Land & Buildings Calls for Urgent Change at First Industrial Realty
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 20 2026
0mins
Should l Buy FR?
Land & Buildings, a shareholder of First Industrial Realty, issued a letter to shareholders detailing why "urgent change" is needed at the company to maximize shareholder value. The company said, "The letter also highlights why shareholders should send a clear message at the Company's upcoming 2026 annual meeting that the status quo will no longer be tolerated by voting against the election of Chairman Matt Dominski and Director H. Patrick Hackett, Jr. - the longest-tenured directors on the Board of Directors. Finally, the letter discloses that, based on the lack of interest from the FR Board in engaging constructively with Land & Buildings on meaningful governance improvements, Land & Buildings has determined it can be more effective from outside the boardroom. As a result, it has withdrawn the nomination of CIO and Founder Jonathan Litt as a director candidate at the upcoming Annual Meeting."
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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: 61.330
Low
51.00
Averages
54.88
High
59.00
Current: 61.330
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.
LAND & BUILDINGS INVESTMENT MANAGEMENT CALLS ON SHAREHOLDERS TO OPPOSE REELECTION OF H. PATRICK HACKETT JR. TO FIRST INDUSTRIAL REALTY TRUST BOARD
Shareholder Action: Land & Buildings Investment Management is urging shareholders to vote against the re-election of H. Patrick Hackett Jr. as a director of First Industrial Realty Trust.
Concerns Raised: The investment management firm has expressed concerns regarding Hackett's performance and the direction of the company under his leadership.
See More
First Industrial Realty Trust Announces Investor Property Tours
- Earnings Call Schedule: First Industrial Realty Trust will hold its Q1 2026 earnings conference call on April 23, 2026, at 10:00 AM CDT, with results released after market close on April 22, providing investors with insights into financial performance and market outlook.
- Investor Property Tours: The company is set to conduct property tours on May 12, 2026, in Southern California's Inland Empire and on June 4, 2026, in New Jersey, aimed at enhancing engagement with investors and analysts, thereby increasing transparency and market trust.
- Market Coverage: As of December 31, 2025, First Industrial Realty Trust owns and is developing approximately 71.6 million square feet of industrial space across 15 target markets, showcasing its strong market position and growth potential in the logistics real estate sector.
- Future Outlook: The company emphasizes its commitment to monitoring market changes and economic conditions to maintain competitiveness in the REIT industry, while the property tours are expected to further attract investor interest and confidence.
See More
First Industrial Realty Trust Announces Investor Property Tours
- Earnings Call Scheduled: First Industrial Realty Trust will hold its Q1 2026 earnings call on April 23, 2026, at 10:00 a.m. CDT, with results released on April 22, enhancing investor focus on the company's performance.
- Property Tour Initiatives: The company plans property tours on May 12 in Southern California and June 4 in New Jersey, aimed at attracting investors and analysts by showcasing properties directly, thereby boosting market confidence.
- Market Coverage: As of December 31, 2025, First Industrial Realty Trust owns and develops approximately 71.6 million square feet of industrial space across 15 target metropolitan areas, demonstrating its strong positioning and market share in the logistics real estate sector.
- Investor Relations Enhancement: By hosting property tours and earnings calls, the company not only improves interaction with investors but also showcases its leadership in the logistics sector, further solidifying its competitive edge in the market.
See More
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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.
- Strategic Alignment: The construction of this plant is fully aligned with Valeo's
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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 INVESTMENT MANAGEMENT CALLS ON SHAREHOLDERS TO OPPOSE REELECTION OF H. PATRICK HACKETT JR. TO FIRST INDUSTRIAL REALTY TRUST BOARD
Shareholder Action: Land & Buildings Investment Management is urging shareholders to vote against the re-election of H. Patrick Hackett Jr. as a director of First Industrial Realty Trust.
Concerns Raised: The investment management firm has expressed concerns regarding Hackett's performance and the direction of the company under his leadership.
See More
First Industrial Realty Trust Announces Investor Property Tours
- Earnings Call Schedule: First Industrial Realty Trust will hold its Q1 2026 earnings conference call on April 23, 2026, at 10:00 AM CDT, with results released after market close on April 22, providing investors with insights into financial performance and market outlook.
- Investor Property Tours: The company is set to conduct property tours on May 12, 2026, in Southern California's Inland Empire and on June 4, 2026, in New Jersey, aimed at enhancing engagement with investors and analysts, thereby increasing transparency and market trust.
- Market Coverage: As of December 31, 2025, First Industrial Realty Trust owns and is developing approximately 71.6 million square feet of industrial space across 15 target markets, showcasing its strong market position and growth potential in the logistics real estate sector.
- Future Outlook: The company emphasizes its commitment to monitoring market changes and economic conditions to maintain competitiveness in the REIT industry, while the property tours are expected to further attract investor interest and confidence.
See More
First Industrial Realty Trust Announces Investor Property Tours
- Earnings Call Scheduled: First Industrial Realty Trust will hold its Q1 2026 earnings call on April 23, 2026, at 10:00 a.m. CDT, with results released on April 22, enhancing investor focus on the company's performance.
- Property Tour Initiatives: The company plans property tours on May 12 in Southern California and June 4 in New Jersey, aimed at attracting investors and analysts by showcasing properties directly, thereby boosting market confidence.
- Market Coverage: As of December 31, 2025, First Industrial Realty Trust owns and develops approximately 71.6 million square feet of industrial space across 15 target metropolitan areas, demonstrating its strong positioning and market share in the logistics real estate sector.
- Investor Relations Enhancement: By hosting property tours and earnings calls, the company not only improves interaction with investors but also showcases its leadership in the logistics sector, further solidifying its competitive edge in the market.
See More
Valeo Breaks Ground on $225 Million Texas Facility for Software-Defined Vehicles
- 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
