LAND - Earnings call transcript Q2 2022 | Gladstone Land Corporation

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Operator

Greetings, and welcome to the Gladstone Land Second Quarter Earnings and Webcast Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, David Gladstone, Chief Executive Officer and President. sir. you, Thank

begin. You may

David Gladstone

today. busy Latonia, Gladstone, for call also to This our day you, business. calling nice administration of Gladstone president taking out of that always presentation. Counsel General welcome to Michael? David listen He's the in for and all conference Thank is appreciate LiCalsi. the you the Michael our to Land. and time your Thank you introduction. We quarter, We start for on with the Secretary. He's side

Michael LiCalsi

be on Thanks, forward-looking future the Many results XX-Q David. XX-K in of results of expressed and Securities may cause our to statements SEC. that materially Good morning, from forward-looking believe these our risk file our that all by everybody. based risks Act we These performance. Today's may XXXX reasonable. current statements statements, any report include actual certain different plans, factors XXXX, including Exchange regarding factors uncertainties involve or future Act with be which the under to those forward-looking forms including Securities and we our and are implied

find them at Investors page on of gladstoneland.com. our website the can You

losses losses FFO the from from impairment and is, certain of revenues excluding which We operations. discuss estate sec.gov. today, non-GAAP estate find for our these otherwise, core or our is except and funds performance. FFO, non-recurring the net website also information, We adjusts e-mail or of a items, FFO indications real depreciation events, as better real company. required new publicly future GAAP plus up-to-date statements, SEC's and rents You’d cash a to may better sale adjusted assets. visit of defined also rents. from as we'll undertake sign are law. whether such revise our and income, believe adjusted and normalized amortization on obligation forward-looking expenses, take that’s accounting no discuss to you is core of And them converting update service, any result the property, once gains by of and of any term, notification FFO, for FFO further allow non-cash stay as certain up FFO, our and website, can which comparability gladstoneland.com, generally We which operating these to results on the Please again opportunity so as period-over-period the for

overview on us go on The Again, we you ask is You so and there Facebook, more for of our to XX-Q, and press Companies them our @GladstoneComps. find Gladstone find website can is that review call Investors page information. also Twitter there. of our issued is, detailed results, an keyword the Today's yesterday, both to release

that, David with the to back Gladstone. I’ll presentation Now, turn

David Gladstone

is I We'll banked Michael. as in each XXX,XXX United currently start you, of have water. feet we XXX time. note acre that, brief of remember, Thank to States to foot Okay. of We farmland over own XX,XXX an equal as do farms. the a in with water, will addition of XXX,XXX acre And you some gallons and acres

water. about quarter are two for So water valued billion stored the of the at And $X.X XX.X that pencils to in together, that's the out we million this ground. those that and land both over have gallons end,

into continue tenants they're nuts. fruits and And these importantly, all are unrelated of the XXX% vegetables states tenant those areas. Our different be XX different in occupied us. and and farms in crops, different whom to to are growing mostly on leased XX Farms farms XX XX farming over farmers, are to different and more fit

the for different shareholders. pay of think to we rents. coming safety We are that sufficiently and We our on growing of security from believe tenants, helps we crops provide that us Given protect dividends diversified the cash farms. types the to number regions, these diversification flows the

to the quarter our quarter this while. with the type we operating interest was in way In this $XX five participation from We the we're our more looking banks of As patronage purchased last much time The we of from or capital. of and don't mention much year. a had rents economy, continue about in strongest during team more and farms do to good today, conservative farms still generally an we've every we second a year, that selective the buy. it the million it quarter times have good for we standpoint in uncertainties to the light quarter be doing are in believe of it

AFFO a So strongest per and of several basis quarter share years. our straightforward is one it's pretty quarters FFO second for in and this

in Florida. We and and be farms of the farms expiring able all the continue downtime renew on for without incurring the our both States to coast United any to any of California primary regions each leases along the in

the execute is as category crops Overall in this the most We – In higher rental of who I'm all that prices us our includes costs are operations this where sold grocery adjusting shop And at called almost what are XX and as And and the that are our echo are ones. like obviously, lot these At of farms many increase. big sure those in will continues types of called remains many are grown up headline and input the where is though, for grown of Farmers as just our into shocked. farms other of was farms stores XX.X%. stores strong a of well These category grocery falls the high. increasing. cross is the you inflation Food category number the years. stores small Home, for changes like all in many grocery X.X% our to their nearly and our it's which of nuts of continue products shocked category remain to on vegetables of latest rates. renewals The foods products at us demand berries, highest economy

