Farmland Partners Inc (FPI) 2025 Q2 法說會逐字稿

Good morning ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Farmland Partners Inc Q2 2025 earnings call. (Operator Instructions)

女士們、先生們，早安，謝謝你們的支持。我叫凱爾文，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Farmland Partners Inc 2025 年第二季財報電話會議。（操作員指示）

Thank you. I would now like to send the call over to Luca Fabbri President and CEO. Please go ahead.

謝謝。現在我想把電話轉給總裁兼執行長 Luca Fabbri。請繼續。

Thank you, Kelvin. Thank you, everybody, and good morning. Thanks for joining us today for this, second quarter 2025 earnings conference call and webcast. I will, we will start as usual with some customary preliminary remarks from our general counsel, Christine Garrison. Christine.

謝謝你，凱爾文。謝謝大家，早安。感謝您今天參加我們的 2025 年第二季財報電話會議和網路廣播。我們將像往常一樣，首先由我們的總法律顧問克里斯汀·加里森 (Christine Garrison) 發表一些慣常的開場白。克里斯汀。

Thank you, Luca, and thank you to everyone on the call. The press release announcing our second quarter earnings was distributed after market closed yesterday. The supplemental package has been posted to the Investor Relations section of our website under the subheader Events and Presentations.

謝謝你，盧卡，也謝謝電話裡的每個人。宣布我們第二季收益的新聞稿是在昨天市場收盤後發布的。補充資料已發佈到我們網站的「投資者關係」部分的「活動和演示」子標題下。

For those who listen to the recording of this presentation, we remind you that the remarks made herein are as of today, July 24, 2025, and will not be updated to this call. 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, impacts 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.

對於那些收聽本次演講錄音的人，我們提醒您，此處的評論截至今天（2025 年 7 月 24 日）為止，不會在本次電話會議上更新。在本次電話會議中，我們將做出前瞻性陳述，包括與我們投資組合的未來表現、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、業務發展機會相關的陳述，以及對我們的商業租金和更廣泛的農業市場的展望的評論。

We will also discuss certain non-GAAP financial measures including net operating income. FFO adjusted FFO, EBITDAre, and adjusted 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 second quarter 2025 earnings, which is available on our website, farmlandpartners.com and is furnished as an exhibit to our current report on Form 8-K dated July 23, 2025.

我們也將討論某些非公認會計準則財務指標，包括營業淨收入。FFO 調整後 FFO、EBITDAre 和調整後 EBITDAre。這些非 GAAP 指標的定義以及與最可比較 GAAP 指標的對帳均包含在公司宣布 2025 年第二季度收益的新聞稿中，該新聞稿可在我們的網站 farmlandpartners.com 上查閱，並作為我們 2025 年 7 月 23 日發布的 8-K 表當前報告的附件提供。

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. I would now like to turn the call to our Executive Chairman Paul Pitman. Paul.

請聽眾注意，這些聲明存在一定的風險和不確定性，其中許多難以預測且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美國證券交易委員會提交或提供的文件中討論的風險因素。現在我想把電話轉給我們的執行主席保羅·皮特曼。保羅。

Thank you, Christine. My comments will be relatively short this morning. I'll be of course available in the Q&A. This is a very good quarter for us. Land values have continued to stay strong in the Midwest, as is demonstrated by the gains on the asset sales we made, in that geography.

謝謝你，克里斯汀。今天早上我的發言會比較簡短。我當然會參與問答環節。對我們來說這是一個非常好的季度。中西部地區的土地價值持續保持強勁，我們在該地區的資產銷售收益證明了這一點。

We also have now liquidated nearly all of the portfolio that we owned in Colorado. We still have a very modest exposure there, one cattle feedlot that we still own, as well as just a handful of row crop farms. We, as we talked about several months ago and several years ago, long term water concerns on the eastern plains of Colorado drove us to decide to exit the market. I'm happy to say we did exit the market with substantial gains on sale.

我們現在也清算了我們在科羅拉多州擁有的幾乎所有投資組合。我們在那裡的投資仍然很小，我們仍然擁有一個牛飼養場，以及少數幾個農作物農場。正如我們幾個月前和幾年前談到的那樣，科羅拉多州東部平原的長期水資源問題促使我們決定退出市場。我很高興地說，我們確實退出了市場並獲得了可觀的銷售收益。

California, is still struggling. You've seen, I'm sure in the press release that we took a write down on a handful of farms out there. Luca will address this a little more, in his comments. Our position when we think about write downs is really that we are long-term investors. So as long as we think of farms value, will recover, we're not concerned about some given farm, given a farm in our neighborhood sold high or sold low, it doesn't really affect our direct thinking about the value of our farms.

加州仍在苦苦掙扎。我相信你已經在新聞稿中看到，我們對一些農場進行了減記。盧卡將在他的評論中進一步討論這個問題。當我們考慮減記時，我們的立場實際上是我們是長期投資者。因此，只要我們認為農場的價值將會恢復，我們就不會關心某個特定的農場，也不會關心我們附近的某個農場賣得高還是賣得低，這並不會真正影響我們對農場價值的直接思考。

We think about most of our farms and what is the value, in a two to five year or longer time frame. This group of farms though that we took the write downs on we had reached a point where we believed. That due to the crop types and the fact that they are specialty crops and the water issues in the region that we needed to take a write down and so we did and what happens here just in a kind of common-sense way is particularly on specialty crop farms.

我們考慮我們的大多數農場以及它們在兩到五年或更長時間內的價值。儘管我們對這組農場進行了減記，但我們相信我們已經達到了一定的程度。由於作物類型以及它們是特種作物的事實，以及該地區的水資源問題，我們需要進行減記，所以我們這樣做了，這裡發生的事情只是以一種常識的方式，特別是在特種作物農場。

The idea that you can wait forever for a recovery of value is just not true. In row crop in traditional row crop, a long-term appreciation will always help you out. The problem you have with specialty crops is that while you're waiting, the trees on the ground are aging out, so you're losing a year of productivity every year you rate, you wait and you're going to have to, bulldoze those trees out and replant them. And so those factors led us to take this right down. As I said, Luc will talk a little more about it. We can touch that in the Q&A.

