Gladstone Land Corporation (NASDAQ:LAND) Q3 2022 Results Conference Call November 9, 2022 8:30 AM ET

Company Participants

David Gladstone - Chief Executive Officer & President

Michael LiCalsi - General Counsel & Secretary

Lewis Parrish - Chief Financial Officer

Conference Call Participants

Rob Stevenson - Janney

Edward Riley - EF Hutton

John Massocca - Ladenburg Thalmann

Operator

Greetings. Welcome to Gladstone Land Corporation Third Quarter 2022 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

All right. Thank you, Sherri. That was a nice introduction. This is David Gladstone, and welcome to the quarterly conference call for Gladstone Land. I want to thank you all for calling in today. We appreciate you taking time out of your day to listen to our presentation. We're going to start with Michael LiCalsi. He's our General Counsel and Secretary. He's also the President of Side stone Administration, the administrator for all of our funds.

Michael, go ahead.

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, 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.

And 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 Form 10-Q, 10-K and other documents that we file with the SEC.

You can find them on our website, www.gladstoneland.com, specifically the Investors page or on the SEC's website, which is 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'll discuss FFO, which is funds from operations. Now FFO is a non-GAAP accounting term, defined as net income, excluding the gains or losses from the sale of real estate and are 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 nonrecurring revenues and expenses, and adjusted FFO, which further adjusts core FFO for certain noncash items, such as converting GAAP rents to normalized cash rents. And we believe these are better indications of our operating results and allow better comparability of our period-over-period performance.