Gladstone Land Corp (LAND) 2025 Q3 法說會逐字稿

Before we begin, we always ask Catherine Gerkis to, she's the director of ESG. Catherine, why don't you go with your part now.

在開始之前，我們總是會請凱瑟琳·格基斯（Catherine Gerkis）發言，她是ESG的負責人。凱瑟琳，你現在為什麼不去演你的部分呢？

Thanks David and good morning. Today's call may include forward-looking statements which are based on management's estimates, assumptions, and projections. There are no guarantees of future performance, and actual results may differ materially from those expressed or implied in these statements due to various uncertainties, including the risk factors set forth in our SEC filings.

謝謝大衛，早安。今天的電話會議可能包含基於管理層估計、假設和預測的前瞻性陳述。未來績效無法保證，實際結果可能與這些聲明中明示或暗示的結果有重大差異，這是由於各種不確定因素造成的，包括我們在提交給美國證券交易委員會的文件中列出的風險因素。

Which you can find on the investors page of our website gladstoneland.com. We assume no obligation to update any of these statements unless required by law. Please visit our website for a copy of our Form 10-Q and earnings press release, both issued yesterday, for more detailed information.

您可以在我們網站 gladstoneland.com 的投資者關係頁面上找到相關資訊。除非法律另有規定，否則我們不承擔更新任何此類聲明的義務。請造訪我們的網站，查閱我們昨天發布的 10-Q 表格和收益新聞稿，以了解更多詳細資訊。

You can also sign up for our email notification service and find information on how to contact our investor relations department. We are also on X at Gladstonecoms as well as Facebook and LinkedIn. The keyword for both is the Gladstone Companies.

您也可以註冊我們的電子郵件通知服務，並查找有關如何聯絡我們投資者關係部門的資訊。我們也在 Gladstonecoms 的 X 平台以及 Facebook 和 LinkedIn 上開設了帳號。兩者的關鍵字都是格拉斯頓公司。

Today we'll discuss FFO, which is Funds From Operations, a non-GAAP accounting term defined as net income, excluding gains or losses from the sale of real estate and any impairment losses on property, plus depreciation and amortization of real estate assets.

今天我們將討論 FFO，即營運資金，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以及任何財產減損損失，再加上房地產資產的折舊和攤提。

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

我們還可以討論核心 FFO，我們通常將其定義為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，後者進一步根據某些非現金項目（例如將 GAAP 租金轉換為正常現金租金）對核心 FFO 進行調整。

We believe these metrics can be a better indication of our operating results and allow better comparability of our period over period performance. Now I'll turn it back to David Gladstone.

我們認為這些指標更能反映我們的經營業績，並使我們各時期的業績更具可比性。現在我把話題轉回給大衛·格萊斯頓。

Well, thank you, Catherine. I'll start with a brief overview of our farmland holdings as we do every time the current, currently we own about 100,000 acres. It's on about 148 farms and nearly 56,000-acre feet of water assets, which is more than 18 billion gallons. Our farms are in 15 different states and the water assets are, well, all of them in California. That's where it's driest.

謝謝你，凱瑟琳。我將首先簡要概述我們目前的農地持有情況，就像我們每次都會做的那樣，目前我們擁有大約 100,000 英畝的農地。它覆蓋約 148 個農場，擁有近 56,000 英畝英尺的水資源，相當於超過 180 億加侖。我們的農場分佈在 15 個不同的州，而水資源則全部位於加州。那裡最乾燥。

Our farms are leased to over 80 different tenant farmers who grow over 60 different types of crops, farms, most of these are the type of food that you will find in the produce section of the local grocery store, such as fruits and vegetables and nuts. So, we're continuing to take a very disciplined approach to new investments. In fact, not doing any except in our existing farms.

我們的農場租給了 80 多位不同的租戶農民，他們種植 60 多種不同的農作物，其中大部分是你在當地雜貨店的農產品區可以找到的食物，例如水果、蔬菜和堅果。因此，我們將繼續採取非常謹慎的態度進行新的投資。事實上，除了我們現有的農場之外，我們沒有做任何其他事情。

But no new farms simply because the interest rates are so high that we can't finance them. So, we continue to be disciplined, as we call it, investments giving interest rates and their cost of capital remains elevated. We're hopeful that, the banks will drop their rates in the future. At the same time, cap rates in most row crop farmlands are still too low to make it, the economies work.

但由於利率太高，我們無法為新建農場提供資金，因此沒有新的農場建成。因此，鑑於利率及其資本成本仍然居高不下，我們將繼續保持我們所謂的「紀律性」投資。我們希望銀行未來能夠降低利率。同時，大多數農地的資本化率仍然太低，無法實現經濟效益。

During the quarter, we completed the sale of one property consisting of two farms within that property. Those are in Florida. The sale price was $21.5 million. This is a transaction representing a 36% premium over our original purchase price and generating a gain of about $6 million.

本季度，我們完成了一處房產的出售，該房產包含兩座農場。那些都在佛羅裡達州。成交價2150萬美元。這筆交易比我們最初的購買價格溢價 36%，產生了約 600 萬美元的收益。

We may consider additional selective farms for sales over the next few quarters as part of our ongoing portfolio review. But we are still evaluating the opportunities and being very conservative every time we look at a new deal.

作為我們持續進行的投資組合審查的一部分，我們可能會在未來幾季考慮出售更多精選農場。但我們仍在評估各種機會，並且在每次考慮新交易時都非常謹慎。

And now I'll provide with an updated modifications that we've made to certain lease structures and some of our permanent crops, farms, those are all in the west. As we discussed in prior calls, due to the market conditions affecting certain permanent crops, particularly nuts and grapes, we had just, Adjusted the lease structures on six properties to help us grow.

