Land & Buildings Investment Management, led by founder and Chief Investment Officer Jonathan Litt, has issued a presentation urging First Industrial Realty Trust Inc. to take decisive actions to address what it describes as a substantial discount to the company's net asset value $(NAV)$. The activist shareholder argues that First Industrial's portfolio has undergone significant transformation, with nearly 40% of its assets newly developed and more than 40% of its legacy assets disposed of over the past decade, resulting in portfolio quality comparable to leading peers. Despite these improvements, Land & Buildings contends that investor perceptions have not kept pace, leading to a persistently discounted valuation. The firm recommends that First Industrial consider measures such as asset sales, capital returns to shareholders, and enhanced investor communications. If these steps fail to close the discount to NAV, Land & Buildings suggests that First Industrial should evaluate strategic alternatives, including a potential sale of the company.