Activist Litt Withdraws Bid for First Industrial REIT’s Board

Activist investor Jonathan Litt withdrew his bid for a board seat at First Industrial Realty Trust Inc., ending a high-profile campaign for internal influence. Litt, founder of Land & Buildings Investment Management, announced the decision in March 2026, citing strategic reasons for the withdrawal. He argued that pushing for corporate changes—such as asset sales or governance reforms—would be more effective from outside the boardroom rather than as an insider. The move follows a pattern of activist investors leveraging external pressure to drive shareholder value without formal board representation. First Industrial, a major industrial REIT, now avoids a potential proxy fight but may still face Litt’s demands for operational or financial restructuring.