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FrontView REIT Inc. (FVR+5.13%) 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.
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.
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).
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.
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.
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.