現在我將提供一些我們對某些租賃結構和一些永久作物、農場所做的最新修改，這些都在西部。正如我們在之前的電話會議中討論的那樣，由於市場狀況影響了某些多年生作物，特別是堅果和葡萄，我們剛剛調整了六處房產的租賃結構，以幫助我們發展。

And with our partner, the grower, reduce their fixed costs while also allowing us to participate in the upside since we're putting up some of the money. In essence, we're accepting a percentage of gross crop sales. Instead of a fixed rent payment, we also decided to operate two properties ourselves with the help of third-party operators.

我們與合作夥伴（種植者）一起，降低了他們的固定成本，同時由於我們投入了一部分資金，也讓我們能夠分享收益。本質上，我們接受的是農作物總銷售額的一定比例。我們沒有選擇固定租金支付方式，而是決定借助第三方業者的幫助，自行經營兩處房產。

One of the reasons we felt confident going in this route, In particular farms is that there's strong history of higher production, Because crop insurance coverage is largely based on historical yields, that means we were able to secure a high level of insurance coverage on these farms that we're going to hit our numbers, And we more than did that this year in, a number of farms.

我們之所以對這條道路充滿信心，尤其是在農場方面，其中一個原因是，這些農場有著較高的產量歷史。由於作物保險的覆蓋範圍很大程度上取決於歷史產量，這意味著我們能夠為這些農場獲得高水準的保險，從而實現我們的目標。而且今年，我們在許多農場都超額完成了目標。

We're still progressing through the harvest that we did for last year. Post harvest activities on our almonds, pistachios, and grape properties in this group, but we're wrapping up the pistachio harvest and on three farms earlier this month, and we're now receiving proceed statements confirming the volume delivered to the seller and or persons that working for us to sell that.

我們仍在進行去年未完成的收割工作。我們正在對集團內的杏仁、開心果和葡萄種植園進行採後處理活動，但本月初我們在三個農場完成了開心果的採收，現在我們正在收到銷售報表，確認已交付給賣方或為我們銷售的人員的數量。

Different things such as almonds and pistachios, along with the first cash installment. Based on those statements, we expect to recognize about $17 million in revenue in the fourth quarter, From these three orchards alone.

除了第一筆現金付款外，還有杏仁、開心果等其他物品。根據這些陳述，我們預計第四季僅這三個果園就能實現約 1,700 萬美元的收入。

We also received the first cash payment, a little over $5 million. In addition, subsequent to the quarter end, we transitioned one lease on a large vineyard in Napa, California from structured that included a sizable lease incentive payment back to traditional crop share arrangement.

我們也收到了第一筆現金付款，略高於 500 萬美元。此外，在季度末之後，我們將加州納帕谷一個大型葡萄園的租賃合約從包含大量租賃激勵付款的結構性安排轉回了傳統的作物分成安排。

Our goal is to eventually transition all of our leases back to more traditional structure that is we like. Receiving fixed based rents that come in every month rather than, waiting until the end of the year to get part of the crop, even though the latter of those alternatives is usually much more profitable than taking monthly payments, from someone leasing a property.

我們的目標是最終將所有租賃合約恢復成我們喜歡的更傳統的結構。與其等到年底才能獲得部分收成，不如每月收取固定租金，儘管後者通常比從租賃房產的人那裡收取月租更有利可圖。

In the other leasing activity, we executed two renewals subsequent to the quarter end, expected results in an aggregate increase in annual NOI of about 65,000 or about 7% on those forms. Looking ahead, I have 11 leases. We have 11 leases scheduled to expire throughout the rest of 2025 due to some of these leases containing no fixed base rent and others including cash lease incentives.

在其他租賃業務方面，我們在季度末之後執行了兩項續約，預計這將使年度淨營業收入 (NOI) 總計增加約 65,000 或約 7%。展望未來，我還有11份租約。由於部分租賃合約不包含固定基本租金，而其他租賃合約包含現金租賃優惠，因此我們有 11 份租賃合約將於 2025 年剩餘時間內到期。

Both in exchange for increasing, the participation rent component. These leases actually account for negative, 651,000 of lease revenue, But not, doesn't accrue any of the payments we're going to get from selling the crops in our percentage. And that's largely because of the participation res rents resulting from these lesions, they won't be recognized until.

兩者均以增加參與租金部分為交換條件。這些租賃實際上造成了 651,000 的負租賃收入，但並沒有計入我們從出售農作物中獲得的任何款項。這主要是因為這些損傷造成的參與性損失，直到…才會被人們認識。

After the fourth quarter, that is when we get the numbers in, we'll know what we made. And I think things are looking good, on our nut crops. So, we're all happy about that. We're in discussions with both existing and prospective new tenants about leasing these farms, including reverting some of these leases back to the standard lease that we started out with, that is fixed monthly rents or quarterly rents.

第四季結束後，也就是我們拿到數據的時候，我們就會知道自己賺了多少錢。我認為我們的堅果作物長得很好。所以，我們都為此感到高興。我們正在與現有租戶和潛在的新租戶討論租賃這些農場的事宜，包括將其中一些租賃合同恢復為我們最初採用的標準租賃合同，即固定月租金或季度租金。

But in essence, not participating greatly in the, sale of it. So the farmer, Is doing the farming and we are just leasing to them. But we've got these forms that we've converted over to, where we are putting up some of the money and we get a lot of the money coming in from the sales.

但本質上，並沒有大量參與其銷售。所以，農民在耕種，我們只是把土地租給他們。但我們已經轉換到這些模式，我們投入一部分資金，而大部分資金來自銷售收入。

So, we'll see how that works out the first one that we talked about looks good, and I think, the rest of these that we have in that, with the exception of grapes, look good. And now I'll give a quick update of some of the ongoing tenant matters that we're working through.

所以，我們來看看效果如何。我們剛才提到的第一個看起來不錯，而且我認為，除了葡萄之外，我們剩下的這些看起來也都不錯。現在我將簡要報告我們正在處理的一些租戶相關事宜。

We currently have six farms that are vacant, and two properties encompassing four farms are directly operated under management agreements with an unrelated third-party. In addition, we recognize the revenue on a cash basis or leases with four tenants who collectively lease seven of our farms.

