Farmland Partners (FPI) 31 Oct 242024 Q3 Earnings call transcript

Thank you for standing by, and welcome to the Farmland Partners, Inc.

Third Quarter 2024 earnings conference call. [Operator Instructions] I would now like to turn the call over to Luca Fabbri, President and CEO. Please go ahead.

Thank you, Rochelle. to webcast. Third welcome conference XXXX and and call morning, Farmland Quarter Partners earnings Good appreciate taking as releases. and truly thinking formal calls opportunity We and you share and because for join to than a we these our us more strategy see format you interactive press them with a in important the very our time less to filings public General preliminary now will turn I remarks. Christine customary for some call our over Garrison, Counsel, to the Christine?

to close everyone Relations announcing been you the supplemental Thank call. earnings the release you, thank the section Luca, has press on our under website was sub-header The and Investor package our to posted distributed yesterday. Events quarter of third and after market The Presentations.

recording that remind presentation, as this the of will herein XXXX, are to For this the today, made be those you October XX, not call. of and listen we remarks subsequent who updated to

we performance opportunities of for agricultural related and rents forward-looking as call, dispositions, business impact activities, statements, acquisitions, this portfolio, make on our potential comments broader and well our and statements and development business our markets. identified of financing the including will acquisitions During future as dispositions the outlook to our

can cautioned comparable current income, certain which measures and we uncertainties, measures, non-GAAP current on are actual most will many EBITDAre. and cause our that We XXXX expectations, risks certain generally results are advise available uncertainties as farmlandpartners.com, of quarter discuss and to predict are listeners press also FFO, which our including subject differ FFO, net our from October to control. earnings, exhibit is is beyond an materially included the filed with are These EBITDAre dated statements XX, and Form distributed of release Chairman, non-GAAP to report risks difficult third and our announcing our SEC. GAAP the company's Executive or to risk financial I have reconciliations measures Paul furnished and documents these the our furnished like on X-K press to would as in XXXX.  Listeners to discussed website, to operating these Paul? we in adjusted in review call Definitions release now adjusted and as to well Pittman. factors yesterday the the to turn

sales we've Thanks, many of The Christine. company. sort here most also actually operations quarter. strong early strong comments in asset and of future of incredibly have themes both that an we worked emphasized different farmland think a really asset there now the and about sure of and to total the a it, are we've said proven is class, now very X an not probably investor it. overall company, decade. and important of that prospects is on operationally. those third terms part I'm that frankly, was was in that certainly It quarter back over this the the sales, Series appreciation said is but step headline underlying when grasps big sales levels. farmland. the you It the We've quarter while quite didn't asset But about over.  One the in on fourth was for of strong although market asset the of return the this and until it, meaning close

credit don't $X.XX period very yield, powerful.  The months we in to return why appreciation is That's $XX class. We current $XX with time, this $XXX gives really farmland modest, is significant That think but sold on to a happens distributed over of an million XX That's do it. what price. last the shareholders. approximately as know, company, of will us it's is shareholders. as a I stock the very, we incredibly about that. all have decent our in our That think huge for gains have or the you you well. XX-month at market long-term And asset will

as We by portfolio to our continue price in fundamentally and undervalued to the shareholders seriously seeing said our is But we get either that to returning a to be value the shareholders or by company. stock what underlying have stock capital distributions. increase are by going we buybacks

we're intend significant other occurred. course with of to true we have So couple stick that and sort that of action, of things to it.  A

than been right who very debt way we their in this around clear asset We a is. of almost the leverage shared the of they think about levels less that will though, I underlying I less our have levered many load as think the for are pretty what There hopefully, we have calls, At the ever will by run have you XX%. company asset we reward it We've value our frankly went about point, investors, we in always public. in us been phone concerned are cut us stayed market concerns have of the half. the that.  When company these I'm And most about never since see leverage. portfolio, class. with

are. X said, internal we X% not in it, the I individual what but meaningfully as valued gives above, sold from to average, is on time. $XX our that that metrics we that Of doing years, per to internal we somewhere of number valuation valuations slightly range. $XX million on that the last we're or time asset internal so. But based the in sold, accurate share that think now an our $XXX We get by confidence assets assets in call I those me assets above incredible about update does our of of have valuation to internal our valuations each have assets how

