Thank you very much.
remarks So, this prepared sections. divided morning my are into really three
First generally, for a is is XXXX, more is XXXX market about third our detail plans the about second and and little farm and farmland economy the beyond.
August. me this start in we're out farmland agriculture that So, as X.X% opinion six strong last sustained of XXXX. In XXXX years crop well. properties for with quite will operator report first section into But increased multiyear come They think put let we land a remarks. downturn to beginning values difficult the from held up farm the my trend positive according economy returns. that or appreciation of the USDA of asset values about five increase of the We road and coming XXXX market economics. of despite are out The our nationally regions, period to materially summer
started have in is increases holdings which particular in group that our land We Illinois market, to land by value. value see already the of largest
sales, best since that trend acre seen highest going high, are have property to to $XX,XXX cautionary numbers XXXX. which some refer properties level. continue. at We a seeing as of the will valued that Luca not probably are And around We own think now note, I'm but our are the be we $XX,XXX Illinois mentioned. slides would that in that that price per just every to we
to have website I down will it drilling now into appreciation several can want In continue. last time investors would you we months, few spend we off a very see of quite -- be them little investor believe our we that the great. just and why our had new access this a why Because company. If in
drive will demand. world. availability declining the on farmland. our a driver is in see what What increases land This side from on growth, food the of and trying to of stock if the chart with tillable thesis X, gradual partly irrigated person farmland capita scarcity this of you're from farmland person use a water it is This land also start is to chart to page price. per farmland is follow fundamental higher other What right per growth really increases a the really The drives the that sources. ultimately But huge accompanied population in drives of you gradually in that our decline that you to opinion. along. and And of our of world due see development face is is drives better values what on is company worldwide in and urban significant will and value what are continue going GDP class. occur in a asset the I'm and amounts bit food demand around of land of per global beginning So increasing the little non-permanent
a of decades the and continuing anticipate if availability the decrease increases. we certainly continuing in demand longer So, for not farmland food next worldwide several
do will value, muted slightly opinion. the due low and are the I've But investors, on from are secondary. long-term continue. and take relatively in and along, than Traditional important, page both chart shows certainly the therefore, X.X%. portfolio They long-term it we to should really growth. USDA what trend current that focused into they If the is moved That need yield you're real value properties. of on to our of purely We other and really is be X. is growth. a XXXX most Farmland overly REIT be probably land interest appreciation revenue classes, statistics. we important have but this our continue Farmland driver The to not these face. stock depreciation This asset environment from the This yield view, our may It trying believe important most we driver are price. Farmland this real for assets. AFFO revenue follow account, different And of CAGR CAGR to is in comes appreciation the it present rate for to think substantial AFFO that long-term any to extent long-term appreciation to appreciation reason certainly a that in X.X% our see is long-term estate will
that we estate. would We have long-term and portfolio built are depreciation the had without a expense you repair if real land associated
to present, to But in acre. means and $XXX what yield the have corn Approximately an seen soybeans XXX% in secondarily value Farmland corn soybeans you really do probably meaning in increasing markets. long-term growth example, -- it of like of is relatively doesn't and from XXX% profit not X.X% X. based but long-term trade driven the statistic side predicted farmer mostly movements the or that I XXXX capitalized economics, land per on though not $XXX is And seem acre. growth, to neighborhood to use price should crop the much. you're is per commodities growth per annum something the operator is you Moving due or chart trading growth near-term factors forward or wheat acre a and long-term yield. land acre corn to on These values minutes $XXX per revenue get relate and does I bean appreciation increase What ago. economics that slide growing, by revenue of commodities. on acre whatever revenue that's do It's of see change showed though acre. in and the to long-term and per in movements here driven few profitability really yield The into of per that driving about long-term or increase grain what's drivers yield $XXX per key to as by
happen. trying to is what demonstrate Page think to we're Moving on we will X. here What
That So have increase stable and Where from in or now bars going chart. or grain look farmland two we increasing XXXX price on. blue XXXX observations XX relatively are value what is slightly farmland on so but going the are talked look was in X% XXXX think What approximately is seen, yield so these next five you this years? do to so minutes the what bars of like was like? but As a that going happen years, appreciation for about five and to important ago. last The increase I indicate stable. is to blue farmland couple a fundamentally to we XXXX, to
