Gladstone Land Corp (LAND) 2026 Q1 法說會逐字稿

Greetings, and welcome to Gladstone Land Corporation first quarter earnings call. (Operator Instructions). Please note this conference is being recorded.

各位好，歡迎參加 Gladstone Land Corporation 第一季財報電話會議。(接線員指示)。請注意，本次會議將被錄音。

I would now like to turn the call over to Mr. David Gladstone, Chairman and Chief Executive Officer. Thank you. You may begin.

現在我想把電話會議交給董事長兼執行長 David Gladstone 先生。謝謝。您可以開始了。

Well, thank you so much for that nice introduction. This is David Gladstone, and welcome to the quarterly conference call for Gladstone Land.

好的，非常感謝這段精彩的介紹。我是 David Gladstone，歡迎各位參加 Gladstone Land 的季度電話會議。

Thank you all for calling in today. We appreciate you taking time out of your day to listen to our presentation. First, we're going to hear from Katharine Gorka. She's Director of Investor Relations. She's going to provide a brief disclosure regarding certain regulatory matters concerning this call today. Katharine, go ahead.

感謝各位今天撥冗來電。我們很感謝各位在百忙之中抽空收聽我們的簡報。首先，我們將聽取 Katharine Gorka 的說明。她是投資人關係總監。她將就今天電話會議中涉及的某些監管事項提供簡要揭露聲明。Katharine，請開始。

Thank you, 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, which you can find on the investors' page of our website, gladstoland.com.

謝謝你，David，大家早安。今天的電話會議可能包含前瞻性陳述，該等陳述係基於管理層的估計、假設與預測。未來績效不具任何保證，且由於各種不確定性，實際結果可能與這些陳述所明示或暗示者有重大差異，其中包括我們向 SEC 提交文件中所列的風險因素；您可於我們網站 gladstoland.com 的投資人頁面查閱。

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. You can also sign up for our e-mail notification service and find information on how to contact our Investor Relations department. We are also on X at Gladstone Comp, as well as Facebook and LinkedIn. Keyword for both is The Gladstone Companies.

除非法律要求，我們不承擔更新任何此等陳述之義務。請造訪我們的網站以取得我們的 Form 10-Q 與財報新聞稿之副本，兩者皆於昨日發布，以獲得更詳細資訊。您也可以訂閱我們的電子郵件通知服務，並查詢如何聯絡我們的投資人關係部門。我們也在 X（帳號：Gladstone Comp），以及 Facebook 與 LinkedIn 上。兩者的關鍵字皆為 The Gladstone Companies。

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. 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. We believe these metrics can be a better indication of our operating results and allow better comparability of our period-over-period performance.

今天我們將討論 FFO（營運資金／營運現金流量），這是一個非 GAAP 的會計用語，定義為淨利，排除不動產出售之損益及任何資產減損損失，再加回不動產資產之折舊與攤銷。我們也可能討論核心 FFO（core FFO），一般定義為 FFO 經調整若干非經常性收入與費用後之數字；以及調整後 FFO（adjusted FFO），其在核心 FFO 基礎上，進一步就若干非現金項目進行調整，例如將 GAAP 租金轉換為常態化的現金租金。我們相信這些指標能更好地反映我們的營運成果，並使各期表現更具可比性。

Now, I'll turn it back to David Gladstone.

現在，我把電話交回給 David Gladstone。

Well, thank you, Catherine. And just to remind you all, we still own about 99,000 acres across 144 farms, about 56,000 acres of acre-feet of water, which is more than 18 billion gallons. Our farms are in 14 different states, and our water assets, well, they're all in California. That's where it's the driest.

好的，謝謝你，Catherine。也提醒各位，我們目前仍擁有約 99,000 英畝、共 144 座農場，並擁有約 56,000 英畝英尺（acre-feet）的水資產，超過 180 億加侖。我們的農場分布於 14 個州，而我們的水資產則全部位於加州。那裡最乾旱。

We didn't have any acquisition or sales activity during the quarter, but we may consider selling some additional farms during the next few quarters. If we're able to complete some of those, we'd like to use most of the proceeds to pay down debt and buy back preferred stock. We've been doing a lot of that.

本季我們沒有任何收購或出售活動，但未來幾季我們可能會考慮出售一些額外的農場。若能完成其中部分交易，我們希望將大部分所得用於償還債務並回購優先股。我們一直在做這些事情。

We're continuing to take a disciplined approach as we always do to these acquisitions. And active, there's some activity in the market now, but not much, still kind of slow. When conditions improve, it may make sense to start growing again.

我們將一如既往，持續以嚴謹自律的方式進行收購。目前市場上確實有一些動能，但不多，整體仍偏慢。當環境改善時，或許就有意義再次開始成長。

So, we're watching all the numbers and trying to determine where we're going to go from here. Let me talk about a couple of leases. Prior to the call, due to market conditions affecting certain of our permanent crops, particularly the nuts and the wine grapes. We modified the lease structures so that we can handle a couple of different things.

因此，我們正密切觀察各項數據，並試圖判斷接下來要往哪個方向走。我想談幾份租約。在本次電話會議之前，因市場狀況影響我們部分多年生作物，特別是堅果與釀酒葡萄。我們調整了租約結構，以便能處理幾個不同面向的事項。

Fixed costs were allowed to participate more in the upside because we're in the higher crops share participation. We've modified our leases so that we're taking a lot more risk in terms of growing and we continue to operate. Two properties with the help of third-party growers.

固定成本得以在上行時參與更多，因為我們採用較高的作物分成參與比例。我們已修改租約，使我們在種植方面承擔更多風險，並在第三方種植者的協助下，持續營運。兩處物業。

Overall, 2025 harvest came in very strong. We were all wrong, including the U.S. Government. Imagine that they projected things wrong. Particularly on the almond side and pistachio side, the yields were generally meeting or exceeding our own projections.

