FrontView REIT, Inc. (FVR) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

This call is being recorded on Thursday, May 15th of 2025. I would now like to turn the conference over to Randy Starr. Randy, please go ahead. Good morning, everyone, and welcome to our first quarter 2025 earnings call. I'm joined today by Steven Preston, Chairman and Co-CEO. Before I turn it over to Steve, please note that we will be making certain statements that may be considered forward-looking statements under federal securities laws. The company's actual results may differ significantly from the matters discussed in these forward-looking statements, and we may not release revisions to these forward-looking statements in the future. Factors and risks that could also cause actual results that differ materially from expectations are disclosed from time to time in greater detail in the company's filings of the SEC and yesterday's press release. Steve? Great. Thank you, Randy. Good morning, everyone. Welcome to Frontview's Q1 2025 earnings call. As a reminder, Frontview is an internally managed net lease REIT that acquires, owns, and manages primarily properties with frontage on high-traffic roads that are highly visible to consumers. Since entering the public markets in October of 2024, we have demonstrated our ability to source accretive acquisitions. The first quarter of 2025 was no exception, and we acquired approximately 49.2 million of properties and an average cap rate of 7.9%. exceeding our pricing guidance by about 40 basis points and having a weighted average lease term of approximately 12 years. The acquisitions are diversified across nine industries, 13 tenants and 13 states, including eight new tenants and two new states. Investment grade tenants accounted for approximately 29% of the annualized base rent from these acquisitions. Subsequent to the clos...