Land & Buildings Highlights Inadequate Shareholder Returns from FR

Land & Buildings Investment Management issued a letter to shareholders responding to the Company's mailer and highlighting that FR's belated concessions prove the campaign is working but that changes fall far short of what shareholders deserve. "Since Land & Buildings launched its public campaign on December 4, 2025, First Industrial Realty Trust has announced a $250 million share repurchase authorization, a 12% dividend increase, and the appointment of one new director.1 None of these actions would have occurred without public pressure, in our view. While we welcome these steps as evidence that shareholder engagement works, they fall woefully short of what is needed to maximize value for First Industrial shareholders. These half-measure actions are designed to test what the bare minimum is that can be done to help preserve the status quo, not to maximize value... FR's letter presents a total shareholder return table measured as of March 2, 2026, three months after our campaign began and after the stock rallied 14%, outperforming its closest peers, in response to our activism... Genuine board refreshment and respecting proper governance would mean adding new directors before the vote, not after it... FR's letter touts a "new share repurchase program." Read the fine print: the Company "may opportunistically repurchase" up to $250 million of stock. This is a discretionary authorization, not a commitment... We reiterate our call for shareholders to VOTE AGAINST the re-election of Chairman Matt Dominski and Director H. Patrick Hackett, Jr. at the upcoming Annual Meeting... FR's portfolio has been transformed - its same store NOI and FFO growth rival Prologis and EastGroup. The persistent valuation discount is not a real estate problem. It is a governance problem. We strongly believe that with meaningful Board change, the discount will close. "