Company: FR
Filing Date: 2025-04-17
Form Type: 10-Q
Source: 0000921825-25-000039
Chunk: 13

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-17
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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 by a decrease in NOI due to the disposition of real estate of $2.6 million;

•increase in accounts payable, accrued expenses, other liabilities, rents received in advance and security deposits due to timing of cash payment; and:

•decrease in tenant accounts receivable, prepaid expenses and other assets due to timing of cash receipts; offset by:

◦increase in income tax provision of $4.7 million.  

Investing Activities: Cash used in investing activities increased $194.3 million, primarily due to the following:

•increase of $153.6 million related to the acquisition, development and investment in real estate primarily attributed to an increase in acquisitions, offset by reduced expenditures for developments under construction during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024; and

•decrease of $36.3 million in net proceeds received from the disposition of real estate in 2025 as compared to 2024. 

Financing Activities: Cash provided by financing activities was $110.5 million for the three months ended March 31, 2025 as compared to cash used in financing activities of $38.4 million for the three months ended March 31, 2024, resulting in an increase of cash provided by financing activities of $148.9 million, primarily due to the following:

•increase in net borrowings under our Unsecured Credit Facility of $165.0 million in 2025 as compared to 2024; offset by: 

◦increase in dividend and unit distributions of $6.9 million due to the Company increasing the dividend rate in 2025 as well as an increase in common shares and units outstanding; and

◦increase in financing issuance costs of $10.0 million related to the amendment and restatement of the Unsecured Credit Facility and the $200.0 million unsecured term loan in 2025.

38

Market Risk

The following discussion about our risk-management activities includes "forward-looking statements" that involve risk and uncertainties. Actual results could differ materially from those projected in the forward-looking statements. Our business subjects us to market risk from interest rates, as described below.

Interest Rate Risk

The following analysis presents the hypothetical gain or loss in earnings, cash flows or fair value of the financial instruments and derivative instruments that are held by us at March 31, 2025 that are sensitive to changes in interest rates. While this analysis may have some use as a benchmark, it should