Land & Buildings Urges Shareholders to Withhold Votes for First Industrial Directors
Event summary
- Land & Buildings sent a letter to First Industrial Realty Trust shareholders on March 20, 2026, urging them to withhold votes for Chairman Matt Dominski and Director H. Patrick Hackett, Jr.
- The letter highlights the need for urgent change to maximize shareholder value and criticizes the lack of constructive engagement from First Industrial's board.
- Land & Buildings withdrew its nomination of CIO and Founder Jonathan Litt as a director candidate for the upcoming annual meeting.
The big picture
Land & Buildings' move reflects a broader trend of activist investors pushing for boardroom changes to unlock shareholder value in the real estate sector. The conflict highlights the tension between entrenched directors and shareholders demanding greater accountability and strategic shifts. The outcome of the upcoming vote could set a precedent for governance practices in the industry.
What we're watching
- Governance Dynamics
- How the shareholder vote outcome will affect First Industrial's board composition and governance practices.
- Investor Response
- Whether other shareholders will support Land & Buildings' call for change and withhold votes for the targeted directors.
- Strategic Shifts
- The pace at which First Industrial implements governance improvements in response to shareholder pressure.