FrontView REIT (NYSE: FVR) posts Q2 profit and raises 2026 AFFO guidance
Rhea-AI Filing Summary
FrontView REIT, Inc. reported second quarter 2026 net income of $1.5 million, or $0.03 per share, with FFO of $7.2 million ($0.26 per share) and AFFO of $9.4 million ($0.33 per share). Revenues for the quarter were $18.0 million. The common dividend was $0.215 per share, equal to a 64.7% AFFO payout ratio.
During the quarter, FrontView acquired 17 properties for $58.2 million and sold 10 properties for $22.9 million, generating positive net investment activity at cash yields in the low-7% range. As of June 30, 2026, the portfolio comprised 316 properties across 35 states with annualized base rent of $66.9 million, 99.4% occupancy, and a weighted average lease term of 7.1 years, with 33.6% of rent from investment grade tenants.
FrontView reported total liquidity of $208.2 million, including cash, undrawn revolver capacity, undrawn Series A preferred stock and unsettled forward equity. Net Debt to Annualized Adjusted EBITDAre was 5.4x and Adjusted Net Debt to Annualized Adjusted EBITDAre was 4.0xAFFO per share guidance to $1.32–$1.34, stating this implies about 7% growth over 2025, and raised net investment guidance to approximately $120 million.
Positive
- None.
Negative
- None.
Filing Explained
The Q2 filing confirms $17.3 million of ATM proceeds received, while additional forward shares remain unsettled and could dilute existing holders.
This Form 8-K reports that FrontView REIT sold 2,588,775 common shares through its ATM program during the second quarter: 898,983 shares were issued and settled for
An ATM program allows an issuer to sell new shares gradually into the open market; the settled issuance therefore increased the share count and reduced existing holders’ percentage ownership, absent offsetting changes.
Although management says the company is fully funded through 2027, the reported
At June 30, 2026, common shares outstanding were 23,650,757, versus 22,111,165 at December 31, 2025; the company also had 250,000 Series A preferred shares outstanding with a
8-K Event Classification
Key Figures
Key Terms
Funds from Operations financial
Adjusted Funds from Operations financial
Annualized Adjusted EBITDAre financial
Net Debt to Annualized Adjusted EBITDAre financial
fixed charge coverage ratio financial
ground leases financial
Earnings Snapshot
For full-year 2026, the company guides to AFFO per share of $1.32–$1.34 and approximately $120.0 million of net investment activity, with management indicating the new midpoint implies about 7% growth over 2025 AFFO per share.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did FrontView REIT (FVR) perform financially in Q2 2026?
What is the size and occupancy of FrontView REIT’s portfolio as of June 30, 2026?
What is FrontView REIT’s leverage and liquidity position at quarter end?
What dividend did FrontView REIT (FVR) declare for Q2 2026?
How active was FrontView REIT in acquisitions and dispositions in 2026 year-to-date?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On August 6, 2026, FrontView REIT, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The press release is also available on the Company’s website.
Item 7.01 Regulation FD Disclosure.
On August 6, 2026, the Company made available on its website an updated presentation containing quarterly supplemental information pertaining to its operations and financial results for the quarter ended June 30, 2026. A copy of the quarterly supplemental information is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
On August 6, 2026, the Company made available on its website an investor presentation that it intends to use in connection with its earnings conference call containing its operations and financial results for the quarter ended June 30, 2026. A copy of the quarterly investor presentation is attached hereto as Exhibit 99.3 and is incorporated herein by reference.
The information contained in Item 2.02 and 7.01 hereof, including the information contained in the press release attached as Exhibit 99.1, the quarterly supplemental information attached as Exhibit 99.2, and the investor presentation information attached as Exhibit 99.3 are being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. References to the Company’s website in this Current Report on Form 8-K and in the attached Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3 do not incorporate by reference the information on such website into this Current Report on Form 8-K and the Company disclaims any such incorporation by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
INDEX TO EXHIBITS
Exhibit No. |
Description |
99.1 |
Press Release Dated August 6, 2026 |
99.2 |
Quarterly Supplemental Information for the Quarter Ended June 30, 2026 |
99.3 |
Investor Presentation for the Quarter Ended June 30, 2026 |
104 |
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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FrontView REIT, Inc. |
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Date: |
August 6, 2026 |
By: |
/s/ Pierre Revol |
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Pierre Revol |
EXHIBIT 99.1
For Immediate Release
August 6, 2026
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FrontView REIT Announces Second Quarter 2026 Results and Raises 2026 Net Investment and AFFO per Share Guidance
Dallas, TX – FrontView REIT, Inc. (NYSE: FVR) (the “Company”, “FrontView”, “we”, “our”, or “us”), today announced its operating results for the quarter ended June 30, 2026.
MANAGEMENT COMMENTARY
“FrontView delivered a strong quarter across both operations and capital deployment. We are raising the midpoint of our 2026 AFFO per share guidance by $0.02, representing 7% growth over 2025. Our acquisition pipeline remains active and we are increasing our net investment guidance to $120.0 million. During the quarter, we further diversified our portfolio, expanded our presence in Top 100 MSAs, and continued to achieve sector-leading recapture rates. With the equity capital raised during the quarter and our low-levered balance sheet, we are fully funded through 2027 and well positioned to execute on our growth plan,” said Stephen Preston, Chief Executive Officer of FrontView REIT.
SECOND QUARTER 2026 HIGHLIGHTS
program at a weighted average gross price of $19.50 per share, generating gross proceeds of approximately $50.5 million. Of the shares sold, we issued and settled 898,983 shares, receiving $17.3 million in proceeds, with the remaining shares sold on a forward basis, worth $32.2 million in net proceeds.
1
SUMMARIZED FINANCIAL RESULTS
The following table summarizes the Company's select financial results for the three and six months ended June 30, 2026 and 2025:
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For the three months ended June 30, |
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For the six months ended June 30, |
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(unaudited, in thousands, except shares, per share amounts and percentages) |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenues |
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$ |
18,005 |
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$ |
17,554 |
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$ |
36,190 |
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$ |
33,797 |
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Net income (loss), including non-controlling interest |
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$ |
1,517 |
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$ |
(4,530 |
) |
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$ |
1,917 |
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$ |
(5,867 |
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Earnings per share |
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$ |
0.03 |
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$ |
(0.16 |
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$ |
0.03 |
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$ |
(0.22 |
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FFO |
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$ |
7,218 |
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$ |
6,720 |
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$ |
14,900 |
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$ |
13,149 |
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FFO per share |
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$ |
0.26 |
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$ |
0.24 |
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$ |
0.53 |
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$ |
0.47 |
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AFFO |
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$ |
9,396 |
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$ |
9,028 |
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$ |
18,886 |
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$ |
17,257 |
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AFFO per share |
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$ |
0.33 |
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$ |
0.32 |
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$ |
0.67 |
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$ |
0.62 |
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Common stock dividend |
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$ |
0.215 |
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$ |
0.215 |
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$ |
0.430 |
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$ |
0.430 |
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AFFO payout ratio |
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64.7 |
% |
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66.3 |
% |
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64.2 |
% |
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69.3 |
% |
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Weighted average common shares outstanding, diluted |
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28,272,041 |
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27,827,037 |
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28,190,359 |
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27,824,931 |
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NET INVESTMENT ACTIVITY
The following table summarizes the Company’s investments and dispositions for the three and six months ended June 30, 2026:
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For the three months ended |
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For the six months ended |
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(unaudited, $ in thousands, except # of properties and percentages) |
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# of Properties |
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Amount |
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# of Properties |
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Amount |
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Investments |
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17 |
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$ |
58,187 |
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27 |
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$ |
92,043 |
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Less: dispositions |
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10 |
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22,882 |
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15 |
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32,542 |
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Investment activity |
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7 |
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$ |
35,305 |
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12 |
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$ |
59,501 |
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Investment activity |
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Cash yield |
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7.34% |
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7.40 |
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Economic yield |
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7.39% |
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7.54 |
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Investment grade (1) |
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31.4% |
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26.1 |
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Average annual escalators |
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1.4% |
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1.5 |
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Weighted average lease term (years) |
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7.3 |
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7.8 |
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Disposition activity |
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Cash yield |
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7.12% |
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7.09 |
% |
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Weighted average lease term (years) |
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9.7 |
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9.5 |
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2
PORTFOLIO UPDATE
The following table summarizes the Company's real estate portfolio as of June 30, 2026:
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June 30, 2026 |
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Number of properties |
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316 |
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Annualized base rent (000s) |
$ |
66,899 |
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Gross real estate investment (000s) |
$ |
985,892 |
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Average rent per square foot |
$ |
23.28 |
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Rentable square feet (000s) |
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2,890 |
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Number of concepts |
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165 |
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Number of industries |
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16 |
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Occupancy |
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99.4 |
% |
Weighted average lease term (years) |
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7.1 |
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Investment grade % |
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33.6 |
% |
BALANCE SHEET AND LIQUIDITY
The following tables summarize the Company’s leverage, fixed charge coverage and liquidity as of June 30, 2026:
(unaudited) |
June 30, 2026 |
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Net Debt to Annualized Adjusted EBITDAre |
5.4x |
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Adjusted Net Debt to Annualized Adjusted EBITDAre |
4.0x |
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Fixed Charge Coverage Ratio |
3.6x |
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(unaudited, $ in thousands) |
June 30, 2026 |
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Cash and cash equivalents |
$ |
6,001 |
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Undrawn revolving credit facility capacity |
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120,000 |
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Undrawn Series A Convertible Preferred Stock |
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50,000 |
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Unsettled forward equity |
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32,237 |
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Total liquidity |
$ |
208,238 |
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DISTRIBUTIONS
On August 5, 2026, our board of directors authorized a quarterly dividend of $0.215 per common share and a quarterly distribution of $0.215 per OP unit, each payable in cash on October 15, 2026, to holders of record as of September 30, 2026.
On August 5, 2026, our board of directors authorized a regular quarterly dividend on the Series A Preferred Stock, payable in cash on October 15, 2026, to holders of record as of September 30, 2026. As of August 5, 2026, 250,000 shares of Series A Preferred Stock were issued and outstanding.
2026 UPDATED GUIDANCE
The Company is revising full year 2026 AFFO per share guidance and net investment guidance.
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Prior Guidance |
Current Guidance |
AFFO per share |
$1.29 to $1.33 |
$1.32 to $1.34 |
Net investment activity |
Approximately $110.0 million |
Approximately $120.0 million |
The Company's 2026 guidance is based on a number of assumptions that are subject to change and many of which are outside the Company's control. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results.
We do not provide guidance for the most comparable GAAP financial measure, net income, or a reconciliation of the forward-looking non-GAAP financial measure of AFFO per share to earnings per share attributable to common stockholders computed in accordance with GAAP, because we are unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure, including items that are not indicative of our ongoing operations, including, without limitation, potential impairments of real estate assets, net gain/loss on dispositions of real estate assets, changes in allowance for credit losses, and stock-based
3
compensation expense. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance periods.
CONFERENCE CALL AND WEBCAST
The Company will host its second quarter earnings conference call and audio webcast on Thursday, August 6, 2026, at 10:00 a.m. Central Time.
To access the live webcast, which will be available in listen-only mode, please visit: https://events.q4inc.com/attendee/768173004. If you prefer to listen via phone, U.S. participants may dial: 1-833-461-5787 (toll free) or 1-626-884-3620, conference ID 768173004.
A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. To listen to a replay of the call via the web, which will be available for one year, please visit: investor.frontviewreit.com.
About FrontView REIT, Inc.
