FrontView REIT, Inc.
For the period ended Dec 31, 2024. Filed Mar 20, 2025.
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FY2024 · Filed Mar 20, 2025
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Schedule III
ULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AS OF
DECEMBER 31, 2024
| Initial Costs to Company (1) · Cost CapitalizedSubsequent to Acquisition · Gross Amount at Which Carried atClose of Period · Life on which | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industry | City | State | Land | Buildings andImprovements | Land | Buildings andImprovements | Impairment | Land | Buildings andImprovements | Total (2) | AccumulatedDepreciation | Construction/Renovation Year | DateAcquired | Depreciationis Computed |
| Quick Service Restaurant | Mechanicsville | VA | $698 | $1,331 | $— | $450 | $— | $698 | $1,781 | $2,479 | $287 | 1996 | 6/27/2018 | 4-54 years |
| Full Service Restaurant | Midwest City | OK | 1,159 | 2,467 | — | — | — | 1,159 | 2,467 | 3,626 | 800 | 2002 | 3/31/2016 | 4-54 years |
| Convenient Store with Gas | Trenton | NJ | 744 | 561 | — | — | — | 744 | 561 | 1,305 | 112 | 1985 | 6/27/2018 | 4-54 years |
| Cellular | Martinsville | IN | 143 | 219 | — | — | — | 143 | 219 | 362 | 48 | 2016 | 5/19/2016 | 4-54 years |
| Cellular | Terre Haute | IN | 347 | 459 | — | — | — | 347 | 459 | 806 | 127 | 2015 | 5/31/2016 | 4-54 years |
| Mattress | Lawrence | KS | 658 | 733 | — | — | — | 658 | 733 | 1,391 | 144 | 1997 | 6/29/2018 | 4-54 years |
| Full Service Restaurant (4) | Gulf Shores | AL | 2,239 | — | — | — | — | 2,239 | — | 2,239 | — | 2007 | 6/15/2016 | 4-54 years |
| Home Improvement | St. Ann | MO | 648 | 813 | — | — | — | 648 | 813 | 1,461 | 166 | 2016 | 6/29/2018 | 4-54 years |
| Full Service Restaurant | Naperville | IL | 1,020 | 2,071 | — | — | — | 1,020 | 2,071 | 3,091 | 577 | 1991 | 7/29/2016 | 4-54 years |
| National Sports Bar | Irving | TX | 928 | 1,610 | — | — | — | 928 | 1,610 | 2,538 | 425 | 2000 | 7/25/2018 | 4-54 years |
| Automotive | Salt Lake | UT | 195 | 400 | — | — | — | 195 | 400 | 595 | 174 | 2004 | 8/17/2016 | 4-54 years |
| Full Service Restaurant | Irving | TX | 1,202 | 2,369 | — | — | — | 1,202 | 2,369 | 3,571 | 580 | 2000 | 7/25/2018 | 4-54 years |
| Quick Service Restaurant | Raleigh | NC | 378 | 908 | — | — | — | 378 | 908 | 1,286 | 261 | 1971 | 8/23/2016 | 4-54 years |
| Full Service Restaurant | Southington | CT | 692 | 1,257 | — | — | — | 692 | 1,257 | 1,949 | 252 | 1978 | 8/17/2018 | 4-54 years |
| Quick Service Restaurant | Hoover | AL | 705 | 940 | — | — | — | 705 | 940 | 1,645 | 259 | 2014 | 9/22/2016 | 4-54 years |
| Quick Service Restaurant | Elkhart | IN | 1,086 | 1,955 | — | — | — | 1,086 | 1,955 | 3,041 | 394 | 2018 | 10/19/2018 | 4-54 years |
| Quick Service Restaurant | Westworth | TX | 1,028 | 1,082 | — | — | — | 1,028 | 1,082 | 2,110 | 281 | 2016 | 11/4/2016 | 4-54 years |
| Quick Service Restaurant | Fredericksburg | VA | 438 | 732 | — | — | — | 438 | 732 | 1,170 | 170 | 2012 | 11/6/2018 | 4-54 years |
| Full Service Restaurant | Oklahoma City | OK | 1,171 | 1,304 | — | — | — | 1,171 | 1,304 | 2,475 | 458 | 2015 | 11/28/2016 | 4-54 years |
| Quick Service Restaurant | Crystal Lake | IL | 941 | 805 | — | — | — | 941 | 805 | 1,746 | 176 | 1980 | 11/13/2018 | 4-54 years |
| Full Service Restaurant | Tinley Park | IL | 1,002 | 2,443 | — | — | — | 1,002 | 2,443 | 3,445 | 700 | 2004 | 12/5/2016 | 4-54 years |
| National Sports Bar | Clarksville | IN | 721 | 1,694 | — | — | — | 721 | 1,694 | 2,415 | 333 | 1978 | 12/11/2018 | 4-54 years |
| Full Service Restaurant | Henderson | NV | 1,020 | 1,574 | — | — | — | 1,020 | 1,574 | 2,594 | 405 | 2000 | 12/30/2016 | 4-54 years |
| National Sports Bar | Dayton | OH | 828 | 1,471 | — | — | — | 828 | 1,471 | 2,299 | 324 | 2003 | 12/11/2018 | 4-54 years |
| Full Service Restaurant | Rosemont | IL | 2,360 | 2,561 | — | — | — | 2,360 | 2,561 | 4,921 | 651 | 2001 | 2/10/2017 | 4-54 years |
| National Sports Bar | Florence | KY | 768 | 1,327 | — | — | — | 768 | 1,327 | 2,095 | 316 | 2004 | 12/11/2018 | 4-54 years |
| Mattress | Shakopee | MN | 590 | 613 | — | — | — | 590 | 613 | 1,203 | 162 | 2016 | 2/6/2017 | 4-54 years |
| Family Entertainment | Conyers | GA | 1,222 | 1,538 | — | — | — | 1,222 | 1,538 | 2,760 | 456 | 2000 | 4/25/2017 | 4-54 years |
| Automotive | Snellville | GA | 596 | 906 | — | — | — | 596 | 906 | 1,502 | 202 | 1997 | 12/12/2018 | 4-54 years |
| Full Service Restaurant | Knoxville | TN | 2,766 | — | — | — | — | 2,766 | — | 2,766 | — | 2012 | 5/18/2017 | 4-54 years |
| Full Service Restaurant | Mishawaka | IN | 895 | 1,550 | — | — | — | 895 | 1,550 | 2,445 | 331 | 2002 | 12/20/2018 | 4-54 years |
| Full Service Restaurant | Commack | NY | 915 | 1,458 | — | — | — | 915 | 1,458 | 2,373 | 383 | 1981 | 5/25/2017 | 4-54 years |
| Full Service Restaurant | Olathe | KS | 2,059 | — | — | — | — | 2,059 | — | 2,059 | — | 2017 | 6/27/2017 | 4-54 years |
| Banking | Chicago | IL | 1,226 | 2,117 | — | — | — | 1,226 | 2,117 | 3,343 | 427 | 1979 | 6/29/2017 | 4-54 years |
| Full Service Restaurant | Baton Rouge | LA | 1,138 | 1,802 | — | — | — | 1,138 | 1,802 | 2,940 | 560 | 2009 | 7/7/2017 | 4-54 years |
| Car Wash | Scottsdale | AZ | 2,636 | — | — | — | — | 2,636 | — | 2,636 | — | 1970 | 7/26/2017 | 4-54 years |
| Full Service Restaurant | Cincinnati | OH | 674 | 1,034 | — | — | — | 674 | 1,034 | 1,708 | 401 | 2015 | 8/14/2017 | 4-54 years |
| Pharmacy | Chicago | IL | 2,678 | — | — | — | — | 2,678 | — | 2,678 | — | 2005 | 8/25/2017 | 4-54 years |
| Quick Service Restaurant | Overland Park | KS | 1,094 | — | — | — | — | 1,094 | — | 1,094 | — | 2007 | 8/31/2017 | 4-54 years |
| Full Service Restaurant | Irving | TX | 1,107 | 1,670 | — | — | — | 1,107 | 1,670 | 2,777 | 344 | 2002 | 12/28/2018 | 4-54 years |
| Full Service Restaurant | Michigan City | IN | 425 | 823 | — | — | — | 425 | 823 | 1,248 | 222 | 1991 | 12/28/2018 | 4-54 years |
| Quick Service Restaurant | San Antonio | TX | 1,563 | 1,683 | — | — | — | 1,563 | 1,683 | 3,246 | 582 | 2015 | 1/31/2017 | 4-54 years |
| Full Service Restaurant | Wausau | WI | 1,246 | — | — | — | — | 1,246 | — | 1,246 | — | 2016 | 2/5/2019 | 4-54 years |
| Full Service Restaurant | Columbus | OH | 1,575 | 1,120 | — | — | — | 1,575 | 1,120 | 2,695 | 298 | 2000 | 2/6/2019 | 4-54 years |
| Quick Service Restaurant | Denver | NC | 575 | 1,026 | — | — | — | 575 | 1,026 | 1,601 | 200 | 2018 | 2/8/2019 | 4-54 years |
| Banking | Midlothian | VA | 2,041 | — | — | — | — | 2,041 | — | 2,041 | — | 2009 | 2/8/2019 | 4-54 years |
