FrontView REIT, Inc.
For the period ended Jun 30, 2025. Filed Aug 14, 2025.
View on SEC.govAbout this filing
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.
Jun 30, 2025 · Filed Aug 14, 2025
FVR$19.07-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-15.
0000950170-25-072774
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsResults of OperationsLiquidity and Capital ResourcesCritical Accounting Policies and EstimatesImpact of Recent Accounting PronouncementsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0000950170-25-108893
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsResults of OperationsLiquidity and Capital ResourcesCritical Accounting Policies and EstimatesImpact of Recent Accounting PronouncementsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 131 previous paragraphs and 155 current paragraphs.
96 unchanged; 27 reworded; 23 added; 8 removed; 0 previous and 9 current paragraphs rearranged.
Tables are not compared: 17 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
(in thousands, except for # of Properties, percentages and Rent per Square Foot)
Current report
(in thousands, except for # of Properties, percentages, and Rent per Square Foot)
Current report
(in thousands, except for percentages, Rent per Square Foot, and # of Properties)
Current report
Total rental revenues for the three months ended June 30, 2025 increased $3.0 million compared to June 30, 2024, due to an increase in our portfolio from 278 properties as of June 30, 2024 to 319 properties as of June 30, 2025.
Current report
The $1.2 million increase in recovery income was mainly due to the growth in properties and property expense recovered from tenants during the three months ended June 30, 2025.
Current report
During the three months ended June 30, 2025, we sold 9 properties at a net gain of approximately $1.2 million. During the three months ended June 30, 2024, we sold two properties at a net loss of less than $0.1 million.
Current report
Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024
Current report
The $1.0 million increase in recovery income was mainly due to the growth in properties and property expense recovered from tenants during the six months ended June 30, 2025.
Current report
The $4.8 million increase in general and administrative expenses for the six months ended June 30, 2025 is primarily due to the Internalization of management. This increase was mainly comprised of $2.6 million of employee compensation, and $0.9 million for stock-based compensation incurred during the six months ended June 30, 2025. For the six months ended June 30, 2025, there was $1.3 million of non-recurring expenses mainly attributable to executive leadership changes and structuring costs.
Current report
Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.
Current report
Adjusted Net Operating Income ("NOI") and Adjusted Cash NOI are non-GAAP financial measures which we use to assess our operating results. We compute Adjusted NOI as Adjusted EBITDAre and exclude general and administration expenses. We further adjust Adjusted NOI for non-cash revenue components of straight-line rent and other amortization expense to derive Adjusted Cash NOI. We believe Adjusted NOI and Adjusted Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level.
Current report
Adjusted NOI and Adjusted Cash NOI are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.
Current report
The Adjusted EBITDA to Fixed Charge Ratio is the ratio of Adjusted EBITDA to fixed charges as of the last day of any fiscal quarter. Adjusted EBITDA is computed as net income adjusted for depreciation and amortization, interest expense, income tax expense, extraordinary or nonrecurring items, fees in connection with debt financing, acquisitions and dispositions and capital markets transactions, non-cash items and equity in net income of unconsolidated subsidiaries minus a reserve for replacements with respect to certain properties. Fixed charges are computed on a consolidated basis as interest expense (excluding amortization of fees paid in cash and discounts and premiums on debt), plus regularly scheduled principal repayments of debt (excluding any balloon or similar payments), plus any preferred dividends payable in cash.
Current report
The Annualized Fixed Charges is calculated by multiplying fixed charges for the applicable quarter by four. The Fixed Charge Coverage Ratio is the ratio of Annualized Adjusted EBITDAre to Annualized Fixed Charges. We believe this ratio is useful to investors and analysts as it is used to evaluate our liquidity and ability to obtain financing.
Current report
The following table summarizes our fixed charges, and presents Annualized Fixed Charges to Annualized Adjusted EBITDAre:
Removed paragraphs (8)
Previous report
(in thousands, except for percentages and # of Properties)
Previous report
Industry Pie Chart
Previous report
(in thousands, except for percentages and # of Properties)
Previous report
The following chart sets forth our annual lease expirations based upon the terms of our leases in place as of March 31, 2025 (percentages based on rental revenue):
Previous report
(in thousands, except for percentages)
Previous report
The $0.4 million decrease in variable rental amounts earned was mainly due to lease termination fees received during the three months ended March 31, 2024.