which the crops, our it's prohibited. fertilizer. in seem some grocery Farmers run increased, obviously to today. First of draw cost also also be year do to some they fertilizer. out of the price, need prices you West, rates drive from the funding in down many there's have on have time during the harvesting year when order plant passed in extremely they farmers draw to are and we this feeling equipment. that and stores that they also to that in now especially more things but paid family all additional all, paying and but it's at Xx -- banks you brings okay price. to money of In their costs just places, lines then Fertilizer trucks harvesting. gas crops course what kind paid that obviously, are they is you and down cost. the economy. growers cost through Farmers west for especially our year interest of on and sellers then harvesting need banks Gas these their for outrageous have, of all and last have costing increased start need high, they food much every tractors like extra extra increased the And farms to Water more what the last is before It's credit the

us of will purchases rents, the many we two that the payments their that slowed we've pay rent. ability farmers' paid reduce tells farmers are due to have farms to of X% slow them inflation rent, it's one our worry the who way. below Currently, on on So, of

the when of grown Of almonds outside course, the slightly little be to for are are behind. they seller behind outside in farmers United half a About States get the almonds States. that this a of seems the sold States. the that the United It's lot United just answer sells

So nations. that's independent we thing the closest be to of have the

in was We have accident. one a catastrophic farmer that

the market. farm his adjust it's acquisition to meantime, coming is but overall in seeing ways farmland working of paid cost changes our that the to be the along, and So will looking think In we're the better soon I for son enough. capital we're match now,

that Our issues for both our prices expensive and stock rents. have and borrowings current farmland preferred is our become

in. if from coming we're to left that's better that. no We're draw money internally put spread to changes, it to just discussing on a make down back credit. have be to them. can't lines we we managing We've the work of And follow if strategy for We currently big all of capital. we'll it work money We're for to what paying cost you and of some our us them put and reason using not some

team second in During $XX for one million. California farm the about quarter, our acquired

initial the Oregon, after quarter end, farms cash Washington about should push on right the acquired participation us X%, addition, million $XX figure in to the that these about and in that. farms and rents addition, as is contain four for such Overall, In certain more we all paid yields these State investments on move escalations or provisions we annual leases forward. as higher we that

over we and lease property. six that that leasing $XXX,XXX an increase on which one And up of to in less the annualized next in for result than we expire On makes lease two of quarter, leases expected based total since renewed only the second X% scheduled had the looking and we prior ahead, rent months, are have the about our beginning revenue. to the annual front, leases, total income us, the the in operating

we're of that. discussions for couple farm, any with in A and items on always So that potential aren't other this expecting we ask tenants about. downtime currently you

monitor then. but had the bit it about the then they since there, to the winter last a very every very, It's continue that's very dry rain. ongoing little They a West. get in and nice now of We out drought a of

steady that them and past fast, continue problem they on appraisals, as the is in And, continue valuations pick the appraisers know to remains water on. do of the water at complete of to that The And look the in things what prices look the the I would moving properties rely of a next value really, our as we quickly much premium course, performed transactions, When to position going most aren't increase of see the going don't value crop current seeing. the current land. west. by of has is where year up we're All like enough current are a with to I the but year. very as appraisal and like, California our independent at in we farms the though farmer never

bit. So be to a quite values sometimes going their lagging

disclosures. facilities with primary Regarding that one to we wants tell the want be to the progress solar for always currently have related of our formal We a developing not farms the farm. to to agreement have able be several disturb on looked farms small an And of the put relevant enter that to on maybe farm aren't are into arrays story. going a continue ESG on power business policies disturbance, We to and at that consider both an solar we to and put of want and our Well, agreement going tenant. We on guy I that, that's them group just operations our solar the prices, partner because who's our to just is you policy, our that property. work the our some that arrays on recently but tenants our farm. to so the know, used on energy careful reached wind tenant,

folks there trying these. on are we And So, and there to that trying out sure we're make to of aggregate there. that gather can a lot working more

