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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Cash Flows
Cash, cash equivalents and restricted cash totaled $9.9 million as of September 30, 2024 as compared to $15.2 million as of September 30, 2023. The table below shows information concerning cash flows for the nine months ended September 30, 2024 and 2023:
| For the nine months ended September 30, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Net cash provided by operating activities | $15,272 | $15,590 |
| Net cash provided by/ (used in) investing activities | 7,934 | (72,202) |
| Net cash (used in)/ provided by financing activities | (30,440) | 30,708 |
| Net decrease in cash and cash equivalents and restricted cash | $(7,234) | $(25,904) |
The change in net cash provided by operating activities during the nine months ended September 30, 2024 as compared to nine months ended September 30, 2023 was mainly due to increase in rental revenues of approximately $10.5 million offset by approximately $7.9 million increase in interest expense during the nine months ended September 30, 2024 and approximately $1.3 million of one-time structuring and public company readiness costs paid during the nine months ended September 30, 2024. The remainder of the change in net cash provided by operating activities relates to timing of payment of payables and accrued liabilities.
During the nine months ended September 30, 2024, there were five properties sold and no properties acquired compared to one property sold and 25 properties acquired during the nine months ended September 30, 2023 which is reflected in the change in net cash provided by (used in) investing activities.
The decrease in net cash provided by financing activities during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 is mainly due to a net repayment of debt, net of $20.9 million compared to $39.8 million net proceeds from debt, net, respectively.
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