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FrontView REIT, Inc.(FVR) - 2024 Q3 - Quarterly Results
FVRFrontView REIT, Inc.(FVR)2024-11-13 22:21

Portfolio and Properties - As of September 30, 2024, FrontView REIT owned a diversified portfolio of 278 outparcel properties across 31 U.S. states[6] - The company has 278 properties across 31 U.S. states, with a total rentable square footage of 2.1 million[22] - The largest tenant, Verizon, accounts for 3.4% of Annual Base Rent (ABR) with 8.5 properties[23] - The Quick Service Restaurants sector represents 17.4% of ABR, with 62.5 properties[25] - The company operates in 15 different industries, with the highest concentration in Casual Dining at 19.3% of ABR[25] - Untenanted properties account for 0.0% of the total ABR, with 17 properties[29] Financial Performance - Revenues for Q3 2024 were 14.534million,aslightdecreasefrom14.534 million, a slight decrease from 15.259 million in Q2 2024[8] - Funds From Operations (FFO) for Q3 2024 were 5.350million,withFFOpershareat5.350 million, with FFO per share at 0.20[8] - Adjusted Funds From Operations (AFFO) for Q3 2024 were 6.221million,withAFFOpershareat6.221 million, with AFFO per share at 0.23[8] - Net loss for Q3 2024 was (1.764)million,translatingtoanetlosspershareof(1.764) million, translating to a net loss per share of (0.07)[8] - The company reported a net loss of (1,764)millionforthethreemonthsendedSeptember30,2024,comparedtoanetlossof(1,764) million for the three months ended September 30, 2024, compared to a net loss of (3,339) million for the same period in the previous year[17] - EBITDA for the three months ended September 30, 2024, was 10,105,000,downfrom10,105,000, down from 10,729,000 in the prior year[17] - The annualized adjusted EBITDAre is projected at 41,376,000forthethreemonthsendedSeptember30,2024[18]AssetsandLiabilities−Totalassetsincreasedto41,376,000 for the three months ended September 30, 2024[18] Assets and Liabilities - Total assets increased to 814.305 million from 733.070millioninthepreviousquarter[9]−Totalliabilitiesdecreasedto733.070 million in the previous quarter[9] - Total liabilities decreased to 280.399 million from 448.372millioninthepreviousquarter[8]−Totalliabilitiesincreasedto448.372 million in the previous quarter[8] - Total liabilities increased to 471,320 million as of September 30, 2024, from 456,902millioninthepreviousquarter[10]−Totalstockholders′equityasofSeptember30,2024,was456,902 million in the previous quarter[10] - Total stockholders' equity as of September 30, 2024, was 197,071 million, an increase from 192,082millioninthepreviousquarter[10]−Totaldebtamountsto192,082 million in the previous quarter[10] - Total debt amounts to 253,499,000, which is 32.4% of total capitalization[14] - The company has a net debt of 160,238,000,withanetdebttoannualizedadjustedEBITDAreratioof3.9[18]−Thetotalleverageratioisreportedat30.9160,238,000, with a net debt to annualized adjusted EBITDAre ratio of 3.9[18] - The total leverage ratio is reported at 30.9%, well below the required maximum of 60%[19] Cash and Financing - Cash and cash equivalents increased to 93.261 million from 9.895millioninthepreviousquarter[9]−Thecompanyhasanewdelayeddrawtermloanof9.895 million in the previous quarter[9] - The company has a new delayed draw term loan of 200,000,000 maturing on October 3, 2027[15] - The new revolving credit facility stands at 53,499,000,alsomaturingonOctober3,2027[15]RentalandLeaseInformation−TotalAnnualizedBaseRentincreasedto53,499,000, also maturing on October 3, 2027[15] Rental and Lease Information - Total Annualized Base Rent increased to 52.1 million from 52.0million,representinga0.252.0 million, representing a 0.2% growth[22] - Occupancy rate remained stable at 98.9%[22] - Investment Grade tenants decreased to 38.0% from 40.4%[22] - Weighted Average Annual Rent Increases were 1.7%[22] - The top 10 tenant concentration is 23.3%, while the top 20 tenant concentration is 38.5%[22] - The weighted average remaining lease term is 6.7 years, down from 7.0 years[22] - Lease expirations for 2027 amount to 7,158,000, which is 13.7% of the total[29] - The highest lease expiration percentage occurs in 2032 at 10.1%, with a total of 5,283,000[29]DispositionsandMarketOutlook−Fivepropertiesweredisposedofduring2024,withtotalsaleproceedsof5,283,000[29] Dispositions and Market Outlook - Five properties were disposed of during 2024, with total sale proceeds of 10,773,000 against a purchase price of $10,302,000[20] - The company anticipates continued growth in its portfolio and revenue streams, despite potential market risks[5] Definitions and Metrics - Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) are non-GAAP measures widely accepted in the industry for comparing REIT performance[30] - Gross Debt is defined as total debt plus debt issuance costs and original issuance discount[30] - Net Debt is calculated as total debt less cash and cash equivalents and restricted cash[30] - Occupancy is measured as the number of properties under signed lease divided by the total number of properties in the portfolio[30] - The company emphasizes that EBITDA and EBITDAre are useful for investors as they provide insights into operating performance excluding certain non-cash costs[30]