Gladstone Land Corporation (NASDAQ:LAND) Q4 2018 Earnings Conference Call Transcript
Feb 27, 2019 • 08:30 am ET
Good day, ladies and gentlemen, and welcome to the Gladstone Land Corporation's Fourth Quarter and Year Ended December 31st, 2018 Earnings Call and Webcast Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this call will be recorded.
I'd now like to introduce your host for today's conference, David Gladstone. Please go ahead, sir.
David J. Gladstone
All right, Chris. Thank you very much. A nice introduction and welcome to the quarterly conference call of Gladstone Land and thank you all for calling in. We really appreciate the time we have with you and hopefully get some good questions at the end of this presentation.
Now we're going to move -- first, please feel free to come by and visit us if you're ever in the Washington D.C. area. We're located in a nearby suburb called McLean, Virginia, and if you have a chance to come by, you'll see some great team members here. We have over 65 people managing about $2.5 billion in assets across our four public companies.
Going to start with Michael LiCalsi. He is our General Counsel and Secretary. He also serves as the President of Gladstone Administration, which does all the administrative work for the Gladstone funds, including this one. Michael?
Thanks, David, and good morning. Today's report may include forward-looking statements under the Securities Act of 1933, the Securities Exchange Act of 1934 including those regarding our future performance. These forward-looking statements involve certain risks and uncertainties and are based on our current plans which we believe to be reasonable. And many factors may cause our actual results to be materially different from any future results expressed or implied by these forward-looking, including all risk factors in our forms 10-Q ,10-K, and other documents that we file with the SEC. These can be found on the Investor Relations page of our website, www.gladstonefarms.com, or the SEC's website at www.sec.gov. And we undertake no obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Today we will discuss FFO, which is funds from operations. Now FFO is a non-GAAP accounting term defined as net income, excluding gains or losses from the sale of real estate and impairment losses from property, plus depreciation and amortization of real estate assets. We'll also discuss core FFO, or CFFO, which we generally define as FFO, adjusted for certain non-recurring revenues and expenses. Also we'll discuss adjusted FFO, or AFFO, which further adjusts core FFO for certain non-cash items, such as converting GAAP rents to normalized cash rents. We believe these are all better indications of our operating results and allow better comparability of our period-over-period performance.
We ask that you take the opportunity to visit our website, once again gladstonefarms.com, sign up for our email notification service so you can stay up-to-date on the Company.