Gladstone Land Corp (LAND) 2024 Q3 法說會逐字稿

Welcome to Gladstone Land Corporation's third quarter earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加格萊斯頓土地公司第三季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce David Gladstone, Chief Executive Officer and President. Thank you, Mr. Gladstone. You may begin.

現在我很高興向大家介紹執行長兼總裁 David Gladstone。謝謝你，格萊斯頓先生。你可以開始了。

Well, thank you, Sherry and it was a nice introduction. This is David Gladstone and welcome to the quarterly conference call for Gladstone Land. Thank you all for calling in today. We certainly appreciate you taking time out of your busy day to listen to our presentations. Before I begin, we'll start with Michael LiCalsi, he's our General Counsel. Michael?

嗯，謝謝你，雪莉，這是一個很好的介紹。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。我們當然感謝您在忙碌的一天中抽出時間來聆聽我們的演示。在開始之前，我們先從 Michael LiCalsi 開始，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 on 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 and many facts.

謝謝，大衛。大家早安。今天的報告可能包含有關 1933 年證券法和 1934 年證券交易法的前瞻性陳述，包括有關我們未來績效的陳述。這些前瞻性陳述涉及某些風險和不確定性，這些風險和不確定性是基於我們目前的計劃，我們認為這些計劃是合理的並且有許多事實。

This 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 listed on our Forms 10-K, 10-Q and other documents that we file with the SEC and find them on our website that's gladstoneland.com, specifically go to the investors page. You can always go to the SECs website, which is www.sec.gov.

這可能會導致我們的實際結果與這些前瞻性陳述所明示或暗示的任何未來結果有重大差異，包括我們向SEC 提交並發現的10-K、10-Q 表格和其他文件中列出的所有風險因素。您可以隨時造訪 SEC 網站，即 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. Today, we will discuss FFO, which is funds from operations.

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 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.

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以及財產的任何減值損失加上房地產資產的折舊和攤銷。

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

我們也可以討論核心FFO，我們通常將其定義為針對某些非經常性收入和支出進行調整的FFO，以及調整後的FFO，後者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。

And 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 sign up for our email notification service. You can also find us on Facebook. Keyword there is the Gladstone Companies and on X, normally -- formerly known as Twitter and the handle there is @GladstoneComps.

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。請再次造訪我們的網站，即gladstoneland.com 註冊我們的電子郵件通知服務。您也可以在 Facebook 上找到我們。關鍵字是 Gladstone Companies，X 上的關鍵字通常是 Twitter，其句柄是 @GladstoneComps。

Now that 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.

今天的電話會議是我們結果的概述。因此，我們要求您查看我們昨天發布的新聞稿和表格 10-Q，以了解更多詳細資訊。

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

就這樣。我會把它轉回給大衛。

Thank you, Michael. I'll start with a brief overview, as I do each time just so we all know where we are. We are currently on about 112,000 acres on 168 farms, and about 54,000 acre feet of water assets, one acre foot is equal to about 326,000 gallons. So we have nearly 18 billion gallons of water. And together, the land and the water are valued at about a total price of $1.5 billion.

謝謝你，麥可。我將從一個簡短的概述開始，就像我每次所做的那樣，以便我們都知道我們在哪裡。目前，我們擁有 168 個農場，佔地約 112,000 英畝，擁有約 54,000 英畝英尺的水資源，一英畝英尺相當於約 326,000 加侖。所以我們有近 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, they're in 29 different growing areas. And our water assets are all in California. You don't need to store much water, if you're in Florida, you can drill down and get water pretty quickly. Our farms are leased to over 90 different tenant farmers and the tenants on the farms are growing over 60 different types of crops.

我們的農場分佈在 15 個不同的州，更重要的是，分佈在 29 個不同的種植區。我們的水資產都在加州。你不需要儲存太多的水，如果你在佛羅裡達州，你可以很快地向下鑽取水。我們的農場出租給 90 多個不同的佃農，農場的佃戶種植 60 多種不同類型的農作物。

But mostly, these are fruits and vegetables, and we have a lot of nut trees as well. And you can find these produce -- these items in the produce section of the grocery store, which is where most of the crops that are grown on our farms are sold.

但主要是水果和蔬菜，我們也有很多堅果樹。你可以在雜貨店的農產品區找到這些農產品，這裡是我們農場種植的大部分農作物的銷售地。

We've been pretty active in leasing since the beginning of the third quarter, we executed 21 new or amended leases on farms in 8 different states, including leases on only a couple of farms that were previously vacant.

自第三季初以來，我們在租賃方面一直非常活躍，我們在 8 個不同州的農場簽署了 21 項新的或修訂的租賃協議，其中僅包括幾個之前空置的農場的租賃協議。

On annual row crop farms, we renewed or amended eight different leases, and these renewals are expected to result in an aggregate increase of net operating income of about $309,000 or 11% over that of the prior leases. Overall, we continue to see steady appreciation and consistent rents growing in our annual row crops, which make up about half the portfolio.

在一年生中耕作物農場，我們續約或修改了八種不同的租約，這些續約預計將導致淨營業收入總計增加約 309,000 美元，比之前的租約增加 11%。總體而言，我們繼續看到每年行作物的穩定升值和持續的租金成長，這些作物約佔投資組合的一半。

Our permanent crop farms well, we renewed about 13 different leases there. With four of these leases, we adjusted the lease structure, whereby we eliminated the base rent and provide the tenant with some cash and growing the crops.

我們的永久作物農場狀況良好，我們在那裡續簽了大約 13 個不同的租約。對於其中四份租賃，我們調整了租賃結構，取消了基本租金，並為租戶提供了一些現金和種植作物。

In exchange for the base rent, we significantly increases the participation in the rent component of these leases, the major of which will be recognized in the second half of 2025. So we're going to go through a little period here with base rents down.

作為基本租金的交換，我們大幅增加了這些租賃的租金部分的參與度，其中大部分將在 2025 年下半年確認。因此，我們將經歷一段基本租金下降的時期。

As we stated in the prior calls, market conditions around many of the permanent crop farms in the West have been hampered by lower crop prices, higher inputs, and of course, borrowing costs have gone up as well. These conditions make it difficult for the tenants to commit to long term leases that include high base rents.

正如我們在先前的電話會議中所說，西方許多永久性農作物農場周圍的市場狀況受到農作物價格下降、投入增加以及借貸成本上升的阻礙。這些條件使得租戶很難承諾包含高基本租金的長期租約。

As such, we decided to adjust the lease structure on the few farms to help the grower minimize their fixed cost, but also allow us to participate in the upside in the case the farmer has a good year. We believe these lease structures will give us the best chance of making a pretty good profit on these farms in the coming years.