FrontView is an internally managed net-lease real estate investment trust (“REIT”) focused on acquiring, owning, and managing properties with frontage that are leased to a diversified tenant base. Our real estate-first investment strategy is centered around highly visible properties in prominent retail corridors with strong underlying real estate fundamentals. We target properties along high-traffic roads that offer strong consumer visibility and adaptable building formats capable of supporting various businesses over time.
As of June 30, 2026, FrontView owned a diversified portfolio of 316 direct frontage properties across 35 U.S. states, leased primarily to service and necessity based tenants across 16 industries, including medical and dental providers, quick-service and casual dining restaurants, financial institutions, cellular retailers, automotive related, fitness, and general retail along with several other diversified industries.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “outlook,” “potential,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “expect,” “intends,” “anticipates,” “estimates,” “plans,” “would be,” “believes,” “continues,” or the negative version of these words or other comparable words. Forward-looking statements, including our 2026 updated guidance, our ability to draw on the Series A Convertible Preferred Stock, to execute our business and acquisition strategies, or to complete the sale and disposition of our investment pipeline on favorable terms, if at all, involve known and unknown risks and uncertainties, which may cause the Company’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to fluctuations in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A. “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which the Company filed with the SEC on February 25, 2026, and which you are encouraged to read, and is available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.
Notice Regarding Non-GAAP Financial Measures
In addition to our reported results and net earnings per diluted share, which are financial measures presented in accordance with GAAP, this press release contains and may refer to certain non-GAAP financial measures, including Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), EBITDA, EBITDAre, Adjusted EBITDAre, Annualized Adjusted EBITDAre, Adjusted Net Operating Income (“NOI”), Annualized Adjusted NOI, Adjusted Cash NOI, Annualized Adjusted Cash NOI, Net Debt, Adjusted Net Debt and Fixed Charge Coverage Ratio.
These non-GAAP financial measures should not be considered alternatives to net income as a performance measure or to cash flows from operations as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measure and statements of why management believes these measures are useful to investors are included below.
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Company Contact
investorrelations@frontviewreit.com
5
FRONTVIEW REIT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share amounts)
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June 30, |
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December 31, |
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ASSETS |
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Real estate held for investment, at cost |
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Land |
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$ |
350,780 |
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$ |
329,478 |
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Buildings and improvements |
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458,562 |
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417,393 |
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Total real estate held for investment, at cost |
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809,342 |
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746,871 |
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Less: accumulated depreciation |
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(54,356 |
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(48,204 |
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Real estate held for investment, net |
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754,986 |
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698,667 |
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Assets held for sale |
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7,979 |
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12,493 |
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Mortgage loans receivable |
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10,316 |
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10,324 |
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Cash and cash equivalents |
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6,001 |
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13,518 |
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Intangible lease assets, net |
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99,636 |
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99,489 |
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Other assets |
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21,444 |
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19,952 |
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Total assets |
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$ |
900,362 |
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$ |
854,443 |
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LIABILITIES AND EQUITY |
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Liabilities |
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Debt, net |
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$ |
329,104 |
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$ |
314,251 |
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Intangible lease liabilities, net |
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13,849 |
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14,474 |
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Accounts payable and accrued liabilities |
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28,786 |
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32,494 |
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Total liabilities |
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371,739 |
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361,219 |
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Equity |
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FrontView REIT, Inc. equity |
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Series A Convertible Preferred Stock, $0.01 par value 750,000 shares authorized, 250,000 shares issued and outstanding as of June 30, 2026 (liquidation preference $25,000) |
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3 |
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— |
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Common stock, $0.01 par value 450,000,000 shares authorized, 23,650,757 and 22,111,165 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively |
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236 |
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221 |
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Additional paid-in capital |
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471,987 |
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420,024 |
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Accumulated deficit |
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(37,161 |
) |
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(28,149 |
) |
Accumulated other comprehensive income (loss) |
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2,257 |
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(901 |
) |
Total FrontView REIT, Inc. equity |
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437,322 |
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391,195 |
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Non-controlling interests |
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91,301 |
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|
102,029 |
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Total equity |
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528,623 |
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|
493,224 |
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Total liabilities and equity |
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$ |
900,362 |
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$ |
854,443 |
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6
FRONTVIEW REIT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share and per share amounts)
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For the three months ended June 30, |
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For the six months ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenues |
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Rental revenues |
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$ |
17,809 |
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$ |
17,547 |
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$ |
35,785 |
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$ |
33,790 |
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Interest income on mortgage loans |
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|
196 |
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|
7 |
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|
|
405 |
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|
7 |
|
Total revenues |
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|
18,005 |
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|
17,554 |
|
|
|
36,190 |
|
|
|
33,797 |
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Operating expenses |
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Depreciation and amortization |
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8,229 |
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|
9,466 |
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|
15,901 |
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|
17,271 |
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Property operating expenses |
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|
2,273 |
|
|
|
2,714 |
|
|
|
4,603 |
|
|
|
5,090 |
|
General and administrative expenses |
|
|
3,807 |
|
|
|
3,279 |
|
|
|
7,458 |
|
|
|
6,118 |
|
Total operating expenses |
|
|
14,309 |
|
|
|
15,459 |
|
|
|
27,962 |
|
|
|
28,479 |
|
Other expenses (income) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
4,191 |
|
|
|
4,647 |
|
|
|
8,404 |
|
|
|
9,144 |
|
Gain on sale of real estate |
|
|
(2,262 |
) |
|
|
(1,194 |
) |
|
|
(3,225 |
) |
|
|
(1,661 |
) |
Impairment loss |
|
|
156 |
|
|
|
2,978 |
|
|
|
968 |
|
|
|
3,406 |
|
Income taxes |
|
|
94 |
|
|
|
194 |
|
|
|
164 |
|
|
|
296 |
|
Total other expenses |
|
|
2,179 |
|
|
|
6,625 |
|
|
|
6,311 |
|
|
|
11,185 |
|
Net income (loss) |
|
|
1,517 |
|
|
|
(4,530 |
) |
|
|
1,917 |
|
|
|
(5,867 |
) |
Net income (loss) attributable to non-controlling interests |
|
|
285 |
|
|
|
(1,629 |
) |
|
|
365 |
|
|
|
(2,133 |
) |
Net income (loss) attributable to FrontView REIT, Inc. |
|
|
1,232 |
|
|
|
(2,901 |
) |
|
|
1,552 |
|
|
|
(3,734 |
) |
Series A Convertible Preferred Stock dividends |
|
|
(422 |
) |
|
|
— |
|
|
|
(661 |
) |
|
|
— |
|
Net income (loss) attributable to common stockholders |
|
$ |
810 |
|
|
$ |
(2,901 |
) |
|
$ |
891 |
|
|
$ |
(3,734 |
) |
Weighted average number of common shares outstanding used in earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
22,831,250 |
|
|
|
19,136,225 |
|
|
|
22,556,120 |
|
|
|
18,229,095 |
|
Diluted |
|
|
23,114,693 |
|
|
|
19,136,225 |
|
|
|
22,870,767 |
|
|
|
18,229,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share attributable to common stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.03 |
|
|
$ |
(0.16 |
) |
|
$ |
0.03 |
|
|
$ |
(0.22 |
) |
Diluted |
|
$ |
0.03 |
|
|
$ |
(0.16 |
) |
|
$ |
0.03 |
|
|
$ |
(0.22 |
) |
7
Reconciliation of Non-GAAP Measures
The following is a reconciliation of net income (loss) (which is the most comparable GAAP measure) to FFO and AFFO:
|
|
For the three months ended June 30, |
|
|
For the six months ended June 30, |
|
||||||||||
(unaudited, in thousands, except share, per share amounts and percentages) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net income (loss) |
|
$ |
1,517 |
|
|
$ |
(4,530 |
) |
|
$ |
1,917 |
|
|
$ |
(5,867 |
) |
Less: Series A Convertible Preferred Stock dividends |
|
|
(422 |
) |
|
|
— |
|
|
|
(661 |
) |
|
|
— |
|
Net income (loss) attributable to OP common unitholders |
|
|
1,095 |
|
|
|
(4,530 |
) |
|
|
1,256 |
|
|
|
(5,867 |
) |
Depreciation and amortization (1) |
|
|
8,229 |
|
|
|
9,466 |
|
|
|
15,901 |
|
|
|
17,271 |
|
Gain on sale of real estate |
|
|
(2,262 |
) |
|
|
(1,194 |
) |
|
|
(3,225 |
) |
|
|
(1,661 |
) |
Impairment loss |
|
|
156 |
|
|
|
2,978 |
|
|
|
968 |
|
|
|
3,406 |
|
Funds from Operations (“FFO”) |
|
$ |
7,218 |
|
|
$ |
6,720 |
|
|
$ |
14,900 |
|
|
$ |
13,149 |
|
Straight-line rent adjustments |
|
|
(22 |
) |
|
|
(286 |
) |
|
|
(456 |
) |
|
|
(408 |
) |
Amortization of financing transaction and discount costs |
|
|
400 |
|
|
|
400 |
|
|
|
795 |
|
|
|
795 |
|
Amortization of above/below market lease intangibles (2) |
|
|
457 |
|
|
|
941 |
|
|
|
1,078 |
|
|
|
1,652 |
|
Stock-based compensation |
|
|
1,065 |
|
|
|
200 |
|
|
|
2,126 |
|
|
|
815 |
|
Adjustment for structuring and public company readiness costs |
|
|
— |
|
|
|
89 |
|
|
|
— |
|
|
|
290 |
|
Other non-recurring expenses (3) |
|
|
278 |
|
|
|
964 |
|
|
|
443 |
|
|
|
964 |
|
Adjusted Funds from Operations (“AFFO”) |
|
$ |
9,396 |
|
|
$ |
9,028 |
|
|
$ |
18,886 |
|
|
$ |
17,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
FFO per share |
|
$ |
0.26 |
|
|
$ |
0.24 |
|
|
$ |
0.53 |
|
|
$ |
0.47 |
|
AFFO per share |
|
$ |
0.33 |
|
|
$ |
0.32 |
|
|
$ |
0.67 |
|
|
$ |
0.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dividends per share |
|
$ |
0.215 |
|
|
$ |
0.215 |
|
|
$ |
0.430 |
|
|
$ |
0.430 |
|
Dividends per share as a percentage of AFFO |
|
|
64.7 |
% |
|
|
66.3 |
% |
|
|
64.2 |
% |
|
|
69.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding, basic |
|
|
22,831,250 |
|
|
|
19,136,225 |
|
|
|
22,556,120 |
|
|
|
18,229,095 |
|
Weighted average operating partnership units outstanding |
|
|
5,273,171 |
|
|
|
8,690,812 |
|
|
|
5,435,376 |
|
|
|
9,595,836 |
|
Unvested restricted stock units and LTIP units (4) |
|
|
167,620 |
|
|
|
— |
|
|
|
198,863 |
|
|
|
— |
|
Weighted average common shares outstanding, diluted (5) |
|
|
28,272,041 |
|
|
|
27,827,037 |
|
|
|
28,190,359 |
|
|
|
27,824,931 |
|
We compute FFO in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as GAAP net income or loss adjusted to exclude net gains (losses) from sales of certain depreciated real estate assets, depreciation and amortization expense from real estate assets, gains and losses from change in control, and impairment charges related to certain previously depreciated real estate assets. Our leases typically include cash rents that increase through lease escalations over the term of the lease. Our leases do not typically include significant front-loading or back-loading of payments, or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates. To derive AFFO, we modify the Nareit computation of FFO to include other adjustments to GAAP net income related to certain non-cash or non-recurring revenues and expenses, including, as applicable, straight-line rents, cost of debt extinguishments, amortization of lease intangibles, amortization of debt issuance costs, amortization of net mortgage premiums, (gain) loss on interest rate swaps and other non-cash interest expense, realized gains or losses on foreign currency
8
transactions, Internalization expenses, structuring and public company readiness costs, extraordinary items, and other specified non-cash items. We believe that such items are not indicative of operating performance and thus we believe excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors.
