underlying up perspective. Thank Luca. asset an from This where year held and a It's values have okay has the operating year fundamentally business our reasonably you, performance well. been business
stock no our what certainly regard be to would It's substantial a in will to continue that between There held us prices values have exists understand we company. The is is as in that is market historically. asset disconnect regard case. reason expect, is values up to price. think with that public happened to decreases with primary our year it's to commodity that market Nevertheless, despite dismal the fundamentally been similar and has not to values. amount hard it However, for private
and both to the asset During have in expected. assets and underlying it. the February flows discuss that value we that of provided we as to in the that different Q&A They relates why anyone expected. in AFCO if acquired markets cash as well are terms it has questions and about last diversification happy acquisition further performing terms The of happens,
that am performance pleased is a misunderstood. to webcast We as what covers operating want of XXXX the to presentation and acquisition. yet the those of data slides. couple address well I of company of pieces QX, key with summary often call as not And are go quoted mentioned of in slides going I USDA earnings things. -- press, and metrics, quite earlier this that called Historical some couple are important fundamentally that I
point the key to of the company. is perspective this development some which X, in a to as terms Page we've the with meaningful The scale farmland a And of is page of operating starting historic So metrics. what give accomplished REIT.
in going XXXX in a a listing. course us meaningful company of takeaway of are a from But public listing $XX.X per Adjusted XXXX achieve indicate million for to And have XXXX It the today. So course AFFO And on that the track went property assets when assets. have happy million look this defray today. two add operating of had XXXX growth of more to goes public $XX which we base. that incredibly to to rapid AFCO insurance property now turning to Total then row of going go million the revenues. from revenues to property of of prop the assets, if would in obvious. and some approximately $XXX insurance operating declines accomplished through control. depreciation call but can't stable guidance finished At expenses the be million at are Fundamentally million of up, overheads is share and $XX.X were of of accounting presentation you is also with add very XXXX permanent about. things XXXX up. went EBITDA under $X ways. Those particular see crop rapid scale we very, property But bucket in $X.X assets. operating raised must compared to we million controllable approximately we from and we we bottom in percentage is be now XXXX. expenses, in control page, our property effect The a or numbers $XX.X if terms the expenses and $XX very a expenses. billion the your went to XXXX particular, will what up In approximately taxes and $X.X bucket taxes control. of revenues none we terms in traditional to $X key XXXX, from our can't company you from approximately we from million your of really of public of you million. the of in specialty other went the We the Today, expenses that nature. to They $XX surrounding assets; related growth Basically ratios; incredibly all in our million substantially time, to AFFO company kind in can what different expenses. is time asset of reasonably would every all Again, can group be million fundamentally taxes adding that expensive taxes. at increase
that And XXXX, operating you'll We XX% revenues have about forward starting now year. that we revenues. in if expenses of team below at XXXX XX% you in have these go of at in driven steadily the down see project the the a in supplemental, looking around controllable to around all guidance XX%
understand basis to of relative of fact Exchange the we X.X%, what overall. York to for from to in points. range of assets, And pool XX done decline continue. to and we As to are large continue company Stock a would The It's company those assets New despite obviously X.X% X%, the expenses position us that which about that to market But the in about that a percent incredibly the down for total efficiency here XXXX, fact it efficient is of expect just we've have the still and operating gone put now takeaway the year grown space. under large the is expect assets. in a total has to managers relative very we a we next metrics in to investors gains in to of doesn't small
this the the in Now slides moving rest to of page.
not the it get investors in phone time incredible that question basically habit, otherwise income farm places. lot to I to not farmers farm the jobs or values? declines went and I the be wanted and collapse? massive seeing or How Wall time this from a what articles true to those the in at see declines same of from off farmland of to about cover is their support we're So through Street going be other have by cited -- following I actually what Street How were the possible what those can that dug reporters address will And what actually and question. in in these can in have those And into they mean. often All I the I calls. Journal Journal farming time to citing Wall them read just industry statistics statistics
at for formula. does -- year cash together a first Number it transfers a the USDA see be year called two. and at in of doesn't is US farm red aggressive row on looks look incomes, the cite included It's GDP it page line, depreciation farm fundamentally they wrong the be year at to income. like should or net page in directly be fourth of fundamental farm into representative the is should account to would to the it. So you XX% the says farm USDA what If they income. reporter to is the the is not net net or what's referring on blue into takes of blue things together in take quoted farmer X income third account put the is And It not nation ask not press line. declines the to told meant from called they especially cash that cash whatever. somebody used that income prior something uses calculation. the XX% newspaper, take And often the the or which be issue down is one put or income. citing from The line is be way slide of the representative line income for It that farmers. the they just statistic. net The the be statistic is to income year cash to by It net
This cash not of close anywhere As income. declined in not net farm amount countryside. to seeing you can the net see, the has is distress why you're income fundamental
you unusual inflation the back XXXX, XXXX What profitability in go of line X it's event. of was adjusted. U.S. at The you the net largely high data long page XXXX and dollars. What long- is because of in a and presented incredibly this experiencing takeaway XXXX this shows the farm clear to in look series you with to term is cash is course we If income are history the agriculture. timeframe of today
spent agriculture in very are, bankruptcies. farmer While of XX much continue of we And asset not there to going in we long we in its so or has see times any right difficult as not or as broad-based where distress the history farmers. values terms years are last amongst
that like zone with last for a exception mid time XXXXs, been XX in of good in is the are years agriculture. years. few And it production of the has the much pretty a We
anyone when a X, calls recorded, who farmer. it's but of the way data potential this really revenues who one produce a is again has Turning is me to $X,XXX the and always produces, very The gross year important. shocks the USDA to page
