Gladstone Land Corp (LAND) 2025 Q1 法說會逐字稿

Greetings and welcome to the to the Gladstone Land Corporation first-quarter earnings call. (Operator instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加格拉斯頓土地公司第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce David Gladstone, Chief Executive Officer and President. Please go ahead.

現在我很高興介紹執行長兼總裁 David Gladstone。請繼續。

Okay, Paul, thank you for that nice introduction, and this is David Gladstone, and welcome to the quarterly conference call for Gladstone Land. Thank you all for calling in today. We appreciate the time it takes to listen and talk to you and thank you for listening to our presentation.

好的，保羅，謝謝你的精彩介紹，我是大衛·格拉德斯通，歡迎參加格拉德斯通土地公司的季度電話會議。感謝大家今天的來電。我們感謝您花時間傾聽和與您交談，也感謝您聆聽我們的演講。

Before I begin, we'll start with Michael LiCalsi. He's our General Counsel. Michael?

在我開始之前，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 in 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.

謝謝，大衛。大家早安。今天的報告可能包括《1933 年證券法》和《1934 年證券交易法》中的前瞻性陳述，包括有關我們未來業績的陳述，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。

Many factors may cause the actual results to be materially different from the future results expressed or implied by these forward-looking statements, including the risk factors in our form 10-K and 10-Q of the documents we filed at the SEC.

許多因素可能導致實際結果與這些前瞻性陳述表達或暗示的未來結果有重大差異，包括我們向美國證券交易委員會提交的文件的 10-K 和 10-Q 表格中的風險因素。

(inaudible) them on our website gladstoneland.com, specifically the investors page on the SEC's website, SEC.gov that we undertake no obligation publicly update or revise. Any of these statements were the result of new information, future events, or otherwise except as required by law.

（聽不清楚）我們在我們的網站 gladstoneland.com 上提供了這些信息，特別是美國證券交易委員會網站 SEC.gov 上的投資者頁面，我們不承擔公開更新或修改這些信息的義務。除非法律另有規定，否則這些聲明均是新資訊、未來事件或其他情況的結果。

Well, today we will discuss FFO, which is a non-GAAP accounting term defined as net income, excluding the gains or losses from sale of real estate and impairment losses from property plus depreciation and amortization of real estate assets. They also discuss core FFO, which is generally FFO, adjusted for certain non-recurring revenues and expenses and adjusted FFO.

那麼，今天我們將討論 FFO，這是一個非 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減損損失加上房地產資產的折舊和攤提。他們還討論了核心 FFO，通常是根據某些非經常性收入和支出進行調整的 FFO 以及調整後的 FFO。

Further adjust core FFO for certain non-cash items such as converting GAAP rents to normalized cash rents. We believe these are better indications for better operating results and allow better comparability for period over period performance. And please visit our website that's gladstoneland.com. Sign up for our email notification service.

進一步調整核心 FFO 中的某些非現金項目，例如將 GAAP 租金轉換為正常化現金租金。我們相信，這些是更好經營績效的更好指標，並且可以更好地比較不同時期的表現。請造訪我們的網站 gladstoneland.com。註冊我們的電子郵件通知服務。

You can also find us on Facebook. The keyword there is the Gladstone Company and on X, formerly known as Twitter. Our handle there is at gladstonecoms. Now today is an overview of our results. So we ask that you review our press release in Form 10-Q, both issued yesterday for more detailed information.

您也可以在 Facebook 上找到我們。那裡的關鍵字是格拉德斯通公司和 X（前身為 Twitter）。我們的用戶名是 gladstonecoms。今天我們來概述一下我們的成果。因此，我們請您查看我們昨天發布的 10-Q 表格新聞稿，以獲取更多詳細資訊。

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

說完這些，我就把話題轉回給大衛‧格拉德斯通。

Oh thank you, Michael. I'll start with a brief overview of our farmland holdings. We currently have about 103,000 acres. And they own 50 different farms and about 55,000 acre feet of water assets that we hold as well. One acre foot is equal to about 326,000 gallons. So if you multiply that out, we own about 18 billion gallons of water, and that's very good because the West can be dry, but we're in good shape today.

噢，謝謝你，麥可。我首先簡單介紹一下我們的農地持有情況。我們目前擁有約103,000英畝土地。他們擁有 50 個不同的農場和約 55,000 英畝英尺的水資源，我們也擁有這些。一英畝英尺約等於 326,000 加侖。所以如果你把這個數字乘起來，我們擁有大約 180 億加侖的水，這非常好，因為西部可能很乾旱，但我們今天的情況很好。

Our farms are in 15 different states and more importantly, they're in 29 different growing regions, and all our water assets are in California. Our farms are leased to over 80 different tenant farmers, and the tenants on these farms are growing 60 different crops, so we're highly diversified.

我們的農場分佈在 15 個不同的州，更重要的是，它們分佈在 29 個不同的種植區，我們所有的水資源都在加州。我們的農場租賃給 80 多個不同的佃農，這些農場的佃農種植 60 種不同的作物，因此我們的農場高度多樣化。

Most of our crops are fruits and vegetables and nuts, and these are the healthy things that people should be eating. You can find those in the produce section of the grocery store, which is where most of the crops grown on our farms are sold.

我們的農作物大多是水果、蔬菜和堅果，這些都是人們應該吃的健康食品。您可以在雜貨店的農產品區找到這些，我們農場種植的大部分農作物都在這裡出售。

As we've mentioned in previous calls, we continue to be cautious with new investments because interest rates and our cost of capital remains very high, and cap rates on row crops and farmlands are just too low to be something that we can do in buying more farmland, which remains very high value and interest rates and all the inputs to farming are very expensive these days. And we also believe in a good time to conserve cash given the uncertain times that we're all living in today.

正如我們在之前的電話會議中提到的那樣，我們繼續對新投資持謹慎態度，因為利率和資本成本仍然很高，而農作物和農田的資本化率太低，我們無法購買更多農田，農田的價值仍然很高，而且利率和所有農業投入現在都非常昂貴。我們也相信，鑑於我們今天所處的不確定時期，現在是節省現金的好時機。

Regarding leasing activity so far in 2025, we executed seven new leases or amended some existing leases, mostly on the permanent crops out the West. On one of these leases, we adjusted the lease to structure it in a similar manner to what we've done on a few other farms, and that is we've reduced eliminated the base rent, so we're not being paid on a monthly basis and in some cases provided the tenant with a little bit of cash to grow the crops on the farms.

