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

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 2
Chunk 17
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: Cash used in investing activities increased $218.2 million, primarily due to the following:

•increase of $171.5 million related to the acquisition, development and investment in real estate activity, primarily attributed to higher acquisition volume and increased expenditures for developments under construction during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024; and

•decrease of $42.4 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 $58.7 million for the six months ended June 30, 2025 as compared to cash used in financing activities of $95.7 million for the six months ended June 30, 2024, resulting in an increase of cash provided by financing activities of $154.3 million, primarily due to the following:

•the issuance of senior unsecured notes in 2025 resulting in net proceeds of $443.8 million; offset by: 

◦decrease in net borrowings under our Unsecured Credit Facility of $258.0 million in 2025 as compared to 2024;

◦increase in dividend and unit distributions of $17.2 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 $12.3 million related to the amendment and restatement of the Unsecured Credit Facility, the $200.0 million unsecured term loan and the senior unsecured notes in 2025.

40

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 June 30, 2025 that are sensitive to changes in interest rates. While this analysis may have some use as a benchmark, it should not be viewed as a forecast.

In the normal course of business, we also face risks that are either non-financial or non-quantifiable. Such risks principally include credit risk and legal risk and are not represented in the following analysis.

At June 30, 2025, $2