Land & Buildings Calls for First Industrial Board Reform
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 26 2026
0mins
Should l Buy FR?
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."
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Analyst Views on FR
Wall Street analysts forecast FR stock price to fall
8 Analyst Rating
5 Buy
3 Hold
0 Sell
Moderate Buy
Current: 57.770
Low
51.00
Averages
54.88
High
59.00
Current: 57.770
Low
51.00
Averages
54.88
High
59.00
About FR
First Industrial Realty Trust, Inc. is a provider of industrial real estate. The Company owns, operates, develops and acquires logistics properties. The Company, through its fully integrated operating and investing platform, provides facilities and customer service to multinational corporations and regional firms that are essential for their supply chains. Its portfolio and new investments are concentrated in 15 target MSAs with an emphasis on supply-constrained, coastally oriented markets. The Company owns and has under development approximately 69.5 million square feet of industrial space. Its tenants are engaged in a variety of businesses, including e-commerce, third-party logistics and transportation, consumer and other manufactured products, retail and consumer services, food and beverage, lumber and building materials, wholesale goods, health services, governmental and other. Through a wholly owned TRS of the Operating Partnership, it owns an equity interest in a joint venture.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Forward-Looking Production: The facility is set to begin production by late 2027, focusing on General Motors' central compute unit, a liquid-cooled system that will utilize next-generation processors to handle vast amounts of data from multiple sensors and systems, enhancing vehicle intelligence.
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- Director Nominee Withdrawal: First Industrial Realty Trust (FR) announced the withdrawal of director nominee Jonathan Litt from Land & Buildings, reflecting the company's governance stability ahead of the upcoming 2026 Annual Meeting.
- Superior Shareholder Returns: The company highlighted its superior total shareholder returns over one, three, and five years compared to proxy and industrial peers, demonstrating its ongoing success in shareholder value creation.
- Strategic Share Buyback: The Board recently authorized a $250 million share repurchase, indicating strong confidence in the company's stock and commitment to delivering superior returns for shareholders, which further enhances market confidence.
- New Director Appointment: The company announced that new independent director Frank E. Schmitz will join the Board effective June 1, 2026, aiming to enhance the Board's expertise and diversity to support the company's long-term strategic goals.
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- Director Nominee Withdrawal: Land & Buildings has withdrawn its director nominee Jonathan Litt, prompting First Industrial Realty Trust to strongly oppose, citing repeated misleading statements that affect the company's governance and strategy.
- Superior Shareholder Returns: The company has outperformed its peers in total shareholder returns over the past one, three, and five years, demonstrating that under the Board's leadership, First Industrial continues to execute a clear and consistent value-driven strategy that creates long-term shareholder value.
- Share Repurchase Authorization: The Board recently authorized a $250 million share repurchase, indicating strong confidence in the company's stock and commitment to delivering superior returns to shareholders, which further enhances market confidence.
- New Director Appointment: First Industrial announced that Frank E. Schmitz will join the Board on June 1, 2026, reflecting the company's emphasis on balancing expertise and continuity, aimed at driving future value creation.
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- Call for Board Change: Land & Buildings announced it will vote against two long-standing directors of First Industrial Realty Trust at the 2026 annual meeting, including Chairman Matthew Dominski, who has served for over 15 years, indicating strong concerns over corporate governance.
- Stock Price Potential: Litt highlighted that if FR's implied cap rate compresses from the mid-6% range to the low 5% range, FR shares could rise approximately $15, representing over 20% upside, reflecting market recognition of its asset portfolio.
- Governance Discount Issue: Litt believes the current market capitalization gap of about $2 billion is primarily due to a governance discount rather than a real estate discount, emphasizing the serious lack of independent oversight on the board.
- Compensation Committee Controversy: Despite FR's stock lagging behind peers, Dominski and Hackett continue to serve on the compensation committee and award excessive pay to management, further raising investor concerns about the company's governance.
See More
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- Cost of Governance Failures: Land & Buildings highlights that the current board's governance failures have resulted in approximately $2 billion in market capitalization losses for shareholders, indicating an urgent need for change to protect shareholder interests.
- Call to Vote Against Reelection: The company urges shareholders to vote against the reelection of Chairman Matt Dominski and Director H. Patrick Hackett, Jr. at the upcoming 2026 Annual Meeting, emphasizing that both are the longest-tenured members of the board and must be held accountable for governance issues.
- Need for External Change: Due to the board's lack of interest in engaging with Land & Buildings on governance improvements, the company has decided to withdraw the nomination of founder and CIO Jonathan Litt as a director candidate, believing that change can be more effectively achieved from outside the boardroom.
- Clear Message to Shareholders: Land & Buildings stresses in its letter that shareholders should clearly express their dissatisfaction with the status quo at the Annual Meeting to drive necessary governance changes within the company.
See More
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- Value Appreciation: As of December 31, 2025, the fund's quarter-end position in Centerspace increased by $19.97 million, indicating a dual impact from increased holdings and stock price changes, further solidifying its position in the multifamily housing sector.
- Market Performance: As of February 17, 2026, Centerspace shares were priced at $62.87, up 6.1% over the past year, although underperforming the S&P 500 by 6 percentage points, highlighting a balance between stability and growth potential.