關於 2025 年迄今的租賃活動，我們簽署了七份新租約或修改了一些現有租約，主要涉及西部的永久性作物。在其中一份租約中，我們調整了租約結構，使其與我們在其他幾個農場所做的類似，那就是我們降低了基本租金，所以我們不是按月支付，在某些情況下，我們會向租戶提供少量現金來種植農場的農作物。

So the operating and capital costs are taken by us in exchange for that. We significantly increased the participation rent component in the lease, the majority of which unfortunately be recognized in the fourth quarter when we harvest the crops. So we're in the growing business with those eight farms that we've got. I want to touch a little bit more on this.

因此，我們承擔了營運和資本成本。我們大幅增加了租賃中的參與租金部分，但不幸的是，其中大部分在我們收穫農作物的第四季度才被確認。因此，我們擁有的八個農場的業務正在不斷發展。我想進一步談談這一點。

We mentioned in prior calls market conditions around many permanent crop farms in the West, particularly those growing nuts and grapes have been hampered by lower crop prices and higher inputs and borrowing costs.

我們在先前的電話會議中提到，西方許多永久性農作物農場的市場狀況，特別是那些種植堅果和葡萄的農場，因農作物價格下跌、投入和借貸成本增加而受到阻礙。

As such, we decided to adjust the lease structure on six properties to help the grower minimize their fixed cost, but also allow us to participate in the upside. In essence, we're accepting a percentage of the gross crops that are for sale. And instead of those rent payments that we normally were getting.

因此，我們決定調整六處房產的租賃結構，以幫助種植者最大限度地降低固定成本，同時也讓我們能夠參與其中。本質上，我們接受出售農作物總產量的一定比例。而不是像我們通常那樣收到租金。

We also decided to operate two properties ourselves with the help of a third party operator, so the third party operator is growing and we're covering some of the cost. We assume the worst case scenario, and if we do, and everything just doesn't work out our way. And for example, if we had total crop losses because of some crazy atmospheric thing, then we expect the crop insurance that we have on this to be enough to cover all of our costs and also provide us with a small profit.

我們也決定在第三方業者的幫助下自行經營兩處房產，因此第三方業者正在發展壯大，而我們正在承擔部分成本。我們假設最壞的情況，如果我們這樣做，那麼一切都不會按照我們想要的方式進行。例如，如果我們因為一些異常的大氣事件而導致農作物全部損失，那麼我們預計我們為此購買的農作物保險足以支付我們所有的成本，並為我們帶來少量利潤。

Now we don't want, nor do we hope that we have to use that, but I can't talk at this point. My wife just called me. Let's see what's going on here. I'm on a call. I'm sorry.

現在我們不想，也不希望我們必須使用它，但我現在不能談論它。我妻子剛剛打電話給我。讓我們看看這裡發生了什麼。我正在打電話。對不起。

Of course, our hope is that we have a good production on all of these farms, so that we don't need to rely on crop insurance, in which case, could be significant. Just don't know and won't know until the fourth quarter when we actually sell the crops. We've been seeking positive movement in terms of pricing for almonds. We're seeing that happening now.

當然，我們希望所有這些農場都能有良好的產量，這樣我們就不需要依賴作物保險，在這種情況下，作物保險可能很重要。只是不知道，直到第四季我們真正出售農作物時才會知道。我們一直在尋求杏仁定價方面的積極動向。我們現在就看到這種情況正在發生。

And pistachios are doing well, and this is supposed to be a good year in terms of production. So we're hopeful of a strong turnout when we gather this information in the fourth quarter, but we really won't know much about it. We'll give you progress reports as we go along when we find out what's going on in the farms.

開心果的長得很好，從產量上來說，今年應該會是豐收的一年。因此，當我們在第四季度收集這些資訊時，我們希望獲得強勁的結果，但我們實際上對此了解不多。當我們了解農場的進展時，我們會向您提供進度報告。

Our current plan is to move forward with this structure for 2025 and harvest these eight farms that way. Then hopefully we'll revert back to more traditional lease structure next year. We may look to sell some of these properties that we have. And the six leases we executed so far this year are expected to result in a year-over-year decrease in our annual NOI.

我們目前的計畫是到 2025 年繼續推進這項結構，並以此方式收穫這八個農場。那麼希望我們明年能夠恢復更傳統的租賃結構。我們可能會考慮出售我們擁有的一些房產。預計今年迄今我們簽署的六份租約將導致我們的年度淨營業收入年減。

But we'll see what that looks like at the end of the year, so pretty flat year. Looking ahead, we've had 16 lease schedules to expire throughout the rest of 2025 and due to some of these leases containing no fixed rent base and others including cash leases, both in exchange for increase in participation (Inaudible - microphone inaccessible)

但我們將在年底看到情況如何，所以今年將是相當平淡的一年。展望未來，我們有 16 個租賃計劃將在 2025 年剩餘時間內到期，其中一些租賃計劃不包含固定租金基數，而另一些租賃計劃則包含現金租賃，兩者都以增加參與度為交換條件（聽不清楚 - 麥克風無法使用）

These leases actually account for negative $1.1 million of lease revenues during the first quarter of 2025. So we've given up some straight line income and largely because we want to participate in the resulting from these leases. And again I'll say it we won't know much about it until the fourth quarter and then we'll get our report cards, so to speak as we sell the -- all the things that they're growing on the farm.

這些租賃實際上造成了 2025 年第一季的租賃收入為負 110 萬美元。因此，我們放棄了一些直線收入，主要是因為我們想參與這些租賃的成果。我再說一遍，我們要到第四季才會知道很多情況，然後我們就會拿到成績單，也就是說，當我們出售他們在農場種植的所有東西時。

We're in discussion with some current tenants and perspective new tenants about leasing these farms, including reverting some of these leases back to standard leases with fixed rates. Fixed base rents or if we're unable to do come to terms on some of these leases, most likely we'll sell a couple of these farms. We believe we have some very valuable farms for selling is always, and selling is always an option.

我們正在與一些現有租戶和潛在的新租戶討論租賃這些農場的事宜，包括將其中一些租約恢復為固定利率的標準租約。固定基本租金，或者如果我們無法就某些租約達成協議，我們很可能會出售其中幾個農場。我們相信，我們有一些非常有價值的農場可以出售，而且出售也總是一種選擇。

And now give a quick update on some of the remaining tenant issues that we have. We currently have five farms. That's part of the eight that are vacant and two properties and companies, four farms that are direct operating, so we've got eight of these properties that we've gone from having fixed rent leases into participation leases, and we're recognizing revenues from the leases with $0.03. We're collectively leasing five of our farms on a cash basis.