整體而言，2025 年收成非常強勁。我們都判斷錯了，包括美國政府。想像一下，他們的預測也會出錯。尤其在杏仁與開心果方面，產量普遍達到或超過我們自己的預估。

The 2025 crop just continues paying. We keep getting money in. We signed up most of these same farms under the similar agreement that we had in '26, so we expect to see some similar earning patterns this year. I think it would be very hard to meet or exceed those things that we did last year. That was quite a year, 2025.

2025 年的作物仍持續帶來收益。我們不斷收到款項。我們已讓大多數相同的農場簽署了與我們在 '26 年類似的協議，因此我們預期今年會看到一些類似的獲利型態。我認為要達到或超過我們去年所做的表現會非常困難。2025 年確實是很不尋常的一年。

And I also want to remind everyone that the crop insurance continues to play a very important role to all of us. It helps us limit the downside risk on the farms. That is, if something happens, which sometimes does, we can call on the insurance to give us the money back. Our goal is to eventually transition all of our farms back to more traditional lease structures with fixed-based rents.

我也想提醒大家，作物保險對我們所有人仍扮演非常重要的角色。它有助於我們限制農場的下行風險。也就是說，如果發生某些狀況（有時確實會發生），我們可以依靠保險把資金補回來。我們的目標是最終將所有農場逐步轉回較傳統、以固定租金為基礎的租約結構。

But the timing for that will depend on several factors that are out there today. Most importantly, we've got to get some lower interest rates. I don't know what's going on over at that Federal Reserve, but they just aren't playing the game they need to play. Looking ahead, we have five leases scheduled to expire over the next six months. In total, these leases represent about 4% of our total lease revenue for the year to date in 2026.

但其時點將取決於目前存在的幾項因素。最重要的是，我們需要更低的利率。我不知道聯準會那邊到底在做什麼，但他們就是沒有照著他們應該做的方式在運作。展望未來，接下來六個月內有五份租約預計到期。合計而言，截至 2026 年迄今，這些租約約占我們年度總租賃收入的 4%。

We're currently in a discussion with both of the existing tenants that are in these, that two of these properties are in and the prospects of new tenants about leasing any of these farms. I think we'll have them all back in shape.

我們目前正與這些物業中兩處的既有承租人，以及潛在新承租人，就承租任何這些農場的可能性進行討論。我想我們會把它們都整理到位。

And now I give a quick update to some of the ongoing tenancy matters that we're working through. Currently have eight farms that are wholly or partially vacant. And we're actively working towards solutions to get these farms back into stable.

接下來我快速更新一些我們正在處理的持續租賃相關事項。目前有八座農場全部或部分空置。我們正積極推動解決方案，讓這些農場回到穩定狀態。

We think we're getting close to a few of these, and I think we'll be in good shape before the year ends. We're also currently recognizing revenue in a cash basis for leases with four tenants. We're able to resolve. One of those situations during the quarter, but we're adding two new tenants to the list after they fell behind on their rent payments.

我們認為其中幾項已接近完成，我想在年底前我們會處於良好狀態。此外，對於與四位承租人簽訂的租約，我們目前以現金基礎認列收入。我們在本季解決了其中一個情況，但我們也在名單中新增兩位承租人，因為他們的租金付款已落後。

I'm going to stop here, and we'll call in the guy who's really in touch with the world of farming. And that's Bill Ryman. He's been reporting much of our current management focus.

我就先講到這裡，接下來我們請一位真正貼近農業世界的人上來。那就是 Bill Ryman。他一直在報導我們目前管理重點的許多內容。

And Bill, you want to come on board?

Bill，你要上來嗎？

Yeah, thanks, David. Good morning, everybody. As we've been reporting, much of our current management focus is on these properties being operated under the modified lease agreements or farmed directly utilizing third-party farm operators, with the marketing season for almonds and pistachios for the 2025 crop about half done.

好，謝謝你，David。各位早安。如同我們一直在報導的，我們目前的管理重點多放在這些資產：要嘛在修訂後的租賃協議下營運，要嘛由第三方農場營運商代為直接耕作；而 2025 年作物的杏仁與開心果行銷季目前大約已經過了一半。

We're seeing prices firming up, especially with pistachios. Couple that with our crop yields being larger than forecasted, our final crop revenue and profit numbers for 2025 should beat our expectations.

我們看到價格正在走強，尤其是開心果。再加上我們的作物產量高於預測，2025 年最終的作物營收與獲利數字應該會優於我們的預期。

Looking forward to the 2026 season, we are through winter, which ended with a very eager snowpack in most Western US watersheds. Although many areas where our farms are located received above normal rainfall, especially in the early spring. This means spring soil water content is high, and it should get cropped off to a potentially strong start.

展望 2026 年季節，我們已經度過冬季；冬季結束時，美國西部多數流域的積雪量相當充沛。雖然我們農場所在的許多地區降雨量高於常態，尤其在早春。這代表春季土壤含水量偏高，作物應可在相當不錯的條件下開局。

As of April 1, our almond bloom was complete, and while across California bloom was mixed, our locations are pretty darn good with initial crop set stronger than last year's. March had an unusual hot spell right in the middle of pistachio bloom, and this weather event caused quite a few issues around the state. Specifically, some trees have aborted a significant percentage of their crop.

截至 4 月 1 日，我們的杏仁花期已結束；雖然加州整體花況好壞參半，但我們的地點表現相當不錯，初期坐果比去年更強。3 月在開心果開花期正中間出現一段不尋常的熱浪，這個天氣事件在全州造成不少問題。具體而言，有些樹已經落掉（中止）了相當比例的果實。

It's difficult to tell the impact to our orchards at this time, mainly because the 2026 crop year is considered what we call a down year for pistachios. Pistachios are what we call alternate bearing, meaning that crop yields on a year-to-year basis can vary from very high to very low and can be very dramatic.

