Reiterates Belief That Urgent Change Is Needed at FR Given Ongoing Value Destruction Overseen by Current Board and Repeated Actions Taken to Preserve the Status Quo at All Costs
Calls on Fellow Shareholders to Vote Against the Reelection of Chairman Matt Dominski and Director H. Patrick Hackett, Jr. – the Two Longest-Tenured Directors on the Board, Both of Whom Have Overseen Governance Failures Costing Shareholders ~$2B in Market Capitalization
Determines That Change Can Be More Effectively Delivered From Outside the Boardroom Given Company's Unwillingness to Engage on Meaningful Governance Improvements; Withdraws Nomination of Land & Buildings Founder and CIO
Today, Land & Buildings Investment Management, LLC (together with its affiliates, "Land & Buildings," "L&B," "us" or "we"), a shareholder of First Industrial Realty Trust (NYSE:FR) ("First Industrial," "FR" or the "Company"), issued a letter to shareholders detailing why urgent change is needed at the Company to maximize shareholder value. The letter also highlights why shareholders should send a clear message at the Company's upcoming 2026 annual meeting (the "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 (the "Board"). 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 As a result, it has withdrawn the nomination of CIO and Founder Jonathan Litt as a director candidate at the upcoming Annual Meeting.