現在，讓我們來簡要介紹一下我們剩下的一些租戶問題。我們目前有五個農場。這是八處空置土地的一部分，另外兩處房產和公司，以及四處直接經營的農場。因此，我們已將其中八處房產的固定租金租賃轉為參與租賃，並從租賃中確認了0.03美元的收入。我們以現金出租了五處農場。

Regarding these farms, we are in discussions with various potential buyers and tenants to buy or lease these properties, and we hope to get these remaining issues resolved later this year. And if we're unable to come up with an acceptable resolution at about a year end, probably be listing some of these farms for sale. And just note on tariffs which everybody's talking about these days, most fresh produce such as berries and vegetables are somewhat insulated from the impact of (technical difficulty) because due to a strong domestic consumption, we're just selling those to other Americans.

關於這些農場，我們正在與各種潛在買家和租戶討論購買或租賃這些房產，我們希望在今年稍後解決這些剩餘的問題。如果我們在年底前無法達成可接受的解決方案，我們可能會將其中一些農場掛牌出售。請注意，關於最近大家都在談論的關稅，大多數新鮮農產品（如漿果和蔬菜）在某種程度上不受（技術難題）的影響，因為由於國內消費強勁，我們只是把它們賣給其他美國人。

The sector on the other hand, is vulnerable because 70% or so of US grown almonds and pistachios are exported annually. They box them up in boxes and ship them out. And China has in the past done a significant portion of those. It's down substantially now, and we have other countries that are more involved in buying our almonds and pistachios.

另一方面，該行業很脆弱，因為美國種植的杏仁和開心果每年約有 70% 用於出口。他們把它們裝進箱子然後運出去。中國過去已經完成了其中很大一部分。現在，這一數字已大幅下降，其他國家也開始更多地購買我們的杏仁和開心果。

Before the tariff announcement, almond prices had risen significantly year-over-year, and pistachios remained stable over that slightly. While the full impact of tariffs on pricing is still unfolding, we are continuing to monitor the situation. In response to previous rounds of tariffs, China shifted much of its almond demand to other countries, and it has also reduced its imports of US pistachios due to more recent tariffs.

在關稅宣布之前，杏仁價格較去年同期大幅上漲，開心果價格則略為穩定。儘管關稅對定價的全面影響仍在顯現，但我們仍在繼續監測情況。為了應對前幾輪關稅，中國將大部分杏仁需求轉移到其他國家，由於最近的關稅，中國也減少了對美國開心果的進口。

As a result, some of the largest importers of US almonds and pistachios are now in India, The European Union and Turkey. None of which have announced any tariffs on the US goods. These demand shifts could help stabilize prices for US nets, although market dynamics are still evolving as they always do. This is not an exceptional year. It's just a straightforward year in that regard.

因此，美國杏仁和開心果的最大進口國目前集中在印度、歐盟和土耳其。這些國家均未宣布對美國商品徵收關稅。儘管市場動態仍在不斷變化，但這些需求變化可能有助於穩定美國蚊帳的價格。今年並不是一個特別的年份。從這個角度來看，這只是簡單的一年。

Another factor impacting export demand is the weakening of the US dollar. As the dollar gets weaker against other currencies, say, EU, for example. The global market helps mitigate any of the negative impacts from tariffs.

影響出口需求的另一個因素是美元疲軟。美元對其他貨幣（例如歐盟貨幣）的匯率走弱。全球市場有助於減輕關稅帶來的任何負面影響。

At this point I'm going to turn it over to Lewis, and Lewis, of course, is will go through the numbers. Go ahead, Lewis.

現在我將把時間交給劉易斯，當然，劉易斯將會仔細檢查這些數字。繼續吧，劉易斯。

All right, thank you, David, and good morning everyone. I'll begin with our financing activity in connection with certain property sales, we paid off about $19.5 million of loans that were scheduled to reprice at market rates later this year.

好的，謝謝你，大衛，大家早安。我將從與某些房地產銷售相關的融資活動開始，我們償還了約 1950 萬美元的貸款，這些貸款原定於今年稍後按市場利率重新定價。

We did not borrow any new money or issue any equity during the quarter. So move on to our operating results for the first quarter, we had net income of about $15.1 million and net income to common shareholders of $9.1 million or $0.25 per share.

本季我們沒有借入任何新資金或發行任何股權。那麼，來看看我們第一季的經營業績，我們的淨收入約為 1,510 萬美元，普通股股東淨收入為 910 萬美元，即每股 0.25 美元。

Adjusted FFO was approximately $2 million for $0.06 per share compared to $5.1 million or $0.14 per share in the same quarter last year. Dividends declared for common share were $0.14 in both quarters.

調整後的 FFO 約為 200 萬美元，即每股 0.06 美元，而去年同期為 510 萬美元，即每股 0.14 美元。兩季宣布的普通股股息均為 0.14 美元。

The year-over-year decrease in FFOs was primarily driven by recent changes in lease structures on certain farms and certain tenancy issues that resulted in farm vacancies, leading to reduced revenues and higher costs, as well as lost revenues from farms sold over the past year.

FFO 年比下降的主要原因是近期某些農場的租賃結構發生變化，以及某些租賃問題導致農場空置，從而造成收入減少、成本上升，以及過去一年出售農場的收入損失。

Fixed base cash rents decreased by about $5.7 million compared to the prior year quarter due to the reasons just mentioned. Again, primarily the vacancies we continue to work through and structural changes made to certain leases where we reduced or eliminated fixed base cash rents or in some cases provided cash lease incentives to certain tenants in exchange for a significantly increasing the crop share components in the leases.

由於剛才提到的原因，固定基本現金租金與去年同期相比減少了約 570 萬美元。再次，我們主要在繼續解決空置問題，並對某些租約進行結構性改變，我們減少或取消了固定基本現金租金，或者在某些情況下向某些租戶提供現金租賃獎勵，以換取租約中作物份額的大幅增加。

And as David mentioned, the results of these crop share components will not be known until the harvest is completed later this year. The decrease in fixed fixed base cash rents was partially offset by a $2.4 million lease termination fee we received from an outgoing tenant who previously leased three of our farms along with about $465,000 of participation rents recorded during the current quarter, primarily due to cash collected on the wine grape sales.

正如戴維所提到的，這些作物份額組成部分的結果要在今年稍後收穫完成後才能知道。固定基本現金租金的減少部分被我們從一位即將離任的租戶那裡收到的 240 萬美元租賃終止費所抵消，該租戶之前租賃了我們的三個農場，同時本季度記錄了約 465,000 美元的參與租金，這主要是由於釀酒葡萄銷售所收取的現金。

And we mentioned this on the past couple of calls, but with a few additional agreements now in place, I think it's worth providing an update to the numbers. As a result of the change in lease structures we made on some of the farms, we are expecting a total year-over-year decline of about $17 million in our fixed base rents for fiscal year 2025 compared to '24.

