquisitions and higher rents from lease renewals.

第 14 頁對不同的收入類別進行了細分，並在底部添加了註釋來描述不同時期之間的差異。我想強調的幾點是，正如預期的那樣，固定農場租金確實下降了約 3.5%。這主要是由於 2023 年的處置所致。固定農場租金的下降被 2024 年收購和續租帶來的更高租金部分抵消。

Direct operations is the combination of crop sales plus crop insurance less cost of goods sold. It was up by $1.6 million over the prior year due to a larger volume and profitability of crop sales and lower impairment expense.

直接經營是農作物銷售加上農作物保險減去銷售成本的組合。由於農作物銷售量和盈利能力的提高以及減損費用的降低，該金額比去年增加了 160 萬美元。

Page 15 is our outlook for 2024. The assumptions we used are listed at the bottom. We had three acquisitions in Q1 of 2024 and two dispositions of 52 properties in October for $308 million in aggregate consideration, of which $189 million was used to reduce debt. No other transactions are included in the projections.

第 15 頁是我們對 2024 年的展望。我們使用的假設列在底部。我們在 2024 年第一季進行了三項收購，並在 10 月兩次處置了 52 處房產，總代價為 3.08 億美元，其中 1.89 億美元用於減少債務。預測中不包括其他交易。

On the revenue side, fixed farm rent changes reflect the full year impact of 2023 transactions plus the three Q1 2024 acquisitions and a few lease changes that occurred during 2024. In addition, we negotiated to retain all 2024 rent on the properties disposed in October of 2024. Direct operations is up primarily due to higher performance in citrus farms under direct operations.

在收入方面，固定農場租金變化反映了 2023 年交易的全年影響，加上 2024 年第一季的三項收購以及 2024 年期間發生的一些租賃變化。此外，我們協商保留 2024 年 10 月處置的房產的全部 2024 年租金。直接經營的成長主要是由於直接經營的柑橘農場的表現較高。

On the expense side, G&A expenses are up due to additional onetime costs related to the FRI transaction. Interest expense declined due to $189 million in debt reductions that occurred in October as well as updated forward curves. The forecasted range of AFFO is $11.8 million to $14.8 million or $0.24 to $0.30 per share, an increase of $0.04 on both the high and low end of the range from last quarter.

在費用方面，由於與 FRI 交易相關的額外一次性成本，一般管理費用增加。由於 10 月債務減少了 1.89 億美元以及更新了遠期曲線，利息支出有所下降。AFFO 的預測範圍為 1,180 萬美元至 1,480 萬美元，即每股 0.24 美元至 0.30 美元，較上季度該範圍的上限和下限均增加了 0.04 美元。

Because we were able to realize meaningful tax gains on our dispositions thus far in Q4, we are anticipating a special dividend to shareholders at year-end in the range of $1 to $1.10 per share. This summarizes where we stand today and wraps up our comments this morning.

由於我們在第四季迄今的處置能夠實現有意義的稅收收益，因此我們預計年底將向股東派發每股 1 至 1.10 美元的特別股息。這總結了我們今天的立場並總結了我們今天早上的評論。

Thank you all for participating. Operator, you can now begin the Q&A session.

感謝大家的參與。接線生，您現在可以開始問答環節了。

(Operator Instructions)

（操作員說明）

Rochelle, sorry. I just want to address a question that came in via e-mail. It was regarding a subsequent event that happened in the fourth quarter. We made a $22 million loan for a former tenant under our FPI loan program. The question was about the terms of this loan and the interest rate specifically. We don't typically disclose interest rates on the loans that we make. I can say that this was a, from our perspective, a strong piece of business. Otherwise, we wouldn't have made this loan, and that's all I can really tell based on our practices on disclosing this type of information. Having said that, Rochelle, back to you on the Q&A.

羅謝爾，對不起。我只想解決透過電子郵件提出的問題。這是關於第四季度發生的後續事件。我們根據 FPI 貸款計劃為前租戶提供了 2,200 萬美元的貸款。問題是關於這筆貸款的條款和具體利率。我們通常不會透露我們所發放的貸款的利率。我可以說，從我們的角度來看，這是一項強大的業務。否則，我們就不會發放這筆貸款，根據我們披露此類資訊的做法，我只能說這麼多。話雖如此，羅謝爾，回到問答環節。

Thank you, Luca.

謝謝你，盧卡。

Rob Stevenson, Janney.

羅布史蒂文森，珍妮。

Good morning guys. Luca, what was the annualized revenue on the 52 farms that you sold? Trying to get a feel given that you will continue to collect that and that's in the guidance on how much '25 revenue is going to come down just based off of this transaction?