FFO is used by management, investors, and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers, primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We also use AFFO as a measure of our performance when we formulate corporate goals. We believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by one-time cash and non-cash revenues or expenses. FFO and AFFO may not be comparable to similarly titled measures employed by other REITs, and comparisons of our FFO and AFFO with the same or similar measures disclosed by other REITs may not be meaningful. FFO and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures.
Neither the SEC nor any other regulatory body has passed judgment on the acceptability of the adjustments to FFO that we use to calculate AFFO. In the future, the SEC, Nareit or another regulatory body may decide to standardize the allowable adjustments across the REIT industry and in response to such standardization we may have to adjust our calculation and characterization of AFFO accordingly.
The following is a reconciliation of net income (which is the most comparable GAAP measure) to EBITDA, EBITDAre, Adjusted EBITDAre, Adjusted NOI and Adjusted Cash NOI:
(unaudited, in thousands) |
For the three months ended June 30, 2026 |
|
|
Net income |
$ |
1,517 |
|
Depreciation and amortization (1) |
|
8,366 |
|
Interest expense |
|
4,191 |
|
Income taxes |
|
94 |
|
EBITDA |
$ |
14,168 |
|
Gain on sale of real estate |
|
(2,262 |
) |
Impairment loss |
|
156 |
|
EBITDAre |
$ |
12,062 |
|
Adjustments: |
|
|
|
Current period investment activity (2) |
|
903 |
|
Current period disposition activity (2) |
|
(142 |
) |
Non-cash compensation expense |
|
1,065 |
|
Exclude non-recurring expenses (3) |
|
278 |
|
Exclude write-offs of non-cash items |
|
815 |
|
Adjusted EBITDAre |
$ |
14,981 |
|
General and administrative, net of non-recurring |
|
2,464 |
|
Adjusted Net Operating Income (“NOI”) |
$ |
17,445 |
|
Straight-line rental revenue, net |
|
(550 |
) |
Adjusted Cash NOI |
$ |
16,895 |
|
|
|
|
|
Annualized Adjusted EBITDAre |
$ |
59,924 |
|
Annualized Adjusted NOI |
$ |
69,780 |
|
Annualized Adjusted Cash NOI |
$ |
67,580 |
|
We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that EBITDA provides investors and analysts with a measure of our performance that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. In 2017, Nareit issued a white paper recommending that companies that report EBITDA also report EBITDAre in financial reports. We compute EBITDAre in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as EBITDA (as defined above) excluding gains (loss) from the sales of depreciable property and provisions for impairment on investment
9
in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs.
EBITDA and EBITDAre are not measures of financial performance under GAAP, and our EBITDA and EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.
We compute Adjusted EBITDAre as EBITDAre for the applicable quarter, as adjusted to (i) reflect all investment and disposition activity that took place during the applicable quarter as if each transaction had been completed on the first day of the quarter, (ii) exclude certain GAAP income and expense amounts that we believe are infrequent and unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, (iii) eliminate the impact of lease termination fees from certain of our tenants, and (iv) exclude non-cash stock-based compensation expense. Annualized Adjusted EBITDAre is calculated by multiplying Adjusted EBITDAre for the applicable quarter by four, which we believe provides 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 this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre.
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.
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 excluding 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.
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 Adjusted NOI and Adjusted Cash NOI as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.
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 Adjusted NOI and Adjusted Cash NOI for future periods may be significantly different from our Annualized Adjusted NOI and Annualized Adjusted Cash NOI.
10
The following table reconciles total debt (which is the most comparable GAAP measure) to Net Debt and Adjusted Net Debt, and presents the ratios of Net Debt to Annualized Adjusted EBITDAre and Adjusted Net Debt to Annualized Adjusted EBITDAre:
(unaudited, in thousands) |
|
As of June 30, 2026 |
|
|
Debt |
|
|
|
|
Term Loan |
|
$ |
200,000 |
|
Revolving Credit Facility |
|
|
130,000 |
|
Gross Debt |
|
|
330,000 |
|
Cash and cash equivalents |
|
|
(6,001 |
) |
Net Debt |
|
$ |
323,999 |
|
Net value of undrawn Series A Convertible Preferred Stock |
|
|
(50,000 |
) |
Net value of unsettled forward equity |
|
|
(32,237 |
) |
Adjusted Net Debt |
|
$ |
241,762 |
|
(unaudited) |
|
As of June 30, 2026 |
|
Net Debt to Annualized Adjusted EBITDAre |
|
5.4x |
|
Adjusted Net Debt to Annualized Adjusted EBITDAre |
|
4.0x |
|
Net Debt is a non-GAAP financial measure. We define Net Debt as our Gross Debt less cash and cash equivalents. We then adjust Net Debt by the undrawn Series A Preferred Stock and unsettled forward equity to derive Adjusted Net Debt. The ratios of Net Debt to Annualized Adjusted EBITDAre and Adjusted Net Debt to Annualized Adjusted EBITDAre represent Net Debt and Adjusted Net Debt as of the end of the applicable period divided by Annualized Adjusted EBITDAre for the period, respectively. We believe that these ratios are useful to investors and analysts because they provide information about Gross Debt less cash and cash equivalents as well as Gross Debt less cash and cash equivalents, undrawn Series A Preferred Stock and unsettled forward equity, which could be useful to repay debt.
The following table summarizes our fixed charges, and presents Annualized fixed charges to Annualized Adjusted EBITDAre:
(unaudited, in thousands) |
As of June 30, 2026 |
|
|
Interest expense |
$ |
4,191 |
|
Non-cash interest |
|
(400 |
) |
Preferred dividends |
|
422 |
|
Fixed charges |
|
4,213 |
|
Annualized fixed charges |
|
16,852 |
|
Fixed Charge Coverage Ratio |
3.6x |
|
|
The Fixed Charge Ratio is the ratio of Annualized Adjusted EBITDAre to Annualized Fixed Charges. Fixed charges are computed for the applicable quarter 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.
The Annualized Fixed Charges is calculated by multiplying fixed charges for the applicable quarter by four. We believe this ratio is useful to investors and analysts as it is used to evaluate our liquidity and ability to obtain financing.
11
Q2 2026 Quarterly Supplemental Information FrontView is an internally managed net-lease real estate investment trust (“REIT”) focused on acquiring, owning, and managing properties with frontage that are leased to a diversified tenant base. Our real estate-first investment strategy is centered around highly visible properties in prominent retail corridors with strong underlying real estate fundamentals. We target properties along high-traffic roads that offer strong consumer visibility and adaptable building formats capable of supporting various businesses over time. investor.frontviewreit.com EXHIBIT 99.2
Table of Contents Section Page Company Overview 3 Quarterly Highlights 4 Balance Sheets 5 Income Statement 6 Income Statement Detail 7 FFO and AFFO Reconciliations 8 Adjusted EBITDAre and Adjusted Cash NOI Reconciliations 9 Net Asset Value Components 10 Capital Structure Overview 11 TTM Investment Activity 12 TTM Disposition Activity 13 Tenant Concepts List 14-17 Industry Diversification 18 Ground Lease Portfolio 19 Property Map and Geography 20 Lease Expirations, Occupancy and Contractual Rent Growth 21 Appendix 22 Definitions and Explanations 23-25 Forward-Looking and Cautionary Statements 26 2
Investor Relations Contact Pierre Revol EVP & Chief Financial Officer prevol@frontviewreit.com Company Overview FrontView is an internally managed net-lease real estate investment trust (“REIT”) focused on acquiring, owning, and managing properties with frontage that are leased to a diversified tenant base. Our real estate-first investment strategy is centered around highly visible properties in prominent retail corridors with strong underlying real estate fundamentals. We target properties along high-traffic roads that offer strong consumer visibility and adaptable building formats capable of supporting various businesses over time. As of June 30, 2026, the Company owned a well-diversified portfolio of 316 properties with direct frontage across 35 U.S. states. The Company's tenants include service-oriented businesses, such as: Medical and Dental Providers Quick Service Restaurants Casual Dining Financial Institutions Other – Service Cellular Stores Fitness Operators Automotive Stores Discount Retail Automotive Dealers Convenience Stores and Gas Stations Car Washes Home Improvement Stores Pharmacies Other – Necessity Professional Services Executive Team Pierre Revol EVP and Chief Financial Officer Daniel Swanstrom Independent Director Elizabeth Frank Independent Director Drew Ireland Chief Operating Officer Charles Fitzgerald Independent Director Ernesto Perez Independent Director Sean Fukumura Chief Accounting Officer Robert Green Director Stephen Preston President and Chief Executive Officer and Chairman of the Board Noelle LeVeaux Independent Director Stephen Preston Chairman of the Board Board of Directors Tim McHugh Independent Director
