Land & Buildings Sends Letter to First Industrial Realty Trust Shareholders Detailing Why Investors Should Withhold Votes for Entrenched Directors

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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

STAMFORD, Conn.--(BUSINESS WIRE)-- 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 As a result, it has withdrawn the nomination of CIO and Founder Jonathan Litt as a director candidate at the upcoming Annual Meeting.

The full text of the letter can be viewed here.

THIS COMMUNICATION IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY AND DOES NOT REQUEST OR SEEK THE POWER TO ACT AS A PROXY FOR ANY SHAREHOLDER. DO NOT SEND US YOUR PROXY CARD. LAND & BUILDINGS IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY CARDS IF SENT. LAND & BUILDINGS IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260320862651/en/

Media
Longacre Square Partners
landandbuildings@Longacresquare.com

Source: Land & Buildings Investment Management, LLC

Key Terms

proxy card regulatory

A proxy card is a document that allows shareholders to give someone else the authority to vote on their behalf at a company’s meeting. Think of it as a permission slip that ensures a shareholder’s interests are represented even if they cannot attend in person. For investors, proxy cards are important because they influence company decisions and governance, giving them a way to participate indirectly.