早安，夥計們。Luca，您出售的 52 個農場的年收入是多少？嘗試感受一下，鑑於您將繼續收集該信息，並且這在關於僅根據此交易而導致 25 年收入將下降多少的指導中？

Yes, Rob. Susan is kind of pulling up the information. So I'll -- give us a second. If you have another question, we can maybe address another question first while Susan pulls up the information.

是的，羅布。蘇珊正在調取訊息。所以我會——給我們一點時間。如果您還有其他問題，我們也許可以在蘇珊提取資訊時先解決另一個問題。

Yeah, I guess the other question is crop sales increased pretty meaningfully year-over-year. I think it was $2.6 million in the third quarter of this year versus $800,000 last year. I'm just curious as to what drove that.

是的，我想另一個問題是農作物銷量較去年同期大幅成長。我認為今年第三季的銷售額為 260 萬美元，而去年為 80 萬美元。我只是好奇是什麼推動了這一點。

Yeah, This is specifically related to one farm, our Condor avocado farm. We had a very, very strong crop with good crop prices, and that was specifically the driver. We also had a good performance on citrus. So that combination really drove those crop sales.

是的，這與一個農場特別相關，我們的禿鷹酪梨農場。我們的收成非常非常強勁，農作物價格也很好，這就是具體的驅動因素。我們在柑橘方面也有很好的表現。因此，這種組合確實推動了農作物的銷售。

Okay. And then what does this level of asset sales plus you did? What you did last year due to your ability to sell any significant amount of assets in 2025, given the REIT rules and all?

好的。那麼這個水準的資產出售加上你做了什麼？考慮到 REIT 規則等因素，您去年做了什麼，因為您有能力在 2025 年出售大量資產？

Luca, let me handle that one. We will probably be -- if we choose to sell assets, we're waiting to see what the stock price does because it's all about getting either a fair value in our stock or we will continue asset sales. We'll be in a relatively restricted position, very similar rules to what we faced this year, which is probably a limitation of -- to about seven transactions in a calendar year. But as you can see from what we did this year, we're pretty creative about figure. If we need to make an asset sale or want to make an asset sale, we'll figure out how to get relatively high volume of dollars transacted and still be within the rules. But we'll be in the same set of rules we kind of faced this year.

盧卡，讓我來處理這個。我們可能會——如果我們選擇出售資產，我們會等著看股價的走勢，因為這一切都是為了獲得我們股票的公允價值，或者我們將繼續資產出售。我們將處於相對受限的位置，與我們今年面臨的規則非常相似，這可能是一個日曆年大約七筆交易的限制。但正如你從我們今年所做的事情中看到的，我們在數字上非常有創意。如果我們需要進行資產出售或想要進行資產出售，我們將弄清楚如何獲得相對較高的美元交易量並且仍然符合規則。但我們將遵循今年所面臨的同樣的規則。

Okay. And Susan has the answer to your question, Susan, go ahead.

好的。蘇珊已經回答了你的問題，蘇珊，繼續。

Hi Rob, thanks for the question. The full year annualized revenues for the farm sales was approximately $11.2 million.

嗨，羅布，謝謝你的提問。全年農產品銷售年化收入約 1,120 萬美元。

Okay. That's helpful. So basically, you've already - I think in the release, it said it was like $10.9 million of annual interest savings. So I mean, you're basically net-net from a net income standpoint, you're going to wind up being mostly whole just off of those two things offsetting.

好的。這很有幫助。所以基本上，你已經 - 我認為在新聞稿中，它說每年可以節省 1090 萬美元的利息。所以我的意思是，從淨收入的角度來看，你基本上就是淨收入，只要這兩件事相互抵消，你最終基本上將是完整的。

No, because we also have significant savings, for example, on property taxes, on maintenance and so on and so forth. And so we have -- it's not just the savings on interest. We have about $2 million in annualized savings on the cost side as well.

不，因為我們還節省了大量費用，例如財產稅、維護費用等等。所以我們不僅節省了利息。我們在成本方面每年也節省了約 200 萬美元。

Even better. Okay. And then last one for me, Luca or Paul, how much (technical difficulty) something to right size the common dividend given the massive amount of sales that you've done given your overall size?

甚至更好。好的。最後一個對我來說，盧卡或保羅，考慮到你們在總體規模下完成的大量銷售，需要多少（技術難度）來調整普通股息的大小？

What we're doing as a company right now, if anything, would lead to an increase in the regular common dividend, not a decrease. On a current yield basis, these transactions are highly accretive. As Luca just explained, we've got interest rate savings plus savings on property taxes and other operating expenses in excess of the revenue that we received.

作為一家公司，我們現在所做的事情（如果有的話）將導致定期普通股息的增加，而不是減少。以目前的收益率為基礎，這些交易具有很高的增值性。正如盧卡剛才解釋的那樣，我們節省的利率加上財產稅和其他營運費用的節省超過了我們收到的收入。

There's other opportunities for some cost control in the company in terms of team size and travel and other things. We have a lot less land to worry about. So things are easier to manage. So this is from a current yield basis, this is an incredibly positive thing for the cash flow of the company. The challenge and the reason that we always are careful when we sell is these farms might have continued to appreciate quite rapidly, and we've now given up our share of that. So, there should not be any concern that there's a change in the 2025 year to the negative of the regular dividend.