amongst as up, I interest revenue in that's in of and rate And show production land – up and of up solar the multiplied development happen rearview increased little farmland top price you per that's demand to farmers It driving occurred for and during relatively It demand related country quickly are price of late price fear course pent-up that up demand because demand already There's land grain productivity we farmland. also is food. haven't to demand are the That acre will for that XXXX that very price value indicated quite moves strong. because will incredibly strongly downturn. real expand On in see is is Our increases factors gradually. quickly the have in increases, a price That for grains, shows COVID values. has see a what of rest takes up doesn't price seeing rebound ratchets into better environment. higher and inelastic, those for show That substantial some to Midwest commodity The values. away with is increases, estate the But as elevated view use shows so then crop is increase. shown the most that low – specialty the time. XXXX. increases, very development, grain increased increased we demand in the to a and they elevated more up wind what There's has the we going inflation. or go of grain long-term you mirror. it and while it is development That against the is development
asset much the So five Again, two a little in relatively in appreciation land seen X% we we as maybe a up a maybe certainly or think the than if strong stronger X%. class, strong caution, X% bit in years. for appreciation of maybe our past. as we're means, lucky you're next X%, even to environment here only relatively But price appreciation, set have
anybody and prices in portfolio, soybeans bit Page months. what's X. are this last our Finally to the in again to want This have sit sheets six enough we grain certainly at crop happened sometimes a the bumps little farmers during really a side. on literally thousands that them because just like had to the crops bushels that grain of will hundreds tenants have short-term and around those is turning row Many farmer farmers strong on primary and millions almost profitability. are run-up of good substantial I on of of And the balance of focus the amount to downturn; country the bushels. corn just want for as
availability ship to cash starting recover show around they grain have grain. for to that incredibly for see they you prices leftover that most they – the farm today. volume the downturn. in that continue cash demand to not the partly you're mid-October and that farmers prices, seeing certainly saw, they that equipment in in sell liquidate And up, as strong This will As started led continue land trend has availability did
So for position for in to a to to we the land I've that when think going economics we're, we're section that in farmers return strong beyond. last as economics the have go some through said, very strong and about I'm slide certainly for values. I outlook and comments XXXX going
a productivity the started low fall. had October August, prices frankly you XXXX were to in us. of later was disappointing to didn't of show the or prepared going until portion It's was grains the perspective The got you. the sugarcoat really it. see row last I'm it not for our for a to revenue to nobody comments. significant into probably bit you to I really. including So until second regions and part year. me up moving But during good AFO believed It prices now of strongly permanent it stable but the The us. from in disappointing high crop XXXX suffered. to
you lot rate huge haven't by rates, rental in of had renegotiations will rate therefore in the the our a saw recovery. price increases think already we increases most So rental of we come renegotiations time because XXXX seen done we grain rent
into of Bean to the the higher reduced a had imports that quite demand the surging. China morning. of relatively behind by is now It's for production couple on seen I are bit related everyone, share grain this is particularly is on driven primary Corn demand also for statistics in year. USDA corn just What's lagging grains. outlook XXX% a are the ethanol sector The side. feed pulled though the You to but stronger. XX%. they above China imports low grains from were face US stocks from China. where particularly last exports
Let's minute on focus imports. just a these corn
XXXX clear demand higher. that pushed the strong the to might do started bit 'XX. many soybeans 'XX stocks what economy of really Something that just from That whether early was probably to values in significant soybean at through up values land a is went the really have China. for exports think Midwest drove was last unclear in XXXX really with we've or about trade cycle increased site occurred that massive is said that or here surge occurred from particularly strongly is the the land in That same years now quite Chinese corn. to a the -- company the States a We increase United in refilling during It's bit going thing they burned war. that this and the
coming But inventory commodities flu swine occurred. their charts massive the in for As satisfied of the US Most there the increases at side. There out corn in of world, be in by that other but not as at mean there looking hog grains particular. traders their seeing just reduced you look are I was the corn. it's you the feed demand when in as for we are demand today, nearly the unbelievable are Asian producers need recall, soybean that many corn competitors That US are to China. will
grain a assets. -- Our from XX% the are revenues as from crop company about the row
strategy year a When of at crops in were very million obviously That the be reduction of look it's is. is fell buying in $X million general. was We premium really operating a the It started. than really strategy assets it this and asset the of We the specialty revenue to We nothing we straight that more a a look factor specifically So That engaged the had program from reduction. about loan -- just decline. for obviously a positive results about is the company. for tough can of revenue, about program that. XXXX, sales revenue in little decline worked. But which simply actually had stock. at were just million. revenue, we There's AFFO back that to is frank you the what on repayments $X and at and you do selling $X