- Strategic Regional Focus: Centerspace specializes in the apartment market in the Midwest and Mountain West, leveraging the region's stability and moderate development activity to ensure high occupancy rates and stable rental income, although this may limit upside potential in faster-growing markets.
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- Significant Investment: Valeo is investing $225 million to build a 337,000 square-foot high-tech manufacturing facility in McAllen, Texas, which is expected to create up to 500 new jobs, significantly boosting the local economy.
- Forward-Looking Production: The facility is set to begin production by late 2027, focusing on General Motors' central compute unit, a liquid-cooled system that will utilize next-generation processors to handle vast amounts of data from multiple sensors and systems, enhancing vehicle intelligence.
- Strategic Alignment: The construction of this plant is fully aligned with Valeo's
See More
First Industrial Realty Trust Responds to Director Nominee Withdrawal
- Director Nominee Withdrawal: First Industrial Realty Trust (FR) announced the withdrawal of director nominee Jonathan Litt from Land & Buildings, reflecting the company's governance stability ahead of the upcoming 2026 Annual Meeting.
- Superior Shareholder Returns: The company highlighted its superior total shareholder returns over one, three, and five years compared to proxy and industrial peers, demonstrating its ongoing success in shareholder value creation.
- Strategic Share Buyback: The Board recently authorized a $250 million share repurchase, indicating strong confidence in the company's stock and commitment to delivering superior returns for shareholders, which further enhances market confidence.
- New Director Appointment: The company announced that new independent director Frank E. Schmitz will join the Board effective June 1, 2026, aiming to enhance the Board's expertise and diversity to support the company's long-term strategic goals.
See More
First Industrial Realty Trust Responds to Withdrawal of Director Nominee
- Director Nominee Withdrawal: Land & Buildings has withdrawn its director nominee Jonathan Litt, prompting First Industrial Realty Trust to strongly oppose, citing repeated misleading statements that affect the company's governance and strategy.
- Superior Shareholder Returns: The company has outperformed its peers in total shareholder returns over the past one, three, and five years, demonstrating that under the Board's leadership, First Industrial continues to execute a clear and consistent value-driven strategy that creates long-term shareholder value.
- Share Repurchase Authorization: The Board recently authorized a $250 million share repurchase, indicating strong confidence in the company's stock and commitment to delivering superior returns to shareholders, which further enhances market confidence.
- New Director Appointment: First Industrial announced that Frank E. Schmitz will join the Board on June 1, 2026, reflecting the company's emphasis on balancing expertise and continuity, aimed at driving future value creation.
See More
Land & Buildings Opposes First Industrial Realty Trust Directors
- Call for Board Change: Land & Buildings announced it will vote against two long-standing directors of First Industrial Realty Trust at the 2026 annual meeting, including Chairman Matthew Dominski, who has served for over 15 years, indicating strong concerns over corporate governance.
- Stock Price Potential: Litt highlighted that if FR's implied cap rate compresses from the mid-6% range to the low 5% range, FR shares could rise approximately $15, representing over 20% upside, reflecting market recognition of its asset portfolio.
- Governance Discount Issue: Litt believes the current market capitalization gap of about $2 billion is primarily due to a governance discount rather than a real estate discount, emphasizing the serious lack of independent oversight on the board.
- Compensation Committee Controversy: Despite FR's stock lagging behind peers, Dominski and Hackett continue to serve on the compensation committee and award excessive pay to management, further raising investor concerns about the company's governance.
See More
Urgent Change Needed at FR Board to Maximize Shareholder Value
- Cost of Governance Failures: Land & Buildings highlights that the current board's governance failures have resulted in approximately $2 billion in market capitalization losses for shareholders, indicating an urgent need for change to protect shareholder interests.
- Call to Vote Against Reelection: The company urges shareholders to vote against the reelection of Chairman Matt Dominski and Director H. Patrick Hackett, Jr. at the upcoming 2026 Annual Meeting, emphasizing that both are the longest-tenured members of the board and must be held accountable for governance issues.
- Need for External Change: Due to the board's lack of interest in engaging with Land & Buildings on governance improvements, the company has decided to withdraw the nomination of founder and CIO Jonathan Litt as a director candidate, believing that change can be more effectively achieved from outside the boardroom.
- Clear Message to Shareholders: Land & Buildings stresses in its letter that shareholders should clearly express their dissatisfaction with the status quo at the Annual Meeting to drive necessary governance changes within the company.
See More
Land & Buildings Increases Stake in Centerspace to 9.19%
- Increased Holdings: Land & Buildings Investment Management, LLC disclosed in a February 17, 2026 SEC filing that it acquired an additional 229,146 shares of Centerspace, raising its stake to 9.19%, reflecting confidence in the company and optimism about the real estate market.
- Value Appreciation: As of December 31, 2025, the fund's quarter-end position in Centerspace increased by $19.97 million, indicating a dual impact from increased holdings and stock price changes, further solidifying its position in the multifamily housing sector.
- Market Performance: As of February 17, 2026, Centerspace shares were priced at $62.87, up 6.1% over the past year, although underperforming the S&P 500 by 6 percentage points, highlighting a balance between stability and growth potential.
- Strategic Regional Focus: Centerspace specializes in the apartment market in the Midwest and Mountain West, leveraging the region's stability and moderate development activity to ensure high occupancy rates and stable rental income, although this may limit upside potential in faster-growing markets.
See More