認為可以永遠等待價值復甦的想法是不正確的。在傳統的行栽作物中，長期的欣賞總是會對你有幫助的。種植特種作物的問題是，在你等待的時候，地上的樹木正在老化，所以你每年都會損失一年的生產力，你等待著，然後你必須把那些樹木推倒並重新種植。因此這些因素導致我們立即取消了這項服務。正如我所說，盧克將會就此進行更多討論。我們可以在問答環節中談及這一點。

The other thing I want to address, just briefly, because it's been in the, it was in the press as recently as the last couple of days, is this idea, that Coca-Cola is going to replace a high fructose corn syrup with a regular cane sugar syrups as it, as the sweetener in Coca-Cola. And you know what does that mean to the marketplace? What does it mean to corn markets, so on and so forth.

我想簡單談談另一件事，因為最近幾天媒體上已經報道過，即可口可樂將用普通蔗糖糖漿代替高果糖玉米糖漿作為可口可樂的甜味劑。您知道這對市場意味著什麼嗎？這對玉米市場意味著什麼等等。

So a couple of kind of important facts. First, this is from an overall corn market perspective, an incredibly small percentage of the market. So high fructose corn syrup is around, accounts for around 3% of total corn produced in the country. There's a University of Illinois research piece that was put out yesterday by a professor called Scott Irwin. That's where I get that number from if you want to go look it up.

有幾個重要的事實。首先，從整個玉米市場的角度來看，這只佔了極小的市佔率。高果糖玉米糖漿約佔全國玉米總產量的 3%。伊利諾大學的一位名叫史考特‧歐文的教授昨天發表了一篇研究論文。如果您想查找的話，我就是從那裡得到這個號碼的。

So about 3% of the market, and then, Coca-Cola, of course, is a fraction of that fraction. So the specific Coca-Cola issue is de minimis in the extreme. The entire high fructose corn syrup market is pretty small as well as a percentage of the overall corn production. Now just to the science of it for a second.

因此，約佔市場份額的 3%，而可口可樂當然只是其中的一小部分。因此，具體的可口可樂問題只是極為微不足道的問題。整個高果糖玉米糖漿市場規模相當小，佔玉米總產量的比例也非常小。現在我們來簡單介紹一下它的科學原理。

Certainly, my view is that there's never been any really credible research that the type of sweetener has, significant meaningful, measurable impacts on health outcomes. The percentage of glucose, fructose, and sucrose are modestly different in the different types of sweeteners.

當然，我的觀點是，從來沒有任何真正可信的研究表明甜味劑的類型對健康結果有重大、有意義、可衡量的影響。不同類型的甜味劑中葡萄糖、果糖和蔗糖的百分比略有不同。

But there's really no difference, no research that shows any kind of health difference between those types of sweeteners. The fundamental issue is that we probably all eat too much sugar, period, no matter what the form. So hopefully this doesn't turn into a significant thing, even if, I think the science will dominate, at least for most food products, that the what the high fructose corn syrup is an incredibly low-cost source of sweetening, much cheaper than cane sugar in most cases.

但實際上沒有區別，沒有研究表明這些類型的甜味劑對健康有任何差異。根本問題是我們可能都吃了太多的糖，無論其形式如何。所以希望這不會變成一件大事，即使我認為科學將占主導地位，至少對於大多數食品而言，高果糖玉米糖漿是一種非常低成本的甜味來源，在大多數情況下比蔗糖便宜得多。

And so hopefully, like I said, the science kind of wins here, even if it doesn't. I think the point is it's just not that big a piece of the corn market. With that, I'll turn it over to you, Luca, to make your comments.

所以，就像我說的，希望科學能取得勝利，即使事實並非如此。我認為關鍵在於它在玉米市場的份額並不大。好了，現在我將把時間交給你，盧卡，來發表你的評論。

Thank you, Paul. And just to add a couple of kind of final points to the, this last topic that Paul was addressing, Coca-Cola is proposing to not replace its regular product based on [HFCS], but to add a new product, that, uses cane sugar. And by the way, in most grocery stores, your stores, you already can find that product. It's called, typically referred to as Mexican Coke or Mexican Fanta, because it's comes from the company's manufacturing facilities in Mexico, they use cane sugar.

謝謝你，保羅。最後再補充幾點，關於保羅提到的最後一個主題，可口可樂公司提議不以 [HFCS] 為基礎取代其常規產品，而是增加一種使用蔗糖的新產品。順便說一句，在大多數雜貨店，也就是你們的商店裡，你已經可以找到這個產品了。它通常被稱為墨西哥可樂或墨西哥芬達，因為它來自該公司在墨西哥的製造工廠，他們使用蔗糖。

The other important thing that you have to think of, think about is that still, this is a product that comes from agriculture, comes from, it's produced on farmland, and that's still, in the overall picture of farmland as an asset class, this is reconfirming that even with shifting consumer preferences from one product to another, whether it's HFCS Coke versus cane sugar coke or organic versus, traditional, fruits and vegetables, at the end of the day, everything comes from farmland and that strengthens the value proposition of farmland as an asset class, which I'll return to as a point.

你必須考慮的另一件重要的事情是，這仍然是一種來自農業的產品，來自農田，在農田作為一種資產類別的整體情況中，這再次證實了即使消費者的偏好從一種產品轉移到另一種產品，無論是 HFCS 可樂還是蔗糖可樂，還是有機水果和蔬菜還是傳統水果和蔬菜，歸根結底，一切都來自農田，一切主張加強了這一點。

Here, in a minute. Can I, going back to the performance of the company in the last quarter specifically, as Paul mentioned, we have completed some additional, asset dispositions, year-to-date so far, we've sold about $80 million in assets, realizing gains of approximately $25 million.

