FIRST INDUSTRIAL REALTY TRUST INC

Previous wording

The Company is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). As of September 30, 2024, we owned 421 industrial properties located in 19 states, containing an aggregate of approximately 67.7 million square feet of gross leasable area ("GLA"). Of the 421 properties owned on a consolidated basis, none of them are directly owned by the Company.

Current wording

The Company is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). As of March 31, 2025, we owned 416 industrial properties located in 19 states, containing an aggregate of approximately 68.2 million square feet of gross leasable area ("GLA"). Of the 416 properties owned on a consolidated basis, none of them are directly owned by the Company.

Previous wording

We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 97.3% ownership interest ("General Partner Units") at September 30, 2024. The Operating Partnership also conducts operations through several other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. The noncontrolling interest in the Operating Partnership of approximately 2.7% at September 30, 2024 represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units").

Current wording

We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 97.0% ownership interest ("General Partner Units") at March 31, 2025. The Operating Partnership also conducts operations through several other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. The noncontrolling interest in the Operating Partnership of approximately 3.0% at March 31, 2025 represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units").

Previous wording

We maintain a website at www.firstindustrial.com. Information on this website shall not constitute part of this Form 10-Q. Copies of our respective annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports are available without charge on our website as soon as reasonably practicable after such reports are filed with or furnished to the SEC. These documents also may be accessed through the SEC's Interactive Data Electronic Application via the SEC's home page on the Internet (www.sec.gov). In addition, the Company's Corporate Governance Guidelines, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee Charter and Nominating/Corporate Governance Committee Charter, along with supplemental financial and operating information prepared by us, are all available without charge on the Company's website or upon request to the Company. Amendments to, or waivers from, our Code of Business Conduct and Ethics that apply to our executive officers or directors will also be posted to our website. We also post or otherwise make available on our website from time to time other information that may be of interest to our investors.

Current wording

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to these reports are available without charge on our website at www.firstindustrial.com. These reports can also be accessed through the SEC's website at www.sec.gov. In addition, our Corporate Governance Guidelines, Code of Business Conduct and Ethics, charters of each committee of the Board of Directors, and supplemental financial and operating information are all available without charge on our website or upon request. Amendments to, or waivers from, our Code of Business Conduct and Ethics that apply to our executive officers or directors will also be posted on our website. The information found on, or otherwise accessible through our website, is not incorporated into, and does not form a part of, this report or any other report or document we file with or furnish to the SEC.

Previous wording

•External Growth. We seek to grow externally through (i) the development of best-in-class industrial properties and the acquisition of individual or portfolios of industrial properties which meet our investment parameters within our 15 key logistics markets, with a primary emphasis on coastal markets; (ii) the expansion of our existing properties; and (iii) securing additional joint venture investments.

Current wording

•External Growth. We seek to grow externally through: (i) the development of best-in-class industrial properties and the acquisition of individual and portfolios of industrial properties, which meet our investment parameters within our 15 key logistics markets, with a primary emphasis on coastal markets; and (ii) the expansion of our existing properties.

Previous wording

•Portfolio Enhancement. We continually seek to upgrade our overall portfolio via new investments as well as through the sale of select assets that we believe do not exhibit favorable characteristics for long-term cash flow growth. We target new investments in 15 key logistics markets, with a primary emphasis on coastal markets, where developable land is more scarce and which exhibit desirable long-term growth characteristics. We seek to refine our portfolio over the coming years by focusing on bulk and regional warehouse properties and downsizing our light industrial holdings.

Current wording

•Portfolio Enhancement. We continually seek to upgrade our overall portfolio by making new investments and selling assets that lack strong long-term cash flow growth potential. Our focus is on 15 key logistics markets, with a primary emphasis on coastal markets, which exhibit desirable long-term growth characteristics and where developable land is relatively scarce.