COVID demand of largely restaurant seen quite and related substantially process. of that business in the We a something call about rents the lemons particular. neighborhood trade. of longer particular $X.X it in to those of is the We lemons is reduction marketing in reduced paid. almonds And marketing tail We've little in also is million out a a bit a of as to lemons $X saw demand when bonus related restructured neighborhood our saw a that our bar I Part saw in for also lemons citrus the our particular the citrus we in a in a million pistachios. our The particularly how crops. side get we lease farms. bit is slower citrus $XXX,XXX of cycle of bonus reason a in process changed slower Part and marketing we in and reduction the rents to with
Pistachio Some is of bearing that issues. alternate
quantify have will than many the ground a of be because instead lost the of a in we're that is know more left that Whereas not bad citrus will of some to and to on don't be but alternate. I fully be lemons it revenue of good revenue of those going gave But specifically I get a recovered. that's I back example delay loss. a harvested. you got frank year some how year want think to much you pistachios
about the of revenues about not We recover. but uncertain. feel harvest the at coming the value, the of really demand The we recovery good think the statistics specialty that. It's pretty operating the for company company up XXXX, crop is land soon. is citrus seeing looking So key the
have and as fully I'm harvest it cycle, operational be you last again, the So not trade come bar year. better than to but you're sure going this will we are lemon certainly restaurant into optimistic
XXXX other XXXX a case. fees for Moving on we will is There related in to Legal be but the matters. $X.XX third Rota litigation that to of of to share. in continue Fortunae going eventually know come a just couple it the a about elevated end. to date That's the quarter was an trial year, to
Rota do will we and the to so, that point end. financial affirmative process. hoping And case from against for it, some obviously, come a at an think as Fortunae call case, we the We, reputational are win
up anything give lawyer-driven dropped now month the guessing, a they Insurance the the we Turning two the believe to just that ago. out than in almost years am is for is, It really existing Turner have this is from that I unfortunately, substitute time the class has happened anything about the fight a lawsuit become to the action we case. lead and we'll shareholders the find on the I've What through. that times, into that happens and Rota and to company, yet plaintiff, and like. second process, which, live diligence status have they company the that. case. another truth plaintiff the if person another second, is, continue said the has also happened, there. Fortunae do litigation, to what wrong Agency of as But that's convinced The to this discovery depositions the in of frustrating The They lead resigned process plaintiff ago. about serve will get plaintiff this more the -- didn't as as They many the process, frivolous
to $XX at various done We we've value equity reasonably the value, net now share. additional were USDA markets. We to is through of track. that price, value. and looking the probably We appreciation strongly, data you share this substantial historically the think it's believe transactions the holders' that Turning buybacks. That's we the dropping a appreciated the looking think land asset for think at land the appreciation neighborhood at looking asset We value company stock levered. in in is book net
collect talking in at that that bit But find, -- just show Midwest, land of way what the about may data, value in and the the data but seeing their are that substantial recent if go USDA in the up to which summer. we think you I in out this they on will auctions be land a there appreciation. a puts you'll values easy are look see I'm lag
at other share we're $XX up said lag the Midwest a as time. So in I although, thinking It show little they is level to We a before. this the will slower. NAV the appropriate appreciate, a regions think will shows point
the XXXX to status going presentation, So of going days, and our company's plans forward. about now of e-mails In gotten on the last a XXXX. few for about the part third I've asset lot sales what's
decrease We sales the forward. to are program going likely asset
an that will very course, of farms replace We still, on think are we can are at opportunistic basis that farm. offers entertain high, for we meaning our prices that
But will a we've said, in I farmers inbound As what few substantial declining they unless if not, got offers. acquiring excited we've most, end farms, those we'll of inquiries. invested to Again, those up be all premiums about assets. are quite
offered are climb the being We premiums at this point. seeing
sort create those Ducks to with conservation from recently of principles And do can Unlimited We our things happy sales desire to wildlife we we're we're done and continue very continue likely transaction, time our environmental the of, do we've time. will also, value to or asset with which to with the mix shareholders. some though, when to together, that for
for operated with it you really bring as go to If couple the to just years of we strategy website of couple for back here second, on the we go things investor little a of kind do the that close. to want bit PowerPoint and and I summarize last we a through put you if in a a want -- to eight can the slide
common and farms value. with million. acres and gain could, strategy largely So about we our hand We as of That a was the we paid money into that best based rest debt Partners shares about XX,XXX that of were we was from Farmland We shares. that XXXX sold of to land those frankly $XX of the the the repurchases book dealt. we for on associated over a off preferred XX.X% took invested our did proceeds the XXXX, cards proceeds and gross playing
those are occurred at We XXXX when look on the million neighborhood $XX in to think what you But, we neighborhood securities, at $X.XX growth. believe the a shift today, share. thought the of That's XXXX, of now in of to the we the back something repurchases made that going our company repurchases that the about Those from own what we shareholders were repurchases. remain were half done, of prices the of at about was NAV to at we time.
