Gladstone Land Corporation (NASDAQ:LAND) Q3 2023 Earnings Conference Call November 8, 2023 8:30 AM ET

Company Participants

David Gladstone - Chief Executive Officer

Michael LiCalsi - General Counsel and Head, Administration

Lewis Parrish - Chief Financial Officer

Conference Call Participants

Rob Stevenson - Janney

Mike Albanese - EF Hutton

John Massocca - B. Riley

Mike Whitaker - Newbridge Securities

Operator

Greetings and welcome to the Gladstone Land Corporation Third Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. David Gladstone, Chief Executive Officer. Please proceed, sir.

David Gladstone

[Technical Difficulty] quarterly conference call for Gladstone Land. Thank you all for calling in today. We appreciate the time you take to listen to our presentation. Before I begin the presentation, we are going to hear from Michael LiCalsi, he is our General Counsel and Head of Administration. 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, including those regarding our future performance. These forward-looking statements involve certain risks and uncertainties that are based on our current plans 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 the risk factors in our Forms 10-Q, 10-K and other documents that we file with the SEC. You can find them on our website, the Investors page at gladstoneland.com and on the SEC’s website, which is 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 also discuss core FFO, which we generally define as FFO adjusted for certain non-recurring revenues and expenses and an adjusted FFO, which further adjusts core FFO for certain non-cash 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 for a period-over-period performance.

Once again, please visit our website gladstoneland.com and sign-up for our e-mail notification service. You can also find us on Facebook, keyword there is the Gladstone Companies and on Twitter, that’s @gladstonecomps. Today’s call is an overview of our results, so we ask that you review our press release and Form 10-Q, both issued yesterday for more detailed information.