Gladstone Land Corp (LAND) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Gladstone Land Corporation Fiscal Year-end Earnings Call. (Operator Instructions).

大家好，歡迎來到 Gladstone Land Corporation 財年年終收益電話會議。 （操作員說明）。

It is now my pleasure to introduce your host, CEO and President, David Gladstone. Thank you, David. You may begin.

現在我很高興向大家介紹主持人、首席執行官兼總裁戴維·格萊斯頓 (David Gladstone)。謝謝你，大衛。你可以開始了。

Well, thank you, Paul. That was a nice introduction. And this is David Gladstone, and welcome to the quarterly conference call for Gladstone Land. This is also our year-end, so you get a double barrel place in our systems of things that we're going to tell you about. And thank you all for calling in today. We appreciate you taking the time to listen to our presentation. We always start off with Michael LiCalsi, he's our General Counsel and Secretary, and he is the President of Gladstone Administration, the administrator for all of the Gladstone funds. Michael, you're up.

好吧，謝謝你，保羅。這是一個很好的介紹。我是 David Gladstone，歡迎來到 Gladstone Land 的季度電話會議。這也是我們的年終，所以你在我們的系統中有一個雙桶的位置，我們將告訴你。感謝大家今天的來電。感謝您抽出時間來聽取我們的介紹。我們總是從 Michael LiCalsi 開始，他是我們的總法律顧問兼秘書，他是 Gladstone Administration 的總裁，也是所有 Gladstone 基金的管理者。邁克爾，你起來了。

Thanks, David. Good morning, everybody. Today's report may include forward-looking statements of the Securities Act of 1933, the Securities Exchange Act of 1934, including those regarding our future performance. And these forward-looking statements involve certain risks and uncertainties that are based on our current plans, which we believe to be reasonable. Many factors may cause our actual results to be materially different from any future results expressed or implied by these forward-looking statements, including all risk factors in our Forms 10-Q, 10-K and other documents we filed with the SEC.

謝謝，大衛。大家早上好。今天的報告可能包含 1933 年證券法和 1934 年證券交易法的前瞻性陳述，包括關於我們未來業績的前瞻性陳述。這些前瞻性陳述涉及基於我們當前計劃的某些風險和不確定性，我們認為這些計劃是合理的。許多因素可能導致我們的實際結果與這些前瞻性陳述中明示或暗示的任何未來結果存在重大差異，包括我們向 SEC 提交的 10-Q、10-K 表格和其他文件中的所有風險因素。

Find these on our website, that's gladstoneland.com, specifically the Investors page, or on the SEC's website at www.sec.gov. And we undertake no obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

在我們的網站 gladstoneland.com（特別是投資者頁面）或美國證券交易委員會的網站 www.sec.gov 上可以找到這些信息。我們沒有義務公開更新或修改任何這些前瞻性陳述，無論是由於新信息、未來事件或其他原因，除非法律要求。

And today, we will discuss FFO, which is funds from operations. Now FFO is a non-GAAP accounting term defined as net income, excluding the gains or losses from the sale of real estate and any impairment losses from property, plus depreciation and amortization of real estate assets. Let me also discuss core FFO, which we generally define as FFO adjusted for certain nonrecurring revenues and expenses and adjusted FFO, which further adjusts core FFO for certain noncash items, such as converting GAAP rents to normalized cash rents. And we believe these are better indications of our operating results and allow better comparability of our period-over-period performance.

今天，我們將討論 FFO，即來自運營的資金。現在，FFO 是一個非 GAAP 會計術語，定義為淨收入，不包括出售房地產的收益或損失和財產的任何減值損失，加上房地產資產的折舊和攤銷。我還要討論核心 FFO，我們通常將其定義為針對某些非經常性收入和支出調整的 FFO 和調整後的 FFO，它進一步調整某些非現金項目的核心 FFO，例如將 GAAP 租金轉換為標準化現金租金。我們相信這些可以更好地表明我們的經營業績，並且可以更好地比較我們的同期業績。

And please take the opportunity to visit our website, once again, gladstoneland.com, and sign up for our e-mail notification service, so you can stay up-to-date on the company. You can also find us on Facebook. Keyword there is The Gladstone Companies and Twitter @GladstoneComps. That today's call is an overview of our results, so we ask that you review our press release and 10-K, both issued yesterday for more detailed information. Again, you can find them on the Investors page of our website.

請藉此機會再次訪問我們的網站 gladstoneland.com，並註冊我們的電子郵件通知服務，這樣您就可以了解公司的最新信息。您也可以在 Facebook 上找到我們。關鍵字是 The Gladstone Companies 和 Twitter @GladstoneComps。今天的電話會議是對我們結果的概述，因此我們要求您查看我們昨天發布的新聞稿和 10-K 以獲取更多詳細信息。同樣，您可以在我們網站的投資者頁面上找到它們。

With that, I'll turn it back to David Gladstone.

有了這個，我會把它轉回大衛格拉德斯通。

Well, thank you, Michael. I will start off with a brief overview of our farmland holdings. We currently own about 116,000 acres on 169 farms and about 45,000 acre feet of banked water, acreage foot is equal to about 327,000 gallons. So that's about 14.6 billion gallons of water that we have in the ground in California mostly. And together, they are valued at about $1.6 billion for both the land and the water. Our farms are in 15 different states and more importantly, it's in 29 different growing regions. Farms continue to be 100% occupied and at least to about 90 different tenant farmers, all of whom are unrelated to us.

嗯，謝謝你，邁克爾。我將從簡要概述我們的農田資產開始。我們目前擁有 169 個農場的約 116,000 英畝土地和約 45,000 英畝英尺的堤岸水域，英畝英尺等於約 327,000 加侖。所以這大約是我們在加利福尼亞州地下擁有的大約 146 億加侖的水。土地和水域的總價值約為 16 億美元。我們的農場位於 15 個不同的州，更重要的是，它位於 29 個不同的種植區。農場繼續被 100% 佔用，至少有大約 90 個不同的租戶農民，他們都與我們無關。

And the tenants on these farms are growing about 60 different types of crops, but mostly fruits and vegetables and nuts. We have 2 slow paying tenants and partly due to excess supply and market for their respective crops. Markets sometimes get oversupplied and can be slow to cure themselves, but they usually do over a certain period of time, it's slower sales, so it takes a while to get there. As we've mentioned in the past couple of calls, acquisition activities remained slower for us than in the past as we continue to be much more selective in the type of farms we're looking at. Higher interest rates also impact the level of returns we can be able to achieve on any new acquisition. But that too will pass.

這些農場的租戶種植了大約 60 種不同類型的作物，但主要是水果、蔬菜和堅果。我們有 2 個付款緩慢的租戶，部分原因是他們各自作物的供應和市場過剩。市場有時會供過於求，自我修復的速度可能會很慢，但它們通常會在一定時期內發生，即銷售放緩，因此需要一段時間才能實現。正如我們在過去幾次電話中提到的那樣，收購活動對我們來說仍然比過去慢，因為我們在我們正在尋找的農場類型中繼續更具選擇性。更高的利率也會影響我們在任何新收購中能夠實現的回報水平。但這也會過去。

With inflation and interest rates continue to rise and the risk of recession becoming more likely, we believe it's a good time to be much more selective with our capital. But overall, our existing farmland portfolio continues to perform pretty much as expected, with the exceptions of the issues we're having with 2 tenants, which led us to reverse out about $1 million in revenue in the fourth quarter. And so we hope to collect that in the future, but there's no guarantees on that. But despite those issues, we have another very strong quarter for you and from an operating standpoint. We have good results from our participation rents has recorded about $4.7 million in additional income during this quarter. This resulted in a record total participation rents of about $7.7 million this year compared with about $5.2 million in 2021.