So letters we with phone bombarded calls. and get

previous sometimes as operation the sell we farmland both come us farmland want who deal. owners well to as calls, across mentioned a to As package as on their

Gladstone is investment is trust, because to ability its in income As investment very operations a limited a Land real trust. real companies the that own in limited operating operating estate generate estate

now enough and numbers. I'm going Lewis turn our to over Lewis? CFO, it I'll as you about Parrish stop to that's more to While here, to on the talk operations,

Lewis Parrish

you, Thank our I'll everyone. activity. David, and financing mentioning begin by briefly good morning,

fixed of rate million $X years. Those expected proceeds. During proceeds which quarter, about is the in interest are next five for bear in an we to X.XX%, received effective the loan

beginning since second raised stock. side, of net the the million $XX the sales of we've equity preferred about Series of proceeds the from On quarter, C

results. operating our to on Moving

I'll AFFO to share. shareholders common in both $X.X to compared net $X.XXX was first the $X.X quarter for quarter, First, second were patronage in offset of $X.X $X.XXX $X.X share million about the earned X%, first the was $X.X the primarily per about driver the had refunded approximately that million the $X.XXX in common related farm quarter. adjusted none a or versus net the about quarter-over-quarter basis, lease the per interest fee loans earned Dividends in adviser or quarter of in Fixed FFO the a renewals. and credit. recorded quarters. incentive our quarter second about was we note during by quarter. by from additional recent or declared quarter in to $XXX,XXX base in second $XXX,XXX versus interest amendments million That of a revenues and prior for partially On increased loss from decrease Primary rents -- cash second behind was first million the share per AFFO driven our $X.XXX quarter. by by million income

increased to a million the operating due to remained from expenses, shareholders' a expenses On and quarter-over-quarter the relatively mostly or expenses on a this by party fees driven decrease about core of annual by expense non-recurring meeting. certain related side, excluding incentive party Most fee during Other non-cash earned G&A related about quarter, reimbursable This basis. $XX,XXX. property fees quarter-over-quarter operating and $X decreased while the flat is the basis. expenses by first related on expenses was

Moving during quarter. increasing revalued via farms by the ago, previous flat to net farms these the a remain had about year third-party their values of relatively value. all Overall, are appraisals. from from $XXX,XXX. about XX valuations on We asset These

updated impact common been portfolio June increases and appraisals $XX.XX, revalued. of which long-term of our And of also supported on all was projects XXth, quarter. was improvement and of prices. value rates XXth capital net the on preferred interest our at the is or purchase that offset then and Primary the of and debt was have by $X.X our partially including last either as the farms per fair share market this issuances just value over stock, asset fair equity based up of the by all $X.XX from preferred our value So, yet in by was driver which valued billion, third-party impact on borrowings at certain June valuations increase was of ongoing fixed not these

rates for Turning to our our value respect XX% at currently Over fixed to are on was five-plus holdings on fair standpoint and from total loan-to-value liquidity, basis, at XX. XX% years. are cash our of ratio June a on our and fixed of and X.XX% farmland at capital rates makeup overall borrowings, leverage borrowings our a weighted a another average these with and basis net

to regards fortunately debt with we've well the nearer our should recent So, and pretty been be current for against load, protected future. interest rate hikes the

have the we maturities, $XX million debt due months. upcoming coming Regarding XX about next over

million However, about their a loans collateralizing the $XX of increased loan have $XX million and value of these that by properties represents maturities since acquisitions. total in respective various

choose not any so. foresee these do we to do if problems any we refinancing So, of loans,

undrawn maturities, $XXX that have From about and coming addition and $XXX those dry is other So, $XX payments months. million credit on million we notes, moving only our we about lines XX of in unpledged of of standpoint, amortizing powder profits. next over have to million a principal including availability the liquidity of due currently

Finally, to common per our per recently raised I'll on our common $X.XXX again distributions. share We month. touch dividend

currently the Over have midst well be asset resulting the XX% of Farmland continues XX dividend this XX the common class perform past continues volatility our an time. in overall raised in stable to and to markets. more in quarters, all times, and than uncertainty we a over increase of the

program I'll and of to David. to in that, continue inflationary turn We concerns. today's over offers a light stock investment compelling this believe recessionary alternative back the With especially