| Initial Costs to Company (1) · Cost CapitalizedSubsequent to Acquisition · Gross Amount at Which Carried atClose of Period · Life on which | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industry | City | State | Land | Buildings andImprovements | Land | Buildings andImprovements | Impairment | Land | Buildings andImprovements | Total (2) | AccumulatedDepreciation | Construction/Renovation Year | DateAcquired | Depreciationis Computed |
| Banking | Midlothian | VA | $2,654 | $— | $— | $— | $— | $2,654 | $— | $2,654 | $— | 2009 | 2/8/2019 | 4-54 years |
| Full Service Restaurant | Chesterfield | VA | 2,017 | — | — | — | — | 2,017 | — | 2,017 | — | 2009 | 2/15/2019 | 4-54 years |
| Quick Service Restaurant | Country Club Hills | IL | 793 | 1,325 | — | — | — | 793 | 1,325 | 2,118 | 266 | 2007 | 3/29/2019 | 4-54 years |
| Healthcare | Bloomington | MN | 625 | 1,242 | — | — | — | 625 | 1,242 | 1,867 | 212 | 2018 | 4/18/2019 | 4-54 years |
| Cellular | Snellville | GA | 1,118 | 1,085 | — | — | — | 1,118 | 1,085 | 2,203 | 206 | 2012 | 4/30/2019 | 4-54 years |
| Quick Service Restaurant | Colorado Springs | CO | 334 | 1,184 | — | 199 | — | 334 | 1,383 | 1,717 | 214 | 2013 | 6/10/2019 | 4-54 years |
| Quick Service Restaurant | Ashland | VA | 330 | 665 | — | — | — | 330 | 665 | 995 | 132 | 2009 | 6/19/2019 | 4-54 years |
| Quick Service Restaurant | Chester | VA | 475 | 656 | — | — | — | 475 | 656 | 1,131 | 134 | 2006 | 6/19/2019 | 4-54 years |
| Quick Service Restaurant | Mechanicsville | VA | 450 | 498 | — | — | — | 450 | 498 | 948 | 103 | 2009 | 6/19/2019 | 4-54 years |
| Automotive | Melrose Park | IL | 764 | 946 | — | 60 | — | 764 | 1,006 | 1,770 | 207 | 2014 | 7/17/2019 | 4-54 years |
| Full Service Restaurant | Surprise | AZ | 1,100 | 1,011 | — | — | — | 1,100 | 1,011 | 2,111 | 197 | 2000 | 7/18/2019 | 4-54 years |
| Grocery (4) | Rochester | NY | 8,230 | — | — | 292 | — | 8,230 | 292 | 8,522 | 24 | 2002 | 9/26/2019 | 4-54 years |
| Quick Service Restaurant | Springfield | MO | 632 | 621 | — | — | — | 632 | 621 | 1,253 | 158 | 1998 | 9/27/2019 | 4-54 years |
| Pharmacy | Durham | NC | 3,440 | — | — | — | — | 3,440 | — | 3,440 | — | 2000 | 10/11/2019 | 4-54 years |
| Banking | Glendale Heights | IL | 2,851 | — | — | — | — | 2,851 | — | 2,851 | — | 2002 | 10/17/2019 | 4-54 years |
| Quick Service Restaurant | Park Ridge | IL | 1,579 | 1,854 | — | — | — | 1,579 | 1,854 | 3,433 | 287 | 1965 | 10/29/2019 | 4-54 years |
| Quick Service Restaurant | Bolingbrook | IL | 1,322 | — | — | — | — | 1,322 | — | 1,322 | — | 2006 | 10/29/2019 | 4-54 years |
| Full Service Restaurant | Saint Charles | IL | 516 | 1,138 | — | — | — | 516 | 1,138 | 1,654 | 222 | 2000 | 10/29/2019 | 4-54 years |
| Quick Service Restaurant | Sarasota | FL | 654 | 1,147 | — | — | — | 654 | 1,147 | 1,801 | 171 | 1994 | 11/25/2019 | 4-54 years |
| National Sports Bar | Winston Salem | NC | 549 | 1,389 | — | — | — | 549 | 1,389 | 1,938 | 301 | 1996 | 12/5/2019 | 4-54 years |
| Convenient Store with Gas | Mesa | AZ | 1,094 | — | — | — | — | 1,094 | — | 1,094 | — | 1995 | 12/9/2019 | 4-54 years |
| Healthcare | Phoenix | AZ | 1,149 | 801 | — | — | — | 1,149 | 801 | 1,950 | 151 | 2000 | 12/9/2019 | 4-54 years |
| Healthcare | Sun City | AZ | 919 | 937 | — | — | — | 919 | 937 | 1,856 | 152 | 1982 | 12/9/2019 | 4-54 years |
| Dollar Stores | Loganville | GA | 490 | 826 | — | — | — | 490 | 826 | 1,316 | 164 | 1996 | 12/9/2019 | 4-54 years |
| Pharmacy | Riverdale | GA | 532 | 1,161 | — | — | — | 532 | 1,161 | 1,693 | 187 | 1995 | 12/9/2019 | 4-54 years |
| National Sports Bar | Chicago Ridge | IL | 599 | 2,768 | — | — | — | 599 | 2,768 | 3,367 | 500 | 2015 | 12/9/2019 | 4-54 years |
| Banking | Louisville | KY | 1,377 | 1,001 | — | — | — | 1,377 | 1,001 | 2,378 | 172 | 2002 | 12/9/2019 | 4-54 years |
| Mattress | Charlotte | NC | 379 | 524 | — | — | — | 379 | 524 | 903 | 120 | 2015 | 12/9/2019 | 4-54 years |
| Automotive | Charlotte | NC | 669 | 753 | — | — | — | 669 | 753 | 1,422 | 149 | 2015 | 12/9/2019 | 4-54 years |
| Banking | Winston Salem | NC | 535 | 406 | — | — | — | 535 | 406 | 941 | 73 | 1972 | 12/9/2019 | 4-54 years |
| Automotive | Millville | NJ | 632 | 1,159 | — | — | — | 632 | 1,159 | 1,791 | 198 | 2007 | 12/9/2019 | 4-54 years |
| Dollar Stores | Newark | NJ | 599 | 2,327 | — | — | — | 599 | 2,327 | 2,926 | 347 | 2015 | 12/9/2019 | 4-54 years |
| Gas Station | Farmingville | NY | 2,602 | — | — | — | — | 2,602 | — | 2,602 | — | 2013 | 12/9/2019 | 4-54 years |
| Cellular | Glen Cove | NY | 1,150 | 469 | — | 140 | — | 1,150 | 609 | 1,759 | 110 | 1962 | 12/9/2019 | 4-54 years |
| Full Service Restaurant | Newark | OH | 301 | 1,236 | — | — | — | 301 | 1,236 | 1,537 | 250 | 2005 | 12/9/2019 | 4-54 years |
| Pharmacy | Douglassville | PA | 2,144 | 3,121 | — | — | — | 2,144 | 3,121 | 5,265 | 497 | 2006 | 12/9/2019 | 4-54 years |
| Convenient Store with Gas | Philadelphia | PA | 2,287 | — | — | — | — | 2,287 | — | 2,287 | — | 1996 | 12/9/2019 | 4-54 years |
| National Sports Bar | Willow Grove | PA | 525 | 3,603 | — | — | — | 525 | 3,603 | 4,128 | 693 | 2012 | 12/9/2019 | 4-54 years |
| Gas Station | Warwick | RI | 1,332 | — | — | — | — | 1,332 | — | 1,332 | — | 2011 | 12/9/2019 | 4-54 years |
| Banking | Murfreesboro | TN | 1,100 | 639 | — | — | — | 1,100 | 639 | 1,739 | 107 | 2006 | 12/9/2019 | 4-54 years |
| Banking | Murfreesboro | TN | 700 | 941 | — | — | — | 700 | 941 | 1,641 | 149 | 2006 | 12/9/2019 | 4-54 years |
| Banking | Smyrna | TN | 800 | 1,584 | — | — | — | 800 | 1,584 | 2,384 | 238 | 2005 | 12/9/2019 | 4-54 years |
| Healthcare | Galveston | TX | 1,066 | 1,569 | — | — | — | 1,066 | 1,569 | 2,635 | 252 | 2014 | 12/9/2019 | 4-54 years |
| Convenient Store with Gas | Fredericksburg | VA | 1,931 | — | — | — | — | 1,931 | — | 1,931 | — | 2010 | 12/9/2019 | 4-54 years |
| Pharmacy | Richmond | VA | 1,352 | 1,596 | — | — | — | 1,352 | 1,596 | 2,948 | 286 | 1998 | 12/9/2019 | 4-54 years |
| Cellular | Willow Grove | PA | 2,090 | 2,439 | — | — | — | 2,090 | 2,439 | 4,529 | 316 | 2017 | 12/9/2019 | 4-54 years |
| Dollar Stores | Capitol Heights | MD | 370 | 1,340 | — | — | — | 370 | 1,340 | 1,710 | 194 | 2014 | 12/9/2019 | 4-54 years |
| Car Wash | Atlanta | GA | 1,974 | 1,581 | — | — | — | 1,974 | 1,581 | 3,555 | 212 | 2010 | 4/9/2020 | 4-54 years |
| Car Wash | Kennesaw | GA | 909 | 915 | — | — | — | 909 | 915 | 1,824 | 147 | 2008 | 4/9/2020 | 4-54 years |
| Banking | Streamwood | IL | 1,375 | — | — | — | — | 1,375 | — | 1,375 | — | 2019 | 4/13/2020 | 4-54 years |
