Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 688

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 16
Chunk 688
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, 2024 are approximately as follows:

2025$9,065 20267,961 20278,245 20288,538 20297,369 Thereafter22,824 Total$64,002 

The properties owned by the Joint Venture are leased to tenants under operating leases that include options to extend the lease term. For purposes of determining the lease term and lease classification, these extension periods were excluded as it was not reasonably certain at lease commencement that the options would be exercised. During the year ended December 31, 2024, the purchase option included in the operating lease of 71 acres of land was not executed by the tenant and expired.

7. Related Party Transactions

The Joint Venture paid certain fees to a subsidiary of First Industrial or FR Merit.  

•A subsidiary of First Industrial is entitled to receive an asset management fee. The asset management fee is paid quarterly in arrears and is based on a percentage of the sum of all member capital contributions, net of any return of capital distributions, and the aggregate outstanding principal balance of the borrowed indebtedness of the Joint Venture, if any, as of the date of calculation. For the years ended December 31, 2024, 2023 and 2022, the subsidiary of First Industrial earned asset management fees totaling $585, $331 and $166, respectively. For the years ended December 31, 2024, 2023 and 2022, asset management fees totaling $322, $331 and $166, respectively, were capitalized in Construction in Progress in the Consolidated Balance Sheets. 

•A subsidiary of First Industrial is entitled to receive development fees, which fees are based on a percentage of all hard and soft costs incurred. For the years ended December 31, 2024, 2023 and 2022, the subsidiary of First Industrial earned development fees totaling $2,112, $5,859 and $1,600, respectively, which are capitalized in Construction in Progress in the Consolidated Balance Sheets. 

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•A subsidiary of First Industrial is entitled to receive leasing coordination fees, which fees are based on a percentage of the market leasing fee of any listing broker. For the years ended December 31, 2024 and 2023, the subsidiary of First Industrial earned leasing coordination fees totaling $238 and $219, respectively.

•A subsidiary of First Industrial is entitled to receive property management fees, which fees are based on a percentage gross monthly income. For the