Thank you, Luca.
comments normally presentation sales, topics, slightly asset I'm So separate this I survey going ag specific and economy, that matters. than the land USDA be starting with related will on a general give. and Rota metrics, six Fortunae out litigation longer performance the discuss around to repurchases yesterday came share value
I what let what fundamental will that to but shareholder long-term about it. ag going the So The continues headwinds, ultimate economy frankly right on optimistic effect have be our value. in is quite me general jump into am company and for
going So turning things key the on ag to the economy, generally. in really
suggest this Farmland saying economy fundamentally seeing the Farmland cycle it's because challenging our resilience to the time. still proves is stable on reasonably a asset scarcity growing And values what is That like seeing looks Let is down perform affecting other with this while based for we're me tenants ag that's significant demand. food modest we're agriculture, and well. land The quite war it a and even issues trade in and by start appreciation the great investor. what class. is But not of a fundamental
China, somewhat effect some crop likely walnuts. pistachios crops, viewed up so the almonds, good So particularly of specifically is to the nut the trade and in war negative luxury is degree the environment. They profits. war our shares. in goods to It be farmer for is us significantly some not are trade less showing affecting imported Surprisingly, in through as
is certainly States And still we the premiums but cycle the sales, to of United pain be announcement price. felt news. down ag by this able from landowners. will a it at substantial asset sell not could be be industries China U.S. there will later I talk of more what recent But about to cycle the products The no would But as place like. in looks few said, at you good -- that some agriculture this fundamentally, weather where assets to market when is purchase storm, be production and
economy a This our of say of these floods, out year's to going corn degree days. course that ag seen when very summer weather great rain about particular. and a and what in compared is the -- have have crop situation the drought now the April. deal my the back the there is thing would news the one on and crop what farms and was the last be in some this this the soybeans is traveled and related the excess XX I in of planted in short late U.S. every virtually And is impacts been the expectations that's other about crop -- to be opinion to in to
of even within understanding However, out turn a field given bad get crop is difficult will so incredibly because any it is the how things be. to to true uneven
of talking I'm Most tenants say farm. yield I crop certainly our when good about the insurance. bad, farmers and these of the have on Now, most
to up both okay. will I think prices they So and we're probably of crop short soybeans corn financially a commodities end be relatively and see going with But appreciate.
war today because the Board of this crop of size the destruction of markets commodities recognition trade judging seeing difficulty occurring demand balanced on increased against the occurring and from though the we're Chicago What in Trade crop the demand destruction prices. of a is the the of
the bullish is and I markets soybeans. corn be dominate will side certainty. supply will certainly shortage and the But think end in it for the there no
need years surplus had is which frankly that farmers to prices. I depressed reason see price way. have walk their The on the some of multiple is increase through They this
for positive fact to for just to than reasonably the agriculture. thing. while the think whole it I could settled, of crop in get short more war painful year a a a The trade be positive turn for about course way it trade would which complicated agriculture, is certainly be If as will farmers, individual industry solve. war out we so makes
just to land forward the Moving land values, value that survey USDA out came yesterday.
key you me couple of Let give a statistics.
of security, who you related land USDA paid there mechanics to of own security, of preferred out issued the farm the to, which that For XXXX X.XX% survey, pay is a have overall, report will attention real XXXX. how increased those estate, from with metric at was the we the be survey. But talking B yesterday to about instrument the this preferred USDA release said press of values looking that June June the listening Farmland value exact
go XX FPI seen only owns we it this that the in, Looking at X.XX%. states Farmland have up --
up Looking year. a at meaning to and is change up which prior we X.X% range positive is negative own bit Carolina. Mississippi a the of X.X% X.X% Arkansas, quite farmland, Georgia where the flat, from in anywhere up X.X%. no X.X% was X%. California Colorado up X.X%, of Illinois South to was Louisiana, Nebraska up slightly individual from regions in The with Southeast is delta,
in come values a even an powerful in up those land times inflation gradually expect our indicator necessarily to certainly and into to hedge directly is appreciation don't that economic tough agriculture portfolio, continue appreciate. factors that as Now hold through but
the give -- If simple of performance P&L. headwinds in then it's a, a really negative about in you company in of changes to an P&L. because in of that quite industry way are quarter, And our a on There's there you would, the as AFFO. about course to the to and But P&L a our bit moving oversimplification of industry want said, metrics think operating sort a for specifically. clearly $X.X I share I generally a our are there and way
the reported. Again, and to about we want important emphasize start thinking study you is results about, I at think an detail I way particularly least equity to this by oversimplification, it as but the the it's add think then analysts for this
asset So we've down Revenues sales which gone makes X.X sense. portfolio. percent the about X.X%, around made of have
are they than amount cap have sold, on And end company. the significant of have average portfolio. we within sold because Revenues the sold assets to our is We rate going a we've which piece the declined less decline. slightly therefore assets lower of have the structure of at
So more line or operating have down excess income, And income if of would $X costs decline you in with higher. Rota adjust came X.X%, operating Fortunae revenues. out for in the about million the about been $X.X about less to AFFO related the litigation, legal
asset. about events performance And sort from but of said, that's I think that of the it's farms and just company the when as the the I performance. thinking Now with important of starts oversimplification, underlying methodology the onetime sort clearly, it to separate an
read I million really morning a to I technical I again do this to increase read make already Internet jump that net driven we something because $X.X about want in did cautionary something early yes, onetime event. income morning but one this course on significant $XXX,XXX of additional that's in net asset is sales. from sense, income our by a the note and,
couple operating talk to a a metrics. Moving within just other general on the of about on want company. I topics to moment expenses operating