我們目前有六個農場空置，另有兩處房產（包含四個農場）根據與無關的第三方簽訂的管理協議直接運作。此外，我們以現金確認收入，或與四位租戶簽訂租賃協議，這四位租戶共租賃了我們的七個農場。

And we're actively working towards solutions for each of these situations and are hopeful that a number of them will be resolved over the next, well, I would say several months, but it usually is not working until about six months after the year end. So, I'm going to stop here. We've got Bill Reiman on the line, and Bill is going to give us the positive news. Hey, Bill, take away.

我們正在積極努力尋找解決這些情況的方案，並希望其中一些問題能在接下來的幾個月內得到解決，但通常要到年底後的六個月左右才能有所進展。好了，我就說到這裡吧。我們現在連線的是比爾·雷曼，比爾將為我們帶來好消息。嘿，比爾，打包帶走。

Thank you, David. Good morning all. Yeah, just to expand a little bit on the eight properties that are under modified lease agreements or being direct operated with third-party operators, harvest for the 2025 pistachio, almond, and grape crops is nearly complete. Pistachios are all in the barn, as we say, and like David mentioned, we did receive our first payment for that crop.

謝謝你，大衛。各位早安。是的，再補充一下關於根據修改後的租賃協議或由第三方運營商直接運營的八個物業的情況，2025 年的開心果、杏仁和葡萄作物的收割工作已接近尾聲。正如我們常說的，開心果都進了穀倉，而且正如大衛提到的，我們已經收到了那批作物的第一筆款項。

Grapes have just a few tons left to pick, and some of the almond crop remains in stockpiles at the ho, but it has all been removed from the field. We expect that to wrap up in the next few weeks. Last quarter we reported that growing conditions have been nearly ideal and the favorable conditions pretty much continued throughout the fall. We had some higher than normal rainfall in the Central Valley of California.

葡萄只剩下幾噸待採摘了，有些杏仁作物還堆放在糧倉裡，但都已從地運走了。我們預計此事將在未來幾週內結束。上個季度我們報告稱，生長條件近乎理想，而且這種有利條件在整個秋季基本上持續。加州中央谷地降雨量高於往年同期水準。

But harvest was very smooth and uneventful, which we really liked. Our pistachio orchards performed well above state averages and also exceeded our own internal projections in both crop quality and volume. We had a few almond blocks that underperformed, but the majority surpassed our internal expectations as well.

但收割過程非常順利，沒有發生任何意外，我們對此非常滿意。我們的開心果園產量遠遠超過州平均水平，無論在作物品質還是產量方面，都超過了我們內部的預期。我們有幾塊杏仁磚表現不佳，但大多數都超出了我們內部的預期。

We expect to receive proper insurance payouts for a few bucks that fell short, which should make us whole with respect to the growing costs. Wine grapes also delivered strong yields across the board with excellent quality. Excellent growing and harvest conditions we experienced in 2025 have positioned the trees and vines very well for the upcoming 2026 season.

我們希望能夠收到適當的保險賠付，彌補少賠的幾美元，這應該足以支付不斷上漲的費用。釀酒葡萄產量普遍很高，品質也十分優良。2025 年優良的生長和收穫條件為樹木和葡萄藤在即將到來的 2026 年生長季奠定了良好的基礎。

While we still need sufficient chilling hours, winter precipitation, and favorable weather next year, and it's early, but we're off to a strong start for the 2026 crop. Irrigation, fertilization practices already underway, and we'll get started on some pruning activities as well here into the winter.

雖然我們仍然需要足夠的低溫時數、冬季降水和明年有利的天氣，而且現在還為時過早，但我們已經為 2026 年的作物開了個好頭。灌溉、施肥工作已經開始，我們將在冬季開始進行一些修剪工作。

A few words about crop markets, we have tariffs, trade tensions, geopolitical rhetoric continue to create some uncertainty across many export markets. Not crop markets are showing notable resilience and strength, particularly for pistachios.

關於農產品市場，有幾句話要說：關稅、貿易緊張局勢、地緣政治言論繼續為許多出口市場帶來不確定性。農作物市場表現出顯著的韌性和強勁勢頭，尤其是開心果市場。

Seems stronger than expected demand from really from two specific markets right now, with pistachios, the EU and the Middle East. That's significant because it reduces our reliance on the Chinese market. Chinese market is still extremely important, but spreading the crop around, certainly helps reduce that risk.

目前看來，對開心果的需求主要來自兩個特定市場，分別是歐盟和中東。這意義重大，因為它降低了我們對中國市場的依賴。中國市場仍然非常重要，但將作物分散種植肯定有助於降低這種風險。

The result for in pistachio based guaranteed price of current crop remains consistent with 2024, and we believe there's a strong likelihood that the final price, even though it's going to won't be announced for a year from now and we have a lot of marketing to do, we believe that final price of the 2025 crop will be comparable to the 2024 levels.

以開心果為基礎的當前作物保證價格的結果與 2024 年保持一致，我們相信，儘管最終價格要到一年後才會公佈，而且我們還有很多營銷工作要做，但我們相信 2025 年作物的最終價格將與 2024 年的水平相當。

Almond prices rebounded from their midsummer dip, returned to the levels we saw early in the spring. Since then, prices continue to trend upward, gaining a few cents per pound each week. Sellers that I talked to, marketers, are all enjoying this, with pricing and demand just continuing to rise each week, and everybody expects us to continue for the next several months.

杏仁價格從盛夏的低點反彈，回到了早春時的水平。此後，價格持續上漲，每週每磅上漲幾美分。我交談過的賣家和行銷人員都很樂意見到這種情況，價格和需求每週都在持續上漲，大家都預計這種情況會在接下來的幾個月裡繼續下去。

Wine grape markets are the opposite, continue to underperform. Strong yields the past couple of years combined with declining global consumption created one of the most severe oversupply situations the industry has ever experienced. As a result, a lot of vineyards are being removed around the world, at the pace they that this is happening.

