Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 79

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 1
Chunk 79
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 sources of liquidity may include the issuance of other debt or equity securities or borrowings under our Unsecured Credit Facility, subject to market conditions. 

We expect to meet long-term liquidity requirements (beyond September 30, 2026) such as property acquisitions, development projects, scheduled debt maturities, major renovations, expansions and other nonrecurring capital improvements through a combination of select asset dispositions, long-term unsecured and secured indebtedness and the issuance of additional equity securities, subject to market conditions.

Our Unsecured Credit Facility contains financial covenants that impose limitations on, among other things, the incurrence of additional indebtedness and require maintenance of certain debt service coverage ratios. Our access to borrowings under the facility may be limited if we fail to comply with these covenants. We believe that we were in compliance with our financial covenants as of September 30, 2025, and we anticipate that we will remain in compliance for the next twelve months. 

As of October 17, 2025, we had approximately $752.9 million available for additional borrowings under our Unsecured Credit Facility.

Our senior unsecured notes have been assigned credit ratings from Standard & Poor's, Moody's and Fitch Ratings of BBB/Stable, Baa2/Stable and BBB+/Stable, respectively. In the event of a downgrade, we believe we would continue to have access to sufficient capital. However, our cost of borrowing would increase and our ability to access certain financial markets may be limited. 

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Cash Flow Activity

The following table summarizes our cash flow activity for the Company for the nine months ended September 30, 2025 and 2024:

20252024(In thousands)Net cash provided by operating activities$339,228 $275,708 Net cash used in investing activities(360,944)(67,505)Net cash provided by (used in) financing activities6,840 (196,858)

The following table summarizes our cash flow activity for the Operating Partnership for the nine months ended September 30, 2025 and 2024:

20252024(In thousands)Net cash provided by operating activities$339,283 $275,745 Net cash used in investing activities(360,944)(67,505)Net cash provided by (used in) financing activities6,785 (196,895)

Changes in cash flow for the nine months ended September 30, 2025, compared to the prior year comparable period are described