Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 179

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 10
Chunk 179
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 rates, as advised by our bankers, reflecting rates at which loans with similar terms and credit ratings would be issued, assuming no repayment before maturity. We concluded that our fair value determination for our mortgage loan payable, senior unsecured notes, Unsecured Term Loans and Unsecured Credit Facility primarily relied on Level 3 inputs.

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5. Variable Interest Entities

Other Real Estate PartnershipsThe Other Real Estate Partnerships are variable interest entities ("VIEs") of the Operating Partnership and the Operating Partnership is the primary beneficiary, thus causing the Other Real Estate Partnerships to be consolidated by the Operating Partnership. In addition, the Operating Partnership is a VIE of the Company and the Company is the primary beneficiary.The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our Consolidated Balance Sheets, net of intercompany amounts:December 31, 2024December 31, 2023ASSETSAssets:Net Investment in Real Estate$296,588 $302,869 Operating Lease Right-of-Use Assets12,818 12,910 Cash and Cash Equivalents2,463 2,221 Deferred Rent Receivable16,060 15,601 Prepaid Expenses and Other Assets, Net11,937 12,945 Total Assets$339,866 $346,546 LIABILITIES AND PARTNERS' CAPITALLiabilities:Accounts Payable, Accrued Expenses and Other Liabilities$8,625 $9,698 Operating Lease Liabilities10,186 10,219 Rents Received in Advance and Security Deposits8,412 8,368 Partners' Capital312,643 318,261 Total Liabilities and Partners' Capital$339,866 $346,546 Joint VentureThe Joint Venture was formed for the purpose of developing, leasing, operating and selling land located in the Phoenix, Arizona metropolitan area. We hold our Joint Venture interest through a consolidated partnership (the "Joint Venture Partnership") in which we hold an 88% interest and in which a third-party partner holds the remaining 12% interest. As we hold the power to direct the activities that most significantly impact the economic performance of the Joint Venture Partnership, we consolidate the Joint Venture Partnership and reflect our partner's share as Noncontrolling Interest (see Note 6). The Joint Venture Partnership holds a 49% interest in the unconsolidated Joint Venture, which we account for under the equity method of accounting. Ex