釀酒葡萄市場則恰恰相反，持續表現不佳。過去幾年強勁的產量加上全球消費的下降，造成了該行業有史以來最嚴重的供應過剩局面之一。因此，按照目前的速度，世界各地的葡萄園正在大量消失。

We expect Hopefully within the next year, 18 months we expect markets to start to turn around. And overall, macroeconomically, the weakening US dollar really works in our favor, on all these products that we export, particularly the nuts, makes our products much more attractive to international buyers.

我們預計，在未來一年到一年半的時間裡，市場有望開始好轉。整體而言，從宏觀經濟角度來看，美元走弱對我們所有這些出口產品都非常有利，尤其是堅果，這使得我們的產品對國際買家更具吸引力。

Lastly, I'll touch on water nearly identical report as last quarter. We've been in this normal to wet cycle the past few years, including the most recent winter. We've remained focused on enhancing our water delivery storage infrastructure across the portfolio.

最後，我將談談水資源方面的情況，報告與上季幾乎相同。過去幾年，包括最近的這個冬天，我們一直處於正常到多雨的氣候週期中。我們一直致力於提升旗下所有企業的供水儲存基礎設施。

With these wet years, the availability of inexpensive water is strong, so we've been very strategic about making those acquisitions. So we continue to build on our nearly 56,000 acre feet of water assets, position several of our farms with enough water supply, to meet immediate irrigation needs, regardless of weather conditions.

由於這些年份雨水充沛，廉價水資源供應充足，因此我們在進行這些收購方面採取了非常有策略的做法。因此，我們繼續擴大我們近 56,000 英畝英尺的水資源資產，使我們的幾個農場擁有足夠的水源，以滿足當前的灌溉需求，無論天氣狀況如何。

So we feel pretty good about that regardless of how this winter ends up. Storage situation in both the federal systems, we're expecting a minimum of 35% and as high as a 50% allocation, if we get a dry winter. So if we get a normal to wet winter, we expect that to be even stronger. So very positive news on the waterfront. And now, I'll turn that over to, Lewis Parish our CFO.

所以無論這個冬天最終結果如何，我們都感覺相當不錯。如果冬季乾燥，我們預計聯邦系統的儲水量至少為 35%，最高可達 50%。所以，如果冬季氣候正常或多雨，我們預期這種情況會更加嚴重。濱水區傳來非常正面的消息。現在，我將把發言權交給我們的財務長劉易斯·帕里什。

Thanks, Bill, and good morning, everyone. I'll start with a brief update on our recent financing activity. During the quarter, we repaid a $10 million bond that was maturing and this bond was secured by a property that we also sold during the period.

謝謝你，比爾，大家早安。我先簡單介紹一下我們最近的融資活動。本季度，我們償還了一筆到期的 1000 萬美元債券，該債券以我們在本季度出售的一處房產作抵押。

On the equity side, since the beginning of the third quarter, we've raised about $10 million through our ATM program. These issuances were made in anticipation of redeeming our Series D term preferred stock, which matures at the end of January 2026.

在股權方面，自第三季初以來，我們透過 ATM 計畫籌集了約 1,000 萬美元。這些發行是為了贖回我們將於 2026 年 1 月底到期的 D 系列定期優先股。

This will allow us to avoid the scheduled increase in the coupon rate from 5% to 8% and also reduce our reliance on our variable rate line of credit to fund that redemption. Turning to our operating results for the third quarter, we recorded net income of about $2.1 million and a net loss to common shareholders of $3.9 million or $0.11 per share.

這將使我們能夠避免票面利率從 5% 提高到 8%，並減少我們對浮動利率信貸額度的依賴，從而為贖回提供資金。再來看我們第三季的經營業績，我們錄得淨收入約 210 萬美元，普通股股東淨虧損 390 萬美元，即每股虧損 0.11 美元。

Adjusted FFO was $1.4 million or $0.04 per share compared to $4.5 million.$0.13 per share in the same quarter last year. The year over year decline in AFFO was driven by recent changes to lease structures on certain farms, loss of revenue from farm sales over the past years, and ongoing tenancy issues that led to vacancies, resulting in both lower revenues and higher costs.

經調整後的FFO為140萬美元，即每股0.04美元，去年同期為450萬美元，即每股0.13美元。AFFO 年比下降的原因是某些農場的租賃結構近期發生變化、過去幾年農場銷售收入減少以及持續的租賃問題導致空置，從而造成收入下降和成本上升。

Fixed base cash rents were about $5.4 million lower than in the prior year quarter due to the reasons just mentioned, but mainly the lease modifications on certain properties where we reduced or eliminated fixed base rents or in some cases provided cash lease incentives in exchange for significantly higher crop share participation.

由於上述原因，固定基本現金租金比去年同期減少了約 540 萬美元，但主要是由於我們對某些物業進行了租賃修改，減少或取消了固定基本租金，或者在某些情況下提供了現金租賃激勵，以換取更高的作物分成參與度。

And the results from these crop share components won't be known until the harvest is complete and the crops are sold, which is currently underway. Participation rents increased by about $1.9 million largely due to the accelerated recognition amounts related to the 2024 harvest on certain farms as additional information became available to us earlier this year.

這些作物分成方案的最終結果要等到收割完成、作物售出後才能知道，而目前收割工作正在進行中。由於今年早些時候我們獲得了更多信息，一些農場的 2024 年收成加速確認，因此參與租金增加了約 190 萬美元。

This increase was further driven by much stronger pistachio pricing compared to last year. Continue to expect higher participation rates in the fourth quarter of 2025 as a result of the lease modifications we made on certain permanent crop farms.

與去年相比，開心果價格大幅上漲，進一步推動了這一成長。由於我們對某些永久性作物農場進行了租賃修改，預計 2025 年第四季的參與率將繼續提高。

As we discussed on prior calls, these changes have led to lower fixed base rents in fiscal year 2025 compared to 2024, and the majority of the resulting crops share proceeds are expected to be recognized as participation rent in the fourth quarter of 2025, with most of the remaining smaller portion being recognized in the second half of '26.