公司還有其他機會在團隊規模、差旅和其他方面進行一些成本控制。我們需要擔心的土地少了很多。所以事情比較容易管理。因此，從當前的收益率來看，這對公司的現金流來說是一件非常積極的事情。我們在出售時始終保持謹慎的挑戰和原因是，這些農場可能會繼續快速升值，而我們現在已經放棄了我們的份額。因此，不必擔心 2025 年定期股利會變成負值。

Okay. That's incredibly helpful. Thank you, guys. Appreciate the time this morning.

好的。這非常有幫助。謝謝你們，夥計們。珍惜今天早上的時間。

Scott Fortune, Roth Capital partners.

福瓊 (Scott Fortune)，羅斯資本合夥人。

Yeah, good morning. Thanks for the questions. Just want to get into the kind of sales, unpack that from a geographic standpoint. I know you're wanting to keep a lot in the Corn Belt in the Illinois side. But as we calculate the asset close to $289 million, which is roughly about $7,000 per acre, well above the U.S. average, about $5,500. But just kind of your sense for now what farms were sold and kind of the percentages kind of weighing out towards the Corn Belt and now you have still a fair amount in California from that standpoint. Just kind of unpack that sale a little bit further from that standpoint.

是的，早安。感謝您的提問。只是想了解這種銷售情況，從地理角度來分析。我知道您想在伊利諾伊州一側的玉米帶保留很多作物。但我們計算的資產接近 2.89 億美元，即每英畝約 7,000 美元，遠高於美國平均（約 5,500 美元）。但現在你知道哪些農場被賣掉了，以及對玉米帶的影響程度，從這個角度來看，現在你在加州仍然有相當多的農場。只是從這個角度進一步解釋一下銷售。

I'll take that question. This is Paul. So most of the assets we sold were in the Southeastern United States, Carolinas, Florida, et cetera, and the Delta, Arkansas, Louisiana, in particular. We also sold most of the land that we owned in Nebraska. So we geographically concentrated these sales. We still own a handful of assets in all of those states, but not very many. And so that's the geography of what we sold.

我來回答這個問題。這是保羅。所以我們出售的資產大部分都在美國東南部、卡羅來納州、佛羅裡達州等地區，特別是三角洲地區、阿肯色州、路易斯安那州。我們還出售了我們在內布拉斯加州擁有的大部分土地。因此，我們在地理上集中了這些銷售。我們仍然在所有這些州擁有少量資產，但數量不是很多。這就是我們銷售產品的地理分佈。

The Delta in particular, we had some incredibly high-quality farms. I'm so sorry to let them go. Wearing the ex farmer hat, which is what I really am, made me cry to sell those farms, but we got great value for them, and that's what we do. And so we may build the position back up gradually in those regions depending on kind of what happens with stock price and everything else with the company.

特別是三角洲地區，我們擁有一些令人難以置信的高品質農場。我很遺憾讓他們走。戴著前農民的帽子，這就是我真正的樣子，讓我哭著賣掉這些農場，但我們為它們帶來了巨大的價值，這就是我們所做的。因此，我們可能會根據股價和公司其他方面的情況逐漸恢復這些地區的部位。

As far as the average price, I just want to kind of for educational purposes, focus on something. Average price of farmland in the United States is almost an irrelevant fact. The USDA puts it out. It is about $5,500, as you said, Scott. But think about it the following way. You wouldn't find a metric of an average price per room for hotel transactions across the United States to be particularly relevant, right? A roadside rundown hotel in the middle of Kansas and something in the middle of Manhattan or Los Angeles or just completely different markets. That is also true in Farmland. Even on a state level, averages are sort of a little bit misleading on a national level, they're shockingly so.

就平均價格而言，我只是想出於教育目的，專注於某些事情。美國農地的平均價格幾乎是一個無關緊要的事實。美國農業部公佈了這一點。正如你所說，斯科特，大約是 5,500 美元。但請按以下方式思考。您不會發現美國各地飯店交易的每間客房平均價格的指標特別相關，對吧？堪薩斯州中部的一家路邊破舊酒店，以及曼哈頓或洛杉磯中部的一家酒店，或者只是完全不同的市場。《農田》也是如此。即使在州一級，平均數在國家一級也有點誤導，令人震驚。

National level -- with the average price of Farmland in Iowa or Illinois will be $15,000, $16,000, $17,000, maybe more for the very good stuff. And if you go to a place like Western South Dakota, there's probably a lot of land trading at $1,100 or $1,200 an acre. And so just be careful with these averages when you think about it. We tend to own higher quality than average farmland in each location we work in. And the state-level data is going to get you a little bit closer to thinking about sales prices and stuff. But I just wanted to add that educational note.

