Gladstone Land Corp (LAND) 2024 Q2 法說會逐字稿

Welcome to the Gladstone Land Corporation Second Quarter Earnings Call. (Operator instructions) Please note this event is being recorded.

歡迎參加格拉斯頓土地公司第二季財報電話會議。（操作員說明）請注意此事件正在被記錄。

And now I'll turn the call over to David Gladstone, Chief Executive Officer and President. Please go ahead.

現在我將把電話轉給執行長兼總裁 David Gladstone。請繼續。

Thank you, Darrell. Nice introduction. This is David Gladstone and welcome to the quarterly conference call for Gladstone Land. Thank you all for calling in today. We appreciate that you take time out of your busy day to listen to our presentations.

謝謝你，達雷爾。不錯的介紹。我是大衛·格萊斯頓，歡迎參加格萊斯頓土地季度電話會議。感謝大家今天打電話來。我們感謝您在百忙之中抽空聆聽我們的演講。

Before we begin, though, we need to hear from Michael LiCalsi. He's our General Counsel. Michael?

不過，在開始之前，我們需要聽聽 Michael LiCalsi 的意見。他是我們的總法律顧問。麥可？

Thanks, David. Good morning, everybody. Today's report may include forward-looking statements under the Securities Act of 1933 and the Securities Exchange Act of 1934, including those regarding our future performance. These forward-looking statements involve certain risks and uncertainties that are based on our current plans, which we believe to be reasonable.

謝謝，大衛。大家早安。今天的報告可能包含根據 1933 年證券法和 1934 年證券交易法做出的前瞻性陳述，包括有關我們未來績效的陳述。這些前瞻性陳述涉及基於我們目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。

The 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 the risk factors you can find in our 10-Q, 10-K and other documents that we file with the SEC. You can find those on our website that's gladstoneland.com specifically the Investors page or on the SEC's website which is www.sec.gov.

許多因素可能導致我們的實際結果與這些前瞻性陳述所表達或暗示的任何未來結果有重大差異，包括您可以在我們提交的 10-Q、10-K 和其他文件中找到的所有風險因素美國證券交易委員會。您可以在我們的網站gladstoneland.com（特別是投資者頁面）或SEC 的網站www.sec.gov 上找到這些內容。

Now 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. And today we will discuss FFO, which is funds from operations. 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.

現在，我們沒有義務公開更新或修改任何這些前瞻性陳述，無論是由於新資訊、未來事件或其他原因，除非法律要求。今天我們要討論的是FFO，也就是來自營運的資金。FFO是一個非公認會計準則會計術語，定義為淨利潤，不包括房地產銷售的損益和任何財產減損損失，加上房地產資產的折舊和攤提。

We may also discuss core FFO, which we generally define as FFO, adjusted for certain non-recurring revenues and expenses, also adjusted FFO, which further adjusts core FFO for certain non-cash items, such as converting GAAP rents to normalized cash rents.

我們也可以討論核心FFO，我們一般將其定義為FFO，針對某些非經常性收入和費用進行調整，也調整了FFO，進一步調整了某些非現金項目的核心FFO，例如將GAAP租金轉換為正常化現金租金。

Now we believe these are better indications of our operating results and allow better comparability of our period-over-period performance. And please visit our website. Once again, that's gladstoneland.com. You can also sign up for our email notification service there.

現在，我們相信這些可以更好地反映我們的經營業績，並且可以更好地比較我們的同期業績。請造訪我們的網站。再說一次，那是gladstoneland.com。您也可以在那裡註冊我們的電子郵件通知服務。

You can also find us on Facebook and that's @TheGladstoneCompanies is the keyword there and then Twitter is @GladstoneComps. Today's call is an overview of our results, so we ask that you review our press release and Form 10-Q, both issued yesterday for more detailed information.

您也可以在 Facebook 上找到我們，其中關鍵字為@TheGladstoneCompanies，Twitter 為@GladstoneComps。今天的電話會議是我們結果的概述，因此我們要求您查看昨天發布的新聞稿和表格 10-Q，以了解更多詳細資訊。

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

說到這裡，我會把它轉回大衛·格萊斯頓。大衛？

Okay, thank you, Michael. I'll start with a brief overview of our farmland holdings. We currently own about 112,000 acres on 168 farms and about 54,000 acre-feet of water assets. One acre-foot is about 326,000 gallons, so we own about 18 billion gallons of water. And together the land and the water together total value of about $1.5 billion.

好的，謝謝你，麥可。我將首先簡要概述我們的農田資產。目前，我們擁有 168 個農場的約 112,000 英畝土地和約 54,000 英畝-英尺的水資源資產。一英畝英尺約為 326,000 加侖，因此我們擁有約 180 億加侖的水。土地和水的總價值約為 15 億美元。

Our farms are in 15 different states. And more importantly in 29 different growing areas. The growing areas are key and our water assets are all in California, but we do have one clean water asset in Florida, where we produce cleaner water for the Florida area. Our farms are leased to over 90 different tenant farmers, all of whom are unrelated to us.

我們的農場遍佈 15 個不同的州。更重要的是在 29 個不同的種植區。種植區是關鍵，我們的水資產都在加州，但我們在佛羅裡達州確實擁有一項清潔水資產，我們在那裡為佛羅裡達地區生產更乾淨的水。我們的農場出租給 90 多個不同的佃農，他們都與我們無關。

And the tenants on these farms are growing 60 different types of crops. But mostly everything is in three categories, fruits, nuts and vegetables. You can find these in the produce section of the grocery store, which is where most of the crops that are grown on our farms are sold.

這些農場的租戶種植了 60 種不同類型的農作物。但大多數東西都分為三類：水果、堅果和蔬菜。您可以在雜貨店的農產品區找到這些產品，這裡出售我們農場種植的大部分農作物。

On a leasing front, since the beginning of the second quarter, we executed 11 new leases or amended leases on farms in five different states, including two leases on farms that were previously vacant. In total, these renewals are expected to result in an increase in our annual net operating income of about $465,000 over the prior lease.

