Gladstone Land Corporation (NASDAQ:LAND) Q2 2024 Earnings Conference Call August 9, 2024 8:30 AM ET

Company Participants

David Gladstone - President, Chief Executive Officer and Chairman
Michael LiCalsi - General Counsel and Secretary
Lewis Parrish - Chief Financial Officer and Assistant Treasurer

Conference Call Participants

Gaurav Mehta - Alliance Global Partners
Rob Stevenson - Janney Montgomery Scott
John Massocca - B. Riley Securities

Operator

Welcome to the Gladstone Land Corporation Second 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 event is being recorded.

And now I'll turn the call over to David Gladstone, Chief Executive Officer and President. Please go ahead.

David Gladstone

Thank you, Darrell. Nice introduction. This is David Gladstone and welcome to the quarterly conference call for Gladstone Land. Thank you all for calling in today. We appreciate that you take time out of your busy day to listen to our presentations.

Before we begin, though, we need to hear from Michael LiCalsi. He's our General Counsel. Michael?

Michael LiCalsi

Thanks, David. 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.

The 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 you can find in our 10-Q, 10-K and other documents that we file with the SEC. You can find those on our website that's gladstoneland.com specifically the Investors page or on the SEC's website which is www.sec.gov.

Now 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. And 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, also adjusted FFO, which further adjusts core FFO for certain non-cash items, such as converting GAAP rents to normalized cash rents.