Farmland Partners Announces Promotion of Susan Landi to CFO

Rhea-AI Summary

Farmland Partners (NYSE: FPI) has announced the promotion of Susan Landi to Chief Financial Officer (CFO) and Treasurer, effective May 28, 2024. Landi, who has been with the company for over four years, will oversee finance, accounting, treasury, and SEC financial reporting functions. She succeeds James Gilligan, who will remain with the company until June 30, 2024, to ensure a smooth transition. This staffing change is part of Farmland Partners' cost-cutting initiative aimed at reducing expenses and improving shareholder returns. Landi's extensive experience includes roles at Moss Adams and Hein & Associates before joining Farmland Partners in 2019.

Positive

• Promotion of experienced internal candidate Susan Landi to CFO, ensuring continuity.
• James Gilligan will stay until June 30, 2024, to assist with the transition, minimizing disruptions.
• Cost-cutting initiative aimed at reducing expenses and improving shareholder returns.

Negative

• Staff reduction as part of the cost-cutting initiative could affect employee morale.
• Executive change may create short-term uncertainties among investors.

Staff Reduction Part of Company’s Cost-Cutting Initiative

DENVER--(BUSINESS WIRE)-- Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) today announced that Susan Landi has been appointed to the Company’s executive team as Chief Financial Officer (“CFO”) and Treasurer. Ms. Landi, the senior accounting professional at FPI for over four years, assumed her new role on May 28, 2024. Ms. Landi’s responsibilities will include overseeing the Company's finance, accounting, treasury, and SEC financial reporting functions.

Ms. Landi succeeds James Gilligan, who has stepped down as CFO upon mutual agreement with the Company and will remain as an employee with the Company through June 30, 2024 to ensure a smooth transition.

“Susan is the perfect person to build upon the great work James did during his tenure. Susan knows FPI’s finances and the farmland business well, she has a strong track record of driving positive results, and she’s already proven herself to be an invaluable member of our close-knit team. I’m excited for Susan and look forward to working with her as CFO,” said FPI Chief Executive Officer Luca Fabbri. “James is a consummate professional who should be proud of the job he’s done leading FPI’s finance department since October 2021. We wish him nothing but success moving forward.”

Mr. Fabbri, who also served as the Company’s CFO from 2014 to 2021, explained that the staffing change is part of the Company’s ongoing efforts to reduce expenses and improve shareholder returns.

Ms. Landi has been an accounting and audit professional since 2002, serving at Moss Adams and Hein & Associates prior to joining the Company in 2019. She received a B.S. in Accounting from Saint Vincent College and a M.B.A. from the University of Colorado, and she is a Certified Public Accountant.

About Farmland Partners Inc.

Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns and/or manages approximately 177,400 acres in 17 states, including Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Nebraska, North Carolina, Ohio, Oklahoma, South Carolina, and Texas. In addition, the Company owns land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. The Company has approximately 26 crop types and over 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Additional information: www.farmlandpartners.com or (720) 452-3100.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the federal securities laws, including, without limitation, statements with respect to our outlook and the outlook for the farm economy generally, proposed and pending acquisitions and dispositions, financing activities, crop yields and prices and anticipated rental rates. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” or similar expressions or their negatives, as well as statements in future tense. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: the on-going war in Ukraine and its impact on the world agriculture market, world food supply, the farm economy, and our tenants’ businesses; general volatility of the capital markets and the market price of the Company’s common stock; changes in the Company’s business strategy, availability, terms and deployment of capital; the Company’s ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all; availability of qualified personnel; changes in the Company’s industry, interest rates or the general economy; adverse developments related to crop yields or crop prices; the degree and nature of the Company’s competition; the timing, price or amount of repurchases, if any, under the Company's share repurchase program; the ability to consummate acquisitions or dispositions under contract; and the other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and the Company’s other filings with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240528567201/en/

Phillip Hayes

phayes@farmlandpartners.com

Source: Farmland Partners Inc.

FAQ

When did Susan Landi assume the role of CFO at Farmland Partners?

Susan Landi assumed the role of CFO on May 28, 2024.

What are Susan Landi's responsibilities as CFO at Farmland Partners?

Susan Landi will oversee finance, accounting, treasury, and SEC financial reporting functions.

What is the significance of the staffing change at Farmland Partners?

The staffing change is part of the company's ongoing efforts to reduce expenses and improve shareholder returns.

How long has Susan Landi been with Farmland Partners?

Susan Landi has been with Farmland Partners for over four years.

What is Susan Landi's professional background?

Susan Landi has experience with Moss Adams and Hein & Associates and joined Farmland Partners in 2019.

When will James Gilligan leave Farmland Partners?

James Gilligan will remain with the company until June 30, 2024.