First Industrial Realty Trust Comments on Land & Buildings' Withdrawal of Jonathan Litt as a Director Nominee Accessibility StatementSkip NavigationCHICAGO, March 20, 2026 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today commented on Land & Buildings' withdrawal of its director nominee, Land & Buildings principal Jonathan Litt, in connection with the Company's upcoming 2026 Annual Meeting of Stockholders ...

Determines That Change Can Be More Effectively Delivered From Outside the Boardroom Given Company's Unwillingness to Engage on Meaningful Governance Improvements; Withdraws Nomination of Land & Buildings Founder and CIO STAMFORD, Conn.--(BUSINESS WIRE)--Today, Land & Buildings Investment Management, LLC (together with its affiliates, "Land & Buildings,†"L&B,†"us†or "we†), a shareholder of First Industrial Realty Trust (NYSE: FR) ("First Industrial,†"FR†or the "Company†), issued a letter to shareholders ...

Core Viewpoint - First Industrial Realty Trust has appointed Frank E. Schmitz to its Board of Directors, effective June 1, 2026, and announced a $250 million share repurchase authorization as part of its capital allocation strategy [1][2][5]. Board Appointment - Frank E. Schmitz will join the Board, increasing its total to seven directors, with six being independent [1]. - Schmitz brings nearly four decades of global real estate investment and capital markets experience, which will be beneficial for the company's portfolio strategy and investment trends [2][3]. Share Repurchase Program - The Board has authorized a new share repurchase program allowing the company to repurchase up to $250 million of common stock, reflecting confidence in its portfolio and financial position [5][6]. - Repurchases will be made opportunistically based on market conditions and the company's share price, with no expiration date for the authorization [6]. Investor Engagement - First Industrial plans to host a series of market tours for investors and analysts in 2026, with further details to be announced [7]. Company Overview - First Industrial Realty Trust is a leading owner, operator, developer, and acquirer of logistics properties in the U.S., managing approximately 71.6 million square feet of industrial space as of December 31, 2025 [8].

STAMFORD, Conn.--(BUSINESS WIRE)--Today, Land & Buildings Investment Management, LLC (together with its affiliates, "Land & Buildings,†"L&B,†"us†or "we†), a shareholder of First Industrial Realty Trust (NYSE: FR) ("First Industrial,†"FR†or the "Company†), issued a letter to shareholders detailing the insular boardroom culture at the Company and why meaningful change is needed. The full text of the letter is below: Dear fellow First Industrial Shareholders, Our engagement with F. ...

Core Insights - Valeo has demonstrated a strong performance in 2025, achieving improved profitability and record cash flow from operations, indicating a successful execution of the Elevate 2028 Plan [1][4] - The company has secured a solid order intake, reflecting the strength of its business strategy and positioning for future growth, particularly in software-defined vehicles and driving assistance systems [2][5] Financial Performance - Sales reached 20.9 billion euros, representing a 0.5% increase on a like-for-like basis [5] - Order intake surged by 38% year-over-year to 24.6 billion euros, with a notable 47% increase in the second half of the year [5] - Operating margin improved to 977 million euros, or 4.7% of sales, marking an increase of 0.4 points compared to 2024 [5] - Free cash flow before one-off restructuring costs hit a record high of 756 million euros, while free cash flow after one-off restructuring costs was 589 million euros [5] - Net income rose by 23% to 200 million euros, with net debt at 4,022 million euros, resulting in a leverage ratio of 1.3x [5] Future Outlook - For 2026, Valeo aims to achieve sales between 20 billion euros and 21 billion euros, with an operating margin target of 4.7% to 5.3% of sales [5] - The company expects free cash flow after net financial interest to exceed 400 million euros, continuing its focus on profitability and cash generation in a challenging environment [5]

