Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 81

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 81
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 discount rates and terminal capitalization rates.

33

Liquidity and Capital Resources

Cash Flow Activity

The following table summarizes our cash flow activity for the Company for the years ended December 31, 2024 and 2023:Year Ended December 31,20242023(In thousands)Net cash provided by operating activities$352,488 $304,815 Net cash used in investing activities(131,620)(378,306)Net cash used in financing activities(213,030)(27,783)

The following table summarizes our cash flow activity for the Operating Partnership for the years ended December 31, 2024 and 2023:Year Ended December 31,20242023(In thousands)Net cash provided by operating activities$352,542 $304,813 Net cash used in investing activities(131,620)(378,306)Net cash used in financing activities(213,084)(27,781)

Changes in cash flow for the year ended December 31, 2024, compared to the prior year are described as follows:

Operating Activities: Cash provided by operating activities increased $47.7 million, primarily due to the following:

•increase in net operating income from same store properties, acquired properties and recently developed properties of $48.7 million, offset by a decrease in net operating income due to the disposition of real estate of $8.8 million; and

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

◦decrease in distributions from our Joint Venture of $4.5 million in 2024 as compared to 2023; and

◦increase of $8.6 million in interest expense.

Investing Activities: Cash used in investing activities decreased $246.7 million, primarily due to the following:

•decrease of $203.6 million related to the acquisition, development and investment in real estate attributed to fewer acquisitions and reduced expenditures for developments under construction during the year ended December 31, 2024 as compared to the year ended December 31, 2023;

•increase of $38.5 million in net proceeds received from the disposition of real estate in 2024 as compared to 2023; and

•decrease of $6.6 million in contributions to the Joint Venture in 2024 as compared to 2023. 

Financing Activities: Cash used in financing activities increased $185.2 million ($185.