A is a sell just, less estate a average few what it. is asked is valuation. one and the until as But tree above row actual for age following investors I bit this valuations sales specialty are way crop determining or value confidence asset and our The section tree on assets. Determining internal California that's of a said, in portfolio our farms than that of where There have value vector as have know question, little is so the crops, you crop another what really that water we worldwide and well reasons. say. long-term difficult for think you making less never have so our whole I outlook, on are value assets of real worth crop those forth. specialty of more You as to or of equal more about demand sort health to

it's more work to by So $XX pick our should a mispricing worth be million if a our valuation big because asset raw we But assets that and This of $XX number. a internal stock land. $XX are a your share. exercise even much percentage not base is is challenging to a still California

you it, at we I way any a So discount to deep at continue believe in are to deep, underlying look trading value.

Farmland on more we courage suggested We name any random billion One that I kind change call of comment some from It's from Partners of Internet because comments less today. should or the read to don't snarky own keyboard $X what of farmland own the we our ridiculous. Partners just I still person. land anymore. a It's

most that's in We are important largest landowner country, Illinois. what the and state believe ag the the is I in second

We are still a very landowner. large

one undermine not market point of that well. still true. gap larger That's irrelevant we're land the not and much company public larger certainly, is We're tiny way and the one as in holders of one ag United just the the States of among choices, holders made, the business. going to get that idea are But we are I or to a We still the closed in other. very value

those always I our only in appreciation We think Illinois the been in portfolio into remaining think stronger the other anywhere terms assets. most the ever country. that I state place important in is to want that than the acres of and total has tapped even make comment haven't about And is really owned we else the portfolio is where dollars. selling

that need I'm over we'll you, Someday, of valuation appreciation in to, by. we time if we for Q&A to very, continue think value, to with it we terms do best going gradually back in the tenant of very close to land, is sell be base, this that the in Luca. concentrating But session. will goes terms portfolio that, and a turn as what we of is I'll terms to are But to doing quality gap. of them

the kind Thank like you, in with of a very have tax range, we transactions still the very, on of to have a drivers to that strong dividend quickly we to quickly real, of in P&L the also a announced fourth as The we made. was gains dividend. business This a over gains shareholders announced. the company to put strong dividend announced I with and of want quarter we and the sheet by really very, of want hinged in talked a a as the a into Paul quarter. after and income we've place measure balance a that measures give special X is, distribute we that to materially There kind want it's behind further the and our we points a of special very that That's our frankly, that the bit would year. signal gave just therefore, little a transactions REIT net $X.XX. kind and place gains put leverage accumulated operationally, just we've that issuing about little we shareholders very, a the to very significantly our very, Paul. bit a last Difficulty] to done, the really portfolio we this performance reemphasize the reducing quarter time we our we've very, incorporated that couple of dividend. upon control have We One requirement very that the that of the these are improve flux. portfolio is strong in to are built special why actual of by the exact range enabled cost that spend $X the restructuring the [Technical the But putting over amount that that very tangible position. I being special strength substantially in very, us in send close very

first timing, it a date record December of terms last with the of we in payment January. in declared announced We special late mid-December a and In dividend. of year, half the

the company's in pattern. fall We to that, financial kind for her expect turn said overview of same performance. over call to year the Susan of will Having I this Susan? timing the

review today, Luca. the X capital section to going items of Relations a rates, few the you, be Investor cover under in and of updated supplemental revenue, sub-header the package, which guidance XXXX. Presentations. our and year-to-date Events I'll referring for is website available the to the of I'm months XXXX, ended summary structure of comparison Thank X a XX, September including interest and and

that First, metrics will X. share I a few on appear Page

the period to share, period same than or X of impacted XXXX, XXXX, AFFO crop occurred and ended and income expense, or available increased months to XX, $X.X net was the lower to which volume $X.XX higher common sales on was stockholders, lower the for was XXXX. due largely for properties, September per was due million same For the our properties. million share XXXX. per depreciation $X.XX AFFO directly profitability interest than of taxes, weighted in average impacts $X.X dispositions that property positively was fewer lower operated by and which

