Land & Buildings Investment Management sent a letter to First Industrial Realty Trust (NYSE: FR) shareholders calling for votes against Chairman Matt Dominski and Director H. Patrick Hackett Jr. at the upcoming annual meeting.

The activist investor claims First Industrial's recent actions, including a $250 million share repurchase authorization, 12% dividend increase, and appointment of one new director, resulted from public pressure following Land & Buildings' December 4, 2025 campaign launch. The firm characterizes these measures as insufficient responses designed to preserve the status quo.

Land & Buildings criticized First Industrial's performance data presentation, noting the company measured total shareholder returns from March 2, 2026, three months after the activist campaign began and after the stock rallied 14%. The activist said its original analysis used data from December 3, 2025, the day before its public presentation.

According to First Industrial's data cited by Land & Buildings, the stock underperformed the REIT Index by 6% over three years. The activist claims First Industrial underperformed its proxy compensation peers by 28% over a four-year period prior to the campaign.

The firm objects to First Industrial's appointment of Frank E. Schmitz to the board effective June 1, 2026, after the annual meeting vote. Land & Buildings argues this timing deprives shareholders of voting rights on the new director.

Land & Buildings targets Dominski and Hackett, both 16-year board members, for removal. The activist states Dominski has overseen persistent discount to net asset value and peer companies, while Hackett chairs compensation and investment committees that awarded CEO Peter Baccile a 25% raise to $8.3 million in 2025.

The share repurchase program allows First Industrial to "opportunistically repurchase" up to $250 million of stock but does not commit the company to any specific purchase amount, according to the letter.