目前很難判斷對我們果園的影響，主要是因為 2026 作物年度被視為我們所說的開心果「小年」。開心果屬於所謂的隔年結果（alternate bearing），也就是產量逐年可能從很高到很低波動，幅度可能非常劇烈。

Since this is a low production year or a down year, as we say, some of our pistachio blocks didn't have as much crop, didn't have much crop on there before the heat spell. So it's possible that impact we feel will be minimal.

既然這是低產年、也就是我們說的小年，我們有些開心果區塊本來就沒有太多作物，在熱浪來之前掛果量也不多。因此，我們實際感受到的影響可能會很有限。

Another reason it's hard to predict is. Just how the remaining fruit set develops. There's a long way to go in the growing season, and we just don't know how it'll shape up. And also, another factor of this impact is with a major reduction in supply, it's definitely going to continue putting upward pressure on pricing. There's a chance that pricing outweighs the crop loss. So we'll just have to wait and see.

另一個難以預測的原因是：剩餘果實坐果後續會如何發育。生長季還很長，我們還不知道最後會怎麼發展。另外，這個影響還有一個因素：若供給大幅減少，勢必會持續對價格形成上行壓力。有可能價格上漲的效應會超過作物減產的損失。所以我們只能再觀察看看。

Currently, all of our properties where we have invested capital in the crops are tracking according to budget, and we may have an increase in water expense on a couple of ranches, we should end up right in line with budget targets.

目前，我們所有在作物上投入資本的資產都依照預算進度推進；雖然有幾個牧場的用水費用可能會增加，但整體結果應該仍會符合預算目標。

Talk about markets a little bit, we think most ag real estate markets in the Western U.S. Have bottomed out, and we're starting to see a little more activity with transactions. In particular, we've seen several pistachio acquisitions complete in the last six months at prices we haven't seen in a few years. We don't believe valuations are necessarily making a comeback just yet, but there are some strategic buyers willing to pay a higher price for orchards with good cash flow potential.

稍微談一下市場，我們認為美國西部多數農業不動產市場已經落底，交易活動也開始稍微增加。特別是，過去六個月我們看到幾筆開心果資產收購案完成，成交價格是我們好幾年沒見過的水準。我們不認為估值現在就一定在回升，但確實有一些策略型買家願意為具備良好現金流潛力的果園支付更高價格。

Coastal California values remain flat with higher-than-normal inventory, and the Pacific Northwest is stable. When really good properties. Come on the market up there, they sell very quickly. Medium, lower quality properties sit and wait. I'd say values and rents in the Pacific Northwest are stable.

加州沿海地區的價值仍持平，且庫存量高於常態；太平洋西北地區則維持穩定。當那邊有非常優質的資產上市時，往往很快就賣掉。中等、較低品質的資產則會掛在市場上等待。我會說太平洋西北地區的價格與租金都相對穩定。

And a last note on real estate markets, particularly in California, but really all over the West, we're seeing a divergence of values between properties with really good water and those without. Due to regulations and policy, we expect that Really be a permanent situation.

最後補充一點不動產市場的觀察：特別是在加州，但其實整個西部都一樣，我們看到水資源條件非常好的資產與水資源不足的資產之間，價值正在出現分化。由於法規與政策因素，我們預期這很可能會成為一種長期、甚至永久的狀態。

The war in Iran, continued tariff drama, trade tensions are all still in the headlines. But crop markets seem to have settled in and kind of accepted this uncertainty to a large degree. Nut crop markets continue to show notable resilience and strength, particularly for pistachios. Seen tremendous growth in demand for all things pistachio in global markets.

伊朗戰爭、持續的關稅風波、貿易緊張局勢仍然佔據新聞版面。但農作物市場似乎已經逐步消化，並在很大程度上接受了這種不確定性。堅果作物市場持續展現顯著的韌性與強勢，尤其是開心果。我們看到全球市場對各種開心果相關產品的需求大幅成長。

Grow prices are continuing to move upward. We expect our minimum pricing for 2026 to be significantly higher than 2025. So that's good news. I would say the general sentiment in the pistachio industry is even with a large number of non-bearing acres, it's under planted. So, this is really good news for growers, the value of their crop going forward. And for us, it's really important. It's the largest crop in our portfolio.

產地價格持續上行。我們預期 2026 年的最低定價將顯著高於 2025 年。所以這是好消息。我會說，開心果產業的整體情緒是：即便還有大量尚未結果的種植面積，整體仍屬於種植不足。因此，這對種植者而言是非常好的消息，代表未來作物價值更有支撐。對我們來說也非常重要。因為這是我們投資組合中最大的作物。

Almonds have been pretty steady, some minor ups and downs, due in large part to the drama in the Strait of Hormuz. But prices have late been trending upward after recent crop size projections were released, showing a similar crop to last year. It appears the market was expecting a larger crop and therefore lower prices. We've reported in the past that we believe the market is underbought. So, these lower-than-expected predictions are driving buyers to fulfil their needs.

杏仁市場一直相對平穩，只有些微起伏，主要受到荷姆茲海峽風波的影響。但近期在最新作物規模預估發布後，價格呈現上行趨勢；該預估顯示產量與去年相近。看起來市場原本預期會有更大的產量，因此預期價格會更低。我們過去曾報告，我們認為市場買盤配置偏低（underbought）。因此，這些低於預期的預測正促使買方進場補足需求。

Wine grape markets continue to underperform, although we're beginning to see some varietals, particularly some light grape varietals, become short in supply. At the moment, this isn't causing any increase in prices or providing any incentive for wineries to contract for supply, but it is the first encouraging sign we've seen in a couple of years. Vineyard removals continue at a rapid pace in California and around the world, so we're hopeful that this pullback in supply will soon bring the market back into balance.