sales same XX, AFFO XXXX, the X period million per was to was occurred due negative directly was lower the to was share million from XXXX. AFFO from properties, XXXX. the increased share, period $X.XX impacted and XXXX, property ended operated to impacts weighted $X.X dispositions stockholders, fewer expense properties. higher $X.X largely was and same which interest income income depreciation September of available volume our or forfeited first of average positively $X.X for crop or profitability the taxes for months which common of and due in that deposits million quarter, per lower than $X.XX by For lower the than net on

months relates its lower of of that during quarter compensation a no the asset to to on and asset placed recognition fixed and amortization the being X recognized increased administrative a for in to was ended months to related and the X were and for current for also QX. assets X XX, and of Note of and the located Gain to by some million months down more expenses XXXX outstanding I'm insurance for September are depletion lower due ended on deferred that result X ended depreciated, the which XXXX, for for expenses, debt, cost less Depreciation, a expenses X. prior recorded. fully from for lower This repairs. caused the assets for items expense. expense XX, to held-for-sale by reductions a months fair X is X X expense XXXX, service. in lower disposition in cost September lower becoming and decreased and rates. months properties year September September higher is XX, few in XXXX farms to estimated offset XXXX operating expenses. other to value expenses to a Only Property interest of in for partially in compared XXXX, XXXX XX, and primarily ended that ended X disposition travel by assets Next, compensation XXXX. current $X.X of which depreciable XXXX, review G&A as operating the sold months ended written were the $X.X gain was ended sell. and was months was due Page months travel the tax General of and from ongoing due X partially the ended lower was gain lower the year. X offset were year and decreased assets caused partially by expenses in X September asset December that and the X X XX, occurred company's on million, by going dispositions recognized was severance Interest onetime as XXXX, the the lower the small into prior dispositions Impairment offset a

are Page items moving like Next, a would structure point XX. on There to capital I few out. that to

XXXX, debt, a approximately XX, total the floating swap September XX%. of as rate of debt of net As percent was

been and of of date debt call, million the approximately repaid. this fixed floating $XXX $XX rate approximately million rate of has As of debt

of today, on our swap at million. exposure lines is of million And rate the $XXX of reduces of XXXX. to end the the quarter approximately of our floating approximately capacity the full the zero. of We credit Additionally, of debt had undrawn as $XXX availability capacity third at

decreased cost XXXX repayment. of average weighted to of end X.XX% X.XX% the from QX Our debt after at

are was is sales by XX volume We included XXXX over are up debt. of for It $XXX due larger sold. the XXXX QX cost higher XXXX. impairment highlight XXXX, profitability in #XX Both December. used resets and loans expense. Xst reprice Page less combination we the totaling XX, at properties September MetLife's consideration, of MetLife and goods of rate repaid on set projections. two loan million down A fixed describe farm XX fourth to a aggregate to breaks lease two effective No different October transactions primarily bottom decreases crop due As and Direct fixed in our in listed to partially is X.X%. used The decrease subsequently from operations the with dispositions have debt comments to revenue the prior renewals. approximately crop X.XX%. that This by October full. had acquisitions of repriced with was in other $XX for reduce categories approximately the million. quarter which did at year and rents acquisitions insurance like were of farm crop points sales offset lower MetLife was term these Page loans in is plus three in assumptions in in $XXX few to the #XX as expected, differences of to outlook XX of of XXXX. to dispositions were The periods. million rent we I'd rent are, the million bottom. in by the between $X.X

XXXX fixed the that XXXX. year XXXX reflect revenue changes On full QX changes side, impact rent a acquisitions the and plus farm of transactions occurred lease three the during few

performance In under operations. due to addition, of farms XXXX in on primarily XXXX. retain rent citrus the all we up disposed is negotiated higher to properties operations Direct October in direct

the G&A that as related October of share, AFFO updated reductions to debt special an range low onetime FRI due from $XXX in Because to meaningful This per Q&A On declined forecasted up the in end quarter. dividend at $XX.X where are dispositions side, $X.XX in to year-end now $X to to $X.XX on to transaction. range the can of high million million last in occurred session. $XX.X $X.XX and you expenses we morning. due share. tax increase this range to up you realize well Thank comments additional of participating. Interest are we anticipating were as The stand shareholders able a the our costs million expense begin our per expense far for gains forward on we wraps both of is or curves. the $X.XX and Operator, QX, all thus summarizes today the to

