Land & Buildings Escalates Proxy Fight with First Industrial, Demands Board Overhaul

Event summary

  • Land & Buildings launched a public campaign against First Industrial on December 4, 2025, prompting a $250M share buyback, 12% dividend hike, and one new board director appointment.
  • First Industrial's stock rallied 14% since the campaign began, outperforming peers, but Land & Buildings argues changes are insufficient.
  • Land & Buildings urges shareholders to vote against re-election of Chairman Matt Dominski and Director H. Patrick Hackett Jr. at the 2026 Annual Meeting.
  • The activist investor claims First Industrial's board is cherry-picking data to obscure long-term underperformance.

The big picture

This escalating proxy fight highlights the growing tension between activist investors and entrenched REIT boards over valuation gaps and governance practices. First Industrial's operational performance rivals industry leaders like Prologis, but its persistent valuation discount suggests a governance problem rather than a real estate issue. The outcome of this battle could set a precedent for shareholder activism in the REIT sector.

What we're watching

Governance Dynamics
Whether First Industrial's board will make further concessions or entrench itself ahead of the 2026 Annual Meeting.
Valuation Gap
The pace at which First Industrial can close its persistent discount to NAV and peers through governance changes.
Activist Pressure
How other shareholders will respond to Land & Buildings' call to vote against two long-serving directors.