Previous report
As of March 31, 2025, we had total debt outstanding of $312.0 million, Net Debt of $308.7 million, and a Net Debt-to-Annualized Adjusted EBITDAre ratio of approximately 5.7x. Our long-term goal is to target a net debt-to-annualized adjusted EBITDAre ratio of 6.0x over time. We may from time to time modify our leverage policy in light of then current economic conditions, relative costs and availability of debt and equity capital, changes in the market price of our Common Stock, acquisition opportunities, and other factors.
Reworded paragraphs (27)
Previous wording
We are an internally-managed net-lease REIT that is experienced in acquiring, owning and managing properties that are net leased to a diversified group of tenants. We are a growing net-lease REIT and own a well-diversified portfolio of 323 properties with frontage across 37 U.S. states as of March 31, 2025. Our tenants include service-oriented businesses, such as restaurants, cellular stores, financial institutions, automotive stores and dealers, medical and dental providers, convenience and gas stores, pharmacies, car washes, home improvement stores, grocery stores, fitness operators, professional services as well as general retail tenants.
Current wording
We are an internally-managed net-lease REIT that is experienced in acquiring, owning and managing properties that are net leased to a diversified group of tenants. We are a growing net-lease REIT and own a well-diversified portfolio of 319 properties with frontage across 37 U.S. states as of June 30, 2025. Our tenants include service-oriented businesses, such as medical and dental providers, quick service restaurants, casual dining, financial institutions, cellular stores, automotive stores, convenience stores and gas stations, discount retail, automotive dealers, fitness operators, car washes, pharmacies, home improvement stores, as well as professional services tenants.
Previous wording
We currently derive a majority of our revenue from rents received from individual tenants of each of our properties in our portfolio. Our properties are typically leased under long-term net leases. As of March 31, 2025, the ABR weighted average remaining term of our leases was approximately 7.4 years, excluding renewal options. Approximately 97.9% of our leases (based on ABR) had contractual rent escalations, including, in some cases, pursuant to option terms. As of March 31, 2025, we had 329 tenants that represented 151 different brands. Our top 10 tenant brands (based on ABR) represented approximately 22.6% of our portfolio ABR as of March 31, 2025.
Current wording
We currently derive a majority of our revenue from rents received from individual tenants of each of our properties in our portfolio. Our properties are typically leased under long-term net leases. As of June 30, 2025, the ABR weighted average remaining term of our leases was approximately 7.3 years, excluding renewal options. Approximately 97.3% of our leases (based on ABR) had contractual rent escalations, including, in some cases, pursuant to option terms. As of June 30, 2025, we had 334 tenant leases that represented 157 different tenant concepts. Our top 10 tenant concepts (based on ABR) represented approximately 22.6% of our portfolio ABR as of June 30, 2025.
Previous wording
As of March 31, 2025, we had total debt of $312.0 million, Net Debt of $308.7 million and a Net Debt to Annualized Adjusted EBITDAre ratio of 5.7x. Over time we plan to target a net debt to annualized adjusted EBITDAre ratio below 6.0x on a sustained basis. Net Debt and Annualized Adjusted EBITDAre are non-GAAP financial measures, and Annualized Adjusted EBITDAre is calculated based upon EBITDA, EBITDAre, and Adjusted EBITDAre, each of which is also a non-GAAP financial measure. Refer to Non-GAAP Measures below for further details concerning our calculation of non-GAAP measures and reconciliations to the comparable GAAP measure.
Current wording
As of June 30, 2025, we had total debt of $318.5 million, Net Debt of $310.1 million, Net Debt to Annualized Adjusted EBITDAre ratio of 5.5x and a Fixed Charge Coverage Ratio of 3.3x. Net Debt, Annualized Adjusted EBITDAre and Fixed Charge Coverage Ratio are non-GAAP financial measures, and Annualized Adjusted EBITDAre is calculated based upon EBITDA, EBITDAre, and Adjusted EBITDAre, each of which is also a non-GAAP financial measure. Refer to Non-GAAP Measures below for further details concerning our calculation of non-GAAP measures and reconciliations to the comparable GAAP measure.