[Operator Instructions]

[indiscernible] and I on that, question perspective, Yes, former We a $XX don't question have in back to piece the can a loan a address interest you Otherwise, said a The of was disclose we was can information. the our we a Rochelle, business. subsequent really fourth from of practices tell on million in the the rates was quarter. our It this Rochelle, type strong tenant about on on say e-mail. that terms that's sorry. that made typically loan loans based I a, all rate made FPI make. just Q&A. the this this that that want happened this disclosing specifically. I to loan, came interest our wouldn't Having of event regarding via We program. and loan under for

Luca. you, Thank

Rob from with is line Janney. Your first question Stevenson from the

Trying in transaction? and feel given the that revenue come you to this going the much how that Luca, down based annualized revenue 'XX what to will guidance collect you on to was of that's just a on continue that sold? farms get XX is off the

information. Yes, is kind up the Rob. Susan of pulling

second. us I'll So -- give a

can address another up another the information. you first we If maybe question, question have Susan pulls while

I pretty Yes. the guess increased sales question meaningfully year-over-year. other crop is

$XXX,XXX year. that. it quarter $X.X in I'm to think this versus the last million curious was year drove third I of just as what

crop Yes. was driver. farm. crop very, and very farm, the a to specifically This avocado our Condor good had strong that prices, related specifically We is one with

We citrus. on also good had a performance

those combination that really drove So sales. crop

to assets did you did? REIT Okay. And sales then any asset all? the significant given XXXX, in plus does of sell this rules due and of amount what level ability What year last to you your

Luca, let me handle that one.

be waiting creative probably we're value year. we will choose what to want does we or this to we all sale the we We out dollars sell -- But figure. stock price rules about of assets, it's asset as if how transacted getting within sale, in or can our to see to pretty an either be a because what stock year, you the sales. about make If in which still this from continue seven will a restricted to see is of we're in year, of high we'll we'll of volume be need a asset limitation to position, rules. set same similar faced make we about transactions faced figure we rules calendar did an and We'll But -- a this relatively kind be to in the what asset very get fair probably relatively year.

Rob. go to Susan, question, has Susan the And ahead. answer your

for full the $XX.X question. year was annualized sales farm The the Hi million. for revenues Rob, thanks approximately

Okay. That's helpful.

the think it - said of was like release, I in it already So savings. annual interest $XX.X basically, million you've

whole mean, off you're being just net-net offsetting. to income things X So from standpoint, going wind those up you're of mostly I net a basically

on for taxes, and so have because No, maintenance also forth. we and savings, on on property significant so example,

the we have so -- it's just interest. not savings on... And

well. side in savings million annualized the cost $X about have on We as

Even better.

Luca Paul, dividend Okay. common And Difficulty] given how massive of something for given then me, done one the size? overall right last amount that much [Technical you've to or your the size sales

size, reduce You mean mean right or? you

ongoing the Yes, common.

would decrease. right a dividend, an increase to highly yield not as a if a are company doing basis, now, these in accretive. regular current lead we're the On anything, transactions What common

rate operating revenue we the control and got that opportunities we've expenses and on explained, in of Luca savings of size the for team and other other As terms just in excess property other plus savings cost things. company There's travel received. interest some taxes in

land We have worry about. a less lot to

things are to manage. So easier

of that rapidly, a from is for now current basis, is this we always incredibly sell the we've The might quite cash these positive and So are reason company. challenge the farms careful have is share to an up yield this that. of and the continued given we when our flow thing appreciate

So, the dividend. that negative there to should year the in be there's concern of change a any not the XXXX regular

comes question next with line Scott from Partners. Your the Fortune of Capital ROTH

Corn above But well I Belt sales, in to kind fair U.S. a were get wanting kind $XXX standpoint. of into about in Belt to percentages geographic from standpoint. the lot Corn a $X,XXX to what the a is farms Just the calculate that acre, the per you unpack that and sense as now now average, But million, of want from sold close asset for in kind about you're we the weighing California amount which know still keep towards Illinois of the out side. just have kind and of $X,XXX. your the roughly

from standpoint. unpack little of kind that sale bit a Just that further

that take Paul. is question. This I'll

Florida, States, were Arkansas, sold the we assets the in of cetera, most Louisiana, Carolinas, in Delta, United the et Southeastern So and particular.

