Gladstone Land Corporation (NASDAQ:LAND) Q2 2023 Earnings Conference Call August 8, 2023 8:30 AM ET

Company Participants

David Gladstone - Chairman, CEO and President

Michael LiCalsi - General Counsel and Secretary

Lewis Parrish - CFO and Assistant Treasurer

Conference Call Participants

Rob Stevenson - Janney Montgomery

Edwin Najarian - EF Hutton

Operator

Greeting and welcome to the Land Corporation Second Quarter Earnings Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions] As a reminder, this content is being recorded. It is now my pleasure to introduce your host, David Gladstone, Chairman and Chief Executive Officer. Thank you, sir. You may begin.

David Gladstone

Okay. Thank you, Latanya for that nice introduction. You've done it many times for us and we appreciate your efforts. This is David Gladstone, and welcome to the quarterly conference call for Gladstone Land. Thank you all for calling in today. We appreciate you taking the time out of your day to listen to our presentation. But before I begin, we have to hear from Michael LiCalsi, he's our General Counsel. So Michael.

Michael LiCalsi

Thanks, David. Good morning, everybody. Today's report may include forward-looking statements under the Securities Act of 1933 Securities Exchange Act of 1934, concluding notes 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.

Many factors may cause our actual results to be materially different from any future results expressed or implied by these forward-looking statements including all risk factors in our Forms 10-Q, 10-K and other documents we file with the SEC find them on our website at GladstoneLand.com, specifically go the Investors page, or on the SEC’s website that's www.sec.gov. And we undertake no obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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

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 are better indications of our operating results and allow better comparability of our period-over-period performance.