在租賃方面，自第二季初以來，我們在五個不同州的農場簽署了 11 份新租約或修訂租約，其中包括先前空置農場的兩份租約。總的來說，這些續約預計將使我們的年度淨營業收入比之前的租賃增加約 465,000 美元。

On our direct renewals, that equals about 7% increase in our prior leases. Looking ahead, we have nine leases scheduled to expire over the next six months and currently in negotiations with people that want to rent these.

如果我們直接續租，這相當於我們之前的租約增加了約 7%。展望未來，我們有九份租約計劃在未來六個月內到期，目前正在與想要租用這些租約的人進行談判。

That's 168 farms. We only have nine leases coming due. That's quite good. We're in discussions with groups to either lease these farms or operate them on our behalf. Seven of the nine expiring leases are nut farms in California and those will likely decrease in the base rent in exchange for increases in participation rents.

那是 168 個農場。我們只有九份租約到期。那很好。我們正在與團體討論租賃這些農場或代表我們經營它們。九個即將到期的租約中有七個是加州的堅果農場，這些農場的基本租金可能會降低，以換取參與租金的增加。

So during the quarter, we obtained an additional 4,899 acre-feet of water for a total cash price of $1.5 million. And that's about $300 per acre-foot in cost to us. And subsequent to the quarter-end, we purchased an additional 1,985 acre-feet of water for approximately $800,000, or about $400 per acre-foot.

因此，在本季度，我們額外獲得了 4,899 英畝英尺的水源，總現金價格為 150 萬美元。我們每英畝英尺的成本約為 300 美元。季度末後，我們以大約 80 萬美元（即每英畝英尺約 400 美元）的價格額外購買了 1,985 英畝英尺的水。

And as a reference point for pricing, NASDAQ does have a California Water Index, which we track as well. It has a weighted average price of each of these acre-feet. There are five different markets that are in California, and they estimate it's worth about $440 per acre-foot. In addition, the market price in specific regions where we are acquiring water range anywhere from $450 to $550 an acre-foot.

作為定價的參考點，納斯達克確實有加州水指數，我們也追蹤該指數。它具有每英畝英尺的加權平均價格。加州有五個不同的市場，他們估計每英畝英尺的價值約為 440 美元。此外，我們獲取水的特定地區的市場價格從每英畝英尺 450 美元到 550 美元不等。

The result of our team has done over the past year, well, really year-and-a-half, to implement certain water projects and strategies. We're able to acquire water at below-market prices because we're in the right place at the right time. The water we're acquiring in areas where we have several farms and this will make our farms more desirable to renters and to people who farm these farms.

我們團隊在過去一年，實際上是一年半的時間裡，完成了某些水項目和策略的實施。我們能夠以低於市場的價格獲得水，因為我們在正確的時間出現在正確的地點。我們在擁有多個農場的地區獲取水，這將使我們的農場更受租戶和耕種這些農場的人的歡迎。

But the current problem facing our farms is not water. We've gotten enough water to take care of their farms for probably this season and next season without any problems. The lower prices they are receiving really for the permanent crops that they're getting, such as almonds and pistachios, those markets have been down, and the farmers are making back some money, but they're not making enough to make it worthwhile.

但目前我們農場面臨的問題不是水。我們已經獲得了足夠的水來照顧他們的農場，可能這個季節和下個季節沒有任何問題。他們獲得的永久作物（例如杏仁和開心果）的價格確實較低，這些市場一直在下跌，農民賺回了一些錢，但他們賺的錢還不夠值得。

However, we are seeing signs of pricing on these crops starting to rebound. So, we're hopeful that it continues. This is important as our farmers have to be able to sell their crops at a reasonable price to be able to cover the higher input costs, not only our rents, but they have all the other things that they have to pay.

然而，我們看到這些作物的價格開始反彈的跡象。因此，我們希望這種情況能夠持續下去。這很重要，因為我們的農民必須能夠以合理的價格出售農作物，以支付更高的投入成本，不僅是我們的租金，而且他們還必須支付所有其他費用。

And really, if you look at the situation, it's not because the almond itself is expensive to grow it's the -- or the pistachios. It's the fact that you've got to keep the tree alive for all of that period. Just recently, we got a report from some folks, and pistachios shipments are up 35% year-over-year. And as of July 2022, driven by a spike in exports, particularly more demand in Central South America, Europe and Asia.

事實上，如果你看看情況，你會發現這並不是因為杏仁本身的種植成本很高，而是因為杏仁或開心果的成本很高。事實上，你必須讓這棵樹在整個時期保持活力。就在最近，我們收到一些人的報告，開心果出貨量年增了35%。截至 2022 年 7 月，在出口激增的推動下，尤其是中南美洲、歐洲和亞洲的需求增加。

As you probably remember, we don't sell much on our produce side outside the US, but nuts can be shipped all over the world. They're usually packed in 55 gallon containers and you send them anywhere.

您可能還記得，我們​​在美國以外的農產品銷售量並不大，但堅果可以運往世界各地。它們通常裝在 55 加侖的容器中，您可以將它們發送到任何地方。

Turkey has also had a decrease in the price and the number of pistachios they're going to be able to produce due to the extreme weather. They've had a real difficult time over there and there isn't much crops left over. As you might imagine, pistachios can be put in a box and kept for several years before they have to be sold, but there's not much carryover.

由於極端天氣，土耳其開心果的價格和產量也有所下降。他們在那裡度過了一段非常困難的時期，農作物所剩無幾。正如您可能想像的那樣，開心果可以放在盒子裡保存幾年，然後才能出售，但結轉的情況並不多。

Then on the almond side, year-over-year, they've risen in the past few months. There's optimism for future price increases. Recent increases where prices have been driven by the 2024 crop recently being adjusted down, namely the price per almond.