that of most in the sold owned land also Nebraska. We we

So assets we of We these geographically concentrated many. a in not still of states, own all handful very sales. but those

great for what them value particular, so that's am, Delta of what some sorry The do. farmer we go. I cry and made we really farms. sold. them, I'm ex And so farms, Wearing to the which geography the incredibly me sell had is that's what but we let we high-quality hat, those in got to

to as an we in what about on puts the kind in is $X,XXX, Scott. happens back And But depending far almost for irrelevant kind about price may you the out. USDA average following something. price of else up build everything stock and educational The It Average with gradually position think it company.  As just farmland regions purposes, of I of fact. said, it United want as so those on the with way. the is States the focus price,

You misleading a price hotel they're something And of bit wouldn't like relevant, so.  National Farmland in particularly of very per be an middle on or in Manhattan Los middle average national acre. or of Western transactions of will shockingly maybe is trading $X,XXX of States a level, for a hotel different level, $XX,XXX, across in sort place are of $X,XXX metric the $XX,XXX, find a little right? stuff. a roadside also the A Angeles United or for level good markets. to there's the and just true be Farmland. in you Even an $XX,XXX, room -- land price Kansas probably average completely at Dakota, averages That more on South state with the a Illinois or go the if lot to Iowa rundown

each we prices think educational own We to than quality to averages stuff. data in. be But note. add to these just tend location to it. about with about sales little you when farmland so going get I thinking just wanted is state-level higher work in a closer you and And bit average careful that the And

right, Yes, your Belt the that, going standpoint sales. the high is that from I those appreciate point the portfolio well farmlands, priced My still positioned that. Corn average is in obviously, forward in very after

the average the $X,XXX than all on in acre worth because Illinois of is we We got we own transaction. an the that average big raised land value probably will more have

get of a kind are for been there? of what a rent health for have 'XX the about very of pricing going rent pressure off, increases on in What's forward? Follow-up Right. the expectations your obviously, of farmer? But expectation lot providing valuable point, on more been That's the kind provide your XX% for Obviously, is has kind a of X% getting a the the commodity with shares which volatility. XXXX. but little there kind to Thanks you that, can sense discussions increases for up. coming of what's what the color

continues Yes. still environment be It to challenging for a farmers.

years. I class. bankruptcies. important the last farmers, what massive of means reason good I couple think super sorts common that mean it's It and when mean And for note, in as the to doesn't not challenging simple is for that as of stories doesn't sense events asset the say is huge just point. negative It

going margin for a for to drive food system You're a negative very about right? think production Just that second. the worldwide long, not to

You're not around world result in is of commodity farmers the States the the and going to pricing because drive business United particularly out with starvation.

That keeps that's so being So what said, market. a it's challenging it stable.

their that land, going read is commodity farmers the in Despite and of taxes, a skinny. no current cash are base. very And to for huge flow land you farmer here basis there still a margins you a cycle because where of they're if property You're than no be makes on on you negative. in virtually piece own your farmland cash a positive cost production price as what outright, many press, portion positive, land they're own that other that meaning that have many,

stable a land through farmers making have time. cost, of you always these keeps If what That's kind money. you be don't will

So were build will I X% prior you're at a we've what expect, back and XX% your That's good. flat rent model, projection to out a sort get not would hoping that gain. rent next a recovery. the for will little trying to think weeks, we thought our in And it I last start but continue. sure price commodity have, I I'm that to in calls. said squeeze what few question, don't look of quite some to we this be year. I'd could We you'd personally to

turn think for kind settle the out the to rents, but in I of is throes X% right cycle. we're we'll best We've the some so at rent in range year. of kind think flat upticks to That I And out average up. be where of got our will

line from Horne of question Buck the next with James. comes Raymond The

fully on in and the far. the what's walk maybe expenses wanted the of help dive just Great this I there, embedded just all progress year. kind me for on just to through Congratulations in G&A so transaction job. And conceptualizing

that that range I $XX am in thinking that $XX the out here kind year? any but if is million costs call million strip there fourth G&A normalize and it, the of transaction correctly costs of for next So up these to of kind to reason you severance it kind showing quarter, onetime about expenses wouldn't that, back are