Previous wording
We primarily seek tenants that operate service-oriented businesses, such as restaurants, cellular stores, financial institutions, automotive stores and dealers, medical and dental providers, convenience and gas stores, pharmacies, car washes, home improvement stores, grocery stores, fitness operators, professional services as well as general retail tenants. As of March 31, 2025, our properties were occupied by 329 tenants that operated 151 different brands, with no single tenant brand accounting for more than 3.1% of our ABR.
Current wording
We primarily seek tenants that operate service-oriented businesses, such as restaurants, cellular stores, financial institutions, automotive stores and dealers, medical and dental providers, convenience and gas stores, pharmacies, car washes, home improvement stores, grocery stores, fitness operators, professional services as well as general retail tenants. As of June 30, 2025, our properties were occupied by 334 tenant leases that operated 157 different tenant concepts, with no single tenant concept accounting for more than 3.3 % of our ABR.
Previous wording
The following table sets forth information with respect to each of our top 40 tenant brands (based on ABR) as of March 31, 2025:
Current wording
The following table sets forth information with respect to each of our top 60 tenant concepts (based on ABR) as of June 30, 2025:
Previous wording
As of March 31, 2025, our outparcel properties were located in 117 MSAs in 37 U.S. states, with no single state exceeding 14.2% of our ABR.
Current wording
As of June 30, 2025, our outparcel properties were located in 117 MSAs in 37 U.S. states, with no single state exceeding 13.9% of our ABR.
Previous wording
Our portfolio was approximately 96.3% leased as of March 31, 2025. Our cash flows from operations are primarily generated through our real estate investment portfolio and the monthly lease payments received under our long-term leases with our tenants. As of March 31, 2025, the ABR weighted average remaining term of our leases was approximately 7.4 years, excluding renewal options, and approximately 97.0% of such leases (based on ABR) have renewal options remaining. As of March 31, 2025, no more than 11.0% of our rental revenue was derived from leases that expire in any single year prior to 2030.
Current wording
Our portfolio was approximately 97.8% leased as of June 30, 2025. Our cash flows from operations are primarily generated through our real estate investment portfolio and the monthly lease payments received under our long-term leases with our tenants. As of June 30, 2025, the ABR weighted average remaining term of our leases was approximately 7.3 years, excluding renewal options, and approximately 96.7% of such leases (based on ABR) have renewal options remaining. As of June 30, 2025, no more than 11.2% of our rental revenue was derived from leases that expire in any single year prior to 2030.
Previous wording
Because substantially all of our properties are leased under long-term leases, we are not currently required to perform significant ongoing leasing activities on our properties. We have 6 leases, representing approximately 1.6% of our ABR, that will expire prior to December 31, 2025, each with tenant renewal options.
Current wording
Because substantially all of our properties are leased under long-term leases, we are not currently required to perform significant ongoing leasing activities on our properties. We have 2 leases, representing approximately 0.7% of our ABR, that will expire prior to December 31, 2025, each with tenant renewal options.
Previous wording
We typically purchase properties that are subject to existing long-term net leases with a variety of remaining lease terms (initial terms of 10 years or more at lease signing that often have renewal options as well). Substantially all of our leases are net leases, meaning our tenant generally is obligated to pay customary expenses associated with the leased property (such as real estate taxes, insurance, maintenance and repairs, and in many cases, capital costs, subject to caps and exclusions in some leases). For the three months ended March 31, 2025, we incurred an aggregate of approximately $0.5 million of expenses not reimbursed or paid by our tenants.
Current wording
We typically purchase properties that are subject to existing long-term net leases with a variety of remaining lease terms (initial terms of 10 years or more at lease signing that often have renewal options as well). Substantially all of our leases are net leases, meaning our tenant generally is obligated to pay customary expenses associated with the leased property (such as real estate taxes, insurance, maintenance and repairs, and in many cases, capital costs, subject to caps and exclusions in some leases). For the six months ended June 30, 2025, we incurred an aggregate of approximately $0.8 million of expenses not reimbursed or paid by our tenants.