然後在杏仁方面，在過去幾個月裡，它們的價格逐年上漲。人們對未來的價格上漲持樂觀態度。近期價格上漲是由於 2024 年作物的價格最近被下調，即每顆杏仁的價格。

Demand has been strong, especially in India. I know you may not know this, but India is a good area for us to ship almonds. Inventory, carry out levels again, these are the ones that are left over from a prior year, not much there. And so, as a result, we are very optimistic that things are going to change.

需求一直強勁，尤其是在印度。我知道你可能不知道，印度是我們運送杏仁的好地方。庫存，再次執行水平，這些都是前一年剩下的，不多。因此，我們對事情將會改變非常樂觀。

Thankfully, we're in many other markets and seem to be doing fine. Just to note, our portfolio currently has adequate supply of water. And to-date, none of the farms have to be followed due to inadequate water supplies and the effect of the government regulations. These projects are largely forward-looking to help ensure our assets are secure in the long-term. So we need water and we're an active buyer of water and banking it.

值得慶幸的是，我們在許多其他市場似乎都做得很好。需要注意的是，我們的投資組合目前有充足的水供應。迄今為止，由於供水不足和政府法規的影響，沒有一個農場需要被追蹤。這些項目在很大程度上具有前瞻性，有助於確保我們的資產長期安全。所以我們需要水，我們是水的積極購買者並儲存它。

And now I'll give a quick update on some of the tenant issues continued to work through. We currently have one farm that is vacant and five properties encompassing 12 farms that are directly operated by a management agreement that is unrelated third parties.

現在我將快速介紹一些仍在解決的租戶問題的最新情況。目前，我們擁有 1 個空置農場和 5 個物業，涵蓋 12 個農場，由非關聯第三方的管理協議直接營運。

Regarding the vacant and directly operated farms, we're in discussions with various potential buyers or tenants to buy or lease these properties or possibly farm them on our behalf and we hope that we'll have an agreement in place in most of these by the end of this calendar year and we may end up listing some of these farms for sale.

關於空置和直接經營的農場，我們正在與各種潛在買家或租戶討論購買或租賃這些財產，或者可能代表我們種植它們，我們希望我們能夠就其中大部分達成協議到今年年底，我們可能最終會列出其中一些農場進行出售。

We do have one auction that we put in place, but we think the guys who are interested in these farms are trying to get in there before we go through an auction. Sort of makes people come look at the farms. The total year-over-year impact on our operating results of these tenants -- tenant issues was decrease -- a decrease in net operating income of about $794,000 in the quarter.

我們確實舉辦了一次拍賣，但我們認為對這些農場感興趣的人正試圖在我們進行拍賣之前進入那裡。有點讓人來看農場。這些租戶對我們經營業績的整體年比影響（租戶問題減少了），本季淨營業收入減少了約 794,000 美元。

That is we've got to make that up in participation rents, which we should do. When you're diversifying as much as we are, you're bound to have problems arise in different areas from different things at different times. For example, certain crop types in Western United States have experienced a drop in crop pricing over the past 12 to 18 months. When combined with an increase in input cost and borrowing costs, it's negatively impacted the growing profit margins.

也就是說，我們必須透過參與租金來彌補這一點，這是我們應該做的。當您像我們一樣實現多元化時，您必然會在不同時間、不同領域、不同事物中出現問題。例如，過去 12 至 18 個月，美國西部的某些作物類型的作物價格出現下跌。再加上投入成本和借貸成本的增加，就會對不斷成長的利潤率產生負面影響。

We do have valuations that are fine, but two crops, obviously almonds and pistachios that I mentioned, there are two others that are dragging along, and that's the apple crop. Although apples seem to be up in my grocery store and wine grapes don't have a lot to say on that. We don't have that much there.

我們的估值確實不錯，但有兩種作物，顯然是我提到的杏仁和開心果，還有另外兩種作物表現不佳，那就是蘋果作物。雖然我的雜貨店裡似乎有蘋果，而釀酒葡萄對此沒什麼好說的。我們那裡沒有那麼多。

And this has also led to a valuation decrease on certain of our permanent tree crops. So it continues to grow and continues to go. Remember, all of these crops are, if you think about what we own, these are hard assets.

這也導致我們某些永久性樹木作物的估值下降。所以它繼續增長並繼續前進。請記住，如果您考慮我們所擁有的，所有這些農作物都是硬資產。

This dirt is not going anywhere and it's been farmed for many, many years. We continue to look at the risk-return profiles on our properties and we currently are focused on evaluating the profitability outlook on certain of these permanent crop farms, particularly where the current lease is expiring.

這些泥土不會去任何地方，而且已經被耕種了很多很多年。我們繼續關注我們財產的風險回報狀況，目前我們的重點是評估某些永久性農作物農場的獲利前景，特別是目前租約即將到期的農場。

Certain options we've reviewed, including renewed leases at decreased fixed base rents, where we exchange that for participations in the crop. This option helps us grow, helps the grower minimize their fixed cost, but also allows us to participate in the upside. And in those cases, the farmers, if they have a good year, we will also have a good year.

我們已經審查了某些選項，包括以降低的固定基本租金續租，我們用它來交換對作物的參與。這個選項可以幫助我們成長，幫助種植者最大限度地降低固定成本，同時也讓我們能夠參與其中。在這種情況下，農民們，如果他們過得好，我們也會過得好。

We're looking at possible operating some of these properties ourselves in short-term basis. That is where we hire an operator to go in and operate it for us or until the market turns around. This would be help for third-party management groups.

我們正在考慮短期內自行經營其中一些房產的可能性。這就是我們聘請操作員為我們操作或直到市場好轉的地方。這將對第三方管理團體有所幫助。

And if we're able to find solutions to get some of these farms back on high enough profitability levels in the near-term, we may also look to sell some of these properties. As you know, we sold one of our properties in Florida, made about $10 million in profit. And I think we have a number of properties that are either equal to or greater than if we were selling them.

