First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today commented on Land & Buildings’ withdrawal of its director nominee, Land & Buildings principal Jonathan Litt, in connection with the Company’s upcoming 2026 Annual Meeting of Stockholders (the “Annual Meeting”) to be held on April 30, 2026.
The Company issued the following statement:
Land & Buildings has repeatedly made misleading statements about the Company’s strategy and governance, including misrepresenting the Company’s historical outperformance. In fact, the Company has delivered superior total shareholder returns relative to its proxy and industrial peers on a one-, three- and five-year basis1.
Under this Board’s leadership, First Industrial continues to successfully execute the Company’s clear, consistent, value-driven strategy and long-term plan, which has delivered sustained stockholder value creation.
First Industrial began 2026 from a position of strength, and we remain focused on capitalizing on the significant opportunities within our portfolio and development pipeline to drive continued cash flow growth and enhanced stockholder value. The Company’s financial performance reflects the strength of First Industrial’s portfolio, the durability of its growth, management’s ability to operate the business efficiently and the critical Board oversight our directors provide.
Further, as a reflection of the Company’s continued commitment to having the right balance of expertise, continuity and perspective, First Industrial recently announced that a new independent and highly qualified director, Frank E. Schmitz, will join the Board, effective June 1, 2026.
Unlike Land & Buildings, the Board of First Industrial has a plan to drive continued value creation and maintains great confidence in the Company’s future prospects. As such, the Board recently authorized a $250 million share repurchase, highlighting the compelling value in First Industrial’s shares, as well as the Company’s commitment to delivering superior returns for stockholders.
First Industrial’s Board and management team remain committed to continuing to engage constructively with our stockholders and taking actions that are in the best interests of the Company and all its stakeholders. We urge you to protect the value of your investment by voting “FOR” ALL of First Industrial’s nominees.
The Company expects to file its definitive proxy statement with the U.S. Securities and Exchange Commission in due course.