正如我們在先前的電話會議中所討論的，這些變化導致 2025 財年的固定基準租金比 2024 財年有所下降，由此產生的作物分成收益的大部分預計將在 2025 年第四季度確認為參與租金，剩餘的較小部分將在 2026 年下半年確認。

So in essence, we are shifting revenues from fixed base rents to participation rents over the next couple of years, and as a result, most of our 2025 earnings will be realized in the fourth quarter with lighter earnings during the first nine months of the year.

因此，從本質上講，我們將在未來幾年內把收入從固定租金轉移到參與租金，因此，我們 2025 年的大部分收益將在第四季度實現，而前九個月的收益會比較少。

On the expense side, excluding reimbursable items and certain non-recurring or non-cash charges, our core operating expenses decreased by about $140,000 this year, this quarter. Total related party fees fell by about $110,000 driven by a lower base management fee due to recent performance sales.

在支出方面，不包括可報銷項目和某些非經常性或非現金支出，我們今年的核心營運支出在本季減少了約 14 萬美元。由於近期業績銷售導致基本管理費降低，關聯方總費用減少了約 11 萬美元。

And our remaining recurring cash operating expenses remained relatively flat as higher property operating costs were offset by lower G&A expenses. Finally, other expenses decreased, mainly due to lower interest expense driven by loan repayments made over the past year.

由於物業營運成本上升被一般及行政費用下降所抵消，我們剩餘的經常性現金營運支出保持相對穩定。最後，其他費用也有所減少，主要是由於過去一年償還貸款導致利息支出降低。

Turning to liquidity, we currently have over $170 million of immediately available capital. We also have nearly $150 million of unpledged properties we could use as additional collateral if needed. Over 99% of our borrowings are at fixed rates with a weighted average interest rate of 3.39% locked in for more than three years. This has helped shield us from the volatility in interest rates over the past few years.

就流動性而言，我們目前擁有超過 1.7 億美元的可立即使用的資金。我們還有近 1.5 億美元的未抵押資產，必要時可作為額外抵押品。超過 99% 的貸款採用固定利率，加權平均利率為 3.39%，鎖定期限超過三年。這有助於我們抵禦過去幾年利率波動的影響。

Looking ahead, we have about $17 million of scheduled principal amortization payments due over the next 12 months. We also have about $25 million in loans with fixed rate terms expiring in the next year, so the loans themselves are not maturing. And finally, regarding our common distributions, in October we declared a monthly dividend of $4.67 per share for the fourth quarter of 2025.

展望未來，未來 12 個月內，我們將有約 1,700 萬美元的計畫本金攤銷款項到期。我們還有大約 2500 萬美元的固定利率貸款將於明年到期，因此這些貸款本身並沒有到期。最後，關於我們的普通股分紅，我們在 10 月宣布，2025 年第四季每股派發 4.67 美元的月度股息。

At our current stock price of $9.24 this represents a 6.1% annualized yield, which is well above the resector average. And with that, I'll turn it back over to David.

以我們目前的股價 9.24 美元計算，這相當於 6.1% 的年化收益率，遠高於行業平均水平。那麼，我就把麥克風交還給大衛了。

Thank you, Louis. Continue to stay active in the marketplace and should a good acquisition come along, but, quite frankly, I'm not sure we're going to do any acquisitions this year, but we'll keep looking. Maybe one day one will pop up that we like but as mentioned on prior calls, we're still being much more cautious. On the acquisition front because the cost of cap remains very high.

謝謝你，路易斯。我們會繼續保持市場活躍，如果出現合適的收購機會，我們會考慮收購。但坦白說，我不確定我們今年是否會進行任何收購，但我們會繼續尋找機會。也許有一天我們會遇到一個我們喜歡的項目，但正如之前電話會議中提到的，我們仍然會更加謹慎。在收購方面，因為資本成本仍然很高。

Market outlook, overall demand for prime farmland, growing berries and vegetables remains stable in almost all of the areas where our farms are located. So, Lot of underlying value there in those farms. As mentioned earlier, prices for certain permanent crops have been depressed recently, which along with other factors, has impacted the value of the underlying farmland.

市場前景、優質農地的整體需求，以及我們農場所在幾乎所有地區的莓果和蔬菜種植需求都保持穩定。所以，這些農場蘊藏著巨大的潛在價值。如前所述，近期某些多年生作物的價格一直低迷，這與其他因素一起影響了相關農田的價值。

However, we're seeing signs of improvement as both crop prices and broader economics, Of some of these crops. So we are still in a good position for long-term. So, hopefully, that the worst may be behind us, when all of the crops were having problems.

然而，我們看到一些農作物價格和整體經濟狀況都出現了改善的跡象。所以從長遠來看，我們仍然處於有利地位。所以，希望最糟糕的時期已經過去，那時所有的農作物都出現了問題。

We clearly were covered by the price of the land that we are In closing, we expect inflation, particularly in the food sector, to continue to increase over the time, and we expect the values of the underlying farmland to increase as time.

顯然，我們擁有的土地價格足以覆蓋我們的損失。最後，我們預期通貨膨脹，特別是食品業的通貨膨脹，將隨著時間的推移而繼續上升，我們預計農地的價值也將隨著時間的推移而增長。

Result. We expect this is especially true of the healthy foods such as fresh nuts, fruits and other vegetables, which is the trend in America and all over the world for that matter. Trend is more for people in the USA eating healthy foods, and that continues to grow. Now, we'll stop and have some questions from those who follow us. Operator, would you please come on and tell them how they can answer the questions.

結果。我們認為，對於新鮮堅果、水果和其他蔬菜等健康食品來說，情況尤其如此，這不僅是美國目前的趨勢，也是全世界的趨勢。美國人越來越傾向於食用健康食品，而且這種趨勢還在不斷增長。現在，我們停下來回答一下關注我們的朋友們的問題。操作員，請您過來告訴他們如何回答這些問題。

Thank you. We will now conduct a question-and-answer session. (Operator Instructions). Rob Stevenson with Janney Montgomery Scott.