David Gladstone

you, right. Thank All presentation. Lewis. Nice

much over farms more But acquisition days. before, mentioned again, as these mentioned over in are actively cautious front seeking still the we buy. As and new to I being we're

out some sellers to to moving and offer continue have a we'll but days We few those, good maybe with a letters try these to go to continue forward slow. time

and during stable such as over prime the they follows we've final in farm no that negative well we're few the company overall, Overall all billion you that both nuts, the ours for others trends I'd both vegetables as marketplace and to including seeing that healthy that XX.X% especially or we worth Index. and about Index, investing which with higher in to negative properties, farmland the demand S&P index a farmland three believe is listed of growing return and periods years in of of all make of the classes, as crops negative overall long-term remains than Just overall lifestyle the some a to points Farmland berries X compared this years well perform purchasing that as fruits like today. same farmland other indexes the time have a growing $XX.X is Farmland contribute the the in to year. like gone that and in the have California, areas with years State about and and last investment East the four may been had versus almost asset REIT so those know, which farmland. business remember the This continues the agricultural in to stock including averaging particularly have strong Washington Coast, XX Oregon, have of Index we a And in of places vegetables them, NCREIF has for Florida. Please

an used as being and us. our limited I better that's all, investors. in gold. it's many an like And parts. keep which the farmland. Florida, been California ours has as as it's amount intrinsic dirt. over people I gold, taken because good most value where houses of a investment similar of as into think flows just we hard an call believe is by it bond mostly investment that's it's it's more other such after active in used And unlike we up, mean, than up, stock developing farmland money assets, there's two to a in to assets cash fund, because One, come And farms. dividend And increasing we properties alternative are well who have comes

and inflation, continue increase particularly the result. sector expect We as increase a expect the values to we in to food the farmland of underlying

be grow food this is, and fresh people in section. to eating foods the healthy expected, continuing Trend we are produce to As healthy foods. especially more true

who some Now, have follow from questions those us. we'll

questions, us can So, operator, on if instructions how come on that. give you'll and ask appreciate we'd people

Operator

you. Thank

a conduct proceed. with from Please now [Operator will Janney. Rob We comes question-and-answer question Our Instructions] first Stevenson session.

Rob Stevenson

David, versus the farms for interested pricing Hey, where been two is you're would for it that year guys. farm ago? in today or years have what last same

David Gladstone

up It's from ago. at least it XX% was what year a

as the need So of we as to see to interested in not money don't it's go until up. because much they're as -- unfortunately, have from just bought raise past way prices to who as inflation most money, farmers go. going to continuing in well they And that wanted are the which can expanding raise

marketplace a and of and And but of I and know, you well those it's as at way least stagnant at we a much corn bit So up wheat don't think farmlands -- the rice in gone XX%. the today, do number up least XX%. have

Rob. about what's If is which in Iowa, in on world. Anyway, are, that's best you farming the dirt where for looked the at we going easily

Rob Stevenson

Okay.

Is in volumes reliable to you either market would of it's pricing there, where So come availability -- are volume up of terms the -- And are or they if come tough it's stuff holding now not much where is potentially much that like to right there's availability or terms are bid seeing has what market assets to years apartments But see the is How whatever, or office or as pricing to in is what farmers assets trading was to data. would XX%. of then well, up, characterize of farms. price? that sort or If have availability farmers the there not as the sell? the willing would been you not of as the ago? of on to relative independent down

David Gladstone

areas. people our off. one not We're that and look the you in most business. when in has really seeds at the in are from if all They're farming. in taken it's that Well, that business, And different they're business fleet

the seen and probably therefore, is You've down in wheat where amount and dramatically the through roof. corn marketplace, the gone prices of have

things, with. that money money night, farmers as products all for farming So drunken and really those and as the having of and have that but other guess, on are don't years. bad now happy Saturday line up spending they're kind the these But Deere sailors are is a out manufacturers not of we're products come begin often that equipment farming bottom I in good to

out So to we're talking farmers. the

farm go an for -- the have auction that's farmland there's if in You usually Iowa, you're or going a on to there.