隨著通貨膨脹率和利率持續上升，經濟衰退的風險變得越來越大，我們認為現在是對我們的資本進行更多選擇的好時機。但總的來說，我們現有的農田投資組合的表現繼續與預期相當，但我們與 2 個租戶的問題除外，這導致我們在第四季度扭轉了約 100 萬美元的收入。所以我們希望在未來收集它，但不能保證。但儘管存在這些問題，從運營的角度來看，我們還有另一個非常強勁的季度。我們的參與租金取得了不錯的成績，在本季度錄得約 470 萬美元的額外收入。這導致今年的參與租金總額達到創紀錄的約 770 萬美元，而 2021 年約為 520 萬美元。

So a nice increase there in participation rents. The increase was largely driven by strong yields on our pistachio farms coupled with the continued strong demand for the crop. We had lower results on our almond farms, and this is due to a weaker almond prices as the amount of almond market continues to be hampered by oversupply and exaggerated by the supply chain disruptions that arose during the COVID pandemic. Almonds are sold all over the world and, quite frankly, almonds in California end up all over Europe and especially in India, for example.

所以參與租金有一個很好的增長。增長的主要原因是我們的開心果農場產量高，加上對該作物的持續強勁需求。我們的杏仁農場業績較低，這是由於杏仁價格走軟，因為杏仁市場的數量繼續受到供應過剩的阻礙，並因 COVID 大流行期間出現的供應鏈中斷而加劇。杏仁銷往世界各地，坦率地說，加州的杏仁最終銷往歐洲各地，尤其是印度。

Finally, we continue to be able to renew all expiring leases without incurring any downtime on any of our farms. We did change up a couple of the leases structured wise, in which we reduced the fixed base rent in exchange for increasing the crop share component. We'll see this nice wet year in California, if that was the right thing to do. We think we're in good shape for those once the numbers come in, but we'll have to wait for the year-end in order for that to be proved out. Excluding those leases, we continue to execute renewals at higher rental rates. When one small acquisition during the fourth quarter of 443 acres, it's an open ground piece. We bought it for about $3 million.

最後，我們繼續能夠續簽所有到期的租約，而不會導致我們的任何農場停工。我們確實明智地改變了一些租約結構，在這些租約中我們降低了固定基本租金以換取增加作物份額部分。如果那是正確的事情，我們將在加利福尼亞看到這個美好的雨年。我們認為一旦數據出現，我們的狀態就很好，但我們必須等到年底才能證明這一點。不包括這些租賃，我們繼續以更高的租金執行續約。當第四季度的一次小型收購 443 英畝時，它是一塊空地。我們以大約 300 萬美元的價格買下了它。

This ground is adjacent to the farm we already own right next door and has both surface water rights and groundwater pumping rights. So the intention is to use these water rights as an additional source of water for nearby farm. We also sell water -- we also can sell water credits on our property to tenants on the other farms that are near ours. For the year-end, the team acquired over 3,000 new acres, 6 different states for a total of $65 million. Overall, the initial cash yield to us on these investments is about 5.8%, and the leases on these farms contain certain provisions such as participation rents that we just mentioned. And we also have annual escalations in which if you go from 1 year to the next year, it may be up by 3% or 4%. And that should push the figures higher in the future for these farms.

這片土地毗鄰我們隔壁已經擁有的農場，擁有地表水權和地下水抽水權。因此，目的是將這些水權用作附近農場的額外水源。我們還出售水——我們還可以將我們財產上的水信用額出售給我們附近其他農場的租戶。年底，該團隊在 6 個不同的州收購了超過 3,000 英畝的新土地，總計 6,500 萬美元。總體而言，我們這些投資的初始現金收益率約為 5.8%，這些農場的租約包含某些條款，例如我們剛才提到的參與租金。我們也有年度升級，如果你從一年到下一年，它可能會上升 3% 或 4%。這應該會在未來推動這些農場的數字更高。

On the leasing front, we renewed 9 leases on the farms in 4 different states. In total, these renewals are expected to result in a decrease in annual net operating income of about $857,000 from the prior leases, mainly because we moved some of those leases from fixed rent to participation rents. However, this decrease was the result of lease amendments, and we executed 3 of our permanent planting farms in which either reduced or fixed the base rent or agreed to cover some fixed amount of the farm's operating cost. Excluding these 3 leases, lease renewals executed on our farms growing row crops are expected to result in an increase in net operating income of approximately $66,000. It's about a 12% increase over the prior leases.

在租賃方面，我們續簽了 4 個不同州農場的 9 個租約。總的來說，這些續約預計將導致之前租賃的年度淨營業收入減少約 857,000 美元，這主要是因為我們將其中一些租賃從固定租金轉為參與租金。然而，這種減少是租約修訂的結果，我們執行了 3 個永久性種植農場，其中要么減少或固定基本租金，要么同意承擔農場運營成本的固定金額。不包括這 3 項租約，在我們種植中耕作物的農場執行的租約續簽預計將導致淨營業收入增加約 66,000 美元。這比之前的租約增加了約 12%。

Looking ahead, we only have one lease scheduled to expire over the next 6 months. It makes up less than 1% of our total annualized lease revenue. We're in discussions with the current tenant on this farm regarding the extensions, and we believe we'll be able to achieve a slight rent increase on this farm, but we aren't currently expecting any downtime to occur on the result of this upcoming expiration. A few other items to mention before we get over to Lewis in the financial world. Inflation continues to be forefront in most people's mind as well as ours. The headline inflation numbers, of course, are about 6.4% per year. That's much higher than -- we want it to be, add in, on the other hand, this is a category that's going to benefit from that. It's called food-at-home. It's a category that was up by 11.3%. So that's way ahead of 6.4% for the entire nation.

展望未來，我們只有一份租約計劃在未來 6 個月內到期。它占我們年度租賃總收入的不到 1%。我們正在與該農場的當前租戶就延期進行討論，我們相信我們能夠使該農場的租金略有上漲，但我們目前預計不會因此而發生任何停機即將到期。在我們轉向金融界的劉易斯之前，還有一些其他事項需要提及。通貨膨脹仍然是大多數人和我們心目中的首要問題。當然，總體通脹率約為每年 6.4%。這比我們希望的要高得多，另一方面，這是一個將從中受益的類別。這叫做在家吃飯。這是一個增長了 11.3% 的類別。因此，這遠遠高於整個國家的 6.4%。

This is a category where nearly all of the crops grown on our farms falls into that category, and most of our crops are sold in grocery stores. So when you go in the grocery store and you look at the produce section, that's where you'd find the products that our farmers are producing. We believe the increase in food prices will very substantially cover -- out-cover the outpace the inflation that's going on now. That should mitigate the increase in operating costs that many of our farmers are experiencing now.

在這個類別中，我們農場種植的幾乎所有農作物都屬於這一類，而且我們的大部分農作物都在雜貨店出售。因此，當您進入雜貨店並查看農產品區時，您會在那裡找到我們的農民生產的產品。我們相信食品價格的上漲將大大彌補——超過目前正在發生的通貨膨脹。這應該可以減輕我們許多農民現在正在經歷的運營成本的增加。

Regarding the recent floods in California, that's a new one to talk about is floods in California. We are always sad to hear about the devastation caused by natural disasters, especially this one in California. However, all of the rain and snow brought some relief to the region that has experienced drought conditions for most of the past 3 years. You're talking about extra feet of snow in the mountains that will melt this summer and flow to all the areas down below, which is -- I know all of our people in California are very happy about what's going on. As a result of the storms, the snowpack levels are nearly 2x their 20-year historical average. Most reservoirs in the state are also nearing their historical norms.