國家層級——愛荷華州或伊利諾伊州農田的平均價格將是 15,000 美元、16,000 美元、17,000 美元，對於非常好的東西來說可能更高。如果你去南達科他州西部這樣的地方，可能會有很多土地交易價格為每英畝 1,100 美元或 1,200 美元。因此，當您考慮這些平均值時，請務必小心。我們傾向於在我們工作的每個地點擁有比平均更高品質的農田。州級數據將使您更進一步思考銷售價格等問題。但我只是想加入一點教育意義。

Yes, I appreciate that. My point is that, obviously, your portfolio is still very well positioned in those high average the priced farmlands, right, in the Corn Belt going forward from that standpoint after the sales.

是的，我很欣賞這一點。我的觀點是，顯然，從銷售後的角度來看，您的投資組合仍然非常適合那些平均價格較高的農田，對吧，在玉米帶中。

We will have raised the average value because all of the land we own in Illinois is probably worth more than that $7,000 an acre average we got on the big transaction.

我們會提高平均價值，因為我們在伊利諾伊州擁有的所有土地的價值可能會超過我們在大宗交易中獲得的平均每英畝 7,000 美元。

Right. That's a point, which is very valuable for obviously, getting your shares up. Follow-up on that, can you provide a little more color on kind of the health of the farmer? Obviously, commodity pricing pressure has been there a lot of volatility. But kind of get a sense for the rent increases in 2025. Thanks for providing kind of what's coming off, but what your expectations have been about 5% to 10% kind of what are the discussions there? What's the expectation for '25 with the rent increases going forward?

正確的。這一點顯然對於提高你的股價非常有價值。後續，您能提供更多有關農民健康狀況的資訊嗎？顯然，大宗商品的定價壓力已經出現很大的波動。但對 2025 年租金上漲有所了解。感謝您提供一些正在發生的事情，但是您的期望大約是 5% 到 10%，那裡的討論是什麼？隨著未來租金上漲，對 25 年的預期是什麼？

Yes. It still continues to be a challenging environment for farmers. I think it's important to note, when I say challenging for farmers, what that means is not as good as the last couple of years. It doesn't mean massive bankruptcies. It doesn't mean huge negative sorts of events and stories in the asset class. And the reason for that is just super simple common sense point.

是的。對農民來說，這仍然是一個充滿挑戰的環境。我認為重要的是要注意，當我說對農民的挑戰時，這意味著並不像過去幾年那麼好。這並不意味著大規模破產。這並不意味著資產類別中存在巨大的負面事件和故事。原因只是超簡單的常識。

You're not going to drive the worldwide food production system to a negative margin for very long, right? Just think about that for a second. You're not going to drive farmers around the world and particularly in the United States out of business with commodity pricing because the result is starvation. So that's what keeps it so stable. That being said, it's a challenging market.

你不會讓全球糧食生產系統長期處於負利潤，對嗎？想一想。你不會因為商品定價而迫使世界各地的農民（尤其是美國的農民）破產，因為結果就是飢餓。這就是讓它如此穩定的原因。話雖如此，這是一個充滿挑戰的市場。

You're going to be here in a cycle where margins are very skinny. Despite what you read in the press, they're still positive, and they're positive on a cash flow basis because many, many farmers own a huge portion of their land base. And if you own your piece of farmland as a farmer outright, meaning that other than property taxes, you have no current cash cost for that land, there is virtually no commodity price that makes production on that land negative. If you don't have a land cost, you will always be making money. That's what keeps these farmers kind of stable through time.

你將進入一個利潤非常微薄的周期。不管你在媒體上讀到了什麼，他們仍然是積極的，而且他們在現金流的基礎上也是積極的，因為許多農民擁有很大一部分土地。如果你作為農民完全擁有一塊農田，這意味著除了財產稅之外，你對該土地沒有當前的現金成本，幾乎沒有商品價格使該土地上的產量為負值。如果你沒有土地成本，你就會一直賺錢。這就是讓這些農民長期保持穩定的原因。

So back to your rent question, what I would expect, and you're trying to build a model, I'd look at a flat rent projection for next year. We were hoping we could squeeze out a 5% to 10% gain. That's what we've said prior to this in our calls.

回到你的租金問題，我的期望是什麼，你正在嘗試建立一個模型，我會看看明年的固定租金預測。我們希望能夠獲得 5% 到 10% 的收益。這就是我們之前在電話中所說的。

I don't think it will be quite that good. I personally thought you'd start to get some commodity price recovery. And in the last little few weeks, we sort of have, but I'm not sure that will continue. And so we're right in the throes of the rent cycle. We've got some upticks in rents, but I think our average will turn out to be flat to at best kind of 5% up. That kind of range is where I think we'll settle out for the year.

