DALLAS, October 1, 2024 /PRNewswire/ — FrontView REIT, Inc. (the “Company” or “FrontView”) today announced the pricing of its underwritten initial public offering of 13,200,000 shares of its common stock at the initial public offering price of $19.00 per share. In addition, the underwriters to the offering have been granted a 30-day option to purchase from the Company up to an additional 1,980,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The Company intends to use the net proceeds from the offering to repay borrowings outstanding under its revolving credit facility and term loan facility. Following such uses, the Company expects to use the remaining net proceeds for general business and working capital purposes, including potential future acquisitions.
The Company's common stock is expected to begin trading on the New York Stock Exchange on October 2, 2024, under the symbol “FVR.” The offer is expected to close on October 3, 2024subject to customary closing conditions.
Morgan Stanley, JP Morgan, Wells Fargo Securities and BofA Securities are acting as joint book-running managers for the proposed offering. Capital One Securities and CIBC Capital Markets are acting as co-managers.
The offering is being made solely by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained, when available, from Morgan Stanley, Prospectus Department, 180 Varick Street, New York, New York 10014, or email: prospectus@morganstanley.com; JP Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York, USA 11717 or by email at prospectus-eq_fi@jpmchase.com and aftersalesmanualrequests@broadridge.com; Wells Fargo Securities, 90 South 7th Street, 5th floor, Minneapolis, Minnesota 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 is an internally managed net lease REIT that primarily acquires, owns and manages overlay properties that are net leased on a long-term basis to a diversified group of tenants. FrontView is differentiated by a “real estate first” investment approach focused on parcel properties that are located in prominent locations with direct frontage on high-traffic roadways that are highly visible to consumers. From June 30, 2024FrontView owned a well-diversified portfolio of 278 direct frontage properties in 31 U.S. states. FrontView's tenants include service-oriented businesses such as restaurants, cell phone stores, financial institutions, auto stores and dealerships, medical providers and dental, pharmacies, convenience and gas stores, car washes, home improvement stores, grocery stores, professional services, as well as general retail tenants.
Important information
A registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective on October 1, 2024. Copies of the registration statement can be accessed through the SEC website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
Forward-looking statements
Certain statements contained in this press release, including statements regarding FrontView's expectations regarding the completion and timing of its proposed public offering and listing, may be deemed to be 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 that all such forward-looking statements will be covered by the applicable safe harbor provisions for forward-looking statements contained in those laws. Such forward-looking statements generally can 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”, “approach”, “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 undertakes no obligation to update or revise any forward-looking statements contained in this release.
Investor Relations Contact
Rob Shelton
ras@frontviewreit.com
SOURCE FrontView REIT, Inc.
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