Farmland Partners Inc.

Good day and welcome to the Farmland Partners Inc. fourth quarter and fiscal year 2020 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero. After today's presentation, there'll be an opportunity to ask questions. To ask a question, you may press star then one on a touchstone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Mr. Paul Bickman, Chairman and CEO. Please go ahead.

Thank you. Good morning, and welcome to Farmland Partners' fourth quarter and fiscal year 2020 earnings conference call and webcast. This is a very exciting time for our company, production agriculture, and farmland ownership in particular. After five or six years of difficult economics, for farmers in late 2020 and early 2021, we have seen increasing farm incomes and associated increasing land values. This improved outlook has led to substantial improvement in the stock price, the key strength of farmland as an asset class, with its ability to hold value in downturns accompanied by meaningful appreciation over multi-year holding periods. 2020 AFFO and revenue were disappointing, partly due to asset sales and loan repayments, but also due to COVID and the lingering trade issues. The COVID demand drops or marketing delays were especially pronounced in the specialty crop sector, but most signs suggest demand will at least partially recover in 2021. Before turning the call over to Luca, I wanted to welcome two new board members. First, Mr. Tom Henehan, who is the CEO of Equity International. He joined our board last December. And Ms. Toby O'Rourke, who's the president and COA of Campgrounds of America. She joined the board several weeks ago. More about Tom and Toby's background can be read in the associated press releases we issued when they joined. With that, I'm going to turn it over to Luca for some introductory comments.

Thank you, Paul, and thank you to all who are listening to this webcast live or recorded. The press release announcing our fourth quarter and full year earnings was distributed yesterday after market close. A replay of this call will be available shortly after the conclusion of the call through March 27, 2021. The phone numbers to access the replay are provided in the earnings press release. For those who listened to the rebroadcast of this presentation, we remind you that the remarks made herein are as of today, March 18, 2021, and have not been updated subsequent to this initial earnings call. In the investor relations section of our website, you can find a presentation with supplemental information that we will refer to during this conference call. During this call, we will make forward-looking statements, including statements related to the future performance of our portfolio and our identified and potential acquisitions and dispositions, impact of acquisitions, dispositions, and financing activities, business development opportunities, as well as comments on our outlook for our business, rents, and the broader agricultural markets. We will also discuss certain non-GAAP financial measures, including net operating income, FFO, adjusted FFO, EBITDA RE, and adjusted EBITDA RE. Definitions of these non-GAAP measures, as well as reconciliations to the most comparable GAAP measures, are included in the company's press release announcing fourth quarter earnings, which is available on our website, www.farmlandpartners.com, and is furnished as an exhibit to our current report on Form 8K dated March 17, 2021. Listeners are cautioned that these statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations, And we advise listeners to review the risk factors discussed in our press release yesterday after market close and in documents we have filed with or furnished to the SEC. I would now like to turn the call back to our Chairman and CEO, Paul Pittman. Paul?