因此，我們決定調整少數農場的租賃結構，以幫助種植者最大限度地降低固定成本，同時也讓我們能夠在農民豐收的情況下分享收益。我們相信，這些租賃結構將為我們帶來未來幾年在這些農場賺取可觀利潤的最佳機會。

And we believe there's a strong reason for the opinion, particularly on two pistachio farms, which we're doing this time. These are very high yielding properties, the two pistachio farms. And with a history of higher production, that means the crop insurance is going to be good, that is we get a higher rate -- higher opportunity to get our money back.

我們相信這種觀點是有充分理由的，特別是對於我們這次正在做的兩個開心果農場。兩個開心果農場是產量非常高的房產。憑藉較高產量的歷史，這意味著農作物保險將會很好，也就是說我們會獲得更高的利率 - 收回資金的機會更大。

We also continue to see pricing trends in the right direction that is for both pistachios and almonds. Also, California has experienced above average rainfall levels in recent years, and most of the reservoirs are still at or above the historic averages.

我們也繼續看到開心果和杏仁的定價趨勢朝著正確的方向發展。此外，加州近年來的降雨量高於平均水平，大多數水庫仍處於或高於歷史平均水平。

Our current plan is to move forward with the structure for 2025 harvest in these few farms and then hopefully, revert back to more traditional leases structures with the rent next year, or we may also sell some of these farms if we think we're not going to be able to farm them correctly. The remaining nine lease amendments on our permanent crops are expected to result in a decrease of net operating income of about $441,000 from the prior leases.

我們目前的計劃是推進這幾個農場 2025 年收穫的結構，然後希望明年恢復到更傳統的租賃結構和租金，或者如果我們認為我們不這樣做，我們也可能會出售其中一些農場將能夠正確地耕種它們。對我們的永久性作物的其餘九項租賃修訂預計將導致淨營業收入比之前的租賃減少約 441,000 美元。

So we swapped the base rents for participation on the upside. This is the old English way of farming and the King used to own all the land and lease it out in essence to his farmers, and they'd give him most of the crop and they take some.

因此，我們將基本租金換成了更高的參與度。這是古老的英國耕作方式，國王過去擁有所有土地，並將其實質上出租給他的農民，他們會給他大部分莊稼，他們拿走一些。

Looking ahead, we have nine leases scheduled to expire over the next six months. And in total, they make up about 2.5% of the total lease revenue. We're in discussions with various groups and either lease these farms or operate them on our behalf, and we may also look to sell a couple of these farms.

展望未來，我們有九份租約計劃在未來六個月內到期。總的來說，它們約佔租賃總收入的 2.5%。我們正在與各個團體進行討論，要么租賃這些農場，要么代表我們經營它們，我們也可能考慮出售其中一些農場。

We do have one that we agreed to sell and we believe have some very valuable farms. So this new route is the way for us to option for -- is a new option for us. Subsequent to the quarter end, we also entered into an agreement to sell 11 blueberry farms in Michigan for about $5 million these are some of our earliest farms. And if you remember, this one is one in which the entrepreneur, the farmer, we had some very serious accidents.

我們確實有一個同意出售的農場，我們相信有一些非常有價值的農場。所以這條新路線是我們選擇的方式——對我們來說是一個新的選擇。季度末後，我們還簽訂了一項協議，以約 500 萬美元的價格出售密西根州的 11 個藍莓農場，這些是我們最早的一些農場。如果你還記得的話，這是一個企業家、農民、我們發生了一些非常嚴重的事故的事件。

I think he was in hospital for many, many months. So we had to get others to come in and do things to the farms. And finally, we decided just to leave that Michigan area. These are the farms that have tenants issuing results and increased operating costs, so we're happy to bring these issues to a close, and all of that should close out before the end of the year.

我想他在醫院住了很多很多個月。所以我們必須讓其他人進來為農場做一些事情。最後，我們決定離開密西根地區。這些農場的租戶發布了結果並增加了營運成本，因此我們很高興解決這些問題，所有這些都應該在今年年底之前結束。

And now I'll give a quick update to some of the remaining tenancy issues. We currently have one farm that is vacant. So we're down there, one farm is in direct operating via management agreement with an unrelated third party.

現在我將快速介紹一些剩餘的租賃問題。我們目前有一個空置農場。所以我們在那裡，一個農場透過與無關第三方的管理協議直接運作。

In addition, we're recognizing revenue from leases in two tenants and these are -- this is collecting lease they have five of our farms, but we're collecting cash on two of the tenants. Regarding these farms, we're in discussion with various potential buyers and tenants to buy.

此外，我們正在確認兩個租戶的租賃收入，這些是——這是收取他們擁有我們五個農場的租金，但我們正在向其中兩個租戶收取現金。關於這些農場，我們正在與各種潛在買家和租戶討論購買。

We're in the situation in which a lot of people are looking for farms again, and that's always good to see. And we may use some of them to hire and run our farms, and we hope to have an agreement in place by the end of the year on these last two.

我們現在的處境是，很多人再次尋找農場，這總是令人高興的。我們可能會用其中的一些來僱用和經營我們的農場，我們希望在今年年底前就最後兩個農場達成協議。

We may end up listing some of these farms at an auction as we did in Michigan, but I don't expect that to be a lot of the farms. In total, year over year impact on our operating results for these tenant issues was decreased in net operating income to about $638,000 in the third quarter.

我們最終可能會像在密西根州那樣在拍賣會上列出其中一些農場，但我預計不會有很多農場。總的來說，這些租戶問題對我們經營業績的影響在第三季淨營業收入下降至約 638,000 美元。

And hopefully, next year this time, we're recognizing a lot of profit from operating some farms with our operators that come in and do that. I'm going to stop at this point, and we'll get Lewis to come in and talk to us about the numbers that he's got for you.

希望明年這個時候，我們能夠透過與我們的經營者一起經營一些農場來獲得大量利潤。我現在要停下來，我們會讓路易斯進來和我們談談他為你提供的數字。

Thank you, David, and 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 about $13 million of loans that were scheduled to mature or reprice.

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。本季我們沒有借入任何新資金，但我們確實償還了約 1300 萬美元的計劃到期或重新定價的貸款。

On the equity side, since the beginning of the third quarter, we've raised net proceeds of about $80,000 from sales of the Series E preferred stock and about $4.5 million from sales of our common stock through the ATM program. We also continue with the repurchase program on our Series B and Series C preferred stock that was implemented in the second quarter.