我們在過去的幾次電話會議中提到了這一點，但由於現在已經達成了一些額外的協議，我認為有必要對這些數字進行更新。由於我們對部分農場的租賃結構進行了調整，我們預計 2025 財年的固定基本租金將比 24 財年同比下降約 1700 萬美元。

The figures consists of the base rents that we recognized last year under the prior leases, plus the cash allowances granted to certain tenants for the 2025 crop year. This will be shown as a reduction in our fixed base rents at a rate of roughly $4 million to $5 million per quarter in 2025, which is consistent with the impact we saw in the first quarter here.

這些數字包括我們去年根據先前租約確認的基本租金，加上 2025 年作物年度授予某些租戶的現金補貼。這將表現為我們的固定基本租金在 2025 年每季減少約 400 萬至 500 萬美元，這與我們在第一季看到的影響一致。

And in turn, we expect most of the resulting crop share proceeds from these cases to be recognized as participation rent in the fourth quarter of 2025, with the remaining smaller portion to be recognized in the second half of 2026.

反過來，我們預計這些案件產生的大部分作物份額收益將在 2025 年第四季確認為參與租金，剩餘較小部分將在 2026 年下半年確認。

So in essence, we're shifting this revenue from fixed base rents to participation rents over the next couple of years. As a result, we expect earnings this year will be more heavily weighted towards the fourth quarter with wider earnings coming through the first three quarters compared to prior years.

因此，從本質上講，我們將在未來幾年內將這筆收入從固定基本租金轉向參與租金。因此，我們預計今年的獲利將更集中在第四季度，與前幾年相比，前三個季度的獲利將更為廣泛。

On the expense side, excluding reimbursable items and certain non-recurring or non-cash charges, our core operating expenses increased by about $365,000 during the current quarter.

在費用方面，不包括可報銷項目和某些非經常性或非現金費用，本季我們的核心營運費用增加了約 365,000 美元。

Regarding the related party fees, excluding a capital gains fee that was triggered by recent sales, total related party fees decreased by about $60,000 driven by a lower base management fee due to recent farm sales.

至於關聯方費用，不包括近期銷售產生的資本收益費用，由於近期農場銷售導致基本管理費降低，關聯方費用總額減少了約 60,000 美元。

The capital gains fee is not payable until after the end of the fiscal year and remains subject to adjustment throughout 2025 based on future asset sales or dispositions, so it's been added back to AFFO for the time being.

資本利得費用在財政年度結束後才需要支付，並且根據未來的資產銷售或處置情況，在 2025 年全年仍會進行調整，因此暫時將其加回到 AFFO 中。

Our remaining core operating expenses increased by about $425,000 which is primarily due to additional property operating expenses associated with farms that were either vacant, direct operated, or non-accrual status.

我們剩餘的核心營運費用增加了約 425,000 美元，這主要是由於與空置、直接營運或非應計狀態的農場相關的額外財產營運費用。

This included additional property taxes, which were previously the responsibility of prior tenants, as well as additional legal fees related to leasing activity, establishing direct farming operations on certain farms, and protecting water rights on certain farms in California.

其中包括額外的財產稅（以前由以前的租戶承擔），以及與租賃活動、在某些農場建立直接農業經營以及保護加州某些農場的水權相關的額外法律費用。

Finally, our other expenses decreased mainly due to reduced interest expense and preferred dividend payments driven by loan repayments and preferred repurchases completed over the past year.

最後，我們的其他支出減少，主要是由於過去一年完成的貸款償還和優先股回購所推動的利息支出和優先股股息支付減少。

According to liquidity, including availability on our lines of credit and other undrawn notes, we currently have access to over $180 million of capital, including about $40 million of cash on hand. In addition, we have nearly $150 million of unpledged properties. Over 99.9% of our borrowings are at fixed rates, with a rated average rate of 3.41% locked in for an additional 3.4 years.

根據流動性，包括我們的信用額度和其他未提取票據的可用性，我們目前可以使用超過 1.8 億美元的資本，其中包括約 4000 萬美元的現金。此外，我們還有近1.5億美元的未抵押財產。我們超過 99.9% 的借款都是固定利率，平均利率為 3.41%，鎖定期限為 3.4 年。

As a result, our operating results have experienced minimal impact from rising interest rates over the past few years, and we believe our current borrowing structure provides strong protection should interest rates continue at elevated levels.

因此，在過去幾年裡，我們的經營業績受利率上升的影響很小，而且我們相信，如果利率繼續處於高位，我們目前的借貸結構將提供強有力的保護。

Looking at upcoming debt maturities, we have about $28 million coming due over the next 12 months. Of that, roughly $11 million consists of individual loan maturities, and given the value of the underlying collateral, we do not anticipate any issues refinancing these loans if we choose to do so.

看看即將到期的債務，未來 12 個月我們將有大約 2800 萬美元到期。其中約 1,100 萬美元為個人貸款到期金額，考慮到基礎抵押品的價值，如果我們選擇這樣做，我們預計這些貸款的再融資不會出現任何問題。

So excluding those maturities, we have about $17 million of scheduled principal amortization coming due over the next 12 months, representing less than 4% of our total debt outstanding. In addition, we have about $7 million of loans with fixed rate terms that are set to expire within the next year, though the loans themselves are not maturing.

因此，除去這些到期債務，我們還有約 1,700 萬美元的預定本金攤銷將於未來 12 個月內到期，占我們未償還債務總額的不到 4%。此外，我們還有約 700 萬美元的固定利率貸款，這些貸款將於明年到期，但貸款本身尚未到期。

Finally, regarding our common distribution, in April, we declared a monthly dividend of [$0.0467] per share for the second quarter of 2025. Based on our current stock price of $19.65 this equates to an annualized yield of 5.8%, which is above the average dividend yield across the broader wheat sector.

最後，關於我們的共同分配，4 月份，我們宣布 2025 年第二季的月度股息為每股 [0.0467 美元]。根據我們目前 19.65 美元的股價，這相當於年化殖利率為 5.8%，高於整個小麥產業的平均股息殖利率。

We're holding the dividend at its current level for now, we'll continue to evaluate it as more information becomes available regarding the 2025 harvest.

我們目前將股息維持在當前水平，隨著有關 2025 年收穫的更多資訊的出現，我們將繼續對其進行評估。

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

說完這些，我將把程式交還給大衛。

Okay, thank you, Lewis. Nice report. We continue to stay active in the market should a good acquisition opportunity come along. So we're ready if interest rates come down because there's no use buying it unless you have low cost capital.

好的，謝謝你，劉易斯。很好的報告。如果有好的收購機會出現，我們將繼續在市場上保持活躍。因此，如果利率下降，我們就做好了準備，因為除非你擁有低成本資本，否則購買它是沒有意義的。

But as mentioned on prior calls, we're still being more cautious on the acquisitions front because our cost of capital remains very high. And while we have seen decreases in pricing for certain permanent crops and farms out West, the value of most low crop farms like those growing strawberries remains high and cap rates on most of those farms are just high enough to make.