Previous wording

•Market Strategy. Our market strategy is to concentrate on 15 key logistics markets in the United States, with a primary emphasis on coastal markets. These markets have one or more of the following characteristics: (i) favorable industrial real estate fundamentals, including improving industrial demand and constrained future supply that can lead to long-term rent growth; (ii) favorable economic and business environments that should benefit from increases in distribution activity driven by growth in global trade and local consumption; (iii) population growth as it generally drives industrial demand; (iv) natural barriers to entry and scarcity of land which are key elements in delivering future rent growth; and (v) sufficient size to provide ample opportunity for growth through incremental investments as well as offer asset liquidity.

Current wording

•Market Strategy. Our market strategy is to concentrate on 15 key logistics markets in the United States, with a primary emphasis on coastal markets. These markets have one or more of the following characteristics: (i) favorable industrial real estate fundamentals, including improving industrial demand and constrained future supply that can lead to long-term rent growth; (ii) favorable and diversified economic and business environments that should benefit from increases in distribution activity driven by growth in global trade and local consumption; (iii) population growth as it generally drives industrial demand; (iv) natural barriers to entry and scarcity of land which are key elements in delivering future rent growth; (v) sufficient size to provide ample opportunity for growth through incremental investments and support asset liquidity; and (vi) favorable governmental, regulatory and tax environments.

Previous wording

•Leasing and Marketing Strategy. We have an operational management strategy designed to enhance tenant satisfaction and portfolio performance. We pursue an active leasing strategy, which includes broadly marketing available space, seeking to renew existing leases at higher rents while minimizing re-leasing costs and seeking leases which provide for the pass-through of property-related expenses to the tenant. We also have local and national marketing programs which focus on the business and real estate brokerage communities and multi-national tenants.

Current wording

•Leasing and Marketing Strategy. We have an operational management strategy designed to enhance tenant satisfaction and portfolio performance. We pursue an active leasing strategy that includes broadly marketing available space, seeking to renew existing leases at higher rents while minimizing re-leasing costs and seeking leases which provide for the pass-through of property-related expenses to the tenant. Additionally, we have both local and national marketing programs that target the business and real estate brokerage communities, as well as multi-national tenants.

Previous wording

•Financing Strategy. To finance acquisitions, developments and debt maturities, as market conditions permit, we may utilize a portion of proceeds from property sales, unsecured debt offerings, term loans, mortgage financings and line of credit borrowings under our $750.0 million unsecured revolving credit agreement (the "Unsecured Credit Facility"), and proceeds from the issuance, when and as warranted, of additional equity securities. We also continually evaluate joint venture arrangements as another source of capital to finance acquisitions and developments.

Current wording

•Financing Strategy. To finance acquisitions, developments and debt maturities, as market conditions permit, we may utilize a portion of proceeds from property sales, unsecured debt offerings, term loans, mortgage financings and line of credit borrowings under our $850.0 million unsecured revolving credit agreement (the "Unsecured Credit Facility"), and proceeds from the issuance, when and as warranted, of additional equity securities. We also evaluate joint venture arrangements as another source of capital to finance acquisitions and developments as well as manage investment exposure and allocation.

Previous wording

Summary of the Nine Months Ended September 30, 2024

Current wording

Summary of the Three Months Ended March 31, 2025

Previous wording

Our operating results were strong during the nine months ended September 30, 2024. In-service occupancy at quarter end was 95.0%, and for new and renewal leases that commenced during the nine months ended September 30, 2024, we achieved a 52.9% increase in cash rental rates (66.8% in the third quarter). As of September 30, 2024, we had five projects under development, totaling 1.3 million square feet of GLA, with an aggregate estimated investment of approximately $183.4 million.

Current wording

Our operating results were strong during the three months ended March 31, 2025. In-service occupancy at quarter end was 95.3%, and for new and renewal leases that commenced during the quarter we achieved a 41.7% increase in cash rental rates, reflecting continued demand.

Previous wording

During the nine months ended September 30, 2024, we completed the following significant real estate activities:

Current wording

During the three months ended March 31, 2025, we completed several significant real estate transactions:

Previous wording

•We sold 17 industrial properties totaling approximately 1.0 million square feet of GLA for gross proceeds of $138.3 million.

Current wording

•We sold two industrial properties totaling approximately 0.1 million square feet of GLA for gross proceeds of $11.9 million.