關於加州最近的洪水，這是一個新的話題，就是加州的洪水。聽到自然災害造成的破壞，我們總是很難過，尤其是加州的這場災難。然而，所有的雨雪給該地區帶來了一些緩解，該地區在過去 3 年的大部分時間裡都經歷了乾旱。你說的是今年夏天山上多英尺的積雪會融化並流到下面的所有地區，我知道我們加利福尼亞州的所有人都對正在發生的事情感到非常高興。由於暴風雨，積雪量幾乎是 20 年曆史平均水平的兩倍。該州的大多數水庫也接近其歷史標準。

In addition, there were no longer any areas in California that are in the 2 most severe drought categories, which is the first time in 3 years, that's been the case. No one is proclaiming the drought to be over, of course, much more rain is still needed to recharge most of the aquifers. We'd love to see the aquifers get fully recharged. We won't get that out of this rainstorm. But maybe as it happens over the next couple of years, we can get there. All of our farms are in the West have wells on them as well as those in the East. And so far, none of our farms have suffered water shortages due to the wells not being able to reach the aquifers.

此外，加利福尼亞州不再有任何地區處於最嚴重的 2 個乾旱類別，這是 3 年來的第一次，情況一直如此。沒有人宣布干旱已經結束，當然，仍然需要更多的雨水來補充大部分含水層。我們很樂意看到含水層得到充分補充。我們不會從這場暴風雨中得到它。但也許隨著未來幾年的發生，我們可以實現目標。我們所有的農場都在西部和東部都有水井。到目前為止，我們的農場都沒有因為水井無法到達含水層而出現缺水問題。

In addition, we continue to look at the opportunities to provide additional sources of water in our farms and we're constantly working on that. The state of California has and done all they could do in order to help us capture that water that's coming down. One final note on the recent floods are West, none of our farms suffered any extensive damage as a result of the storms. We had one farm that lost some shade structures, which were protecting blueberry bushes from the wind and other adverse weather elements. But generally speaking, the bushes are fine and the structures are covered by insurance, so we'll just build those back. They're forecasting rain out there all day, today and for the next 6 days, so we're going to see a lot more water coming out there.

此外，我們繼續尋找機會為我們的農場提供額外的水源，並且我們一直在為此努力。加利福尼亞州已經並已盡其所能幫助我們收集正在下降的水。關於最近發生的洪水的最後一點是西部，我們的農場都沒有因暴風雨而遭受任何大範圍的破壞。我們有一個農場失去了一些遮蔭結構，這些遮陽結構保護藍莓灌木免受風和其他不利天氣因素的影響。但總的來說，灌木叢很好，結構也有保險，所以我們會把它們建回去。他們預報今天和接下來的 6 天整天都會下雨，所以我們會看到更多的水從那裡流出。

Finally, regarding our capital plans, the offering of our Series C preferred stock was terminated in December after selling about $254 million of securities over the prior 3 years. Interest rates rose, leading acquisition activity slow down, it became difficult to put those proceeds to work at an effective manner so we just pulled that out. Then last month, January 2023, we began selling a new Series E preferred stock, which carries an interest rate of 5%. Sales are beginning slow as we expected. So don't expect this to sell at the same pace as Series C was selling, but we like having multiple sources of capital available to us. So we know we have it when we need it.

最後，關於我們的資本計劃，我們的 C 系列優先股的發行在過去 3 年出售了約 2.54 億美元的證券後於 12 月終止。利率上升，導致收購活動放緩，很難將這些收益有效地投入使用，所以我們就把它撤了。然後在上個月，即 2023 年 1 月，我們開始出售新的 E 系列優先股，利率為 5%。正如我們預期的那樣，銷售開始緩慢。因此，不要指望它的銷售速度與 C 系列的銷售速度相同，但我們喜歡擁有多種可用的資金來源。所以我們知道我們在需要的時候擁有它。

In addition, we started using our ATM program that's at-the-market program, which allows us to keep selling common stock directly to anyone who shows up once it -- again, a few months ago, the plan to continue to do so as long as the price is fixed, [since] for us, we stopped selling that when the price dropped below [$19] and we'll see what happens over the next 6 months. Got a great strong company. So we think it will start selling again.

此外，我們開始使用我們的 ATM 程序，該程序是在市場上的程序，它允許我們繼續直接向任何出現過它的人出售普通股——同樣，幾個月前，計劃繼續這樣做，因為只要價格是固定的，[因為] 對我們來說，當價格跌至 [19 美元] 以下時我們就停止銷售，我們將看看接下來 6 個月會發生什麼。得到了一家強大的公司。所以我們認為它會再次開始銷售。

I'm going to stop at this point, that's enough on the operations. And now I'll turn it over to our CFO, Lewis Parrish to talk more about the numbers. Lewis?

我要在這一點上停下來，操作就足夠了。現在我將把它交給我們的首席財務官 Lewis Parrish 來更多地討論這些數字。劉易斯？

Thank you, David, and good morning, everyone. I'll begin by briefly going over our balance sheet. We did not incur any new borrowings during the quarter, but we did repay about $19 million of loans during the fourth quarter that were scheduled to mature. That being said, since the beginning of the fourth quarter, we raised net proceeds of about $27 million from sales of our Series C preferred stock, about $800,000 from sales of our new Series E preferred stock and $20 million from sales of our common stock through the ATM program.

謝謝你，大衛，大家早上好。我將首先簡要介紹一下我們的資產負債表。本季度我們沒有產生任何新借款，但我們確實在第四季度償還了約 1900 萬美元的計劃到期貸款。也就是說，自第四季度初以來，我們通過銷售 C 系列優先股籌集了約 2,700 萬美元的淨收益，通過銷售新的 E 系列優先股籌集了約 800,000 美元，通過銷售我們的普通股籌集了 2,000 萬美元ATM程序。

Moving on to our operating results. First, I'll note that for the fourth quarter, we had net income of $1.1 million and net loss to common shareholders of $4.8 million or $0.14 per common share. For the year, we had net income of about $4.7 million and a net loss to common shareholders of $15 million or $0.43 per share. On a quarter-over-quarter basis, adjusted FFO for the fourth quarter was approximately $6.8 million or $0.195 per share, and that was compared to $7.2 million or $0.207 per share in the third quarter. Dividends declared per common share were $0.137 in both quarters. And on an annual basis, adjusted FFO for 2022 was approximately $24.8 million compared to $20.4 million in 2021, an increase of 22%.

繼續我們的經營業績。首先，我要指出的是，第四季度，我們的淨收入為 110 萬美元，普通股股東淨虧損為 480 萬美元或每股普通股虧損 0.14 美元。這一年，我們的淨收入約為 470 萬美元，普通股股東淨虧損為 1500 萬美元或每股 0.43 美元。按季度環比計算，第四季度調整後的 FFO 約為 680 萬美元或每股 0.195 美元，而第三季度為 720 萬美元或每股 0.207 美元。兩個季度的每股普通股股息均為 0.137 美元。與 2021 年的 2040 萬美元相比，2022 年調整後的 FFO 約為 2480 萬美元，增長了 22%。

The and AFFO per share was $0.716 in 2022, compared to $0.668 in 2021, an increase of 7%. Dividends declared were $0.546 in 2022 and $0.541 in 2021. Common dividend payout ratio was about 76% of AFFO in 2022 versus 81% in 2021. Primary driver behind the increases in AFFO was higher top line revenues, partially offset by increases in related party fees and additional financing costs. Fixed base cash rents decreased by about $1 million or 5% on a quarter-over-quarter basis and increased by about $11 million or 16% on a year-over-year basis. The increase for the year was primarily driven by additional revenues earned from recent acquisitions and completed CapEx projects. This increase was partially offset by the execution of certain lease amendments through which we reduced the fixed base rent in exchange for increasing the participation rent component.

