Company: FR
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0000921825-25-000074
Chunk: 51

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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792 16,060 Prepaid Expenses and Other Assets, Net11,809 11,937 Total Assets$334,942 $339,866 LIABILITIES AND PARTNERS' CAPITALLiabilities:Accounts Payable, Accrued Expenses and Other Liabilities$8,998 $8,625 Operating Lease Liabilities10,169 10,186 Rents Received in Advance and Security Deposits7,700 8,412 Partners' Capital308,075 312,643 Total Liabilities and Partners' Capital$334,942 $339,866 

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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. Excluding the minority interest holder's share, we own a 43% interest in the Joint Venture. The Joint Venture Partnership is held through a wholly-owned TRS of the Operating Partnership. Under the operating agreement for the Joint Venture, we act as the managing member and are entitled to receive fees for providing management, leasing, development, construction supervision, disposition and asset management services. In addition, we may earn incentive fees based on the ultimate financial performance of the Joint Venture. During the six months ended June 30, 2025 and 2024, we earned fees of $807 and $1,618, respectively, from the Joint Venture, related to asset management, property management, leasing and development services we provided to the Joint Venture. Of these amounts, $75 and $345, respectively, were deferred due to our economic interest in the Joint Venture. During the six months ended June 30, 2025 and 2024, we incurred $334 and $797, respectively, in fees paid for third-party development, property management and leasing services associated with the Joint Venture. At June 30, 2025 and December 31, 2024,