By Kelly Cloonan

Activist investor Land & Buildings Investment Management said it nominated its founder as a candidate for First Industrial Realty Trust's board.

Land & Buildings said Thursday that Jonathan Litt, who is also the firm's chief investment officer, will stand for election to First Industrial's board at the company's annual meeting of shareholders.

Land & Buildings said First Industrial has not achieved its potential under the board's oversight, and that its stock consistently trades at a discount to some of its peers like Prologis and EastGroup.

"Our engagement with First Industrial since our public presentation in early December 2025 has revealed an insular boardroom culture focused on prioritizing entrenchment rather than maximizing shareholder value," the firm said.

Land & Buildings said the board intends to nominate two directors with more than 15 years of tenure and that it has left one vacancy, which was from a director's passing, unfilled.

First Industrial did not immediately respond to a request for comment.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

February 26, 2026 14:02 ET (19:02 GMT)

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