在股權方面，自第三季初以來，我們透過 ATM 計畫透過銷售 E 系列優先股籌集了約 8 萬美元的淨收益，透過出售普通股籌集了約 450 萬美元的淨收益。我們也繼續實施第二季實施的 B 系列和 C 系列優先股的回購計畫。

During the third quarter, we repurchased a total of 176,045 shares of preferred stock at a total cost of about $3.7 million, resulting in a book gain of about $231,000. At an average repurchase cost of $21.22 per share, this resulted in a dividend yield savings of 7.1%.

第三季度，我們總共回購了176,045股優先股，總成本約370萬美元，帳面收益約231,000美元。以每股 21.22 美元的平均回購成本計算，股息殖利率節省了 7.1%。

Moving on to our operating results, for the third quarter, we had net income of $6,000 and a net loss to common shareholders of $5.8 million or $0.16 per share. Adjusted FFO for the current quarter was approximately $4.5 million or $0.13 per share compared to $5.4 million or $0.15 per share in the prior quarter. Dividends declared per common share were about $0.14 in both quarters.

接下來是我們的經營業績，第三季我們的淨利潤為 6,000 美元，普通股股東淨虧損為 580 萬美元，即每股虧損 0.16 美元。本季調整後的 FFO 約為 450 萬美元或每股 0.13 美元，而上一季為 540 萬美元或每股 0.15 美元。兩季宣布的每股普通股股息約為 0.14 美元。

AFFO decreased from the third quarter of 2023, primarily due to the lost revenue from the farm we sold in January and a decrease in income associated with certain properties that were either vacant, direct operated or on nonaccrual status during portions of the quarter.

AFFO 較 2023 年第三季有所下降，主要是由於我們 1 月份出售的農場收入損失，以及與本季度部分時間段內空置、直接經營或非應計狀態的某些房產相關的收入減少。

Fixed base cash rents decreased by about $2.6 million on a year over year basis, primarily due to the reasons just mentioned. Again, that is the lost revenues from the farm we sold and additional expenses related to certain vacancies we continue to work through, as well as lease incentives granted to certain tenants associated with the lease change -- lease structure change that we just mentioned and a portion of rent payment that was paid in water.

固定基本現金租金年減約 260 萬美元，主要是因為剛才提到的原因。同樣，這是我們出售的農場的收入損失和與我們繼續解決的某些空缺相關的額外費用，以及與租賃變更相關的某些租戶的租賃激勵措施——我們剛才提到的租賃結構變更和用水支付的租金部分。

This was partially offset by a $1.1 million increase in participation rents recorded during the current quarter. These amounts are largely dependent upon when our tenants provide certain information to us, but thus far, the increase has been largely driven by stronger production at some of our pistachio farms.

本季度參與租金增加了 110 萬美元，部分抵消了這一影響。這些金額在很大程度上取決於我們的租戶何時向我們提供某些信息，但到目前為止，這一增長主要是由我們的一些開心果農場的產量增加所推動的。

One note to make on revenue over the next several quarters. As a result of the change in lease structures we made on a few farms, we are expecting a total year over year swing in our fixed base rents of about $20 million. This figure consists of the base rent that we were previously receiving under the prior leases plus the cash allowances we granted to some of these tenants.

關於未來幾季的收入需要注意的一點。由於我們對一些農場的租賃結構進行了改變，我們預計固定基本租金的年比總波動約為 2000 萬美元。這個數字包括我們之前根據先前的租約收到的基本租金加上我們向其中一些租戶提供的現金補貼。

This will be shown as a reduction in our fixed base rents over the next five quarters, beginning with Q4 2024 at a rate of between $3.5 million to $4.5 million per quarter. And then the majority of the resulting crop share -- the majority of the resulting crop share from these leases will be recognized as participation rent in the second half of 2025, with the remaining smaller portion being recognized in the second half of 2026.

這將表現為我們在接下來的五個季度中固定基本租金的減少，從 2024 年第四季開始，每季減少 350 萬美元至 450 萬美元。然後，由此產生的大部分作物份額——這些租賃產生的大部分作物份額將在 2025 年下半年確認為參與租金，其餘較小部分將在 2026 年下半年確認。

Right now, we are expecting to recover the full [$20 million] and possibly more, but we will not know these numbers until later in 2025. So things play out as we currently expect, we'll essentially be moving about $20 million from the fixed base rent bucket into the participation rent bucket over the next couple of years.

目前，我們預計將收回全部 [2000 萬美元]，甚至可能更多，但要到 2025 年晚些時候才能知道這些數字。因此，事情的發展正如我們目前所預期的那樣，在接下來的幾年裡，我們基本上會將大約 2000 萬美元從固定基本租金桶轉移到參與租金桶中。

On the expense side, excluding reimbursable expenses and certain nonrecurring or noncash expenses, our core operating expenses decreased by about $140,000 during the current quarter. Related party fees decreased by $800,000 due to a higher incentive fee earned in the prior year 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減少了約 14 萬美元。由於上一季賺取的獎勵費增加，關聯方費用減少了 80 萬美元。

Largely offsetting this was an increase in property operating expenses of $590,000, which was primarily driven by additional costs incurred on properties that were either vacant, direct operated, or on nonaccrual status.

物業營運費用增加了 59 萬美元，這在很大程度上抵消了這一影響，這主要是由於空置、直接營運或非應計狀態的物業產生的額外成本。

These costs included additional legal costs, property management fees, and real estate taxes. As we bring these issues to a close, which we are expecting to happen by the end of the year, these costs should decrease to a more normalized level.

這些費用包括額外的法律費用、物業管理費和房地產稅。當我們解決這些問題時（我們預計將在今年年底完成），這些成本應該會降低到更正常化的水平。

And finally, G&A expenses increased slightly due to additional stockholder related costs and higher professional fees. We also recorded an impairment charge of about $2 million during the quarter, and this is the result of writing the net book value of some Michigan blueberry farms down to the sales prices per the agreements we entered into subsequent to [$9.30].

最後，由於額外的股東相關成本和更高的專業費用，一般管理費用略有增加。我們在本季也記錄了約 200 萬美元的減損費用，這是根據我們隨後簽訂的協議將一些密西根藍莓農場的帳面淨值寫入銷售價格的結果。[9.30 美元]。

Finally, other expenses decreased primarily due to lower interest expense incurred as a result of loan repayments we made over the past year. With that, we'll move on to net asset value. During the quarter, we had 43 farms revalued all via third-party appraisals.

最後，其他費用減少主要是由於我們去年償還貸款而產生的利息費用減少。這樣，我們將繼續討論資產淨值。本季度，我們對 43 個農場進行了重新評估，全部通過第三方評估。

Overall, these valuations decreased by about $23 million or 4.5% from their previous valuations from about a year ago. These decreases were limited to certain of our permanent crop farms as our annual row crop farms continue to appreciate in value.