Quarterly Highlights Note: Reconciliations of non-GAAP financial measures for prior periods are available in previously issued earnings presentations. A major franchisee has over 50 units. Investment grade represents tenant or guarantor rating weighted by ABR. Includes Giant Eagle, which entered into an agreement to be acquired by Kroger, an IG tenant. Financial Results June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net income (loss) $1,517 $400 $(5,243) $5,547 $(4,530) Net earnings per common share, diluted $0.03 $0.00 $(0.19) $0.19 $(0.16) Funds from operations (FFO) $7,218 $7,682 $6,058 $6,866 $6,720 FFO per share, diluted $0.26 $0.27 $0.22 $0.25 $0.24 Adjusted funds from operations (AFFO) $9,396 $9,490 $8,636 $8,829 $9,028 AFFO per share, diluted $0.33 $0.34 $0.31 $0.32 $0.32 Dividends declared per share $0.215 $0.215 $0.215 $0.215 $0.215 Weighted average common shares outstanding, diluted 28,272,041 28,064,086 27,874,696 27,834,670 27,827,037 Key Portfolio Metrics June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Number of properties 316 309 303 307 319 Annualized base rent (ABR) $66,899 $64,218 $62,852 $61,289 $62,293 Gross real estate investment $985,892 $935,036 $912,385 $890,943 $900,305 Average rent per square foot $23.28 $23.39 $23.74 $24.22 $24.01 Rentable square footage 2,890 2,770 2,687 2,575 2,594 Weighted average lease term (WALT) 7.1 years 7.3 years 7.4 years 7.2 years 7.3 years Number of states 35 36 37 37 37 Top 10 tenant concentration 20.2% 23.0% 23.7% 24.3% 22.7% Occupancy 99.4% 98.7% 98.7% 98.0% 97.8% Ground leases 10.9% 10.7% 11.5% 12.1% 11.5% Number of concepts 165 156 155 152 157 Number of leases 336 327 321 323 334 Number of industries 16 16 16 16 16 Corporate / large franchisee (1) 96.1% 95.6% 95.8% 95.3% 95.6% Investment grade (2, 3) 33.6% 33.8% 34.8% 33.7% 33.1% (unaudited, in thousands, except share and per share amounts)
Balance Sheets (unaudited, in thousands, except share and per share amounts) June 30, 2026 December 31, 2025 Assets Real estate held for investment, at cost Land $ 350,780 $ 329,478 Buildings and improvements 458,562 417,393 Total real estate held for investment, at cost 809,342 746,871 Less: accumulated depreciation (54,356) (48,204) Real estate held for investment, net 754,986 698,667 Assets held for sale 7,979 12,493 Mortgage loans receivable 10,316 10,324 Cash and cash equivalents 6,001 13,518 Intangible lease assets, net 99,636 99,489 Other assets 21,444 19,952 Total assets $ 900,362 $ 854,443 Liabilities and equity Liabilities Debt, net $ 329,104 $ 314,251 Intangible lease liabilities, net 13,849 14,474 Accounts payable and accrued liabilities 28,786 32,494 Total liabilities 371,739 361,219 Equity FrontView REIT, Inc. equity Series A Convertible Preferred Stock, $0.01 par value 750,000 shares authorized, 250,000 shares issued and outstanding as of June 30, 2026 (liquidation preference $25,000) 3 — Common stock, $0.01 par value 450,000,000 shares authorized, 23,650,757 and 22,111,165 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 236 221 Additional paid-in capital 471,987 420,024 Accumulated deficit (37,161) (28,149) Accumulated other comprehensive income (loss) 2,257 (901) Total FrontView REIT, Inc. equity 437,322 391,195 Non-controlling interests 91,301 102,029 Total equity 528,623 493,224 Total liabilities and equity $ 900,362 $ 854,443
Income Statement For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 Revenues Rental revenues $ 17,809 $ 17,547 $ 35,785 $ 33,790 Interest income on mortgage loans 196 7 405 7 Total revenues 18,005 17,554 36,190 33,797 Operating expenses Depreciation and amortization 8,229 9,466 15,901 17,271 Property operating expenses 2,273 2,714 4,603 5,090 General and administrative expenses 3,807 3,279 7,458 6,118 Total operating expenses 14,309 15,459 27,962 28,479 Other expenses (income) Interest expense 4,191 4,647 8,404 9,144 Gain on sale of real estate (2,262) (1,194) (3,225) (1,661) Impairment loss 156 2,978 968 3,406 Income taxes 94 194 164 296 Total other expenses 2,179 6,625 6,311 11,185 Net income (loss) 1,517 (4,530) 1,917 (5,867) Net income (loss) attributable to non-controlling interest 285 (1,629) 365 (2,133) Net income (loss) attributable to FrontView REIT, Inc. 1,232 (2,901) 1,552 (3,734) Series A Convertible Preferred Stock dividends (422) — (661) — Net income (loss) attributable to common stockholders $ 810 $ (2,901) $ 891 $ (3,734) Weighted average number of common shares outstanding used in earnings per share Basic 22,831,250 19,136,225 22,556,120 18,229,095 Diluted 23,114,693 19,136,225 22,870,767 18.229,095 Earnings per share attributable to common stockholders Basic $ 0.03 $ (0.16) $ 0.03 $ (0.22) Diluted $ 0.03 $ (0.16) $ 0.03 $ (0.22) (unaudited, in thousands, except share and per share amounts)
Income Statement Detail (unaudited, $ in thousands) Includes termination fees, late fees, and other miscellaneous income. Adjusted Cash Revenue is equal to Total revenues less reimbursable income, above/below market lease amortization, and straight-line rent. Rental Income and Adjusted Cash Detail (1) For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 Contractual rental amounts billed $ 15,970 $ 15,518 $ 31,740 $ 30,538 Reimbursable income 2,042 2,441 4,109 4,100 Percentage rent 29 146 63 180 Other operating income (1) 203 97 495 216 Adjustment to recognize contractual rental amounts on a straight-line basis 22 286 456 408 Above/below market lease amortization, net (457) (941) (1,078) (1,652) Total rental revenues $ 17,809 $ 17,547 $ 35,785 $ 33,790 Interest income on mortgage loans 196 7 405 7 Total revenues 18,005 17,554 36,190 33,797 Adjusted Cash Revenue (2) $ 16,398 $ 15,768 $ 32,703 $ 30,941 Non-reimbursable property costs (“Slippage”) For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 Real estate taxes $ 1,461 $ 2,213 $ 3,124 $ 3,704 Other property operating expenses 812 501 1,479 1,386 Property operating expenses 2,273 2,714 4,603 5,090 Reimbursable income (2,042) (2,441) (4,109) (4,100) Less: non-recurring items — — — (189) Non-reimbursable property costs $ 231 $ 273 $ 494 $ 801 Non-reimbursable property costs as a % of Adjusted Cash Revenue 1.4% 1.7% 1.5% 2.6% Cash General & Administrative Expense (“Cash G&A”) For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 General & administrative expense $ 3,807 $ 3,279 $ 7,458 $ 6,118 Less: non-cash compensation (1,065) (200) (2,126) (815) Less: non-recurring items (278) (1,117) (443) (1,129) Adjusted Cash G&A $ 2,464 $ 1,962 $ 4,889 $ 4,174 Adjusted Cash G&A as a % of Adjusted Cash Revenue 15.0% 12.4% 14.9% 13.5%
Includes write-offs of intangibles of $0.3 million and $1.6 million for the three months ended June 30, 2026 and 2025, respectively, and $0.6 million and $1.6 million for the six months ended June 30, 2026 and 2025, respectively. Includes write-offs of $(0.1) million for both the three and six months ended June 30, 2026 and $0.4 million for both the three and six months ended June 30, 2025. Other non-recurring expenses include one-time expenses, deal pursuit costs and other non-recurring items. Excludes unvested performance based LTIP awards that are contingently issuable. Represents weighted average common shares outstanding, diluted, excluding any shares issuable upon conversion of the Company's Series A Convertible Preferred Stock. FFO and AFFO Reconciliations (unaudited, in thousands except share and per share data) For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 Net income (loss) $ 1,517 $ (4,530) $ 1,917 $ (5,867) Less: Series A Convertible Preferred Stock dividends (422) — (661) — Net income (loss) attributable to OP common unitholders 1,095 (4,530) 1,256 (5,867) Depreciation and amortization (1) 8,229 9,466 15,901 17,271 Gain on sale of real estate (2,262) (1,194) (3,225) (1,661) Impairment loss 156 2,978 968 3,406 Funds from operations (FFO) $ 7,218 $ 6,720 $ 14,900 $ 13,149 Straight-line rent adjustments (22) (286) (456) (408) Amortization of financing transaction and discount costs 400 400 795 795 Amortization of above/below market lease intangibles (2) 457 941 1,078 1,652 Stock-based compensation 1,065 200 2,126 815 Adjustment for structuring and public company readiness costs — 89 — 290 Other non-recurring expenses (3) 278 964 443 964 Adjusted funds from operations (AFFO) $ 9,396 $ 9,028 $ 18,886 $ 17,257 Weighted average common shares outstanding, basic 22,831,250 19,136,225 22,556,120 18,229,095 Weighted average operating partnership units outstanding 5,273,171 8,690,812 5,435,376 9,595,836 Unvested restricted stock units and LTIP units (4) 167,620 — 198,863 — Weighted average common shares outstanding, diluted (5) 28,272,041 27,827,037 28,190,359 27,824,931 Net earnings per diluted share $ 0.03 $ (0.16) $ 0.03 $ (0.22) FFO per diluted share $ 0.26 $ 0.24 $ 0.53 $ 0.47 AFFO per diluted share $ 0.33 $ 0.32 $ 0.67 $ 0.62
Adjusted EBITDAre and Adjusted Cash NOI Reconciliations (unaudited, in thousands) For the three months ended June 30, 2026 Net income $ 1,517 Depreciation and amortization (1) 8,366 Interest expense 4,191 Income taxes 94 EBITDA $ 14,168 Gain on sale of real estate (2,262) Impairment loss 156 EBITDAre $ 12,062 Adjustments: Current period investment activity (2) 903 Current period disposition activity (2) (142) Non-cash compensation expense 1,065 Exclude non-recurring expenses (3) 278 Exclude write-offs of non-cash items 815 Adjusted EBITDAre $ 14,981 General and administrative, net of non-recurring 2,464 Adjusted NOI $ 17,445 Straight-line rental revenue, net (550) Adjusted Cash NOI $ 16,895 Annualized Adjusted EBITDAre $ 59,924 Annualized Adjusted NOI $ 69,780 Annualized Adjusted Cash NOI $ 67,580 Includes amortization of above/below market lease intangibles of $0.5 million and excludes write-offs of intangibles of $0.3 million. Reflects an adjustment to give effect to all investments and dispositions during the quarter as if they had been acquired or disposed as of the beginning of the period. Other non-recurring expenses include one-time expenses, deal pursuit costs and other non-recurring items.