| Healthcare | Memphis | TN | 493 | 2,166 | — | — | — | 493 | 2,166 | 2,659 | 324 | 1994 | 6/15/2020 | 4-54 years |
| Quick Service Restaurant | Hanover Park | IL | 601 | 975 | — | — | — | 601 | 975 | 1,576 | 143 | 1992 | 7/10/2020 | 4-54 years |
| Initial Costs to Company (1) · Cost CapitalizedSubsequent to Acquisition · Gross Amount at Which Carried atClose of Period · Life on which | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industry | City | State | Land | Buildings andImprovements | Land | Buildings andImprovements | Impairment | Land | Buildings andImprovements | Total (2) | AccumulatedDepreciation | Construction/Renovation Year | DateAcquired | Depreciationis Computed |
| Automotive | Joliet | IL | $1,010 | $1,062 | $— | $— | $— | $1,010 | $1,062 | $2,072 | $158 | 2008 | 7/13/2020 | 4-54 years |
| Quick Service Restaurant | Ashtabula | OH | 262 | 931 | — | — | — | 262 | 931 | 1,193 | 147 | 2019 | 8/5/2020 | 4-54 years |
| Home Improvement | Sugar Hill | GA | 345 | 648 | — | — | — | 345 | 648 | 993 | 99 | 1997 | 8/24/2020 | 4-54 years |
| Banking | Cumming | GA | 1,080 | 1,984 | — | — | — | 1,080 | 1,984 | 3,064 | 248 | 2007 | 8/25/2020 | 4-54 years |
| Banking | Canton | MI | 1,699 | — | — | — | — | 1,699 | — | 1,699 | — | 2007 | 9/1/2020 | 4-54 years |
| Convenient Store with Gas | Butler | NJ | 495 | 925 | — | — | — | 495 | 925 | 1,420 | 119 | 2010 | 9/4/2020 | 4-54 years |
| Convenient Store with Gas | Plainfield | NJ | 1,449 | 1,112 | — | — | — | 1,449 | 1,112 | 2,561 | 135 | 2010 | 9/4/2020 | 4-54 years |
| Healthcare | Midlothian | VA | 582 | 1,179 | — | — | — | 582 | 1,179 | 1,761 | 170 | 2017 | 9/9/2020 | 4-54 years |
| Healthcare | Cloud | FL | 826 | 1,159 | — | — | — | 826 | 1,159 | 1,985 | 147 | 2019 | 9/23/2020 | 4-54 years |
| Healthcare | Tallahassee | FL | 924 | 869 | — | — | — | 924 | 869 | 1,793 | 108 | 2019 | 9/23/2020 | 4-54 years |
| Quick Service Restaurant | Norman | OK | 1,275 | 1,150 | — | — | — | 1,275 | 1,150 | 2,425 | 147 | 2013 | 9/25/2020 | 4-54 years |
| Automotive | Cordova | TN | 512 | 617 | — | 6 | — | 512 | 623 | 1,135 | 97 | 1993 | 9/28/2020 | 4-54 years |
| Healthcare | Cleveland | OH | 693 | 1,955 | — | — | — | 693 | 1,955 | 2,648 | 266 | 1994 | 9/29/2020 | 4-54 years |
| Automotive | Louisville | KY | 387 | 237 | — | — | — | 387 | 237 | 624 | 55 | 1997 | 9/30/2020 | 4-54 years |
| Quick Service Restaurant | Louisville | KY | 507 | 1,129 | — | 100 | — | 507 | 1,229 | 1,736 | 156 | 1999 | 9/30/2020 | 4-54 years |
| Full Service Restaurant | Louisville | KY | 152 | 723 | — | — | — | 152 | 723 | 875 | 110 | 1988 | 9/30/2020 | 4-54 years |
| Cellular | Dallas | TX | 2,198 | 1,392 | — | — | — | 2,198 | 1,392 | 3,590 | 177 | 1995 | 10/19/2020 | 4-54 years |
| Banking | Milford | CT | 2,375 | — | — | — | — | 2,375 | — | 2,375 | — | 2010 | 10/21/2020 | 4-54 years |
| Full Service Restaurant | Scarborough | ME | 1,901 | — | — | — | — | 1,901 | — | 1,901 | — | 2008 | 10/27/2020 | 4-54 years |
| Home Improvement | Scarborough | ME | 4,746 | — | — | — | — | 4,746 | — | 4,746 | — | 2006 | 10/27/2020 | 4-54 years |
| Automotive | Brown Mills | NJ | 1,096 | — | — | — | — | 1,096 | — | 1,096 | — | 2009 | 11/2/2020 | 4-54 years |
| Automotive | Holiday | FL | 1,102 | — | — | — | — | 1,102 | — | 1,102 | — | 2019 | 11/13/2020 | 4-54 years |
| Healthcare | Pearland | TX | 835 | 887 | — | — | — | 835 | 887 | 1,722 | 123 | 2009 | 12/15/2020 | 4-54 years |
| Quick Service Restaurant | Toledo | OH | 1,939 | — | — | — | — | 1,939 | — | 1,939 | — | 1992 | 12/18/2020 | 4-54 years |
| Jewelry | Toledo | OH | 182 | 1,027 | — | — | — | 182 | 1,027 | 1,209 | 117 | 1995 | 12/18/2020 | 4-54 years |
| Healthcare | Cincinnati | OH | 400 | 960 | — | — | — | 400 | 960 | 1,360 | 112 | 1949 | 1/25/2021 | 4-54 years |
| Quick Service Restaurant | Stephenville | TX | 676 | 680 | — | — | — | 676 | 680 | 1,356 | 85 | 2019 | 1/10/2021 | 4-54 years |
| Quick Service Restaurant | San Angelo | TX | 158 | 1,258 | — | — | — | 158 | 1,258 | 1,416 | 157 | 2019 | 2/4/2021 | 4-54 years |
| Jewelry | Greenville | SC | 1,318 | 1,529 | — | — | — | 1,318 | 1,529 | 2,847 | 171 | 2021 | 2/24/2021 | 4-54 years |
| Healthcare | Norman | OK | 533 | 864 | — | — | — | 533 | 864 | 1,397 | 102 | 2020 | 3/22/2021 | 4-54 years |
| Quick Service Restaurant | Mableton | GA | 851 | 1,248 | — | — | — | 851 | 1,248 | 2,099 | 149 | 2016 | 3/25/2021 | 4-54 years |
| Cellular | Acworth | GA | 756 | 1,219 | — | — | — | 756 | 1,219 | 1,975 | 147 | 2016 | 3/29/2021 | 4-54 years |
| Banking | Forest Park | OH | 1,988 | — | — | — | — | 1,988 | — | 1,988 | — | 2006 | 4/12/2021 | 4-54 years |
| Quick Service Restaurant | Conover | NC | 697 | 1,125 | — | — | — | 697 | 1,125 | 1,822 | 129 | 2007 | 4/19/2021 | 4-54 years |
| Car Wash | Northport | AL | 1,080 | 928 | — | — | — | 1,080 | 928 | 2,008 | 108 | 2011 | 4/26/2021 | 4-54 years |
| Car Wash | Tuscaloosa | AL | 970 | 997 | — | — | — | 970 | 997 | 1,967 | 111 | 2008 | 4/26/2021 | 4-54 years |
| Cellular | Dalton | GA | 587 | 973 | — | — | — | 587 | 973 | 1,560 | 116 | 1980 | 4/27/2021 | 4-54 years |
| Mattress | Dayton | OH | 845 | 975 | — | — | — | 845 | 975 | 1,820 | 106 | 2020 | 4/30/2021 | 4-54 years |
| Automotive | Owensboro | KY | 1,622 | — | — | — | — | 1,622 | — | 1,622 | — | 2020 | 5/20/2021 | 4-54 years |
| Full Service Restaurant | Mays Landing | NJ | 795 | 1,850 | — | — | — | 795 | 1,850 | 2,645 | 241 | 1994 | 5/21/2021 | 4-54 years |
| Automotive | Essexville | MI | 79 | 920 | — | — | — | 79 | 920 | 999 | 93 | 2011 | 5/28/2021 | 4-54 years |
| Quick Service Restaurant | Mobile | AL | 593 | 1,058 | — | — | — | 593 | 1,058 | 1,651 | 109 | 2020 | 6/2/2021 | 4-54 years |
| Banking | Lansdale | PA | 908 | 1,811 | — | — | — | 908 | 1,811 | 2,719 | 174 | 2007 | 7/8/2021 | 4-54 years |
| Healthcare | Addison | IL | 1,006 | 1,162 | — | — | — | 1,006 | 1,162 | 2,168 | 124 | 1977 | 7/16/2021 | 4-54 years |
| Quick Service Restaurant | Palos Heights | IL | 720 | 1,108 | — | — | — | 720 | 1,108 | 1,828 | 120 | 2020 | 7/28/2021 | 4-54 years |
| Automotive | Woodstock | GA | 940 | 924 | — | — | — | 940 | 924 | 1,864 | 99 | 2011 | 8/10/2021 | 4-54 years |
| Automotive | Allison Park | PA | 697 | 1,074 | — | — | — | 697 | 1,074 | 1,771 | 108 | 2012 | 8/10/2021 | 4-54 years |
| Convenient Store with Gas | Augusta | SC | 818 | 1,549 | — | — | — | 818 | 1,549 | 2,367 | 153 | 2002 | 8/12/2021 | 4-54 years |
| Car Wash | Knoxville | TN | 1,798 | 1,455 | — | — | — | 1,798 | 1,455 | 3,253 | 150 | 2010 | 8/20/2021 | 4-54 years |