總體而言，這些估值比大約一年前的估值下降了約 2,300 萬美元，即 4.5%。這些下降僅限於我們的某些永久性作物農場，因為我們的一年生中耕作物農場的價值持續升值。

So September 30, our portfolio was valued at about $1.5 billion and all of this valuation was supported by either third-party appraisals or purchase prices in the case of water. Based on these updated valuations and including the fair value of our debt and preferred securities, our net asset value per common share at September 30 was $15.57 which is down from $17.59 at June 30.

因此，到 9 月 30 日，我們的投資組合估值約為 15 億美元，所有這些估值都得到第三方評估或水的購買價格的支持。根據這些更新的估值，包括我們的債務和優先證券的公允價值，我們截至 9 月 30 日的每股普通股淨資產值為 15.57 美元，低於 6 月 30 日的 17.59 美元。

The majority of this certain farms that were reappraised during the quarter as well as the change in fair value of our debt and preferred securities due to changes in market rates.

大多數特定農場在本季進行了重新評估，由於市場利率的變化，我們的債務和優先證券的公允價值也發生了變化。

Turning to liquidity, and including availability on our lines of credit and other undrawn notes, we currently have access to over $160 million of liquidity, including about $20 million of cash on hand. We also have nearly $160 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，我們目前可以獲得超過 1.6 億美元的流動性，其中包括約 2000 萬美元的手頭現金。我們還有近 1.6 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 3.7 years. As a result, we have experienced minimal impact on our operating results from increased interest rates over the past couple of years.

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 3.7 年內固定為 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。

And with respect to our current borrowings, we believe we are well protected should interest rates continue at elevated levels. Regarding upcoming debt maturities, we have about $39 million coming due over the next 12 months.

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。關於即將到期的債務，我們將在未來 12 個月內到期約 3,900 萬美元。

However, $21 million of that represents various loan maturities. And given the value of the underlying collateral, we do not foresee any problems refinancing if we choose to do so. Removing those maturities, we have about $18 million of amortizing principal payments coming due over the next 12 months, or about 3% of our current debt outstanding.

然而，其中 2,100 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，我們預計再融資不會有任何問題。除去這些到期日，我們還有約 1,800 萬美元的攤銷本金付款將在未來 12 個月內到期，約占我們目前未償債務的 3%。

And in addition, we have about $19 million of loans that they are not maturing, but they have a fixed rate term that is expiring over the next 12 months. And finally, regarding our common distributions, in October, we declared a dividend of $0.0467 per share per month for the fourth quarter.

此外，我們還有約 1,900 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。最後，關於我們的共同分配，10 月份，我們宣布第四季度每月每股 0.0467 美元的股息。

At our current stock price of $13.66 per share, this works out to a yield of 4.1%, which is right in line with the average dividend yield across the entire REIT sector. Given the changes we recently made in lease structure at certain properties, we believe it's prudent to hold the dividend flat at this time, and we'll continue to reassess it as more information regarding the '25 -- 2025 crop share amount is known.

以我們目前每股 13.66 美元的股價計算，收益率為 4.1%，與整個 REIT 行業的平均股息收益率一致。鑑於我們最近對某些物業的租賃結構做出的改變，我們認為目前保持股息不變是謹慎的做法，並且隨著有關“25 - 2025 年作物份額金額”的更多信息已知，我們將繼續重新評估它。

I'll turn things back over to David.

我會把事情交還給大衛。

Thank you, Lewis. Nice report. We are continuing to stay active in the marketplace should a good acquisition opportunity present itself. The banks love us and would love to lend us more money, but we're not going in that direction unless interest rates come down. But mentioned in prior calls, we're still being more cautious in the acquisition front because of our cost of capital remains high.

謝謝你，劉易斯。不錯的報告。如果出現良好的收購機會，我們將繼續在市場上保持活躍。銀行喜歡我們，願意借給我們更多的錢，但除非利率下降，否則我們不會朝這個方向發展。但在先前的電話會議中提到，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。

And while we have seen decreases in prices for certain permanent crops and farms in the West, values of most of the row crops like those growing strawberries has remained very high, and cap rates on most of those farms are not increasing enough to cover our financing cost.

雖然我們看到西方某些永久性作物和農場的價格下降，但大多數行間作物（如種植草莓的作物）的價值仍然非常高，而且大多數農場的上限利率增長不足以支付我們的融資成本。

So as a result, acquisition activity has remained nonexistence to say slow would be a little misrepresenting, but we're not doing any new deals given the cost of capital and what you can make on it. The interest rates are still a bit too high for us despite the Fed's cutting interest rates by 0.5% in September.

因此，收購活動仍然不存在，說緩慢會有點歪曲事實，但考慮到資本成本和你可以從中獲利，我們不會進行任何新交易。儘管聯準會在 9 月降息了 0.5%，但利率對我們來說仍然有點太高了。

The amount of timing of the further cuts, I just don't know when they're going to cut again, it's been up and down with them. But we're hopeful that the rates will be lower in the near future so that we can start looking at buying more farms again.

進一步削減的時間量，我只是不知道他們什麼時候會再次削減，隨著他們的變化而變化。但我們希望在不久的將來利率會降低，以便我們可以再次開始考慮購買更多農場。

And just a final point I'd like to make, we believe investing in farmland growing crops that contribute to healthy lifestyles such as fruits and vegetables and nuts is a great trend, and we're following it, and we'll try to make sure that we continue to get good farmland.

我想說的最後一點是，我們相信投資農地種植有助於健康生活方式的農作物，如水果、蔬菜和堅果，是一個很好的趨勢，我們正在追隨它，我們將努力確保我們繼續獲得良好的農田。

Overall, demand for prime farmland and growing berries and vegetables remains stable to strong. In fact, the vegetable and berry side is relatively stronger than just about any time I've seen in the past. Almost all of the area our farms are located in, as mentioned earlier, crop prices in certain permanent crops had particularly in the nut and wine grade have depressed lately.

整體而言，對基本農地以及種植莓果和蔬菜的需求保持穩定至強勁。事實上，蔬菜和漿果的一面比我過去見過的任何時候都相對強烈。如同前面所提到的，我們農場所在的幾乎所有地區，某些永久性作物的作物價格，特別是堅果和葡萄酒等級的作物價格最近都在下跌。

We don't have a lot of wine grapes. We do have grapes, but we don't have many. And they've been depressed lately, which has impacted the value of underlying farmland. We're seeing prices start to turn around in some of these crops, specifically almonds, and pistachios, which have been pushed down pretty hard because demand hasn't been heavy for those.

