Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 53

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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, 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 nine months ended September 30, 2025 and 2024, we earned fees of $1,233 and $2,113, respectively, from the Joint Venture, related to asset management, property management, leasing and development services we provided to the Joint Venture, of which $113 and $427, respectively, were deferred due to our economic interest in the Joint Venture. During the nine months ended September 30, 2025 and 2024, we incurred $524 and $1,005, respectively, in fees paid for third-party development, property management and leasing services associated with the Joint Venture. At September 30, 2025 and December 31, 2024, we had outstanding receivables from the Joint Venture of $252 and $364, respectively. During the year ended December 31, 2024, the Joint Venture substantially completed development of three buildings, (collectively the “Project”): Building A (approximately 0.4 million square feet of GLA), Building B (approximately 0.4 million square feet of GLA) and Building C (approximately 1.0 million square feet of GLA). During the nine months ended September 30, 2025, we purchased Buildings A and B from the Joint Venture (see Note 3).Net income of the Joint Venture for the nine months ended September 30, 202