company like small or start to everybody do you Susan the and a high-quality with contributor. is some the tried comments a to on think. Luca, even address of and company What detail, to team I'll we've So who's lessen time this been We're in incredibly overheads give you of on an but very couple in is to some staff. I'd with this selective reductions team this gradually

a to this is something I've willing dedicated to the company be do. It's always money difficult the and But to you're got So to stock that. alternatively you've shrink shareholders, done price if return through getting up us career. my or to thing for do

run You've money-losing company. got anybody can to a --

You've run makes to got to figure out how when money. it

that. very And we're so focused on just

travel, CFO reduced senior thought So and compensation me at We compensation somewhat. have, levels, level. made fact, change reduced we particular, the in reducing have reduced about the most at in the

do. but things, we'll we that So those a not to little can lot do more there's continue

or shrinkage already ahead. are small, Susan, continued go to of back we'll We specific we're have and to, range question is Buck's although look the difficult, Luca a go you ideas. for to certainly the small likely specific if company anything

the and as related expenses costs at we guidance these But forecast prepared the that to pickup to you -- this a point. there that XXXX large was and administrative noted, supplemental, due Buck, round the in to range general for Yes. noted the address pickup in in was think as I largely we're transactions. projections was latest not

So payment James. was as they to onetime largely the events are severance

did earlier that and at not the something large, So that, forecast if you if by elements, look include than meaning ranges that's those hopefully lower. better revert that not probably to, something we'll

any make you of are level change that waiting be sort speaking, recently any seeing the Very tells are this me are of or in it. on on And outcome? the of you depending any maybe, and deals you in outcome valuations and/or outlook this this any for valuation or or there to helpful. -- the Got to price farm transaction just is But anecdotes sellers broadly of farmers out more election ranges? expect potential farmland buyers market for if sort the signs got Would high not.

again. I This don't. Paul I think is so. don't No,

I Iowa. about are Like articles, two fall basically was their its the in things in are One farmland was or asset not I is where live this in actually right? States. mean, first them the -- left 'XX the places for industry. be an measurement it's farmers are ever. have the most of error. They in values there the of that headlined, this many article United world, both like X.X% view, about area that -- of working and going industry now the I to values Iowa. class hour And way, about They own values food mean something right than it's flat. the phone 'XX I by little oh, two call That I -- views. concluded very -- an to spent farm farmland -- this in first article to own But day, Iowa on cycle own the -- world we're the out reading at fly end read about people there the morning because every fallen we're One they're their political a just smaller the morning, hard And the over. in of have I now was reading time that's day. think produce

don't Nebraska, know piece meaning of were week. was ground, you sold CRP increases. Missouri can't acre Kansas, out is But even read it peasants that a There surrounding be pieces Iowa, at at sold farm ground and one in what an there So an one land acre states That's I farmed. state the two Iowa, only anything. program of said second $XX,XXX $XX,XXX something I the the CRP reserve ground, then of conservation can hunt on. means, had article last Fed, that It if of other really the

hunter it didn't a big -- like trade peasant there's market. I Now mean, not

years So begin ground. who's some going then X to hunters. be to X to peasant it contract traded farming out It for didn't trade the that to able probably to another and family wait

that be strong think land demand the families. And changes. for to don't incredibly I So successful among these continues farm

of for say surge We're prices I'm profitability. you they It's a this because to and or As the guys phase always but heard plateau over my hope of It's surge surge away, a little bit consolidation in is this in they're then general story probably all over. of and five plateaus, these plateau in again. we're But I have Buck. me while. career two again. on a kind a calls, going that cycle now. one in helps, same now these of or farmer year a And six they but will

John with from Riley. question next Your comes B. Massocca

looks provide you if completed So about month. as what of dispositions a well? remarks, the it little deal versus look portfolio the like that I color kind Can were additional And missed prepared earlier larger there of you it on apologies or did did portfolio million announced $XX but this in this that that just the was? was like

