Company: FVR
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0000950170-25-042774
Chunk: 99

Company: FrontView REIT, Inc.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1B
Chunk 99
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.2 million from $8.1 million for the year ended December 31, 2023. This $3.2 million decrease in general and administrative expenses is primarily due to decreases of $2.6 million in structuring and public company readiness costs and $2.2 million in Internalization expenses compared to the year ended December 31, 2023. This decrease was partially offset by $1.1 million for employee compensation, and $0.6 million for stock-based compensation incurred during the year ended December 31, 2024.

Other expenses and income 

Interest expense 

Interest expense for the period from January 1, 2024 to October 2, 2024 of $19.9 million and for the period from October 3, 2024 to December 31, 2024 of $3.5 million, increased by $5.0 million from $18.4 million for the year ended December 31, 2023.  The increase was primarily due to the increase in weighted average debt of $383.3 million in 2024 compared to $323.0 million in 2023. The increase is also due to the increase in interest rates during 2023. As of December 31, 2024 and 2023, the weighted average interest rate was 5.65% and 5.17%, respectively.

Gain on sale of real estate

During the period from January 1, 2024 to October 2, 2024, we sold five properties at a net gain of approximately $0.3 million.  During the year ended December 31, 2023, we sold two properties at a net gain of approximately $0.7 million. 

52

Impairment loss

The following table presents the impairment for the respective periods:

    Successor

    Predecessor

    Predecessor

    (in thousands, except number of properties)
     
    Period from October 3, 2024 through December 31, 2024

    Period from January 1, 2024 through October 2, 2024

    Year Ended December 31, 2023

    Number of properties

    3

    1

    2

    Carrying value prior to impairment loss
     
    $
    8,933

    $
    1,961

    $
    1,036

    Fair value

    5,042