On April 16, 2026, Land & Buildings Investment Management, LLC announced that it has responded to shareholders of First Industrial Realty Trust, Inc. responding to the Company?s shareholder letter dated April 13, 2026 and reiterating why shareholders should vote against the re-election of Chairman Matt Dominski and Director H. Patrick Hackett, Jr. to the Company Board of Directors at the 2026 Annual Meeting of Shareholders on April 30, 2026. In addition, Land & Buildings stated that it believes Company?s own letter reinforces its core thesis that a high-quality portfolio trades at a persistent discount due to governance failures, and notes that Company?s updated TSR tables now include the activism premium generated by Land & Buildings? campaign, undermining the Board?s claims of organic outperformance.
Further, Land & Buildings highlights that every concession Company has made since December 2025, including buyback, dividend increase, new director, and property tours, occurred only after Land & Buildings? public pressure, and the letter urges the Board to publicly commit to a specific, measurable plan to close the NAV discount, initiate a $500M?$1B asset disposition program, commit to executing the share repurchase program, authorize a formal exploration of strategic alternatives if the discount does not narrow within 6 months, and replace Dominski and Hackett with independent directors. Furthermore, Land & Buildings asserts that meaningful Board change can unlock the full value of Company?s high-quality portfolio and strongly believes that with Board change, Company shares can trade to its estimated NAV of $73 per share, representing over 20% upside from current levels.
First Industrial Realty Trust, Inc. is a self-administered and fully integrated real estate company. The Company is an owner, operator, developer and acquirer of logistics properties. Through its fully integrated operating and investing platform, it provides facilities and customer service to multinational corporations and regional firms that are essential for their supply chains. In total, the Company owns and has under development approximately 71.6 million square feet of industrial space concentrated in 15 target MSAs. 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. The Company also provides various services to the joint venture.
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Investor
Investor
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Global
Global
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Quality
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ESG MSCI
ESG MSCI
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