我認為情況不會那麼好。我個人認為大宗商品價格會開始回升。在過去的幾周里，我們確實做到了，但我不確定這種情況會持續下去。因此，我們正處於租金週期的陣痛中。我們的租金有所上漲，但我認為我們的平均租金將持平，最多上漲 5%。我認為我們今年將確定這個範圍。

Got it. I appreciate the color, and I'll jump back in the queue.

知道了。我很欣賞這個顏色，我會插回隊列。

Buck Horne, Raymond James.

巴克·霍恩，雷蒙德·詹姆斯。

Hey, thanks, good morning guys. Congratulations on all the progress in the transaction so far. Great job. And I kind of wanted to just dive in on the G&A expenses and maybe just help me walk through just conceptualizing what's embedded fully for there, this year. So am I thinking about it correctly that if you kind of strip out the severance costs and kind of these onetime transaction costs that are showing up here in the fourth quarter, but is there any reason that G&A expenses wouldn't normalize back to kind of that, call it, $10 million to $11 million range for next year?

嘿，謝謝，大家早安。祝賀迄今為止交易取得的所有進展。幹得好。我有點想深入研究一般行政費用，也許只是幫助我概念化今年的完全嵌入內容。那麼，如果你剔除第四季度出現的遣散費和一次性交易成本，我的想法是否正確，但是有什麼理由讓一般管理費用不會正常化回正常水平嗎？ 1100 萬美元嗎？

So Luca, I'd like you and Susan to address this in detail, but I'll start with a couple of comments to give you some time to think. What we've gradually tried to do is lessen the overheads of the company with some very selective reductions in staff. We're a small company and everybody who's on this team or even been on this team is an incredibly high-quality contributor.

盧卡，我希望你和蘇珊詳細討論這個問題，但我首先會發表一些評論，以便給你一些時間思考。我們逐漸嘗試做的是透過選擇性地裁員來減少公司的管理費用。我們是一家小公司，這個團隊中的每個人，甚至曾經加入過這個團隊的每個人都是令人難以置信的高品質貢獻者。

So this is a difficult thing for us to do. But if you're dedicated to getting the stock price up or alternatively shrink the company and return money to shareholders, you've got to be willing to do that. It's something I've always done through my career. You've got to -- anybody can run a money-losing company. You've got to figure out how to run when it makes money.

所以這對我們來說是一件很難做到的事。但如果你致力於提高股價，或是縮小公司規模並向股東返還資金，你就必須願意這麼做。這是我在職業生涯中一直在做的事情。你必須──任何人都可以經營一家虧損的公司。當它賺錢時，你必須弄清楚如何運作。

And so we're just very focused on that. So we have reduced travel, reduced at the most senior levels, me in particular, thought about reducing compensation and have, in fact, reduced compensation somewhat. We made the change at the CFO level. So we'll continue to do those little things, but there's not a lot more that we can do. We are a small, small company already and continued shrinkage is difficult, although we'll certainly look for the ideas.

所以我們非常關注這一點。因此，我們減少了出差，減少了最高層的出差，尤其是我，考慮過減少薪酬，事實上，已經有所減少。我們在財務長層面進行了變革。所以我們會繼續做這些小事，但我們能做的已經不多了。我們已經是一家很小的公司了，繼續收縮是很困難的，儘管我們肯定會尋找想法。

Luca or Susan, if you have anything specific to Buck's specific question of the range we're likely to go back to, go ahead.

盧卡或蘇珊，如果您對巴克關於我們可能會回到的範圍的具體問題有任何具體問題，請繼續。

Yes. Buck, we're not prepared to address 2025 projections and guidance at this point. But as you noted, I think as we noted in the supplemental, there was a pickup in the forecast range for general and administrative expenses in the latest round that was -- that pickup was due largely to the costs related to these large transactions.

是的。Buck，我們目前還不準備討論 2025 年的預測和指導。但正如您所指出的，我認為正如我們在補充資料中指出的那樣，最新一輪一般和管理費用的預測範圍有所回升，這種回升主要是由於與這些大型交易相關的成本。

So they are largely onetime events as was the severance payment to James. So by and large, if you look at the earlier forecast ranges that did not include those elements, that's probably something that we'll revert to, if not something hopefully better than that, meaning lower.

因此，它們基本上都是一次性事件，就像向詹姆斯支付遣散費一樣。因此，總的來說，如果你看看不包括這些因素的早期預測範圍，我們可能會恢復到這一點，如果不是希望比這更好的話，那就意味著更低。

Got it. Very helpful. And just broadly speaking, maybe, this is high level and tells me if you got any anecdotes on this or not. But are you seeing any signs in the transaction market more recently that farmers are -- or potential buyers and/or sellers of farmland are waiting for the outcome of this election to make any sort of deals or price out valuation ranges? Would you expect there to be any sort of change in the outlook for farm valuations depending on the outcome?