葡萄酒葡萄市場持續表現不佳，不過我們開始看到某些品種——特別是一些淺色系葡萄品種——供給變得吃緊。目前這尚未推升價格，也未提供酒莊簽訂供應合約的誘因，但這是我們近兩年來看到的第一個令人鼓舞的訊號。加州以及全球各地的葡萄園拔除仍以很快的速度進行，因此我們希望這波供給收縮能很快讓市場回到供需平衡。

There's been a lot said about fertilizer and fuel prices jumping up due to the war. While this is true, our exposure is somewhat limited. Overall fertilizer costs as a percentage of total cultural costs for most of the crops grown on our farms is relatively small. In the case of our operated farms, there were many purchases made pre-war, so that limits the impact in those particular cases. Finally, water. We initially had a strong start to the winter in terms of snow and rain.

外界談了很多關於因戰爭導致肥料與燃料價格上漲的情況。雖然這確實如此，但我們的曝險相對有限。整體而言，對我們農場多數作物來說，肥料成本占總栽培管理成本的比例相對不高。以我們自營的農場為例，許多採購是在戰前完成，因此在那些個案中可降低影響。最後談水資源。就降雪與降雨而言，我們的冬季一開始表現強勁。

However, once we got past early January, we only had a few storms come through, and they came in late winter and early spring. The result was a very weak snowpack, but reservoirs above normal and good spring moisture set the season off on a good note.

然而，過了 1 月上旬之後，只有少數幾場風暴通過，而且都發生在冬末與早春。結果是積雪量非常疲弱，但水庫蓄水高於常態，加上春季土壤濕度良好，讓本季在不錯的條件下展開。

We're in the market, looking for good opportunities to acquire water for this year and beyond. We're still experiencing the positive effects of this recent wet year trend. Has resulted in the availability of water at economical prices.

我們正在市場上尋找今年及未來取得用水的良好收購機會。我們仍持續感受到近期偏濕年份趨勢帶來的正面效應。使得用水能以具經濟效益的價格取得。

Our team continues to evaluate these opportunities with the goal of strengthening the overall water security of the portfolio through both long and short-term strategic water purchases, continuing to invest in water delivery, storage infrastructure, and identifying opportunities to create synergies across our farm assets.

我們的團隊持續評估這些機會，目標是透過長短期策略性購水，強化投資組合整體的用水安全，同時持續投資於供水、儲水基礎設施，並尋找在我們農場資產之間創造綜效的機會。

Now I'll turn it over to our CFO, Lewis Parrish.

現在我把時間交給我們的財務長 Lewis Parrish。

Thanks, Bill, and good morning, everyone. I'll start with a brief update on our recent financing activities. We did not incur any new borrowings or repaying loans during the quarter, but we did add some unencumbered properties to certain existing and new credit facilities that increased our immediately available liquidity by about $50 million. And in January, we redeemed all of our CVD terms per stock to avoid a step-up in the coupon from 5% to 8%.

謝謝你，Bill，各位早安。我先簡要更新我們近期的融資活動。本季我們沒有新增借款或償還貸款，但我們將部分未設定擔保的資產加入某些既有及新增的授信額度中，使我們可立即動用的流動性增加約5,000萬美元。另外在1月，我們贖回了全部的CVD期限優先股，以避免票息由5%調升至8%。

That redemption was funded through a combination of common stock issued under our ATM program and a draw on our line of credit, which has since been repaid. So far in 2026, we've raised about $50 million through our ATM program and along with the majority along with the proceeds from the recent property sales, the majority of this capital has been used to reduce leverage on the balance sheet, including the redemption of the Series B term preferred stock, retained line of credit and buying back preferred stock through our repurchase program. And speaking of that last point, we've bought back over $6 million of preferred stock so far in 2026 at an average repurchase yield of 7.4%. Resulting in a total gain of nearly $700,000.

該次贖回資金來源為我們ATM計畫下發行的普通股，以及動用循環信用額度的借款組合；該筆信用額度借款其後已償還。截至2026年目前為止，我們透過ATM計畫已募得約5,000萬美元；再加上近期出售資產的多數款項，這些資金大部分已用於降低資產負債表槓桿，包括贖回B系列期限優先股、償還循環信用額度，以及透過回購計畫回購優先股。談到最後一點，我們在2026年迄今已回購超過600萬美元的優先股，平均回購殖利率為7.4%。因此帶來近70萬美元的總收益。

Turning to our operating results, for the first quarter, we recorded a net loss of about $4.3 million and net loss of common shareholders of $10 million or $0.24 per share. Adjusted FFO for the first quarter was $3.1 million or $0.08 per share compared to $2 million or $0.06 per share in the same quarter last year.

接著看營運結果，第一季我們錄得淨損約430萬美元，普通股股東應占淨損為1,000萬美元，或每股0.24美元。第一季調整後FFO為310萬美元，或每股0.08美元，較去年同期的200萬美元或每股0.06美元增加。

The increase in AFFO was primarily driven by an early pistachio crop bonus payment we received. Honestly offset by ongoing tenant-related issues we continue to work through. Year-over-year, fixed-based cash rents decreased by about $2.4 million for the quarter, primarily due to lost revenues from one property that was transitioned to direct operations last year and two tenants that were placed on non-accrual status this quarter.

