Company: FVR
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0000950170-25-042774
Chunk: 216

Company: FrontView REIT, Inc.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 8
Chunk 216
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2024 to December 31, 2024, there were 1,223 OP Units redeemed which the Company settled by issuing 1,223 shares of Common Stock. 

9. INTERNALIZATIONOn October 2, 2024, the Company completed the Internalization and the Company's management team and corporate staff, who were previously employed by NARS, became employees of a subsidiary of the OP, the management and other fees in the Predecessor's Sub OP agreement were terminated, and acquired the assets necessary to operate and manage the portfolio of properties. The purchase price of the Internalization was 931 OP Units with a fair value of $17,698. This was allocated to:(a)  Termination of the management arrangement of $16,498, which is included in internalization expense on the accompanying consolidated statements of income (loss);(b)  Assembled work force of $1,200, which is included in other assets in the accompanying consolidated balance sheets;(c)  Right-of-use lease asset and liability of an operating lease of office space of $644, which are included in other assets and accounts payable and accrued liabilities, respectively in the accompanying consolidated balance sheets.During the year ended December 31, 2024, the Company recorded amortization of the assembled work force of $100. This is included in depreciation and amortization in the accompanying consolidated statements of income (loss).

10. STOCK-BASED COMPENSATIONFor the period from October 3, 2024 through December 31, 2024, the Company granted one-time RSUs. The total amount of stock-based compensation expense recognized in general and administrative expenses in the accompanying consolidated statements of income (loss) was $608 for the period from October 3, 2024 through December 31, 2024. As of December 31, 2024, the remaining unamortized stock-based compensation expense totaled $9,961, and as of December 31, 2024, these awards are expected to be recognized over a remaining weighted average period of 2.5 years. Stock-based compensation expense is recognized on a straight-line basis over the total requisite service period for the entire award.One-time grant of RSUsPursuant to the Equity and Incentive Plan, the Company has made one-time grant of service-based RSUs on October 2, 2024 to certain employees and non-employee directors. The RSUs have no rights as a common stockholder, but have dividend equivalent rights equal