如果我們能夠找到解決方案，讓其中一些農場在短期內恢復到足夠高的利潤水平，我們也可能會考慮出售其中一些房產。如您所知，我們出售了佛羅裡達州的一處房產，賺取了約 1000 萬美元的利潤。我認為我們擁有的許多財產要么等於或大於我們出售的財產。

The amount of money that we have now in them. As you know, we do depreciate the tree crops. We can't depreciate land. So the land price is just pure out there in the marketplace. Either individually or as part of a group of properties may be the next thing you read about us. We haven't signed anything, but we might end up listing some of the farms later this year.

我們現在有多少錢。如您所知，我們確實貶值了木本作物。我們不能讓土地貶值。因此，土地價格只是市場上的純粹價格。無論是單獨的還是作為一組財產的一部分，您可能會閱讀關於我們的下一個資訊。我們還沒有簽署任何協議，但我們可能會在今年稍後列出一些農場。

Such is the nature of owning farmland. Just like any other type of business, owning farmland is not immune from ups and downs in the economy or regular business cycles and farming is also sensitive to interest rates. We're hopeful that the Federal Reserve will drop interest rates and that would help us and our farmers.

這就是擁有農田的本質。就像其他類型的企業一樣，擁有農地也不能免受經濟波動或正常商業週期的影響，而且農業對利率也很敏感。我們希望聯準會能夠降低利率，這將有助於我們和我們的農民。

I'm going to stop here and let Lewis Parrish, our CFO, talk to you more about the numbers on the financial statement. Lewis?

我將在此停下來，讓我們的財務長 Lewis Parrish 與您詳細討論財務報表上的數字。路易斯？

Thanks, David. Good morning, everyone. I'll begin by briefly going over our recent financing activity. We did not borrow any new money during the quarter, but we did repay a $6 million loan subsequent to quarter end that was scheduled to re-price.

謝謝，大衛。大家早安。我將首先簡要回顧我們最近的融資活動。我們在本季沒有借入任何新資金，但我們確實在季度末償還了計劃重新定價的 600 萬美元貸款。

On the equity side, since the beginning of the quarter, we've raised about $90,000 in net proceeds from the sales of the Series E Preferred Stock. We've also implemented a share repurchase program on our Series B and Series C Preferred Stock that has been working well for us thus far.

在股權方面，自本季初以來，我們透過出售 E 系列優先股籌集了約 9 萬美元的淨收益。我們還對 B 系列和 C 系列優先股實施了股票回購計劃，到目前為止，該計劃對我們來說效果良好。

Since commencing the program in May, we have repurchased 249,290 shares of Preferred Stock at a total cost of about $5.2 million, resulting in a book gain of about $415,000. At an average repurchase cost of $20.84 per share, the resulting savings on the dividend yield has been about 7.2%.

自 5 月啟動該計畫以來，我們已回購 249,290 股優先股，總成本約為 520 萬美元，帳面收益約為 41.5 萬美元。以每股 20.84 美元的平均回購成本計算，股息殖利率節省約 7.2%。

Given the current -- given our current borrowing costs and overall economics around acquisitions, we believe these repurchase transactions are among the best uses of our capital at this time.

鑑於目前的情況—考慮到我們目前的借貸成本和收購的整體經濟狀況，我們相信這些回購交易是目前我們資本的最佳用途之一。

Moving on to our operating results, for the second quarter, we had a net loss of $823,000 and a net loss to common shareholders of $6.7 million or $0.19 per share. Adjusted FFO for the current quarter was approximately $3.7 million or $0.103 per share compared to $3.6 million, or $0.102 per share in the prior year quarter. Dividends declared per common share were $0.140 in the current quarter, compared to $0.138 in the prior year quarter.

接下來是我們的經營業績，第二季我們的淨虧損為 823,000 美元，普通股股東淨虧損為 670 萬美元，即每股虧損 0.19 美元。本季調整後的 FFO 約為 370 萬美元，即每股 0.103 美元，而去年同期為 360 萬美元，即每股 0.102 美元。本季宣布的每股普通股股息為 0.140 美元，而去年同期為 0.138 美元。

AFFO increased slightly from the second quarter of 2023 as the increase in participation rents was largely offset by the lost income from the farm we sold in January and a decrease in revenues associated with certain properties that were either vacant, direct operated or on non-accrual status during portions of the quarter. Likewise, a decrease in interest expense was offset by an increase in certain operating expenses.

AFFO 較 2023 年第二季度略有增加，因為參與租金的增加在很大程度上被我們 1 月份出售的農場的收入損失以及與某些空置、直接經營或非應計財產相關的收入減少所抵消本季部分時間的狀態。同樣，利息費用的減少被某些營運費用的增加所抵銷。

Fixed base cash rents decreased by about $1.1 million on a year-over-year basis, primarily due to the reasons just mentioned. That is a lost revenue from the farm we sold and certain other workout properties.

固定基本現金租金年減約 110 萬美元，主要是由於上述原因。這是我們出售的農場和某些其他鍛煉財產的收入損失。

However, this was offset by a $1.1 million increase in participation rents recorded during the current quarter. Now, the majority of this amount was a result of additional information related to prior harvests becoming known to us during the quarter, thus allowing us to estimate and record such amounts. So it shouldn't really take anything away from the amount of participation rents we expect to record in the second half of this year.

然而，這被本季參與租金增加 110 萬美元所抵消。現在，這筆金額的大部分是我們在本季度了解的與先前收成相關的額外資訊的結果，從而使我們能夠估計和記錄此類金額。因此，這不會真正影響我們預計在今年下半年記錄的參與租金金額。

On the expense side, excluding reimbursable expenses and certain non-recurring or non-cash expenses, our core operating expenses increased by about $450,000 during the current quarter.