我們沒有很多釀酒葡萄。我們確實有葡萄，但數量不多。他們最近情緒低落，影響了底層農地的價值。我們看到其中一些作物的價格開始回升，特別是杏仁和開心果，由於對這些作物的需求並不旺盛，這些作物的價格已經大幅下跌。

So we're hopeful that the worst is over with those two crops. And it's just not clear yet which way it's going. And if you hear anything about farms on the West Coast, a couple of our people, one in particular got ran out of its home because the fire that's going on. But remember, these fires are mostly in the mountains. They're not down where we're, where we have crops.

因此，我們希望這兩種作物最糟糕的時期已經過去。目前還不清楚它會朝哪個方向發展。如果你聽說過有關西海岸農場的任何事情，我們的一些人，特別是其中一個人，因為正在發生的火災而逃離了家。但請記住，這些火災大多發生在山區。他們不在我們所在的地方，不在我們有莊稼的地方。

And so please remember that purchasing stock in this company is long term, and so you're going to have ups and down. Historically speaking, long term remains strong, but there are occasionally some ups and downs and just throw us for a loop. Just like any investment, it's going to be ups and downs these are crops.

所以請記住，買這家公司的股票是長期的，所以你會有漲有跌。從歷史上看，長期趨勢依然強勁，但偶爾也會出現一些起伏，讓我們陷入困境。就像任何投資一樣，這些都是農作物，都會有起起落落。

For example, you probably know if you've been reading the paper that a lot of the grain crops such as soy and corn, those prices are down and those farmers are not doing well, and it's a difficult time for them these days.

例如，你可能知道，如果你讀過報紙，很多糧食作物，如大豆和玉米，價格下跌，那些農民的日子不好過，現在對他們來說是一個困難時期。

We expect inflation, particularly in food sectors to continue to increase over time. I know everybody complains about having to spend so much for food, but we expect the values of the underlying farmland to increase as the products that they can produce on those lands continues to come out.

我們預期通膨，尤其是食品業的通膨將隨著時間的推移而繼續加劇。我知道每個人都抱怨必須花這麼多錢買食物，但我們預計，隨著他們在這些土地上生產的產品不斷湧現，底層農田的價值將會增加。

We expect especially true in the fresh produce area. If you've gone to the store recently and looked at the prices, the trends there more and more people are eating healthy foods, but at the same time, it's driving up the prices.

我們預期生鮮農產品領域尤其如此。如果您最近去商店查看價格，您會發現那裡的趨勢是越來越多的人在吃健康食品，但同時，它也推高了價格。

I did want to mention one thing that I don't think we've ever talked about before. There are really two values in the farmland that we buy. There is the intrinsic value, as I call it, and that's just the dirt that doesn't go away. It's like any real asset, you hold on to it because these are values that just continue to increase over time.

我確實想提一件事，我認為我們以前從未討論過。我們購買的農地其實有兩種價值。正如我所說，有內在價值，而那隻是不會消失的污垢。就像任何實際資產一樣，您可以持有它，因為這些資產的價值會隨著時間的推移而不斷增加。

And there are people who buy farmland, never farm it, but rather just hold on to it as a hedge against inflation, just like they do when they're buying gold. Then there is the usage value, which is some of the land that we have, like most of the farmland that's used to plant crops and sell those for income.

有些人購買農田，但從不耕種，而只是持有它以對沖通貨膨脹，就像他們購買黃金時所做的那樣。然後是使用價值，這是我們擁有的一些土地，就像大多數農田一樣，用於種植農作物並出售農作物以獲取收入。

Gold doesn't have anything like that. So in essence, I think farmland is a much better hold for inflation purposes. I know each time we've sold property, it's been because we are offered really high prices.

黃金沒有這樣的東西。因此，從本質上講，我認為農地對於通膨而言是更好的選擇。我知道每次我們出售房產，都是因為我們的報價非常高。

So let's stop at this point and the operator, if you'll come on and tell people how they can ask questions that would be great.

那麼，讓我們在這一點上停下來，接線員，如果你能過來告訴人們如何提問，那就太好了。

(Operator Instructions)

（操作員說明）

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，聯盟全球合作夥伴。

Yeah, thanks. Good morning. I wanted to ask you on your lease expiration. I think you said over six months, seven leases are expiring. But can you give us a number for 2025, how many leases are expiring and how many of those leases are permanent crops?

是的，謝謝。早安.我想問一下你的租約到期了。我想你說過六個月以來，有七個租約即將到期。但您能給我們一個 2025 年的數字嗎？

Yes. 2025, give me just a minute to confirm this number. We usually look out -- I mean, the reason we always talk about six months ahead is because we always work on the properties that we'd like to renew with, but always accepting backup offers also. And we usually get these lease extensions done pretty quickly. So if things are like 9 months out, 12 months out, it's not as pressing for us.

是的。 2025 年，請給我一分鐘來確認這個數字。我們通常會留意——我的意思是，我們總是談論提前六個月的原因是因為我們總是致力於我們想要續訂的房產，但也總是接受備用報價。我們通常很快就能完成這些租約延期。因此，如果情況是 9 個月、12 個月後，對我們來說就沒那麼緊迫了。

2025 at all is about, we have 17 leases that are coming due in 2025, and that is a good portion of our revenue is about [a fifth] of it, 20%. We're staying in contact with the current tenants on those. And looking at the -- sorry, give me a minute to open up to 25 leases.

2025 年即將到來，我們有 17 個租約將於 2025 年到期，這占我們收入的很大一部分，大約是其中的[五分之一]，即 20%。我們正在就這些問題與當前租戶保持聯繫。抱歉，請給我一分鐘時間來開放最多 25 個租約。

Okay. You just trying to determine which are berries and which are nuts and those kinds of things, okay.

好的。你只是想確定哪些是漿果，哪些是堅果之類的東西，好吧。

I don't have that number readily available.

我沒有這個號碼。

Well, about half of our farms are on the row crops, the berries and things like that and then the other half is in the nuts and those kinds of areas. We do have some crops that are wonderful, and that is some of the olive trees that have been around for ages and they continue to produce olive. I'm sorry, did you mention something, Gaurav?

嗯，我們的農場大約有一半種植中耕作物、漿果和類似的作物，另一半則種植堅果和類似的作物。我們確實有一些非常棒的作物，那就是一些已經存在多年的橄欖樹，它們繼續生產橄欖。抱歉，你提到了什麼嗎，Gaurav？

No, I was just clarifying. So half of your portfolio is permanent crops and half is annual row.

不，我只是澄清一下。因此，您的投資組合一半是永久性作物，一半是一年生作物。

Yeah. So just looking at the list of '25, it looks like it probably is more skewed in terms of number of leases that are on the annual row crop side. I can't give you an exact -- probably 60% of the leases that are coming due are row crop and 40% would be of the permanent crop type.

