Gladstone Land Corporation (NASDAQ:LAND) Q4 2023 Earnings Call Transcript February 21, 2024 8:30 AM ET

Company Participants

David Gladstone - CEO & President

Michael LiCalsi - General Counsel

Lewis Parrish - CFO

Conference Call Participants

Rob Stevenson - Janney Montgomery Scott

Mike Albanese - EF Hutton

Barry Oxford - Colliers

Michael Diana - Maxim Group

Operator

Greetings. Welcome to Gladstone Land Corporation's Year-End and Fourth Quarter 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. At this time, I'll now turn the conference over to Mr. David Gladstone, Chief Executive Officer and President. Mr. Gladstone, you may begin.

David Gladstone

Thank you, Rob. It's a nice introduction. This is David Gladstone and welcome to the quarterly conference call for Gladstone Land. Thank you all for calling in today. We seriously appreciate all the time you take to listen to our presentations and hope we can give you some really good news this time.

Before I begin though, we have to start with Michael LiCalsi. He's our General Counsel. So, Michael, take it away.

Michael LiCalsi

Thanks, David. Good morning everybody. Today's report may include forward-looking statements on the Securities Act of 1933 and the Securities Exchange Act of 1934, including those regarding our future performance. Now, these forward-looking statements involve certain risks and uncertainties that are based on our current plans, which we believe to be reasonable. The many factors may cause our actual results to be materially different from the future results expressed or implied by these forward-looking statements, including all the risk factors in our Forms 10-K, 10-Q, and other documents we filed with the SEC, you can find them on our website, which is www.gladstoneland.com, specifically the Investors page, or 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'll 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. Also 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 of our period over period performance. Please visit our website once again, gladstoneland.com, sign-up for our email notification service. You can also find us on Facebook, key word there is the Gladstone Companies, and on Twitter we're @gladstonecomps. Today's call is an overview of our results so we ask that you review our press release and Form10-K, both issued yesterday for more detailed information.