The 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.


	March 31, 2026		December 31, 2025
ASSETS
Assets:
Net Investment in Real Estate	$	286,794	$	288,680


Operating Lease Right-of-Use Assets	10,561		10,573
Cash and Cash Equivalents	1,361		2,745

Deferred Rent Receivable	15,724		15,633
Prepaid Expenses and Other Assets, Net	11,152		11,045
Total Assets	$	325,592	$	328,676
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

Accounts Payable, Accrued Expenses and Other Liabilities	$	7,942	$	6,304
Operating Lease Liabilities	10,142		10,151
Rents Received in Advance and Security Deposits	7,203		7,765
Partners' Capital	300,305		304,456
Total Liabilities and Partners' Capital	$	325,592	$	328,676

The 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 own an 88% interest and a third-party partner owns the remaining 12%. As we have 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 effectively own a 43% interest in the Joint Venture. The Joint Venture Partnership is held through a wholly-owned TRS of the Operating Partnership. During the year ended December 31, 2025, the Joint Venture sold its remaining real estate assets.

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, disposition and asset management services. In addition, we may earn incentive fees based on the ultimate financial performance of the Joint Venture.

During the three months ended March 31, 2026 and 2025, we earned fees of $51 and $465, respectively, from the Joint Venture, related to asset management, property management, leasing and development services we provided to the Joint Venture, of which $0 and $39, respectively, were deferred due to our economic interest in the Joint Venture. During the three months ended March 31, 2026 and 2025, we incurred $31 and $217, respectively, in fees paid for third-party development, property management and leasing services associated with the Joint Venture.

Net income of the Joint Venture for the three months ended March 31, 2026 and 2025 was $157 and $39,879, respectively. Net income for the three months ended March 31, 2025 included a gain on sale of $39,630, of which $39,591 related to the sale of two industrial properties totaling approximately 0.8 million square feet of GLA (the "JV Buildings A & B"). Our economic share of the gain related to the sale of JV Buildings A & B for the three months ended March 31, 2025 was $17,072. However, as we acquired the properties from the Joint Venture, our share of the gain on sale was offset against the basis of the acquired real estate.

During the three months ended March 31, 2026 and 2025, we earned incentive fees of $31 and $7,976, respectively, from the Joint Venture. In connection with our acquisition of JV Buildings A & B during the three months ended March 31, 2025, we offset $6,968 of incentive fees against the basis of the acquired real estate. As a result, $1,008 of incentive fees was recognized in Equity In Income of Joint Venture on the Consolidated Statements of Operations during the three months ended March 31, 2025.

We have provided a completion guarantee to the Joint Venture related to the remaining infrastructure work associated with three industrial buildings the Joint Venture substantially completed during the year ended December 31, 2024, and sold during the year ended December 31, 2025. The infrastructure work is being performed by a third-party general contractor pursuant to a guaranteed maximum price contract. Although it is not possible to estimate the amount of additional costs, if any, that we may incur in connection with this completion guarantee, we do not expect to be required to make any material payments to satisfy the guarantees.

As part of our assessment of the appropriate accounting treatment for the Joint Venture, we reviewed the operating agreement of the Joint Venture in order to determine our rights and the rights of our joint venture partners, including whether those rights are protective or participating. The Joint Venture's operating agreement contains certain protective rights, such as the requirement of both members' approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget. Also, we and our Joint Venture partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) review and approve the Joint Venture's tax return before filing and (iv) approve each lease at a developed property. We consider the latter rights substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the Joint Venture. As such, we concluded to account for our investment in the Joint Venture under the equity method of accounting.