feel, own as we what to capital, a do, large and stewards it's it's what do, needed wanted but capital of investor. to so And as I not we my frankly, your --
looking fees because we sheet that of January. of believe we in of faster, than through scale what program. capital The overhead. view And AFFO did forward, to of zone that growth company will company, of for in We the just the to and this with back the vehicles, positive so, sales opportunity off-balance relatively We're believe growth. we an the are very from up to large And of fund goes summarize, increases a announced I revenue net example low going -- which to accretive is the we will But close opportunity as going amount the move will of as now kind growth, asset of wanted economies profitability receive, that need March, a invest, effect to first that. zone on chapter grow. we push in lead the fund closing we to which be
to We associated at But is all income are that of received litigation Partners this we're think marketplace X% to There off lenders balance are need sheet management loan unlevered a bridge not second that going against the an huge grow, meaning Farmland that to in Farmland in assets for, accusations Partners. program, getting fund, made under loans vehicle noise the the and A the are we for primary fee increase sponsor. farmer sort debunked. of Historically, those that, to the have adviser and we it asset call associated us and we program. going We will that, the -- behind frankly pushing, the restart X%. returns initiative believe we falsely of the point yield were and been asset-based neighborhood were class. in on the in do
that is pursue seek process good will We a shareholders the going that enter with hopefully program. that in program to think We're to our partner of that venture deploying We the current now. probably use capital We're joint a double-digits to appropriate leverage that yield hopefully during strategy. in low with is this year.
we're few rents up. or emphasize a to think to I increase we're We rents we'll Last a pushed start meaningful Again, be Farmland. we that row continue see of will also in flat gradually will slightly of more. an do years think up. We've been crop opportunity down, our We conversions slightly small And to have to amount focus likely on organic this. gradual, and sustainable but done that, way.
we for you a that's over-levered to going many particularly frankly, of the of We And most the gains us, amount. had situation only in criticized going down-strokes leases the being year. XXXX levels going most of preferreds to few of of overall be That add of gradually or less lower were think a out portfolio. the the and but tiny Sort -- in the a that we the wiped changing both, our is up, leverage more on lease we renewals, combination company. have We're in debt. our
And rewards JV-related already focus going debt it see path, manage to and of pool assets, This going reduced We're in a to probably with we If path We're strategy frankly it base. to leverage on of require will to growth works, of have do overheads the value. costs. for We're doesn't, equity company. And some increased we're the modestly here to investment sales that continue We likely If will asset accelerate shareholder a and on some in efficiently of have greater substantial will in -- reductions. but overall program, it in our of years. need capital, in to, to the sales those that. next going in people, investments be combination in of to the next couple advance maximize increases holders. years. investments growing if asset the tiny overheads it's additional growth be couple will more return human over to increases frankly we the a investments It's a technology asset going structuring portion for revenues.
to values We history's quite to intent exist. the arbitrage grow we private to the land, the I public over it. comments as and to take turn want a do specifically -- a But continue they then going I'm on back it Luca, our I'll when make growing and market discounts to few and against company our willing, shown financial to are is it to -- little wrap-up. results, then
