Land & Buildings confirms plan to nominate Litt to board

Land & Buildings confirms plan to nominate Litt to board

Land & Buildings Confirms Plan to Nominate Founder for First Industrial Board Seat

Land & Buildings Investment Management, LLC, a shareholder of First Industrial Realty Trust (NYSE: FR), has announced its intention to nominate founder and Chief Investment Officer Jonathan Litt for election to the REIT's board at the 2026 annual meeting of shareholders. The move follows a public letter to shareholders criticizing the company's board for "insular governance" and underperformance relative to peers.

Land & Buildings argues that FR has consistently traded at a discount to its estimated net asset value (NAV) of $73 per share and at a valuation spread exceeding 100 basis points compared to peers like Prologis (NYSE: PLD) and EastGroup Properties (NYSE: EGP). The group also highlighted FR's underperformance against its own proxy compensation peers, citing a 17% shortfall over four years and a 4% gap over three years.

The letter urges the board to implement measures to close the NAV discount, including a $500M–$1B asset disposition program, an investor day, and a formal review of strategic alternatives if the discount persists. Land & Buildings further called for the resignation of current directors Matt Dominski and H. Patrick Hackett Jr., citing a lack of board refreshment over the past five years.

Land & Buildings holds approximately 901,875 shares of FR common stock through its affiliates and managed accounts, giving it a stake in the outcome of the proxy contest. The group plans to file a preliminary proxy statement and universal proxy card with the SEC to solicit shareholder votes for Litt's nomination.

First Industrial has not publicly responded to the nomination. However, the REIT's board previously resisted similar shareholder challenges, maintaining that its current leadership structure aligns with long-term value creation. Shareholders are advised to review the proxy materials, which will be available on the SEC's website, to assess the competing perspectives.

The 2026 annual meeting will determine whether Land & Buildings' push for governance changes gains traction, with implications for FR's strategic direction and shareholder returns.

(https://www.businesswire.com/news/home/20260226916778/en/Land-Buildings-Issues-Letter-Detailing-Why-Change-Is-Needed-at-First-Industrial-Realty-Trust): Business Wire, February 26, 2026
(https://www.businesswire.com/news/home/20260226916778/en/Land-Buildings-Issues-Letter-Detailing-Why-Change-Is-Needed-at-First-Industrial-Realty-Trust): Business Wire, February 26, 2026
(https://news.bloomberglaw.com/esg/land-buildings-to-nominate-founder-to-first-industrial-board): Bloomberg Law, February 26, 2026