FrontView REIT Inc. (FVR) reports earnings

The report was filed on March 20, 2025

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FrontView REIT Inc. (FVR+1.35%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.

The filing details the company's operations as an internally-managed net-lease real estate investment trust (REIT) that focuses on acquiring, owning, and managing properties with frontage leased to a diversified group of tenants.

As of December 31, 2024, FrontView owned a portfolio of 307 properties across 35 U.S. states, with a total rental revenue of $59.9 million for the year. The company's properties were 97.7% leased, with an average remaining lease term of 7.2 years.

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The company reported a net loss of $31.2 million for the year, attributed to various factors including impairment losses and expenses related to the internalization of management functions.

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FrontView's portfolio is diversified by tenant industry, with significant exposure to service-oriented businesses such as restaurants, cellular stores, and financial institutions. The top 20 tenant brands accounted for approximately 37% of the annual base rent (ABR).

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The company completed its initial public offering (IPO) on October 3, 2024, issuing 13.2 million shares of common stock at $19.00 per share, raising net proceeds of approximately $248 million.

FrontView's debt as of December 31, 2024, totaled $268.5 million, with a net debt to annualized adjusted EBITDAre ratio of 5.2x. The company aims to maintain a leverage ratio below 6.0x.

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The filing also highlights risks related to tenant defaults, market conditions, interest rates, and compliance with REIT requirements. The company emphasizes its strategy of maintaining a diversified portfolio to mitigate these risks.

FrontView intends to continue its growth strategy through acquisitions and managing its existing portfolio. The company plans to fund future capital needs through a combination of operating cash flow, debt, and equity financing.

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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. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.