Company: FVR
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0000950170-25-042774
Chunk: 111

Company: FrontView REIT, Inc.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1B
Chunk 111
---
    )

    Impairment loss on real estate held for investment

    3,891

    3,891

    407

    Gain from acquisition of equity method investment

    —

    —

    (12,988
    )

    EBITDAre
     
    $
    (4,955
    )
     
    $
    (6,134
    )
     
    $
    9,645

    Adjustment for current period investment activity (1)

    —

    1,354

    —

    Adjustment for current period disposition activity (2)

    —

    —

    (36
    )

    Adjustment for non-cash compensation expense (3)

    624

    608

    —

    Adjustment to exclude non-recurring (income) expenses (4)

    16,238

    16,760

    1,361

    Adjustment to exclude net write-offs of accrued rental income

    63

    63

    —

    Adjusted EBITDAre

    11,970

    12,651

    10,970

    Annualized EBITDAre

    (19,820
    )

    (24,536
    )

    38,580

    Annualized adjusted EBITDAre
     
    $
    47,880

    $
    50,604

    $
    43,880

(1)Reflects an adjustment to give effect to all acquisitions during the period as if they had been acquired as of the beginning of the period. 

(2)Reflects an adjustment to give effect to all dispositions during the period as if they had been sold as of the beginning of the period.

(3)Reflects an adjustment to exclude non-cash stock-based compensation expense.

(4)Reflects an adjustment to exclude non-recurring expenses including IPO costs, lease termination fees and non-recurring income and expense.

59

Net Debt is a non-GAAP financial measure. We define Net Debt as our Gross Debt less cash, cash equivalents and restricted cash. The ratios of Net Debt to EBITDAre and Net Debt to Annualized Adjusted EBITDAre represent Net Debt as of the end of the applicable period divided by EBITDAre or Annualized Adjusted EBITDAre for the period, respectively. We believe that these ratios are useful to investors and analysts because they provide information about Gross Debt less cash and cash equivalents, which