Property Portfolio - As of December 31, 2025, the company owned 414 industrial properties across 19 states, totaling approximately 69.9 million square feet of gross leasable area (GLA) [31]. - As of December 31, 2025, the company owned 418 industrial properties, with 414 classified as in-service, totaling approximately 69.9 million square feet of GLA [132]. - Approximately 26.3% of the company's consolidated net operating income for the year ended December 31, 2025, was generated from properties located in California, while 11.4% came from Pennsylvania [51]. - The average annual base rent per square foot for the in-service portfolio was $8.41, with an overall occupancy rate of 94.4% [132][142]. - Approximately 94.4% of the GLA of in-service properties was leased, with no single tenant accounting for more than 6.4% of rent revenues [142]. - The company has six projects under development totaling approximately 1.1 million square feet of GLA, with an estimated total investment of $187.1 million [139]. - The company acquired four industrial properties and one income-producing land parcel for approximately $303.0 million, with an expected stabilized capitalization rate of 6.4% [140]. - The company sold seven industrial properties totaling approximately 0.3 million square feet at a weighted average capitalization rate of 6.9%, generating total gross sales proceeds of approximately $42.3 million [141]. - New leases commenced during 2025 totaled 73, covering 1.8 million square feet, with a net rent per square foot of $10.36 and a growth rate of 53.4% [144]. Financial Performance - The company's net income for 2025 was $264.1 million, down from $296.0 million in 2024 [176]. - Total revenues for the year ended December 31, 2025, increased by $57.4 million, or 8.6%, to $727.1 million compared to $669.6 million in 2024 [177]. - Revenues from same store properties rose by $34.1 million, or 5.4%, primarily due to increases in rental rates and tenant recoveries [177]. - Net income available to common stockholders decreased to $247,443,000 in 2025 from $287,554,000 in 2024, representing a decline of 13.4% [214]. - Funds from operations (FFO) available to common stockholders increased to $391,776,000 in 2025, up from $350,485,000 in 2024, reflecting a growth of 11.4% [214]. - Same store net operating income (SS NOI) rose to $487,623,000 in 2025, compared to $459,799,000 in 2024, indicating an increase of 6.0% [219]. - Same store revenues reached $659,878,000 in 2025, up from $625,807,000 in 2024, marking a growth of 5.4% [219]. - Same store property expenses increased to $161,373,000 in 2025 from $153,279,000 in 2024, which is a rise of 5.3% [219]. Debt and Liquidity - The company has approximately $726.9 million available for additional borrowings under its $850.0 million unsecured revolving credit facility as of February 11, 2026 [36]. - As of December 31, 2025, total debt amounted to $2,565.9 million, with a weighted average interest rate of 4.17% for mortgage loans and 5.48% for senior unsecured bonds [197]. - The company anticipates meeting short-term liquidity requirements primarily through cash flows generated by operating activities and proceeds from asset dispositions [193]. - The company has fixed 92.9% of its total debt, amounting to $2,379.9 million, while 7.1% is variable rate debt [206]. - The company issued $450.0 million of senior notes due January 2031 with a coupon rate of 5.25% [168]. - The company refinanced its 2022 Unsecured Term Loan, extending its maturity to January 2030 and increasing the principal amount of the 2022 Unsecured Term Loan II to $375 million [223]. Operational Strategy - The company aims to maximize total return to stockholders by increasing cash flow and property values through internal growth strategies, including renewing leases at higher rental levels and increasing occupancy rates [34]. - The company focuses on external growth by developing and acquiring industrial properties in 15 key logistics markets, which are characterized by favorable industrial real estate fundamentals [35]. - The company employs a decentralized property operations strategy, utilizing experienced regional management teams to enhance operational efficiencies [36]. - The company actively evaluates local market conditions to identify assets suitable for disposition, focusing on selling properties with lower rent growth potential [36]. Risks and Compliance - The company is subject to various risks, including fluctuations in real estate values and economic conditions that could adversely affect cash flow and occupancy rates [48]. - The company faces risks in renewing leases or finding new tenants on favorable terms, which could adversely affect financial condition and cash flow [58]. - The company may incur significant costs to comply with various federal, state, and local laws and regulations, which could adversely affect financial performance [71]. - The company is vulnerable to adverse weather events and natural disasters, which could disrupt operations and increase costs [77]. - The company faces risks related to disruptions in financial markets that could negatively impact its liquidity and ability to obtain financing [82]. - The company may become subject to litigation, which could result in significant defense costs and adversely impact financial condition and cash flow [118]. - The company is exposed to risks from joint venture arrangements, including potential financial distress of partners and conflicts of interest [73]. - The company faces risks from cybersecurity attacks, which could disrupt operations and lead to unauthorized access to sensitive information, potentially resulting in significant financial and reputational damage [116]. - The company has not experienced a cybersecurity threat or incident that resulted in a material adverse impact to its business as of the date of the report [128]. - The Audit Committee oversees cybersecurity matters, receiving regular reports from management on risk assessments and incident response activities [130]. Environmental and Sustainability Efforts - The company emphasizes environmental sustainability in its operations, with many recent development projects achieving LEED certification [40]. - Environmental expenditures for 2026 are estimated at $1.8 million, with total future costs not exceeding $4.5 million [201]. - The company maintains insurance on its properties that is deemed adequate for its operations [132]. Taxation and REIT Compliance - The company intends to operate in a manner that qualifies as a REIT under the Code and believes it is currently organized and operated in compliance with REIT requirements [106]. - If the company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax at corporate rates, potentially leading to a substantial reduction in distributions to stockholders [107]. - The company may be subject to federal, state, and local taxes on income and property, which could increase tax liabilities over time and adversely affect financial condition [110]. - Changes in federal income tax laws could modify the company's tax treatment and adversely affect stockholders and unitholders [108]. - The company implements controls to avoid prohibited transactions, but disputes with the IRS could lead to a 100% penalty tax on gains from such transactions [109].