就在這裡，等一下。我可以具體回顧公司上個季度的業績，正如保羅所提到的，我們已經完成了一些額外的資產處置，今年迄今為止，我們已經出售了約 8000 萬美元的資產，實現了約 2500 萬美元的收益。

And as Paul was saying, mostly these sales were in the high plains, which is the region that we intended to exit, long term anyway. And, about this time, we also sold some, mostly, Class B soil farms, in Illinois, so not the, top of the, kind of quality scale that, in our portfolio in the corn belt.

正如保羅所說，這些銷售大多發生在高原地區，這也是我們打算長期退出的地區。大約在這個時候，我們還在伊利諾伊州出售了一些農場，其中大部分是 B 級土壤農場，因此這些農場並不是我們在玉米帶投資組合中質量最高的農場。

One thing that I wanted to highlight is that the buyers in the two major transactions that we've done so far this year were family offices. These are, super ultra-high net worth individuals and families, that have access to all sorts of assets and investment vehicles and so on and so forth.

我想強調的一點是，今年迄今為止我們進行的兩筆重大交易的買家都是家族辦公室。這些是超高淨值個人和家庭，他們可以獲得各種資產和投資工具等等。

And they are choosing to put their money in farmland. And this really strengthens the value of farmland as both a very reliable long-term store of value as well as a long-term appreciation play. And this goes back to our kind of, the reason why we started our company years ago, which is to make these asset class accessible not only to high net worth individuals, but also to, everyday kind of everyday investors like the vast majority of our investor base.

他們選擇把錢投入農地。這確實增強了農地的價值，它既是一種非常可靠的長期價值儲存手段，也是一種長期升值工具。這可以追溯到我們多年前創辦公司的初衷，讓這些資產類別不僅可供高淨值個人投資，也可供我們絕大多數投資者等日常投資者投資。

We use the, a portion of the proceeds from these asset sales in stock repurchases. So far this year, we've bought back about $2.3 million shares, which is about 5% of our fully diluted, shares outstanding. Prior to the buybacks at an average price of about $1124 which we consider, very attractive. And that was a total of about $26 million that we used in these stock repurchases. The last point I want to discuss as Paul mentioned, this quarter, we took a relatively a new of recording some impairments on some of our farms, specifically these were four farms in California, and the vast majority of those $16.8 million in impairments were on two very specific farms.

我們將這些資產出售所得的部分收益用於股票回購。今年到目前為止，我們已經回購了價值約 230 萬美元的股票，約占我們完全稀釋後流通股數的 5%。回購前的平均價格約為 1124 美元，我們認為這個價格非常有吸引力。我們在這些股票回購上總共花了約 2,600 萬美元。正如保羅所提到的，我想討論的最後一點是，本季度，我們採取了一種相對較新的方式記錄部分農場的減值，具體來說是加利福尼亞州的四個農場，而這 1680 萬美元的減值絕大多數發生在兩個非常具體的農場。

One is a pistachio farm that has a kind of very delicate water situation, delicate not from a physics and physical availability of water standpoint necessarily, mostly from a regulatory standpoint, meaning that because of California regulations on water access, this will be progressively more and more challenged in accessing the, in being able to use water to the extent necessary to support production farm wide.

其中一個開心果農場的水資源狀況非常脆弱，這種脆弱不一定是從物理和水資源的物理可用性角度來看的，主要是從監管角度來看，這意味著由於加州對水資源獲取的監管，該農場在獲取水資源方面將面臨越來越大的挑戰，無法在必要的範圍內使用水來支持整個農場的生產。

And which is why we decided to take this impairment because we don't see this water situation resolving at all, given that it's regulatory driven. The other one is a much, smaller farm, our only, walnut farm in our portfolio.

這就是我們決定承擔這項損失的原因，因為我們認為水資源問題根本不會解決，因為它是由監管驅動的。另一個農場規模小得多，是我們投資組合中唯一的核桃農場。

And there, in addition to the regulatory water issue that led to the employment of the first farm, we also had a longer term view that walnuts as a crop, are, in a delicate position, especially in the US, given the significant production worldwide that has emerged in China and therefore has made that crop relatively less attractive as an investment in the US, and we don't see that situation resolving itself.

除了導致第一個農場就業的監管水問題之外，我們還從長遠角度認為，核桃作為一種作物，處於一種微妙的地位，特別是在美國，因為中國出現了全球性的大量生產，因此這種作物作為美國的投資吸引力相對較低，而且我們認為這種情況不會自行解決。

Those are all the comments I wanted to highlight. So, with that, I will now turn the call over to our Chief Financial Officer, Susan Landi for her overview of the company's financial performance. Susan.

這些都是我想要強調的評論。因此，我現在將電話轉給我們的財務長蘇珊蘭迪 (Susan Landi)，請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 a summary of the three and six months ended June 30, 2025, a review of capital structure, comparison of year-to-date revenue, and updated guidance for 2025. I'll be referring to the supplemental package, which is available in the investor relations section of our website under the subheader events and presentations.

謝謝你，盧卡。今天我將介紹一些內容，包括截至 2025 年 6 月 30 日的三個月和六個月的摘要、資本結構審查、年初至今的收入比較以及 2025 年的最新指南。我將參考補充資料包，它可以在我們網站的投資者關係部分的副標題事件和演示下找到。

First, I'll share a few financial metrics that appear on page 2. For the three months ended June 30, 2025, net income was $7.8 million or $0.15 a share available to common shareholders, which is higher than the same period for 2024, primarily due to gains on dispositions of 32 properties during the current quarter, in addition to lower GNA costs and interest expenses and higher interest income.

首先，我將分享第 2 頁上出現的一些財務指標。截至 2025 年 6 月 30 日的三個月，普通股股東可獲得的淨收入為 780 萬美元或每股 0.15 美元，高於 2024 年同期，主要由於本季度處置 32 處房產的收益，此外 GNA 成本和利息支出降低以及利息收入增加。

AFFO was $1.3 million or $0.03 per weighted average share, which is higher than the same period of 2024. AFFO was positively impacted by significantly lower interest expense as a result of our debt reductions and higher interest income due to increased activity under the FPI loan program.