謝謝。接下來我們將進行問答環節。（操作說明）羅布·史蒂文森和詹妮·蒙哥馬利·斯科特。

Hi, good morning, guys. David or Bill, I might, I might have missed it, but can you talk about how that 16.9% of revenue from the pistachio harvest was versus what you were expecting and how does this compare with what that crop would have generated a few years ago?

大家好，早安。大衛或比爾，我可能錯過了，但你們能談談開心果收穫帶來的 16.9% 的收入與你們的預期相比如何嗎？這與幾年前該作物的產量相比又如何？

Well, if you're talking about a few years ago, they were leased and so all you would have gotten in is whatever we were charging on the lease. Now we've moved and, Increase the probability of getting higher rates, who knows, but at the point now, we are probably two or three times the amount that we would have received.

嗯，如果你說的是幾年前的情況，那些地方都是租的，所以你只能拿到我們當時在租賃合約上收取的費用。現在我們搬家了，獲得更高利率的可能性增加了，誰知道呢，但就目前而言，我們得到的金額可能是我們原本能得到的兩到三倍。

Okay. So it was a very positive thing that we're getting now from feedback of where the leases have gone, that is from fixed rate to variable rate and the variable has been very nice. Now we've gotten some nice numbers in and, we believe when you hear us in the fourth quarter, we will have a lot of this ironed out and you'll know what we made on what we invested that close as I can get to just giving you a straight number.

好的。所以，我們現在從租賃政策的回饋中得到的非常積極的訊息是，租賃政策已經從固定利率轉變為浮動利率，而浮動利率的效果非常好。現在我們已經獲得了一些不錯的數字，我們相信，當您在第四季度聽到我們的消息時，我們將解決很多問題，您就會知道我們投資的回報，我可以盡可能直接地告訴您一個數字。

Okay and then Lewis, the, you talked about redeeming the Series B. What's the cost associated with that and the timing?

好的，路易斯，你剛才提到了贖回B輪融資。相關的成本和時間安排是什麼？

So the Series D that's coming due January 31, 2026, right now it's at a 5% coupon at that date, if not redeemed, it goes up to 8%. So we plan at this time, we've looked at, all options, leaving it out there, absorbing the 8%, which is obviously not what we want to do. Refinancing it is still expensive and also a lot of upfront costs.

所以，將於 2026 年 1 月 31 日到期的 D 系列融資，目前在該日期有 5% 的優惠券，如果未兌換，則升至 8%。所以，我們目前的計劃是，我們已經考慮了所有選項，包括放棄所有選項，承擔這 8% 的風險，但這顯然不是我們想要做的。重新貸款仍然很貴，而且前期費用也很高。

So the plan right now is to take it out, redeem it to avoid that coupon with a mixture of common stock and, line of credit. We've been issuing common stock at about 6.1%. The line of credit is just south of 6%, so. Right now, the cost would look to be about 6% higher than the 5% that the security is currently yielding, but of course much lower than the 8% that it would otherwise go up to.

所以目前的計劃是把它取出來，用普通股和信用額度的組合來兌換，以避免使用那張優惠券。我們發行普通股的收益率約為 6.1%。信用額度略低於 6%，所以。目前來看，該證券的成本似乎比其當前 5% 的收益率高出約 6%，但當然遠低於其原本可能達到的 8% 的收益率。

Okay, and there's roughly $60 million of that out there.

好的，這類資金大約有 6000 萬美元。

Correct? Yes, $60.4 million.

正確的？是的，6040萬美元。

Okay perfect thanks guys I appreciate the time this morning.

好的，非常感謝各位，我非常感激你們今天早上抽出時間。

Okay, next question.

好的，下一個問題。

Craig Kucera with Lucid Capital.

Craig Kucera，來自 Lucid Capital。

Yeah, good morning, I think you mentioned that you might sell some of the permanent crop farms out West if you can't restructure the lease and you're obviously looking at a number of different options there, but, I'd be curious to get your thoughts on the depth of the transaction market out on the West Coast right now.

是的，早安。我想您提到過，如果您無法重組租賃協議，可能會出售西部的一些永久性農作物農場，而且您顯然正在考慮多種不同的方案。但是，我很想知道您對目前西海岸交易市場的深度有何看法。

Well, the banks aren't lending as low a rate as they used to when we first bought these, but they're circling in that direction, and we're hopeful they'll come up with a lower rate. But the nice thing about this note that we're paying off is it doesn't come due. It just changes its rate. So, liquidity is not a problem. We know the money is there and we don't have to give it back.

雖然銀行的貸款利率不像我們剛買這些股票時那麼低了，但它們正在朝著那個方向發展，我們希望它們能提出更低的利率。但我們正在償還的這筆貸款的好處是它沒有到期日。它只是改變了速率。所以，流動性不是問題。我們知道錢就在那裡，我們沒必要把它還回去。

On the other end of it, If we give it back, we cut the rate to zero, obviously. So, I think we're in very good shape. Last year this time, there were some dim moments here in the office as we contemplated what was going on in the marketplace.

另一方面，如果我們把它還回去，利率顯然就會降到零。所以，我認為我們情況非常好。去年這個時候，辦公室裡氣氛有些低落，我們都在思考市場正在發生什麼事。

But today we have a breath. I think there's maybe one farmer that's having some real problems and we may lose that farmer, but, otherwise, there seems to be a breath of fresh air in the marketplace out there. And I'm talking mostly about California, other stuff we have in Florida and in the Midwest, they're paying as agreed and we're in good shape.

但今天我們終於可以喘口氣了。我認為可能有一位農民遇到了真正的困難，我們可能會失去這位農民，但除此之外，市場上似乎出現了一股清新的氣息。我主要指的是加州，我們在佛羅裡達州和中西部的其他項目，他們都按約定付款，我們情況良好。

Got it and yeah, it does just thinking about your commentary on wine grapes, I guess when we think about when you restructured the leases last fall, should we take away from this that that any sort of weakness in wine grapes is more or less been offset by strength and tree nuts as far as sort of what you had budgeted at the time you renegotiated those leases.

