FR News & Events

Land & Buildings Investment Management, a shareholder of First Industrial Realty Trust, issued a letter to shareholders detailing the insular boardroom culture at the Company and why meaningful change is needed. The firm said, in part, "Our engagement with First Industrial since our public presentation in early December 2025 has revealed an insular boardroom culture focused on prioritizing entrenchment rather than maximizing shareholder value. At every turn, we have found that this Board of Directors, led by Chairman Matt Dominski, has chosen to protect the status quo at all costs. The Board intends to nominate two directors with more than 15 years of tenure based on our understanding, has left a vacancy from a director's passing nearly a year ago unfilled, and has refused to engage collaboratively with us on adding directors respected by the investment community...We urge the Board to take the following actions immediately: Publicly commit to a plan to close the NAV discount with specific milestones and timelines. Initiate a $500M-$1B asset disposition program with proceeds returned to shareholders. Schedule an investor day with property tours within 90 days. Authorize a formal exploration of strategic alternatives if the discount does not narrow within six months. Immediately refresh the Board: Mr. Dominski and Mr. Hackett should not stand for re-election, and their seats, along with the vacancy created following Mr. Rau's passing, must be filled with directors experienced in capital allocation and REIT value creation. Constructive engagement requires a willing partner and to date, we have not found one in FR. Our preference would be to work together with FR to realize value for all shareholders. However, based on FR's track record, we believe that we need to keep open all options available to us as shareholders - which is why Land & Buildings has nominated me, Jonathan Litt, as a director candidate for election to the Board at the Company's 2026 annual meeting of shareholders."