知道了。非常有幫助。從廣義上講，也許這是一個很高的水平，可以告訴我你是否有任何關於這方面的軼事。但是，您最近在交易市場上是否看到任何跡象表明農民或農田的潛在買家和/或賣家正在等待這次選舉的結果以進行任何形式的交易或定價超出估值範圍？您預計農場估值前景會根據結果有任何變化嗎？

No, I don't. This is Paul again. I don't think so. One of the things about this asset class is -- I mean, it's its own little world, right? I mean it's -- farmers are -- there are actually not very many of them left in the United States. They live in places that most of the people on this phone call just fly over. They have their own world view, their own political views. But at the end of the day, they're out there working hard to produce food every day. And we're in a -- we're in an area -- cycle right now where farmland values are basically going to be flat.

不，我不。這又是保羅。我不這麼認為。這個資產類別的特點之一是——我的意思是，它有自己的小世界，對嗎？我的意思是──農民──實際上留在美國的農民已經不多了。他們住在接到電話的大多數人剛飛過的地方。他們有自己的世界觀、自己的政治觀點。但歸根結底，他們每天都在努力生產食物。我們現在正處於一個農地價值基本持平的周期。

Like this morning, I was reading about the industry because now I spent an hour or two in the morning reading about the industry. I read two articles, both about Iowa. One article was headlined, Iowa farm values fall for first time ever. And I think the article concluded that farmland values have fallen something like 2.5% '23 to '24 in Iowa. That was the first -- and oh, by the way, that's smaller than the measurement error. So I don't know what that really means, if anything. It was something out of the Fed, Kansas, Nebraska, the other states surrounding Iowa, Missouri had increases.

就像今天早上一樣，我正在閱讀有關該行業的信息，因為現在我早上花了一兩個小時閱讀有關該行業的信息。我讀了兩篇文章，都是關於愛荷華州的。一篇文章的標題是：愛荷華州農場價值有史以來第一次下跌。我認為這篇文章的結論是，愛荷華州的農地價值在 23 至 24 年間下降了 2.5% 左右。這是第一個——哦，順便說一下，這比測量誤差小。所以我不知道這到底意味著什麼（如果有的話）。這是聯準會的事情，堪薩斯州、內布拉斯加州、愛荷華州、密蘇裡州週邊的其他州都有增加。

But then the second article that I read said there is a piece of CRP ground, conservation reserve program ground, meaning it can't even be farmed. There were two pieces of CRP land in the state of Iowa, one sold at $17,000 an acre and one sold at $20,000 an acre last week. That's farm ground you can only hunt peasants on.

但我讀到的第二篇文章說有一塊CRP土地，保護保護區計畫土地，這意味著它甚至不能耕種。上週，愛荷華州有兩塊 CRP 土地，一塊以每英畝 17,000 美元的價格出售，另一塊以每英畝 20,000 美元的價格出售。那是農田，你只能在上面狩獵農民。

Now it didn't trade -- I mean, there's not a big like peasant hunter market. So it didn't trade to peasant hunters. It traded to some family who's going to wait out that contract for another three to five years probably and then be able to begin farming the ground. So the demand for land continues to be incredibly strong among these successful farm families. And I don't think that changes. As you guys have all heard me say on these calls, this is a prices surge and then they plateau for a while.

現在它不再交易了——我的意思是，沒有像農民狩獵市場這樣大的市場了。所以它不會賣給農民獵人。它被交易給了一些家庭，他們可能會再等待合約三到五年，然後才能開始耕種土地。因此，這些成功的農場家庭對土地的需求仍然非常強勁。我認為這不會改變。正如你們都聽到我在這些電話中所說的那樣，這是價格飆升，然後價格穩定一段時間。

We're now in one of these plateaus, but they're going to surge again. It's probably a year or two away, but they will surge again. And I'm in cycle five or six in my career now. It's always the same story over and over. But we're in this kind of a little bit of a consolidation plateau phase because of general farmer profitability. I hope that helps, Buck.

我們現在正處於其中一個平台期，但它們將再次飆升。可能還需要一兩年的時間，但它們會再次飆升。我現在正處於職業生涯的第五或第六個週期。總是一遍又一遍地講同樣的故事。但由於農民的普遍獲利能力，我們正處於某種鞏固的平台期。我希望這有幫助，巴克。

Yes, that help. Thanks again, guys. Congrats and good luck.

是的，有幫助。再次感謝你們。恭喜你，祝你好運。

John Massocca, B Riley.

約翰·馬索卡，B·萊利。

Good morning. So apologies if I missed this in the prepared remarks, but it looks like there were about $20 million of additional dispositions versus the kind of portfolio that was announced or completed earlier this month. Can you just provide a little color on what that was? And did it look like the larger portfolio deal that you did as well?