AFFO增加主要來自我們收到一筆提早支付的開心果作物獎金款。但也坦白說，部分被我們仍在處理的租戶相關問題所抵銷。與去年同期相比，本季固定基礎現金租金約減少240萬美元，主要因為去年有一處資產轉為自營而造成收入流失，以及本季有兩位租戶被列為停止計息（non-accrual）狀態。

The prior year quarter also included a $2.4 million termination fee from an outgoing tenant. This decrease was largely offset by an increase in participation rents of about $4.4 million, primarily due to receipt of an early partial bonus payment on the 2025 pistachio crop. Typically, this bonus is paid in late 2026 or early 2027, but one of our processors paid a portion of it early, which allowed us to recognize that revenue earlier than normal.

去年同期也包含一筆來自退租租戶的240萬美元解約費。這項減少大致被約440萬美元的分成租金增加所抵銷，主要是因收到2025年開心果作物的一筆提早部分獎金款。通常這筆獎金會在2026年末或2027年初支付，但我們其中一家加工商提前支付了部分款項，使我們得以較正常時點更早認列該收入。

The remaining portion of the bonus is still expected to be recognized on the normal schedule and recognized in the fourth quarter. Net income generated from crop sales on our direct operating farms was about $1.9 million during the first quarter, and that was also primarily due to the early statute of bonus payment. And also similar to participation rents, we expect to recognize the remaining portion of this marketing bonus later in 2026.

其餘獎金部分仍預期依正常時程認列，並於第四季認列。第一季我們自營農場作物銷售所產生的淨收益約為190萬美元，這也主要是因為該筆獎金款提前支付。同樣地，與分成租金類似，我們預期將在2026年稍晚認列剩餘的行銷獎金部分。

On the expense side, our recurring cash operating expenses increased by about $750,000. Total related-party fees declined slightly, primarily due to a lower base management fee resulting from recent farm sales. Property operating expenses increased, mainly driven by the cost of supplemental water we were required to provide on one of our properties pursuant to the lease, as well as higher professional fees associated with protecting water rights on certain farms in California.

在費用方面，我們的經常性現金營運費用增加約75萬美元。關係人費用總額小幅下降，主要因近期出售農場使基本管理費降低。物業營運費用增加，主要是因依租約規定，我們必須在其中一處資產提供補充用水的成本上升，以及在加州部分農場為保護水權而產生較高的專業服務費用。

G&A expenses increased, primarily due to higher legal and accounting fees incurred during the current quarter. And finally, cash flows from operations increased largely as a result of higher cash receipts from participation rents and crop sales, partially offset by the receipt of that termination fee in the prior year quarter.

一般及行政（G&A）費用增加，主要因本季發生較高的法律與會計費用。最後，營運活動現金流增加，主要是因分成租金與作物銷售的現金收款較高，部分被去年同期收到的解約費所抵銷。

Turning to liquidity, we currently have about $150 million of immediately available capital and over $110 million of unpledged properties that could be used as additional collateral as needed.

談到流動性，我們目前約有1.5億美元可立即動用的資金，並有超過1.1億美元的未質押資產，可在需要時作為額外擔保品。

Currently, over 99% of our borrowings are at fixed rates with a weighted average interest rate of 3.41% locked in for another 2.5 years. This has helped show us from the interest rate volatility we have seen over the past few years.

目前我們超過99%的借款為固定利率，加權平均利率為3.41%，並已鎖定約再2.5年。這有助於我們抵禦過去幾年所見的利率波動。

Looking ahead, we have about $17 million of scheduled principal amortization payments due in the next 12 months, which is less than 4% of our total debt outstanding. We also have about $155 million of loans with fixed rate terms that reset over the next year, though the loans themselves are not returning. This includes about $133 million of loans under our MetLife facility that are scheduled to reprice in January 2027.

展望未來，未來12個月內我們約有1,700萬美元的預定本金攤還付款到期，低於我們未償還總負債的4%。我們也有約1.55億美元的貸款，其固定利率條款將在未來一年內重設，儘管貸款本身並未到期。其中包括我們MetLife融資額度下約1.33億美元的貸款，預計於2027年1月重新定價。

Finally, regarding our common distributions, in April, we declared a monthly dividend of $4.67 per share for the second quarter of 2026 at our current stock price of $9.44. This represents a 5.9% annualized yield, which is above the REIT sector average. And I'll turn it back over to you.

最後，關於我們的普通股配息，我們在4月宣告2026年第二季每月股利為每股4.67美分，以目前股價9.44美元計算，年化殖利率為5.9%，高於REIT產業平均。我把時間交還給你。

Our prime farmland growing berries and vegetables and its very stable right now in our regions. Particularly along the coast where We're also starting to see some signs of improving in certain permanent crops, both in the pricing and the broader economies for those crops. So we're hopeful that this is the worst, that all the things that happened to us in the last couple of years are behind us.

我們的優質農地種植莓果與蔬菜，在我們的區域目前非常穩定。特別是在沿海地區；我們也開始在某些永久性作物上看到改善跡象，無論是價格面或這些作物的整體經濟性。因此我們希望最糟的情況已經過去，過去幾年發生在我們身上的事情都已成為過去。

But it's too early to say that. You don't know what's going to go with the crop, and that makes it difficult. We're just like. Many other reach that is different belongs to the fact that our manufacturing facilities are outside, and they're also alive and growing. So it's a different world that we're in, obviously, and it's very hard to predict.

但現在下結論還太早。你不知道作物會如何發展，這讓判斷變得困難。我們就像——許多其他REIT不同之處在於，我們的「生產設施」是在戶外，而且它們是活的、會生長的。所以顯然我們所處的是一個不同的世界，也非常難以預測。

In closing, over the long run, we expect inflation, particularly for food sector the food sector to continue to move higher. There didn't seem to be any slowdown there. We expect the values of the underlying farmland to increase as well and over time, as a result, we should be in good shape in terms of collateral for all of our loans. We expect this especially to be true of healthy foods such as the ones we grow. These are fresh fruits and vegetables and nuts and long-term trends toward healthier eating continue to push these products.