2022 年 AFFO 每股收益為 0.716 美元，相比 2021 年的 0.668 美元增長了 7%。 2022 年宣布的股息為 0.546 美元，2021 年為 0.541 美元。2022 年普通股息支付率約為 AFFO 的 76%，而 2021 年為 81%。AFFO 增長背後的主要驅動因素是更高的收入，部分被關聯方費用的增加所抵消和額外的融資成本。固定基礎現金租金環比下降約 100 萬美元或 5%，同比增長約 1100 萬美元或 16%。這一年的增長主要是由最近的收購和完成的資本支出項目獲得的額外收入推動的。這一增長被某些租賃修正案的執行部分抵消，通過這些修正案，我們降低了固定基本租金，以換取增加參與租金部分。

In addition, as David mentioned, we reversed about $1 million of previously recognized revenue in Q4 as a result of credit issues with 2 tenants. Going forward, revenue from these leases will be recognized on a cash basis until such time the full collection of the future rental payments is again deemed to be probable. During the fourth quarter, we recorded about $4.7 million of participation rents and that compares to $3 million in the prior quarter. And for the year, we had about $7.7 million of participation rents versus $5.2 million last year.

此外，正如 David 提到的那樣，由於 2 個租戶的信用問題，我們在第四季度撤銷了之前確認的約 100 萬美元的收入。展望未來，這些租賃的收入將以現金為基礎確認，直到再次被認為有可能全額收取未來租金付款為止。在第四季度，我們錄得約 470 萬美元的參與租金，而上一季度為 300 萬美元。這一年，我們的參與租金約為 770 萬美元，而去年為 520 萬美元。

On a same property basis, and including participation rents, our 2022 lease revenues increased by about $418,000 over that of 2021. On the expense side, excluding reimbursable expenses and certain nonrecurring or noncash expenses, our core operating expenses increased by about $890,000 on a quarter-over-quarter basis and by about $2.5 million on a year-over-year basis. Quarter-over-quarter, total related party fees increased by about $1.1 million, and that was driven by a higher incentive fee earned by our adviser in the fourth quarter. And on a year-over-year basis, related party fees increased by about $1.8 million. This is primarily driven by a higher base management fee due to additional assets acquired.

在同一物業的基礎上，包括參與租金，我們 2022 年的租賃收入比 2021 年增加了約 418,000 美元。在費用方面，不包括可報銷費用和某些非經常性或非現金費用，我們的核心運營費用每季度增加約 890,000 美元-環比增長約 250 萬美元。與上一季度相比，關聯方費用總額增加了約 110 萬美元，這是由於我們的顧問在第四季度賺取了更高的激勵費用。與去年同期相比，關聯方費用增加了約 180 萬美元。這主要是由於收購的額外資產導致更高的基本管理費。

Removing related party fees, our core operating expenses decreased by about $240,000 on a quarter-over-quarter basis, and increased by about $735,000 on a year-over-year basis. The increase in the annual period was primarily due to higher professional fees, particularly audit fees and appraisal costs as well as an increase in certain property tax obligations. One final note on 2022 expenses. During the third quarter, we wrote off about $800,000 of deferred and unallocated costs related to the Series C offering as a result of an amendment that reduced that offering size.

除去關聯方費用，我們的核心運營費用環比減少約 240,000 美元，同比增加約 735,000 美元。年度期間的增加主要是由於專業費用增加，特別是審計費用和評估費用以及某些財產稅義務的增加。關於 2022 年開支的最後說明。在第三季度，我們註銷了約 800,000 美元的與 C 系列產品相關的遞延和未分配成本，這是由於修正案減少了 C 系列產品的規模。

With that, we'll move on to net asset value. We had 30 farms revalued during the quarter, all via third-party appraisals. Overall, these farms increased by about $9 million or 2.5% over the previous valuations from about a year ago. So as of December 31, our portfolio was valued at approximately $1.6 billion, and all of this valuation was supported by either third-party appraisals or the purchase prices. Based on these updated valuations and including the fair value of our debt and all preferred stock, our net asset value per common share at December 31 was $17.08, which is up by $0.52 from last quarter.

有了這個，我們將繼續討論資產淨值。本季度我們對 30 個農場進行了重估，全部通過第三方評估。總體而言，這些農場比大約一年前的估值增加了約 900 萬美元或 2.5%。因此，截至 12 月 31 日，我們的投資組合價值約為 16 億美元，所有這些估值都得到了第三方評估或購買價格的支持。根據這些更新後的估值，並包括我們債務和所有優先股的公允價值，我們在 12 月 31 日的每股普通股淨資產值為 17.08 美元，比上一季度增加 0.52 美元。

Turning to liquidity, including availability on our lines of credit and other undrawn notes, we currently have over $200 million of dry powder, and we also have over $90 million of unpledged properties. Over 99.8% of our borrowings are currently at fixed rates and on a weighted average basis, these rates are fixed at 3.26% for another 5 years. As a result, we have experienced minimal impact from the recent increases in interest rates. However, the rate increases do impact our ability to finance new acquisitions and also play a factor in our decision to repay versus refinance maturing loans.

談到流動性，包括我們的信用額度和其他未提取票據的可用性，我們目前擁有超過 2 億美元的干火藥，我們還有超過 9000 萬美元的未抵押財產。我們超過 99.8% 的借款目前採用固定利率，在加權平均基礎上，這些利率在未來 5 年固定為 3.26%。因此，近期利率上升對我們的影響微乎其微。然而，加息確實會影響我們為新收購提供資金的能力，也會影響我們決定償還或再融資到期貸款的因素。

With respect to our current debt load, we believe we are well protected against further interest rate hikes for the foreseeable future. Regarding upcoming debt maturities, we have $53 million coming due over the next 12 months. However, about $36 million of that represents various loan maturities and the properties collateralizing these loans have increased by a total of $14 million since their respective acquisitions. So we do not foresee any problems refinancing any of these loans if we choose to do so. So removing those maturities, we only have about $17 million of amortizing principal payments coming due over the next 12 months, and that's less than 3% of our current debt outstanding.

就我們目前的債務負擔而言，我們相信在可預見的未來我們可以很好地避免進一步加息。關於即將到期的債務，我們有 5300 萬美元在未來 12 個月內到期。然而，其中約 3600 萬美元代表各種貸款到期日，而抵押這些貸款的財產自各自收購以來總共增加了 1400 萬美元。因此，如果我們選擇這樣做，我們預計為這些貸款中的任何一項再融資都不會出現任何問題。因此，除去這些到期債務，我們只有大約 1700 萬美元的分期償還本金在未來 12 個月內到期，這還不到我們當前未償還債務的 3%。

Finally, regarding our common distributions. We recently raised our common dividend again to $0.459 per share per month. This marks the 29th time we've raised our common dividend over the past 32 quarters, resulting in an overall increase of 53% over that period.

最後，關於我們的共同發行版。我們最近再次將普通股息提高至每股每月 0.459 美元。這標誌著我們在過去 32 個季度中第 29 次提高普通股息，導致同期整體增長 53%。

And with that, I'll turn the program back over to David.

有了這個，我會把程序轉回給大衛。

Thank you, Lewis. That was a very nice report. It's nice when we have a number -- good numbers to report to the market. We continue to stay active in the market should a good opportunity present itself. But as mentioned over and over as we've gone through this, we're being very selective and cautious in our acquisitions. It's a time to be careful.