Previous wording

•We declared first, second and third quarter cash dividends of $0.37 per common share or Unit per quarter, an increase of 15.6% from the 2023 quarterly rate.

Current wording

•We declared a first quarter cash dividend of $0.445 per common share or Unit, an increase of 20.3% over the 2024 quarterly dividend rate.

Previous wording

•At September 30, 2024, we had $501.5 million available for additional borrowings under our Unsecured Credit Facility and cash and cash equivalents and restricted cash of $54.6 million, after excluding our Joint Venture partner's 6% share that we consolidate and report in our financial statements. Assuming the exercise of extension options in two of our bank loans, our next debt maturity is in 2026.

Current wording

As of March 31, 2025, we had $395.5 million of available borrowing capacity under our Unsecured Credit Facility and held $37.2 million in cash, cash equivalents and restricted cash, excluding our Joint Venture partner's 6% interest, which is consolidated in our financial statements.

Previous wording

The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the three and nine months ended September 30, 2024 and 2023. Same store properties are properties owned prior to January 1, 2023 and held as an in-service property through September 30, 2024 and developments and redevelopments that were placed in service prior to January 1, 2023. Properties that are at least 75% occupied at acquisition are placed in service, unless we anticipate tenant move-outs within two years of ownership would drop occupancy below 75%. Properties that are less than 75% occupied at the date of acquisition are placed in service as they reach the earlier of 90% occupancy or one year subsequent to acquisition. Developments, redevelopments and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop on the land parcel are placed in service as they reach the earlier of 90% occupancy or one year subsequent to development/redevelopment construction completion. Acquired properties with occupancy greater than 75% at acquisition, but with tenants that we anticipate will move out within two years of ownership, will be placed in service upon the earlier of reaching 90% occupancy or twelve months after move out. Properties are moved from the same store classification to the redevelopment classification when capital expenditures for a project are estimated to exceed 25% of the undepreciated gross book value of the property. Acquired properties are properties that were acquired subsequent to December 31, 2022 and held as an operating property through September 30, 2024. Sold properties are properties that were sold subsequent to December 31, 2022. Developments and redevelopments (collectively referred to as "(Re)Developments") include (re)developments that were not: a) substantially complete 12 months prior to January 1, 2023; or b) stabilized prior to January 1, 2023. Other revenues are derived from the operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company, interest income, joint venture fees and other miscellaneous revenues. Other property expenses are derived from the operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company, vacant land expenses and other miscellaneous regional expenses.

Current wording

Same Store Properties: Same store properties include those that were owned and in service prior to January 1, 2024 and remained in service through March 31, 2025. Same store properties also includes developments and redevelopments placed in service prior to January 1, 2024. A property is considered placed in service when it meets one of the following criteria: (i) acquired properties with occupancy of at least 75% at acquisition, unless we anticipate tenant move-outs within two years of ownership would reduce occupancy below 75%; (ii) acquired properties with occupancy less than 75% at acquisition are placed in service upon reaching the earlier of 90% occupancy or one year subsequent to acquisition; (iii) developments, redevelopments and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop on the land parcel are placed in service upon the earlier of reaching 90% occupancy or one year after construction completion; and (iv) properties acquired with occupancy greater than 75% but with anticipated move out within two years of ownership, are placed in service upon the earlier of reaching 90% occupancy or twelve months after tenant move out. Properties are moved from the same store category to the redevelopment classification when projected capital expenditures are estimated to exceed 25% of the property's undepreciated gross book value.

Previous wording

Our net income was $102.2 million and $77.1 million for the three months ended September 30, 2024 and 2023, respectively.

Current wording

Our net income was $52.9 million and $70.5 million for the three months ended March 31, 2025 and 2024, respectively.

Previous wording

For the three months ended September 30, 2024 and 2023, the average daily occupancy rate of our same store properties was 96.6% and 97.2%, respectively.

Current wording

For the three months ended March 31, 2025 and 2024, the average daily occupancy rate of our same store properties was 95.7% and 95.0%, respectively.