AFFO 為 130 萬美元，即每股加權平均 0.03 美元，高於 2024 年同期。由於我們的債務減少，利息支出大幅降低，而 FPI 貸款計劃下的活動增加，利息收入增加，這對 AFFO 產生了積極影響。

For the six months ended June 30, 2025, net income was $9.9 million or $0.18 a share available to common stockholders, which is higher than the prior year, largely due to the impacts of 34 dispositions that occurred in the current year-to-date period in addition to significant debt reductions resulting in interest savings, lower GNA expenses, as well as increased interest income due to a higher balance on loans under the FBI loan program.

截至 2025 年 6 月 30 日的六個月，普通股股東淨收入為 990 萬美元或每股 0.18 美元，高於上年，這主要歸因於年初至今發生的 34 項處置的影響，此外還有大幅減少債務導致的利息節省、GNA 費用降低，以及由於 FBI 貸款計劃下貸款計劃下貸款的收入增加。

AFFO was $3.6 million or $0.08 per weighted average share which is higher than the same period for 2024. AFFO was positively impacted by lower interest expense, higher interest income, and proceeds from a solar lease arrangement with a tenant.

AFFO 為 360 萬美元，即每股加權平均 0.08 美元，高於 2024 年同期。較低的利息支出、較高的利息收入以及與租戶達成的太陽能租賃協議的收益對 AFFO 產生了積極影響。

Next, we'll cover some operating expenses and other items that you can find on page 5. Gain on disposition of assets is higher due to the dispositions of the 34 properties in 2025 that had an aggregate consideration of $81.6 million resulting in a net gain on sales, $25 million compared to a loss of $0.1 million in 2024, which was related to the sale of fixed assets, there were no property dispositions in the first half of 2024.

接下來，我們將介紹一些營運費用和其他項目，您可以在第 5 頁找到。資產處置收益較高是由於 2025 年處置了 34 處房產，總對價為 8160 萬美元，導致銷售淨收益為 2500 萬美元，而 2024 年的損失為 10 萬美元，與固定資產出售有關，2024 年上半年沒有房產處置。

As a result of significant reductions in debt that occurred since October of 2024, interest expense decreased $2.8 million during the quarter versus the same quarter in the prior year and $5.2 million year-to-date versus the prior year.

由於自 2024 年 10 月以來債務大幅減少，本季利息支出與去年同期相比減少了 280 萬美元，年初至今的利息支出與去年同期相比減少了 520 萬美元。

In addition, the dispositions resulted in lower property operating expenses and depreciation expenses. General and administrative expenses decreased for the three and six months ended June 30, 2025, primarily due to a one-time severance expense of $1.4 million during the six-month period in June of 2024, which is partially offset by slight increases in other expenses in the current period.

此外，處置也導致物業營運費用和折舊費用降低。截至 2025 年 6 月 30 日的三個月和六個月的一般及行政費用減少，主要原因是 2024 年 6 月六個月期間的一次性遣散費為 140 萬美元，但本期其他費用的輕微增加部分抵消了這一減少。

Moving on to page 12, there's a few capital structure items that I'd like to point out. We had undrawn capacity on the lines of credit of approximately $160 million as of June 30, 2025. \We had no debt subject to interest rate resets in 2025 and as a result of our swap, no exposure to variable interest rates, with the exception of whatever we draw on our line of credit.

轉到第 12 頁，我想指出一些資本結構項目。截至 2025 年 6 月 30 日，我們未動用的信用額度約為 1.6 億美元。\我們沒有在 2025 年受利率重置影響的債務，而且由於我們的掉期交易，除了我們從信用額度中提取的任何款項外，我們不會受到浮動利率的影響。

In addition, we have repaid our lines of credit in full with payments totaling $23 million in early July. Page 14 will break down the different revenue categories then, along with some comments at the bottom to describe the differences between those periods.

此外，我們已於 7 月初全額償還了信用額度，總額達 2,300 萬美元。第 14 頁將細分不同的收入類別，並在底部添加一些註釋來描述這些時期之間的差異。

A few points to highlight are, as expected, fixed farm rent decreased largely due to dispositions in the last half of 2024 and thus far in 2025. Solar, wind and recreation changes were caused primarily by proceeds from the solar revenue sharing arrangement with the tenant that we received in the first quarter of 2025 and it's partially offset by dispositions.

需要強調的幾點是，正如預期的那樣，固定農場租金下降主要是由於 2024 年下半年和 2025 年迄今的處置。太陽能、風能和娛樂方面的變化主要是由於我們在 2025 年第一季收到的與租戶達成的太陽能收入分成協議的收益，但部分被處置所抵消。

Management fees and interest income increased primarily due to the increased, loan activity under the FBI loan program. Page 15 has our outlook, our updated outlook for 2025. They can find the assumptions listed at the bottom of the page.

管理費和利息收入的增加主要是由於 FBI 貸款計劃下的貸款活動增加。第 15 頁是我們的展望，我們對 2025 年的最新展望。他們可以在頁面底部找到列出的假設。

On the revenue side, changes from the May guidance include the expected decrease in fixed farm rent, as well as solar, wind and recreation rent due to property dispositions that occurred in the current period, an increase in management fees and interest income as a result of increased activity on the FTI loan program.

在收入方面，與 5 月份指引相比，變化包括：預計固定農場租金以及太陽能、風能和娛樂租金將因本期發生的財產處置而減少，管理費和利息收入將因 FTI 貸款計劃活動增加而增加。

And changes in variable payments, crop sales, and crop insurance as a result of updated outlook on properties with variable rent and properties that we directly operate. On the expense side, changes from the May guidance include an increase in impairment related to the current period impairment expense for certain properties in the West Coast.

