FrontView REIT (FVR) followed the script in its IPO prospectus. FrontView REIT, based in Dallas, priced its IPO at $19.00 – the mid-point of its $17.00-to-$21.00 range – on 13.2 million shares – to raise $250.8 million on Tuesday night, Oct. 1, 2024. Shares of FrontView REIT opened today – Wednesday, Oct. 2, 2024 – at $18.25 – down 75 cents from their $19.00 IPO price – on the New York Stock Exchange. At about 12:25 p.m. EDT, the stock was trading at $18.62 on volume of about 1.54 million shares.
Morgan Stanley, J.P. Morgan, Wells Fargo Securities and BofA Securities acted as the joint book-runners.
FrontView REIT, founded in 2016, is a net-lease REIT whose properties are in “prominent locations with direct frontage on high-traffic roads that are highly visible to consumers,” the prospectus said. The real estate investment trust owned of 278 outparcel properties with direct frontage across 31 U.S. states as of June 30, 2024, according to the prospectus.
“Our 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, (and) professional services (providers) as well as general retail tenants,” the prospectus said.
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