最後總結，長期而言，我們預期通膨，特別是食品產業的通膨，將持續走高。看起來並沒有任何放緩跡象。我們也預期底層農地價值將隨之上升，因此隨著時間推移，我們在所有貸款的擔保品面向應會處於良好狀態。我們預期這點對我們所種植的健康食品尤其適用。這些是新鮮水果、蔬菜與堅果，而長期的健康飲食趨勢持續推動這些產品。

Now we'll open it up for some questions. So, Latoya, if you'll come on and guide us through that.

現在我們開放提問。Latoya，麻煩你上線帶我們進行。

(Operator Instructions) Craig Kucera, Lucid Capital Markets LLC - Equity Analyst

(接線員指示) Craig Kucera，Lucid Capital Markets LLC - 股票分析師

Yeah, hey, good morning, guys. I think last quarter, you had thought you were going to get the marketing bonus in early April, clearly, a lot of it was recognized here in the first quarter. Is there any left that you will expect to recognize in the second quarter or we expect all of it kind of in the back half of the year?

是的，嗨，各位早安。我想上一季你們原本以為會在4月初拿到行銷獎金，但很明顯其中很大一部分已在第一季認列。第二季還會有剩餘部分要認列嗎？還是我們預期大多會落在下半年？

So as far as cash well, speaking for the bonus specifically, we do expect to record a to be able to recognize the remaining part in Q4.

就現金而言——嗯，特別針對獎金部分——我們確實預期能在第四季認列剩餘部分。

As for the amount, I'll just give you our we we don't know yet, of course, but if we had to guess and I'm going to let Bill Ryan chime in on this too, but last year, the marketing bonus was when I say last year, I mean for the $0.24 crop, it was $0.90 a pound and we don't know the full bonus yet, but the early bonus payment equated to about $0.50 a pound.

至於金額，我先給你我們的——我們當然還不知道，不過如果要猜測，我也會請 Bill Ryan 一起補充：去年我說的去年是指 0.24 美元那一季的作物，行銷獎金是每磅 0.90 美元。我們還不知道完整獎金，但先期獎金付款約等於每磅 0.50 美元。

Right now, I think we expect the total bonus to be higher than last year, but we don't know that for sure. But I think if we had to get to the range, it'd be somewhere between that $0.40 per pound coming in Q4 or it could be much higher than that.

目前我認為我們預期總獎金會高於去年，但也不能確定。不過如果要抓個區間，第四季進來的可能會在每磅 0.40 美元左右，也可能遠高於此。

I'll let Bill chime in with any more insight to that bonus amount or what we're seeing prices doing.

我讓 Bill 補充一下，看看對獎金金額或我們看到的價格走勢還有沒有更多洞見。

Yes, Lewis, you nailed it. It's supposed to be higher than last year. And nobody's really revealing their cards yet. But yeah, $0.90 a pound last year. We've got $0.50 so far.

是的，Lewis，你說得很到位。應該會比去年高。而且目前沒有人真的把底牌亮出來。但對，去年是每磅 0.90 美元。到目前為止我們拿到的是 0.50 美元。

It could just be $0.40. It could be a full $0.90. We just nobody's really hinting at anything at this point, except that it's going to be larger than last year.

可能就只有 0.40 美元；也可能完整到 0.90 美元。我們現在真的沒有人透露任何風聲，除了會比去年更高這點。

Got it. So roughly 50% plus or minus sounds probably pretty reasonable with maybe some upside. Okay, great. In the 10-Q, you referenced that less than 5% of California was in sort of a drought designation and you had some commentary on that. But I'm curious to hear your thoughts on how your Florida farms are performing thus far in 2026.

了解。所以大概是 50% 上下浮動，聽起來應該蠻合理，且可能還有上行空間。好，很棒。在 10-Q 裡，你們提到加州被列為乾旱的比例不到 5%，也有一些評論。但我想聽聽你們對 2026 年迄今佛羅里達農場表現的看法。

I think. This is the first time since I've been here where California was not in a drought and Florida was. So definitely a reversal of portions there. We've had some we haven't heard of any news on our farms being short on water to the extent where it's impacting the operations on the farms.

我想——這是我在這裡以來第一次看到加州沒有乾旱、反而佛羅里達有乾旱。所以確實在某些面向上出現了反轉。我們有——我們沒有聽到任何消息說我們的農場缺水到會影響農場營運的程度。

And it is in a drought and there are regulations coming through for certain farmers having to being called on to cover losses of wells going dry, but we haven't heard of any issues with our farmers having being short on water and covering their crops. Bill, if you have anything more to add on that?

佛州確實處於乾旱狀態，也有一些法規正在推進，要求某些農民被徵召去承擔水井乾涸的損失補償，但我們沒有聽到我們的農民有缺水、或無法灌溉作物的問題。Bill，你還有什麼要補充的嗎？

Yeah, no, that's true. There hasn't been any restrictions, any there hasn't been any crop losses due to lack of irrigation water. We did have in the wintertime for frost control, we had some issues, but that's using water for frost control. It's a large amount of water, but and we had a few issues with neighbours there. But other than that, there haven't been any crop impacts whatsoever.

對，沒錯。目前沒有任何限制，也沒有因為缺乏灌溉用水而造成作物損失。冬季在防霜方面我們遇到一些問題，但那是用水來做防霜。用水量很大，而且我們跟鄰居那邊有出現一些狀況。除此之外，作物完全沒有受到任何影響。

Okay, that's helpful.