謝謝你，劉易斯。那是一個非常好的報告。當我們有一個數字時，這很好——向市場報告的好數字。如果出現好機會，我們將繼續在市場上保持活躍。但正如我們一遍又一遍地提到的那樣，我們在收購時非常有選擇性和謹慎。是時候小心了。

And just a few final points before we close it out and ask for some questions, I believe that investing in farmland and growing crops that contribute to healthy lifestyles, such as fruits and vegetables and [nuts]. We are following the trends that they see in the marketplace today. Overall demand for prime farmland growing berries and vegetables remains stable to strong in almost all of the areas where our farms are located, particularly along the West Coast, including farms in California, Oregon, the state of Washington and on the East Coast, especially in Florida and some of the other states as we've gone up the coast in the East.

在我們結束討論並提出一些問題之前，還有最後幾點，我相信投資農田和種植有助於健康生活方式的農作物，例如水果、蔬菜和 [堅果]。我們正在關注他們今天在市場上看到的趨勢。在我們農場所在的幾乎所有地區，尤其是西海岸，包括加利福尼亞州、俄勒岡州、華盛頓州和東海岸的農場，對主要農田種植漿果和蔬菜的總體需求保持穩定至強勁，尤其是在佛羅里達州和其他一些州，因為我們沿著東部海岸前進。

And overall, farmland continues to perform comparatively well to other asset classes. There's a group called NCREIF that run the NCREIF Farmland Index, which currently is made up of about $15.3 billion worth of farmland. And our 116 acres is included in that. So we know that they have averaged an annual return of about 12.8% over the past 20 years -- per year with no negative year during that period. This is better than both the S&P Index and the overall REIT Index, each of which had 3 or more negative years over that same time period versus 0 for farming.

總體而言，農田的表現繼續優於其他資產類別。有一個名為 NCREIF 的組織負責運行 NCREIF 農田指數，該指數目前由價值約 153 億美元的農田組成。我們的 116 英畝土地也包括在內。所以我們知道，他們在過去 20 年的平均年回報率約為 12.8%——在此期間每年都沒有出現負回報。這優於標準普爾指數和整體 REIT 指數，兩者在同一時期內均有 3 年或以上的負增長，而農業則為 0。

I just wanted to mention one thing. As you know, we're all publicly traded and we have no control over the stock price. But if we were a fund closed-in fund with no market, we would have had a return in terms of percentage gain of 23.17% last year and 21.43% in 2021. These are really strong returns in the private marketplace where there's no way of selling your stock. If our company was a fixed fund these days, we think the institutional shareholders would be very pleased with the progress that we've made. But please remember that purchasing stock in this company is a long-term investment in farmland. I think investments in our stock is really 2 parts similar to gold, a lot of gold bugs around in this world today. It's hard -- this is a hard asset. It's farmland. It's dirt.

我只想提一件事。如您所知，我們都是公開交易的，我們無法控制股票價格。但如果我們是一隻沒有市場的封閉式基金，我們去年的百分比收益將達到 23.17%，2021 年將達到 21.43%。這些在私人市場上的回報率非常高賣掉你的股票。如果我們公司現在是固定基金，我們認為機構股東會對我們取得的進展感到非常滿意。但請記住，購買這家公司的股票是對農田的長期投資。我認為對我們股票的投資實際上與黃金有兩部分相似，當今世界上有很多金甲蟲。這很難——這是一項硬資產。是農田。這是污垢。

It has an intrinsic value because there's a limited amount of good farmland and it's being used up by urban development, especially in California and Florida, where we have a lot of farms. And unlike [GOL] and other alternative assets, it's an active asset with cash flows coming in, and we believe it's much better than a bond fund because it keeps increasing the dividend and the value of the assets are going up. We expect inflation, particularly in the food section to continue to increase, and we expect values in the underlying farmland to increase as a result, and we expect to especially be true in the fresh produce and food sector that we're in.

它具有內在價值，因為良好的農田數量有限，而且正在被城市發展所佔用，尤其是在我們擁有大量農場的加利福尼亞州和佛羅里達州。而且與 [GOL] 和其他另類資產不同，它是一種活躍的資產，有現金流進來，我們認為它比債券基金要好得多，因為它不斷增加股息，資產價值也在上升。我們預計通貨膨脹，尤其是食品部門的通貨膨脹將繼續增加，我們預計基礎農田的價值將因此增加，我們預計我們所處的新鮮農產品和食品部門尤其如此。

The trend in United States is eating more healthy foods and thank goodness, we're in the right spot for that. As to the future, I think we're going to have income -- strong income during the next few years, and there's one statement that you can make on that, and that's because people have to eat. And since we're producing food, we're going to get it sold, the question at what price.

美國的趨勢是吃更多的健康食品，謝天謝地，我們正處於正確的位置。至於未來，我認為我們將獲得收入——未來幾年收入可觀，你可以就此發表一份聲明，那是因為人們必須吃飯。既然我們生產食物，我們就要賣掉它，問題是價格是多少。

Now I'll have some questions from those who follow us. Operator, if you'll come on, please, and help the listeners ask some questions.

現在我有一些關注我們的人提出的問題。接線員，如果你願意的話，請幫助聽眾提出一些問題。

(Operator Instructions) Our first question is from Gaurav Mehta with EF Hutton.

（操作員說明）我們的第一個問題來自 Gaurav Mehta 和 EF Hutton。

First question on the $1 million write-off. Can you maybe provide some color on what drove the write-off and possibility of collecting those rents?

關於 100 萬美元註銷的第一個問題。您能否提供一些顏色來說明是什麼導致註銷和收取這些租金的可能性？

Yes. So there's 2 tenants. One of them is an almond grower in California. One is a blueberry grower up in Michigan. Each of them has -- there were 3 leases with each of those 2 tenants that led to this write-off. I think it was about $939,000 of previously recognized revenue. And on top of that, of course, we lost about $400,000 of that loss, but we didn't record $400,000 of revenue that would have been recorded as they stayed on accrual basis. For the almond grower in California, this is one of our, I guess, compared to our other almond tenants, one of our smaller tenants are on the smaller side compared to the other almond growers out there.

是的。所以有2個租戶。其中之一是加利福尼亞的杏仁種植者。一個是密歇根州的藍莓種植者。他們每個人都有 - 這 2 個租戶中的每一個都有 3 個租約導致了這個註銷。我認為這大約是之前確認的收入的 939,000 美元。當然，最重要的是，我們損失了大約 400,000 美元的損失，但我們沒有記錄 400,000 美元的收入，因為它們是按權責發生製計算的。對於加利福尼亞的杏仁種植者來說，我想這是我們的一個，與我們的其他杏仁租戶相比，我們的一個較小的租戶與那裡的其他杏仁種植者相比處於較小的一邊。

And in addition to that, they also own a processing plan where they process about $30 million of almonds per year. So with the weaker almond market, they were kind of hit doubly, if you will, not just on the growing side, but also to the processing operations. So being their size and getting hit on 2 sides like that impacted them more than it has for other almond tenants. The grower in Michigan, so a couple of things with this one. From an operational standpoint, he has made good money on our farms. However, he had a kind of a medical emergency earlier in the year, he was in ICU for several months, and that led to a slow up -- we didn't put much pressure on him during that time because of his situation.