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。雖然我們看到西部某些永久性作物和農場的價格有所下降，但大多數低產量農場（如種植草莓的農場）的價值仍然很高，而且大多數此類農場的資本化率剛好足夠高。

Financing cost worrisome for people who are growing those crops. So as a result, acquisition activity remains slow to none for us and probably will for at least the next. I don't know 12 months interest rates are still very high and banks are charging very high prices, and that's very bad for farming, especially for farmers who are borrowing money to plant their crops and also to harvest their crops.

對於種植這些作物的人來說，融資成本令人擔憂。因此，我們的收購活動仍然緩慢甚至沒有，並且至少在接下來的一段時間內可能仍然如此。我不知道 12 個月的利率是否仍然很高，銀行收取的費用也很高，這對農業來說非常不利，特別是對那些借錢種植和收穫作物的農民來說。

Keep getting reduced or pushed further out so that amounts of timing of any additional rate cuts remains uncertain. We just don't know what the Federal Reserve is going to do, and they almost dictate straight through to all the federal banks that we have our loans with.

利率持續降低或進一步推遲，因此進一步降息的時機仍不確定。我們只是不知道聯準會將會做什麼，他們幾乎直接向我們貸款的所有聯邦銀行發號施令。

But we do hope that rates will come down from some points in the near future, so that we can start looking at buying more farms again. And just a final point, excuse me, I got a frog in my throat. We believe that investing in farmland growing crops that contribute to a healthy lifestyle such as fruits and vegetables and nuts follows the trend that we're seeing in the market today.

但我們確實希望價格在不久的將來能夠有所下降，這樣我們就可以再次考慮購買更多的農場。最後再說一點，抱歉，我的喉嚨哽住了。我們相信，投資種植水果、蔬菜和堅果等有助於健康生活方式的作物的農地符合我們今天在市場上看到的趨勢。

Overall demand for the prime farmland growing berries and vegetables remains stable to strong almost all areas where farms are located, particularly. Both of those East and West coast. As mentioned earlier, crop prices of certain permanent crops such as nuts and wine grapes have been depressed lately, which has impacted the value of our underlying farm land.

幾乎所有農場所在的地區對種植漿果和蔬菜的優質農田的整體需求都保持穩定甚至強勁。東海岸和西岸都有。如前所述，堅果和釀酒葡萄等某些永久性作物的價格最近一直低迷，這影響了我們基礎農田的價值。

Please remember though for this company, and I guess for all companies for that matter, purchasing stock in this company is a long-term investment in farmland. Historically speaking, long term returns remain strong over time, but there are occasionally some ups and downs as there has been for the last year and a half since the pandemic.

請記住，對於這家公司來說，我想對於所有公司來說，購買這家公司的股票是對農地的長期投資。從歷史上看，長期回報會隨著時間的推移保持強勁，但偶爾也會出現一些起伏，就像疫情爆發以來的一年半一樣。

Right now there's a portion of our portfolio that's in a down cycle as we call it and we're working hard to maneuver through it. We expect inflation, particularly in the food sector to continue to increase over time, and we expect the values of the underlying farmland to increase over time as they have mostly in the past.

目前，我們投資組合中有一部分正處於所謂的下行週期，我們正在努力度過難關。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持續上升，並且我們預計基礎農田的價值也將隨著時間的推移而上升，就像過去的情況一樣。

We expect this, especially to be true of fresh produce in the food section and the trend of more people to eat those foods rather than some of the bad foods that are out there.

我們預計這一點尤其適用於食品區的新鮮農產品，越來越多的人會選擇食用這些食品，而不是食用一些不健康的食品。

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

現在，我們會收到一些關注我們的人提出的問題，接線員保羅，請您過來告訴他們如何提問。

Thank you. We'll now be conducting a question and answer session.(Operator instructions)

謝謝。我們現在將進行問答環節。 （操作員指示）

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，Alliance Global Partners。

Thank you. Good morning. I wanted to clarify your comments around $17 million of lower revenues in '25 versus '24. It seemed like a higher number than I think $13 million that you guys mentioned on the last call. So was there any more farms added, that to like the fixed to participation rent structure that increased that number for '25?

謝謝。早安.我想澄清一下您關於 2025 年收入比 2024 年低 1700 萬美元的評論。我認為這個數字比你們上次通話中提到的 1300 萬美元要高。那麼是否增加了更多的農場，以類似於固定參與租金結構的方式增加了 25 年的數量？

Yes, there was one additional farm that we executed a new lease on where we gave the tenant a lease incentive, and there was one farm, one property that we took over to be direct operated, so the lost revenues that were recognized last year from those two farms were added to that, as well as the lease incentive we gave one tenant.

是的，我們對另外一家農場簽訂了新的租約，並給予租戶租賃獎勵，此外，我們還接管了一家農場和一處地產，進行直接經營，因此，去年從這兩家農場確認的收入損失以及我們給予一名租戶的租賃獎勵都被加到了這筆錢上。

Okay. And so in terms of the total participation rents that you guys expect in '25, so that's $17 million plus some additional number as well based on last year's run rate.

好的。因此，就你們預計的 25 年總參與租金而言，這是 1700 萬美元，再加上基於去年運行率的一些額外數字。

Yes, so, as David said, the eight properties that are kind of in this this bucket of having a lease incentive or being direct operated, we do expect to make all of that $17 million back and insurance should cover that number plus a little bit of a profit. Of course, we're hoping not to have to use it and to be able to show a higher profit.

是的，正如大衛所說，對於這八處享有租賃獎勵或直接經營的房產，我們確實希望收回全部 1700 萬美元，保險應該可以覆蓋這筆錢，外加一點利潤。當然，我們希望不必使用它並且能夠獲得更高的利潤。

But the split of the revenues coming will be between Q4 '25 and Q4 '26, if we had a guess, maybe we'll get between 60% to 70% of that this year, and then the remaining amount will be in 2026, second half of '26.

但收入的分配將在 2025 年第四季和 2026 年第四季之間，如果我們預測的話，我們今年可能會獲得其中的 60% 到 70%，剩餘的金額將在 2026 年，即 2026 年下半年獲得。

And so in addition to $17 million, I think last year you had $9.4 million of participation rent so it's going to be last year's run rate plus additional $17 million, right?

因此，除了 1700 萬美元之外，我認為去年您還有 940 萬美元的參與租金，所以這將是去年的運行率加上額外的 1700 萬美元，對嗎？

Not exactly, because some of those -- some of that participation rate came from farms that are now in this adjusted lease structure, if you will, so that $9.4 million would probably be a little bit lower this year and then add the $17 million plus any profit we're able to generate on these farms for the current year.