Previous wording
Approximately 97.9% of our leases (based on ABR) have rent escalations, including in some cases, pursuant to option terms, and generally ranging from 1.0% to 3.0% annually.
Current wording
Approximately 97.3% of our leases (based on ABR) have rent escalations, including in some cases, pursuant to option terms, and generally ranging from 1.0% to 3.0% annually.
Previous wording
The $0.5 million increase in depreciation and amortization for the three months ended March 31, 2025 was primarily due to the growth of our real estate portfolio through new acquisitions in the year ended December 31, 2024 and the three months ended March 31, 2025.
Current wording
The $2.5 million increase in depreciation and amortization for the three months ended June 30, 2025 was primarily due to the growth of our real estate portfolio through new acquisitions in the year ended December 31, 2024 and the three months ended June 30, 2025.
Previous wording
The $0.4 million increase in property operating expenses for the three months ended March 31, 2025 was mainly due to the increase in number of properties in our portfolio. Substantially all of our leases are net leases pursuant to which our tenants generally are obligated to pay customary expenses associated with the leased property such as real estate taxes, insurance, maintenance and repairs, and in many cases capital costs. For the three months ended March 31, 2025, we incurred $0.5 million in aggregate of expenses that were not tenant obligations, which includes non-recurring legal costs and property operating expenses incurred on vacant properties.
Current wording
The $1.0 million increase in property operating expenses for the three months ended June 30, 2025 was mainly due to the increase in number of properties in our portfolio. Substantially all of our leases are net leases pursuant to which our tenants generally are obligated to pay customary expenses associated with the leased property such as real estate taxes, insurance, maintenance and repairs, and in many cases capital costs. For the three months ended June 30, 2025, we incurred $0.3 million in aggregate of expenses that were not tenant obligations, which includes non-recurring legal costs and property operating expenses incurred on vacant properties.
Previous wording
The $2.1 million increase in general and administrative expenses for the three months ended March 31, 2025 is primarily due to the Internalization of management. This increase was mainly comprised of $1.4 million of employee compensation, and $0.6 million for stock-based compensation incurred during the three months ended March 31, 2025.
Current wording
The $2.6 million increase in general and administrative expenses for the three months ended June 30, 2025 is primarily due to the Internalization of management. This increase was mainly comprised of $1.2 million of employee compensation, and $0.3 million for stock-based compensation incurred during the three months ended June 30, 2025. For the three months ended June 30, 2025, there was $1.1 million of non-recurring expenses mainly attributable to executive leadership changes and structuring costs.
Previous wording
Interest expense for the three months ended March 31, 2025 decreased $2.2 million compared to the three months ended March 31, 2024. The decrease is primarily due to the decrease in debt of $310.2 million as of March 31, 2025 compared to $427.8 million as of March 31, 2024.
Current wording
Interest expense for the three months ended June 30, 2025 decreased $2.0 million compared to the three months ended June 30, 2024. The decrease is primarily due to the decrease in debt of $316.9 million as of June 30, 2025 compared to $427.4 million as of June 30, 2024.
Previous wording
The $1.0 million increase in total rental revenues for the three months ended March 31, 2025 was attributable to the growth of our real estate portfolio. During 2024, the portfolio increased by 29 acquisitions, offset by five properties sold. During the three months ended March 31, 2025, the portfolio further increased by 17 acquisitions, offset by one property sold.
Current wording
The $4.0 million increase in total rental revenues for the six months ended June 30, 2025 was attributable to the growth of our real estate portfolio. During the six months ended June 30, 2024, the portfolio decreased by five properties that were sold. During the six months ended June 30, 2025, the portfolio increased by 22 acquisitions and offset by 10 properties that were sold.
Previous wording
During the three months ended March 31, 2025, we sold one property and received proceeds for an expropriation of a portion of a property for approximately no net gain or loss and a net gain of approximately $0.5 million, respectively. During the three months ended March 31, 2024, we sold three properties at a net gain of approximately $0.4 million.
Current wording
During the six months ended June 30, 2025 we sold 10 properties at a net gain of approximately $1.2 million. We received proceeds for an expropriation of a portion of another property for a net gain of approximately $0.5 million. During the six months ended June 30, 2024, we sold five properties at a net gain of approximately $0.3 million.