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，我們本季的核心營運費用增加了約 45 萬美元。

Property operating expenses increased in the current quarter due to additional property taxes paid on behalf of certain tenants and increased property management fees paid on certain of our farms and G&A expenses increased due to additional costs incurred related to the annual shareholders meeting and higher professional fees.

由於代表某些租戶支付的額外財產稅以及我們某些農場支付的物業管理費增加，本季度的物業運營支出有所增加，而由於年度股東大會產生的額外成本和更高的專業費用，一般管理費用也有所增加。

Total related party fees decreased slightly from the prior year period. Finally, other expenses decreased primarily due to lower interest expense incurred as a result of loan repayments made over the past year.

關聯方費用總額較上年同期略有下降。最後，其他費用減少主要是由於過去一年償還貸款而產生的利息費用減少。

With that, we'll move on to net asset value. We had 62 farms revalued during the quarter, all via third-party appraisals. Overall, these valuations decreased by $13.8 million or 4% from their previous valuations from a year ago.

這樣，我們將繼續討論資產淨值。本季我們對 62 個農場進行了重新評估，全部透過第三方評估進行。總體而言，這些估值較去年同期下降了 1,380 萬美元，即 4%。

These decreases were limited to certain of our permanent crop farms as our row crop farms continue to appreciate in value. So, as of June 30th, our portfolio was valued at approximately $1.5 billion and all of this was supported by either third-party appraisals or the purchase prices.

這些下降僅限於我們的某些永久性作物農場，因為我們的中耕作物農場價值持續升值。因此，截至 6 月 30 日，我們的投資組合估值約為 15 億美元，所有這些都得到了第三方評估或購買價格的支持。

And based on these updated valuations and including the fair value of our debt and all preferred securities, our net asset value per common share at June 30 was $17.59 per share, which is down from $18.50 at March 31st. Majority of this decrease was due to the decreases in valuations of certain farms that were revalued during the quarter, as well as a change in fair value of our preferred securities.

根據這些更新的估值，包括我們債務和所有優先證券的公允價值，我們截至 6 月 30 日的每股普通股淨資產值為每股 17.59 美元，低於 3 月 31 日的 18.50 美元。下降的主要原因是本季重新估值的某些農場的估值下降，以及我們的優先證券公允價值的變化。

Turning to liquidity, including availability on our lines of credit and other undrawn notes, we currently have access to about $180 million of liquidity. This includes over $30 million of cash on hand. We also have nearly $150 million of unpledged properties.

談到流動性，包括我們的信貸額度和其他未支用票據的可用性，我們目前可以獲得約 1.8 億美元的流動性。其中包括超過 3000 萬美元的手頭現金。我們還有近 1.5 億美元的未抵押財產。

Over 99.9% of our borrowings are currently at fixed rates. And on a weighted average basis, these rates are fixed at 3.4% for another 3.9 years. As a result, we have experienced minimal impact on our operating results from increased interest rates over the past couple of years. And with respect to our current borrowings, we believe we are well protected should interest rates continue at elevated levels.

目前我們超過 99.9% 的借款均為固定利率。以加權平均計算，這些利率在未來 3.9 年將固定在 3.4%。因此，過去幾年利率上升對我們經營業績的影響微乎其微。就我們目前的借款而言，我們相信，如果利率繼續保持在較高水平，我們將受到良好的保護。

Regarding upcoming debt maturities, we have about $46 million coming due over the next 12 months. However, about $28 million of that represents various loan maturities. And given the value of the underlying collateral, we do not foresee any problems refinancing any of these loans if we choose to do so.

關於即將到期的債務，我們將在未來 12 個月內到期約 4,600 萬美元。然而，其中約 2800 萬美元代表不同的貸款期限。考慮到基礎抵押品的價值，如果我們選擇這樣做，我們預計不會有任何對這些貸款進行再融資的問題。

We're removing those maturities. We only have about $18 million of amortizing principal payments coming due over the next 12 months or about 3% of our current debt outstanding. In addition, we have about $20 million in loans that they are not maturing, but they have a fixed rate term that is expiring over the next 12 months.

我們正在取消這些期限。我們只有約 1,800 萬美元的攤銷本金將在未來 12 個月內到期，約占我們目前未償債務的 3%。此外，我們還有約 2,000 萬美元的貸款尚未到期，但其固定利率期限將在未來 12 個月內到期。

And finally, regarding our common distributions, we recently raised our common dividend again to $0.0467 share per month. This marked the 35th time we've raised our common dividend over the past 38 quarters, resulting in an overall increase of nearly 56% over that period.

最後，關於我們的共同分配，我們最近再次將普通股股息提高至每月 0.0467 美元。這是我們在過去 38 個季度中第 35 次提高普通股股息，同期整體股息成長了近 56%。

With that I'll turn the program back over to David.

這樣我就會把程式轉回給大衛。

Okay. Thank you, Lewis. That was a nice report. We continue to stay active in the market should good acquisition opportunities present themselves, especially now that interest rates may be coming down. We live as most asset-based people do, with the rate we have to pay for our capital.

好的。謝謝你，劉易斯。這是一個很好的報告。如果出現良好的收購機會，我們將繼續在市場上保持活躍，特別是在利率可能下降的情況下。我們和大多數以資產為基礎的人一樣生活，我們必須為我們的資本支付利率。

But as mentioned on the prior calls, we're still being more cautious on the acquisition front because the cost of capital remains high for us. And while we've seen a decrease in pricing for certain permanent crop farms in the west, value of most row crop farms, like those growing strawberries, those remain high.

但正如先前的電話會議中所提到的，我們在收購方面仍然更加謹慎，因為我們的資本成本仍然很高。雖然我們看到西方某些永久性作物農場的價格有所下降，但大多數行間作物農場（如種植草莓的農場）的價值仍然很高。

And cap rates on most of those farms have not increased enough yet to cover our financing costs. So, we've got to see the rates come down before we can get active in buying or selling any of our stuff. So as a result, acquisition activity remains very slow for us.

