Farmland Partners Inc. (NYSE:FPI) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 11:00 am ET

Previous

Farmland Partners Inc. (NYSE:FPI) Q2 2020 Earnings Conference Call - Final Transcript

Share
Close

Loading Event

Loading Transcript

Presentation
Operator
Operator

Good day, and welcome to the Farmland Partners, Inc. Second Quarter 2020 Earnings Conference Call.

[Operator Instructions]

I would now like to turn the conference over to Paul Pittman, Chairman and CEO. Please go ahead, sir.

Executive
Paul A. Pittman

Good morning, and welcome to the Farmland Partners second quarter 2020 earnings conference call and webcast. We truly appreciate you taking the time to join us for these calls because we see them as a very important opportunity to share with you our thinking and our strategy in a format less formal and more interactive than public filings and press releases. With me this morning is Luca Fabbri, the Company's Chief Financial Officer.

I will now turn over the call to Luca for some customary preliminary remarks. Luca?

Executive
Luca Fabbri

Thank you, Paul, and thank you all who are listening to this webcast live or recorded. The press release announcing our second quarter earnings was distributed earlier this morning. A replay of this call will be available shortly after the conclusion of the call through August 24th, 2020. The phone numbers to access the replay are provided in the earnings press release. For those who listen to the rebroadcast of this presentation, we remind you that the remarks made herein are as of today, August 10th, 2020, and have not been updated subsequent to this initial earnings call.

During this call, we will make forward-looking statements, including statements related to the future performance of our portfolio, our identified and potential acquisitions and dispositions, impact of acquisitions, dispositions and financing activities as well as comments on our outlook for our business, rents and the broader agricultural markets. We will also discuss certain non-GAAP financial measures, including net operating income, FFO, adjusted FFO, EBITDAre and adjusted EBITDAre. Definitions of these non-GAAP measures as well as reconciliations to the most comparable GAAP measures are included in the Company's press release announcing second quarter earnings, which is available on our website, www.farmlandpartners.com, and is furnished as an exhibit to our current report on Form 8-K dated as of this morning.

Listeners are cautioned that these statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations. And we advise listeners to review the risk factors discussed in our press release this morning before market opened and in documents we have filed with or furnished to the SEC.

I would now like to turn the call back to our Chairman and CEO, Paul Pittman. Paul?

Executive
Paul A. Pittman

Thank you, Luca. So several different points I want to cover in this morning's call. First, there will be some discussion of the market generally; our performance specifically. And then we're going to spend a few moments discussing the ongoing litigation that the Company is involved in.

So first, turning to land values. We did see the USDA Land Values Survey come out a couple of days ago. It was, in fact, last