早安.因此，如果我在準備好的發言中錯過了這一點，我深表歉意，但與本月早些時候宣布或完成的投資組合相比，似乎有大約 2000 萬美元的額外配置。你能提供一些關於那是什麼的顏色嗎？它看起來也像您所做的更大的投資組合交易嗎？

Yes. Those were a series of properties that were sold in Western Arkansas. If you go back to our website, you can probably see what's no longer there if you want to try to figure it out a little bit. But there's a series of farms in Western Arkansas. They were actually sold to somebody that is going to produce timber on those properties for the purpose.

是的。這些是在阿肯色州西部出售的一系列房產。如果您返回我們的網站，如果您想嘗試弄清楚一點，您可能會看到不再存在的內容。但阿肯色州西部有一系列農場。它們實際上被賣給了將在這些土地上生產木材的人。

They've been farm ground historically, but they're certainly capable of being high-quality timber ground. And I think the company that bought them has kind of an angle that's partly carbon offsets, partly timber production. But they offered us a nice strong price for those properties, and so we made the sale. And I don't remember the exact gains, but it's either slightly above or slightly below what was on the major portfolio. It's a selling transaction.

它們歷史上一直是農田，但它們當然有能力成為優質木材地。我認為購買它們的公司有一定的角度，部分是碳抵消，部分是木材生產。但他們為我們提供了這些房產的高價，所以我們賣掉了。我不記得確切的收益，但它要么略高於或略低於主要投資組合的收益。這是一筆銷售交易。

Okay. I understand you have a lot of volume-wise disposition activity to digest at this point. Where does that kind of leave you if you did want to do a transaction in the remainder of the year?

好的。據我所知，您目前有很多數量方面的處置活動需要消化。如果您確實想在今年剩餘的時間裡進行交易，那麼您會怎麼做？

In the remainder of the year, we could do a handful of transactions. We're in what's called a seven transaction kind of year. Just I won't bore you with the complexity of the tax law that drives that, but we have the ability to do seven transactions in a calendar year. I think we've done three or four so far.

在今年剩下的時間裡，我們可以進行一些交易。我們正處於所謂的「七筆交易」的一年。只是我不會讓您厭倦推動這一點的稅法的複雜性，但我們有能力在一個日曆年內進行七筆交易。我認為到目前為止我們已經做了三到四次。

So there may be a few other we've, this is an active time of the year for buying and selling properties. The fall of the year always is. And so we may have another few dispositions, but we might have an acquisition. So I don't think there's, it's not a world shifting event likely in the remainder of the year, though.

所以我們可能還有其他一些，這是一年中買賣房產的活躍時期。每年的秋天總是如此。因此，我們可能還有其他一些處置，但我們可能會進行收購。所以我認為今年剩餘時間這不太可能發生改變世界的事件。

Okay. And then maybe thinking about the disposition proceeds you have and the kind of uses that were already laid out in the earnings release here, just kind of rough math when factoring in the special dividend, et cetera, I kind of have you, say, $60 million and change, $50 million and change of kind of additional capital that either isn't earmarked for the special dividend or hasn't been used in debt repayment yet. I mean how are you thinking about deploying that capital, assuming I'm right, in debt repayment or stock buybacks or acquisitions?

好的。然後也許會考慮你擁有的處置收益以及已經在收益發布中列出的用途，在考慮特別股息等因素時只是粗略的數學計算，我有你，比如說，60 美元百萬美元和變化，5000萬美元和變化類型的額外資本，要么沒有指定用於特別股息，要么尚未用於償還債務。我的意思是，假設我是對的，您如何考慮將這些資本用於償還債務或股票回購或收購？

Yes, you're probably a little bit light on our remaining, setting aside borrowing and the amount of cash we sort of have left over, but you're close. So (inaudible) we'll do with the remaining cash is we'll intend to buybacks in the press releases surrounding the large transaction that was one of the intended uses of funds. That's still an intended use of funds.

是的，你可能對我們的剩餘資金、拋開借款和我們剩下的現金數額有點了解，但你已經很接近了。因此（聽不清楚）我們將利用剩餘現金，打算在圍繞這筆大型交易的新聞稿中進行回購，這是資金的預期用途之一。這仍然是資金的預期用途。

We've, of course, been in a blackout period and haven't been able to participate in the market at all, but we certainly will in the coming couple of months. And then we might, as we get close to the end of the year, make additional debt repayments. And then, of course, we have nominally something like $50 million kind of set aside that's going to fund that distribution when we go to make it.

當然，我們正處於封鎖期，根本無法參與市場，但我們肯定會在未來幾個月內參與市場。然後，當我們接近年底時，我們可能會償還額外的債務。當然，我們名義上會預留 5000 萬美元左右的資金，用於在我們進行發行時提供資金。

Are there any limitations on debt paydowns due to maybe friction costs associated with still in the debt stack? Or is that pretty open.

