Land & Buildings sends letter to First Industrial shareholders

Land & Buildings, a shareholder of First Industrial Realty (FR), 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 As a result, it has withdrawn the nomination of CIO and Founder Jonathan Litt as a director candidate at the upcoming Annual Meeting.”