DENVER - Farmland (NYSE:FPI) Partners Inc. (NYSE: FPI), an internally managed real estate company, announced today the appointment of Susan Landi as Chief Financial Officer (CFO) and Treasurer. Landi, who has been with the company for over four years, steps into her new role effective immediately, succeeding James Gilligan, who will assist with the transition until June 30, 2024.
The management change aligns with FPI's broader strategy to streamline operations and enhance shareholder value. CEO Luca Fabbri, who previously held the CFO position from 2014 to 2021, praised Landi's deep understanding of the company's finances and the farmland business, citing her strong track record and integral role in the team. He also commended Gilligan for his contributions since October 2021 and wished him success in his future endeavors.
Landi brings extensive experience in accounting and audit, having worked in the field since 2002. Her professional history includes tenures at Moss Adams and Hein & Associates before joining FPI in 2019. She holds a B.S. in Accounting from Saint Vincent College, an M.B.A. from the University of Colorado, and is a Certified Public Accountant.
Farmland Partners Inc . focuses on owning and acquiring high-quality North American farmland. It also provides loans secured by farm real estate. The company manages approximately 177,400 acres across 17 states and operates four agriculture equipment dealerships in Ohio under the John Deere (NYSE:DE) brand. FPI elected to be taxed as a real estate investment trust (REIT) starting from the taxable year ended December 31, 2014.
InvestingPro Insights
As Farmland Partners Inc. (NYSE: FPI) welcomes Susan Landi as the new CFO and Treasurer, the company's financial health and strategic direction remain key points of interest for investors. According to InvestingPro data, FPI currently holds a market capitalization of $533.72 million, with a Price/Earnings (P/E) ratio of 19.15. This valuation reflects the company's profitability over the last twelve months as of Q1 2024.
InvestingPro Tips highlight that management has been actively repurchasing shares, a move that often signals confidence in the company's future prospects. Additionally, the company's liquid assets surpass its short-term obligations, indicating a solid financial position for handling near-term liabilities.
However, it is important to note that analysts expect a drop in net income this year, and they do not anticipate the company will be profitable within this timeframe. These projections could be crucial for investors considering the impact of the new CFO's financial strategies.
For those looking for more in-depth analysis, InvestingPro offers additional tips on Farmland Partners Inc. that can provide further context to the company's financial health and future outlook. To access these valuable insights, investors are encouraged to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 6 more InvestingPro Tips available for FPI, which can be found at https://www.investing.com/pro/FPI.
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