明白了，是的，想想你對釀酒葡萄的評論，我想當我們回想你去年秋天重組租賃合約的時候，我們是否應該從中得出這樣的結論：釀酒葡萄的任何疲軟或多或少都被堅果的強勁表現所抵消，這與你當時重新談判租賃合約時的預算大致吻合。

That's exactly right. How'd you get so smart?

完全正確。你是怎麼變得這麼聰明的？

Okay, just checking. All right, that's it for me. Thank you.

好的，我只是確認一下。好了，我今天就到這裡。謝謝。

Next question.

下一個問題。

(Operator Instructions). John Massocca with B Riley.

（操作說明）John Massocca 與 B Riley 合作。

Good morning. Maybe kind of thinking about both the repayment of the Series D and just generally kind of, the market out there to pay down debt or even, potentially even buy back common stock.

早安.或許正在考慮償還 D 輪融資，並利用市場上的資金來償還債務，甚至有可能回購普通股。

How are you looking at the disposition market right now or the disposition opportunities, particularly outside of California that are interesting? I know you closed the deal in Florida recently, so just kind of curious what potential for generating capital by selling farms there is today.

您目前如何看待資產處置市場或處置機會，尤其是在加州以外的地區有哪些有趣的處置機會？我知道你最近在佛羅裡達州完成了一筆交易，所以我就有點好奇，如今在那裡出售農場來獲取資金的潛力有多大。

I think on the east coast, it's, very good. The west coast is still pretty poor in terms of generating new farmers with lots of equity credit to pay their debts. So, we're still waiting for that to come back and it has moved in the right direction. But it's still going to take a while for it to catch up where last year was and maybe the year before.

我認為東海岸的情況非常好。西海岸在培養擁有大量股權信貸來償還債務的新農民方面仍然相當落後。所以，我們仍在等待它恢復正常，而且它已經朝著正確的方向發展了。但要趕上去年甚至前年的水平，還需要一段時間。

John, the more I look at that, the more I say, gee, this is going to work out just fine, and I hope you're on the call for the fourth quarter because I think the fourth quarter will tell you whether we made a great decision to go variable rates or fixed rate. That is fixed meaning, we have an amount that we get every month or every quarter.

約翰，我越看越覺得，哎呀，這一定會有好結果的。我希望你能參加第四季的電話會議，因為我認為第四季會告訴你，我們當初選擇浮動利率還是固定利率的決定是否明智。這是固定金額，也就是說，我們每個月或每季都會收到固定的金額。

For us there though, we have to wait until the products are sold. And while they're all growing, this has been a great growing season. There's really nothing going on other than these plants will continue to grow no matter whether, as long as they're be water and any kind of, stimulant, such as some of the things we put on those crops.

但對我們來說，我們必須等到產品售出後才能進行交易。雖然它們都在生長，但今年是一個豐收的生長季。其實沒有發生什麼，只是這些植物無論如何都會繼續生長，只要它們有水和任何刺激物，例如我們施在農作物上的一些東西。

I think, John, this is, a real turning point in this, and we're seeing some really good numbers and the lady who does all the projections for these crops is sitting here at the table and smiling, and she wasn't smiling a couple of years ago she was I Pretty frustrated.

約翰，我認為這是一個真正的轉折點，我們看到了一些非常好的數字，負責預測這些作物產量的女士就坐在桌旁微笑，而幾年前她可沒這麼開心，她當時非常沮喪。

We've gotten a new guy out on the west coast who's going to go to the farms more than we have in the past, although the last person that was there was going to the farms on, recently, a very frequent basis, and now we're going to have somebody that knows growing and can go out and spot the crops and help us adjust things that needs to be adjusted.

我們在西海岸新招了一個人，他會比以前更頻繁地去農場。雖然之前那個人最近去農場的次數也相當頻繁，但現在我們終於有了一位懂種植的人，他可以去農場查看作物長勢，幫助我們調整需要調整的地方。

This is a great time to be in the business. There are going to be some people that buy crops and talk to some people. We've had people who want to buy crops, but they want to pay us with promises, and we'd rather have cash than promises, so, we're working hard to get cash in as we're having. How much do we have, Lewis.

現在正是入行的好時機。會有人購買農作物，也會有人和他們交談。有些人想買農作物，但他們只想用承諾來付款，而我們寧願收到現金而不是承諾，所以，我們正在努力盡快收到現金。路易斯，我們還有多少？

Cash right now we have $25 million in the bank and a fully undrawn $75 million line of credit. You know they had drawn notes as well.

目前我們銀行帳戶裡有 2,500 萬美元現金，還有 7,500 萬美元的未提領信貸額度。你知道他們也畫過筆記。

So, we're in, we're not in problems territory now because liquidity is pretty much assured. We expect the fourth quarter to be a great quarter. We only got $5 million last time we got a payment coming in. I think we'll do much better in the fourth quarter.

所以，我們現在沒有陷入困境，因為流動性基本上有保障。我們預計第四季將是一個業績優異的季度。我們上次收到款項時只拿到了500萬美元。我認為我們在第四節會表現得更好。

In fact, we're making sure that by cutting deals as soon as we can we have one large farm that a group who's trying to start over again is saying they will buy it from us, I don't know. John, you have to play your cards when you get them, but this time, I think if they come up with the amount of money that we're talking about, it would certainly send us in a direction of maybe buying some farms.

事實上，我們正​​在確保盡快達成交易，這樣我們就能擁有一個大型農場，一個試圖重新開始的團體表示他們願意從我們這裡購買它，我不知道。約翰，機會來了就要好好把握，但這次，我覺得如果他們真能拿出我們說的這筆錢，一定會促使我們去買一些農場。

Sure, miss the ability to go out and buy farms. It's a different world out there for the nut guys. Not that they're nuts, but they're growing nuts.

