FR News & Events

Land & Buildings Investment Management, a shareholder of First Industrial Realty Trust, issued a letter to shareholders responding to the Company's latest shareholder letter dated April 13, 2026 and reiterating why shareholders should vote AGAINST the reelection of Chairman Matt Dominski and Director H. Patrick Hackett, Jr. to the FR Board of Directors at the upcoming 2026 Annual Meeting of Shareholders on April 30, 2026. The firm said, in part, "Earlier this week, First Industrial issued another shareholder letter urging you to vote "FOR" the Company's director nominees. We encourage shareholders to look past the glossy production and examine what the letter actually reveals: a Board that continues to take credit for a portfolio transformation while refusing to address the governance failures that have left billions of dollars of shareholder value unrealized...We reiterate our call for the Board to: Publicly commit to a specific, measurable plan to close the NAV discount with milestones and timelines; Initiate a $500M-$1B asset disposition program with proceeds returned to shareholders; Commit to executing the share repurchase program, not merely authorizing it; Authorize a formal exploration of strategic alternatives if the discount does not narrow within six months; and Replace Mr. Dominski and Mr. Hackett with independent directors who bring fresh perspectives and a genuine commitment to closing the valuation gap. VOTE AGAINST Dominski and Hackett on April 30 With the Annual Meeting two weeks away, we urge shareholders to send a clear message that the status quo is unacceptable. Mr. Dominski has presided over FR's persistent discount to NAV and its peers, refused to engage constructively with shareholders on meaningful improvements, threatened to cut off communications with Land & Buildings, and simultaneously served as a long-time board member of CBL & Associates, a company that filed for Chapter 11 bankruptcy.4 Mr. Hackett chairs both the Compensation and Investment Committees and oversaw a pay program that awarded CEO Baccile a 25% raise to $8.3M in 2025 while the stock traded at a persistent discount to NAV and its closest peers. The Board's own reactive concessions since December 4, 2025 prove that shareholder pressure works. A strong withhold vote against Dominski and Hackett at the upcoming Annual Meeting will send an unambiguous signal to the remaining Board members and management that shareholders demand not incremental gestures, but a credible, fully committed plan to unlock the full value of this high-quality portfolio. We strongly believe that with meaningful Board change, FR shares can trade to our estimated NAV of $73 per share, representing over 20% upside from current levels.6 The only thing standing between shareholders and this value is a Board that refuses to act with the urgency the situation demands."

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. "

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."