Previous wording

Revenues from same store properties increased $18.7 million primarily due to increases in rental rates and tenant recoveries, offset by a decrease in occupancy. Revenues from acquired properties increased $2.7 million due to the nine industrial properties acquired subsequent to December 31, 2022 totaling approximately 0.4 million square feet of GLA. Revenues from sold properties decreased $7.9 million due to the 28 industrial properties sold subsequent to December 31, 2022 totaling approximately 2.0 million square feet of GLA. Revenues from (re)developments increased $22.3 million due to an increase in occupancy and tenant recoveries. Revenues from other increased $1.4 million primarily due to revenues from income-producing land parcels for which our ultimate intent is to redevelop, develop or sell the applicable land parcel, offset by a decrease in joint venture fees and legal settlement proceeds.

Current wording

Revenues from same store properties increased $10.1 million primarily due to an increase in rental rates as well as an increase in occupancy. Revenues from acquired properties increased $1.4 million due to the seven industrial properties acquired subsequent to December 31, 2023 totaling approximately 1.1 million square feet of GLA. Revenues from sold properties decreased $3.4 million due to the 24 industrial properties sold subsequent to December 31, 2023 totaling approximately 1.3 million square feet of GLA. Revenues from (re)developments increased $7.9 million due to an increase in occupancy and tenant recoveries. Revenues from other decreased $1.2 million primarily due to a decrease in joint venture fees and interest income.

Previous wording

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties remained relatively unchanged. Property expenses from acquired properties increased $0.3 million due to properties acquired subsequent to December 31, 2022. Property expenses from sold properties decreased $1.0 million due to properties sold subsequent to December 31, 2022. Property expenses from (re)developments increased $2.4 million primarily due to the substantial completion of developments. Property expenses from other increased $0.7 million primarily due to an increase in real estate tax expense related to land parcels and miscellaneous expenses.

Current wording

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties remained relatively unchanged. Property expenses from acquired properties increased $0.2 million due to properties acquired subsequent to December 31, 2023. Property expenses from sold properties decreased $0.9 million due to properties sold subsequent to December 31, 2023. Property expenses from (re)developments increased $1.2 million primarily due to the substantial completion of developments. Property expenses from other remained relatively unchanged.

Previous wording

Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture, decreased by $0.4 million, or 62.8%. This decline is attributed to a reduction in development activities by our Joint Venture during the three months ended September 30, 2024, compared to the three months ended September 30, 2023.

Current wording

Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture, decreased by $0.2 million, or 49.1%. This decline is attributed to a reduction in development activities by our Joint Venture during the three months ended March 31, 2025, compared to the three months ended March 31, 2024.

Previous wording

Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $0.4 million due to properties acquired subsequent to December 31, 2022. Depreciation and other amortization from sold properties decreased $0.9 million due to properties sold subsequent to December 31, 2022. Depreciation and other amortization from (re)developments increased $3.7 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other was not significant for either period.

Current wording

Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $0.5 million due to properties acquired subsequent to December 31, 2023. Depreciation and other amortization from sold properties decreased $0.6 million due to properties sold subsequent to December 31, 2023. Depreciation and other amortization from (re)developments increased $2.0 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other was not significant for either period.

Previous wording

For the three months ended September 30, 2024, we recognized $56.8 million of gain on sale of real estate related to the sale of seven industrial properties totaling approximately 0.4 million square feet of GLA. For the three months ended September 30, 2023, we recognized $34.4 million of gain on sale of real estate related to the sale of three industrial properties totaling approximately 0.03 million square feet of GLA and one land parcel.

Current wording

For the three months ended March 31, 2025, we recognized $6.8 million of gain on sale of real estate related to the sale of two industrial properties totaling approximately 0.1 million square feet of GLA. For the three months ended March 31, 2024, we recognized $30.9 million of gain on sale of real estate related to the sale of nine industrial properties totaling approximately 0.4 million square feet of GLA.

Previous wording

Interest expense increased by $0.9 million, or 4.7%, primarily due to a $1.6 million reduction in capitalized interest during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. This increase was partially offset by a lower weighted average debt balance of $2,182.4 million for the three months ended September 30, 2024, compared to $2,233.0 million for the three months ended September 30, 2023 and a slight decrease in the weighted average interest rate, which fell to 4.08% for the three months ended September 30, 2024 from 4.10% for the three months ended September 30, 2023.