除此之外，他們還擁有一項加工計劃，每年加工約 3000 萬美元的杏仁。因此，隨著杏仁市場疲軟，它們受到了雙重打擊，如果你願意的話，不僅是在增長方面，還有加工業務。因此，與其他杏仁租戶相比，他們的體型和受到這樣的兩側打擊對他們的影響更大。密歇根州的種植者，這個有幾件事。從運營的角度來看，他在我們的農場賺了很多錢。然而，他在今年早些時候遇到了一種醫療緊急情況，他在重症監護病房呆了幾個月，這導致了進展緩慢——那段時間我們並沒有因為他的情況給他施加太大壓力。

And he also might -- we think he also overextended himself in terms of just expanding his operations too quickly. So just put them in a little cash crunch. But we're working with both of these tenants to try to get caught up with payments. But until we have a clear path forward, both these -- revenue from both all of these leases will be recognized on a cash basis, and we'll just recognize it when the cash comes in. We have received a couple of payments from one of these tenants subsequent to year-end. So we will have some income recognized in 2023 from these, but right now, we just can't put a full faith in all of the future rental payments from each of these leases.

而且他也可能——我們認為他也過度擴張了他的業務太快了。因此，只需將它們放在一點現金緊縮中即可。但我們正在與這兩個租戶合作，試圖趕上付款。但是，在我們有一條明確的前進道路之前，這兩項 - 所有這些租賃的收入都將以現金為基礎確認，我們只會在現金到賬時確認它。我們已經收到了來自一個的幾筆付款這些租戶在年底之後。因此，我們將在 2023 年從中確認一些收入，但現在，我們不能完全相信這些租賃中每一項的所有未來租金支付。

Okay. Second question, I was hoping if you could provide some color on the cap rates that you're seeing in the acquisition market for the farms.

好的。第二個問題，我希望你能提供一些關於你在農場收購市場上看到的資本化率的顏色。

Cap rates haven't changed much. If you're not willing to let them lease the ground at 5%, 5.5%, then cap rate, they won't lease it. So since we're borrowing money at about that rate, it's really hard for us to justify the risk reward ratio of buying farms and then just capturing enough money to pay the cap rate on that. So we're very slow right now. It's going to change, Gaurav. What happens is that you get this adjustment of interest rates going up and the farmers are willing to wait it out. Some of them won't be able to wait it out. So we'll see some good opportunities as time goes on. I hate to take land at that rate, but it's awfully good for our shareholders.

資本化率沒有太大變化。如果你不願意讓他們以 5%、5.5% 的上限率租用土地，他們就不會出租。因此，由於我們以大約那個利率借錢，我們真的很難證明購買農場的風險回報率是合理的，然後只是獲取足夠的錢來支付上限利率。所以我們現在非常慢。它會改變的，Gaurav。實際情況是利率調整上升，農民願意等待。他們中的一些人等不及了。所以隨著時間的推移，我們會看到一些好的機會。我討厭以這種速度收購土地，但這對我們的股東來說非常好。

Do we have any other questions?

我們還有其他問題嗎？

Our next question is from Rob Stevenson with Janney Montgomery Scott.

我們的下一個問題來自 Rob Stevenson 和 Janney Montgomery Scott。

David, are you going to need to re-tenant that almond grower in California, the blueberry grower in Michigan this year?

大衛，你今年是否需要重新租用加州的杏仁種植商和密歇根州的藍莓種植商？

I don't know. My guess is the almond grower will catch up. He'll eventually sell enough almonds to pay us. And so even though we put some of that money on write-off or hold whatever you want to call it. So we'll get that one. The blueberry guy is -- we're really worried about him. He's gone through a hell of a -- he had an explosion on the farm and it burnt him pretty bad. So we're hopeful that he recovers. His son is helping him now. So seems to be coming back, but it's hard to know. We hate to put pressure on these farmers when they get in a situation like that because it sends the wrong message. We're really in partnership with our farmers, and we hate to push them too hard.

我不知道。我的猜測是杏仁種植者會趕上來。他最終會賣出足夠的杏仁來支付我們的費用。因此，即使我們將其中一些錢註銷或持有任何你想稱之為的錢。所以我們會得到那個。藍莓人是——我們真的很擔心他。他經歷了一場地獄般的經歷——他在農場發生了爆炸，把他燒得很厲害。所以我們希望他能康復。他的兒子現在正在幫助他。所以似乎要回來了，但很難知道。當這些農民遇到那樣的情況時，我們不願意向他們施加壓力，因為這會發出錯誤的信息。我們真的與我們的農民合作，我們討厭把他們逼得太緊。

But on the other hand, we have a lady sitting at the table with me today that collects on all of these. And I'm going to send her out to California, she'll collect it for us. I'm just teasing her. She's sitting here laughing. Anyway, the bottom line of it all is these people are going to pay, we've got money coming in from all of our farms with the exception of these. And at the end of the day, we'll get this money and we'll be fine. So I'm not worried about that. It's not like a disaster that everybody had back in '08 and '09.

但另一方面，今天有一位女士和我一起坐在桌旁收集所有這些資料。我要派她去加利福尼亞，她會幫我們取的。我只是在逗她。她坐在這裡笑。無論如何，這一切的底線是這些人要付錢，我們的錢來自我們所有的農場，除了這些。在一天結束的時候，我們會拿到這筆錢，我們會沒事的。所以我對此並不擔心。這不像是 08 年和 09 年每個人都經歷過的災難。

Okay. Lewis, what is your incremental cost of debt today, if you guys had to go out there and issue something new, what are you going to pay for that? And is it the line of credit or one of the farm bureaus on a net basis that your cheapest source?

好的。劉易斯，你今天的債務增量成本是多少，如果你們不得不去那裡發行新東西，你打算為此付出什麼？最便宜的來源是信用額度還是某個農場局？

Cheapest source would definitely be one of the farm credit associations. And right now, our line of credit is quite expensive in the high 6s. So that explains why we aren't making much use of that. If we were to borrow from one of the farm credit associations on a net basis after [paying it], we'd probably be in the high 5s, maybe low 6s at the high end.

最便宜的來源肯定是農業信貸協會之一。而現在，我們的信用額度在高 6s 時相當昂貴。所以這就解釋了為什麼我們沒有充分利用它。如果我們在 [支付] 後以淨額從其中一個農業信貸協會藉款，我們可能會處於高 5s，可能處於高端的低 6s。

Okay. That's helpful.

好的。這很有幫助。

[150] basis points higher than that.

[150] 個基點高於那個。

Okay. And so you guys have a fairly decent amount of cash on the balance sheet. So -- and given the commentary about the slow acquisition environment expected in the first half of the year, how are you guys thinking about utilizing the common ATM as well as the Series E preferred in the first half of the year, assuming that the stock price goes back up to a point to where you would issue ATM. Are you guys still going to ratably issue in the first half of the year and prefund hopefully, more acquisition in the back half? Are you guys going to hit pause on all of that because you've got enough capital for now? How are you guys thinking about that?

好的。所以你們的資產負債表上有相當數量的現金。所以 - 考慮到今年上半年預期的緩慢收購環境的評論，你們如何考慮在上半年使用普通 ATM 以及 E 系列首選，假設股票價格回升到你發行 ATM 的地方。你們是否仍會在今年上半年按比例發行並希望在下半年進行更多收購？你們會因為現在有足夠的資金而暫停所有這些嗎？你們是怎麼想的？

Well, the company is in extremely good shape today. We've got money coming in from all of the rest of the farms. We only mentioned the 2 farmers that aren't doing as well. So we're in great shape to meet our dividends and go forward. But you're right, the question is going to be and is today, I've got other people sitting around the table, listening for this one, that is what are we going to do with our cash? Can we buy some more farms? We've got people that are looking at good opportunities, but there's no reason to take that much risk at this point in time in our farmland fund. So we're going to be slow in using up our equity and not going to jump out there ahead of time.