好的，這很有幫助。

And there's one footnote here that you should know about. We have a water farm in Florida. And it's got plenty of water. So, we're not seeing any severe drought situations down there. I think we're going to be fine in Florida forever because you pretty much put a stick in the ground and its water down there. So, it's a situation which the wind blows one day and it's cold and then all of a sudden everything is bright and shiny as it is most days.

另外這裡有一個你應該知道的註腳。我們在佛羅里達有一座「水農場」。而且水量非常充足。所以我們沒有看到那邊有任何嚴重乾旱的情況。我覺得我們在佛州永遠都會沒問題，因為你幾乎把一根棍子插進地裡，那裡就有水。所以那邊就是這樣：某天風一吹變冷，然後突然之間一切又變得明亮閃耀，就像大多數日子一樣。

Keep going, Craig. Got any more questions?

繼續吧，Craig。還有其他問題嗎？

I do. I've got a handful more. David, you mentioned you're going to sell a might sell a few farms the next couple of quarters. Last year, I think you sold about $90 million, maybe $70 million the year before. Can you kind of bracket the dollar amount you think you might wind up selling or can you do that at this point?

有的。我還有幾個問題。David，你提到接下來幾季可能會賣掉幾座農場。去年我記得你們賣了大約 9,000 萬美元，前一年可能是 7,000 萬美元。你能不能大概框出你們可能會賣到的金額區間？或你現在能做到嗎？

That's a difficult one. I don't know if you know it. In farming, selling a farm is a big to-do. And you never know when they're going to follow through. We have one now in which we have a letter saying they're going to buy it and we'll see the lawyers are drafting and I'm glad to get rid of that one because it gave us some problems in the past, but I don't really have a number.

這題很難。我不知道你是否了解。在農業裡，賣一座農場是件大工程。而且你永遠不知道對方什麼時候會真的完成交易。我們現在有一筆，對方來信表示要買，我們再看看——律師正在起草文件。我也很高興能處理掉那一座，因為過去它給我們帶來一些問題，但我真的沒有一個數字。

I'm hopeful that we can sell a couple of farms, but I don't think we need to sell more than that. We're pretty well covered. In tenants that are working farms and the ones where we don't have a strong tenant and we've taken them over. These are the ones in California.

我希望我們能賣掉兩三座農場，但我不認為我們需要賣超過那個數量。我們的覆蓋情況相當不錯。在有承租戶在耕作的農場，以及那些我們沒有強勢承租戶、而我們接手經營的農場。這些是在加州。

We've got some good growers. I've been surprised. I didn't think it would work out as well, but last year it was just a boomer in terms of return on investment. So, I guess we'll do maybe what we're doing somewhere between two and five. Farms.

我們有一些很不錯的種植戶。我其實很驚訝。我原本不覺得會進展得這麼順利，但去年就投資報酬率而言真的是大豐收。所以我想我們可能會做——大概在兩到五座之間。農場。

He's going to sell two to five farms. What you got, Craig?

他要賣兩到五座農場。Craig，你還有什麼？

To change gears, I'm curious about your leasing activity year-to-date. It looks like you moved one farm from fixed to participation rent. Can you give us some color on where that farm is located and what the crop type is?

換個話題，我想了解你們今年迄今的租賃活動。看起來你們把一座農場從固定租金改成分成租金。你能不能多分享一些背景：那座農場在哪裡、作物類型是什麼？

That's a potato farm in Colorado. The base rent was basically cut in half, but we are expecting the variable rent component on that farm to get us pretty much right to where we were with the prior lease, but that's another variable that won't be known until the second half of the year.

那是一座位於科羅拉多的馬鈴薯農場。基本租金大致砍半，但我們預期該農場的變動租金部分，會讓我們大致回到先前租約的水準；不過那又是另一個變數，要到下半年才會知道。

Okay. And just one more for me. I mean, you've been pretty aggressive on issuing equity to take down the preferred, you got through the first round, you've got a couple of others that's 6%. Do you anticipate continuing to do that throughout the year?

好的。我這邊再問最後一個。我的意思是，你們在發行普通股以償還優先股方面一直相當積極，已經完成第一輪，另外還有幾檔是6%。你們是否預期今年會持續這麼做？

The repurchase program on the Series B&C, I would like to continue being active in that repurchase program.

關於B系列與C系列的回購計畫，我希望能持續積極參與這個回購計畫。

All right. Thanks. That's it for me.

好。謝謝。我這邊就到這裡。

(Operator Instructions). John Massocca, B. Riley Securities Holdings Inc - Equity Analyst

（接線員指示）。John Massocca，B. Riley Securities Holdings Inc - 股票分析師

Hi, good morning. This is Max stepping in for John. What is the outlook for re-leasing at truly vacant properties either in terms of dispositions or re-leasing?

嗨，早安。我是Max，代替John發問。對於真正空置的物業，不論是處分或重新出租，你們對重新出租的展望如何？

So, I think the sorry, we have a few farms that we're working on right now are not producing income, they're vacant as you mentioned that we think we're pretty close to getting deals in place. Now it's not necessarily the traditional types of ag leases. We're working on alternative streams, for example, fouling incentive programs, water leases, solar leases.

所以，我想——抱歉——我們目前正在處理的幾座農場確實沒有產生收入，正如你提到的，它們是空置的；我們認為距離把交易談成已經很接近了。不過這不一定是傳統類型的農業租約。我們正在開發替代性的收入來源，例如：減排/污染激勵計畫、水權租賃、太陽能租賃。

We've got we're discussing terms with potential tenants on these and hopefully within the next three months or so, we can get. Some of these executed, but the ones were the ones I'm specifically talking about, these are some of the larger farms in that vacant category. So hopefully, for the next three to six months at most, we can get at least half of this acreage back to income producing.

