First Industrial Realty Trust (FR) shareholder Land & Buildings Investment Management has urged investors Friday to vote against two long-serving directors, citing governance failures and a roughly $2 billion valuation gap.

The activist investor called for votes against Chairman Matthew Dominski and director H. Patrick Hackett Jr. at the 2026 annual meeting, citing the board's persistent underperformance.

"As the longest-tenured directors holding key leadership positions on the Board, we believe that Mr. Dominski and Mr. Hackett bear direct responsibility for this outcome and that shareholders should vote against their continued service on the Board," the shareholder said.

Land & Buildings also withdrew the nomination of its founder, Jonathan Litt, saying it would push for change outside the boardroom.

"We believe that board refreshment is the catalyst needed to close [First Industrial's] valuation gap and unlock the full potential of this high-quality portfolio for all shareholders," it said.

First Industrial did not immediately respond to MT Newswires' request for comment.