Activist Litt Withdraws Bid for First Industrial REIT’s Board

Land & Buildings Investment Management founder Jonathan Litt has withdrawn his nomination to join the board of First Industrial Realty Trust Inc., saying the activist investor can press for change more effectively from outside the boardroom.

“Urgent change is needed at First Industrial given ongoing value destruction overseen by the current board and repeated actions taken to preserve the status quo at all costs,” Land & Buildings said in a statement Friday.

The move comes less than a month after Litt was nominated as part of an escalating campaign against the industrial real estate investment trust.

Land & Buildings ...