Net Asset Value Components (unaudited, in thousands, except share data) Includes interest income on mortgage loans and other operating income of $0.8 million and $0.8 million. Includes components of accounts receivable (net) and deferred rent receivables (net) that are realizable assets, and $7.1 million in net book value of vacant assets. Includes accounts payable and accrued liabilities. Current liquidation value of the Series A Convertible Preferred Stock is $25.0 million. Gross Real Estate Investment # of Properties Rentable Square Feet Annualized Base Rent Ann. Adjusted Cash NOI (1) Real estate portfolio $985,892 316 2,890 $66,899 $67,580 Tangible assets Cash and cash equivalents 6,001 Mortgage receivable principal outstanding 10,316 Other tangible assets (2) 21,472 Total tangible assets $37,789 Debt Term loan 200,000 Revolving credit facility 130,000 Total debt $330,000 Tangible liabilities Dividends and distributions payable 6,710 Other tangible liabilities (3) 21,882 Total tangible liabilities $28,592 Shares outstanding Common Shares outstanding, at the end of the period 23,650,757 Operating Partnership units, at the end of the period 5,214,345 If converted Series A Convertible Preferred Stock, at the end of the period (4) 1,470,588 Shares outstanding, assuming full conversion of Series A Convertible Preferred Stock 30,335,690
Capital Structure Overview Note: Metrics as of June 30, 2026. The revolving credit facility has four hedges for a notional amount of $100.0 million that expires on March 31, 2028. Maturity date assumes both 12-month extension options are exercised. Initial maturity is October 3, 2027. Equity value as of June 30, 2026, was $20.23. Fixed Charge Coverage Ratio represents Adjusted Annualized EBITDAre divided by Annualized Fixed Charges. Net debt and adjusted net debt to annualized adjusted EBITDAre Interest rate Fixed rate SOFR swap Max maturity June 30, 2026 Term loan 4.81% 3.66% 10/3/2029 (2) $ 200,000 Revolving credit facility SOFR + 1.15% 2.92% - 3.28% (1) 10/3/2029 (2) 130,000 Gross debt $ 330,000 Cash and cash equivalents (6,001) Net debt $ 323,999 Less: Net value of undrawn Series A convertible preferred stock (50,000) Less: Net value of unsettled forward equity (32,237) Adjusted net debt $ 241,762 Annualized adjusted EBITDAre $ 59,924 Net debt to annualized adjusted EBITDAre 5.4x Adjusted net debt to annualized adjusted EBITDAre 4.0x Fixed charge coverage ratio Interest expense $ 4,191 Non-cash interest (400) Preferred dividends 422 Fixed charges 4,213 Annualized Fixed Charges $ 16,852 Fixed Charge Coverage Ratio (4) 3.6x Liquidity Cash and cash equivalents $ 6,001 Undrawn revolving credit facility capacity 120,000 Undrawn Series A convertible preferred stock 50,000 Unsettled forward equity 32,237 Total liquidity $ 208,238 Term Loan and Credit Facility Covenants Total leverage ratio ≤ 60% 33.0% Adjusted EBITDA to fixed charges ratio ≥ 1.50 to 1.00 3.6x Secured leverage ratio ≤ 40% 0.0% Unencumbered NOI to unsecured interest expense ratio ≥ 1.75 to 1.00 4.4x Unsecured leverage ratio ≤ 60% 33.4% Tangible net worth ≥ $ 380,032 $666,786 Capital Structure Total Capitalization $939M Common stock (3) 51.0% OP Units (3) 11.2% Series A convertible preferred stock 2.7% (unaudited, $ in thousands)
TTM Investment Activity Note: Weightings are based on purchase price. (1) Includes Giant Eagle, which entered into an agreement to be acquired by Kroger, an IG tenant. (2) Includes near-term lease amendments as the underwritten capitalization rate. Investments Q2 2026 Q1 2026 Q4 2025 Q3 2025 TTM Number of properties 17 10 7 3 37 Average annual escalators 1.4% 1.5% 1.2% 0.4% 1.3% Investment grade % (1) 31.4% 17.2% 55.3% 31.0% 34.7% Weighted average lease term (WALT) 7.3 9.4 13.1 10.7 9.7 Purchase price $58,186 $33,856 $41,300 $15,771 $149,113 Cash capitalization rate (2) 7.34% 7.49% 7.46% 7.48% 7.42% Economic yield 7.39% 7.80% 7.83% 7.56% 7.63% Representative Tenant Concepts $58,186 $33,856 $41,300 $15,771 $149,113 (unaudited, in thousands)
TTM Disposition Activity Note: Weightings are based on gross proceeds. Dispositions Q2 2026 Q1 2026 Q4 2025 Q3 2025 TTM Number of vacant properties 1 3 4 2 10 Number of leased properties 9 2 7 13 31 Gross proceeds on vacant properties $300 $5,725 $2,645 $2,800 $11,470 Gross proceeds on leased properties $22,582 $3,935 $17,795 $30,097 $74,409 Weighted average lease term (WALT) 9.7 8.0 6.9 8.0 8.2 Total gross proceeds $22,882 $9,660 $20,440 $32,897 $85,879 Disposition capitalization rate on leased properties 7.12% 6.89% 6.82% 6.78% 6.89% Representative Tenant Concepts $22,882 $9,660 $20,440 $32,897 $85,879 (unaudited, in thousands)
Tenant Concepts 1-48 # Tenant Concept # of Leases % of ABR Investment Grade Rated Credit Rating (S&P / Moody’s / Fitch) 1 Dollar Tree 13 3.10% ✓ BBB- / Baa2 2 Fast Pace Urgent Care 8 2.74% — N/A 3 Verizon 9 2.64% ✓ BBB+ / Baa1 / A- 4 Raising Canes 6 2.34% — BB- 5 LA Fitness 3 2.21% — B / B2 6 Dick's 1 2.16% ✓ BBB / Baa3 7 Oak Street Health 6 2.09% — N/A 8 IHOP 7 1.92% — N/A 9 Mammoth Car Wash 6 1.90% — N/A 10 Bank of America 5 1.86% ✓ A- / A1/ AA- 11 Range USA 3 1.84% — N/A 12 LA-Z-Boy 3 1.79% — N/A 13 Adams Auto Group 2 1.70% — N/A 14 AT&T 6 1.66% ✓ BBB / Baa2 / BBB+ 15 T-Mobile 9 1.64% ✓ BBB / Baa1 / BBB+ 16 Chili's 3 1.54% — BB+ / Ba2 17 PNC Bank 5 1.52% ✓ A+ / Aa3 / A+ 18 Wells Fargo 3 1.36% ✓ A+ / Aa2 / A+ 19 St. Joseph Hospice 2 1.34% — N/A 20 Heartland Dental 5 1.28% — N/A 21 Advance Auto Parts 7 1.28% — BB+ / Ba3 22 Aspen Dental 6 1.28% — N/A 23 Lowe's Home Improvement 1 1.17% ✓ BBB+ / Baa1 24 Academy Sports 1 1.11% — BB+ / Ba2 25 Charles Schwab 1 1.11% ✓ A- / A2 / A 26 VASA Fitness 1 1.10% — N/A # Tenant Concept # of Leases % of ABR Investment Grade Rated Credit Rating (S&P / Moody’s / Fitch) 1 Verizon 9 2.6% ✓ BBB+ / Baa1 / A- 2 Raising Canes 6 2.2% — BB- 3 LA Fitness 3 2.1% — B / B2 4 Dick's 1 2.1% ✓ BBB / Baa3 5 Fast Pace Urgent Care 7 2.0% — N/A 6 Oak Street Health 6 2.0% — N/A 7 IHOP 7 1.8% — N/A 8 Mammoth Car Wash 6 1.8% — N/A 9 Bank of America 5 1.8% ✓ A- / A1/ AA- 10 Range USA 3 1.8% — N/A 11 Dollar Tree 8 1.7% ✓ BBB- / Baa2 12 LA-Z-Boy 3 1.7% — N/A 13 Adams Auto Group 2 1.6% — N/A 14 PNC Bank 6 1.6% ✓ A+ / Aa3 / A+ 15 AT&T 6 1.6% ✓ BBB / Baa2 / BBB+ 16 T-Mobile 9 1.6% ✓ BBB / Baa1 / BBB+ 17 Chili's 3 1.5% — BB+ / Ba2 18 Aspen Dental 7 1.4% — N/A 19 Wells Fargo 3 1.3% ✓ A+ / Aa2 / A+ 20 Giant Eagle (1) 1 1.3% ✓ BBB / Baa1 21 St. Joseph Hospice 2 1.3% — N/A 22 Heartland Dental 5 1.2% — N/A 23 Advance Auto Parts 7 1.2% — BB / Ba3 24 Wendy's 6 1.1% — B+ / B2 25 Lowe's Home Improvement 1 1.1% ✓ BBB+ / Baa1 26 Academy Sports 1 1.1% — BB+ / Ba2 27 Charles Schwab 1 1.1% ✓ A- / A2 / A 28 VASA Fitness 1 1.1% — N/A 29 Parachute Plasma 2 1.0% — N/A 30 WSS 2 1.0% ✓ BBB / Baa3 31 Take 5 Oil Change 6 1.0% — N/A 32 Wellnow 4 0.9% — N/A 33 Walmart 1 0.9% ✓ AA / Aa2 / AA 34 Jared 3 0.9% ✓ BBB- 35 Best Buy 1 0.9% ✓ BBB+ / A3 36 Andy's Frozen Custard 4 0.9% — N/A 37 Burger King 4 0.9% — BB / BB+ 38 Edge Fitness 1 0.9% — N/A 39 Chase Bank 3 0.9% ✓ A+ / Aa2 / AA- 40 Floor & Decor 1 0.9% — BB 41 Applebee's 3 0.9% — N/A 42 Walgreens 2 0.9% — N/A 43 Chipotle 5 0.9% — N/A 44 Buffalo Wild Wings 2 0.8% — N/A 45 Stop & Shop Gas 3 0.8% ✓ BBB+ / Baa1 46 CVS 2 0.8% ✓ BBB 47 Dollar General 4 0.8% ✓ BBB 48 Hawaiian Bros 2 0.8% — N/A Includes credit rating from Kroger Co. due to the recently announced acquisition expected to close in 2027.
Tenant Concepts 49-96 # Tenant Concept # of Leases % of ABR Investment Grade Rated Credit Rating (S&P / Moody’s / Fitch) 1 Dollar Tree 13 3.10% ✓ BBB- / Baa2 2 Fast Pace Urgent Care 8 2.74% — N/A 3 Verizon 9 2.64% ✓ BBB+ / Baa1 / A- 4 Raising Canes 6 2.34% — BB- 5 LA Fitness 3 2.21% — B / B2 6 Dick's 1 2.16% ✓ BBB / Baa3 7 Oak Street Health 6 2.09% — N/A 8 IHOP 7 1.92% — N/A 9 Mammoth Car Wash 6 1.90% — N/A 10 Bank of America 5 1.86% ✓ A- / A1/ AA- 11 Range USA 3 1.84% — N/A 12 LA-Z-Boy 3 1.79% — N/A 13 Adams Auto Group 2 1.70% — N/A 14 AT&T 6 1.66% ✓ BBB / Baa2 / BBB+ 15 T-Mobile 9 1.64% ✓ BBB / Baa1 / BBB+ 16 Chili's 3 1.54% — BB+ / Ba2 17 PNC Bank 5 1.52% ✓ A+ / Aa3 / A+ 18 Wells Fargo 3 1.36% ✓ A+ / Aa2 / A+ 19 St. Joseph Hospice 2 1.34% — N/A 20 Heartland Dental 5 1.28% — N/A 21 Advance Auto Parts 7 1.28% — BB+ / Ba3 22 Aspen Dental 6 1.28% — N/A 23 Lowe's Home Improvement 1 1.17% ✓ BBB+ / Baa1 24 Academy Sports 1 1.11% — BB+ / Ba2 25 Charles Schwab 1 1.11% ✓ A- / A2 / A 26 VASA Fitness 1 1.10% — N/A # Tenant Concept # of Leases % of ABR Investment Grade Rated Credit Rating (S&P / Moody’s / Fitch) 49 Starbucks 5 0.8% ✓ BBB+ / Baa1 50 Action Behavior Centers 2 0.7% — N/A 51 Avis 1 0.7% — BB 52 Chuy's Mexican 2 0.7% ✓ BBB 53 Texas Roadhouse 2 0.7% — N/A 54 Exxon 2 0.7% — N/A 55 AutoSavvy 1 0.7% — N/A 56 Physicians Immediate Care 2 0.6% — N/A 57 Jiffy Lube 3 0.6% — N/A 58 O'Reilly Auto Parts 4 0.6% ✓ BBB / Baa1 59 Harbor Freight 2 0.6% — BB- 60 AutoZone 3 0.6% ✓ BBB / Baa1 61 WellMed 1 0.6% ✓ A+ / A2 / A 62 Planet Fitness 1 0.6% — N/A 63 7 Brew 3 0.5% — N/A 64 Sleep Number 2 0.5% — N/A 65 Circle K 2 0.5% ✓ BBB+ 66 PetSmart 1 0.5% — B+ 67 Fulton Bank 1 0.5% ✓ Baa2 / BBB+ 68 FitzMark 1 0.5% — N/A 69 Longhorn Steakhouse 2 0.5% ✓ BBB 70 KEDPlasma 1 0.5% — N/A 71 Stanton Optical 2 0.5% — N/A 72 Saver's 1 0.5% — B+ 73 Panera Bread 2 0.5% ✓ BBB / Baa1 74 Miller's Ale House 1 0.5% — N/A 75 Trinity Medical Center 1 0.5% — N/A 76 Ted's Café Escondido 1 0.5% — N/A 77 Xfinity 2 0.5% ✓ A- / A3 / A- 78 Taco Bell 2 0.4% — N/A 79 Grifols 1 0.4% — B+ / B2 / B+ 80 Sonic 3 0.4% — N/A 81 Saltgrass Steakhouse 1 0.4% — N/A 82 McAlister's Deli 2 0.4% — N/A 83 7-Eleven 2 0.4% ✓ A- / A3 84 Amazon 1 0.4% ✓ AA/A1 85 Byrider 1 0.4% — N/A 86 Mattress Firm 2 0.4% — N/A 87 Diamonds Direct 1 0.4% ✓ BBB- 88 Arby's 2 0.4% — N/A 89 Quick Clean Carwash 1 0.4% — N/A 90 Caliber Collision 1 0.4% — N/A 91 Caliber Car Wash 1 0.4% — N/A 92 Delta Community Credit Union 1 0.4% — N/A 93 Southern Immediate Urgent Care 1 0.4% — N/A 94 Chuck E Cheese 1 0.4% — N/A 95 Rise 1 0.4% — N/A 96 BP 1 0.4% — N/A
Tenant Concepts 97-144 # Tenant Concept # of Leases % of ABR Investment Grade Rated Credit Rating (S&P / Moody’s / Fitch) 97 La Petite Academy 1 0.3% — B- / B3 98 Big Blue Swim School 1 0.3% — N/A 99 Meineke 2 0.3% — N/A 100 Pizza Hut 2 0.3% — N/A 101 UTMB Health 1 0.3% ✓ AAA 102 Michigan Road Animal Hospital 1 0.3% — B / Baa1 103 Skechers 1 0.3% — N/A 104 Slim Chickens 1 0.3% — N/A 105 Sherwin Williams 2 0.3% ✓ BBB+ 106 Valvoline 2 0.3% — N/A 107 Hook & Reel 1 0.3% — N/A 108 Marathon Veterinarian Hospital 1 0.3% — CCC+ 109 Olive Garden 1 0.3% ✓ BBB 110 Mavis Discount Tire 1 0.3% — N/A 111 Hops N Drops 1 0.3% — N/A 112 Trophy Fuel & Wash 1 0.3% — N/A 113 City Barbeque 1 0.3% — N/A 114 Citizens Bank 1 0.3% ✓ BBB+ / Baa1 / BBB+ 115 AMERA Gas Station 1 0.3% — N/A 116 Roots Oil 1 0.3% — N/A 117 H&R Block 1 0.3% ✓ BBB 118 National Tire & Battery 1 0.3% — N/A 119 pOpshelf 1 0.2% ✓ BBB 120 HTeaO 2 0.2% — N/A 121 Hooters 1 0.2% — N/A 122 Express Oil 1 0.2% — N/A 123 Wing Daddy’s 1 0.2% — N/A 124 American Family Care 1 0.2% — N/A 125 Consumers Credit Union 1 0.2% — N/A 126 Strickland Brothers 1 0.2% — N/A 127 Banner Health 1 0.2% ✓ AA- 128 Aaron's 1 0.2% — N/A 129 BMO 1 0.2% ✓ A+ / Aa2 / AA- 130 MedExpress Urgent Care 1 0.2% ✓ A+ / A2 / A 131 Republic Bank 1 0.2% — N/A 132 Sage Dental 1 0.2% — N/A 133 Caribou Coffee 1 0.2% — BBB 134 McDonalds 1 0.2% ✓ BBB+ / Baa1 135 Long John Silvers 1 0.2% — N/A 136 PEP Boys 1 0.2% — BB+/B1 137 Tumbleweed, Inc. 1 0.2% — N/A 138 Panda Express (1) 2 0.2% — N/A 139 Urgent Team 1 0.2% — N/A 140 America's Best 1 0.2% — N/A 141 Chicken Salad Chick 1 0.2% — N/A 142 MOD Pizza 1 0.2% — N/A 143 Elias Diamonds 1 0.2% — N/A 144 Zip Car Wash 1 0.1% — N/A Panda Express leases one property that is currently paying rent; the other Panda Express is under a new lease, and is excluded from ABR.
