Company: FVR
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0000950170-25-042774
Chunk: 186

Company: FrontView REIT, Inc.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 7
Chunk 186
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    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 could be useful to repay debt, compared to our performance as measured using EBITDAre and Annualized Adjusted EBITDAre, which are described above.

The following table reconciles total debt (which is the most comparable GAAP measure) to Net Debt, and presents the ratios of Net Debt to EBITDAre and Net Debt to Annualized Adjusted EBITDAre: 

Reconciliation of total debt to Net Debt and ratio of Net Debt to Annualized EBITDAre and Net Debt to Annualized Adjusted EBITDAre

    December 31,

    Pro Forma

    Historical

    Historical

    (in thousands)
     
    2024

    2024

    2023

    Debt

    Term Loan
     
    $
    200,000

    $
    200,000

    $
    —

    Revolving Credit Facility

    68,500

    68,500

    —

    ABS Notes

    —

    —

    254,489

    CIBC Revolving