Company: FRT-PC
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000034903-25-000016
Chunk: 68

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 68
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 year ended 2024, the weighted average amount of borrowings outstanding on our revolving credit facility was $33.5 million, and the weighted average interest rate, before amortization of debt fees, was 6.1%. 

Our capital requirements in 2025 will depend on acquisition opportunities, the level and general timing of our redevelopment and development activities, and the overall economic environment. We currently have development and redevelopment projects in various stages of construction with remaining costs of $228 million. We expect to incur the majority of those costs in the next two years. We expect other capital costs to be at levels consistent with 2024.

We believe cash flow from operations, the cash on our balance sheet, and our $1.25 billion revolving credit facility will allow us to continue to operate our business in the short-term. Given our ability to access the capital markets, we also expect debt or equity to be available to us, although newly issued debt would likely be at higher interest rates than we currently have outstanding. We also have the ability to delay the timing of certain development and redevelopment projects as well as limit future acquisitions, reduce our operating expenditures, or re-evaluate our dividend policy. We expect these sources of liquidity and opportunities for operating flexibility to allow us to meet our financial obligations over the long term. We intend to operate with and to maintain our long term commitment to a conservative capital structure that will allow us to maintain strong debt service coverage and fixed-charge coverage ratios as part of our commitment to investment-grade debt ratings.

Summary of Cash Flows

 Year Ended December 31, 20242023Change (In thousands)Net cash provided by operating activities$574,563 $555,830 $18,733 Net cash used in investing activities(446,826)(358,325)(88,501)Net cash used in financing activities(252,298)(33,849)(218,449)(Decrease) increase in cash and cash equivalents(124,561)163,656 (288,217)Cash, cash equivalents, and restricted cash, beginning of year260,004 96,348 163,656 Cash, cash equivalents, and restricted cash, end of year$135,443 $260,004 $(124,561)

Net cash provided by operating activities increased $18.7 million to $574.6 million during 2024 from $555.8 million during 2023. The increase was primarily attributable to higher net income after adjusting for non-cash