Previous wording
During the three months ended March 31, 2025, we recorded an impairment loss of $0.4 million relating to an asset held for sale. During the three months ended March 31, 2024, we recorded an impairment loss of $0.6 million relating to an asset held for sale. The amount of impairment fluctuates each period based on existing facts and circumstances.
Current wording
During the six months ended June 30, 2025, we recorded an impairment loss of $3.4 million relating to 12 properties. During the six months ended June 30, 2024, we recorded an impairment loss of $0.6 million relating to one property. The amount of impairment fluctuates each period based on existing facts and circumstances.
Previous wording
Upon closing of our IPO, a group of lenders, including JPMorgan Chase Bank, N.A. acting as administrative agent, provided commitments for our Revolving Credit Facility, allowing borrowings of up to $250.0 million, including $20.0 million available for issuance of letters of credit. Our Revolving Credit Facility has an initial maturity in October 2027 together with two 12-month extension options, subject to certain conditions, including payment of a 0.125% fee on the aggregate outstanding amount of the revolving commitments.
Current wording
Upon closing of our IPO, a group of lenders, including JPMorgan Chase Bank, N.A. acting as administrative agent, provided commitments for our Revolving Credit Facility, allowing borrowings of up to $250.0 million, including $20.0 million available for issuance of letters of credit. Our Revolving Credit Facility has an initial maturity in October 2027 together with two 12-month extension options, subject to certain conditions, including payment of a 0.125% fee on the aggregate outstanding amount of the revolving commitments. We may elect to request an increase to the existing revolving commitments and/or the establishment of one or more new term loan commitments for an aggregate maximum amount of $200.0 million and not less than $25.0 million per request, in multiples of $5.0 million, subject to customary conditions.
Previous wording
As of March 31, 2025, we had $138.0 million of available capacity under our Revolving Credit Facility.
Current wording
As of June 30, 2025, we had $131.5 million of available capacity under our Revolving Credit Facility.
Previous wording
Cash and cash equivalents totaled $3.3 million as of March 31, 2025, as compared to $13.2 million as of March 31, 2024. The table below shows information concerning cash flows for the three months ended March 31, 2025, and 2024:
Current wording
Cash and cash equivalents totaled $8.4 million as of June 30, 2025, as compared to $16.6 million as of June 30, 2024. The table below shows information concerning cash flows for the six months ended June 30, 2025, and 2024:
Previous wording
The change in net cash provided by operating activities during the three months ended March 31, 2025 as compared to three months ended March 31, 2024 was mainly due to a decrease in interest expense of approximately $2.2 million. The remainder of the change in net cash provided by operating activities relates to timing of payment of payables and accrued liabilities.
Current wording
The change in net cash provided by operating activities during the six months ended June 30, 2025 as compared to six months ended June 30, 2024 was mainly due to growth in our real estate portfolio and increase in rental receipts offset by a decrease in interest expense of approximately $4.1 million. The remainder of the change in net cash provided by operating activities relates to timing of payment of payables and accrued liabilities.
Previous wording
The change in net cash (used in) provided by investing activities was due to 17 properties acquired and one property sold during the three months ended March 31, 2025, compared to no properties acquired and three properties sold during the three months ended March 31, 2024.
Current wording
The change in net cash (used in) provided by investing activities was due to 22 properties acquired and 10 properties sold during the six months ended June 30, 2025, compared to no properties acquired and five properties sold during the six months ended June 30, 2024.
Previous wording
The increase in net cash provided by (used in) financing activities during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 is mainly due to the proceeds from debt of $43.5 million offset by distributions paid of $6.1 million compared to the $9.3 million of repayment of debt and $1.6 million of distributions paid, respectively.
Current wording
The increase in net cash provided by (used in) financing activities during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 is mainly due to the proceeds from debt of $50.0 million offset by distributions paid of $12.3 million compared to the $10.7 million of repayment of debt and $4.7 million of distributions paid, respectively.