大多數農場的資本化率還沒有增加到足以涵蓋我們的融資成本。因此，我們必須先看到利率下降，然後才能積極買賣任何東西。因此，我們的收購活動仍然非常緩慢。

Probably be another couple of quarters before anything happens. As you probably heard, the Federal Reserve people are now talking about jumbo change, that is 50 basis points to 75 basis points when they get back in gear in September.

可能還需要幾個季度才會發生任何事情。正如您可能聽說的那樣，聯準會人員現在正在談論巨額變革，即 9 月恢復運作時將利率調整 50 個基點到 75 個基點。

While interest rates are still a bit too high for us, it seems more likely that the Fed will be cutting rates. So, we are hopeful that rates will be lowered in the near-future and can start to look at new farms.

雖然利率對我們來說仍然有點太高，但聯準會降息的可能性似乎更大。因此，我們希望在不久的將來利率會降低，並且可以開始考慮新的農場。

As just a few final points before I quit. We believe that investing in farmland and growing crops that contribute to a healthy lifestyle, such as fruits and vegetables and nuts, follows the trends that we're seeing in the market today.

作為我退出之前的最後幾點。我們相信，投資農地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）符合我們當今市場上看到的趨勢。

Overall demand for prime farmland growing berries and vegetables remains stable to strong in almost all the areas that we're in where farms are located, particularly along the East and West Coast.

在我們農場所在的幾乎所有地區，尤其是東海岸和西海岸，對種植漿果和蔬菜的主要農田的整體需求保持穩定至強勁。

As mentioned earlier, crop prices of certain permanent crops, particularly nuts and wine grapes, they've been depressed lately and have an impact on the value of the underlying farmland. We're seeing prices start to turn around on some of these crops, specifically almonds and pistachios, that have been depressed by 2%, 3% in terms of 2 basis points or 3 basis points as some of them.

如前所述，某些永久性作物的作物價格，特別是堅果和釀酒葡萄，最近一直處於低迷狀態，並對底層農田的價值產生了影響。我們看到其中一些作物的價格開始好轉，特別是杏仁和開心果，其中一些作物的價格已經下降了 2%、3%，即 2 個基點或 3 個基點。

So we're hopeful that the worst is over with this, but we're not in the clear yet. Please remember that purchasing this stock in the company is a long-term investment in farmland. Historically speaking, long-term returns remain strong to mediocre, but there are occasionally some ups and downs just like any other investment.

因此，我們希望最壞的情況已經過去，但目前還不清楚。請記住，購買該公司的股票是對農地的長期投資。從歷史上看，長期回報仍然強勁到平庸，但就像任何其他投資一樣，偶爾也會出現一些起伏。

And right now, there's a portion of our portfolio in a down cycle. That's almonds and pistachios, but we're hearing good things from our farmers. We expect inflation, particularly in the food sector, to continue to increase over time, and we expect the value of underlying farmland to increase over time as a result.

目前，我們的投資組合中有一部分是處於下行週期。那是杏仁和開心果，但我們從農民那裡聽到了好消息。我們預計通貨膨脹，特別是食品業的通貨膨脹，將隨著時間的推移而繼續增加，因此我們預計基礎農地的價值將隨著時間的推移而增加。

And we expect this is especially true of fresh produce in the fresh produce section as the trend of more people in the US continue to move toward eating healthy foods. And that this will mean our properties will be more welcome everybody.

我們預計，隨著越來越多的美國人繼續轉向吃健康食品，生鮮農產品領域的生鮮農產品尤其如此。這將意味著我們的酒店將更受歡迎。

Now we have some questions from those who follow us. So, operator, would you please come on and tell them how they can ask a question?

現在我們有一些關注我們的人提出的問題。那麼，接線員，請您告訴他們如何提問？

Thank you. At this time, we'll be conducting a question-and-answer session. (Operator Instructions)

謝謝。此時，我們將進行問答環節。（操作員說明）

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，聯盟全球合作夥伴。

Thank you. Good morning. I wanted to ask you on your, good morning. I wanted to ask you on your comments on almonds and pistachio. Can you remind us how much exposure does your portfolio has to almonds and pistachios?

謝謝。早安.我想問你早安。我想問你對杏仁和開心果的看法。您能否提醒我們您的投資組合中有多少杏仁和開心果的風險？

So on a revenue basis, probably about 20% is pistachio and probably just a little under 10%, 8% or 9% is almonds.

因此，以收入計算，開心果可能佔 20% 左右，杏仁可能略低於 10%、8% 或 9%。

Okay. Second question. On your balance sheet, I think you mentioned $46 million of debt expiring in the next 12 months. Can you provide some color on where the current interest rates are in case you need to refinance that debt?

好的。第二個問題。在您的資產負債表上，我想您提到了 4,600 萬美元的債務將在未來 12 個月內到期。您能否提供一些有關當前利率的信息，以防您需要為該債務再融資？

Sure. So right now our weighted average interest rate is about 3.4%. If we were to reprice today, we probably be 200 basis point or 200 basis points above that right now. Those loans with the cash we have on hand, each situation on a case-by-case basis, depending on what the interest rate is, when those loans mature, depending on what our plan for that particular farm is, that will determine whether we decide to pay it off or refinance.

當然。所以現在我們的加權平均利率約為3.4%。如果我們今天重新定價，我們現在的價格可能會高出 200 個基點或 200 個基點。那些我們手頭上有現金的貸款，每種情況都根據具體情況而定，取決於利率是多少，這些貸款何時到期，取決於我們對該特定農場的計劃是什麼，這將決定我們是否決定還清或再融資。

Okay, thank you. That's all I had.