由於債務堆疊中可能存在摩擦成本，債務償還是否有任何限制？或者說很開放。

No. We have the team, Luca, Susan and one of our other important team members Rich Keck. They've worked very, very hard. We have essentially avoided debt repayment penalties in these transactions, and we'll continue to try to do so. And that's about negotiating rights to repay at least a certain percentage of any loan and relatively liberal collateral substitution rules into the original documentation for those loans. So we've done a thanks to the efforts of the team, we've done a good job to avoid debt repayment penalties.

不。我們的團隊包括盧卡 (Luca)、蘇珊 (Susan) 和我們的其他重要團隊成員之一里奇凱克 (Rich Keck)。他們工作得非常非常努力。在這些交易中，我們基本上避免了債務償還處罰，我們將繼續努力這樣做。這涉及到償還至少一定比例的貸款的權利以及在這些貸款的原始文件中相對自由的抵押品替代規則的談判。所以我們感謝團隊的努力，我們很好地避免了償還債務的處罰。

Okay. I appreciate the color. That's it for me. Thank you very much.

好的。我很欣賞它的顏色。對我來說就是這樣。非常感謝。

Craig Kucera, Lucid Capital Markets.

克雷格·庫塞拉 (Craig Kucera)，Lucid 資本市場。

Yeah. Hey, good morning guys. I wanted to dive a little deeper on the debt repayments you have already done. Did you pay down the swapped portion of the Rabobank facility and kind of just eliminate all of that? Or is that still outstanding?

是的。嘿，早上好，夥計們。我想更深入地了解您已經償還的債務。您是否還清了荷蘭合作銀行貸款的互換部分並消除了所有這些？或者說這仍然很出色嗎？

I'm going to turn that over to the team in Denver. You're going to handle it. Go ahead.

我將把它交給丹佛的團隊。你會處理好的。前進。

Yes. So we paid a good chunk of the Rabo loan down. We're sitting at approximately $11.8 million at this point, and we have amended the swap. The swap actually, the notional on the swap covers the full $11.8 million.

是的。所以我們支付了拉博貸款的很大一部分。目前我們的金額約為 1180 萬美元，並且我們已經修改了掉期。實際上，互換的名義金額涵蓋了全部 1180 萬美元。

So just to be clear, right now, if you look at the table that will come out in the Q and also the table in the supplemental, the Rabobank loan is still listed at its kind of notional terms, but it is entirely swapped. So you have to look into the footnote, and I believe that the effective interest rate that we are paying on that loan with the swap is 3.81%, Susan is nodding. So yes, that's the right number.

因此，需要明確的是，現在，如果您查看 Q 中將出現的表格以及補充中的表格，您會發現荷蘭合作銀行貸款仍按其名義條款列出，但完全互換了。所以你必須查看腳註，我相信我們通過掉期為該貸款支付的實際利率是 3.81%，蘇珊點頭。所以是的，這是正確的數字。

Okay. Great. And just one more for me. Given a somewhat tougher farming environment, are you seeing any additional opportunities to make loans through the FBI loan program? Beyond what you already did earlier this quarter?

好的。偉大的。還給我一個。鑑於農業環境較為嚴峻，您是否認為有其他機會透過聯邦調查局貸款計畫提供貸款？除了您本季早些時候已經做過的事情之外？

Yes, I'll take that one. Yes, we are. There's probably some opportunity to make loans. And if we can make those loans at a substantial spread to our cost of capital, we'll certainly do so. These tend to be relatively short-term loans, meaning a year or two length of term. And so we're completely open for business on the loan program subject to getting high-quality collateral, number one; and number two, it's a good spread against our cost of capital.

是的，我會接受那個。是的，我們是。可能有一些貸款的機會。如果我們能夠以相對於我們的資本成本而言較大的利差發放這些貸款，我們肯定會這樣做。這些貸款往往是相對短期的貸款，即期限為一年或兩年。因此，我們對貸款計劃業務完全開放，但前提是獲得高品質的抵押品，第一；第二，相對於我們的資本成本來說，這是一個很好的利差。

Alright, thanks. Appreciate it.

好的，謝謝。欣賞它。

There are no further questions from the line. I will now turn the conference back over to Luca for the closing remarks.

線路中沒有進一步的問題。現在我將把會議轉回給盧卡做閉幕詞。

Thank you, Rochelle, and thank you, everybody. We appreciate your interest in our company. I look forward to updating you on our activities and results in the coming quarters. Thanks, everybody.

謝謝你，羅謝爾，也謝謝大家。我們感謝您對我們公司的興趣。我期待向您通報我們未來幾季的活動和成果的最新情況。謝謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。