Company: FVR
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0000950170-25-042774
Chunk: 124

Company: FrontView REIT, Inc.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1B
Chunk 124
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or were related parties (see Note 13) and the Company’s Co-CEOs and COO were employees of NARS. Formation TransactionsOn October 2, 2024, the Predecessor effected a 250-for-one split ("Stock Split") with no fractional units being issued that was approved by the Predecessor's general partner and executive committee, on its then outstanding 30 common units. After adjusting for the Stock Split, the Predecessor had 7,520 OP Units.On October 2, 2024, the Company, through a series of REIT contribution transactions and completion of the internalization of the external management functions (“Internalization”), created an umbrella partnership real estate investment trust (“UPREIT”) structure with a publicly-traded REIT that is internally managed and owns all of its assets and conducts all of its business through the OP. Pursuant to the contribution agreements, (1) Common Unit Holders of the Predecessor exchanged their common units (or interest in the entity that owns the common units) for OP Units or Common Stock of the Company on a one-for-one basis and (2) existing Preferred Unit Holders exchanged their interests in the Predecessor’s Sub OP (or interest in the entity that owns the preferred interests in the Predecessor’s Sub OP) for OP Units.  

        December 31, 2024

        (in thousands, except ownership percentage)
         
        Shares of Common Stock

        OP Units

        Total Diluted Shares

        Ownership interest

        17,291

        10,532

        27,823

        Percent Ownership of OP

        62.1
        %

        37.9
        %

        100.0
        %

2. ACCOUNTING POLICIES FOR FINANCIAL STATEMENTS a)Basis of presentation and principles of consolidation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The consolidated financial statements include the financial position, results of operations and cash flows of the Company and subsidiaries in which it has a controlling financial interest. All intercompany amounts have been eliminated in consolidation and the Company’s net income is reduced by the portion of net income attributable to noncontrolling interests. 

69

Generally, a controlling financial interest reflects ownership of a majority of the voting interests. The Company consolidates a voting