First Industrial Realty Trust Appoints Frank E. Schmitz to Board, Authorizes $250M Share Repurchase

First Industrial Realty Trust (NYSE: FR), a fully integrated owner, operator, and developer of logistics real estate, announced on March 16, 2026, that Frank E. Schmitz will join its board of directors effective June 1, 2026. The company simultaneously disclosed a new $250 million share repurchase authorization and plans to host a series of investor and analyst market tours during 2026.

Frank E. Schmitz Appointed to First Industrial Board of Directors

Following Schmitz's appointment, First Industrial's board will comprise seven directors, six of whom will be independent. Schmitz brings nearly four decades of experience in real estate investment, capital markets, lending, development, and cross-border capital flows.

Matthew S. Dominski, Chairman of the Board of Directors of First Industrial, commented on the appointment: "We look forward to welcoming Frank to our Board of Directors. He brings decades of global real estate investment and capital markets experience, as well as deep relationships across the institutional investor community. Frank's insights into capital formation, portfolio strategy and investment trends will be invaluable as we continue capitalizing on the significant opportunities in our portfolio and development pipeline to drive further cash flow growth and value for First Industrial stockholders."

Schmitz also commented on the appointment: "It will be a privilege to join the First Industrial Board. The Company has built a strong reputation as a leader in industrial real estate, supported by a disciplined strategy and a demonstrated history of value creation, as evidenced by the Company's proven track record of delivering superior returns for investors. I look forward to working with the other members of the Board and management team to support the Company's continued success."

Schmitz's Background in Real Estate and Capital Markets

Schmitz currently serves as a Senior Advisor at PJT Partners, where he works with real estate investment management firms worldwide. He co-founded Park Hill Real Estate Group in 2005, which became part of PJT Partners in 2015. Under the PJT Park Hill banner, the business expanded globally and advised on fundraises, private placements, joint ventures, and strategic transactions.

Prior to founding Park Hill Real Estate Group, Schmitz served as a Managing Director and Head of Real Estate Equity at Standard Real Estate Investors, where he oversaw a $12 billion real estate equity group and was responsible for portfolio strategy and investment management for private and public market clients. He also served as Principal's Director of Institutional Marketing, focusing on real estate business development in the western United States.

Before joining Principal Real Estate Investors, Schmitz worked at FCLS Investors Group of Chicago — a predecessor organization of CenterPoint Properties — which specialized in industrial real estate. He began his career as a commercial real estate lending officer at Northern Trust Bank of Chicago.

Schmitz currently serves on the board of Hubbell, a family-owned real estate development and investment firm based in Des Moines, Iowa. He holds a BA in Economics and Political Science from Northwestern University and an MBA from the University of Chicago Booth School of Business.

$250 Million Share Repurchase Authorization

Alongside the board appointment, First Industrial's board authorized a new share repurchase program allowing the company to repurchase up to $250 million of its common stock. The company stated the program is intended to function as a complementary component of its capital allocation strategy and reflects confidence in its portfolio and financial position.

The company said repurchases will be made on an opportunistic basis, with decisions on timing and volume driven by market conditions, share price, and other strategic investment opportunities. The repurchase authorization carries no expiration date and may be amended, suspended, or discontinued by the board at any time.

Investor Market Tours Planned for 2026

First Industrial also announced plans to host a series of market tours for investors and analysts throughout 2026. The company said additional details will be announced as they become available.

As of December 31, 2025, First Industrial owned and had under development approximately 71.6 million square feet of industrial space concentrated across 15 target metropolitan statistical areas in the United States. The company filed a preliminary proxy statement with the U.S. Securities and Exchange Commission on February 27, 2026, in connection with its 2026 Annual Meeting of Stockholders.