DALLAS, Oct. 3, 2024
/PRNewswire/ -- FrontView REIT, Inc. (the "Company" or "FrontView")
(NYSE: FVR) today announced the closing of its underwritten initial
public offering of 13,200,000 shares of its common stock at a
public offering price of $19.00 per
share. The net proceeds from the offering were approximately
$231.9 million, after deducting
underwriting discounts and commissions and estimated expenses
payable by the Company. The Company intends to use the net proceeds
from the offering to repay borrowings outstanding under its
revolving credit facility and term loan credit facility. Following
such uses, the Company expects to use any remaining net proceeds
for general business and working capital purposes, including
potential future acquisitions.
The Company's common 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 acted as joint book-running managers for the offering.
Capital One Securities and CIBC Capital Markets acted as
co-managers.
A registration statement relating to these securities was
declared effective by the U.S. Securities and Exchange Commission
on October 1, 2024.
The offering was made only by means of a prospectus. Copies of
the final prospectus related to this offering may be obtained from
Morgan Stanley, Prospectus Department, 180 Varick Street,
New York, New York 10014,
or email:
prospectus@morganstanley.com; J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717
or by email at prospectus-eq_fi@jpmchase.com and
postsalemanualrequests@broadridge.com; Wells Fargo
Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, at 800-645-3751 (option
#5) or email a request to
WFScustomerservice@wellsfargo.com; and BofA
Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001,
Attention: Prospectus Department,
email: dg.prospectus_requests@bofa.com.
About FrontView
FrontView (NYSE: FVR) is an internally-managed net-lease REIT
that acquires, owns and manages primarily outparcel properties that
are net leased on a long-term basis to a diversified group of
tenants. The Company is differentiated by a "real estate first"
investment approach focused on outparcel properties that are in
prominent locations with direct frontage on high-traffic roads that
are highly visible to consumers. FrontView is a growing
net-lease REIT and owns a well-diversified portfolio of 278
outparcel properties with direct frontage across 31 U.S. states as
of June 30, 2024. Its tenants include
service-oriented businesses, such as restaurants, cellular stores,
financial institutions, automotive stores and dealers, medical and
dental providers, pharmacies, convenience and gas stores, car
washes, home improvement stores, grocery stores, professional
services as well as general retail tenants.
Forward-Looking Statements
Certain statements contained in this press release may be
considered forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. FrontView intends
for all such forward-looking statements to be covered by the
applicable safe harbor provisions for forward-looking statements
contained in those acts. Such forward-looking statements can
generally be identified by FrontView's use of forward-looking
terminology such as "may," "will," "expect," "intend,"
"anticipate," "estimate," "believe," "continue," "seek,"
"objective," "goal," "strategy," "plan," "focus," "priority,"
"should," "could," "potential," "possible," "look forward,"
"optimistic," or other similar words. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Such statements
are subject to certain risks and uncertainties, including known and
unknown risks, which could cause actual results to differ
materially from those projected or anticipated. Therefore, such
statements are not intended to be a guarantee of FrontView's
performance in future periods. Except as required by law, FrontView
does not undertake any obligation to update or revise any
forward-looking statements contained in this release.
Investor Relations Contact
media@frontviewreit.com
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SOURCE FrontView REIT, Inc.
