Company: FR
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0000921825-25-000074
Chunk: 16

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 2
Chunk 16
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 to meet any of these covenants. We believe that we were in compliance with our financial covenants as of June 30, 2025, and we anticipate that we will be able to operate in compliance with our financial covenants for the next twelve months. 

As of July 17, 2025, we had approximately $834.8 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 six months ended June 30, 2025 and 2024:

20252024(In thousands)Net cash provided by operating activities$214,620 $170,234 Net cash used in investing activities(290,048)(71,879)Net cash provided by (used in) financing activities58,695 (95,651)

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

20252024(In thousands)Net cash provided by operating activities$214,661 $170,258 Net cash used in investing activities(290,048)(71,879)Net cash provided by (used in) financing activities58,654 (95,675)

Changes in cash flow for the six months ended June 30, 2025, compared to the prior year comparable period are described as follows:

Operating Activities: Cash provided by operating activities increased $44.4 million, primarily due to the following:

•increase in net operating income ("NOI") from same store properties, acquired properties and recently developed properties of $34.0 million offset by a decrease in NOI due to the disposition of real estate of $6.3 million; and

•increase in distributions from our Joint Venture of $21.6 million in 2025 as compared to 2024; offset by: 

◦increase in tenant accounts receivable, prepaid expenses and other assets due to timing of cash receipts; and

◦increase in income tax provision of $4.4 million.  

Investing Activities