FrontView REIT, a commercial REIT focused on net lease outparcel properties, raised $251 million by offering 13.2 million shares at $19, the midpoint of the range of $17 to $21. At the pricing, the company commands a market value of $519 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 plans to list on the NYSE under the symbol FVR. Morgan Stanley, J.P. Morgan, Wells Fargo Securities, and BofA Securities acted as joint bookrunners on the deal.