好吧，公司今天的狀況非常好。我們從所有其他農場獲得了收入。我們只提到了 2 名表現不佳的農民。因此，我們處於良好的狀態，可以滿足我們的紅利並繼續前進。但你是對的，問題是今天，我讓其他人圍坐在桌子旁，聽這個問題，那就是我們將如何處理我們的現金？我們可以再買一些農場嗎？我們有人正在尋找好的機會，但目前沒有理由在我們的農田基金中冒那麼大的風險。所以我們會慢慢用完我們的資產，並且不會提前跳出來。

And besides, the farmers are not going to make much money if they have to pay 5% or 6% rent on a cap rate basis. So there's no use pushing this one and saying, let's put the things on the books and then hopefully, we can refinance them or do something with them later. I'd rather play it safe at this point in time, especially since we're so strong in terms of cash flows coming in from the other farms. I hope that's the right answer you wanted to hear, so you can write, buy the stock on this one.

此外，如果農民必須按上限利率支付 5% 或 6% 的租金，他們將賺不到多少錢。因此，推動這個並說，讓我們把事情記在賬簿上，然後希望我們可以為它們再融資或稍後對它們做些什麼是沒有用的。在這個時候我寧願謹慎行事，特別是因為我們在來自其他農場的現金流方面非常強大。我希望這是你想听到的正確答案，這樣你就可以寫下，購買這隻股票。

One last one for me, David. How are you guys thinking about the indoor vertical farms? Yesterday, Realty Income announced a partnership with Plenty. Just curious as to whether indoor vertical farms or something you guys spend any time on.

最後一張給我，大衛。你們如何看待室內垂直農場？昨天，Realty Income 宣布與 Plenty 建立合作夥伴關係。只是好奇是室內垂直農場還是你們花時間做的事情。

Yes. Know them well. The State of Virginia is backing one of the large strawberry growers and we are certainly interested in that. But generally speaking, the indoor farms have one major problem, and that is if there are more than one story high, you're giving up an enormous amount of light energy from the sun. And second of all, there aren't any -- even if you go with the high wattage bulbs, they just aren't strong enough to grow the way sun does. You could take 1 acre of lettuce farms in California and grow more lettuce than you could ever grow indoors. So for us, we're watching it.

是的。了解他們。弗吉尼亞州正在支持一家大型草莓種植商，我們當然對此很感興趣。但總的來說，室內農場有一個主要問題，那就是如果超過一層樓那麼高，你就會放棄大量來自太陽的光能。其次，沒有——即使你使用高瓦數燈泡，它們也不足以像太陽那樣生長。您可以在加利福尼亞州的 1 英畝生菜農場種植比在室內種植更多的生菜。所以對我們來說，我們正在觀看它。

We have someone here in the office, and he's actually sitting at the table now. So he comes out of that business. His parents were in that business, building those vertical farms. But I haven't seen any of the 2-story or 3-story. I think they've even gotten some 6-story ones out there, grow anything other than small greens, those seem to work okay. We're not in the small greens business. And there aren't that many restaurants that are willing to pay the price for those small greens. You have some of them. And they're higher quality in terms of cleanliness, generally speaking. And so it's coming. I don't know when, but we'll be there if it comes. And we are watching all of these people pour money into them.

我們辦公室有人，他現在正坐在桌旁。所以他離開了那個行業。他的父母從事這項業務，建造那些垂直農場。但我還沒有看到任何 2 層或 3 層的。我認為他們甚至在那裡種植了一些 6 層樓的植物，除了小果嶺外，還種植其他任何植物，這些植物似乎都可以正常工作。我們不從事小型果嶺業務。也沒有那麼多餐館願意為這些小菜花付出代價。你有一些。一般來說，它們在清潔方面質量更高。所以它來了。我不知道什麼時候，但如果它來了，我們會在那裡。我們正在看著所有這些人向他們投入資金。

I don't know, Rob, I don't think there's any of them that make a decent amount of money. And the glass ones are still better than the ones that are 6 stories tall. And I think we will one day find one of those that we think is right and do it just to be in the business. But right now, we're on the sidelines and not doing those.

我不知道，羅伯，我認為他們中沒有人賺到可觀的錢。而且玻璃的還是比六層高的好。而且我認為有一天我們會找到我們認為正確的人之一，並且只是為了從事這項業務。但現在，我們處於觀望狀態，沒有這樣做。

Okay. We have any other questions?

好的。我們還有其他問題嗎？

Our next question is from John Massocca with Ladenburg Thalmann.

我們的下一個問題來自 John Massocca 和 Ladenburg Thalmann。

Maybe what's the outlook for some of the nonpermanent crop types in the portfolio? You mentioned the positive with almonds -- sorry, the negative with almonds, the positive with pistachios. But what are you seeing in terms of berries, fresh vegetables, other crops on the inflation front?

也許投資組合中某些非永久性作物類型的前景如何？你提到了杏仁的積極作用——抱歉，杏仁是消極的，開心果是積極的。但是你對通貨膨脹方面的漿果、新鮮蔬菜和其他作物有何看法？

They're all strong. And if you go to the grocery store and pick up some strawberries, you'll see how much you're paying for each of those strawberries. It's getting a little bit ridiculous sometimes, but it's only for a few months out of the year. For example, Florida makes a lot of money in these months that we're in and then it turns over to California, and they start making money. We do see imports coming in from lots of different places, mostly if there are blueberries, they're coming out of, I don't know, one of the Latin American places. And strawberries are special, and I would say 90% of the strawberries for the United States have grown in California, not to diminish the good ones that come from Florida, either they're wonderful in.

他們都很堅強。如果你去雜貨店買些草莓，你會看到你為每個草莓支付了多少錢。有時會變得有點荒謬，但一年中只有幾個月。例如，在我們所處的這幾個月裡，佛羅里達州賺了很多錢，然後轉移到加利福尼亞州，他們開始賺錢。我們確實看到從許多不同的地方進口，主要是如果有藍莓，它們來自，我不知道，拉丁美洲的一個地方。草莓很特別，我想說美國 90% 的草莓都是在加利福尼亞種植的，而不是貶低來自佛羅里達州的好草莓，它們在當地都很棒。

So we're seeing things in the strawberry and lettuce. We have the largest cabbage farm in the world. So plenty of slow would you please. And it's just a wonderful business to be in right now. And so we're really happy with where everything is, except for a couple of guys that are a little slow on their payments.

所以我們在草莓和生菜中看到了一些東西。我們擁有世界上最大的捲心菜農場。請放慢速度。現在就參與其中真是太棒了。因此，我們對一切都非常滿意，除了幾個付款速度有點慢的人。

Okay. And then on the almond side, has any of the kind of oversupply issues in that crop type impacted land pricing for almond farms at all, any of the transactions you're seeing in the market today?

好的。然後在杏仁方面，該作物類型的任何供應過剩問題是否會影響杏仁農場的土地定價，您今天在市場上看到的任何交易？

Oh sure. When you get an oversupply like that and the farmer can't make very much money if at all, it really does depress when we get our almond farms and we put them in front of our people that are doing the valuations, they pull them down in terms of what they're worth. Luckily, we're not in any of them to such an extent that it would have a big impact on us. But it always hurts when you have an oversupply. But that normally corrects itself as people go out of the business or if the product picks up again, we wish the people in India would start eating more almonds. They used to eat a lot, but it's really hard to get.