| Car Wash | Knoxville | TN | 1,040 | 1,839 | — | — | — | 1,040 | 1,839 | 2,879 | 180 | 2019 | 8/20/2021 | 4-54 years |
| Healthcare | East Point | GA | 249 | 813 | — | — | — | 249 | 813 | 1,062 | 89 | 1997 | 8/23/2021 | 4-54 years |
| Automotive | Norwalk | OH | 353 | 683 | — | — | — | 353 | 683 | 1,036 | 77 | 2001 | 9/2/2021 | 4-54 years |
| Initial Costs to Company (1) · Cost CapitalizedSubsequent to Acquisition · Gross Amount at Which Carried atClose of Period · Life on which | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industry | City | State | Land | Buildings andImprovements | Land | Buildings andImprovements | Impairment | Land | Buildings andImprovements | Total (2) | AccumulatedDepreciation | Construction/Renovation Year | DateAcquired | Depreciationis Computed |
| Cellular | Greenville | NC | $801 | $1,005 | $— | $— | $— | $801 | $1,005 | $1,806 | $105 | 2011 | 10/20/2021 | 4-54 years |
| Healthcare | Allen Park | MI | 669 | 752 | — | — | — | 669 | 752 | 1,421 | 69 | 2020 | 10/27/2021 | 4-54 years |
| Healthcare | San Antonio | TX | 531 | 933 | — | — | — | 531 | 933 | 1,464 | 90 | 1992 | 10/28/2021 | 4-54 years |
| National Sports Bar | McAllen | TX | 1,287 | 2,313 | — | — | — | 1,287 | 2,313 | 3,600 | 250 | 2011 | 11/4/2021 | 4-54 years |
| Automotive | Fayetteville | NC | 1,249 | 297 | — | — | — | 1,249 | 297 | 1,546 | 29 | 2021 | 11/8/2021 | 4-54 years |
| Pharmacy | Auburn | ME | 681 | 2,044 | — | 226 | — | 681 | 2,270 | 2,951 | 225 | 1997 | 11/12/2021 | 4-54 years |
| Cellular | Smyrna | GA | 1,072 | 1,374 | — | — | — | 1,072 | 1,374 | 2,446 | 153 | 2008 | 11/19/2021 | 4-54 years |
| Pharmacy | Ocala | FL | 977 | 2,176 | — | — | — | 977 | 2,176 | 3,153 | 224 | 2002 | 11/19/2021 | 4-54 years |
| Quick Service Restaurant | Mount Airy | NC | 494 | 947 | — | — | — | 494 | 947 | 1,441 | 117 | 1990 | 11/30/2021 | 4-54 years |
| Quick Service Restaurant | Hurst | TX | 930 | 1,558 | — | — | — | 930 | 1,558 | 2,488 | 154 | 2016 | 12/2/2021 | 4-54 years |
| Quick Service Restaurant | Okemos | MI | 678 | 1,986 | — | — | — | 678 | 1,986 | 2,664 | 175 | 2016 | 12/2/2021 | 4-54 years |
| Full Service Restaurant | Woodstock | GA | 1,948 | 2,372 | — | — | — | 1,948 | 2,372 | 4,320 | 242 | 1993 | 12/7/2021 | 4-54 years |
| Healthcare | Ridgeland | MS | 591 | 2,602 | — | — | — | 591 | 2,602 | 3,193 | 235 | 2021 | 12/9/2021 | 4-54 years |
| Quick Service Restaurant | Dyersburg | TN | 291 | 2,463 | — | — | — | 291 | 2,463 | 2,754 | 220 | 1998 | 12/10/2021 | 4-54 years |
| Pharmacy | Salem | VA | 1,425 | 2,783 | — | — | — | 1,425 | 2,783 | 4,208 | 245 | 1956 | 12/17/2021 | 4-54 years |
| Banking | Cherry Hill | NJ | 624 | 1,404 | — | — | — | 624 | 1,404 | 2,028 | 123 | 1970 | 12/17/2021 | 4-54 years |
| Automotive | Lorain | OH | 419 | 648 | — | — | — | 419 | 648 | 1,067 | 68 | 2004 | 12/20/2021 | 4-54 years |
| Consumer Electronics | Eagan | MN | 2,758 | 5,344 | — | — | — | 2,758 | 5,344 | 8,102 | 564 | 2006 | 12/22/2021 | 4-54 years |
| Automotive | Independence | MO | 780 | 708 | — | — | — | 780 | 708 | 1,488 | 64 | 2021 | 12/22/2021 | 4-54 years |
| Quick Service Restaurant | Memphis | TN | 1,029 | 1,657 | — | — | — | 1,029 | 1,657 | 2,686 | 151 | 1999 | 12/23/2021 | 4-54 years |
| Cellular | Greenville | MS | 107 | 1,035 | — | 5 | — | 107 | 1,040 | 1,147 | 114 | 2000 | 12/23/2021 | 4-54 years |
| Cellular | McAllen | TX | 1,579 | 1,404 | — | — | — | 1,579 | 1,404 | 2,983 | 138 | 2014 | 12/27/2021 | 4-54 years |
| Automotive | Abeline | TX | 525 | 874 | — | — | — | 525 | 874 | 1,399 | 86 | 2006 | 12/30/2021 | 4-54 years |
| Automotive | Harlingen | TX | 441 | 968 | — | — | — | 441 | 968 | 1,409 | 103 | 2004 | 12/30/2021 | 4-54 years |
| Cellular | Champaign | IL | 1,440 | 2,603 | — | — | — | 1,440 | 2,603 | 4,043 | 232 | 2011 | 1/19/2022 | 4-54 years |
| Healthcare | Liverpool | NY | 656 | 1,272 | — | — | — | 656 | 1,272 | 1,928 | 119 | 2021 | 1/28/2022 | 4-54 years |
| Gas Station | Fairfield | CT | 733 | 861 | — | — | — | 733 | 861 | 1,594 | 86 | 2013 | 2/8/2022 | 4-54 years |
| Furniture Store | Anderson | SC | 570 | 919 | — | — | — | 570 | 919 | 1,489 | 86 | 2007 | 2/10/2022 | 4-54 years |
| Jewelry | Burnsville | MN | 1,846 | — | — | — | — | 1,846 | — | 1,846 | — | 2006 | 2/11/2022 | 4-54 years |
| Dollar Stores | West Columbia | SC | 546 | 936 | — | — | — | 546 | 936 | 1,482 | 102 | 1996 | 3/2/2022 | 4-54 years |
| Cellular | Toledo | OH | 697 | 944 | — | — | — | 697 | 944 | 1,641 | 112 | 1976 | 3/2/2022 | 4-54 years |
| Quick Service Restaurant | Naperville | IL | 751 | 1,009 | — | — | — | 751 | 1,009 | 1,760 | 86 | 2017 | 3/8/2022 | 4-54 years |
| Furniture Store | Bloomington | IL | 1,226 | 2,034 | — | — | — | 1,226 | 2,034 | 3,260 | 212 | 1991 | 3/8/2022 | 4-54 years |
| Healthcare | Conway | SC | 565 | 1,080 | — | — | — | 565 | 1,080 | 1,645 | 93 | 2016 | 3/9/2022 | 4-54 years |
| Healthcare | St. Cloud | FL | 1,270 | 2,270 | — | — | — | 1,270 | 2,270 | 3,540 | 179 | 2015 | 3/30/2022 | 4-54 years |
| Full Service Restaurant | Hagerstown | MD | 1,553 | — | — | — | — | 1,553 | — | 1,553 | — | 2000 | 4/4/2022 | 4-54 years |
| Quick Service Restaurant | Hagerstown | MD | 1,383 | — | — | — | — | 1,383 | — | 1,383 | — | 2000 | 4/4/2022 | 4-54 years |
| Healthcare | Amherst | NY | 717 | 1,187 | — | — | — | 717 | 1,187 | 1,904 | 102 | 2020 | 4/21/2022 | 4-54 years |
| Office Retail | Naperville | IL | 1,240 | 2,519 | — | — | — | 1,240 | 2,519 | 3,759 | 220 | 2005 | 5/2/2022 | 4-54 years |
| Banking | York | PA | 600 | 3,684 | — | — | — | 600 | 3,684 | 4,284 | 224 | 1920 | 8/29/2022 | 4-54 years |
| Car Dealership | Charlotte | NC | 1,360 | 1,978 | — | — | — | 1,360 | 1,978 | 3,338 | 155 | 2007 | 9/23/2022 | 4-54 years |
| Car Dealership | Charlotte | NC | 1,577 | 2,527 | — | — | — | 1,577 | 2,527 | 4,104 | 226 | 1985 | 9/23/2022 | 4-54 years |
| Car Dealership | Charlotte | NC | 5,165 | 5,393 | — | — | — | 5,165 | 5,393 | 10,558 | 591 | 2015 | 9/23/2022 | 4-54 years |
| Quick Service Restaurant | Hilliard | OH | 2,541 | — | — | — | — | 2,541 | — | 2,541 | — | 1995 | 10/5/2022 | 4-54 years |
| Home Improvement | Springfield | PA | 6,288 | — | — | — | — | 6,288 | — | 6,288 | — | 1956 | 11/22/2022 | 4-54 years |
| Car Dealership | Orlando | FL | 2,074 | 4,270 | — | — | — | 2,074 | 4,270 | 6,344 | 260 | 1972 | 12/20/2022 | 4-54 years |
| Cellular | Port Richey | FL | 1,458 | 783 | — | — | — | 1,458 | 783 | 2,241 | 62 | 2011 | 2/21/2023 | 4-54 years |
| Healthcare | Freeport | NY | 2,257 | 4,198 | — | — | — | 2,257 | 4,198 | 6,455 | 205 | 2023 | 3/31/2023 | 4-54 years |