不完全是，因為其中一些——部分參與率來自現在處於這種調整後的租賃結構的農場，所以今年的 940 萬美元可能會稍微低一些，然後加上 1700 萬美元加上我們今年能夠在這些農場產生的任何利潤。

Okay. And then lastly, the $2.4 million termination fee, can you provide some color on that form?

好的。最後，240 萬美元的終止費，您能提供一些詳細資訊嗎？

Yeah, so those were just, so three almond farms that 110 leased and those three farms are vacant now. We got a termination fee for letting them out of certain lease obligations, and one time event, of course, no, we won't get that again, but we are working through a variety of options on those three farms to get income coming in on those farms again.

是的，那些只是 110 租賃的三個杏仁農場，而這三個農場現在都空置了。我們收取了一筆終止費，以讓他們擺脫某些租賃義務，當然，只有一次，我們不會再收取這筆費用，但我們正在研究這三個農場的各種選擇，以再次從這些農場獲得收入。

Okay. Thank you. That's all I had.

好的。謝謝。這就是我所擁有的一切。

Okay, next question, Paul.

好的，下一個問題，保羅。

Rob Stevenson, Janney Montgomery Scott.

羅伯史蒂文森、珍妮蒙哥馬利史考特。

Good morning guys. How should we be thinking about additional sales here in the second quarter and going forward throughout 2025? It doesn't look like that there's anything held for sale at March 31.

大家早安。我們應該如何考慮第二季以及整個 2025 年的額外銷售？看起來 3 月 31 日並沒有什麼待售商品。

No, we've had some, we have some farms that we've listed for sale, but we don't have any contracts that we want to execute on.

不，我們有一些，我們有一些待售的農場，但我們沒有任何想要執行的合約。

Okay. And then the five assets that are vacant now, I assume that that's the three almond farms plus two others there. How are those being looked at right now? Are the other ones vacant? Is there stuff planted on there that you guys are taking care of on your own? Are they just raw land? How should we think about that? And the ability for that to be, somewhat of a kicker later on this year.

好的。目前空置的五項資產，我猜是三家杏仁農場和另外兩家。目前這些情況如何？其餘的都空著嗎？那裡種了什麼東西，需要你們自己照顧嗎？它們只是未開發的土地嗎？我們該如何看待這個問題？而這種能力將會在今年稍後成為一種推動力。

So two of them are open ground. Nothing is planted on this, so it's pretty low cost to keep those going. It just their real estate taxes, which are pretty low on those. And the other three are the on the properties, these trees are at the end of their life, so they will be pulled out eventually. But as far as maintenance costs, it's also just the real estate taxes on those three farms that we're having to bear at the moment.

其中兩處是空地。這裡沒有種植任何東西，因此維持這些植物的成本相當低。這只是他們的房地產稅，而且稅率相當低。另外三棵樹位於這些土地上，這些樹的壽命已經到了盡頭，所以最終會被拔掉。但就維護成本而言，我們目前必須承擔這三個農場的房地產稅。

We have a few, several different options that we're kind of evaluating for each of these. I mean, we could be entering into following programs, leasing off water rights, looking at potential new crops to plant there, which crops make the most sense in these regions with the water availability, market demand, tenant demand, but it's nothing is in stone yet. We're kind of in the process of throwing around a few different options and seeing which makes the most sense.

我們有幾個不同的選擇，我們正在對每個選擇進行評估。我的意思是，我們可以採取以下計劃，出租水權，尋找在那裡種植的潛在新作物，根據水資源供應、市場需求、租戶需求，在這些地區種植哪種作物最有意義，但目前還沒有任何定論。我們正在考慮幾個不同的選擇，看看哪一個最有意義。

Hopefully we'll get a few of these turned into income producing properties through the end of the year, but a couple of them could swing into next year as well.

希望在今年年底，我們能將其中一些轉化為能產生收入的資產，但其中一些也可能延續到明年。

Are the almond farms close enough to population areas where it could make sense to sell to a home builder?

杏仁農場是否距離人口稠密的地區足夠近，以至於可以出售給房屋建築商？

Not at this time. We don't think, no.

目前還不行。我們認為不是。

Okay. And then David, last month the common stock went below $9 for the first time since 2016. How do you and the board thinking about, possibly repurchasing shares, especially with the asset sales in the first quarter and some cash on the balance sheet, if the stock continues to be cheap in the sub [950] range.

好的。然後大衛，上個月普通股價格自 2016 年以來首次跌破 9 美元。如果股價繼續保持在 [950] 以下的低價水平，您和董事會如何考慮回購股票，尤其是在第一季出售資產且資產負債表上有一些現金的情況下？

Yeah, it's always difficult. We are right now harboring cash, and the reason we're doing that is worst nightmare is, you have something come do and don't have the cash to pay for it. That's what we never want to do. And so we're making sure that we're in a position to borrow more money. All of our banks are telling us, please take down our money and our statement, of course, is reduce the interest rate and we'll take it.

是的，這總是很困難。我們現在藏有現金，我們這樣做的原因是，最可怕的惡夢是，你要做一些事情，卻沒有現金來支付。這是我們永遠不想做的事情。因此，我們要確保我們有能力借到更多的錢。我們所有的銀行都告訴我們，請把我們的錢拿走，當然，我們的聲明是降低利率，我們會接受。

But right now the farming area is kind of locked up tight. Not many people doing things mainly because interest rates are too high. And while we don't think about it that way, farming is a situation in which you need to be able to borrow money to harvest and borrow money to plant. And we just don't want to get in a situation where we can't have crops come our way during the next year and so I'm a little bit skittish on using my cash and my CFO, he's looking at me saying let's spend some money, but we could buy back preferred stock and make a lot of money for our stockholders, but you have to give up the liquidity, and I'm just not willing to do that.

但目前農業區封鎖得較嚴密。做事的人不多主要是因為利率太高。雖然我們不這麼認為，但農業是一種需要藉錢來收穫、借錢來種植的情況。我們只是不想陷入明年無法獲得農作物的境地，所以我對使用現金和我的首席財務官有點猶豫，他看著我說讓我們花一些錢，但我們可以回購優先股並為我們的股東賺很多錢，但你必須放棄流動性，我只是不願意這樣做。

So we're going to remain highly liquid for at least the rest of this year, and we'll have to see how well we do. If we do extremely well at growing and these growing situations and make a lot of money, that might change my mind, but we won't know that until probably toward the end of this year.

因此，至少在今年剩餘時間內，我們將保持高度流動性，我們必須看看我們的表現如何。如果我們在發展和這些發展情況下做得非常好並且賺了很多錢，那可能會改變我的想法，但我們可能要到今年年底才能知道這一點。

So you're right. We could make a lot of money and make our shareholders happy in the short term, but if we run into that brick wall of not having money to do things, then the game is not over, but it's really hurt. And so Rob, we're sticking with the idea of having enough money to do all the things that we need to do in order to be a farmer, and that's, I had some real good friends in the farming business that have just had to quit because they ran out of money.

