Who owns Passport Park Joint Venture (with Trammell Crow Company)

Passport Park Joint Venture (with Trammell Crow Company) - Profile

The Passport Park Joint Venture is a development vehicle formed in November 2024 to build and then operate three industrial buildings in Irving, Texas, on land at Dallas Fort Worth International Airport. Trammell Crow Company, the developer, is the managing member and runs the construction and leasing; the capital partner funds the build, with a further $105.5 million committed for development as of the end of 2025. The buildings sit in Passport Park West, a seven building, 180 acre logistics park spanning Irving and Euless that Trammell Crow began in 2024 and which will total about 2.7 million square feet when finished, its first phase of three buildings exceeding 1.75 million square feet. It adjoins the original Passport Park, a four building, 2.0 million square foot Class A industrial development on 132 acres delivered in 2020 on the same airport land.

The disclosed stakes

One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.

Where each figure comes from

A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.

• Realty Income Corporation, as of 30 Jun 2026. Carrying amount of Realty Income's investment in the Passport Park industrial-development joint venture with Trammell Crow Company (TCC), as of 30 Jun 2026 ($106,715,000, up from $59,758,000 at 31 Dec 2025 per the FY2025 10-K, same named entity). Realty Income holds a 95.0% common equity interest plus $70.4 million of preferred equity, and has committed an additional $60.1 million for development of three industrial facilities (an unfunded commitment, not included in the carrying amount above). Despite 95% ownership, Realty Income determined it is NOT the primary beneficiary of this VIE and does not consolidate it: TCC is the managing member and Realty Income does not have substantive kick-out rights, so significant activities affecting the venture's economic performance are shared rather than controlled by Realty Income. Recorded as a holding, not excluded as a controlled subsidiary, because the 10-Q itself classifies this as an unconsolidated, equity-method investment despite the high ownership percentage; contrast with Realty Income's U.S. Core Plus Fund joint venture with Apollo Global Management, which IS consolidated (Realty Income is the primary beneficiary there via its exclusive Manager role) and is excluded from holdings entirely, per notes below. sourcesource 2