Company: FVR
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0000950170-25-042774
Chunk: 226

Company: FrontView REIT, Inc.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 8
Chunk 226
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,354
     
    $
    7,481

    Depreciation and amortization
     
    776

    4,348

C.Represents the net adjustments required to the historical results of the Company to reflect the following:

For the five properties disposed by the Predecessor during the period from January 1, 2024 through September 30, 2024, the results of these properties have been eliminated as they will not have a continuing impact on the Company’s consolidated statement of income (loss), assuming completion of the dispositions had occurred on January 1, 2024. No properties were disposed during the three months ended December 31, 2024.

This includes the following:

    (in thousands)
    For the year ended December 31, 2024

    Rental revenue
    $
    (713
    )

    Depreciation and amortization
     
    (40
    )

    Property operating expense
     
    (27
    )

For the year ended December 31, 2024, the adjustment to rental revenue includes lease termination fees of approximately $0.6 million.

D.Represents the reversal of interest expense (including amortization of deferred financing fees) as a result of repayment of the CIBC Revolving Credit Facility, CIBC Term Loan Credit Facility and ABS Notes with the proceeds of this offering and funds drawn from the Term Loan and Revolving Credit Facility as if the repayment occurred on January 1, 2024 for the year ended December 31, 2024. During the three months ended December 31, 2024, the Company borrowed an additional $68.5 million from the Revolving Credit Facility to fund new acquisitions during the quarter. The adjustment reflects the incremental interest expense on the additional borrowings. For the purposes of computing the pro forma adjustment on variable-rate debt, the Company used a one-month SOFR rate of 5.65% plus the applicable margins on the debt. A change in one-month SOFR of plus or minus 0.125%, would have increased or decreased the pro forma interest expense by approximately $0.3 million.

E.Represents the adjustments required to the historical results of the Company to reflect the costs incurred as a result of the Internalization. The total amount of consideration for the Internalization is $17.7 million, of which $16.5 million was determined to be a termination cost in accordance with ASC 420 of the management arrangement between the Pre