由於對可變租金的物業和我們直接經營的物業的展望發生了更新，可變支付、農作物銷售和農作物保險也發生了變化。在費用方面，與五月指引相比，變化包括與西海岸某些房產的當期減損費用相關的減損增加。

An increase in the gain loss on disposition of assets due to the 32 property dispositions that closed in Q2, a decrease in interest expense due to a lower average balance outstanding on the debt as a result of principal repayments during the current quarter and subsequently in July, and a decrease in weighted average shares related to the impact of the share repurchases that we've made since May.

由於第二季完成了 32 筆財產處置，導致資產處置損益增加；由於本季度和 7 月份償還本金導致未償還債務的平均餘額較低，導致利息支出減少；由於我們自 5 月份以來進行的股票回購的影響，導致加權平均股份減少。

The forecasted range of AFFO is $12.8 million to $15.5 million or $0.28 to $0.34 per share. This summarizes where we stand today. We will keep you updated as we progress through the year. This does wrap up our comments for this morning. Thank you all for participating. Operator, you can now begin the Q&A session.

AFFO 的預測範圍為 1280 萬美元至 1550 萬美元或每股 0.28 美元至 0.34 美元。這概括了我們今天的立場。我們將隨時向您通報今年的進展。這是我們今天上午的評論。感謝大家的參與。接線生，您現在可以開始問答環節。

Thank you. Ladies and gentlemen, we will now begin the question and answer session. (Operator Instructions)

謝謝。女士們、先生們，我們現在開始問答環節。（操作員指示）

[Robert Stevenson's Jane]

[羅伯特史蒂文森的《簡》]

Good morning, guys. Luca, how much more can you guys sell in 2025, given the multi-year disposition program that you guys have been operating under?

大家早安。盧卡，考慮到你們一直執行的多年處置計劃，到 2025 年你們的銷量還能再增加多少？

So far this year we've, actually have done three sale transactions that count under the rules. So we are, we have four more transactions. So we are really relying this year on, the safe harbor based on seven transactions rather than the dollar amount, because of the prior history on sales. And therefore, the total dollar amount will of course very much depend on the potential size of each of those remaining four transactions, assuming that we do all four.

今年到目前為止，我們實際上已經完成了三筆符合規定的銷售交易。因此，我們還有四筆交易。因此，由於先前的銷售歷史，我們今年確實依賴基於七筆交易而不是美元金額的安全港。因此，假設我們進行全部四筆交易，那麼總金額當然很大程度上取決於剩餘四筆交易的潛在規模。

Okay, and if you do all four of those, is that trending towards needing to pay a special dividend again at the end of the year, this year?

好的，如果您完成所有這四項，那麼今年年底是否需要再次支付特別股息？

Very hard to say, because it also depends on, given the dynamics between GAAP in accounting and tax accounting. For example, if we end up selling some of the farms where we recorded, impairments, those impairments will turn into tax, and will have a tax impact and so, it's really hard to tell at this point.

很難說，因為這也取決於會計和稅務會計中的 GAAP 之間的動態。例如，如果我們最終出售一些記錄了減損的農場，這些減損將轉化為稅收，並將產生稅收影響，因此，現在很難判斷。

Okay. And then I guess the opposite side of that coin. How are you guys thinking about acquisitions? Does anything really make sense at this point, especially versus repaying debt and buying back stock? How are you guys thinking about capital deployment in the back half of this year?

好的。然後我猜想硬幣的另一面。你們對於收購有什麼想法？此時此刻，任何事情真的有意義嗎，尤其是與償還債務和回購股票相比？大家對於今年下半年的資金部署有什麼考量？

Luca, I'll take this one. So as far as capital employment goes, Rob, we are, very disciplined in terms of acquisition strategy right now. If a farm that, a joins something we already own comes up, or an especially good bargain for some reason, comes up, we'd certainly look at it.

盧卡，我要這個。就資本使用而言，羅布，我們現在在收購策略方面非常嚴謹。如果出現一個農場，與我們已有的農場結合，或者由於某種原因出現特別划算的交易，我們肯定會考慮。

But we're pretty slow in terms of our pursuit of acquisition op opportunity for the reasons you stated, buying back stock is a more, is most cases more effective, we're still long term believers as you can see with what we've done in the last year. Year or two we are much more concentrated on the US Midwest, Illinois in particular part of the marketplace that gives us a much much safer and more stable portfolio than we have had in the past.

但由於您所述的原因，我們在尋求收購機會方面進展相當緩慢，回購股票在大多數情況下更有效，我們仍然是長期信徒，正如您從我們去年的所作所為中看到的那樣。在一兩年內，我們將更加專注於美國中西部，特別是伊利諾伊州的市場部分，這為我們提供比過去更安全、更穩定的投資組合。

The only downside is it's relatively low current yield. Because cap rates in that margin in that region because of the safety are pretty low. But the long-term appreciation in that region is better than anywhere else. And so, long-winded answer, but we're just not very acquisitive and not likely to be.

唯一的缺點是其當前收益率相對較低。因為出於安全考慮，該地區的利潤率資本化率相當低。但該地區的長期升值勢頭比其他任何地方都要好。所以，這是一個冗長的回答，但我們並不是很熱衷於收購，也不太可能這麼做。

Okay. Susan, the legal and accounting guidance went up about 300,000 in both the low and high end. Anything major driving that increase?

好的。蘇珊，法律和會計指導的低端和高端都上漲了約 30 萬美元。有什麼主要因素推動了這一成長嗎？

Again, I'll just address that nothing really significant. We have an ongoing tenant dispute, in on a Louisiana farm, from long ago. And not what we don't believe we did anything wrong. We've never been, never had one of these disputes in the past.

再次強調，我只是想說，沒有什麼真正重要的事。很久以前，我們在路易斯安那州的一個農場就發生了一起持續不斷的佃戶糾紛。並不是說我們不認為自己做錯了什麼。我們以前從來沒有發生過這樣的爭執。

That being said, we thought it was appropriate to to kind of expect to pay some money at some point in the future, because, we'll probably settle it at some point. So that that's what's driving that.

