Company: FVR
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0000950170-25-042774
Chunk: 198

Company: FrontView REIT, Inc.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 8
Chunk 198
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 ownership was referred to as convertible non-controlling preferred interests (“Preferred Unit Holders”).On October 20, 2023, the Predecessor purchased the remaining 50% interest in NADG NNN 50/50 LP (the “Joint Venture”) for a purchase price of $26,910. The acquisition was accounted for as an asset acquisition and resulted in a gain of $12,988, which is recorded in gain on acquisition of equity method investment in the year ended December 31, 2023 consolidated statements of income (loss). Prior to October 2, 2024, the Predecessor was externally managed by North American Realty Services LLLP (“NARS”) and affiliates. NARS and the Predecessor 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
        %