| Healthcare | Englewood | OH | 864 | 1,552 | — | — | — | 864 | 1,552 | 2,416 | 96 | 2023 | 4/13/2023 | 4-54 years |
| Dollar Stores | Panama City | FL | 1,297 | 950 | — | — | — | 1,297 | 950 | 2,247 | 98 | 2004 | 4/17/2023 | 4-54 years |
| Healthcare | Salem | OH | 324 | 1,851 | — | — | — | 324 | 1,851 | 2,175 | 86 | 2023 | 4/21/2023 | 4-54 years |
| Cellular | Overland Park | KS | 905 | 2,496 | — | — | — | 905 | 2,496 | 3,401 | 159 | 1988 | 4/25/2023 | 4-54 years |
| Initial Costs to Company (1) · Cost CapitalizedSubsequent to Acquisition · Gross Amount at Which Carried atClose of Period · Life on which | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industry · City · State · Land · Buildings andImprovements · Land · Buildings andImprovements · Impairment · Land · Buildings andImprovements · Total (2) · AccumulatedDepreciation · Construction/Renovation Year · DateAcquired · Depreciationis Computed | |||||||||||||||||||||
| Automotive | Lynchburg | VA | $891 | $408 | $— | $33 | $— | $891 | $441 | $1,332 | $27 | 2022 | 5/2/2023 | 4-54 years | |||||||
| Healthcare | Dayton | OH | 480 | 1,722 | — | — | — | 480 | 1,722 | 2,202 | 134 | 2020 | 5/11/2023 | 4-54 years | |||||||
| Healthcare | Hoover | AL | 530 | 873 | — | — | — | 530 | 873 | 1,403 | 52 | 2022 | 5/11/2023 | 4-54 years | |||||||
| Dollar Stores | Kissimmee | FL | 1,041 | 949 | — | — | — | 1,041 | 949 | 1,990 | 57 | 2013 | 5/15/2023 | 4-54 years | |||||||
| Full Service Restaurant | Crystal Lake | IL | 1,868 | 1,184 | — | — | — | 1,868 | 1,184 | 3,052 | 123 | 1999 | 5/15/2023 | 4-54 years | |||||||
| Automotive | Easley | SC | 248 | 2,722 | — | — | — | 248 | 2,722 | 2,970 | 179 | 2021 | 5/18/2023 | 4-54 years | |||||||
| Quick Service Restaurant | Kansas City | MO | 538 | 768 | — | — | — | 538 | 768 | 1,306 | 54 | 2019 | 5/25/2023 | 4-54 years | |||||||
| Footwear | Venice | FL | 1,233 | 1,696 | — | — | — | 1,233 | 1,696 | 2,929 | 78 | 2005 | 6/14/2023 | 4-54 years | |||||||
| Car Dealership | Indianapolis | IN | 1,310 | 2,266 | — | — | — | 1,310 | 2,266 | 3,576 | 183 | 2008 | 6/22/2023 | 4-54 years | |||||||
| Car Wash | Hiram | GA | 1,977 | 1,268 | — | — | — | 1,977 | 1,268 | 3,245 | 66 | 2023 | 6/28/2023 | 4-54 years | |||||||
| Nonprofit | Orem | UT | 1,266 | 1,552 | — | — | — | 1,266 | 1,552 | 2,818 | 114 | 2022 | 7/14/2023 | 4-54 years | |||||||
| Dollar Stores | Burlington | NC | 722 | 1,352 | — | — | — | 722 | 1,352 | 2,074 | 75 | 2022 | 8/2/2023 | 4-54 years | |||||||
| Lifestyle & Wellness | Schaumburg | IL | 1,859 | 1,464 | — | — | — | 1,859 | 1,464 | 3,323 | 139 | 2022 | 8/2/2023 | 4-54 years | |||||||
| Healthcare | Hoover | AL | 947 | 1,540 | — | — | — | 947 | 1,540 | 2,487 | 66 | 1970 | 8/4/2023 | 4-54 years | |||||||
| Healthcare | Marshall | TX | 249 | 1,440 | — | — | — | 249 | 1,440 | 1,689 | 77 | 2008 | 8/14/2023 | 4-54 years | |||||||
| Full Service Restaurant | Fort Wayne | IN | 729 | 1,668 | — | — | — | 729 | 1,668 | 2,397 | 95 | 1997 | 8/14/2023 | 4-54 years | |||||||
| Full Service Restaurant | Reynoldsburg | OH | 678 | 1,348 | — | — | — | 678 | 1,348 | 2,026 | 80 | 1990 | 9/7/2023 | 4-54 years | |||||||
| Quick Service Restaurant | Clinton Township | MI | 577 | 1,136 | — | — | — | 577 | 1,136 | 1,713 | 62 | 2021 | 9/11/2023 | 4-54 years | |||||||
| Car Dealership | Pinellas Park | FL | 2,196 | 1,442 | — | — | — | 2,196 | 1,442 | 3,638 | 102 | 1971 | 9/15/2023 | 4-54 years | |||||||
| Quick Service Restaurant | North Richland Hills | TX | 664 | 9 | — | 801 | — | 664 | 810 | 1,474 | 8 | 2024 | 10/10/2023 | 4-54 years | |||||||
| Quick Service Restaurant | Tulsa | OK | 695 | 295 | — | — | — | 695 | 295 | 990 | 25 | 1988 | 10/20/2023 | 4-54 years | |||||||
| Quick Service Restaurant | Kansas City | MO | 1,167 | 1,952 | — | — | — | 1,167 | 1,952 | 3,119 | 65 | 2017 | 10/20/2023 | 4-54 years | |||||||
| Quick Service Restaurant | Murfreesboro | TN | 773 | 746 | — | — | — | 773 | 746 | 1,519 | 39 | 2007 | 10/20/2023 | 4-54 years | |||||||
| Banking | Houston | TX | 3,340 | 1,931 | — | — | 3,340 | 1,931 | 5,271 | 56 | 1994 | 10/20/2023 | 4-54 years | ||||||||
| Professional Services | Kansas City | MO | 1,615 | 991 | — | — | — | 1,615 | 991 | 2,606 | 37 | 1990 | 10/20/2023 | 4-54 years | |||||||
| Convenient Store with Gas | Murfreesboro | TN | 1,197 | 583 | — | — | — | 1,197 | 583 | 1,780 | 30 | 1992 | 10/20/2023 | 4-54 years | |||||||
| Cellular | Blue Springs | MO | 1,127 | 2,389 | — | — | — | 1,127 | 2,389 | 3,516 | 74 | 2013 | 10/20/2023 | 4-54 years | |||||||
| Gas Station | Covington | KY | 2,064 | 666 | — | — | — | 2,064 | 666 | 2,730 | 31 | 1992 | 10/20/2023 | 4-54 years | |||||||
| Automotive | Toledo | OH | 616 | 900 | — | — | — | 616 | 900 | 1,516 | 79 | 2017 | 10/20/2023 | 4-54 years | |||||||
| Quick Service Restaurant | Del City | OK | 919 | 895 | — | — | — | 919 | 895 | 1,814 | 42 | 2011 | 10/20/2023 | 4-54 years | |||||||
| Car Wash | Glenpool | OK | 1,027 | 1,101 | — | — | — | 1,027 | 1,101 | 2,128 | 50 | 2004 | 10/20/2023 | 4-54 years | |||||||
| Full Service Restaurant | Anderson | IN | 670 | 1,193 | — | — | — | 670 | 1,193 | 1,863 | 61 | 2005 | 10/20/2023 | 4-54 years | |||||||
| Full Service Restaurant | Oklahoma City | OK | 1,376 | 2,219 | — | — | — | 1,376 | 2,219 | 3,595 | 94 | 2017 | 10/20/2023 | 4-54 years | |||||||
| Convenient Store with Gas | Trenton | NJ | 2,074 | 1,073 | — | — | — | 2,074 | 1,073 | 3,147 | 41 | 1991 | 10/20/2023 | 4-54 years | |||||||
| Automotive | Richmond | VA | 805 | 398 | — | — | — | 805 | 398 | 1,203 | 15 | 2018 | 10/20/2023 | 4-54 years | |||||||
| Full Service Restaurant | Independence | MO | 1,107 | 1,273 | — | — | — | 1,107 | 1,273 | 2,380 | 76 | 2002 | 10/20/2023 | 4-54 years | |||||||
| Quick Service Restaurant | Lakeville | MN | 840 | 711 | — | — | — | 840 | 711 | 1,551 | 51 | 2003 | 10/20/2023 | 4-54 years | |||||||
| Quick Service Restaurant | Mankato | MN | 554 | 1,055 | — | — | — | 554 | 1,055 | 1,609 | 60 | 2002 | 10/20/2023 | 4-54 years | |||||||
| Quick Service Restaurant | Germantown | TN | 752 | 637 | — | — | — | 752 | 637 | 1,389 | 43 | 1993 | 10/20/2023 | 4-54 years | |||||||
| Quick Service Restaurant | Memphis | TN | 1,117 | 886 | — | — | — | 1,117 | 886 | 2,003 | 54 | 1995 | 10/20/2023 | 4-54 years | |||||||
| Full Service Restaurant | Brooklyn Center | MN | 560 | 1,996 | — | — | (591) | 416 | 1,549 | 1,965 | 69 | 2018 | 10/20/2023 | 4-54 years | |||||||
| Full Service Restaurant | Columbia | SC | 906 | 679 | — | — | — | 906 | 679 | 1,585 | 49 | 2006 | 10/20/2023 | 4-54 years | |||||||