Current wording

Interest expense decreased by $1.4 million, or 6.8%, primarily due to a decrease in the weighted average interest rate, which fell to 4.03% for the three months ended March 31, 2025 from 4.18% for the three months ended March 31, 2024, a $0.2 million increase in capitalized interest during the three months ended March 31, 2025 compared to the three months ended March 31, 2024 and a lower weighted average debt balance of $2,250.4 million for the three months ended March 31, 2025 compared to $2,264.8 million for the three months ended March 31, 2024.

Previous wording

Equity in income of joint venture decreased $0.9 million, or 60.8%, primarily due to an increase in our pro-rata share of depreciation, amortization and interest expense recognized by the Joint Venture following the substantial completion of three buildings totaling 1.8 million square feet of GLA during the nine months ended September 30, 2024. This decrease was partially offset by an increase in our pro-rata share of rental income from the Joint Venture. Both periods reflect the 6% interest held by our partner in the Joint Venture, which is consolidated and reported in our financial statements.

Current wording

Equity in income of joint venture increased $2.1 million, or 148.0%, for the three months ended March 31, 2025. The increase primarily relates to gain on sale and incentive fees recognized in connection with the sale of two properties by the Joint Venture during the quarter. As we were the purchaser of the properties, our economic share of the gain and incentive fees was offset against the basis of the real estate acquired. The remaining portion of the gain on sale and incentive fees reflects our partner’s share, which is consolidated in our financial statements. Additionally, the increase reflects an increase in our pro-rata share of rental income from the Joint Venture, partially offset by an increase in our pro-rata share of depreciation, amortization and interest expense. These increases in expenses are attributable to the substantial completion of three buildings totaling 1.8 million square feet of GLA during the year ended December 31, 2024.

Previous wording

The following table provides a summary of our commenced leases for the three and nine months ended September 30, 2024. The table does not include month-to-month leases or leases with terms less than twelve months.

Current wording

The following table provides a summary of our commenced leases for the three months ended March 31, 2025. The table does not include month-to-month leases or leases with terms less than twelve months.

Previous wording

(B)Straight line basis rent growth is a ratio of the change in net rent (including straight line rent adjustments) on a new or renewal lease compared to the net rent (including straight line rent adjustments) of the comparable lease. New leases where there were no prior comparable leases are excluded.

Current wording

(B)Straight line basis rent growth is calculated as the percentage change in net rent (including straight line rent adjustments) on a new or renewal lease compared to the net rent (also including straight line rent adjustments) of the expiring comparable lease. New leases without a prior comparable lease are excluded from this metric.

Previous wording

(C)The lease term is expressed in years. Assumes no exercise of lease renewal options, if any.

Current wording

(C)The lease term is expressed in years and assumes no exercise of any renewal or extension options.

Previous wording

(D)Lease costs are comprised of the costs incurred or capitalized for improvements of vacant and renewal spaces, as well as the commissions paid and costs capitalized for leasing transactions. Lease costs per square foot represent the total turnover costs expected to be incurred on the leases that commenced during the period and do not reflect actual expenditures for the period.

Current wording

(D)Lease costs include all costs incurred or capitalized for improvements related to vacant and renewal spaces, along with leasing commissions and other capitalized transaction-related costs. Lease costs per square foot represent the total expected turnover costs for leases that commenced during the period and may not reflect actual expenditures for the period. Excludes properties with zero square footage, such as income producing land.

Previous wording

(E)Represents the weighted average square feet of tenants renewing their respective leases.

Current wording

(E)Represents the weighted average square footage of tenants that renewed their respective leases.

Previous wording

The following table provides a summary of our leases that commenced during the three and nine months ended September 30, 2024, which included rent concessions during the lease term.

Current wording

The following table provides a summary of our leases that commenced during the three months ended March 31, 2025, which included rent concessions during the lease term.

