Gladstone Land Corporation (LAND) Earnings Call Transcript & Summary

Ladies and gentlemen, thank you for standing by, and welcome to the Gladstone Land Corporation's 2020 Annual Meeting of Stockholders Conference Call. [Operator Instructions] I would now like to hand the conference to your speaker today, Michael LiCalsi, General Counsel. Please go ahead, sir.

Thanks, everyone, and good morning. Welcome to the Annual Stockholders Meeting of Gladstone Land Corporation for the year ended December 31, 2019. I'm Michael LiCalsi, General Counsel and Secretary of the company. With me, I have 2 of the company's officers; Lewis Parrish, our CFO; and Erich Hellmold, our Assistant General Counsel, who will also act as the secretary of this meeting. The meeting will now officially come to order. We'll proceed with the business of the meeting as set forth in your notice of annual meeting and proxy statement. Now will the secretary, Mr. Hellmold, please report the mailing of the notice of the meeting and the stockholders list?

We have in our possession a complete list of the holders of record of the company's common stock as of the close of business on March 24, 2020, the record date for this meeting. I also have an affidavit certifying that on April 1, 2020, a notice of the Annual Meeting of Stockholders of the company was mailed to all stockholders of record at the close of business on March 24, 2020.

Okay. Lewis Parrish and myself have each been appointed as inspectors of election at this meeting. Broadridge has tabulated the votes and the inspectors and their staff have been in close contact with representatives in Broadridge to get the vote tally in. The inspectors have also taken a subscribed customary oath of office to impartially execute their duties, and they also will be filed with the records of the meeting. The inspector's function is to decide upon the qualification of voters, accept their votes, and at the end of balloting, to tally the final votes. Will the secretary please report at this time with respect to the existence of a quorum?

The inspectors of election have informed the company that proxies have been received for 17,440,732 of the 21,346,458 shares of common stock outstanding as of the close of business on the record date, which represents approximately 81.7% of the total number of outstanding shares. This constitutes a quorum for the meeting today, and we may now carry out the official business of the meeting. If there are any additional proxies to be submitted, please vote your shares through the portal at this time.

Okay. We'll now proceed with the business of the meeting. There are 2 matters scheduled for a vote, and they are the election of 3 directors to hold office until the 2023 Annual Meeting of Stockholders and until their successors are duly elected and qualify; and the ratification of Audit Committee selection of PricewaterhouseCoopers, LLP as our independent registered public accounting firm for fiscal year ending December 31, 2020. The time is now 11:03 on May 14, 2020, and the polls are now open for voting on all matters to be presented. They'll be close to voting after we go through these matters one more time. The first item of business is the election of 3 of our directors to serve until the 2023 Annual Meeting and until their successors are duly elected and qualify. And the nominees for directors whose terms expire in 2023: David Gladstone, Paul Adelgren and John Outland. The second item of business for this meeting, the ratification of Audit Committee selection of PricewaterhouseCoopers, LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2020. The voting is by proxy and written ballot. You do not need to vote through the portal for the meeting today, if you've already voted. And each share of common stock is entitled to 1 vote. The time is now 11:04, and the polls are now closed for voting. Mr. Secretary, may we have the results of the voting, please?

The report of the inspectors of election covering the proposals presented at this meeting is as follows: Proposal 1, to elect David Gladstone, Paul Adelgren and John Outland to the Board of Directors for a term of 3 years that will expire at the 2023 Annual Meeting of Stockholders, is carried; Proposal 2, the proposal to ratify the Audit Committee's selection of PricewaterhouseCoopers as our independent registered public accounting firm for our fiscal year ending December 31, 2020, is carried. The full tally of the votes will be published in a current report on Form 8-K, which will be filed with the SEC within a few days of today's meeting.

Okay. Well, that's the end of the business on the agenda of the Stockholders Meeting. We thank everyone for calling into the Annual Stockholder Meeting today. The time is now 11:05, and the meeting is now adjourned.