Core Viewpoint - First Industrial Realty Trust (FR) is a prominent player in the real estate investment trust (REIT) sector, focusing on industrial properties, with RBC Capital maintaining an "Outperform" rating and raising the price target to $66 from $59.62 [1] Group 1: Stock Performance - FR's current stock price is $59.62, reflecting a slight decline of 0.28% or $0.17, with a trading range between $58.94 and $60.36 during the session [2] - Over the past year, the stock reached a high of $60.79 and a low of $40.31, indicating significant price fluctuations [2] - The company has a market capitalization of approximately $7.9 billion and a trading volume of 1,113,721 shares [2] Group 2: Volatility - FR has a beta of 1.14, indicating that its share price is 14% more volatile than the S&P 500, which may appeal to investors seeking higher returns [3] - In comparison, NETSTREIT has a beta of 0.88, suggesting it is 12% less volatile than the S&P 500 [3] Group 3: Profitability Metrics - FR demonstrates strong profitability with a net margin of 34.03%, a return on equity of 9.02%, and a return on assets of 4.48%, significantly outperforming NETSTREIT [4] - NETSTREIT's metrics include a net margin of 0.10% and both return on equity and return on assets at 0.01%, highlighting FR's operational efficiency [4]

Core Viewpoint - Shares of First Industrial Realty Trust (FR) have performed well over the past year, with an 8% gain, reaching a 52-week high due to moderation in initial tariff concerns related to its exposure to West Coast ports [1] Company Performance - First Industrial Realty Trust (FR) has seen a solid performance, gaining 8% over the past year [1] - The stock has rebounded to a 52-week high, indicating strong market confidence [1] Market Concerns - Initial concerns regarding tariffs were significant due to the company's exposure to West Coast ports, but these concerns have moderated [1]

Core Viewpoint - Shares of First Industrial Realty Trust (FR) have performed well over the past year, gaining 8% and reaching a 52-week high due to moderation in initial tariff concerns related to its exposure to West Coast ports [1] Company Performance - First Industrial Realty Trust (FR) has seen a solid performance with an 8% increase in share value over the past year [1] - The company’s shares have rebounded to a 52-week high, indicating strong market confidence [1] Market Concerns - Initial concerns regarding tariffs were significant due to the company's exposure to West Coast ports, but these concerns have moderated [1]

Company Overview - Valeo is a technology company that partners with automakers and new mobility players to innovate for cleaner, safer, and smarter mobility [3] - The company has a technological and industrial leadership in four key areas: electrification, driving assistance systems, interior experience reinvention, and lighting [3] Financial Performance - Valeo reported sales of €21.5 billion in 2024 [4] - The company employs 106,100 people across 28 countries, operates 155 plants, and has 46 research and development centers as well as 18 distribution platforms as of December 31, 2024 [4] Share Capital and Voting Rights - As of January 31, 2026, Valeo's issued capital is €245,607,624 with a par value of €1 per share [1] - The total number of shares is 245,607,624, with a total of 275,982,567 theoretical voting rights and 273,294,966 exercisable voting rights [1][2]