| Full Service Restaurant | Columbia | TN | 1,057 | 889 | — | — | — | 1,057 | 889 | 1,946 | 53 | 1993 | 10/20/2023 | 4-54 years | |||||||
| Quick Service Restaurant | Columbus | GA | 641 | 525 | — | — | — | 641 | 525 | 1,166 | 30 | 2006 | 10/20/2023 | 4-54 years | |||||||
| Quick Service Restaurant | Jacksonville | FL | 1,027 | 745 | — | — | — | 1,027 | 745 | 1,772 | 40 | 2015 | 10/20/2023 | 4-54 years | |||||||
| Jewelry | Troy | MI | 1,167 | 1,055 | — | — | — | 1,167 | 1,055 | 2,222 | 79 | 2013 | 10/20/2023 | 4-54 years | |||||||
| Full Service Restaurant | Norton Shores | MI | 679 | 1,841 | — | — | — | 679 | 1,841 | 2,520 | 81 | 2017 | 10/20/2023 | 4-54 years | |||||||
| Banking | Hoover | AL | 1,157 | 861 | — | — | — | 1,157 | 861 | 2,018 | 31 | 2011 | 10/20/2023 | 4-54 years | |||||||
| Quick Service Restaurant | Bolingbrook | IL | 929 | 1,932 | — | — | — | 929 | 1,932 | 2,861 | 80 | 2018 | 10/20/2023 | 4-54 years | |||||||
| Quick Service Restaurant | Concord | NC | 960 | 1,087 | — | — | — | 960 | 1,087 | 2,047 | 48 | 2016 | 10/20/2023 | 4-54 years | |||||||
| Initial Costs to Company (1) · Cost CapitalizedSubsequent to Acquisition · Gross Amount at Which Carried atClose of Period · Life on which | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industry | City | State | Land | Buildings andImprovements | Land | Buildings andImprovements | Impairment | Land | Buildings andImprovements | Total (2) | AccumulatedDepreciation | Construction/Renovation Year | DateAcquired | Depreciationis Computed |
| Quick Service Restaurant | Wichita | KS | $807 | $776 | $— | $— | $— | $807 | $776 | $1,583 | $32 | 2008 | 10/20/2023 | 4-54 years |
| Quick Service Restaurant | Centreville | OH | 744 | 885 | — | — | — | 744 | 885 | 1,629 | 51 | 2002 | 10/20/2023 | 4-54 years |
| National Sports Bar | Austin | TX | 1,506 | 2,256 | — | — | — | 1,506 | 2,256 | 3,762 | 87 | 2010 | 10/20/2023 | 4-54 years |
| Cellular | Hampton | VA | 2,852 | 2,403 | — | — | — | 2,852 | 2,403 | 5,255 | 67 | 2016 | 10/20/2023 | 4-54 years |
| Quick Service Restaurant | Florissant | MO | 503 | 993 | — | — | — | 503 | 993 | 1,496 | 64 | 1998 | 10/20/2023 | 4-54 years |
| Quick Service Restaurant | Louisville | KY | 995 | 500 | — | — | — | 995 | 500 | 1,495 | 44 | 1989 | 10/20/2023 | 4-54 years |
| Full Service Restaurant | Colorado Springs | CO | 1,296 | 1,027 | — | — | — | 1,296 | 1,027 | 2,323 | 55 | 2006 | 10/20/2023 | 4-54 years |
| Quick Service Restaurant | Stone Mountain | GA | 696 | 736 | — | — | — | 696 | 736 | 1,432 | 44 | 1986 | 10/20/2023 | 4-54 years |
| Quick Service Restaurant | Clarksville | IN | 978 | 504 | — | — | — | 978 | 504 | 1,482 | 34 | 1989 | 10/20/2023 | 4-54 years |
| Quick Service Restaurant | Baton Rouge | LA | 514 | 391 | — | — | — | 514 | 391 | 905 | 22 | 1974 | 10/20/2023 | 4-54 years |
| Quick Service Restaurant | Fort Wayne | IN | 610 | 1,375 | — | — | — | 610 | 1,375 | 1,985 | 52 | 2006 | 10/20/2023 | 4-54 years |
| Quick Service Restaurant | Evergreen Park | IL | 1,306 | 1,964 | — | — | — | 1,306 | 1,964 | 3,270 | 70 | 2017 | 10/20/2023 | 4-54 years |
| Convenient Store with Gas | Allen | TX | 1,266 | 918 | — | — | — | 1,266 | 918 | 2,184 | 42 | 1998 | 10/20/2023 | 4-54 years |
| Quick Service Restaurant | Fort Worth | TX | 1,087 | 898 | — | — | — | 1,087 | 898 | 1,985 | 34 | 2017 | 10/20/2023 | 4-54 years |
| Healthcare | Canton | GA | 847 | 1,225 | — | — | — | 847 | 1,225 | 2,072 | 48 | 2018 | 10/20/2023 | 4-54 years |
| Healthcare | Venice | FL | 1,017 | 689 | — | — | — | 1,017 | 689 | 1,706 | 53 | 1990 | 10/20/2023 | 4-54 years |
| Healthcare | Erie | CO | 836 | 1,266 | — | — | — | 836 | 1,266 | 2,102 | 50 | 2017 | 10/20/2023 | 4-54 years |
| Full Service Restaurant | Mays Landing | NJ | 512 | 1,392 | — | — | — | 512 | 1,392 | 1,904 | 126 | 1989 | 10/20/2023 | 4-54 years |
| Furniture Store | Manchester | MO | 1,865 | 4,049 | — | — | — | 1,865 | 4,049 | 5,914 | 156 | 2020 | 10/20/2023 | 4-54 years |
| Furniture Store | Waldorf | MD | 1,845 | 3,497 | — | — | — | 1,845 | 3,497 | 5,342 | 145 | 2002 | 10/20/2023 | 4-54 years |
| General Retail | Phoenix | AZ | 1,700 | 1,649 | — | — | — | 1,700 | 1,649 | 3,349 | 21 | 1961 | 10/25/2024 | 4-54 years |
| Medical and Dental Providers | Calera | AL | 748 | 1,623 | — | — | — | 748 | 1,623 | 2,371 | 7 | 2000 | 11/12/2024 | 4-54 years |
| Medical and Dental Providers | Oneonta | AL | 886 | 1,265 | — | — | — | 886 | 1,265 | 2,151 | 5 | 1889 | 11/12/2024 | 4-54 years |
| Medical and Dental Providers | Mountain Home | AR | 722 | 1,462 | — | — | — | 722 | 1,462 | 2,184 | 6 | 2000 | 11/12/2024 | 4-54 years |
| Medical and Dental Providers | Angola | IN | 398 | 1,608 | — | — | — | 398 | 1,608 | 2,006 | 6 | 2006 | 11/12/2024 | 4-54 years |
| Medical and Dental Providers | Salem | IN | 315 | 1,527 | — | — | — | 315 | 1,527 | 1,842 | 6 | 1993 | 11/12/2024 | 4-54 years |
| Medical and Dental Providers | Vincennes | IN | 342 | 1,757 | — | — | — | 342 | 1,757 | 2,099 | 7 | 1980 | 11/12/2024 | 4-54 years |
| Medical and Dental Providers | Manchester | TN | 314 | 3,107 | — | — | — | 314 | 3,107 | 3,421 | 13 | 1972 | 11/12/2024 | 4-54 years |
| General Retail | West Columbia | SC | 331 | 1,659 | — | — | — | 331 | 1,659 | 1,990 | 13 | 2006 | 11/15/2024 | 4-54 years |
| Fitness | Glendale Heights | IL | 1,731 | 8,473 | — | — | — | 1,731 | 8,473 | 10,204 | 61 | 2000 | 11/22/2024 | 4-54 years |
| Fitness | Crestwood | IL | 589 | 2,607 | — | — | — | 589 | 2,607 | 3,196 | 16 | 1993 | 11/22/2024 | 4-54 years |
| Fitness | Matteson | IL | 827 | 2,589 | — | — | — | 827 | 2,589 | 3,416 | 26 | 1980 | 11/22/2024 | 4-54 years |
| Medical and Dental Providers | Orland Park | IL | 789 | 3,816 | — | — | — | 789 | 3,816 | 4,605 | 31 | 2000 | 11/25/2024 | 4-54 years |
| Medical and Dental Providers | Bristol | TN | 322 | 2,134 | — | — | — | 322 | 2,134 | 2,456 | 8 | 2011 | 11/26/2024 | 4-54 years |
| Automotive Stores & Dealers | Milford | MA | 1,221 | 659 | — | — | — | 1,221 | 659 | 1,880 | 2 | 1980 | 12/3/2024 | 4-54 years |
| Financial Institutions | Reisterstown | MD | 1,448 | — | — | — | — | 1,448 | — | 1,448 | — | 2009 | 12/3/2024 | 4-54 years |
| Financial Institutions | Atlanta | GA | 5,244 | 2,060 | — | — | — | 5,244 | 2,060 | 7,304 | 5 | 2008 | 12/5/2024 | 4-54 years |
| General Retail | Mesa | AZ | 1,760 | 2,348 | — | — | — | 1,760 | 2,348 | 4,108 | 9 | 2000 | 12/9/2024 | 4-54 years |
| Cellular Stores | Defiance | OH | 281 | 1,033 | — | — | — | 281 | 1,033 | 1,314 | 2 | 2023 | 12/13/2024 | 4-54 years |
| Cellular Stores | Ahoskie | NC | 416 | 735 | — | — | — | 416 | 735 | 1,151 | 2 | 1987 | 12/13/2024 | 4-54 years |
