Financial Performance - Generated net income of $5.5 million, or $0.19 per share, with funds from operations (FFO) of $6.9 million, or $0.25 per share, and adjusted funds from operations (AFFO) of $8.8 million, or $0.32 per share[5] - Net income for Q3 2025 was $5,547,000, compared to a net loss of $3,339,000 in Q3 2024[36] - The company reported a net income per share of $0.19 for Q3 2025, compared to a loss per share of $0.00 in Q3 2024[36] - Net income for the three months ended September 30, 2025, was $5,547,000, with EBITDA reported at $18,166,000[44] - Adjusted Funds from Operations (AFFO) for the nine months ended September 30, 2025, totaled $26,086,000, compared to $14,656,000 in the same period of 2024, indicating an increase of 77.8%[37] Revenue and Occupancy - Total revenues for Q3 2025 were $16,803,000, an increase of 15.6% compared to $14,534,000 in Q3 2024[36] - Rental revenues for the nine months ended September 30, 2025, reached $50,206,000, up from $44,160,000 in the same period of 2024, reflecting a growth of 13.8%[36] - Improved occupancy to 98.0% with annualized base rent of $61.3 million[5] Investments and Transactions - Closed on 3 properties for $15.8 million at an average capitalization rate of 7.48% and a weighted average lease term of 10.7 years[5] - Sold 15 properties, including 13 occupied properties, for $30.1 million in gross proceeds with an average capitalization rate of 6.78%[5] - Closed a $75.0 million delayed-draw convertible perpetual preferred equity investment[4] Guidance and Future Projections - Updated 2025 AFFO per share guidance to a range of $1.23 to $1.25[12] - Initiated preliminary 2026 AFFO per share guidance of $1.26 to $1.30[19] Balance Sheet and Liquidity - Maintained a strong balance sheet with a net debt to adjusted EBITDAre of 5.3x and a fixed charge coverage ratio of 3.3x[5] - Total liquidity as of September 30, 2025, was $161.1 million, including $19.6 million in cash and cash equivalents[10] - The company's total assets as of September 30, 2025, were $846,790,000, up from $821,809,000 at the end of 2024[34] - Total liabilities increased to $342,639,000 as of September 30, 2025, compared to $299,131,000 at the end of 2024[34] - Cash and cash equivalents rose significantly to $19,595,000 as of September 30, 2025, from $5,094,000 at the end of 2024[34] Key Financial Ratios - The Fixed Charge Coverage Ratio is highlighted as a key measure of the company's ability to cover fixed charges, including interest and principal repayments[30] - The company reported a Net Debt of $288,905,000, with a Net Debt to Annualized EBITDAre ratio of 6.0x and a Net Debt to Annualized Adjusted EBITDAre ratio of 5.3x[53] - Annualized Fixed Charges were calculated at $16,640,000, resulting in an Annualized Adjusted EBITDAre to Annualized Fixed Charges ratio of 3.3x[55] Operational Metrics - Adjusted Cash NOI for the quarter was $15,221,000, with an annualized figure of $60,884,000[52] - Adjusted NOI was reported at $15,780,000, reflecting the company's operational results after excluding general and administrative expenses[50] - FFO and AFFO are used to assess operating performance, with AFFO providing a clearer picture by excluding one-time cash and non-cash revenues or expenses[42] - The company emphasizes that EBITDA and EBITDAre are not measures of financial performance under GAAP and should not be considered alternatives to net income[47] - The company may need to adjust its calculation of AFFO in response to potential future standardization by regulatory bodies[43]
FrontView REIT, Inc.(FVR) - 2025 Q3 - Quarterly Results