FrontView REIT Inc., a Dallas-headquartered real estate investment trust focused on outparcel properties that are net leased on a long-term basis, raised $250.8 million in its initial public offering (IPO) on Oct. 1.
The IPO sold 13.2 million shares at $19 per share. The offering is expected to close tomorrow and FrontView REIT’s shares will begin trading today on the New York Stock Exchange (NYSE) under the symbol “FVR.”
FrontView REIT’s portfolio of consists of 278 outparcel properties with direct frontage across 31 states. Its tenants include service-oriented businesses – including retail stores, restaurants, financial institutions, convenience and gas stores, car washes and home improvement stores – based in in prominent locations with highly visible direct frontage on high-traffic roads. According to a Bloomberg report, the company had a net loss of $6.4 million on revenue of $29.9 million in the six months ending June 30, compared with a net loss of $5.1 million on revenue of $22.3 million in the same period one year before.
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