Company: FR
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0000921825-25-000074
Chunk: 107

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 8
Chunk 107
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 companies with profiles similar to ours, as well as overall economic conditions. For the Unsecured Credit Facility and the unsecured term loans, the fair value was calculated by discounting future cash flows using current 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.

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, as reflected in our Consolidated Balance Sheets. All amounts are shown net of intercompany eliminations:June 30, 2025December 31, 2024ASSETSAssets:Net Investment in Real Estate$292,215 $296,588 Operating Lease Right-of-Use Assets12,772 12,818 Cash and Cash Equivalents2,354 2,463 Deferred Rent Receivable15,792 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 

20

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