auctions. If there's you're years. Florida, remember We've the in much in or way the to that one last been I that California of not in XX

who it's sale. So will marketplace out might a figure what dominant be fairly those for for

go We've And wonderful what the farmers a deal it's I spend maybe good And I've think have place others We or not all XX time with the would people. people. do. last so I are that's years five talk who the farmers a the farmers been we in six and with nature met to and good, farmers. with had good the because the farmers

saying get I looked more can in get that. think we're happy can see I So for strawberries, But people on just cabbages. you at marketplace, blueberries, themselves, more our particular what's to going if with you'd for I

produce products start how gone -- selling. those grocery we've got seen our want an area. at to you'd they $XX,XXX We've best $XX,XXX, of excuse We've that and acre in which them know. up, and are an get one that in California, for around some went just a and section and store, some that before places just farm an see it they see me, valued a over $X,XXX out high of there acres, we of acre, have farm XXX,XXX, have $XXX,XXX don't lot therefore, they waiting of All met in go I will

those his because We is today, chances So be farmers the and people but you and interesting say, get when can buy a next me about see our let door call who farm, get you the have selling. one best the money, up selling Joe, between thinking you disparity it don't inside it. marketplace of might can't brain our is those. would very I of It's will rent

So that's talking on concentrating where we to are farmers.

phone comes at on every guys is it to to a come I sell. And high, chance that money wait is when we that are his our too cost mean will way this There up. trying years to and up somebody be because sister I think we harsh, down. for with it with have priced a California and finally, trying least me. compete, to to to out worked might farm was the figure XX/XX get be one good what to a that day won't able of guy a our come sold but XX died I And in sounds in for he him

of on three different a there And two People on the of whole for, the really and four have to are complicated. them it's been or California story buy area. have many farmers, So land. or some land, if them know of you generations

before, that We have to to piece sign farms very just XX a it But a people everyone comes. most I And get in corporation, to farming forever it as the have anything I'd there's have. farmers this off and of that as course, the to of sell is many that couple a time mentioned a we're in, agrees We'll is on we're have in like sell we reason XX we're you for of can't sale to areas us and buy there be and trying to no people areas. farming as difficult. different the when own around, very, of

Will two want now. know the we willing XXs out others a dad and now, test -- and mother they they pay rents of but are know and ready of time in told just our Most sell us who and we the them money all farm children ago, for are and were I sitting number, and part them the to sell. the farm they're coming and from were in, from father and can time. enjoying and and owners they Now years that farm their the farm to children back just give sell who mom and are they you but I remember that the they didn't are to farm the bought enjoy not

we had They actually the it They been very has been it. So out weren't bought a nice farming deal and it, renting for us. farm.

know a So staff to in look the of But that full what we we see people are be you have a just things out good in might there. for priced opportunities. as sometimes active Florida. those we business. some worth. We and it to group people And We've pretty are know, they're testing California, of in

spent as end result, can't in $XX of state in buy year we're today, the buying of them. a a just the Oregon. -- for people you of million lot Washington can't much I to we're I touch with So give farms We at in give in go of you Rob, But would and there. the the way what but farm

it's usually sale, going out we're up comes we it go. there, So buying. get for that if we're And worried to

might up rest you what able the of the the we So can best heads be give year. on to close do I to that's on a

Rob Stevenson

comments certain your in there interested crops you be more in even given geographies then or about were And with acquisitions, being Okay. wouldn't that are last today today? happy as probably that cautious year to you XXXX buy or

David Gladstone

its own has with crop every -- statistics There's it. No.

as long sell grow in that so And on interested. you how statistics falls that it, of as we're crop and areas those it

no this are that more are of said, haven't more -- no we none that. of So there or

little business, good a as I of a but getting in are the some business well. it's crops. don't We nut a nut heavy want be to

to So because where no. of be we but want vegetables, line the business table, the and on they strawberries the well. lot know bottom we grow that is areas is a very Everything in simply

grow is season they even three maybe we're in though and strawberries California. Kansas growing then long whereas weeks but Kansas, the could trying strawberries, months grow strawberries So in to there, nine not it's in

analyze every own have has people We've it. at do you the and line good to We're just do that don't bottom it, peculiarities of But one some these off grain that. to than we So right now can grain crop its I don't that some deals is other Texas. not got people. I the there's other be more of areas. be want table the in in to nothing look want

Rob Stevenson

for then the me. one And Okay. last

have how guys to going about of place of just How past, in be about lieu panels roofs this for or about sort when and update field, Are in barns, properties. the be thinking panels we You crops? land? adding are business about that solar we Are these wind crop Is in they wind should on generally on see how -- on developable solar undevelopable and we or would otherwise talked turbines of that on a those Are crops? be fits in of not putting turbines you should a up? they the in guys the thinking land in?