This driven in the the by and $X costs largely run rate in million of personnel. the changes administration have dropped company's reduction We by year. over past is
of lot people. good to a go. I lost hated them have We see
replace XX the able company company. action a to clients. is But is see message challenge overheads and happens on don't is this when very get to shareholder this the it people. recent truly continued to scrupulous company attack Rota piling his the the we're their going And what stock -- committed of the through, also substantially own Fortunae a coconspirators like doing through were reduce inside senior then the and ours you there management the class that very We it we officers with company, And company. of lawyers manipulator key good this a and are we're have of to The section what to but timeframe. the difficult I
interest in our are favor. Moving starting to on, we see finally move rates
of all reasonably up, how beneficial you Seeing know, are quickly cycle will over that predict will. be company. to to shows time, As start P&L levered interest back hard course a it turn downward rate the but of to company the we
that is financial from looking company net different at on asset to valuation we or that value want of our always three statistic operating final touch the of analysis the The the metrics. about talk I portfolio statistic
that that that based equivalent what you is portfolio a see at today you rate cap If would the see a to is share. do you will for evaluation looking $XX.XX approximately analysis
believe $XX.XX a be the would looking reflection, you Looking evaluation to the book it be the methodology, this share. would share. USDA $X.XX at value, is methodology and be most at And a accurate I at
in share something through increased think They're the appreciation. that increasing we I have stock last that although have good NAV $XX do up the year last metrics to or share, those place value buyback of asset about per a probably the the quarter because three the so. is all around still continued So and somewhat think moved continued a because of buybacks of substantially. the general
in higher the it slightly So share. fact than a may be $XX
Turning then sales. asset to specifically
been and We in quite very successful efforts. have active our sales asset
a assets statistics give couple sales. you me Let those on of
we sold at of assets These at the many valuations are million which farms. measuring cases in have are we -- and approximately company in to and of occurred IPO time the them which XXXX, assets those meaning predecessor, my IPO. about these assets since So much this assets all and of assets at the gain what that have the more are point were a now I None off was none where paid -- of XX% the original of many in family that for we of above recently. contributed $XX
the sale gain. to these the the sale that ago the do that he X% when it. false we our $XXX,XXX, sale on we The narrative was asset was of it million. price by This done $XX false sales The of continue largest assets achieve IRRs portfolio was has asset values lowest Smallest XX% made was he Rota in gain. is period about holding above almost was over during when probably purchase promoted will have to continue believe was The a an return highest he total was cannot The and year X% a sold. to And point. levered a X% about XX%. return Fortunae sales it. will prove knows I made been
repurchases. share to Turning
this We bought shares. X.X point have the XX% company, about back at million of approximately
share, probably average that done share of about in created for the on per $XX Our The slightly million equity under million been mid count $Xs now value XX share shares. stock to $XX is buybacks have million the slightly equate our substantially. which point probably That $X is made is per the few a NAV to per ago, remaining climbing I more why think minutes back would share I than shareholders. to
litigation-related to of by generally this since a a company the the one by matters. going never our been tenant turning repayment Now lawyers of to somewhat detail. mention of to in rest has shareholders I unscrupulous would am modest-size advantage and I unscrupulous discuss over you, take sued But farmers. it of trying loan
It Huff gain Mr. is bonus all from loan $X.XX loan was with was much financing. has repaid to as principle was by principle we which better loan the than all lender. that interest total in traditional repayment and a That substantial company rates Huff rates we Jesse of have at for acquisition Huff had repaid been more return the a the given the re-financed This interest and of the million. made him all X.X%. full. him as a made loan, Mr. slightly than Huff of a
This that good and was loan loan walking This FPI point very unscrupulous a should I was lawyers a of related frivolous along on shareholders for piece time Huff and doubt but I the was this a not shareholders. made. this company, to Mr. they the party good At that those keep this the referring will. business. at FPI is for attack behind those drop them
stock he rest as articles that losses and He He paid upon the substantial was knew these loan clients knew and was said in made us that was not that party. RF related at estate. by write all the so of for was article that to Fortunae, a when this gains exit he secured opinion, were could real [indiscernible] wrote of Rota is exit pushed those Huff a my as it since could that it shareholders. Jesse from good
through have and loans Mr. we wants business in we past. would reputational and difficult tenant to by our in Farmland to Today great that as pulled make. loans frankly company it's coconspirators. continue loans. Rota very I difficulty and we're because [ph] continue But future is created no any to of Nieber to related Mr. to be and least good the damage make we the for Fortunae his been, wish Huff continuing at This unlikely the a make our have very because could loans mud near Partners the make to the
matters to just Turning the a to couple other related RF litigation.
Well, headline If and later isn't you of a the that best Fortunae his said The news nothing and positions fraudster and He then guess clients proof is were I plus now. recall we insolvency. following. that his that true risk distort know by year but article, Rota created true wasn't a into their immediately short that is the we now at that panic stock exited the article. fake
of I shorting am stock. to legitimate someone opposed not a
tell distort market activity. is piece important is it fraudster legitimate their a and But think the they come out the hold see a of short panic created the to between if the see on and Alpha. fake I short this fact difference In you published way in view that their they or they point do, just exit position case news of Seeking into you by
fraud, knew in article exited from coconspirators did we after a it article, was that untrue. they scheme the the because and or worked. now in profit unfortunately know day it the wrote engaged the what the day Well, and they and those RF positions to is on they Maine his they
financial to be our get we for redress will that shareholders. optimistic We continue eventually
to statistics over financial statistics turn to related to through to Luca go key company. it some back operating and the going I'm