哦沒問題。當你出現這樣的供過於求而農民根本賺不到很多錢時，當我們得到我們的杏仁農場並且我們將它們放在進行估值的人員面前時，它們確實令人沮喪，他們將它們拉下來就他們的價值而言。幸運的是，我們在其中任何一個中都沒有達到對我們產生重大影響的程度。但當你供過於求時，它總是會受到傷害。但這通常會隨著人們倒閉或產品再次回升而自行糾正，我們希望印度人開始吃更多的杏仁。他們以前吃的很多，但真的很難吃。

And we were blocked in trying to ship them to -- there for a while. You couldn't even get them over there, much less, get them eaten. It's like anything else. We are very lucky in that most of our products are not shipped outside of the United States. In fact, I'd say maybe 80% or 90% are eaten here. But all the ones on the ground are great, blueberries are doing well, except for the one farm up north. It's a good business to be in right now. We're not suffering the way that some of the people are under this inflationary experience that we're all going through.

我們在嘗試將它們運送到那裡時受阻了一段時間。你甚至不能把它們弄到那裡去，更不用說讓它們吃掉了。就像其他任何事情一樣。我們很幸運，因為我們的大部分產品都沒有運往美國境外。事實上，我想說可能 80% 或 90% 都是在這裡吃的。但是地上所有的都很棒，藍莓長得很好，除了北部的一個農場。現在進入是個好生意。我們並沒有像一些人在我們都在經歷的這種通貨膨脹經歷中那樣受苦。

Okay. And then one quick detail one. Just kind of roughly, what's the split in terms of the size of do rent from the blueberry farmer versus the almond farmer that aren't cash accounting.

好的。然後是一個快速的細節。粗略地說，藍莓農民與非現金會計的杏仁農民的租金規模有何不同。

I think the write-off was pretty much a 50-50 split. If you look at it from terms of kind of annualized basis, it's probably about 2/3 almond grower and 1/3 the blueberry grower.

我認為註銷幾乎是 50-50 的比例。如果你從某種年化基礎來看，它可能是大約 2/3 的杏仁種植者和 1/3 的藍莓種植者。

Okay. That's it for me.

好的。對我來說就是這樣。

And John, just so you know, we have some farmers that want to take over those farms. We're just reluctant to push somebody out and push somebody else in. However, we may have to do that, and it really hurts my feelings because so many of these farmers have worked so hard to make it work.

約翰，你知道，我們有一些農民想要接管這些農場。我們只是不願意把一個人趕出去，把另一個人推進來。但是，我們可能不得不這樣做，這真的傷害了我的感情，因為這些農民中有很多人都非常努力地工作才能讓它發揮作用。

Next question, please.

請下一個問題。

Our next question is from Craig Kucera with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Craig Kucera。

As we sit sort of midway through first quarter, do you have any thoughts on interest patronage that may be received here in the first quarter?

當我們坐在第一季度的中途時，您對第一季度可能在這裡收到的興趣資助有什麼想法嗎？

No, we haven't received -- I don't know if we received any communications from farm credit banks yet. It should be coming in probably later this month or next month, but no -- we haven't received any communication, however, we would expect the refund if we're talking about kind of 1 basis point reduction to be a little bit lower than in the prior 2 years. And the only reason we say that is because I think in the past 2 years, farm credit has tried to give back a little bit more to help out local growers with the pandemic, mostly -- most people think the pandemic is kind of a thing in the past. I'm not sure if that will continue. It might, but that's just kind of our expectation, but we really don't have any information yet to estimate that.

不，我們還沒有收到——我不知道我們是否收到了來自農業信貸銀行的任何信息。它可能會在本月晚些時候或下個月到來，但沒有——我們還沒有收到任何溝通，但是，如果我們談論的是 1 個基點的減少，我們預計退款會稍微低一點比前 2 年。我們這麼說的唯一原因是因為我認為在過去的兩年裡，農業信貸試圖回饋更多一點來幫助當地種植者應對大流行病，主要是——大多數人認為大流行病是一件事情在過去。我不確定這是否會繼續。可能吧，但這只是我們的一種期望，但我們確實還沒有任何信息可以對此進行估計。

Okay. Great. I think you had about $20 million in CapEx this year. Do you have any large CapEx projects in the budget for '23?

好的。偉大的。我認為你今年的資本支出約為 2000 萬美元。您在 23 年的預算中有任何大型資本支出項目嗎？

Well, we keep twiddling those down simply because we want to conserve cash, but most of those are related to making sure that we have water for our farms. So we have a lot of that going on. We're always spending money to make our wells a little deeper or pipes that are running from one farm to another or one source to another. But we don't have -- I think the biggest one is about $7 million in it.

好吧，我們只是因為想節省現金而不斷減少這些費用，但其中大部分與確保我們的農場有水有關。所以我們有很多事情要做。我們總是花錢讓我們的水井加深一點，或者讓從一個農場到另一個農場或從一個來源到另一個來源的管道更深一些。但我們沒有——我認為最大的一個是大約 700 萬美元。

Yes. I think we had 2 sizable ones that came from recent acquisitions. One was an acquisition in Florida in December of '21 and another one, vineyards up in the Pacific Northwest and the state of Washington and Oregon in July. So we're -- both of those 2 acquisitions were bought with the understanding of they were development projects, either expanding plantable acreage or planting new wine vineyards and installing new irrigation infrastructure. So that was part of the original underwriting of both of those deals, and we are earning additional rent on both those projects as the funds are paid out by us.

是的。我認為我們有 2 個相當大的公司來自最近的收購。一個是 21 年 12 月在佛羅里達州的收購，另一個是 7 月在太平洋西北地區以及華盛頓州和俄勒岡州的葡萄園收購。所以我們——這兩次收購都是在了解它們是開發項目的情況下購買的，要么擴大可種植面積，要么種植新的葡萄酒葡萄園，並安裝新的灌溉基礎設施。因此，這是這兩項交易的原始承銷的一部分，並且由於資金由我們支付，我們在這兩個項目上賺取了額外的租金。

How big are those?

那些有多大？

I think one is about -- Florida one is about $3 million, and the other one is about $2.5 million or so. And both of those will -- the one in Florida is mostly complete. The one in the Pacific North West will continue for the -- probably for the rest of this year and into next year as well.

我認為一個是——佛羅里達州的一個大約是 300 萬美元，另一個大約是 250 萬美元左右。這兩個都將 - 佛羅里達州的那個已經基本完成。太平洋西北部的那個將繼續——可能會持續到今年餘下的時間，也可能持續到明年。

Okay. Great. And just one more for me. Circling back to the receivable write-downs. I think earlier last year, you had a renewal where you took lower base rent in exchange for higher participation income. And I think you actually referenced that in your commentary in the press release. Were any of those farms where you restructured the lease last year related to the rent receivable write-downs this quarter?

好的。偉大的。還有一個給我。回到應收賬款減記。我想去年早些時候，你進行了續約，你以較低的基本租金換取更高的參與收入。我認為你在新聞稿的評論中確實提到了這一點。您去年重組租約的那些農場中是否有任何一個與本季度的應收租金減記有關？

No, that was a different farm in the Midwest that we got our crop share and came out making some money on that farm. These tenants hadn't gone any restructuring of leases like that.

不，那是中西部的另一個農場，我們得到了我們的作物份額，然後在那個農場賺了一些錢。這些租戶沒有像那樣對租約進行任何重組。

Paul, have you got any more questions?

保羅，你還有什麼問題嗎？

David, there are no further questions at this time.

戴維，目前沒有其他問題了。

Shocks. We wanted more questions. Anyway, we thank you all for calling in. And if you don't have any more questions, you're going to have to wait till next quarter. That's the end of this call.

衝擊。我們想要更多問題。無論如何，我們感謝大家的來電。如果您沒有更多問題，您將不得不等到下個季度。本次通話到此結束。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。