話雖如此，我們認為在未來某個時候支付一些錢是合適的，因為我們可能會在某個時候解決它。這就是推動這項進程的因素。

Alright, and then the last one for me, the preferred units are eligible for conversion in a little over 6 months. Any thoughts at this point on how you guys might address those?

好的，對我來說最後一個，優先單位將在 6 個多月內有資格轉換。你們現在有什麼想法可以解決這些問題嗎？

Yeah, there will be almost no chance that we convert those into shares, given that our stock is so deeply undervalued. We will pay that off, either with cash from asset sales or from borrowings under our lines of credit. There is no, I shouldn't probably say 100%, so there's a 99% probability that that is not going to be converted converted.

是的，考慮到我們的股票被嚴重低估，我們幾乎沒有機會將其轉換為股票。我們將透過出售資產所得現金或信用額度下的借款來償還這筆債務。沒有，我可能不應該說 100%，所以有 99% 的可能性它不會被轉換。

Okay, thanks guys I appreciate the time this morning.

好的，謝謝大家，我很感謝今天早上的時間。

Craig Kucera, Lucid Capital Markets.

Craig Kucera，Lucid Capital Markets。

Yeah, hey, good morning, guys. I want to circle back to the pickup and variable payment expectations. Was that entirely due to sort of an improved outlook on the citrus and avocados or did you restructure any leases that have a larger variable payment component like one of your competitors has been doing?

是的，嘿，大家早安。我想回到提貨和可變付款預期的話題。這是否完全是由於柑橘和酪梨前景的改善，還是你們像競爭對手一樣，對具有較大浮動付款部分的租約進行了重組？

Susan or Luca, you need to take that. I don't know the specific facts.

蘇珊或盧卡，你們需要接受這個。我不知道具體事實。

Yeah, no, we haven't, rest, we haven't had the need to restructure, any lease arrangements. So it's just, essentially based on crop dynamics and as we refine our views throughout the year, we have a better view on crop yields and crop prices. Susan, I don't know if there's anything else you want to add.

是的，沒有，我們沒有，其餘的，我們沒有必要重組任何租賃安排。因此，這基本上是基於作物動態的，隨著我們全年不斷完善我們的觀點，我們對作物產量和作物價格有了更好的了解。蘇珊，我不知道您是否還有什麼要補充的。

No, I don't have anything else.

不，我沒有其他東西了。

Okay, that's helpful. Change of gears, we're hearing more and more about some tighter lending, to farmers and, your loan portfolio has nearly tripled, since the third quarter of last year. Are you seeing rising demand and is there a ceiling on what that portfolio might be as a percentage of assets?

好的，這很有幫助。情況發生變化，我們越來越多地聽到有關對農民實施更嚴格貸款的消息，自去年第三季以來，你們的貸款組合幾乎增加了兩倍。您是否看到需求不斷成長？該投資組合佔資產的百分比是否有上限？

Yeah, I, I'll take that. So yeah, we do see more and more inquiries about farm lending, there's, we're in a somewhat difficult, I won't say very difficult, but somewhat difficult operating environment for farmers, for row crop farmers in particular, so we would expand the that lending program, if there were good loans to make modestly.

是的，我接受。是的，我們確實看到越來越多關於農業貸款的諮詢，我們處在一個有點困難的境地，我不會說非常困難，但對於農民，特別是大田作物農民來說，經營環境有點困難，所以如果有好的貸款可以適度發放，我們會擴大該貸款計劃。

That being said, we don't want that to become too big a percentage of our portfolio at any point in time, just because it's, our core business is owning farmland, not loans. We like that business, we like the loan business because of the returns. It certainly helps us, generate cash flow for dividends and operating overheads, but we're not likely to expand it significantly, no.

話雖如此，我們不希望它在任何時候佔據我們投資組合的太大比例，因為我們的核心業務是擁有農田，而不是貸款。我們喜歡這項業務，我們喜歡貸款業務，因為它有回報。它確實對我們有幫助，可以為股息和營運費用產生現金流，但我們不太可能大幅擴大它，不會。

Okay, got it. I want to circle back to the impairment charges you took in California. Kind of the back of the envelope looks like it was about 6% of your sort of total cost base there, but you mentioned most of it was at two farms. Can you give us a sense of what the write down was on a percentage basis at those farms? Is it somewhere in the order of 30% at several?

好的，明白了。我想回到你在加州受到的損害指控。從信封背面看，這大約佔了那裡總成本的 6%，但您提到其中大部分是在兩個農場。您能否告訴我們這些農場的減損百分比是多少？它的比例是不是在 30% 左右？

(multiple speaker) On one time so we could.

（多位發言者）一次就可以。

Yeah. The on one farm where we took the majority of that impairment was actually a little over 50%. We were very aggressive. We want to just take, bite the bull at once, to be honest.

是的。我們承擔的大部分損失在一個農場中實際上略高於 50%。我們非常積極。說實話，我們只想立即採取行動，立即承擔責任。

Susan, I don't know if you have to she has handed the details. That's the one I remember off the top of my head.

蘇珊，我不知道你是否已經交出了詳細資料。這是我所記得的一件事。

Yeah, they're both in the neighborhood of about 50%, the two large ones.

是的，這兩個大的數字都在 50% 左右。

Got it. Okay, that's helpful. Yeah.

知道了。好的，這很有幫助。是的。

When you, let me just add to that, when you see the regulatory environment fundamentally take away about half of your water on a California farm. It is incredibly detrimental to the value, and that's what's going on out there. And so that's, so we took, we put pretty significant write downs on those farms for that reason.

當你，讓我補充一點，當你看到監管環境從根本上奪走了加州農場大約一半的水資源。這對價值來說是極其有害的，這就是現在正在發生的事情。因此，基於這個原因，我們對這些農場進行了相當大的減記。

Got it. And just one more for me. I mean, just given you took the charges, I know you look longer term, two to five years or even longer. Are you actively looking to sell some farms in California and is there a bit?

