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FrontView REIT, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total rental revenues of $14,534,000, an increase from $11,623,000 in the same quarter the previous year. This increase is attributed to the consolidation of properties acquired through the 50/50 Joint Venture Acquisition and same-store rent growth.
Depreciation and amortization expenses for the quarter were $7,119,000, compared to $6,159,000 in the previous year, reflecting the growth of the real estate portfolio.
Property operating expenses increased to $2,003,000 from $1,314,000, due to the increase in the number of properties in the portfolio.
Interest expense for the quarter was $6,463,000, up from $4,611,000 in the previous year, primarily due to increased borrowings from the Revolving Credit Facility and the assumption of debt related to the 50/50 Joint Venture Acquisition.
The company reported a net loss of $3,339,000 for the quarter, compared to a net loss of $4,895,000 in the previous year.
Cash provided by operating activities was $15,272,000, while cash used in investing activities was $7,934,000, reflecting property sales and acquisitions.
FrontView REIT completed its initial public offering on October 2, 2024, raising net proceeds of $253,198,000, which were used to repay outstanding borrowings.
The filing details the company's new $250 million unsecured revolving credit facility and $200 million unsecured delayed draw term loan, effective with the IPO.
The company focuses on acquiring and managing net-leased outparcel properties across the United States, with a portfolio of 278 properties as of September 30, 2024.
The filing also discusses the company's strategy to maintain a diversified portfolio and manage interest rate risks through potential hedging activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FrontView REIT Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.