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FrontView REIT (NYSE: FVR) announced its Q3 2024 results and acquisition updates following its October IPO. The company reported a net loss of $3.3 million ($0.26 per unit) but generated AFFO of $4.8 million ($0.38 per unit). Post quarter-end, FVR acquired eight properties for $22.5 million with an 8.0% weighted average cash cap rate.
The REIT's portfolio includes 278 properties with 98.9% occupancy. They have $81.4 million in properties under PSA and expect to close over $75 million in acquisitions in Q4 2024. Following their IPO, which raised funds at $19.00 per share, they secured new credit facilities totaling $450 million. The company declared a quarterly dividend of $0.215 per share and projects Q4 2024 AFFO between $0.32-$0.34 per diluted share.
FrontView REIT (NYSE: FVR) has announced its schedule for the third quarter 2024 financial results release. The company will disclose its financial and operating results for the quarter ended September 30, 2024, after market close on November 13, 2024. A conference call and audio webcast will follow on November 14, 2024, at 10:00 a.m. Central Time. Additionally, the company's executive team will participate in the Nareit REITworld conference in Las Vegas on November 19-20, 2024.
FrontView REIT announced that underwriters exercised their option to purchase an additional 1,090,846 shares at $19.00 per share for its initial public offering. Following this exercise, the company's total share offering reached 14,290,846 shares, generating gross proceeds of approximately $271.5 million. The option closing will settle on October 23, 2024. The company's stock began trading on the NYSE under the ticker symbol FVR on October 2, 2024. Morgan Stanley, J.P. Morgan, Wells Fargo Securities, and BofA Securities served as joint book-running managers.
FrontView REIT (NYSE: FVR) has successfully closed its initial public offering (IPO) of 13,200,000 shares of common stock at $19.00 per share. The company raised approximately $231.9 million in net proceeds after deducting underwriting discounts, commissions, and estimated expenses. FrontView plans to use the funds to repay borrowings from its revolving credit facility and term loan credit facility, with any remaining proceeds allocated for general business purposes and potential future acquisitions.
The company's stock began trading on the New York Stock Exchange on October 2, 2024, under the ticker symbol FVR. Morgan Stanley, J.P. Morgan, Wells Fargo Securities, and BofA Securities served as joint book-running managers for the offering, with Capital One Securities and CIBC Capital Markets acting as co-managers.
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