知道了。對我來說，還有一件事。我的意思是，鑑於你接受了指控，我知道你的眼光會更長遠，兩到五年甚至更長。您是否正在積極尋求出售加州的一些農場？有嗎？

Yeah, there's, yeah, we are actively looking, we've got a couple of the farms we took the impairments on actually listed, and we're trying to see if we can get them sold, because we just, when we decide a farm isn't going to, you don't want to day trade, if you will, farmland. That's not how to do it. You don't even want to yearly trade farmland.

是的，是的，我們正在積極尋找，我們實際上已經列出了幾個我們承擔了損害的農場，我們正在嘗試看看是否可以將它們出售，因為當我們決定一個農場不會，你不想進行日間交易，如果你願意的話，農田。這不是該做的事情。你甚至不想每年交易農地。

What you want to do is basically hold for long term appreciation potential. But once you decide that something's in trouble and going to stay in trouble for a meaningful period of time, half a decade or more, and you're losing money on it, owning it.

您想要做的基本上是持有以獲得長期升值潛力。但是一旦你認定某樣東西有問題，並且會在一段相當長的時間內，五年或更長時間裡持續存在問題，而且你在持有它時會虧損。

And when you think about your cost of capital and everything else, you just got to get rid of it. And so we're going to get rid of it. And yes, there are bids out there. You just have to be disciplined on not asking too much. I think some investors are unwilling to do what we did and just take the right down and then reprice the asset and see if you can move it.

當你考慮資本成本和其他一切因素時，你必須擺脫它。所以我們要擺脫它。是的，確實有出價。您只需遵守紀律，不要要求太多。我認為一些投資者不願意像我們一樣，只是降低價格，然後重新定價資產，看看是否可以轉移它。

Got it. Okay, that's it for me thanks.

知道了。好的，就這些了，謝謝。

John Massocca, B. Riley Securities.

約翰·馬索卡 (John Massocca)，B. Riley 證券。

Good morning.

早安.

Morning.

早晨。

So if I kind of look at the outlook. Got it, I kind of look at the full year outlook, right, not that they were huge moves, but variable payments kind of increased versus your last provided guidance and in crop sales, came down a little bit, and I'm guessing I'm imagining that's just crop type mix and maybe you provide any color on kind of how, the various pushes and pos are there in terms of crop type, what's doing well, what's doing poorly, and maybe kind of, why?

所以如果我看一下前景。明白了，我看一下全年前景，對吧，並不是說它們有很大的變動，但與您上次提供的指導相比，浮動支付有所增加，而農作物銷售額則有所下降，我猜這只是農作物類型的組合，也許您可以提供一些關於農作物類型方面各種推動力和積極因素的信息，哪些表現良好，哪些表現不佳，也許還有原因？

Yeah, let me just address that in a very general sense. And if somebody wants to add specifics, from the rest of the team, they can what happens here is about once each quarter, we re-evaluate the budget for both the farms we're operating, which is crop sales, generally speaking, a handful of farms that we direct operate.

是的，讓我從非常普遍的意義上來談談這個問題。如果有人想從團隊的其他成員那裡補充具體細節，他們可以從這裡了解到，大約每季一次，我們會重新評估我們經營的兩個農場的預算，即農作物銷售，一般來說，是我們直接運營的少數農場。

And again, for everybody's benefit, direct operate doesn't mean we have employees. It means we have a contract with some farmer, but we're taking the economic risk on the crop. And then variable variable payments is of course crop share leases or bonus leases in in California.

再說一次，為了大家的利益，直接經營並不代表我們有員工。這意味著我們與一些農民簽訂了合同，但我們承擔著農作物的經濟風險。那麼，可變的可變支付當然是加州的作物分成租賃或獎金租賃。

So what happens on that once a quarter review is the crop, you start with a good faith budget based on, what happened last year and what happened on average in the last five years, etcetera.

因此，每季一次的審查結果就是，你首先要根據去年發生的情況以及過去五年平均發生的情況等製定一個誠信預算。

And then you refine it as you get into the crop season and you actually can see the fruit on the trees. And so all that's happening here is we're seeing certain types of farms do a little better than we expected. In the second quarter in particular, you see the citrus harvest get essentially completed.

然後，當你進入作物季節時，你可以對其進行改進，你實際上可以看到樹上的果實。所以這裡發生的一切就是我們看到某些類型的農場表現比我們預期的要好一些。特別是在第二季度，柑橘的收穫基本上完成。

It goes on in the first and second quarter. You now can look at the tree nuts, which are a late summer or early fall harvested crop. You can start, seeing whether you've got a really, high volume of nuts on the tree or not, so on and so forth, and we make, some adjustments and budgeting updates based on that, and that's what's driving those numbers.

它在第一季和第二季繼續進行。現在您可以看看樹堅果，它們是夏末或初秋收穫的作物。您可以開始查看樹上是否真的有大量堅果，等等，然後我們會根據這些進行一些調整和預算更新，這就是推動這些數字的因素。

That makes sense, maybe on California specifically how much kind of, how long was kind of the outlook in some of these water issues and some of the farms that, you took the right down in and I guess are there any other farms in the portfolio today that are at risk of kind of having some of these issues with access to water just given the regulatory change or is it something that's, I guess kind of how sudden is it and how, you know how much kind of, how far over the horizon can you see when some of these water regulatory issues are going to occur?

這很有道理，也許具體到加州，這些水資源問題和一些農場的前景如何，你對這些問題的前景進行了多長時間的展望，我想，考慮到監管變化，今天投資組合中是否還有其他農場面臨著獲取水資源的問題的風險，或者，我想，它有多突然，你知道當這些水資源監管問題何時發生時，你能預見到多遠？

Well, so on the water regulatory issue, it's most of this is based on what's called Sigma, which was a groundwater management law that was put into place, four or five years ago now. And then as and the implementation of Sigma is largely based on water districts or counties, kind of smaller subunits, not the whole state, coming up with plans.

