First Industrial appoints Schmitz to board, authorizes $250M buyback

First Industrial Realty Trust (NYSE: FR) announced Frank E. Schmitz will join its board of directors effective June 1, 2026, expanding the board to seven members with six independent directors.

Schmitz brings nearly four decades of global real estate investment and capital markets experience. He currently serves as Senior Advisor at PJT Partners and co-founded Park Hill Real Estate Group in 2005, which became part of PJT Partners in 2015. Previously, he was Managing Director and Head of Real Estate Equity at Principal Real Estate Investors, overseeing a $12 billion real estate equity group.

"He brings decades of global real estate investment and capital markets experience, as well as deep relationships across the institutional investor community," said Matthew S. Dominski, Chairman of First Industrial's board.

The Chicago-based logistics real estate company also announced a new $250 million share repurchase program. The board authorization allows the company to buy back common stock on an opportunistic basis, with timing and amount based on market conditions, share price, and other strategic opportunities. The program has no expiration date and may be modified by the board.

First Industrial plans to host market tours for investors and analysts during 2026, though additional details were not provided.

The company owns and has under development approximately 71.6 million square feet of industrial space across 15 target metropolitan statistical areas as of December 31, 2025.

Schmitz holds a BA in Economics and Political Science from Northwestern University and an MBA from the University of Chicago Booth School of Business. He currently serves on the board of Hubbell Realty Company.

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