Tenant Concepts 145-165 # Tenant Concept # of Leases % of ABR Investment Grade Rated Credit Rating (S&P / Moody’s / Fitch) 145 Go Health 1 0.1% — N/A 146 Popeyes 1 0.1% — N/A 147 Bojangles 1 0.1% — N/A 148 Granny's 1 0.1% — N/A 149 Valero 1 0.1% — N/A 150 Nothing Bundt Cakes 1 0.1% — N/A 151 Jimmy John's 1 0.1% — N/A 152 Dunkin Donuts 1 0.1% — N/A 153 Church's Chicken 1 0.1% — N/A 154 Falafel King 1 0.1% — N/A 155 Tropical Smoothie 1 0.1% — N/A 156 Firehouse Subs 1 0.1% — N/A 157 Tutti Frutti 1 0.1% — N/A 158 Auto Glass Now 1 0.1% — N/A 159 Miracle Ear 1 0.1% — N/A 160 Marquette Bank 1 0.0% — N/A 161 Regions Banks ATM 1 0.0% ✓ BBB+ / A- 162 By Gollys (1) 2 0.0% — N/A 163 Hair Palace (1) 1 0.0% — N/A 164 PATH USA (1) 1 0.0% — NA 165 Jaggers (1) 1 0.0% — N/A Total Portfolio 336 100.0% Represents new leases where rent has not yet commenced and is excluded from ABR.
Industry Diversification (unaudited) Industry Defensive Mix # of Leases ABR (000s) % of ABR Leased Square Feet (000s) Rent per Square Foot Medical and Dental Providers Necessity 53 $10,584 15.8% 329 $32.20 Quick Service Restaurants Service 68 $8,980 13.4% 190 $47.12 Other - Service Service 24 $7,842 11.7% 420 $18.64 Casual Dining Service 34 $6,639 9.9% 204 $32.57 Financial Institutions Necessity 26 $5,690 8.5% 164 $34.63 Automotive Stores Necessity 34 $4,158 6.2% 201 $20.68 Cellular Stores Service 26 $4,150 6.2% 95 $43.69 Other - Necessity Necessity 12 $3,713 5.6% 421 $8.83 Fitness Operators Service 7 $3,339 5.0% 215 $15.52 Convenience Stores and Gas Stations Necessity 14 $2,485 3.7% 37 $67.49 Automotive Dealers Service 5 $2,282 3.4% 77 $29.73 Discount Retail Discount 14 $2,209 3.3% 168 $13.10 Car Washes Service 9 $1,837 2.8% 33 $56.24 Home Improvement Stores Necessity 5 $1,689 2.5% 263 $6.43 Pharmacies Necessity 4 $1,129 1.7% 52 $21.91 Professional Services Service 1 $173 0.3% 4 $42.35 Total 336 $66,899 100.0% 2,873 $23.28 Industry Mix / Defensive Mix Convenience Stores and Gas Stations Discount Retail Medical and Dental Providers Financial Institutions Automotive Stores Home Improvement Stores Other - Necessity Pharmacies Casual Dining Quick Service Restaurants Other - Service Cellular Stores Fitness Operators Automotive Dealers Car Washes Professional Services
Ground Lease Portfolio GROUND LEASE PORTFOLIO KEY METRICS 36 Leases 10.9% of total portfolio ABR 20.1 Average placer.ai rank (1) 60% INVESTMENT GRADE 60% Investment Grade 23% Not Rated 17% Sub-Investment Grade (% of ABR) GROUND LEASE CREDIT BREAKDOWN GROUND LEASE TENANTS GEOGRAPHIC DISPERSION (% of ABR) State # of Properties ABR (000s) % of ABR IL 5 $ 996 1.5 % ME 2 907 1.3 % VA 6 870 1.3 % NY 2 772 1.2 % MD 2 684 1.0 % PA 1 600 0.9 % OH 3 542 0.8 % CT 1 323 0.5 % KS 3 316 0.5 % KY 2 312 0.5 % GA 1 250 0.4 % MI 1 146 0.2 % MN 1 142 0.2 % AL 1 140 0.2 % WI 1 103 0.2 % FL 1 84 0.1 % NJ 1 73 0.1 % NC 2 0 0.0 % Total 36 $ 7,260 10.9 % Placer.ai ranks locations from 1 to 100, with 1 being the best, based on retail subcategories determined by visitations. A score of 50 indicates an average location. (unaudited)
Property Map and Geography Placer.ai ranks locations from 1 to 100, with 1 being the best, based on retail subcategories determined by visitations. A score of 50 indicates an average location. MA MN ID AZ CO NV UT AR KS MO OK LA TX CT RI AL FL GA MS SC IL IN KY NC OH TN VA WI MD NJ NY PA ME MI 9.4% MI 2.5% 0.7% 2.0% 0.4% 0.5% 0.3% 2.4% 2.1% 2.2% 0.2% 12.9% 2.8% 0.3% 2.1% 1.7% 2.2% 6.0% 7.0% 2.7% 6.0% 3.9% 1.4% 4.3% 0.2% 0.5% 2.8% 3.8% 6.1% 3.8% 3.4% 1.6% 1.3% 0.2% 0.3% % based on ABR State # of Properties Square Feet (000s) % of ABR IL 34 325 12.9% TX 28 194 9.4% OH 24 203 6.1% GA 23 160 7.0% FL 19 165 6.0% NC 16 191 6.0% IN 15 81 3.8% VA 15 90 4.3% TN 12 95 3.9% MI 11 72 2.8% SC 10 87 2.7% OK 10 50 2.4% MO 9 53 2.8% AL 9 40 2.2% NY 8 259 3.4% PA 8 145 3.8% MD 7 53 2.5% NJ 7 40 1.3% KY 7 35 1.4% State # of Properties Square Feet (000s) % of ABR KS 7 41 2.1% MN 7 72 2.2% AZ 6 40 2.0% LA 5 52 2.1% MS 3 77 1.7% ME 3 186 1.6% UT 2 22 0.5% CO 2 9 0.5% CT 2 5 0.7% WV 1 1 0.2% WI 1 31 0.2% NV 1 4 0.4% AR 1 3 0.3% MA 1 2 0.2% ID 1 6 0.3% RI 1 1 0.3% Total 316 2,890 100.0% Portfolio 316 Properties 35 States 26.9 Score Median Placer.ai Ranking (1)
Occupancy Lease Expirations, Occupancy and Contractual Rent Growth Includes contractual rent increases on tenant renewal options to the extent a lease is at the end of its initial term. Approximately 21% escalate annually, 2.5% have no escalations, and the remainder have larger escalators every three to ten years. Year Number of Leases Leased Square Feet (000s) ABR (000s) % of ABR 2026 8 28 $ 990 1.5% 2027 29 311 $ 5,833 8.7% 2028 30 215 $ 5,032 7.5% 2029 29 185 $ 5,593 8.4% 2030 32 188 $ 6,230 9.3% 2031 35 192 $ 5,778 8.6% 2032 27 501 $ 6,713 10.0% 2033 25 176 $ 4,799 7.2% 2034 20 170 $ 4,046 6.1% Thereafter 101 907 $ 21,885 32.7% Total 336 2,873 $66,899 100.0% Vacant Assets 7 12 7 6 4 4 2 Escalation Types (1) 1.7% Weighted Average Rent Growth
Appendix Definitions and Forward-Looking Statements
EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre: EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre are non-GAAP financial measures. We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that EBITDA provides investors and analysts with a measure of our performance that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. In 2017, Nareit issued a white paper recommending that companies that report EBITDA also report EBITDAre in financial reports. We compute EBITDAre in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as EBITDA (as defined above) excluding gains (loss) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDAre are not measures of financial performance under GAAP, and our EBITDA and EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. We compute Adjusted EBITDAre as EBITDAre for the applicable quarter, as adjusted to (i) reflect all investment and disposition activity that took place during the applicable quarter as if each transaction had been completed on the first day of the quarter, (ii) exclude certain GAAP income and expense amounts that we believe are infrequent and unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, (iii) eliminate the impact of lease termination fees from certain of our tenants, and (iv) exclude non-cash stock-based compensation expense. Annualized Adjusted EBITDAre is calculated by multiplying Adjusted EBITDAre for the applicable quarter by four, which we believe provides 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 this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. 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. Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO): FFO and AFFO are non-GAAP measures. We compute FFO in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as GAAP net income or loss adjusted to exclude net gains (losses) from sales of certain depreciated real estate assets, depreciation and amortization expense from real estate assets, gains and losses from change in control, and impairment charges related to certain previously depreciated real estate assets. Our leases typically include cash rents that increase through lease escalations over the term of the lease. Our leases do not typically include significant front-loading or back-loading of payments, or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates. To derive AFFO, we modify the Nareit computation of FFO to include other adjustments to GAAP net income related to certain non-cash or non-recurring revenues and expenses, including, as applicable, straight-line rents, cost of debt extinguishments, amortization of lease intangibles, amortization of debt issuance costs, amortization of net mortgage premiums, (gain) loss on interest rate swaps and other non-cash interest expense, realized gains or losses on foreign currency transactions, Internalization expenses, structuring and public company readiness costs, extraordinary items, and other specified non-cash items. We believe that such items are not indicative of operating performance and thus we believe excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors. We believe the use of FFO and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Adjusted NOI, Annualized Adjusted NOI, and Cash NOI: Adjusted NOI, Annualized Adjusted NOI, Cash 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 excluding 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. 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 Adjusted NOI and Adjusted Cash NOI as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. 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 Adjusted NOI and Adjusted Cash NOI for future periods may be significantly different from our Annualized Adjusted NOI and Annualized Adjusted Cash NOI. Fixed Charge Coverage Ratio (FCCR): The fixed charge coverage ratio is the ratio of Annualized Adjusted EBITDAre to annualized fixed charges. 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. The annualized fixed charges is calculated by multiplying fixed charges for the applicable quarter by four. Our actual fixed charges for future periods may be significantly different from our 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. Non-GAAP Definitions and Explanations
Other Definitions and Explanations Cash Capitalization Rate: Cash Capitalization Rate is calculated by measuring the annualized contractual cash rent at the time of closing, divided by the purchase price of the related property. Concept: Represents the brand or trade name the tenant operates. Disposition Capitalization Rate: Disposition Capitalization Rate is calculated by the ABR on the date of the related disposition divided by the gross sale price. Defensive Mix: Defensive Mix is a term used by us to categorize tenants determined by their area of focus: (1) Necessity, which represents tenants providing essential services or selling essential goods to consumers and includes Medical and Dental Providers, Financial Institutions, Automotive Stores, Convenience & Gas Stores, Pharmacies, and Home Improvement Stores, (2) Service, which represents tenants who provide specific services to consumers and includes Quick Service Restaurants, Casual Diners, Automotive Dealers, Fitness Operators, Car Washes, and Professional Service, and (3) Discount, which represents tenants that sell merchandise and goods a significant discount compared to traditional retailers. Annualized Base Rent (ABR): We define ABR as the annualized contractual cash rent due for the last month of the reporting period and adjusted to remove rent from properties sold during the month and to include a full month of contractual cash rent for properties acquired during the last month of the reporting period. Adjusted Net Debt: Adjusted Net Debt is a non-GAAP financial measure. We define Adjusted Net Debt as Net Debt less undrawn Series A convertible preferred stock and unsettled forward equity. Adjusted Cash Revenue: Adjusted Cash Revenue is a non-GAAP financial measure. We define Adjusted Cash Revenue as Total Revenues, less reimbursable income, adjustments to recognize contractual rental amounts on a straight-line basis, and above/below market lease amortization. We believe this ratio is useful to investors and analysts to understand the cash revenue, excluding reimbursement income. Adjusted Cash G&A: We define Adjusted Cash G&A as total G&A less non-cash compensation and non-recurring items. We believe this ratio is useful to understand the normalized cash G&A.