such of number? if potential garden a the have little being in the year, linear a and They a farmer And they ask you you vegetables to long is a called time. tracking selling sell a that the standout in why the So backyard low not widely and vegetables been do down have track time. a What to it a your road term this the worth farmer, they USDA as as a they've qualified same in data in $X,XXX you they under USDA. to you are long They by move so comparability, the haven't moved long of tell want possible. point and a for time. as trying starting do cast at are you But a
you is divisions, that sophisticated look are a people actually do a it full-time many says the year results for at a if around a farmer And for need farmer, real you $XXX,XXX making on be would average average a on information, meaningful they produce fundamental consumers million. $XXX,XXX, of meaning be are see very that's you to data for their least gross in bucket that And more economic to this X. the However, of page sales. many those operation. from what at do farmers they would farm, $XXX,XXX to strong, what cases To you into -- and parse $XXX,XXX say at that has least year the $X.X to see
If that $XXX,XXX just a subscale sort that economic million year. farmers what of the you about tenants much, a that this that more, the to is includes and course in group thing. which making difficulty of of they on of subscale will the talks or be is picture Page our X popular press of much the might average those true actually face. same millions group is stronger. Again, The at repeats the look farmers $XXX,XXX see tens you neighborhood have people of sales,
X. and Page over the but farmland is including at X%. you see a Seven There use. appreciation was returns one only here long-term has So are I US for X% it's which and it. I set this farmland cropland similar buildings. between to is long-term longer land data What a values that won't looks so one go statistic will
The this underlying parse it market long-term true. the same seven-year period. assets, for period not fact largely credit you analysis. data whatsoever takeaway And appears us can which result mid give appreciation that the except You any get in our that still of does for here is rolling the not is with XXXXs
rates. Our slower assets are appreciating than albeit historical
in continue should our ending price, not will time. view at this of value Our be they appreciate it but up is is that stock point in course and that to
in document turn you XXXX page. QX, document in package. now just this this point briefly supplemental. and conference want to the a to to If this the for is this is out available link supplemental referring I'm things or couple I on Also a in Yes call. the now
turn share. strong The year. The this the will on approximately carefully, guidance other read don't three XX, of you go would to emphasize we what it. to we page with miss AFFO reasonably point guidance issued that will also AFFO that Page If million, you is I a want because have see mid revenues to $XX driven is approximately the somewhat XXXX experience for by What $X.XX past. one want I top-line seasonality in should we to them. is recognition in rules fundamentally of in people more says experienced Everyone comply footnote course this GAAP AFFO, our we required reported footnote our than are that to have revenue and point
the in from unfortunately even And in driver loading we come. key the will quarters is of between back so Olam an recognized that expenses is as taken fourth the situation large stream XXXX get we making The that and asset are this of did the our though ever-increasing different the XXXX have transaction for XXX% revenue revenue the big year quarter. that
were change, to. unable We tried accountants negotiate frankly to have that get to with but
surprised. is out to basis this footnote the buildup of to cap backward-looking that second a but point to the that backward-looking on presented In at look so, as the a to looking. that value to sort forward-looking more want this want meaningless net present Page begun streets everyone's do It it a I is to of attention for acquisition. basis XXXX, asset present using AFCO year on backward among because have was portfolio fact no I large forward-looking on we traditional of opposed we just XX basis. it rates. So of it it one draw to is
this backward-looking that we on us AFCO basis. is presentation acquisition the a have So now behind
not are understand Then want said I over despite asset through sure that I take We you that $XX high it Luca seriously for all would per difficult year. make to calculation this. I that -- that the a with net of performance stock back to make do final the quite point it do we value. would to investors I our share pleased like turn run have you before the the lead what If not we price is to
by emphasize We that that these want at at is to I nor company I neither in buyback year. took the Luca fair the prices an the it opportunity. offered But did both wanted forced in in point I in cash opportunity. perspective not happy to as them; below reductions shares our from I bonus personally committee. looked opportunity accumulate when are substantial the as an value. compensation. with year this. and us Luca frankly certainly look We on have at reductions took company's any I more look an the I it it We as are XXXX comp not
through the on courage will when took that and this us. of greater approximately XX% We comes I who on fundamental that out. to know comment have Luca come You'll in in dividend. want proxy criticizes the or frankly in want for We XX% do We buy we to matters doesn't will even them own case in our or continue my the of long-term. None reduction everyone total up. final get because Alpha, because And both commentator rent. we a this our not nervous And the on it farms process. We're value to will the focused his And see greater. company. Seeking value. we some that And that The then create understand compensation. perspective own to are company's use the name case farmers
there clear announcing we the the cutting are If you dividend, the press dividend. read not a release that made we statement
flexibility year. next But We frankly to calendar again. we'll cut the We're leave year. during going that discuss cut this dividend are the ourselves it to to not likely not
if return have farmland. of securities And particular cut the that They if appreciation no as is of and that dividend unfair portfolio the The of company fundamentally We in under well we But is the farmers perspective $XX We of that million did The are $X expectation cut year to for dividend in it our shortfall people not certain a payout. cut which dividend to who of dividend, securities us to this to their tactical issued those with is a distributions matter. course forced this Our taken board assets with more. million. would would them. sold the our have I'm as of cut an intention excess on each dividend. Chairman dividend were to. in we that have deal group we
issuing to the company We But something we are it within be dividend is to that we realize The statistics. maintain fully sheet. would thing see only cut an distress balance are we stock that turn Luca financial on are to not back Luca. it inside the lead sense fundamentally time and But before read on true is a chat intention over going us our dividend in pay that that which we room company. happening. to we don't doing that the and time. firm operational I the going will required which of I'm you, in it dividend What to part cut. distributing dividend this our financial With is are accounting some that comments actually to appreciation the Thank from key make to
