FrontView REIT, a commercial REIT focused on net lease outparcel properties, announced terms for its IPO on Tuesday.
The Dallas, TX-based company plans to raise $251 million by offering 13.2 million shares at a price range of $17 to $21. At the midpoint of the proposed range, FrontView REIT would command a fully diluted market value of $508 million.
FrontView is an internally-managed net-lease REIT that specializes in acquiring, owning, and managing outparcel properties across the United States. The company focuses on well-located properties with direct frontage on high-traffic roads, providing high visibility to consumers. As of June 30, 2024, FrontView's portfolio comprised 278 properties across 31 states, totaling approximately 2.1 million rentable square feet. Its tenants include service-oriented businesses such as restaurants, cellular stores, financial institutions, automotive stores, and medical providers.
FrontView REIT was founded in 1999 and booked $56 million in sales for the 12 months ended June 30, 2024. It plans to list on the NYSE under the symbol FVR. Morgan Stanley, J.P. Morgan, Wells Fargo Securities, and BofA Securities are the joint bookrunners on the deal. It is expected to price during the week of September 30, 2024.