好的，謝謝。這就是我所擁有的一切。

Go ahead. Go ahead Gaurav. Oh just that is. So, operator, if he'll come back on, we'll see if there's a second question for us out there.

前進。繼續吧，高拉夫。哦，就是這樣。所以，接線員，如果他回來，我們會看看是否還有第二個問題要問我們。

Rob Stevenson, Janney Montgomery Scott.

羅布史蒂文森，珍妮蒙哥馬利斯科特。

Good morning, guys. The four California farms that are vacant, direct operated, non-accrual, are those all nuts?

早安，夥計們。加州四個空置、直營、非應計的農場，都是瘋子嗎？

Yes, they are.

是的，他們是。

I believe one is -- no, actually, I think they are. They are all nuts. You're correct. Yes.

我相信其中之一是——不，實際上，我認為他們是。他們都是瘋子。你是對的。是的。

Okay. And I think if I look back last quarter, there were 20 farms. So there was an extra farm in California that was in that bucket. What happened to this other one? Did this get rented? They catch up on their rent payments and are no longer non-accrual. What accounted for the sequential change there?

好的。我想如果我回顧上個季度，會有 20 個農場。所以加州還有一個農場就在這個桶子裡。另一位發生了什麼事？這個有租到嗎？他們補足了租金，不再是非應計租金。是什麼導致了那裡的連續變化？

It got leased. We put a lease on it.

它被租了。我們租了它。

Okay, perfect. All right. And then I guess the question winds up being is it, at this point, are these 19 farms stuff that you want to own longer term? I mean, you've talked about selling them, potentially selling some assets, et cetera. I mean, is it just a matter of trying to get a lease on it or trying to sell it at a higher price than where it would be valued today and that you don't really want to own any of these 19 longer term or was it just operator issues and you're happy to own these? How should we be thinking about these 19 assets as you go forward over the next couple of years?

好的，完美。好的。然後我想問題是，此時此刻，這 19 個農場是您想要長期擁有的嗎？我的意思是，您談到了出售它們，可能出售一些資產等等。我的意思是，這只是嘗試租賃它還是嘗試以比今天的估值更高的價格出售它的問題，並且您真的不想長期擁有這 19 個項目中的任何一個，或者是這只是運營商的問題，您很樂意擁有這些嗎？在您未來幾年的發展中，我們應該如何考慮這 19 項資產？

Well, as long as we have water for those, I think we'll hang on to them simply because somebody will want to grow something on there. You just never know. The farmers have been pretty picky over the last two years really. And it may. You got to have a good farmer. There's no use jumping into a farming relationship with somebody who's not a very good farmer. We've done that a few times.

好吧，只要我們有水，我想我們就會保留它們，因為有人想在那裡種植一些東西。你永遠不知道。過去兩年，農民確實非常挑剔。也有可能。你必須有一個好農民。與一個不是很好農民的人建立農業關係是沒有用的。我們已經這樣做過幾次了。

We know how that bites back, but it's one of those things that everybody goes through. We've got an asset. We need to keep it working for us, and I think we'll get most of those 19 farms will stay with us for a considerable amount of time.

我們知道這會帶來怎樣的影響，但這是每個人都會經歷的事情之一。我們有資產。我們需要讓它繼續為我們服務，我認為這 19 個農場中的大多數將在相當長的時間內保留在我們手中。

Okay. And then I guess the question, the last one for me, Lewis, how much you talked about this participating rents that you collected this quarter not impacting the back half of the year? How much in participating rents did you collect in the second half of 23? And are you expecting a similar or more or less than that in the second half of '24 at this point?

好的。然後我想問一個問題，劉易斯，你在多大程度上談到了本季度收取的參與租金不會影響下半年？23年下半年您收取了多少參與租金？您預計此時的情況是否會與 24 年下半年類似、或多或少？

So in '23, I think all except for maybe $200,000 was recorded in the second half of the year. As for this year, you know, of course, we're still. We haven't even gotten much information from tenants at this point, but if I had to guess, we'd probably be somewhere between the past two years.

所以在 23 年，我認為除了 20 萬美元之外的所有收入都記錄在下半年。至於今年，你知道，當然，我們仍然如此。目前我們還沒有從租戶那裡獲得太多信息，但如果我不得不猜測，我們可能會在過去兩年之間。

Okay.

好的。

Hopefully at least as much as last year, but not sure that we'll get as much as we did in 2022.

希望至少能與去年一樣多，但不確定我們是否會像 2022 年一樣多。

Okay, that's helpful. Thanks, guys, and have a great weekend.

好的，這很有幫助。謝謝，夥計們，祝週末愉快。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

John Massocca, B. Riley Securities.

約翰‧馬索卡 (John Massocca)，B. 萊利證券 (Riley Securities)。

Good morning.

早安.

Good morning, John.

早安，約翰。

Maybe sticking with participation rents, I mean, you kind of mentioned a little bit of the moving pieces of why you collected the $1.1 million in the quarter. But just, you know, is that something that could potentially happen in future years? Maybe kind of why was that you know data recorded in the current quarter just any additional color there would be helpful.

也許堅持參與租金，我的意思是，你提到了一些令人感動的部分，解釋了為什麼你在本季收取了 110 萬美元。但你知道，這在未來幾年有可能發生嗎？也許是因為你知道當前季度記錄的數據，任何額外的顏色都會有幫助。

Yeah, it was really from. It was from three farms. One farm did prepay us about $250,000 that in a normal year would be recording the second half of the year. We weren't expecting payment. They just prepaid us a certain amount. So we recorded that. The rest of it was kind of unique situations. One is, one of the wine grape farms that we recently -- one of those leases where we reduced the base rent and increased the participation rent component. We recorded a little bit of income from that farm in Q4 of last year.