所以你是對的。我們可以在短期內賺很多錢並讓我們的股東高興，但如果我們陷入沒有錢做事的困境，那麼遊戲還沒有結束，但真的很傷人。所以羅布，我們堅持認為，我們要有足夠的錢來做所有我們需要做的事情，以便成為一名農民，也就是說，我有一些從事農業的好朋友，他們剛剛因為沒錢而不得不辭職。

So we've got to keep ourselves highly liquid and paying our dividend and hopefully when we cash in these crops that are growing and right now they seem to be very good at the end of the day you don't know until it happens and so, we're going to keep going and doing what we're doing, which is being highly liquid and taking care of our existing company, and some people just don't believe in us and I can't blame them. It's been tough for all the farmers since the pandemic that happened and really shut down the farming business for anything other than very stable crops.

因此，我們必須保持高度流動性並支付股息，希望當我們兌現這些正在生長的農作物時，現在它們似乎非常好，最終你不知道它會發生，所以，我們將繼續做我們正在做的事情，即高度流動性並照顧好我們現有的公司，有些人就是不相信我們，我不能責怪他們。自從疫情爆發以來，所有農民的生活都很艱難，除了非常穩定的作物外，其他農業業務都停止了。

We are just going to continue to muddle our way through this and hopefully our bet on the crops in the ground and all of these are not things that we're planting. They're trees that are already growing, so we're just taking care of the trees and some point in time you'll know you're here is singing a good song down here about how well things went. That's where we are. I hope that's okay for you.

我們只是將繼續摸索度過難關，希望我們押注在地裡的農作物和所有這些都不是我們種植的東西。這些樹已經長大了，所以我們只是在照顧它們，到了某個時候，你就會知道你在這裡唱著一首好歌，歌頌一切進展順利。這就是我們現在的情況。我希望你覺得沒問題。

All right. Thanks, guys. Appreciate the time this morning.

好的。謝謝大家。感謝今天早上的時間。

Okay. We have another question.

好的。我們還有一個問題。

John Massocca, B Riley Securities.

約翰·馬索卡，B Riley 證券。

Good morning.

早安.

Good morning.

早安.

So me with that kind of cash balance in mind, how are you thinking about any relatively limited debt maturities for the remainder of '25, but you do have that term preferred stock out there at the beginning of '26.

因此，考慮到這種現金餘額，您如何看待 25 年剩餘時間內相對有限的債務到期日，但 26 年初您確實有定期優先股。

How are you thinking about financing that? I mean, is that something you take out with additional asset sales? Would you potentially use some of the, you may be kind of runway you have in terms of taking on more leverage to take that down just kind of curious your thoughts about that particular instrument.

您考慮如何籌措資金？我的意思是，這是透過出售額外資產得到的嗎？您是否有可能使用其中的一些，您可能擁有某種跑道，可以利用更多的槓桿來降低它，只是好奇您對該特定工具的看法。

Well, we planned it out and we are going to make the payment and not worry about that, but the question is always how you do it, and if we use our cash, we lose some liquidity. We've got these banks that want to lend us money but their prices are still high. So we're kind of sitting between those two decisions and trying to figure out which is the best way to go.

好吧，我們已經計劃好了，我們會付款，不用擔心這個，但問題始終是如何付款，如果我們使用現金，我們就會失去一些流動性。有些銀行願意借錢給我們，但他們的貸款價格仍然很高。因此，我們處於這兩個決定之間，試圖找出最好的方法。

We'll go through it. We've got plenty of room to do it. It just means that, we're pushing out the answer to the question of these eight farms for another year or two years. I don't want to do that. I'd rather get back to leasing farms and letting the farmer make the big dollars rather than us putting up some money and making the big dollars.

我們會仔細檢查的。我們有足夠的空間來做這件事。這只是意味著，我們要將這八個農場問題的答案延後一兩年。我不想那樣做。我寧願回到租賃農場並讓農民賺大錢，而不是我們投入一些錢來賺大錢。

I don't like the growing side of the business. I do love the leasing side of the business. So we're just going to keep doing that and hopefully things will work out. Right now it looks extremely good projections for the farms are following exactly what we thought. We're still in good shape. So we'll let you know if anything happens, but I hate to see the people out there selling their shares because I think we're going to do well for the year.

我不喜歡這個業務的成長部分。我確實喜歡租賃業務。所以我們會繼續這樣做，希望事情能夠順利。現在看起來，農場的預測非常好，完全按照我們的想法進行。我們的狀態仍然很好。所以，如果發生任何事情，我們都會通知您，但我不願意看到人們拋售他們的股票，因為我認為我們今年的表現會很好。

John, regarding your question about the, yeah, the preferred stock $60 million change coming due in January 26. We're talking through a few options. It's likely not guaranteed, but it's likely we'll have a couple more farm sales, so that's more cash on the balance sheet that could be used towards it depending on what interest rates are towards closer to that time.

約翰，關於你提出的問題，是的，優先股 6000 萬美元的變更將於 1 月 26 日到期。我們正在討論一些選擇。這可能無法保證，但我們可能會有更多的農場銷售，因此資產負債表上會有更多現金可用於此，具體取決於接近那個時候的利率。

We could go that route. We have been talking with banks to refinance that, but as David said, the price for that is high and it's honestly it's not too much cheaper than the option that would result in if we just let it sit out there, the coupon would go from 5% to 8%, not something we want to do, but the current refinancing cost is not a whole lot cheaper than that. And of course, you have a lot of upfront commissions and costs involved in that transaction as well. So we have a few different options that we're looking at, but it's too early to make a decision on which route we want to go, but it is in the forefront of our minds.

我們可以走那條路。我們一直在與銀行商談再融資事宜，但正如大衛所說，再融資的價格很高，老實說，這並不比我們讓它閒置的選項便宜多少，票面利率會從 5% 升至 8%，這不是我們想做的事情，但目前的再融資成本也不會比這便宜很多。當然，這筆交易也涉及大量的前期佣金和成本。因此，我們正在考慮幾種不同的選擇，但現在決定走哪條路還為時過早，但這是我們最關心的問題。

And just as a reminder, how long could that stay at 8% if you did decide to just let it roll forward.

提醒一下，如果您決定讓它繼續滾動，那麼這個比率能維持在 8% 多久？

Forever. It turns into perpetual (multiple speakers).

