Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 80

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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 as follows:

Operating Activities: Cash provided by operating activities increased $63.5 million, primarily due to the following:

•increase in net operating income ("NOI") from same store properties, acquired properties and recently developed properties of $46.7 million offset by a decrease in NOI due to the disposition of real estate of $6.8 million;

•increase in distributions from our Joint Venture of $20.8 million in 2025 as compared to 2024; and

•increase in accounts payable, accrued expenses, other liabilities, rents received in advance and security deposits due to timing of cash payments; 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 $1.3 million.  

Investing Activities: Cash used in investing activities increased $293.4 million, primarily due to the following:

•increase of $179.5 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 nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024; and

•decrease of $110.2 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 $6.8 million for the nine months ended September 30, 2025 as compared to cash used in financing activities of $196.9 million for the nine months ended September 30, 2024, resulting in an increase of cash provided by financing activities of $203.7 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 $198.0 million in 2025 as compared to 2024;

◦increase in dividend and unit distributions of $27.4 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 $12.5 million related to the amendment and restatement of the Unsecured Credit Facility and the $200.0 million unsecured term loan, the issuance of senior unsecured notes and the extension of the $300.0 million