(Bloomberg) -- FrontView REIT Inc., a landlord that focuses on businesses with stores in prominent locations, raised $250.8 million in an initial public offering, according to people familiar with the matter.
The real estate investment trust sold 13.2 million shares for $19 each, the middle of a marketed range, the people said, asking not to be identified as the information isn’t public. The shares were marketed for $17 to $21 each.
A representative for FrontView didn’t immediately respond to a request for comment.
FrontView, which has its headquarters in Dallas, focuses on so-called outparcels, properties that point directly onto high-traffic roads that are visible to consumers, according to its filing. As of June 30, the REIT has a portfolio of 278 properties with about 2.1 million rentable square feet of space. The properties span 31 US states, with the largest concentrations in Illinois with 28 and Texas with 22, its filing shows.
The IPO proceeds will be contributed to the operating partnership in exchange for common shares, the filing shows. The partnership expects to use the proceeds for general business and working capital purposes, including potential future acquisitions.
The company had a net loss of $6.4 million on revenue of $29.9 million in the six months ending June 30, compared with a net loss of $5.1 million on revenue of $22.3 million in the same period a year earlier, according to the filing. Its portfolio includes Starbucks Corp., AT&T Inc. and Verizon Communications Inc. locations, its website shows.
FrontView founder and co-Chief Executive Officer Stephen Preston controls 1.6% of the company, the filing shows.
The offering is being led by Morgan Stanley, JPMorgan Chase & Co., Wells Fargo & Co. and Bank of America Corp. The company plans for its shares to trade on the New York Stock Exchange under the symbol FVR.
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