永遠。它變成了永恆（多位發言者）

Okay, and then, kind of bigger picture, how are you thinking about the bank groundwater, both in terms of maybe adding to that and what you have, kind of currently tucked away, just given where kind of market dynamics are, I mean, right, it's kind of a security policy with kind of traditional drought in some of these western markets, but we've had some wetter winter. So just curious kind of your thoughts about, your bank water holdings adding to it, you selling out of it, et cetera.

好的，然後，從更大的角度來看，您如何看待銀行地下水，無論是從可能增加到現在還是從您目前所擁有的，都隱藏著，只是考慮到市場動態，我的意思是，對的，這是一種安全政策，在一些西方市場，傳統上會出現乾旱，但我們經歷了一些潮濕的冬天。所以我只是好奇您的想法，您的銀行水資產增加了，您賣掉了它，等等。

Well, we have one situation in which we're probably going to add to it. Right now we have enough water to do whatever we want to do this year unless everything's turned just total against us, but I think we're in great shape, and I think the water situation is going to be good for us, all of that water is in the ground and we get our name on it and we pump it out whenever we need it.

好吧，我們有一種情況，我們可能會對其進行補充。目前，我們有足夠的水來做我們今年想做的任何事情，除非一切都對我們不利，但我認為我們的情況很好，而且我認為水情對我們有利，所有的水都在地下，我們在上面有我們的名字，我們可以在需要的時候把它抽出來。

We haven't needed any of that water so far. It's been a relatively wet year, and I don't think there's going to be much change, but the weather can can blindside you easily by coming in really strong, and we had so much water coming in the amount of snow that's in the mountains that will melt this summer is better than it was last year. So this year should be a good year.

到目前為止我們還不需要任何水。今年相對雨水較多，我認為不會有太大變化，但天氣可能會突然變得非常強勁，而且流入的雨水太多，今年夏天山區融化的積雪量比去年要多。所以今年應該是好年。

And I don't worry about water nearly as much as I worry about what the Federal Reserve is going to do with interest rates because with interest rates high, I mean, we borrowed money at 3%, and most of our long term debt is at 3%. So it would be nice if we could go back to that level, and this is farmland lending, and we don't have any problem with the lenders.

我並不擔心水資源，但我更擔心聯準會將如何調整利率，因為利率很高，我的意思是，我們以 3% 的利率借錢，而且我們的大部分長期債務的利率也是 3%。所以如果我們能夠回到那個水平就好了，這是農地貸款，我們與貸款人沒有任何問題。

The lenders are willing to lend. It's just they can't lend much below what they're being charged by the Fed and by the government. So if you've got any strings to pull them in for the Federal Reserve because all the farmers need help this year and in the future. It's very expensive to borrow 8% money and use it to plant crops.

貸款人願意放款。只是他們無法以低於聯準會和政府收取的利率發放貸款。因此，如果你有任何關係可以拉攏他們加入聯準會，因為今年和將來所有的農民都需要幫助。借8%的錢來種莊稼的成本非常高。

So everything is pretty much stalled. There are a lot of people who would like to sell the farms, and I would love to buy them because prices are good, but at the same time, you can't borrow it. You need an enormous amount of equity in order to wade into the marketplace today.

所以一切都幾乎停滯了。有很多人想出售農場，我很樂意購買，因為價格不錯，但同時，你不能藉它。如今，你需要大量的股權才能進入市場。

Okay. So that kind of last that last comment in mind. It's not a very specific level. Are you seeing anything loosening up in terms of transactions in the California kind of permanent crop market? It seems like that was kind of stuck, given some of the prices of tree nuts, over the last couple of years, but anything kind of opening up a little bit here is, operators have kind of digested distress of the last couple of years.

好的。這是我心中的最後一個評論。這不是一個非常具體的層次。您是否發現加州永久性作物市場的交易有所放鬆？考慮到過去幾年樹堅果的價格，這種情況似乎有點停滯不前，但這裡的任何一點開放都意味著營運商已經消化了過去幾年的困境。

Well, prices for almonds, for example, have come up substantially from last year, and pistachios seem to be holding their own and making money for people that are farming those. We do have some wine grapes, and that's not a good market to be in right now, but we're getting along and I think for us, as long as the pistachio market is good, we're going to be fine.

例如，杏仁的價格比去年大幅上漲，開心果的價格似乎保持穩定，並為種植開心果的人帶來收入。我們確實有一些釀酒葡萄，現在這不是一個好的市場，但我們正在進步，我認為對我們來說，只要開心果市場好，我們就會沒事。

Would you look at that market kind of got a little better? Would you like to sell any of your assets in in that kind of specific area?

您認為市場情況會有所改善嗎？您想在那個特定區域出售您的任何資產嗎？

Yeah, we've talked to a lot of brokers. There's a unfortunately these past two years have been really bad for farmers, and there are a lot of farms for sale. We've seen bankruptcies right and left, farmers who were too highly leveraged and couldn't make their payments, so the banks end up with those.

是的，我們已經和很多經紀人談過了。不幸的是，過去兩年農民的境況非常糟糕，有很多農場被出售。我們到處都看到破產的案例，農民的槓桿率過高，無法償還貸款，最終只能由銀行來承擔。

We could get some great deals if we had cheap money to buy it, but I'm not going to go down that path. We've got enough money to do what we need to do for the next year, and I think we're just going to stay and keep doing what we're doing. Pretty boring for everybody except I guess people who are hoping our stock will go down even further. So other than that, we're in good shape.

如果我們有足夠的錢購買它，我們可以得到一些很棒的交易，但我不會走那條路。我們有足夠的資金來做明年需要做的事情，我想我們會留下來繼續做我們正在做的事情。我想，除了那些希望我們的股票進一步下跌的人之外，其他人都會覺得很無聊。除此之外，我們的狀況良好。

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

好的，對我來說就這樣了。非常感謝。

Okay Joe, anybody else? No other questions?

好的喬，還有其他人嗎？沒有其他問題嗎？

Well, I hate to say it and leave it where it is, but we don't have any better information for you. So as a result, we're going to close it out and see you next quarter. We've got the money to go to next quarter and the quarter after that and even the quarter after that as long as we don't have complete disaster like they had in (inaudible)

好吧，我不想這麼說，也不想就此打住，但是我們沒有更好的資訊可以提供給你。因此，我們將結束本次會議並於下個季度與大家見面。只要我們不遭遇像他們那樣的徹底災難，我們就有足夠的資金維持到下個季度、下個季度，甚至下個季度。（聽不清楚）

That would be be able to just stick around and wait it out and if we hit the ball out of the park as we hope to do with our ape farms, we're going to be able to say some nice things to you next time. So that's the end of this call.

那就能夠堅持下去並等待結果，如果我們能夠像我們希望對猿猴農場做的那樣順利的話，下次我們就能對你說一些好話了。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。現在您可以斷開線路。感謝您的參與。