Gladstone Land Corporation (NASDAQ:LAND) Q1 2023 Earnings Conference Call May 9, 2023 8:30 AM ET

Company Participants

David Gladstone - Chairman, Chief Executive Officer and President

Michael LiCalsi - General Counsel and Secretary

Lewis Parrish - Chief Financial Officer and Assistant Treasurer

Conference Call Participants

Gaurav Mehta - EF Hutton

Craig Kucera - B. Riley Securities

John Massocca - Ladenburg Thalmann

Operator

Greetings, welcome to the Gladstone Land Corporation First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to David Gladstone, Chief Executive Officer and President. Thank you, you may begin.

David Gladstone

Thank you, Sherry. That was a nice introduction. This is David Gladstone. Welcome to the quarterly conference call for Gladstone Land and thank you all for calling in today. We appreciate the time to talk to you and listen to questions that you’ll have.

And we start off as we always do Michael LiCalsi, he is our General Counsel and Secretary. Michael, do you want to give your presentation.

Michael LiCalsi

Thanks, David. And good morning, everybody. Today’s report may include forward-looking statements under the Securities Act of 1933 and the Securities Exchange Act of 1934, including those regarding our future performance. These forward-looking statements involve certain risks and uncertainties that are based on our current plans, which we believe to be reasonable.

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 through our website GladstoneLand.com go the Investors page you can find them there, you could also find them on the SEC’s website at 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, a non-GAAP accounting term, defined as net income, excluding the gains or losses from the sale of real estate and the 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 performance and allow better comparability of our period-over-period performance.