| Medical and Dental Providers | Lafayette | LA | 530 | 4,311 | — | — | — | 530 | 4,311 | 4,841 | 9 | 2016 | 12/13/2024 | 4-54 years |
| Initial Costs to Company (1) · Cost CapitalizedSubsequent to Acquisition · Gross Amount at Which Carried atClose of Period · Life on which | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industry | City | State | Land | Buildings andImprovements | Land | Buildings andImprovements | Impairment | Land | Buildings andImprovements | Total (2) | AccumulatedDepreciation | Construction/Renovation Year | DateAcquired | Depreciationis Computed |
| Medical and Dental Providers | Shreveport | LA | $1,047 | $3,173 | $— | $— | $— | $1,047 | $3,173 | $4,220 | $9 | 2014 | 12/13/2024 | 4-54 years |
| General Retail | Warner Robins | GA | 299 | 1,013 | — | — | — | 299 | 1,013 | 1,312 | 7 | 1983 | 12/18/2024 | 4-54 years |
| General Retail | San Angelo | TX | 804 | 2,501 | — | — | — | 804 | 2,501 | 3,305 | 10 | 1994 | 12/18/2024 | 4-54 years |
| General Retail | Hastings | NE | 359 | 1,419 | — | — | — | 359 | 1,419 | 1,778 | 6 | 2024 | 12/20/2024 | 4-54 years |
| Cellular Stores | York | SC | 455 | 1,027 | — | — | — | 455 | 1,027 | 1,482 | 4 | 1995 | 12/23/2024 | 4-54 years |
| Convenience & Gas Stores | Pelzer | SC | 1,172 | 876 | — | — | — | 1,172 | 876 | 2,048 | — | 1992 | 12/31/2024 | 4-54 years |
| Convenience & Gas Stores | Boise | ID | 3,106 | 1,785 | — | — | — | 3,106 | 1,785 | 4,891 | — | 1972 | 12/31/2024 | 4-54 years |
| General Retail | Tifton | GA | 442 | 1,351 | — | — | — | 442 | 1,351 | 1,793 | — | 2005 | 12/31/2024 | 4-54 years |
| 333,088 | 384,597 | — | 2,312 | (591) | 332,944 | 386,462 | 719,406 | 40,398 | ||||||
(1)
The initial cost to the Company represents the original purchase price of the property (see Note 3).
(2)
The aggregate cost of real estate owned as of December 31, 2024 for U.S. federal income tax purposes was approximately $761,564 (unaudited).
(3)
This schedule excludes properties that are classified as assets held for sale as of December 31, 2024.
(4)
This real estate asset comprises of two properties.
See accompanying report of independent registered public accounting firm.
SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AS OF
DECEMBER 31, 2024– (continued)
Change in total real estate and accumulated depreciation:
| For the year ended December 31, | 2024 | 2023 |
|---|---|---|
| Real estate | ||
| Balance at beginning of the year | $647,180 | $462,923 |
| Additions during the year: | ||
| Acquisitions | 88,158 | 188,329 |
| Building improvements | 682 | 1,180 |
| Deductions during the year: | ||
| Cost of real estate sold | (6,894) | (2,223) |
| Classified as assets held for sale | (5,712) | (2,851) |
| Impairment loss | (4,008) | (178) |
| Balance at end of the year | $719,406 | $647,180 |
| Accumulated depreciation | ||
| Balance at beginning of the year | $28,734 | $19,790 |
| Additions during the year: | ||
| Depreciation expense | 11,999 | 9,072 |
| Deductions during the year: | ||
| Cost of real estate sold | (238) | (105) |
| Classified as assets held for sale | (97) | (23) |
| Balance at end of the year | $40,398 | $28,734 |
See accompanying report of independent registered public accounting firm.
UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and for the Three Months and Year Ended December 31, 2024
The following unaudited pro forma consolidated financial statements of FrontView REIT, Inc. (together with its consolidated subsidiaries, the “Company”) as of and for the three months and year ended December 31, 2024, prepared in accordance with Article 11 of Regulation S-X, were derived from the audited historical consolidated financial statements of the Company. The unaudited pro forma consolidated statement of income (loss) for the three months and year ended December 31, 2024 gives effect to the Company’s IPO and certain other completed and proposed transactions, as if these events had occurred on January 1, 2024. Refer to the Company's Prospectus filed with the SEC on October 2, 2024, for the 2023 unaudited pro forma consolidated financial statements.
The pro forma adjustments give effect to events that are (1) directly attributable to the transactions referred to below, (2) factually supportable, and (3) with respect to the unaudited pro forma consolidated statement of income (loss), expected to have a continuing impact on the Company. The adjustments necessary to fairly present the unaudited pro forma consolidated financial statements have been based on available information and assumptions that the Company believes are reasonable. The adjustments are described in the notes to the unaudited pro forma consolidated financial statements and present how our consolidated financial statements may have appeared had our capital structure reflected the below transactions as of the dates noted below.
The unaudited pro forma consolidated financial statements should be read in conjunction with the historical consolidated financial statements of the Company, including the notes thereto, and other financial information and analysis, including the section captioned “Management's Discussion and Analysis of Financial Condition and Results of Operations” presented elsewhere in this Form 10-K. The unaudited pro forma consolidated financial statements (1) are based on available information and assumptions that the Company deems reasonable, (2) are presented for informational purposes only, (3) do not purport to represent the Company’s financial position or results of operations or cash flows that would actually have occurred assuming completion of the transactions described above on the dates specified, and (4) do not purport to be indicative of the Company’s future results of operations or financial position.
2024 Acquisitions and Dispositions
During the year ended December 31, 2024, the Company completed 29 property acquisitions with an aggregate purchase price of $104.2 million. The unaudited pro forma consolidated statement of income (loss) for the three months and year ended December 31, 2024 gives effect to these property acquisitions as if these events had occurred on January 1, 2024.
During the period from January 1, 2024 through October 2, 2024, the Predecessor completed five property dispositions with an aggregate sale price, including transaction costs, of $10.1 million. The unaudited pro forma consolidated statement of income (loss) for the three months and year ended December 31, 2024 gives effect to these property dispositions as if these events had occurred on January 1, 2024.