是的，確實是來自。它來自三個農場。一個農場確實預付了我們大約 25 萬美元，這在正常年份將是下半年的金額。我們並沒有期待付款。他們只是預付給我們一定的金額。所以我們記錄了這一點。其餘的都是一些獨特的情況。一是我們最近的釀酒葡萄農場之一——我們降低了基本租金並增加了參與租金部分的租約之一。去年第四季度，我們從農場獲得了一點收入。

We initially we thought all the wine sales would be completed in December-January for us to be able to record that revenue in Q4. But the sales kind of lingered on and continued on into Q1 and Q2 and we weren't able to get information in Q4 or Q1, that information came to us in Q2 and so we recorded it in this quarter.

我們最初認為所有葡萄酒銷售將在 12 月至 1 月完成，以便我們能夠在第四季度記錄收入。但銷售仍在持續，並持續到第一季度和第二季度，我們無法在第四季度或第一季度獲得信息，該信息是在第二季度獲得的，因此我們在本季度記錄了該信息。

Hopefully next year, we are able to get information more real-time and record it earlier, but we just weren't able to this year. The other one was one that we participated in heavily in the crop. We had a very high crop share percentage, so we were able to get payment directly from the processor. So that payment just got accelerated.

希望明年我們能夠更即時地獲取資訊並更早記錄下來，但今年我們無法做到這一點。另一項是我們大量參與種植的一項。我們的作物份額非常高，因此我們能夠直接從加工商處獲得付款。因此付款速度加快了。

But we also have a payment coming due from them later on this year, which is why I'd say that it really shouldn't impact what we're getting this year, because it's same as what we would get in a normal year if that makes sense. Basically, it's just kind of unique structures of the leases we have on those two properties.

但我們今年稍後還會收到他們的付款，這就是為什麼我想說這真的不應該影響我們今年的收入，因為這與我們在正常年份得到的收入相同，如果這是有道理的。基本上，這只是我們對這兩個房產的獨特租賃結構。

Go ahead.

前進。

Understood. And then maybe kind of going forward on the participation rent side of things, you know, to the extent we get some kind of recovery in green up pricing, pistachios and almonds specifically, you know, how could that impact 2024 participation rent, if at all or is that more going to be something that impacts 2025, just given the nature of your leases and contracts?

明白了。然後，也許在參與租金方面有所進展，你知道，只要我們在綠色定價、開心果和杏仁方面得到某種程度的複蘇，你知道，這將如何影響 2024 年的參與租金，如果在考慮到您的租賃和合約的性質，所有這些還是會更多地影響2025 年？

It will be a 2025 impact. If prices come up, that will impact the harvest coming up, which would be recorded later for us.

這將是 2025 年的影響。如果價格上漲，這將影響即將到來的收成，這將在稍後為我們記錄。

So it would impact 2024 numbers.

因此這將影響 2024 年的數字。

Okay. And then, you know, maybe just on the potential dispositions. What kind of assets are in the portfolio would you potentially be targeting for dispositions? Is there a strategic rationale or is it just kind of assets where you feel like the performance isn't going to recover from some of the headwinds they've faced in recent years?

好的。然後，你知道，也許只是關於潛在的處置。您可能會針對投資組合中的哪些資產進行處置？是否有戰略依據，或者只是您認為業績無法從近年來面臨的一些逆風中恢復過來的資產？

Yeah, we're going through that now. And the dispositions, it's really a bad time to be selling almonds or pistachio crops. They're down and they're coming back. We've seen this happen many times in many of our products and it's just something you have to live with. The main thing is you can't be not able to borrow money and pay back your banks or pay whoever.

是的，我們現在正在經歷這件事。就個性而言，現在確實不是出售杏仁或開心果作物的好時機。他們倒下了，他們又回來了。我們在許多產品中多次看到這種情況發生，但您必須忍受這種情況。最主要的是你不可能無法借錢並償還銀行或向任何人付款。

And right now we have tremendous credit ability with the farm credits. And if the rates are cut, we will probably not get down to 3% where we are on some of these, but hopefully get further down than we are today and it's just a difficult period for those two crop types.

現在我們在農業信貸方面擁有龐大的信用能力。如果利率下調，我們可能不會將其中一些作物的稅率降至 3%，但希望能比現在進一步下降，這對這兩種作物類型來說是一個困難時期。

And then lastly, I know, obviously there's that bucket of farms that are kind of either being managed or a non-accrual status, but operating expense came up a little bit on a quarter-over-quarter basis and a year-over-year basis. Was there anything beyond that kind of bucket of farms that maybe drove that increase?

最後，我知道，顯然有一類農場要么處於管理狀態，要么處於非應計狀態，但營運費用環比和同比略有上升基礎。除了這類農場之外，還有什麼因素可能推動了這種成長？

No, the full increase from the property operating expenses came from that bucket of farms. One tenant, we had to terminate the lease after quarter-end. We ended up having to pay real estate taxes on their behalf. That farm is now being direct operated. We hope to get a lease on it by the end of the year. And the rest of it was just management fees we're paying to operate certain of these farms.

不，物業營運費用的全部成長都來自於那桶農場。一位租戶，我們不得不在季度末後終止租約。我們最終不得不代表他們繳納房地產稅。該農場現在是直接經營的。我們希望在今年年底前獲得租約。其餘的只是我們為經營某些農場而支付的管理費。

Okay. That's it for me. Thank you very much.

好的。對我來說就是這樣。非常感謝。

Okay, we have any more questions?

好的，我們還有什麼問題嗎？

Thank you, Mr. Gladstone, there are no further questions at this time.

謝謝格萊斯頓先生，目前沒有其他問題。

That's too bad. We like answering questions, but I understand that people are going to save them until next quarter and give us a lot more questions. So that's the end of this. Thank you very much all of you.

那太糟糕了。我們喜歡回答問題，但我知道人們會將這些問題留到下個季度，並向我們提出更多問題。那麼這就是結束了。非常感謝大家。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time and enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路並享受剩下的一天。