Susan Landi
About Susan Landi
Chief Financial Officer and Treasurer of Farmland Partners Inc. since May 28, 2024; age 49; CPA with a B.S. in Accounting (Saint Vincent College) and MBA (University of Colorado) . Landi has led finance, accounting, treasury, and SEC reporting; 2024 company performance included net income of $61.5 million and a TSR value of $116.51 on a $100 base, reflecting positive shareholder returns into her tenure . She has regularly presented AFFO guidance and capital structure improvements (debt reductions, dispositions) on earnings calls, indicating focus on AFFO/share and lease renewals, which are core pay metrics at FPI .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Farmland Partners Inc. | VP Finance | Oct 2019 – May 2024 | Senior accounting leadership supporting portfolio optimization and SEC reporting . |
| SOLE Consulting LLC | Managing Member | Oct 2018 – 2019 | Accounting advisory experience . |
| Moss Adams | Audit Senior Manager | 2017 – 2018 | Led public company audits and controls . |
| Hein & Associates | Audit Senior Manager | 2002 – 2017 | 15 years of audit leadership for corporate clients . |
External Roles
No external public company directorships or committee roles disclosed for Landi .
Fixed Compensation
| Component | Value/Terms | Effective Date | Notes |
|---|---|---|---|
| Base Salary | $220,000 | May 28, 2024 | As CFO and Treasurer . |
| Bonus Eligibility | Determined by Compensation Committee | Ongoing | Targets not disclosed; NEO program uses lease renewal rates and AFFO/share metrics . |
Performance Compensation
| Instrument | Metric | Target | Performance Period | Vesting / Payout Terms |
|---|---|---|---|---|
| Restricted Stock (RSUs) | Service (time-based) | 3,726 shares | Grant 02/18/2025 | Vests ratably on the first three anniversaries of grant (02/18/2026, 02/18/2027, 02/18/2028) . |
| PSUs Tranche 1 | Absolute TSR | 532 target PSUs (0–150% earn-out) | 3 years from 12/31/2024 | Each PSU = 1 common share if earned; performance-based vest at period end . |
| PSUs Tranche 2 | Relative TSR vs MSCI US REIT Net Total Return Index | 532 target PSUs (0–150% earn-out) | 3 years from 12/31/2024 | Each PSU = 1 common share if earned; performance-based vest at period end . |
Notes:
- Company-wide pay metrics include lease renewal rates and AFFO/share; PSUs calibrate to TSR outcomes, aligning pay with shareholder returns .
Equity Ownership & Alignment
| Item | Details | Date | Notes |
|---|---|---|---|
| Initial Beneficial Ownership (Form 3) | 2,804 restricted shares | 06/07/2024 | Disclosed in initial statement; part of equity plan grants . |
| RSU Grant | 3,726 restricted shares (bonus for FY2024) | 02/18/2025 | Three-year ratable vest; potential future supply of stock upon vesting . |
| PSUs – Absolute TSR | 532 target PSUs | 02/18/2025 | Earn-out 0–150% based on absolute TSR over 3 years . |
| PSUs – Relative TSR | 532 target PSUs | 02/18/2025 | Earn-out 0–150% vs MSCI US REIT Net TR Index over 3 years . |
| Pledging/Hedging | Not disclosed | — | Company has an insider trading policy and compensation recoupment (clawback) policy . |
| Ownership Guidelines | CEO: 4x salary; Directors: $100k; CFO guideline not disclosed | Measured annually | Compliance noted for CEO and directors; no CFO-specific disclosure . |
Employment Terms
| Term | Provision | Source |
|---|---|---|
| Appointment | CFO and Treasurer effective May 28, 2024 | . |
| Base Salary | $220,000 | . |
| Change-in-Control Agreement | Single-trigger cash and equity benefits upon CoC (without termination), plus COBRA reimbursement if employment terminates at CoC or within one month: (i) 6 months base salary; (ii) 50% of average of last 3 annual discretionary bonuses; (iii) 50% of average of last 3 annual equity grants; (iv) immediate vesting of outstanding equity awards; (v) COBRA for up to 6 months; subject to Release and restrictive covenants | . |
| 280G Mitigation | “Best-pay cap” reduction methodology to avoid excise tax inefficiency | . |
| Clawback / Recoupment | Awards subject to company Compensation Recoupment Policy | . |
| Non-compete / Non-solicit | Benefits conditioned on compliance with any applicable restrictive covenants | . |
| Related Party Transactions | None disclosed under Item 404(a) for Landi | . |
Performance & Track Record
| Metric | Period | Value | Commentary |
|---|---|---|---|
| Net Income | FY2024 | $61.45 million | Company emphasized gains on dispositions and debt reduction; aligns with cash flow focus . |
| TSR (Value of $100 Investment) | FY2024 | $116.51 | Supports TSR-tied PSUs alignment . |
| AFFO Guidance | FY2025 | $13.3–$15.9 million; $0.28–$0.34/share (May) | Guidance raised; drivers include solar proceeds, loan program income, lower interest expense . |
| AFFO Guidance | FY2025 | $12.8–$15.5 million; $0.28–$0.34/share (July) | Reflects dispositions, lower fixed rent, mix shift in revenues; continued debt reduction . |
| Q2 2025 Net Income | 3 months ended 06/30/2025 | $7.8 million ($0.15/share) | Higher YoY due to gains on 32 property dispositions, lower G&A and interest expense . |
| Capital Structure | Undrawn LOC | ~$160–167 million | No rate resets; swap reduces variable exposure; LOC repaid in July . |
Compensation Structure Analysis
- Pay-for-performance linkage: FPI’s incentive framework ties outcomes to lease renewal rates, AFFO/share, and TSR—Landi’s PSUs directly align with absolute and relative TSR over three years .
- Shift in equity mix: RSUs vest ratably over 3 years, lowering risk versus options, and suggest periodic vesting events on 02/18/2026–2028 that can create supply pressure if shares are sold post-vesting .
- Governance red flag: Single-trigger CoC cash and immediate equity vesting on change-in-control (without termination) can weaken retention alignment and incentivize near-term payout over long-term continuity; however, 280G “best-pay cap” aims to mitigate tax inefficiency .
- Clawback protections: Company-wide Compensation Recoupment Policy applies to equity awards, supporting accountability .
Investment Implications
- Alignment: Landi’s PSU design (absolute and relative TSR) ties payouts to shareholder returns, and company pay metrics emphasize AFFO/share and lease renewals—constructive for capital discipline .
- Potential selling pressure: RSU tranches vest on 02/18/2026–2028; monitor Form 4s around vest dates for any sales that could modestly affect float/liquidity .
- Retention risk in M&A: Single-trigger CoC benefits (cash plus accelerated vesting) reduce the incentive to remain post-transaction; diligence on any strategic reviews or ownership changes is warranted .
- Risk controls: Clawback and insider trading policies are in place; no pledging/hedging disclosures specific to Landi—monitor for any future policy enhancements .
Sources: FPI 2025 DEF 14A (executives, pay metrics, recoupment), 8-K (May 28, 2024 CFO appointment and CoC agreement), and Landi’s Forms 3 and 4 (equity grants and vesting terms) .