Gladstone Land Corporation (NASDAQ:LAND) Q3 2024 Earnings Conference Call November 7, 2024 8:30 PM ET

Company Participants

David J. 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 - Alliance Global Partners
Rob Stevenson - Janney Montgomery Scott
Craig Kucera - Lucid Capital Markets
John Massocca - B. Riley Securities

Operator

Greetings. Welcome to Gladstone Land Corporation’s Third Quarter Earnings Call.

At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce David Gladstone, Chief Executive Officer and President. Thank you, Mr. Gladstone. You may begin.

David J. Gladstone

Well, thank you, Sherry, and that was 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 certainly appreciate you taking time out of your busy day to listen to our presentation.

Before I begin, we’ll start with 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 listed in our Forms 10-K, 10-Q and other documents that we filed with the SEC, and find them on our website, that’s gladstoneland.com, specifically, go to the Investors page, and you can always go to 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.

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. And, we may also discuss core FFO, which we generally define as FFO adjusted for certain non-recurring revenues and expenses, as well as adjusted FFO, which further adjust core FFO for certain non-cash items, such as converting GAAP rents to normalized cash rents.