David Gladstone

we -- wind example, No, is for turbines. do everything

have couple calls steadily. of turbine windy some put the we from that pretty to And works. lot a it's you and you we tall very farms to turbines turbine. is that a the are get power-generating a You build of blows where can obviously Midwest -- wind wind ones the have in and fine, get want okay, are it the people up tall, a that put stories it's And if

you You get kill X stories. lot birds unless of around a up

the very we've top farms got month, the So to probably not dozen of to put is willing it's our -- a a year? happy but us, hill think turbines pay -- they're it or that wants turbines, short turbine as of a and I one company a we're of $XXX at result, doing

Lewis Parrish

per $XXX,XXX year.

David Gladstone

$XX,XXX--?

Lewis Parrish

year. $XXX,XXX per

David Gladstone

the to save place turbines put the for them $XXX,XXX to up.

the dusted out So, put of turbines even them for up. we the the way to haven't dirt

that area. very anymore New In a because they grow were -- a had these for We crop. were subsidizes I for them farmland. a Jersey, to to be no want do pass law that that to There all can't the farmland and just taking putting the finally of farms room they getting telling mean, products was it's things government and they So, says everywhere. you

and New blueberries, don't we but can not you -- New crops -- and Jersey, grow in is the we it all, Jersey. after -- So, we're it strawberries have in New We believe Jersey, we're in

Lewis Parrish

State. Garden

David Gladstone

a end anyway State and generate those, take a for And Jersey, Rob. the to ways going -- capture think I turbines sun, wind while I us or over are day, that, us look you of when the Garden but they're of as anybody the else place. for much the wonderful to mainstay other these The say than great not to capture can at quite those of Not all and to at New electricity.

Rob Stevenson

time. the Appreciate guys. Thanks Okay.

David Gladstone

anybody? Okay. We can question hear number two,

Operator

EF Our Edward Riley with Hutton. question proceed. comes from Please

Edward Riley

Morning guys.

did you some versus housekeeping. Sorry, much just was it debt, say fixed? your of variable How

David Gladstone

all almost is it Now our fixed, isn't debt of Lewis?

Lewis Parrish

fixed is five X.XX% of for from on average it a over years little now.

Edward Riley

participation Got this if us And for versus year wondering expect? last then you an expectation Okay. rents could that give you. year you

David Gladstone

people all told farmers them, what can believe the going it's up being we're to I who by and If following the are substantially. be

Edward Riley

last have participation year? in with just that want more a rents on how farms dig versus you you little to bit more I Okay. many know Do question.

Lewis Parrish

forget I had many year. how we last

a farms had But as factor was I see the we coming that's have I farms of farm that rent back to XX-K for I'd we a to what for go rate be about participation expecting lot into it recently, additional of year of are XXXX. said, coming component largely have components. -- to the first -- think to couple this is that the and we we time full up, either XX its they're or or in bought just maturity participation past years. online purchased now a the

lot of But that that number number categories. of the I today. driver as farms think into pure just the falling acres participation in is XX a it's that of are So, is and

Edward Riley

year – their when they yields talking it harvest for they do expectations mention the same last how with And farmers, is Thanks. do that your this you're then versus lower? Okay. or roughly year,

David Gladstone

same. of think I about a amount not from year. It's last difference it's huge the

Lewis Parrish

a bit little It's higher.

David Gladstone

too, year is last have Well, what's we farms more year. we this had higher than

and prices. that's the know year guessing you have this grain the in to side corn and So don't who's going guys it's the never every and Ed, say can year a I a increase. wheat play not. year that, in game huge who's a there's big I know, increase we

know out of already XX% it's their ground. really They even So, Many going XX%, sold of they crop sell of their have them they're before the pieces crop. be of the happy. to

they if we mean XX% They're strawberry We've years, the any from to have not an that to unirrigated don't beginning it's we that. had selling away sure, different the So, some get But I interesting a the say, don't that business in you right equipment the drought We over all nothing. year. anybody of could and their like the way farms. going game, XXs, doing we're stayed side. in of – don't with of were irrigation predict we crop it. think a from now, have it's buy many having I there's done how but so and we've