Yes. series Western Arkansas. Those were in properties a were sold of that

If but actually properties you farm back been somebody going farms a angle if properties, company there's a were what's they certainly sold And I that's in was Arkansas. They've high-quality you website, production. those price slightly either to kind Western made bought go But They remember series ground. It's to portfolio. timber But partly the longer has produce but offered to don't we that or historically, for is a being of sale. ground partly of our transaction. to no above they're major on capable can timber out a to us gains, timber it figure the selling so for an try little carbon of see slightly And probably there it's think on you I nice them the want below bit. exact what that those the the and offsets, strong purpose.

digest Okay. of this kind does a of to Where volume-wise that have disposition the transaction do year? to of did remainder the in point. a want I at activity lot you understand leave you you if

the of of of remainder the we called year, We're what's do kind transactions. could X handful year. transaction a a In in

but complexity drives the with bore won't a ability that, the in I year. we Just transactions have of to do that you law tax X the calendar

X or I think so we've X far. done

is we've, buying always is. active So other the there and the for year be selling may a properties. time an this few of The of year fall

we few have but so may might we And an acquisition. another have dispositions,

there's, of I remainder So though. in event not don't world the the a shifting likely think year, it's

about of of and et then proceeds out kind when just cetera, disposition uses thinking math say, you, factoring special I $XX kind And have have that maybe earnings kind the Okay. and change and rough were already in the laid capital, that been you for here, million the release debt in how of of dividend, debt that you additional dividend acquisitions? kind capital or stock earmarked million special I isn't are used or $XX either mean in change, hasn't the right, in about or I'm repayment thinking buybacks deploying assuming repayment of the yet.

left the you're cash have sort little of we you're amount and on close. our light aside borrowing over, a probably bit Yes, remaining, of setting but

as the fund And the of like repayments. do was course, going And That's period buybacks couple remaining haven't of been year, we'll an get million of of surrounding market the the releases it. that then in we'll course, the we in have of of the participate a uses We've, all, to but we coming in when we nominally might, end is to we of transaction the large the something able one press to intended make with So use go of [indiscernible] blackout and additional then, months. certainly kind intended funds. funds. still set make $XX aside close distribution to will been that's intend that to in debt cash at we

limitations with still due on there that friction Or the in costs associated debt maybe pretty open. stack? to any debt Are paydowns is

No.

We and worked the members other very Luca, They've very, team, one of have important team Keck. Susan hard. our Rich

We so. liberal continue about in to substitution percentage transactions, loan the have essentially do certain for to these negotiating avoided debt least that's and rules collateral original a try of to any rights loans. repay we'll documentation and at those relatively penalties repayment And into

the good team, to efforts a of job thanks done we've to a penalties. done the we've debt avoid So repayment

Craig with The Capital Kucera Markets. Lucid next question from comes

I a wanted little have swapped and kind still facility eliminate the done. of all of you down already just that is you to debt pay the outstanding? Rabobank of the Or Did portion deeper dive repayments on that?

to in I'm turn going to over that team the Denver.

ahead. You're going to Go handle it.

Yes.

notional at good $XX.X at We're full loan amended of covers the million the Rabo a swap this and million. The on paid swap chunk the the the $XX.X we we actually, swap. point, down. have So sitting approximately

right the out table Q if kind come of also is listed it and be the table just the loan supplemental, its at in that So Rabobank entirely notional at will swapped. to is in now, clear, the you still terms, look the but

paying that look So nodding. swap footnote, the rate you Susuan the effective are is that and have X.XX%, the loan that into we with to is I on believe interest

So the yes, number. that's right

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seeing already you farming this Given tougher did opportunities FBI a you the any quarter? program? Beyond loan are environment, somewhat what additional earlier loans to make through

one. term. so. These loans do capital, are. a a of opportunity we to our loans. Yes, relatively if make be cost to meaning And some I'll There's certainly at those year that can take short-term length X we substantial loans, Yes, spread probably to we'll or tend of make

open of the And we're one; good against completely to subject for on business loan number two, program a high-quality number cost capital. and collateral, so our spread it's getting

There from the line. now Luca further questions back no remarks. to I for are the turn over conference will the closing

quarters. you, results the our look updating everybody. Thanks, to And and everybody. appreciate thank in company and your in Rochelle. you, forward We our coming you on interest Thank activities

concludes that joining. today's Thank you and Ladies all call. for gentlemen,

disconnect. now may You