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FrontView REIT, Inc.(FVR) - 2024 Q4 - Annual Results
FVRFrontView REIT, Inc.(FVR)2025-03-19 22:15

Financial Performance - For Q4 2024, the company reported revenues of 16.9million,anincreasefrom16.9 million, an increase from 15.5 million in Q4 2023, representing a year-over-year growth of approximately 8.8%[12] - The net loss for Q4 2024 was 22.0million,comparedtoanetlossof22.0 million, compared to a net loss of 21.5 million in the previous quarter, indicating a slight increase in losses[12] - Funds From Operations (FFO) for Q4 2024 were reported at (9.7)million,whileAdjustedFundsFromOperations(AFFO)were(9.7) million, while Adjusted Funds From Operations (AFFO) were 7.4 million, showing a decline in FFO but a positive AFFO[12] - The company declared a dividend of 6.1millionforQ42024,withadividendperdilutedshareof6.1 million for Q4 2024, with a dividend per diluted share of 0.215[12] - The company reported a net (loss) income of (22,009)thousandforthethreemonthsendedDecember31,2024,comparedto(22,009) thousand for the three months ended December 31, 2024, compared to (21,488) thousand in the previous quarter[16] - EBITDA for the quarter was (8,846,000),adecreasefrom(8,846,000), a decrease from (10,025,000) in the previous quarter and significantly lower than 23,283,000inthesamequarterlastyear[23]AssetsandLiabilities−TotalassetsasofDecember31,2024,were23,283,000 in the same quarter last year[23] Assets and Liabilities - Total assets as of December 31, 2024, were 821.8 million, up from 733.1millioninthepreviousquarter,reflectingagrowthofapproximately12.1733.1 million in the previous quarter, reflecting a growth of approximately 12.1%[12] - The total liabilities decreased to 299.1 million from 448.4millioninthepreviousquarter,indicatingasignificantreductionindebtlevels[12]−Cashandcashequivalentsstoodat448.4 million in the previous quarter, indicating a significant reduction in debt levels[12] - Cash and cash equivalents stood at 5.1 million as of December 31, 2024, down from 9.9millioninthepreviousquarter[12]−Thecompanyreportedanetcashprovidedbyoperatingactivitiesof9.9 million in the previous quarter[12] - The company reported a net cash provided by operating activities of 5.3 million for Q4 2024, compared to 7.6millioninQ32024[12]−Totalliabilitiesdecreasedto7.6 million in Q3 2024[12] - Total liabilities decreased to 299,131,000 in December 2024 from 471,320,000inDecember2023,areductionof36.5471,320,000 in December 2023, a reduction of 36.5%[14] - The company reported a net debt of 263,406,000 as of December 31, 2024, down from 409,571,000inthepreviousquarter[26]EquityandShareholderValue−FrontViewREIT′stotalequity(bookvalue)increasedto409,571,000 in the previous quarter[26] Equity and Shareholder Value - FrontView REIT's total equity (book value) increased to 522.7 million as of December 31, 2024, compared to 284.7millioninthepreviousquarter,reflectingasubstantialincreaseinshareholdervalue[12]−Totalequityroseto284.7 million in the previous quarter, reflecting a substantial increase in shareholder value[12] - Total equity rose to 522,678,000 in December 2024 from 197,071,000inDecember2023,asignificantincreaseof164.5197,071,000 in December 2023, a significant increase of 164.5%[14] - The implied equity market capitalization was 504,431 thousand, accounting for 65.3% of total capitalization[19] - The equity balance as of December 31, 2024, included 17,291 thousand shares of common stock and 10,532 thousand OP units, totaling 27,823 thousand[22] Property Portfolio - As of December 31, 2024, FrontView REIT owned a diversified portfolio of 307 properties across 35 U.S. states, with total real estate held for investment at cost amounting to 719.4million[12]−Theportfolioexpandedto307properties,anincreasefrom278propertiesinthepreviousquarter[33]−Thecompanyhasatotalof2,401,000squarefeetacrossitsproperties,withGeneralRetailoccupying20.9719.4 million[12] - The portfolio expanded to 307 properties, an increase from 278 properties in the previous quarter[33] - The company has a total of 2,401,000 square feet across its properties, with General Retail occupying 20.9% of this space[38] - The largest tenant industry is Casual Dining, contributing 15.4% to ABR with 44 properties[38] - The company has 41 properties in Medical and Dental Providers, contributing 14.1% to ABR[38] Rental Income and Occupancy - Rental revenues for the three months ended December 31, 2024, were 16,868,000, up 8.7% from 15,514,000inthepreviousquarter[15]−Thecompany’stotalannualizedbaserentincreasedto15,514,000 in the previous quarter[15] - The company’s total annualized base rent increased to 58.8 million as of December 31, 2024, up from 52.1millioninthepreviousquarter[33]−Theoccupancyratedecreasedto97.752.1 million in the previous quarter[33] - The occupancy rate decreased to 97.7% from 98.9% in the previous quarter[33] - Contractual rental amounts billed increased to 14,547 thousand for the three months ended December 31, 2024, compared to 13,194thousandinthepreviousquarter,reflectinga10.213,194 thousand in the previous quarter, reflecting a 10.2% growth[17] Expenses and Depreciation - Operating expenses increased to 13,735,000 in December 2024 from 12,784,000inthepreviousquarter,reflectingariseof7.412,784,000 in the previous quarter, reflecting a rise of 7.4%[15] - Accumulated depreciation increased to 40,398,000 in December 2024 from 28,734,000inDecember2023,indicatingagrowthof40.728,734,000 in December 2023, indicating a growth of 40.7%[14] - Interest expense for the three months ended December 31, 2024, was 4,517,000, up from 3,593,000inthepreviousquarter,anincreaseof25.73,593,000 in the previous quarter, an increase of 25.7%[15] Future Outlook - Lease expirations indicate that 11.7% of ABR (6,875,000) is set to expire in 2027, affecting 382 square feet[45] - Future lease expirations show a gradual increase, with 7.5% of ABR ($4,386,000) expiring thereafter[45] - The weighted average remaining lease term increased to 7.2 years from 6.7 years in the previous quarter[33]