Other Definitions and Explanations (Continued) WALT: WALT represents the remaining average lease term of our leases, weighted by rent, and excluding lease renewal options and investments in mortgage loans. Purchase Price: Purchase Price is represented by the contractual acquisition price of the related property, excluding any transaction costs or other capital expenditures. Tenant: Tenant represents the legal entity responsible for fulfilling obligations under the lease agreement. Gross Debt: We define Gross Debt as total debt, net plus debt issuance costs and original issuance discount. Net Debt: Net Debt is a non-GAAP financial measure. We define Net Debt as our Debt less cash and cash equivalents. Occupancy: Occupancy or a specified percentage of our portfolio that is “occupied” or “leased” means as of a specified date (i) the number of properties that are subject to a signed lease divided by (ii) the total number of properties in our portfolio. Secured Overnight Financing Rate (SOFR): We define SOFR as the current one-month term SOFR. GAAP: GAAP is the Generally Accepted Accounting Principles in the United States. Economic Yield: Economic Yield is defined as the sum of contractual fixed annual rents computed on a straight-line basis over the primary lease terms, divided by the purchase price.
Forward-Looking and Cautionary Statements IP Disclaimer This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies. FrontView REIT, Inc. is not affiliated or associated with, and is not endorsed by and does not endorse, such companies or their products or services. This presentation contains forward-looking statements, which reflect our current views regarding our business, financial performance, growth prospects and strategies, market opportunities, and market trends. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook, ” “believes, ” “expects, ” “potential, ” “continues, ” “may, ” “will, ” “should, ” “could, ” “would be, ” “seeks, ” “approximately, ” “projects, ” “predicts, ” “intends, ” “plans, ” “estimates, ” “anticipates, ” or the negative version of these words or other comparable words. All of the forward-looking statements herein are subject to various risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, performance, and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, and property acquisitions and the timing of these investments and acquisitions. These and other risks, assumptions, and uncertainties are described in our filings with the SEC, which are available on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on any forward-looking statements included herein. All forward-looking statements are made as of the date of this document and the risk that actual results, performance, and achievements will differ materially from the expectations expressed or referenced herein will increase with the passage of time. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law. Forward Looking Statements This data and other information described herein are as of and for the three months ended June 30, 2026, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change, involving inherent risks and uncertainties. This information should be read in conjunction with FrontView’s Annual Report on Form 10-K as of and for the year ended December 31, 2025 and Form 10-Q for the period ended June 30, 2026, including the financial statements and the management’s discussion and analysis of financial condition and results of operations sections. About the Data
Investor Presentation Quarter ended June 30, 2026 EXHIBIT 99.3
FrontView REIT Overview Fungible boxes with frontage in major markets operating in vibrant strong retail corridors, with replaceable rents Embedded higher organic growth from contractual escalators and mark-to-market upside potential Highly diversified, with no tenant representing more than 2.6% of ABR and top 10 of only 20.2% Strong alignment through meaningful insider ownership, equity compensation, and strong corporate governance Competitive edge in fragmented market through granular sourcing and developer underwriting acumen Low levered balance sheet with equity raised to fund 2026 and 2027 investments and a low payout ratio Real Estate First. Diversification by Design. Company Highlights
Q2 2026: Highlights and Opportunity Please see https://frontviewreit.com/portfolio. As of 6/30/2026; Includes OP units and common shares. Assumes full impact of Series A convertible preferred stock is converted to common stock at $17.00 per share. 3 3 Optimized portfolio through capital recycling, enhancing diversification, real estate quality, tenant credit and WALT Raised 2026 AFFO per share guidance to 7% growth at midpoint, with Adj. Net Debt / Annualized Adj. EBITDAre of 4.0x, Net Debt / Annualized Adj. EBITDAre to 5.4x, Fixed Charge Ratio of 3.6x, of and LTV of 33.0% 99.4% occupied and renewed three properties to new tenants, with 23.4% increase in rents and re-tenanted a vacant property to Amazon adding over $260K in ABR Disciplined Execution Differentiated Portfolio Diversified tenant base, with the largest tenant at only 2.6% of ABR, top 10 at 20.2% and top 20 at 35.5% Highly desirable locations, with over 27K average daily traffic, top 26.9 Placer.ai rankings and 173K 5-mile population Alignment, Growth, Portfolio Improvement Strong alignment with shareholders, as management team and board collectively own approximately 10% (2) of the outstanding shares and units Portfolio improvement: increased top 100 MSAs to 78.5% (+1.5% from Q1), reduced Dollar Trees (-1.4% from Q1) Best-in-class disclosures: 100% of ABR by concept and 100% of property addresses (1) Granular frontage portfolio, with median box size of 5,000 SQFT and median rent per box of $174,000 Attractive PEG ratio supported by 7% growth at mid-point of 2026 guidance; raised 2026 net investment guidance to $120 million Fully funded for 2026 and 2027 investments with forward equity, undrawn preferred stock and revolver capacity; raised $50.5 million in common equity under the ATM program
Q2 2026 Key Stats and Guidance 2026 Guidance Metric Prior Current Change Net Investment ~$110M ~$120M ~$10M AFFO per Share $1.29 - $1.33 $1.32 - $1.34 + $0.03 - $0.01 6.6% y-o-y growth (midpoint) 7.4% y-o-y growth (high end) As of June 30, 2026 Top Tenant ABR % 2.6% 5,000 Median Square Feet per Box $66.9M Annualized Base Rent (ABR) 99.4% Occupancy 316 Properties ~$174K Median Rent per Box 173K 5-Mile Average Population (1) Weighted Avg. Lease Term 7.1 years Available Liquidity $208M Dividend Payout Ratio (4) 64.7% Adj. Net Debt / Ann. Adjusted EBITDAre 4.0x Rentable Square Feet 2,890K Note: Data as of or for the quarter ended June 30, 2026. Based on ABR. Based on the number of properties within 0.5 miles of a shopping center. Placer.ai ranks locations from 1 to 100, with 1 being the best, based on retail subcategories determined by visitations. A score of 50 indicates an average location. Adjusted Funds from Operations (“AFFO”) payout ratio. Investment Grade (1) 33.6% Top 100 MSAs (1) 78.5% Median Placer.ai Score (3) 26.9 Proximity to Shopping Centers (2) 91.8% 4
Q2 2026 Portfolio Overview A major franchisee has over 50 units. Investment grade represents tenant or guarantor rating weighted by ABR. Includes Giant Eagle, which entered into an agreement to be acquired by Kroger, an IG tenant. Based on ABR. Based on number of assets within a 0.5-mile radius of an anchor tenant within a shopping center. Placer.ai ranks locations from 1 to 100, with 1 being the best, based on retail subcategories determined by visitations. A score of 50 indicates an average location. Portfolio Stats Properties 316 Annualized Base Rent (“ABR”): $66.9M Number of Leases: 336 Top 10: 20.2% Concepts 165 Industries 16 Rentable Square Feet 2.9M Average Rent Per Square Foot $23.28 Occupancy 99.4% WALT 7.1 years Median Rent per Box $174K Median Square Feet per Box 5,000 Tenant and Lease Characteristics Corporate or Large Franchisee (1) 96.1% Investment Grade % (1, 2) 33.6% Leases with Escalators 97.5% Annual Escalators 1.7% Ground Lease (3) 10.9% Location and Performance Top 100 MSA (3) 78.5% Proximity to Shopping Centers (4) 91.8% Median State Placer.ai Score (5) 26.9 Average Daily Traffic Count 26.7K Average 5-Mile Population 172.9K Top 25 Tenants Investment Grade Rated Non-Investment Grade Rated Geographically Diversified Industry Defensive Mix See supplemental for detail MA MN ID AZ CO NV UT AR KS MO OK LA TX CT RI AL FL GA MS SC IL IN KY NC OH TN VA WI MD NJ NY PA ME MI MI ≥10% ABR ≥1% and <5% ABR ≥5% and <10% ABR <1% ABR 0% ABR WV
Highly Fungible Assets with Strong Visibility Our properties are strategically-located and frontage-based providing tenants with excellent visibility, customer convenience and brand-building opportunities Sample Brands Brand Building Through Real Estate Opportunity to build individual signage and prototypes to allow tenants to market, brand, and advertise themselves as they are located along highly trafficked roads Convenience and Access Attracts tenants in the essential and experiential retail segments that demand high-profile physical locations that facilitate frequent visitation from customers Frontage on highly-trafficked roads provides tenants with premium visibility and convenient access for customers Growing Demand Drivers New tenants entering the marketplace Existing tenants expanding/relocating Demographic changes, including growing population FrontView’s tenants are typically positioned within a retail center to attract the greatest road/foot traffic Many properties lack the access and visibility that are essential to FrontView’s strategy and as a result, they fall outside of our buy box