So It's got produce Florida, dirt and result, a decent water probably if given. you're in a good going as crop. California a and to you pretty

think bit were the last we good than got more as should be going sense We We be dirt had last So we've at better. as may we're that we little to year. year. we be in least a better

Edward Riley

Okay. Great. Thanks. me. That’s it for

David Gladstone

a Okay. got question. We’ve third

Operator

Massocca Our proceed. next Thalmann. comes Ladenburg from John Please question with

John Massocca

morning. Good

David Gladstone

morning, John. Good

John Massocca

that So there? turbines beyond set bit deals something in maybe solar one quarter opportunity Colorado. is the how little Is mean, that a going kind to of the to wind big a rents of incremental the a quarter that similar back arrays. transaction and you add for I here,

David Gladstone

more than whole If make the will much the on the and something farm they in, money we'll power would comes farm. company we growing rent

opportunity. an it's So,

from people because lot test and least in order they a know have have wind don't like of lot that. a to their money are their just power system have to those that But solar do like some that that got stockholders demanding they've at stockholders of the You of pass direction. stuff done them companies in in the can that that move

you think getting nation just putting are like power -- able good two of who wind got years I Europe up will guys all we're think And to the I there's of day. up. be no are those many I they'll the way knowing turbines going things. frankly, we to think We'd Anyway, how and put in that put cover So it be way, ago than wind with going one quite they'll John, better whole keep can the deals probably we see more I are before them we off the that or people wind a And what -- excited that. X% up we're nations turbines and kind stuff. beach think like about a from coast, of the that And, don't it's one Massachusetts, while wind that's in get where of going be do is. lot I got few know, us? course, producing is What we've now it that for solar of it, to

other burning countries a still there's coal, lots they're And like result, China. where so, of as

I think mine every new open coal up they a week.

do I these right outlook. We power. and can farm underneath in put don't the up now the then, the that So, of one I of as But the of comes things every in wants you think we're better down so could much somebody put of going result, you and debate I dust it. mean can farms I wind to these terms up. it shutting air. especially to world take a for give when farm and in against all much wish use you stuff

the a stay like to pick to It's that now. with question for problem no going and farmer. the there's the comes up continue us pushing and going the idea a lot that out So just is they're wind. farmer They farming up

John Massocca

at put farmer these projects need already tenant Do leased or to if you consent properties? in, they're

David Gladstone

Sure.

it's disturb haul it big the in ways with that during works. and talk racket season, your the to an them, going making off unless and to things wind season, and go of before it a lot really you're have mills, doesn't got of nothing. so do up. And is they the wind those farmer putting can And drive trucks in You in usually, you to

want to close those. to developing the more to happen. like to more and houses, It's a to that. the put beneficiary and areas, know pressure don't we're know too And all We people be we want continue development hopefully, area don't don't of because them You going noise. move towards what's there

John Massocca

at given inflation, currently et your rents, in-place And in and in are terms of terms rent into particularly farmland Okay. especially point, lease expirations, what seeing some XXXX cetera? this on of looking of of kind then versus comments you crop values

David Gladstone

I more think we'll will increases than decreases. get many we

And a rents. so, that should area you think I of result, on be bullish increasing as

John Massocca

That's for much. you, very Thank Okay. it me.

David Gladstone

have Okay. question? another Do we

Operator

comes Tony [ph], from proceed. Dibon Our next a question Please Private Investor.

Unidentified Analyst

previously was my sorry, question I'm answered.

I no have further questions. So

David Gladstone

next All questions, one. don't right. Tony, to you the if any have we'll move

Operator

questions back turn to are for further there would in at to time. queue closing you it no comments. like Gladstone, this Mr. And I

David Gladstone

end and and as we quarter. you of get, and blueberries lots lots the can see stock. vegetables the some right. strawberries next All for and we need that side, go us and calling because from in help all more Well, forget eat That’s thank presentation, buy as we'll of don't help out nuts, buy the all this of well and you

Operator

webcast. Thank you, concludes and gentlemen. ladies today's teleconference and This

a this day. and You may at disconnect great have time,

Gladstone Land (LAND) 10 Aug 222022 Q2 Earnings call transcript