那麼，關於水資源監管問題，大部分都是基於所謂的 Sigma，這是一部四、五年前實施的地下水管理法。然後，Sigma 的實施主要基於水務區或縣等較小的子單位（而不是整個州）制定計劃。

As those plans are developed, you basically hopefully get to a point in which you've got maybe a worse water situation than you used to have, based on the regulations, but at least you now have predictability and certainty. So that process, is largely well underway in most water districts and counties in California.

隨著這些計劃的製定，你基本上希望能夠達到這樣的程度：根據規定，你可能遇到比以前更糟糕的水情，但至少現在有了可預測性和確定性。目前，這項進程在加州大多數水務區和水務縣已基本順利進行。

So what we were seeing here and like take the, in particular the pistachio farm, what came out of that regulatory process and that water district process, as it came to the final rules related to the signal law, was, pretty negative, and that's why we took that big write down on the pistachio farm.

因此，我們在這裡看到的情況，特別是開心果農場的情況，監管過程和水務區流程的結果，以及與信號法相關的最終規則，都是相當負面的，這就是我們對開心果農場進行大幅減記的原因。

So, if we believe there was a need to write something else down, we would have already done it. So, hard to answer, with certainty, but we don't see anything we're going to write down right away, where we would have done it now. I can't tell you because it's this whole sigma thing is probably 75% done, not 100% done at this point. What other sort of turn may occur that leads us to need to write something down, but right now we don't see any need to.

因此，如果我們認為有必要寫下其他內容，我們早就這樣做了。所以，很難肯定地回答這個問題，但是我們看不到任何我們可以立即寫下來的東西，我們現在就可以這樣做。我無法告訴你，因為整個 sigma 事情可能只完成了 75%，而不是 100%。還可能發生什麼其他轉變導致我們需要寫下一些東西，但現在我們認為沒有必要。

Okay, and when you say like you know I'm using rough numbers, but the stigma thing's about 75% done, is that like 75% of water districts kind of already have their plans in place or is that something where we can see a wave.

好的，當您說就像您知道我使用的是粗略的數字，但恥辱的事情已經完成了大約 75% 時，是否是說 75% 的水區已經制定了計劃，或者這是我們可以看到浪潮的事情。

Yeah, that's what I meant by that and.

是的，這就是我的意思。

And then last one that's on the balance sheet, how should we kind of think about utilization and the $50 million of cash you kind of have on hand today just given, prior comments on the series A, versus maybe, the attractiveness of buying back stock versus debt. I mean, I'm just kind of thinking like, is there potential that you carry a relatively large cash balance through the remainder of the year just given the preferred unit. Potential need to repay the preferred units next year.

然後最後一個關於資產負債表的問題，我們應該如何考慮利用率以及您今天手頭上的 5000 萬美元現金，以及之前對 A 系列的評論，以及回購股票與債務的吸引力。我的意思是，我只是在想，是否有可能僅憑優先股，你就在今年剩餘時間內持有相對較大的現金餘額。明年可能需要償還優先股。

Luc, I'm going to turn that over to you because you talk about that all the time.

盧克，我要把這個任務交給你，因為你一直在談論這個。

Yeah. As always, my answer to the question is that, we, this is a juggling of different bolts, we have different variables, on an ongoing basis. Whenever we have liquidity available, we always look at the stock price to evaluate how attractive is, to go in the market and do stock repurchases to create value for the remaining shareholders.

是的。像往常一樣，我對這個問題的回答是，我們，這是一個持續不斷的不同螺栓的組合，我們有不同的變數。每當我們有流動性時，我們總是專注於股票價格來評估其吸引力，然後進入市場並進行股票回購，為剩餘股東創造價值。

What are interest rates, what are our specific repayment opportunities on specific, pieces of that. So for example, of the $50 million that we have on the balance sheet as at the end of the quarter, we already use some to pay down lines of credit.

利率是多少，我們具體的還款機會是什麼，等等。例如，截至本季末，我們的資產負債表上有 5,000 萬美元，其中一部分我們已經用來償還信用額度。

So now we don't have any ex pretty expensive. That outstanding, at this point in time. So it's, I know it's not the clean answer that you can plug into your model, but unfortunately, the world is not as clean and straightforward. It's just an optimization model that we run in our discussions on an ongoing basis.

所以現在我們沒有任何前任相當昂貴。目前來看，這非常出色。所以，我知道這不是可以插入到模型中的乾淨答案，但不幸的是，世界並不那麼乾淨和直接。這只是我們在討論中持續運行的最佳化模型。

And I think the one thing, yeah, just the one, let me just add one thing to that because it's important. Right now, we're investing that cash at a positive spread above what the cost of the preferred is. So just sitting on a bunch of cash kind of waiting to pay off that preferred, next year, is actually making us a little bit of money right now, so you know just that's worth keeping in mind.

我認為有一件事，是的，只有一件事，讓我再補充一點，因為它很重要。目前，我們以高於優先股成本的正利差投資這筆現金。因此，只需坐擁一大筆現金，等待明年償還優先股，實際上就可以為我們現在賺取一點錢，所以你知道這一點值得記住。

Okay, understood, and that's it for me. Thank you very much.

好的，我明白了，對我來說就這樣了。非常感謝。

There are no further questions at this time, and with that, I will turn the call back to Luca Fabbri for closing remarks. Please go ahead.

目前沒有其他問題，因此，我將把電話轉回給 Luca Fabbri 作結束語。請繼續。

Thank you, Kelvin. We appreciate your interest in our company. Thank you again for joining us today and we look forward to updating you on our activities and results in the coming quarters. Have a great rest of your day.

謝謝你，凱爾文。感謝您對我們公司的關注。再次感謝您今天的加入我們，我們期待在未來幾季向您通報我們的活動和成果。祝您今天剩餘的時間過得愉快。

Ladies and gentlemen, this concludes today's conference call. We thank you for participating and ask that you.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並懇請您。