Autonomous Entity Adjustments
As a public company, the Company expects to incur incremental costs related to general and administrative costs, including employee compensation and benefits, board of directors’ fees and expenses, directors’ and officers’ insurance, and incremental legal, audit, tax, consulting and other costs related to the corporate infrastructure. The Company will also incur additional costs relating to its public reporting and compliance obligations as a public company. For the three months and year ended December 31, 2024, the Company estimates these incremental costs to amount to $0.6 million and $2.7 million, respectively. In order to determine these incremental costs, the Company performed an analysis of its anticipated organizational structure to estimate the cost of additional resources and third-party services deemed necessary to operate as a public company.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF INCOME (LOSS)
FOR THE THREE MONTHS ENDED December 31, 2024
| Pro Forma Adjustments | |||||
|---|---|---|---|---|---|
| Historical Company(A) | Completed 2024 Acquisitions (B) | Adjustment for Interest Expense(D) | Adjustment for General and Administrative Expenses(E) | CompanyProForma | |
| Revenues | |||||
| Rental revenues | $15,514 | $1,354 | $— | $— | $16,868 |
| Operating expenses | |||||
| Depreciation and amortization | 7,634 | 776 | — | — | 8,410 |
| Property operating expenses | 2,218 | — | — | — | 2,218 |
| Property management fees | 60 | — | — | (60) | — |
| Asset management fees | 22 | — | — | (22) | — |
| General and administrative expenses | 2,850 | — | — | 257 | 3,107 |
| Total operating expenses | 12,784 | 776 | — | 175 | 13,735 |
| Other expenses (income) | |||||
| Interest expense | 3,593 | — | 924 | — | 4,517 |
| Gain on sale of real estate | — | — | — | — | — |
| Impairment loss | 3,891 | — | — | — | 3,891 |
| Income taxes | 236 | — | — | — | 236 |
| Total other expenses | 7,720 | — | 924 | — | 8,644 |
| Operating loss | (4,990) | 578 | (924) | (175) | (5,511) |
| Internalization expense | (16,498) | — | — | — | (16,498) |
| Net loss | (21,488) | 578 | (924) | (175) | (22,009) |
| Less: Net loss attributable to convertible non- controlling preferred interests | 4,519 | — | — | (4,519) | — |
| Less: Net loss attributable to non-controlling interests | 1,825 | — | — | 6,506 | 8,331 |
| Net loss attributable to NADG NNN Property Fund LP (Predecessor) and to FrontView REIT, Inc. (Successor) | $(15,144) | $578 | $(924) | $1,812 | $(13,678) |
| Pro forma weighted average number of shares of Common Stock outstanding | |||||
| Basic | 17,291 | ||||
| Diluted | 27,823 | ||||
| Pro forma net loss per share of Common Stock | |||||
| Basic | $(0.79) | ||||
| Diluted | $(0.79) | ||||
The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF INCOME (LOSS)
FOR THE YEAR ENDED December 31, 2024
| Pro Forma Adjustments | |||||||
|---|---|---|---|---|---|---|---|
| Historical Company(A) · Completed 2024 Acquisitions(B) · Completed 2024 Dispositions(C) · Adjustment for Interest Expense(D) · Adjustment for General and Administrative Expenses(E) · CompanyProForma | |||||||
| Revenues | |||||||
| Rental revenues | $59,917 | $7,481 | $(713) | $— | $— | $66,685 | |
| Operating expenses | |||||||
| Depreciation and amortization | 29,049 | 4,348 | (40) | — | — | 33,357 | |
| Property operating expenses | 7,912 | — | (27) | — | — | 7,885 | |
| Property management fees | 1,561 | — | — | — | (1,561) | — | |
| Asset management fees | 3,124 | — | — | — | (3,124) | — | |
| General and administrative expenses | 4,909 | — | — | — | 7,519 | 12,428 | |
| Total operating expenses | 46,555 | 4,348 | (67) | — | 2,834 | 53,670 | |
| Other expenses (income) | |||||||
| Interest expense | 23,348 | — | — | (5,280) | — | 18,068 | |
| Gain on sale of real estate | (337) | — | 337 | — | — | — | |
| Impairment loss | 4,482 | — | — | — | — | 4,482 | |
| Income taxes | 580 | — | — | — | — | 580 | |
| Total other expenses (income) | 28,073 | — | 337 | (5,280) | — | 23,130 | |
| Operating Loss | (14,711) | 3,133 | (983) | 5,280 | (2,834) | (10,115) | |
| Internalization expense | (16,498) | — | — | — | — | (16,498) | |
| Net loss | (31,209) | 3,133 | (983) | 5,280 | (2,834) | (26,613) | |
| Less: Net loss attributable to convertible non- controlling preferred interests | 7,171 | — | — | — | (7,171) | — | |
| Less: Net loss attributable to non-controlling interests | 1,825 | — | — | — | 8,249 | 10,074 | |
| Net loss attributable to NADG NNN Property Fund LP (Predecessor) and to FrontView REIT, Inc. (Successor) | $(22,213) | $3,133 | $(983) | $5,280 | $(1,756) | $(16,539) | |
| Pro forma weighted average number of shares of Common Stock outstanding | |||||||
| Basic | 17,291 | ||||||
| Diluted | 27,823 | ||||||
| Pro forma net loss per share of Common Stock | |||||||
| Basic | $(0.96) | ||||||
| Diluted | $(0.96) | ||||||
The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements.
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and for the Three Months and Year Ended December 31, 2024
Adjustments to the Unaudited Pro Forma Consolidated Balance Sheet
There are no adjustments to the unaudited pro forma consolidated balance sheet as at December 31, 2024.
Adjustments to the Unaudited Pro Forma Consolidated Statement of Income (Loss)
The adjustments to the unaudited pro forma consolidated statement of income (loss) for the three months and year ended December 31, 2024 are as follows:
A.
Reflects the audited historical consolidated statement of income (loss) of the Successor for the three months and year ended December 31, 2024. The Company completed its IPO on October 3, 2024. The period from October 1 to October 2, 2024 is deemed immaterial. As such, three months ended December 31, 2024 was used as the historical starting point for the purposes of the three months ended December 31, 2024 unaudited pro forma consolidated statement of income (loss).
B.
Represents the net adjustments required to the historical results of the Company to reflect the following:
For the 29 properties acquired by the Company during the year ended December 31, 2024, the adjustment to the Company’s consolidated statement of income (loss) reflects the operations of these properties assuming the acquisitions occurred on January 1, 2024.
This includes the following:
| (in thousands) | For The Three Months Ended December 31, 2024 | For The Year Ended December 31, 2024 |
|---|---|---|
| Rental revenue | $1,354 | $7,481 |
| Depreciation and amortization | 776 | 4,348 |
C.
Represents the net adjustments required to the historical results of the Company to reflect the following:
For the five properties disposed by the Predecessor during the period from January 1, 2024 through September 30, 2024, the results of these properties have been eliminated as they will not have a continuing impact on the Company’s consolidated statement of income (loss), assuming completion of the dispositions had occurred on January 1, 2024. No properties were disposed during the three months ended December 31, 2024.
This includes the following:
| (in thousands) | For the year ended December 31, 2024 |
|---|---|
| Rental revenue | $(713) |
| Depreciation and amortization | (40) |
| Property operating expense | (27) |
For the year ended December 31, 2024, the adjustment to rental revenue includes lease termination fees of approximately $0.6 million.
D.
Represents the reversal of interest expense (including amortization of deferred financing fees) as a result of repayment of the CIBC Revolving Credit Facility, CIBC Term Loan Credit Facility and ABS Notes with the proceeds of this offering and funds drawn from the Term Loan and Revolving Credit Facility as if the repayment occurred on January 1, 2024 for the year ended December 31, 2024. During the three months ended December 31, 2024, the Company borrowed an additional $68.5 million from the Revolving Credit Facility to fund new acquisitions during the quarter. The adjustment reflects the incremental interest expense on the additional borrowings. For the purposes of computing the pro forma adjustment on variable-rate debt, the Company used a one-month SOFR rate of 5.65% plus the applicable margins on the debt. A change in one-month SOFR of plus or minus 0.125%, would have increased or decreased the pro forma interest expense by approximately $0.3 million.
E.
Represents the adjustments required to the historical results of the Company to reflect the costs incurred as a result of the Internalization. The total amount of consideration for the Internalization is $17.7 million, of which $16.5 million was determined to be a termination cost in accordance with ASC 420 of the management arrangement between the Predecessor, NARS, and certain affiliates of NARS and as such was expensed and was recognized at fair value and recorded as an expense at the time of the initial public offering. It should be noted that the unaudited pro forma consolidated statement of income (loss) may not be indicative of the Company’s future results of operations because the Company expects to incur additional recurring general and administrative expenses as a result of becoming a public company, including, but not limited to, employee compensation and benefits, board of directors’ fees and expenses, directors’ and officers’ insurance, and incremental legal, audit, tax, consulting and other public reporting and compliance-related fees and expenses.
The adjustment for general and administrative expenses includes stock-based compensation expense of $1.0 million and $3.9 million for the three months and year ended December 31, 2024, respectively. These amounts represent the amortization of one-time grants of RSUs that were issued to the Company's founder, executive officers, non-employee directors, and certain other employees, and annual grants of RSUs to be made in accordance with the employment agreements of the Company's executive officers. The RSUs will vest ratably over terms of approximately four and five years for the annual and one time grants, respectively.
The adjustment for general and administrative expenses also includes fees paid in connection with the Company’s outsourcing agreement with an entity of NADG not affiliated with the Company that will provide property accounting and human resource services in the amounts of $0.1 million and $0.6 million for the three months and year ended December 31, 2024. respectively.
This adjustment also reflects the reversal of management fees paid to NARS and certain affiliates of NARS.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.