Previous wording

At September 30, 2024, our cash and cash equivalents and restricted cash was approximately $54.6 million, after excluding our Joint Venture partner's share of cash and cash equivalents that we consolidate and report in our financial statements. We also had $501.5 million available for additional borrowings under our Unsecured Credit Facility as of September 30, 2024.

Current wording

At March 31, 2025, we had approximately $37.2 million in cash, cash equivalents and restricted cash, excluding our Joint Venture partner's share of cash that is consolidated in our financial statements. We also had $395.5 million available for additional borrowings under our Unsecured Credit Facility as of March 31, 2025.

Previous wording

We have considered our short-term liquidity needs through September 30, 2025, as well as the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet those needs. As of September 30, 2024, our Unsecured Credit Facility had an outstanding balance of $248.0 million, maturing on July 7, 2025, with two six-month extension options available. We are evaluating whether to extend the maturity by exercising the extension options or enter into a new facility. Additionally, we have a $300.0 million unsecured term loan maturing on August 12, 2025, with two one-year extension options. We are considering either extending the maturity by exercising the extension option or refinancing part or all of this term loan with new indebtedness. Apart from these payment obligations, we believe that our principal short-term liquidity needs include funding normal recurring expenses, property acquisitions, developments, renovations, expansions, other nonrecurring capital improvements, debt service requirements, the minimum distributions required to maintain the Company's REIT qualification under the Code and distributions approved by the Company's Board of Directors. We anticipate that these will be met with cash flows provided by operating activities as well as the disposition of select assets. These needs may also be met by the issuance of other debt or equity securities or borrowings under our Unsecured Credit Facility, subject to market conditions.

Current wording

We have considered our short-term liquidity needs through March 31, 2026, and assessed the adequacy of our estimated cash flows from operations and other available sources of liquidity to meet those needs. As of March 31, 2025, we have a $300.0 million unsecured term loan maturing on August 12, 2025. We have delivered notice to the lenders to exercise the first of our two available one-year extension options, which, upon satisfaction of certain customary conditions, will extend the loan's maturity to August 2026. Beyond this maturity, we believe that our principal short-term liquidity needs include funding normal recurring expenses, property acquisitions, developments, expansions, renovations and other nonrecurring capital improvements, debt service requirements, the minimum distributions required to maintain the Company's REIT status under the Code and distributions approved by the Company's Board of Directors. We anticipate meeting these liquidity needs primarily through cash flows provided by operating activities and proceeds from select asset dispositions. These needs may also be met by the issuance of other debt or equity securities or borrowings under our Unsecured Credit Facility, subject to market conditions.

Previous wording

Our Unsecured Credit Facility contains certain financial covenants including limitations on incurrence of debt and debt service coverage. Our access to borrowings 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 September 30, 2024, and we anticipate that we will be able to operate in compliance with our financial covenants for the next twelve months.

Current wording

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.

Previous wording

The following table summarizes our cash flow activity for the Company for the nine months ended September 30, 2024 and 2023:

Current wording

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

Previous wording

The following table summarizes our cash flow activity for the Operating Partnership for the nine months ended September 30, 2024 and 2023:

Current wording

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

Previous wording

Changes in cash flow for the nine months ended September 30, 2024, compared to the prior year comparable period are described as follows:

Current wording

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

Previous wording

Operating Activities: Cash provided by operating activities increased $35.3 million, primarily due to the following:

Current wording

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

Previous wording

•increase in net operating income ("NOI") from same store properties, acquired properties and recently developed properties of $31.5 million offset by a decrease in NOI due to the disposition of real estate of $5.7 million; and

Current wording

•increase in net operating income ("NOI") from same store properties, acquired properties and recently developed properties of $17.4 million offset by a decrease in NOI due to the disposition of real estate of $2.6 million;

Previous wording

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

Current wording

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

Previous wording

Income tax provision decreased $3.1 million, or 38.4%, primarily due to a reduction in our pro-rata share of taxable gain and incentive fees from the Joint Venture. This decrease was partially offset by an increase in income tax expense associated with gains from the sale of real estate.

Current wording

◦increase in income tax provision of $4.7 million.