Company: FR
Filing Date: 2025-04-17
Form Type: 10-Q
Source: 0000921825-25-000039
Chunk: 12

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-17
Form: 10-Q
Item: Part I, Item 2
Chunk 12
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aturities, major renovations, expansions and other nonrecurring capital improvements through the disposition of select assets, long-term unsecured and secured indebtedness and the issuance of additional equity securities, subject to market conditions.

Our Unsecured Credit Facility contains financial covenants that impose limitations on, among other things, the incurrence of additional indebtedness and require maintenance of certain debt service coverage ratios. Our access to borrowings under the facility may be limited if we fail to meet any of these covenants. We believe that we were in compliance with our financial covenants as of March 31, 2025, and we anticipate that we will be able to operate in compliance with our financial covenants for the next twelve months. 

As of April 17, 2025, we had approximately $333.8 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/Positive, 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 three months ended March 31, 2025 and 2024:

20252024(In thousands)Net cash provided by operating activities$88,566 $62,499 Net cash used in investing activities(213,348)(19,031)Net cash provided by (used in) financing activities110,510 (38,428)

The following table summarizes our cash flow activity for the Operating Partnership for the three months ended March 31, 2025 and 2024:

20252024(In thousands)Net cash provided by operating activities$88,585 $62,509 Net cash used in investing activities(213,348)(19,031)Net cash provided by (used in) financing activities110,491 (38,438)

Changes in cash flow for the three months ended March 31, 2025, compared to the prior year comparable period are described as follows:

Operating Activities: Cash provided by operating activities increased $26.1 million, primarily due to the following:

•increase in net operating income ("NOI") from same store properties, acquired properties and recently developed properties of $17.4 million offset