(Bloomberg) -- FrontView REIT, a landlord that targets what it calls “e-commerce resistant” tenants, is discussing an initial public offering for as soon as this year, according to people with knowledge of the matter.

The Dallas-based company, formerly known as NADG NNN, is working with underwriters including Morgan Stanley, JPMorgan Chase & Co. and Bank of America Corp. on a potential IPO, said the people, who asked not to be identified discussing confidential information.

FrontView hasn’t made a final decision and its plans could still change, the people added.

Representatives for FrontView, Morgan Stanley, JPMorgan and Bank of America declined to comment.

The company, which targets properties in high-traffic locations, counts Starbucks, Walgreens, Chipotle, Rite Aid and Wells Fargo among the tenants that it has worked with, its website shows. Its portfolio occupancy was 98.8% as of September 30, and includes properties in cities such as Chicago, Kansas City, Houston and Phoenix.

FrontView is led by Executive Chairman Stephen Preston and Chief Executive Officer Randall Star. 

Triple net lease REITs such as Realty Income Corp., Federal Realty Investment Trust and NNN REIT Inc. have underperformed the broader S&P 500 Index as well as the MSCI US REIT Index in the past 12 months. 

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(Updates with Morgan Stanley in second paragraph)

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