我們正在與潛在承租方討論條款，希望在接下來大約三個月內，能把其中一些簽署完成。但我特別指的這些，是空置類別中較大型的幾座農場。因此希望在未來三到六個月、最晚不超過六個月，至少能讓其中一半的面積恢復為可產生收入。

Great. Thank you. And could you remind us why the cost of sales is so low relative to crop sales? Was that because you already booked costs associated with that revenue or was it something else?

很好。謝謝你。另外，你能提醒我們為什麼銷貨成本相對於作物銷售額這麼低嗎？是因為你們已經先入帳了與該收入相關的成本，還是其他原因？

Yes, exactly. This is related to the '25 crop. All those expenses were recognized in Q4 of last year as the crops were sold. But with pistachios, at that time, Q4, we were only able to recognize the minimum payment associated with that crop. This is the bonus payment that we were not able to measure at the end of last year. So that's just straight revenue straight to the bottom line for us as will be the remaining part of that crop, the bonus payment.

是的，沒錯。這與「25年作物」有關。所有那些費用都在去年第四季、作物售出時就已認列。但以開心果而言，當時在第四季，我們只能認列與該作物相關的最低保底付款。這筆是我們在去年底無法衡量的獎金付款。所以對我們來說，這就是直接的收入、直接落到底線；該作物剩餘部分的獎金付款也會是如此。

Got it. Thank you. And apologies if this was already discussed, but is there a timeline for getting the participation-based farms back to fixed base runs?

了解。謝謝。另外，如果這之前已經討論過先說聲抱歉，但把參與分成型（participation-based）的農場恢復為固定底租（fixed base rent）的時間表有嗎？

We wish we knew that answer as well. Definitely not for the 26th crop year and probably 27th crop year is still in flux, but if I had to guess, I think we'd be in a similar situation for the 27th crop year as well.

我們也希望知道答案。肯定不會是在26作物年度，27作物年度大概也還不確定；但如果要我猜，我認為27作物年度我們也會處於類似情況。

Bill, what's your outlook on this?

Bill，你對這件事的看法如何？

Yeah, I mean, it's really the tenant pool, it's really difficult. Capital is constrained, working capital is constrained for a lot of growers. And so, until that loosens up.

是的，我的意思是，關鍵在於承租戶的供給池，真的很困難。資本受限，很多種植戶的營運資金也受限。所以，除非這種情況有所鬆動。

I just don't see the number of growers willing to take on the risk on leasing. I just don't see that pool increasing in the near future. So hopefully, that turns around sooner rather than later. But as of right now, we're probably stuck in this for at least another season.

我就是看不到有更多種植戶願意承擔租賃風險。我不認為短期內那個承租戶供給池會增加。所以希望能盡快好轉。但就目前而言，我們可能至少還得再撐一個產季。

Got it. Thank you. And is there any new distress in the portfolio? Has the rebound in tree net prices potentially mitigated credit risk somewhat?

了解。謝謝。另外，投資組合裡有沒有新的困境（distress）狀況？樹堅果價格回升是否在某種程度上緩解了信用風險？

A little bit, but for a lot of growers, that downturn in almond pricing, they're still paying the price for that, right? It takes prices have rebounded, obviously, for the last little over a year, 18 months, but it takes a couple of years of good prices to fill in the hole that we've dug for ourselves. So it takes a little bit of time to fully recover.

有一點，但對很多種植戶來說，杏仁價格下跌的那段期間，他們仍在為此付出代價，對吧？價格確實回升了，顯然在過去一年多、約18個月，但要用幾年的好價格，才能把我們自己挖出的坑補回來。所以需要一些時間才能完全復原。

Thank you. And then one more for me. On the Series B buyback, how are you thinking about that as a use of cash flow capital raising versus paying down amounts on the revolver?

謝謝。我再問最後一個。關於B系列回購，你們如何在「以現金流/募資資金運用於回購」與「償還循環信貸（revolver）」之間做取捨？

So the revolver now is fully repaid to the minimum balance. That was our with the ATM proceeds and also some proceeds we had from a farm sales at the end of last year, we use that to pay down the line of credit, which is again fully down to its minimum balance and then. Most of the excess has been going into this preferred repurchase program, so Series B, Series C. We'd love to buy more of it back than we are right now, but these are two thinly traded securities, so we're limited with how much we can buy back on a daily basis.

所以目前循環信貸已全數償還至最低餘額。我們用ATM增發所得，以及去年底出售農場的一些收入來償還信用額度；也就是說，已經完全降到最低餘額，然後大部分的超額資金都投入到這個優先股回購計畫中，也就是B系列、C系列。我們希望能回購得比現在更多，但這兩檔證券成交量很薄，所以我們每天能回購的量有限。

But we want to continue making the best use that we can. We're buying back at a 7.4% yield right now. So, the common that we raised was at about 5.5%, 5.6%. That's a spread we'll take any day.

但我們希望持續盡可能做出最好的資金運用。我們現在回購的殖利率約為7.4%。而我們募集的普通股成本大約是5.5%、5.6%。這樣的利差我們隨時都願意接受。

Thank you. That's it for me.

謝謝。我這邊就到這裡。

And just to remind Max, this is a situation that's ongoing day by day. If you could lob a few calls into the people who set interest rates and get them to push them back to 3.5% where we used to borrow, that would be nice because we could eliminate a lot of preferred stock and that would help our earnings.

另外提醒Max，這是一個每天都在變動的情況。如果你能打幾通電話給那些決定利率的人，讓他們把利率推回到我們以前借款的3.5%，那就太好了；因為那樣我們就能消除大量優先股，並且有助於提升我們的獲利。

Latoya, would you come on now and close this up for us? That's the end of the day.

Latoya，你現在可以上線幫我們做結尾嗎？今天就到這裡。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話。

Thank you for your participation, and have a great day.

感謝您的參與，祝您有美好的一天。