FrontView REIT Increases Gross Proceeds to $271.5 Million with Underwriters' Option Exercise

FrontView REIT, Inc. has announced that the underwriters of its initial public offering have exercised their option to purchase an additional 1,090,846 shares of common stock at the initial offering price of $19.00 per share, excluding underwriting discounts and commissions. This option exercise will settle on October 23, 2024, subject to customary conditions. As a result, the company has sold a total of 14,290,846 shares, generating gross proceeds of approximately $271.5 million before deductions.

FrontView's common stock commenced trading on the New York Stock Exchange on October 2, 2024, under the ticker symbol "FVR." The joint book-running managers for the offering were Morgan Stanley, J.P. Morgan, Wells Fargo Securities, and BofA Securities, with Capital One Securities and CIBC Capital Markets acting as co-managers.

FrontView is an internally-managed net-lease REIT focusing on acquiring, owning, and managing primarily outparcel properties that are net leased on a long-term basis to a diverse group of tenants. The company emphasizes a "real estate first" investment approach, focusing on properties in prominent locations with high visibility. As of June 30, 2024, FrontView owns a diverse portfolio of 278 outparcel properties across 31 U.S. states, with tenants including restaurants, cellular stores, financial institutions, automotive stores, medical providers, and general retail tenants.