F
FrontView REIT, Inc.
FVRCIK 0001988494NYSEEmerging GrowthReal Estate Investment TrustsMarylandFY ends Dec 31
Period
FY 2025
Revenue
$67.11M
Net Income
$-3.83M
Total Assets
$854.44M
Equity
$391.19M
Shares Out
22.31M
Op. Cash Flow
$42.13M
Business
FrontView REIT, Inc. is an internally managed net-lease real estate investment trust that acquires, owns and manages single-tenant and multi-tenant properties with prominent frontage on high-traffic roads. It leases these net-leased retail and service-oriented properties to a diversified roster of tenants, including restaurants, cellular stores, financial institutions, automotive dealers, medical and dental providers, convenience and grocery operators, car washes, and general retail brands. The company conducts its business and asset management through an operating partnership and UPREIT structure with dedicated acquisition, underwriting, and portfolio management functions. Its properties are distributed across numerous U.S. metropolitan areas and states and are leased directly to operating tenants under long-term net leases.
Summary from filing dated 2025-03-20
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Rental revenues | 67 | — | — | |
| Interest income on mortgage loans | 350,000 | — | — | |
| Other income | 239,000 | — | — | |
| Total revenues | 67 | — | 48 | |
| Depreciation and amortization | 33 | — | 25 | |
| Property operating expenses | 10 | — | 6 | |
| General and administrative expenses | 13 | — | 8 | |
| Total operating expenses | 56 | — | 44 | |
| Interest expense | 18 | — | 18 | |
| Gain on sale of real estate | −12 | −300,000 | −725,000 | |
| Impairment loss | 10 | — | 407,000 | |
| Income taxes | 350,000 | — | 316,000 | |
| Total other expenses | 17 | — | 18 | |
| Operating loss | −6 | — | −14 | |
| Net loss | −6 | — | −2 | |
| Less: Net loss attributable to non-controlling interests | 2 | — | — | |
| Net loss attributable to NADG NNN Property Fund LP (Predecessor) and to FrontView REIT, Inc. (Successor) | −4 | — | −1 | |
| Basic (shares) | 20 | — | — | |
| Diluted (shares) | 28 | — | — | |
| Basic (per share) | −0.22 | — | — | |
| Diluted (per share) | −0.22 | — | — | |
| Change in fair value of interest rate swaps | −1 | — | — | |
| Comprehensive loss | −7 | — | — | |
| Less: Comprehensive loss attributable to non-controlling interests | 2 | — | — | |
| Comprehensive loss attributable to NADG NNN Property Fund LP (Predecessor) and to FrontView REIT, Inc. (Successor) | −5 | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2024 2024-09-30 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Land | 329 | 333 | — | 315 | — | |
| Buildings and improvements | 417 | 386 | — | 332 | — | |
| Total real estate held for investment, at cost | 747 | 719 | — | 647 | — | |
| Less accumulated depreciation | −48 | −40 | — | −29 | — | |
| Real estate held for investment, net | 699 | 679 | — | 618 | — | |
| Assets held for sale | 12 | 6 | — | 3 | — | |
| Mortgage loans receivable | 10 | — | — | — | — | |
| Cash and cash equivalents | 14 | 5 | — | — | — | |
| Intangible lease assets, net | 99 | 115 | — | 119 | — | |
| Other assets | 20 | 17 | — | 14 | — | |
| Total Assets | 854 | 822 | — | 772 | — | |
| Debt, net | 314 | 267 | — | 436 | — | |
| Intangible lease liabilities, net | 14 | 15 | — | 17 | — | |
| Accounts payable and accrued liabilities | 32 | 18 | — | 17 | — | |
| Total liabilities | 361 | 299 | — | 471 | — | |
| Common Stock, $0.01 par value 450,000,000 shares authorized, 22,111,165 shares issued and outstanding as of December 31, 2025 | 221,000 | 173,000 | — | — | — | |
| Additional paid-in capital | 420 | 331 | — | — | — | |
| Accumulated deficit | −28 | −7 | — | — | — | |
| Accumulated other comprehensive loss | −901,000 | — | — | — | — | |
| Total FrontView REIT, Inc. equity | 391 | 325 | — | — | — | |
| Non-controlling interests | 102 | 198 | — | — | — | |
| Total equity | 493 | 523 | 164 | 197 | 217 | |
| Total liabilities and equity | 854 | 822 | — | 772 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|
| Depreciation and amortization | 33 | 25 | |
| Amortization of above/below market leases | 3 | 1 | |
| Amortization of financing transaction and discount costs | 2 | 3 | |
| Amortization of software costs | 35,000 | — | |
| Net cash received from derivative settlements | 1 | — | |
| Non-cash rental revenue adjustments | −499,000 | −1 | |
| Stock-based compensation, net | 2 | — | |
| Other assets | −2 | 311,000 | |
| Accounts payable and accrued liabilities | 10 | 3 | |
| Net cash provided by operating activities | 42 | 17 | |
| Acquisition of real estate held for investment | −125 | −75 | |
| Deposits on real estate held for investment | 305,000 | 74,000 | |
| Deferred leasing costs and other additions to real estate held for investment | −2 | −1 | |
| Principal collections on mortgage loans receivable | 900,000 | — | |
| Net proceeds from sale of real estate | 65 | 5 | |
| Net proceeds from expropriation | 5 | — | |
| Additions to software costs | −12,000 | −83,000 | |
| Net cash (used in) provided by investing activities | −56 | −94 | |
| Proceeds from debt | 57 | 110 | |
| Repayment of debt | −10 | −42 | |
| Cash distributions paid to stockholders | −17 | — | |
| Cash distributions paid to Preferred Unit holders | −32,000 | −16,000 | |
| Cash distributions paid to non-controlling interests | −8 | — | |
| Net cash provided by (used in) financing activities | 23 | 53 | |
| Net increase (decrease) in cash and cash equivalents during the period | 8 | −24 | |
| Cash paid for interest | 15 | 15 | |
| Accrued real estate development and improvement costs | 5 | 2 | |
| Accrued deferred leasing fees | 314,000 | 264,000 | |
| Accrued deferred offering costs | 1 | 3 | |
| Increase in mortgage loan receivable in exchange for sale of real estate | 11 | — | |
| Conversion of OP Units to Common Stock and additional paid-in capital | 99 | — | |
| Distributions payable | 6 | — |
Filings
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