Thank you, Luca.
that trend was stable asset So news and a slightly we despite to to year, good the The continue. the growing in many expect challenges. with those challenges, to summarize that values year this is remain value, clearly
$XXX,XXX a of farms [ph] on company group to first our in Michael combination loss a led The we a challenges Hurricane particular corn wars income. as faced of events. trade weather crop was and that approximately share of of
the related We crop events, southeastern to States. excessive share income also experienced loss a in rain United of particularly
in was lost even particularly to share the which the around also almonds. and wheat, related impact trade probably million on to events, and income crop of up the directly than ended a effect walnuts with conference in general to Beyond rate, some income related the for or received $X those problem Obviously, we just lower supply events. for little war call. the to for neighborhood weather whether always crop excess a had on had It's and war war incomes, the some our third certain this any to had trade hard degree but crop soybeans, of also it's the trade we we actually corn, in year we a weather of share quarter potential to degree negative expected. possibly, But flagged a as disaggregate issue This commodities. prices
lining; who deep company into and farmland Rota payments and eventually and Long-term corn, surrounding a discount a the if a of such for over company, will price. That this negative the and the certainly supply company, on and value obviously of the all that Rota hurt a and The retention It to has position, wars continue at the a stopped growth and on article. the very export demand own us returning is The positive believe our assets of particularly our for agricultural positive buy today. article, understand shareholders incur high-quality not tight caused There trade had employee Fortunae agriculture. press, moral stock gains to the picture for it that, for RF, opportunity to personally, is up it we and fees deep, those other due shareholders we and investments. beans ended We and you be situation. underlying end, will taken factor misleading potential price employees, low the of to pool see the article. of and me deep for us many have Fortunae returns caused to a of created also very is excess is news business been shares to general this losing manipulative in stock wars the a to the line. will that legal the that. our a company's is U.S. investors silver good for current of essentially, assets Beyond impacts trading weather talk loss But negative advantage stock's effect trade in and G&A there deeply for false tenants. the impacts, the negative excess shareholders the
cash as of values. a us as many understand, Asset on to not farmland all impact remain we values near-term flows direct stable slightly do -- have upward
year. put to leased place. of farms past not rent point we we in issues the we've of on believe we be operational terms the planting, approximately the our this and increases average, one before have have leased for are leases saw lease-up of On farms the one portfolio. approximately had in XX% vacancy those not our a At on do of time, this we expect X% in the new Turning farms XXXX some of in of we crop rest year, will
a of of ago, of acquired tree all years as farms many X.X in [ph] know, Valley of that a series to we you Central about referred As transaction, OLM series we farms is the nut California. that the
be the now that the line During unscrupulous had payment appreciation of in price. the fully overpaid been manipulators participation another it XXXX anonymously rent was, price and not a payment fourth we've can the true, but of in made we proof quarter first by quarter, is repeated falsity promoted their for rent in just systematically over purchase XX% as we expected, assets This the the our approximately of sales our seen gain OLM that narrative that farm. paid. has assets share false at our have was had farm never crop expectations sale of with [ph] We that for over stock that on material of
G&A legal Our hurt rates and financial debt, bad were I the and litigation. modest interest higher as revenue, results, earlier, a crop share said RF to costs higher lost by of amount related
look it. stock Turning to net at asset we of value as the
I we As look at always ways. this in three say, different
If a you of $XX.XX. to cap do would price approximately analysis, a rate-based traditional come you stock
that today is conference not overshoots and in call, fact we As the that in NAV methodology I believe said prior $XX.XX. our
the methodology, reflection should data If them and stock look reflected, take we our at through based of come farms We is appreciate you on state-by-state price accurate $XX. up valuation portfolio be the believe the approximately of underlying that time the reflected the with in of on you stock USDA the price. purchase most a a where of USDA price basis, and
In share. would $X.XX analysis terms of if value value, to it book you per do book just simple a you lead
importantly, approximately point worth and believe this is back So the the higher. more X.X% the least of July gradual that deep asset management We continued appreciation creeping X.X million because repurchase bought think time. that the continues at discount company Since that appreciation, that's $XX, this at valuation of that shares. is in and we is have stock of of a shares, of stock to XXXX, will continue
financial Using $XX that continue the such that will shareholder our We do until of future buybacks value value. are benefits a from the point approximately buyback those a reflects of share of stock into net price, the for sort time price created view of $XX more accurately to shareholders. million remaining asset
Rota and playing in to Fortunae related hide turning of an the federal Now by lastly, litigation; still this are to court. financial crime shenanigans effort making the perpetrators
and However, it was paid that Rota clear fraud there that that co-conspirators were write in becoming article. Fortunae is to that
to part scheme manipulation stock was this and scheme, continue believe that We a vigorously. we of pursue will
of hurt. recover The is to by that are who is lawyers fundamentally on were same fees. shareholders is those to We Fortunae case contingency the the based an were on but not on made exactly with driven lawyers pursuing that class desire for by money based action unscrupulous Rota are and effort claims based facts collect that
Our strategy XXXX for is simple. very really
to continue those and collect good rent will We rents. to tenants farms
selectively shares, Fortunae I'll point shareholders. and recovery our it Rota we Luca. get costs, a overhead financial our will We major they control for we and to you. their buyback co-conspirators that, over preferred, and both With Thank to farms to common will the pursue turn continue that and sell will