是的。因此，只要看看 25 年的清單，就年度中耕作物租賃數量而言，它看起來可能會更加傾斜。我無法給你一個確切的數字——即將到期的租約中可能有 60% 是中耕作物，40% 是永久作物類型。

Okay. That's helpful. On the third quarter lease amendments, were these leases expiring in third quarter or they were amended for different reasons?

好的。這很有幫助。關於第三季的租約修訂，這些租約是在第三季到期還是因不同原因進行了修訂？

The leases that were amended in Q3.

第三季修改的租約。

Yeah. Were they due for expiration or they were amended for different reasons?

是的。它們是否即將到期或因不同原因而被修改？

A few different reasons. Some of them were expiring in 2024, that we pushed out. Some were even expiring in 2028 that we pushed out beyond that. And there are a few others that were amended for other reasons as well. But I'd say in terms of ones that were pushed out, they were near term expirations. That was probably only a handful of them.

有幾個不同的原因。其中一些將於 2024 年到期，我們已將其淘汰。有些甚至會在 2028 年到期，而我們則將其推遲到了更晚的時間。還有一些其他內容也因其他原因進行了修改。但我想說的是，就那些被推出的產品而言，它們是近期到期的。那可能只是其中的一小部分。

Any other questions?

還有其他問題嗎？

That's all. Thank you.

就這樣。謝謝。

Okay. Next question.

好的。下一個問題。

Rob Stevenson, Janney Montgomery Scott.

羅布史蒂文森，珍妮蒙哥馬利斯科特。

Good morning guys. Lewis, the 11 blueberry farms are part of that 20 vacant direct operated and nonaccrual, correct?

早安，夥計們。Lewis，這 11 個藍莓農場是那 20 個空置的直營農場和非權責發生製農場的一部分，對嗎？

Yes, correct.

是的，正確。

(inaudible) Okay. And I think David said that you had another farm that you've agreed to sell. Is that part of the 20 as well?

（聽不清楚）好的。我想大衛說過你已經同意出售另一個農場。這也是20的一部分嗎？

No. That one is leased through middle of next year. Nothing imminent, of course, just an agreement we've entered into that could or could close in early next year, but nothing certain at this point.

不。那個租期到明年年中。當然，沒有什麼迫在眉睫的事情，只是我們已經達成了一項可能或可能在明年初完成的協議，但目前還沒有確定的事情。

Okay. So a quarter from now when you're reporting fourth quarter, if that blueberry farm sale goes through, the number of vacant direct operated nonaccrual should be basically halved at that point, right?

好的。因此，從現在起一個季度後，當您報告第四季度時，如果藍莓農場銷售順利進行，那麼空置的直營非權責發生製數量此時應該基本上減半，對吧？

Yeah. I think assuming that does close, which should close this year, I think we'll be left with one vacant property, one direct operated, and then five farms on a nonaccrual basis.

是的。我認為，假設該項目確實關閉（今年應該關閉），我認為我們將留下一處空置房產、一處直營農場，然後是五個非營利發生製農場。

Okay. That's helpful. And then anything else at this point that's looking like it's headed towards nonaccrual? Or are you fairly comfortable with the remaining farms in the portfolio at this point?

好的。這很有幫助。那麼目前還有什麼其他事情看起來像是朝著非應計的方向發展嗎？或者您目前對投資組合中的其餘農場相當滿意嗎？

We're comfortable with the collectability of rent from the other tenants right now. It's really just two tenants that are on five of our farms in total that have had issues. We have some other leases expiring later this year that we're working on lease amendments for.

我們現在對向其他租戶收取租金感到滿意。實際上，我們總共五個農場中只有兩個租戶遇到了問題。我們還有一些其他租約將於今年稍後到期，我們正在對其進行租約修訂。

It could be a combination of -- well, these are on permanent crop farms, so the ones that are expiring later this year will likely be a similar situation where we have to remove the base rent and put it more in the participation rent bucket for next year, but we don't expect those to go on nonaccrual basis.

這可能是——嗯，這些都是永久性農作物農場的組合，所以今年稍後到期的農場可能會出現類似的情況，我們必須取消基本租金，並將其更多地納入參與租金桶中明年，但我們預計這些不會以非應計制為基礎。

Okay. And then last one for me. The NAV decline, if I think about the $4.76 of decline, how much of that, I think you said it indicated that a lot of that was the permanent crops. But is any of that the row crops? How should I be thinking about the row crops? Are the row crops sort of flat and the permanent crops --

好的。然後是我的最後一張。資產淨值下降，如果我考慮 4.76 美元的下降，下降了多少，我想你說這表明其中很大一部分是永久性作物。但這些都是中耕作物嗎？我該如何考慮中耕作物？中耕作物和多年生作物是平地作物嗎--

It's 100% permanent crops. And the $4, I guess you're talking about year over year from [$9.30] 2023. That decline is probably about half $2-ish portfolio valuation and then $2 due to just changes in market rates, changes in preferred stock and debt valuation.

這是100%的永久性作物。至於 4 美元，我猜你說的是從 2023 年 [9.30 美元] 開始的逐年變化。由於市場利率的變化、優先股和債務估值的變化，這種下降可能是 2 美元左右的投資組合估值的一半左右，然後是 2 美元。

But on the portfolio side, it is strictly the permanent crop side. We are seeing pretty much the same appreciation in our row crop ground as we have since our inception, the typical 2%, 3%, 4% per year. We still see that today, but the depreciation in values is strictly on the permanent crop side.

但在投資組合方面，嚴格來說是永久性作物方面。我們看到行間作物的增值與我們成立以來幾乎相同，通常每年 2%、3%、4%。今天我們仍然看到這種情況，但價值的貶值完全是在永久性作物方面。

Okay. That's helpful.

好的。這很有幫助。

And talking about number of crops, the ones we had in Michigan that we sold at auction, there are a lot of small farms there. We put those on the books when we were tiny and just beginning in the area. So we made a mistake of picking that one tenant who was very careless and got himself in trouble, but that will all be gone this year.

說到農作物的數量，我們在密西根州拍賣的農作物，那裡有很多小農場。當我們還很小、剛開始涉足該地區時，我們就把這些記錄在了書本上。所以我們犯了一個錯誤，選擇了一位非常粗心的租戶，給自己帶來了麻煩，但今年這一切都會消失。

Okay, thanks guys. I appreciate the time this morning.

好的，謝謝大家。我很珍惜今天早上的時間。

Sure. All right. Anybody else have a question?