當然，我很懷念以前可以自由購買農場的日子。對於那些特立獨行的人來說，外面的世界截然不同。倒不是說他們瘋了，而是他們正在長瘋子。

I just think on the disposition front, I mean, the Florida transaction seemed like it was kind of opportunistic. Is there more potential for those type of deals as we look into the remainder of the year in '26, to maybe sell more assets either to capital recycle if you do have attractive buying opportunities or to, kind of pay down pieces of the capital stack.

我覺得就資產處置方面而言，佛羅裡達州的交易似乎有點投機取巧的意味。展望 2026 年剩餘時間，這類交易是否有更多潛力？或許可以出售更多資產，以便在有吸引人的收購機會時進行資本循環，或償還部分資本結構。

Well, certainly we will pay down the loans, in a capital stack. If they're close to maturity, we're definitely going to get them out of the way. So, I don't have any worry about that happening. As Lewis mentioned, the rate might go to 8% unless we do something to get rid of the loan altogether, but the loan itself is not due.

當然，我們會透過資本累積來償還貸款。如果它們接近成熟，我們肯定會把它們處理掉。所以，我並不擔心這種情況會發生。正如劉易斯所提到的，除非我們採取措施徹底消除貸款，否則利率可能會升至 8%，但貸款本身尚未到期。

It's just the rate's going to change if we don't pay it off. So, we're working on that and I think we're going to be in good, once the money starts rolling in from, our variable rate charge to some of the farmers, I think we're going to be in extremely good shape.

如果我們不還清貸款，利率就會改變。所以，我們正在努力解決這個問題，我認為一旦我們向一些農民收取浮動利率費用，資金開始流入，我們的狀況就會非常好。

Nothing is taken for granted though, so we're, still praying a lot that things will continue the way they're going in their direction now. And quite frankly, after the downturn that we had in which people weren't eating nuts nearly as much as they had in the past, it was a real shocker when those people didn't step in and order again.

不過，任何事情都不能想當然，所以我們還是常常祈禱事情能繼續朝著現在的方向發展。坦白說，在經歷了經濟低迷期，人們吃堅果的量遠不如以前之後，當這些人沒有再次下單購買堅果時，我們感到非常震驚。

They're back ordering now. They're not ordering as much, but we can live where they are now. So, I feel comfortable today and, I just hope our projections are correct. If they are, we will have made a lot of money on the switch from fixed payments to variable payments from the farmers.

他們現在正在補貨。他們的訂單量減少了，但我們能接受他們現在的處境。所以，我今天感覺還不錯，只希望我們的預測是對的。如果真是這樣，我們從農民的固定支付方式轉變為浮動支付方式，就能賺很多錢。

Okay and then Lewis, we thinking about the series a little more. Where do you think you are today in terms of having the liquidity you'd like to fully pay that down? It seems like you could, given.

好的，路易斯，我們再多考慮這個系列。您認為目前擁有的流動資金是否足以全額償還貸款？看起來你似乎可以，考慮到…

The availability on the line, the cash today, but I mean, is there any need for kind of fresh capital in your mind to finish that repayment, and I guess it could you also maybe if you wanted to partially redeem it or does it have to be fully redeemed or fully kind of left out there to kind of pay that higher rate or that higher dividual.

目前的資金狀況，今天的現金，我的意思是，您是否需要新的資金來完成還款？我想，如果您想部分贖回，或者必須全部贖回，或者全部留在市場上以支付更高的利率或更高的利息，您也可能會考慮這個問題。

So, a few things there, and we definitely could do a partial redemption, but having any kind of, any product in our capital sack at 8% is not ideal for us right now. We and yes, we do have the current liquidity to take it out today if we wanted to, but it's at 5% and which is lower than the current cost of capital we would use to take it out with, but it makes sense to let it go at that 5% as long as we can.

所以，有幾點需要說明，我們當然可以進行部分贖回，但目前我們的資金袋裡持有任何產品，收益率達到 8%，對我們來說都不是理想的選擇。是的，我們目前確實有足夠的流動資金，如果願意的話，今天就可以取出來，但是利率是 5%，低於我們目前取出所需的資金成本，所以只要我們能以 5% 的利率持有，就應該繼續持有。

But the idea between the mixing the common stock and line of credit is, while the line of credit is a little bit cheaper based on yesterday's closing price for our common stock, it's variable, so just having to draw less from our line of credit just reduces our exposure to future interest rate volatility there and as David mentioned, there are some farm sales that are potentially in the works down the line.

但將普通股和信貸額度混合使用的想法是，雖然根據我們普通股昨天的收盤價來看，信貸額度稍微便宜一些，但它是浮動的，所以只需減少從信貸額度中提取的資金，就能降低我們未來利率波動帶來的風險。而且正如大衛所提到的，未來可能會有一些農場出售計劃。

So that could be some additional capital, but to answer your question, we could take it out today if needed, but it's just a matter of managing it rate risk and, getting the lowest cost of capital to take it out that we can.

所以這可能是一些額外的資金，但回答你的問題，如果需要的話，我們今天就可以取出來，但這只是管理利率風險以及以盡可能低的資金成本取出資金的問題。

Okay, I appreciate that detail. That's it for me. Thank you.

好的，我注意到這個細節了。就這些了。謝謝。

Okay any more questions.

好的，還有其他問題嗎？

Mr. Gladstone? There are no further questions in queue. I would like to turn it back to you for closing comments, please.

格萊斯頓先生？隊列中已無其他問題。請您作總結發言。

We don't like that. We'd like you to ask more questions. It's more fun when you do that. Right. We'll live with it and we'll see you next quarter and don't miss the opportunity to listen in next quarter and see how well we did in projections. That's the end of this thank you very much.

我們不喜歡那樣。我們希望您能提出更多問題。那樣做更有趣。正確的。我們會接受這個結果，下個季度再見。下個季度請大家不要錯過收聽節目的機會，看看我們的預測完成得如何。到此為止，非常感謝。

Thank you. This does concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a great day.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與，祝您有美好的一天。