FrontView REIT Inc
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
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4. Intangible Assets and Liabilities
- INTANGIBLE ASSETS AND LIABILITIES
The following is a summary of intangible lease assets and liabilities and related accumulated amortization:
| (in thousands)As of September 30, 2024 | Cost | Accumulated Amortization | Net Book Value |
|---|---|---|---|
| Intangible lease assets: | |||
| In-place leases and origination costs | $134,782 | $58,547 | $76,235 |
| Above-market leases | 45,214 | 20,266 | 24,948 |
| Leasing fees | 2,163 | 237 | 1,926 |
| Total intangible lease assets | $182,159 | $79,050 | $103,109 |
| Intangible lease liabilities: | |||
| Below-market leases | $25,100 | $10,858 | $14,242 |
| Total intangible lease liabilities | $25,100 | $10,858 | $14,242 |
| (in thousands)As of December 31, 2023 | Cost | Accumulated Amortization | Net Book Value |
|---|---|---|---|
| Intangible lease assets: | |||
| In-place leases and origination costs | $136,907 | $47,328 | $89,579 |
| Above-market leases | 45,513 | 16,641 | 28,872 |
| Leasing fees | 1,120 | 139 | 981 |
| Total intangible lease assets | $183,540 | $64,108 | $119,432 |
| Intangible lease liabilities: | |||
| Below-market leases | $26,292 | $8,876 | $17,416 |
| Total intangible lease liabilities | $26,292 | $8,876 | $17,416 |
The amortization and net adjustment to rental revenue of intangibles lease assets and liabilities was as follows:
| For the three months ended September 30, | For the nine months ended September 30, | |||
|---|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2024 | 2023 |
| Amortization: | ||||
| Amortization of in-place leases and leasing fees | $4,196 | 3,891 | $12,632 | 11,098 |
| Net adjustment to rental revenue: | ||||
| Above-market and below-market leases | $423 | 316 | $1,338 | 892 |
The remaining weighted average amortization period for the Partnership’s intangibles assets and liabilities as of September 30, 2024 and December 31, 2023 by category are as follows:
| Years remaining as at | September 30, 2024 | December 31, 2023 |
|---|---|---|
| In-place leases and origination costs | 9.0 | 9.2 |
| Leasing fees | 9.7 | 8.3 |
| Above-market leases | 8.3 | 8.6 |
| Below-market leases | 9.2 | 9.7 |
The estimated future amortization expense for intangible lease assets, net of intangible lease liabilities, are as follows:
| 2024 (Remaining) | $4,319 |
| 2025 | 15,805 |
| 2026 | 14,374 |
| 2027 | 11,710 |
| 2028 | 9,010 |
| 2029 | 7,391 |
| Thereafter | 26,258 |
| $88,867 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.