當然。好的。還有人有問題嗎？

Craig Kucera, Lucid Capital Markets.

克雷格·庫塞拉 (Craig Kucera)，Lucid 資本市場。

Yeah. Hey, good morning guys. I may have missed this. But what were the crop types and locations for the four farms where you restructure the leases?

是的。嘿，早上好，夥計們。我可能錯過了這個。但是，您重組租賃的四個農場的作物類型和地點是什麼？

Two are pistachios and two are wine groups.

兩個是開心果，兩個是葡萄酒組。

Got it. And was there any impact to fixed rent this quarter from the restructuring? Or is that expected beginning in fourth quarter?

知道了。重組對本季的固定租金有何影響？或預計從第四季開始？

There was a little bit this quarter. This quarter is probably about -- well, if you take out the participation rents, maybe a $500,000 to $1 million decrease from I guess, the normalized level. But that was more on the wine grape farms because they're more in the calendar year and those restructurings happened earlier in Q3.

本季有一點。這個季度可能會——好吧，如果你除去參與租金，我猜，正常化水平可能會減少 50 萬到 100 萬美元。但這更多發生在釀酒葡萄農場，因為它們更多地發生在日曆年，而這些重組發生在第三季早些時候。

On the two pistachio farms those -- that switchover will start in November 1. So we'll have a portion of it impacting Q4 and then all of it impacting quarters one, two and three next year.

兩個開心果農場的轉換將於 11 月 1 日開始。因此，我們將其中一部分影響第四季度，然後全部影響明年的第一、第二和第三季度。

Okay. And kind of changing gears, looking on the participation rent side, there was pretty good strength year over year. Were there any particular crops where that strength came from?

好的。從參與租金方面來看，情況發生了變化，與成長勢頭相當不錯。這種力量是來自於什麼特定的作物嗎？

The pistachios higher production on our pistachio farms so far. I mean, we don't have the data in for all of the full population of properties that have crop share, but of the ones we've received so far, that's the one kind of year over year change we're noticing is the crop share.

到目前為止，我們的開心果農場的開心果產量較高。我的意思是，我們沒有擁有農作物份額的全部財產的數據，但在我們迄今為止收到的數據中，我們注意到的一種逐年變化是作物份額。

Now pricing overall, we are seeing as David said, we are seeing that trending in the right direction. But pricing is kind of two components earlier in the harvest year, you're told what the minimum pricing is that processors will pay.

現在整體定價，正如大衛所說，我們看到趨勢朝著正確的方向發展。但定價有兩個組成部分，在收穫年的早期，您會被告知加工商支付的最低價格是多少。

And then about a year or 15 months later, they tell you what your bonus and adjustment amounts are due to quality bonuses, just marketing adjustments that happen over the marketing period. Those amounts aren't known yet.

然後大約一年或 15 個月後，他們會告訴您由於品質獎金而產生的獎金和調整金額，只是行銷期間發生的行銷調整。這些金額尚不清楚。

So we can't really compare year over year pricing yet because we don't know that final component of the pricing. We won't until -- we should have a good idea in December, but it won't really be known until probably January, maybe February.

因此，我們還無法真正比較逐年定價，因為我們不知道定價的最終組成部分。我們應該在 12 月就有一個好主意，但可能要到一月，也許二月才能真正知道。

Got it. And just kind of thinking about here in the fourth quarter, I think the last few years, your fourth quarter participation rent has been maybe 40% to 60% higher than what you got in the third quarter. Is that kind of ballpark with what you guys are expecting here in the fourth quarter?

知道了。想想第四季度，我認為過去幾年，第四季的參與租金可能比第三季高出 40% 到 60%。這與你們對第四季的預期相符嗎？

That's what we are hoping for. We still -- we don't have all the data to say for sure, but that's kind of what we're hoping for as well.

這就是我們所希望的。我們仍然沒有所有數據可以確定，但這也是我們所希望的。

Okay, thanks. That's all for me.

好的，謝謝。這就是我的全部。

Okay. Do we have any other questions?

好的。我們還有其他問題嗎？

John Massocca, Riley Securities.

約翰‧馬索卡，萊利證券。

Good morning.

早安.

Good morning.

早安.

So maybe touching on the Michigan blueberry farms that you sold. What's kind of the NOI impact from that? Were those putting off any cash flow for you? Or were they kind of an NOI drag given some of the operating issues there historically?

也許可以談談您出售的密西根藍莓農場。這對 NOI 有何影響？這些是否會拖延你的現金流？或者考慮到歷史上存在的一些營運問題，它們是否是一種 NOI 拖累？

They were definitely an NOI drag. We've had tenancy issues with these particular farms for a while. I think if you look at the last year or so, the average quarterly drag on NOI was about $125,000. And not to mention the interest expense was probably another $40,000. So call it all in $165,000 or so, drag on net income. The amounts we are receiving, they are enough to pay off the debt. So we'll be relieved of the NOI drag and also the interest expense.

他們絕對是一個NOI拖累。我們與這些特定農場的租賃問題已經有一段時間了。我認為如果你看看去年左右，NOI 的平均季度拖累約為 125,000 美元。更不用說利息支出可能還要40,000美元。因此，這一切都在 165,000 美元左右，拖累了淨利潤。我們收到的金額足以償還債務。這樣我們就可以擺脫 NOI 的拖累以及利息支出。

Okay. And then thinking about the lease changes in the quarter, just to kind of clarify, that $20 million annualized number you're talking about that kind of moves from being steady on a four quarter basis to if participation rents are as expected, back end loaded in '25. All those numbers, that's just in the nine properties, I believe it is, where you moved into this percentage rent situation that does include all properties.

好的。然後考慮本季度的租賃變化，只是為了澄清一下，您所說的 2000 萬美元的年化數字從四個季度的穩定變化到參與租金是否符合預期、後端加載在'25。我相信，所有這些數字僅在九個房產中，您進入了包含所有房產的百分比租金情況。

Four properties, yes. We -- in the new leases, we removed the participation rent component, and in some cases, we gave the tenants a cash allowance to cover certain capital and operating costs. Those two numbers together is what makes up that $20 million swing. That will decrease our fixed base rents over the next five quarters, beginning with this Q4 '24.

四個屬性，是的。在新租約中，我們取消了參與租金部分，在某些情況下，我們向租戶提供現金補貼，以支付某些資本和營運成本。這兩個數字加在一起就構成了 2000 萬美元的波動。這將從 2024 年第四季開始，降低我們未來五個季度的固定基本租金。

And again, the quarterly rate -- quarterly decrease rate is about $3.5 million to $4.5 million. And then in the second half of '25, we will be able to record the majority of the resulting crop shares. Now there will be a portion, what I was just mentioning about the second component to the pistachio pricing, the bonus marketing adjustments those -- that amount will not be known until the second half of 2026.

