Gladstone Land Corporation

Greetings and welcome to Gladstone Land's second quarter earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn this conference over to your host, Mr. David Gladstone. Thank you, sir. You may begin.

And thank you, Laura. 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 appreciate you taking the time to listen to our presentation. We'll start with Michael LaCalce. He's our general counsel and secretary. He's also president of Gladstone Administration, which is the administrator for all the Gladstone funds. Michael, go ahead.

Thanks, David, and good morning, everybody. Today's report may include forward-looking statements under the Securities Act of 1933. 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. Now, 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 Forms 10-K, 10-Q, 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 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'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. And we may also discuss core FFO, which we generally define as FFO adjusted for certain non-recurring revenues and expenses, and also adjusted FFO, which further adjusts core FFO for certain non-cash items, such as converting gap 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. We ask that you visit our website, once again, GladstoneLand.com, sign up for our email notification service so that you can stay up to date on the company. You can also find us on Facebook. Keyword there is the Gladstone Companies, and we even have our own Twitter handle, and that's at GladstoneComps. Now, 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. Again, Those are on the investor's page of our website. With that, I'll turn the presentation back to David Gladstone.