Previous wording
Our reported results and net earnings per diluted share are presented in accordance with GAAP. We also disclose FFO, AFFO, EBITDA, EBITDAre, adjusted EBITDAre, annualized adjusted EBITDAre and net debt, each of which are non-GAAP measures. We believe these non-GAAP financial measures are industry measures used by analysts and investors to compare the operating performance of REITs.
Current wording
Our reported results and net earnings per diluted share are presented in accordance with GAAP. We also disclose FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, Annualized Adjusted EBITDAre, Adjusted NOI, Annualized Adjusted NOI, Adjusted Cash NOI, Annualized Adjusted Cash NOI, Net Debt and Fixed Charge Coverage Ratio, each of which are non-GAAP measures. We believe these non-GAAP financial measures are industry measures used by analysts and investors to compare the operating performance of REITs.
Previous wording
The following table reconciles net income (which is the most comparable to GAAP measure) to EBITDA, EBITDAre, adjusted EBITDAre, and annualized adjusted EBITDAre.
Current wording
The following table reconciles net income (which is the most comparable to GAAP measure) to EBITDAre, Adjusted EBITDAre, Adjusted NOI and Adjusted Cash NOI:
Previous wording
Reconciliation of net income to EBITDA and EBITDAre
Current wording
Reconciliation of net income to EBITDA, EBITDAre, Adjusted EBITDAre, Adjusted NOI and Adjusted Cash NOI
Previous wording
Reconciliation of total debt to Net Debt and ratio of Net Debt to Annualized EBITDAre and Net Debt to Annualized Adjusted EBITDAre
Current wording
Reconciliation of total debt to Net Debt and ratio of Net Debt to Annualized EBITDAre and Net Debt to Annualized Adjusted EBITDAre and Fixed Charge Coverage Ratio
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
Gain/loss on sale of real estate
Current report — wording carried from elsewhere
During the three months ended June 30, 2025, we recorded an impairment loss of $3.0 million relating to 11 properties. During the three months ended June 30, 2024, there was no impairment loss for the quarter. The amount of impairment fluctuates each period based on existing facts and circumstances.
Current report — wording carried from elsewhere
The $3.0 million increase in depreciation and amortization for the six months ended June 30, 2025 was primarily due to the growth of our real estate portfolio through new acquisitions in the year ended December 31, 2024 and the six months ended June 30, 2025.
Current report — wording carried from elsewhere
The $1.4 million increase in property operating expenses for the six months ended June 30, 2025 was mainly due to the increase in number of properties in our portfolio. Substantially all of our leases are net leases pursuant to which our tenants generally are obligated to pay customary expenses associated with the leased property such as real estate taxes, insurance, maintenance and repairs, and in many cases capital costs. For the six months ended June 30, 2025, we incurred $0.8 million in aggregate of expenses that were not tenant obligations, which includes non-recurring legal costs and property operating expenses incurred on vacant properties.
Current report — wording carried from elsewhere
Property management and asset management fees
Current report — wording carried from elsewhere
Property management and asset management fees for the six months ended June 30, 2024 were $1.0 million and $2.1 million, respectively. On October 2, 2024, the completion of the Internalization terminated the agreements for property management and asset management fees. Following the completion of the Internalization, we no longer pay property management and asset management fees.
Current report — wording carried from elsewhere
Interest expense for the six months ended June 30, 2025 decreased $4.1 million compared to the six months ended June 30, 2024. The decrease is primarily due to the decrease in debt of $316.9 million as of June 30, 2025 compared to $427.4 million as of June 30, 2024.
Current report — wording carried from elsewhere
The following table presents the impairment for the respective periods:
Current report — wording carried from elsewhere
Annualized Adjusted NOI is calculated by multiplying Adjusted NOI for the applicable quarter by four and Annualized Adjusted Cash NOI is calculated by multiplying Adjusted Cash NOI for the applicable quarter by four. We believe these annualized figures provide a meaningful estimate of our current run rate for all of our investments as of the end of the most recently completed quarter given the contractual nature of our long term net leases. You should not unduly rely on these measures as they are based on assumptions and estimates that may prove to be inaccurate. Our actual reported NOI for future periods may be significantly different from our Annualized Adjusted NOI and Annualized Adjusted Cash NOI.