同樣，季度率——季度下降率約為 350 萬至 450 萬美元。然後在 25 年下半年，我們將能夠記錄大部分由此產生的作物份額。現在會有一部分，我剛才提到的關於開心果定價的第二個組成部分，獎金行銷調整——這個數額要到 2026 年下半年才能知道。

So if I had to guess today, we'd probably be able to record about 75% to 85% of the resulting total crop share amount in second half of '25 with the remaining amount in the second half of 2026.

因此，如果我今天必須猜測的話，我們可能能夠在 25 年下半年記錄所得作物份額總量的約 75% 至 85%，而剩餘量則在 2026 年下半年記錄。

Is that based on kind of performance already? Or is that based on just where pricing is today on pistachios?

這是基於某種表現嗎？還是這只是基於今天開心果的定價？

Just bases on our -- this is limited experience for us in terms of the pricing breakout because we aren't directly involved too much. But just based on our limited experience of, if you take the total amount received for a crop year once the marketing period is over, how much of that is guaranteed upfront and paid on a set schedule versus how much comes after the marketing period is over.

只是基於我們——這對我們來說在定價突破方面的經驗有限，因為我們沒有直接參與太多。但僅根據我們有限的經驗，如果您計算行銷期結束後作物年度收到的總金額，那麼其中有多少是預先保證並按設定的時間表支付的，與行銷期結束後支付的金額是多少。

And is that the rent level pretty much going to be reliant solely on pistachio operations or is there any almonds kind of flowing through those numbers?

租金水平是否幾乎完全依賴開心果業務，或者是否有任何杏仁在這些數字中流動？

It's all pistachio. I mean, we do have some almond properties where we have crop share leases on, but that is not in this bucket of four properties that we changed the leases on. These four properties are pistachios and wine grapes.

都是開心果啊我的意思是，我們確實有一些杏仁地產，我們在這些地產上有作物份額租賃，但這不屬於我們改變租賃的這四處地產。這四種特性是開心果和釀酒葡萄。

We do have some crop share that's coming in this quarter or next quarter.

我們確實有一些作物份額將在本季或下季到來。

In Q4, we should have some, not from these new leases, but yes, we're hoping for a good amount as we do every year.

在第四季度，我們應該有一些，不是來自這些新的租約，但是，是的，我們希望像每年一樣獲得大量的收入。

And then I guess bigger picture, sticking with the California kind of permanent crop market, I mean, you've talked a bit, there's been kind of data to this point that maybe that pricing is kind of stabilizing to starting to recover.

然後我想從更大的角度來看，堅持加州的永久性作物市場，我的意思是，你已經談過一些了，到目前為止有一些數據表明，價格可能正在趨於穩定並開始復甦。

Has that filtered through in what you're seeing in the market? I mean, I know you're probably not actively out there buying properties in California, but has there been some land value stabilization, some kind of transaction market stabilization in terms of California permanent crop farms?

您在市場上看到的情況是否反映了這一點？我的意思是，我知道您可能不會積極在加州購買房產，但是加州永久性農作物農場的土地價值是否穩定，交易市場是否穩定？

Well, what we see in the price of farms right now is very, very low prices on nuts and grapes and wine grapes so that's what hurt us. And of course, when you move from monthly payments from a farmer into participation rents, you've now backloaded everything instead of getting those nice payments in the first, second, and even in the third quarter.

嗯，我們現在看到的農場價格是堅果、葡萄和釀酒葡萄的價格非常非常低，所以這對我們造成了傷害。當然，當你從農民的每月付款轉向參與租金時，你現在已經背負了一切，而不是在第一季、第二季甚至第三季獲得那些可觀的付款。

You get most of your payments in the fourth quarter. That's what I meant by we're going to collect a good amount of money from participation rents, this year that we're in or maybe in the first quarter of next year. And so, it's very difficult to pay dividends, not that we're in trouble with my dividends.

您在第四季收到大部分付款。這就是我的意思，我們將從今年或明年第一季的參與租金中收取大量資金。因此，支付股息非常困難，並不是說我們在股息方面遇到了麻煩。

But that's why we went down the road of leasing out our farms is because we get payments coming in that we could meet our dividends with. Now, we're getting the payments, but they're not in the first or second quarter they're in the last half of the year. And so, you're making payments on your dividend and going to get the money in a little bit later.

但這就是我們選擇出租農場的原因，因為我們收到的付款可以用來支付股息。現在，我們正在收到付款，但它們不是在第一季或第二季度，而是在下半年。因此，您將支付股息，並稍後收到資金。

I'd add that your question about the pricing of farms. I think in California, the main driver is still water. It's a single source water property or dual source. As we said, most of our properties are dual source. We do have a handful of single source water properties and that's where a lot of our focus has been in buying additional water assets or creating infrastructure to for example, building pipelines to these farms that only have groundwater so that they effectively do have a second source of water and can hold their values better than a lot of the fire sale prices we're seeing on farms that only have one source of water.

我想補充你關於農場定價的問題。我認為在加州，主要驅動力仍然是水。它是單源水或雙源水。正如我們所說，我們的大部分房產都是雙源的。我們確實擁有一些單一水源地，我們的重點是購買額外的水資產或創建基礎設施，例如，為這些只有地下水的農場建造管道，以便他們實際上擁有第二個水源水的價值，並且比我們在只有一種水源的農場看到的許多甩賣價格更好地保持其價值。

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

好的。我很欣賞它的顏色。對我來說就是這樣。非常感謝。

Okay. Do we have any other questions?

好的。我們還有其他問題嗎？

There are no further questions at this time. I would like to hand it back off to management for closing remarks.

目前沒有其他問題。我想將其交還給管理層以供結束語。

All right. Well, thank you all for following us. We're going to have a good year next year because we're going to be in the participation rent side of the business and we've got some farms that we know are great producers.

好的。好的，謝謝大家關注我們。明年我們將度過美好的一年，因為我們將參與業務的參與租金方面，而且我們有一些我們知道是偉大生產者的農場。

We don't know the price of course, what we're going to be get next year, but we're going to have a good production year in 2025. And that's the first part of everything of how much you produce. So that's the end of this and we'll see you all next quarter. Thank you for calling in.

當然，我們不知道價格，也不知道明年我們會得到什麼，但 2025 年我們將有一個很好的生產年。這是生產量的第一部分。本期內容到此結束，我們下季再見。感謝您的來電。

Thank you. This will conclude today's conference. You may disconnect at this time.

謝謝。今天的會議到此結束。此時您可以斷開連線。