Strategically Located Properties Benefits of Locations In or Near Shopping Centers Fungible real estate Cross-selling and upselling opportunities Seamless omnichannel experience for visitors Increased foot traffic Stronger brand loyalty and engagement Properties Located Near Highly Trafficked Shopping Centers and Along Major Thoroughfares (1) In or near shopping center Not in or near shopping center WellNow – Amherst, NY (Buffalo MSA) PNC Bank – Chicago, IL (Chicago MSA) 8% 92% 19% 81% 0.3 miles (2) 0.5 miles Rise – Orem, UT (Salt Lake MSA) Based on the number of assets. According to Urban Land Institute, the average retail node is approximately 0.3 miles. These locations include high-traffic shopping centers and/or large standalone high-traffic retailers (e.g., Costco, Walmart, Target, Home Depot, Lowe’s). Chili’s – Naperville, IL (Chicago MSA) Verizon – Snellville, GA (Atlanta MSA) 7 Brew – Jacksonville, FL (Jacksonville MSA)
Differentiated Characteristics Versus Peers Note: Essential Properties, Four Corners, Agree Realty, NNN REIT, and NETSTREIT as of Q2 2026; Realty Income as of Q1 2026. Reflects the undepreciated book value of real estate divided by the number of properties. Average Box Size (000s Square Feet) Fungible Box Sizes That Many Tenants Can Utilize Peer average: 15K SQFT Low Rent and Basis Allowing for Positive Releasing Opportunities Annualized Base Rent Per Property ($000s) Peer average: $262 Excellent Tenant Diversification Top Tenant Concept as % of ABR Peer average: 10.7% Peer average (ex FCPT): 4.1% FrontView’s Portfolio is Predominately in Top MSAs $2.5 $2.6 $3.0 $4.1 $3.2 $3.1 $3.1 Average Investment Per Property ($M) (1) Top 10 Tenant Concepts as % of ABR Peer average: 33.3% Peer average (ex FCPT): 26.6% 66.6%
Quick Service Restaurants Medical & Dental Providers Other – Service # Concept Credit # of Leases ABR % 1 Dick's Corporate - IG 1 2.1% 2 Range USA Corporate 3 1.8% 3 LA-Z-Boy Corporate 3 1.7% 4 Academy Sports Corporate 1 1.1% 5 WSS Corporate - IG 2 1.0% Others 14 4.0% Total 24 11.7% Casual Dining The Top 6 Industries Represent Approximately 65.5% of ABR as of June 30, 2026 Financial Institutions # Concept Credit # of Leases ABR % 1 Bank of America Corporate - IG 5 1.8% 2 PNC Bank Corporate - IG 6 1.6% 3 Wells Fargo Corporate - IG 3 1.3% 4 Charles Schwab Corporate - IG 1 1.1% 5 Chase Bank Corporate - IG 3 0.9% Others 8 1.8% Total 26 8.5% Automotive Stores # Concept Credit # of Leases ABR % 1 Advance Auto Parts Corporate 7 1.2% 2 Take 5 Oil Change Franchisee 6 1.0% 3 Jiffy Lube Franchisee 3 0.6% 4 O’Reily Auto Parts Corporate – IG 4 0.6% 5 AutoZone Corporate – IG 3 0.6% Other 11 2.2% Total 34 6.2% # Concept Credit # of Leases ABR % 1 Fast Pace Urgent Care Corporate 7 2.0% 2 Oak Street Health Corporate 6 2.0% 3 Aspen Dental Corporate 7 1.4% 4 St. Joseph Hospice Corporate 2 1.3% 5 Heartland Dental Corporate 5 1.2% Others 26 7.9% Total 53 15.8% # Concept Credit # of Leases ABR % 1 Raising Canes Corporate 6 2.2% 2 Wendy's Franchisee 6 1.1% 3 Andy's Frozen Custard Corporate 4 0.9% 4 Burger King Corporate 4 0.9% 5 Chipotle Corporate 5 0.9% Others 43 7.4% Total 68 13.4% # Concept Credit # of Leases ABR % 1 IHOP Corporate 7 1.8% 2 Chili's Corporate 3 1.5% 3 Applebee's Franchisee 3 0.9% 4 Buffalo Wild Wings Corporate 2 0.8% 5 Chuy's Mexican Corporate - IG 2 0.7% Others 17 4.2% Total 34 9.9% Top Industries and Concepts High Quality Concepts Across Top Industries
Strong Track Record on Renewals Includes tenant lease renewals, new tenant leases at expiration, and new tenant leases after expiration, excluding blend and extend. Successfully negotiated two new lease agreements out of an expiring Twin Peaks lease in Winston-Salem, NC. Includes five tenants whose leases originally expired in 2026 but exercised their option in 2025. Executed seven (2) new tenant leases at expiration, achieving 119.8% of prior tenants’ rent Renewed 46 leases at expiration, achieving 104.3% of expiring rent Contractual renewal rate typically ranges between 100.0% - 110.0% of prior rent Since 2016, Overall Recapture of 106.1% (1) 2025 (3) 106.8% 102.2% 105.5% 107.4% 102.7% Since inception in 2016, FrontView has had 52 lease renewals Recapture Breakdown Lease Renewals 104.3% New Tenant 119.8% Overall Recapture Rate 106.1% 118.6% (2)
Upcoming Lease Expirations Are Well-Positioned in Their Respective Markets for Rent Appreciation Based on 0.5-mile proximity to a shopping center by the number of properties. Traffic Counts are determined by CoStar. Placer.ai ranks locations from 1 to 100, with 1 being the best, based on retail subcategories determined by visitations. A score of 50 indicates an average location. Lease Maturity Summary Next 5-years Total Portfolio # of Leases 128 336 GLA 0.93M 2.89M % of Total GLA 32% 100% Median Box Size (SQFT) 4,410 5,000 Shopping Center Exposure (1) 94% 92% ABR Per SQFT $25.54 $23.28 % of Total ABR 35% 100% Median Rent per Box $156K $174K Average 5-Mile Population 179.2K 172.9K Average Traffic Counts 22,546 26,677 Upcoming 5-year Maturities Are Related to Real Estate Locations That Are Attractive For Their Respective Markets Lease Maturity (% of ABR) High Traffic Counts of Upcoming Expirations (2) 15,667 23,996 20,548 22,597 23,865 28,908 5-Mile Average Population 131.1K 186.1K 136.8K 187.9K 206.7K 169.4K Median Placer.ai Scores of Upcoming Expirations (3) Top-Quartile Top-Half Top-Half Number of Leases 8 29 30 29 32 208 Top-Third Top-Third Top-Third
Optimizing Portfolio Through Accretive Capital Recycling 6.50% or less Capitalization Rate Trailing Twelve Months Occupied Dispositions Trailing Twelve Months Acquisitions Over 6.50% to 7.00% Capitalization Rate Over 7.00% Capitalization Rate Top 100 MSA 79.7% Median Placer.ai Score 22.5 Rent per Square Foot $19.80 Avg. 5-mile Population 133.2K Median Box Size 5,925 IG (1) 34.7% Number of Properties 37 Investment $149M Cash Cap Rate 7.42% Economic Yield 7.63% Median Purchase Price $2.8M WALT (years) 9.7 Occupied Properties 31 Occupied Proceeds $74M Cash Cap Rate 6.89% WALT (years) 8.2 Median purchase price of $2.8M across 37 properties and 32 unique concepts Strategic sales including removing tertiary locations, increasing industry diversification, and shedding weaker / tired concepts Includes Giant Eagle, which entered into an agreement to be acquired by Kroger, an IG tenant.
Q2 2026 Capital Structure Overview Sub-35% Leverage Ratio With Ample Liquidity Note: Metrics as of June 30, 2026. Equity value as of June 30, 2026, was $20.23. The revolving credit facility has four hedges for a notional amount of $100.0 million that expires on March 31, 2028. Maturity date assumes both 12-month extension options are exercised. Initial maturity is October 3, 2027. Fixed Charge Coverage Ratio represents Adjusted Annualized EBITDAre divided by Annualized Fixed Charges. Capital Structure Total Capitalization $939M Common stock (1) 51.0% OP Units (1) 11.2% Net debt and adjusted net debt to annualized adjusted EBITDAre (000s) Interest rate Interest rate Fixed rate SOFR swap Max maturity June 30, 2026 Term loan 4.81% Adj. SOFR + 1.2%( 3.66% 10/3/2029 (3) $ 200,000 Revolving credit facility SOFR + 1.15% Adj. SOFR + 1.20% 2.92% - 3.28% (2) 10/3/2029 (3) 130,000 Gross debt $ 330,000 Cash and cash equivalents (6,001) Net debt $ 323,999 Less: Net value of undrawn Series A convertible preferred stock (50,000) Less: Net value of unsettled forward equity (32,237) Adjusted net debt $ 241,762 Annualized adjusted EBITDAre $ 59,924 Net debt to annualized adjusted EBITDAre 5.4x Adjusted net debt to annualized adjusted EBITDAre 4.0x Fixed charge coverage ratio (000s) Interest expense $ 4,191 Non-cash interest (400) Preferred dividends 422 Fixed charges 4,213 Annualized Fixed Charges $ 16,852 Fixed Charge Coverage Ratio (4) 3.6x Liquidity (000s) Cash and cash equivalents $ 6,001 Undrawn revolving credit facility capacity 120,000 Undrawn Series A convertible preferred stock 50,000 Unsettled forward equity 32,237 Total liquidity $ 208,238 Term Loan and Credit Facility Covenants Total leverage ratio ≤ 60% 33.0% Adjusted EBITDA to fixed charges ratio ≥ 1.50 to 1.00 3.6x Secured leverage ratio ≤ 40% 0.0% Unencumbered NOI to unsecured interest expense ratio ≥ 1.75 to 1.00 4.4x Unsecured leverage ratio ≤ 60% 33.4% Tangible net worth ≥ $ 380,032 $666,786 Series A convertible preferred stock 2.7% Revolving Credit Facility 13.8% Term loan 21.3%
Case Studies
Hops n Drops Disposition: Harvesting Value from a Dark Asset 5,077 SQFT Building Size 24,165 Average Daily Traffic 777K People Within Colorado Springs MSA (Top 100 MSA) 1.2 Acres Land Size Property Characteristics Address: 5820 Stetson Hills Blvd., Colorado Springs, CO 80922 Harvested value for shareholders by selling a dark asset generating an IRR of 12.1% Acquired a Hops N Drops in 2019 with prime frontage and ~10 years of lease term remaining for a $2.5M Purchase Price The store initially performed well, generating over $2.2M in annual sales and mid-single digit rent-to-sales ratios Given the property’s prime location and real estate characteristics, FrontView quickly received several sub-lease proposals from experienced operators After evaluating multiple lease opportunities with new tenants, FrontView decided to sell the property to a qualified buyer who purchased the asset for a substantial premium Recognized significant value creation by selling the property for $3.75M in July 2026, representing a 50% gain over the original purchase price and a 5.0% capitalization rate on existing rent Prior Tenant Disposition Details Persistent inflationary pressure and rising operating costs pushed management to shut the store down 24.2K VPD
Amazon Re-Tenanting: Converting Walgreens Risk into AA Credit Value Creation (1) Amazon lease remains subject to tenant’s limited diligence / governmental approval contingency, including the ability to terminate the lease if required approvals for its intended fulfillment-related use are not obtained within the applicable contingency period. Value creation estimate assumes lease commencement and tenant occupancy following satisfaction or waiver of such contingency. (2) Based on market cap rate, where comparable Amazon leases are trading in the marketplace. 10,152 SQFT Building Size 22,966 Average Daily Traffic 625K People Within Durham MSA (Top 100 MSA) 1.2 Acres Land Size Property Characteristics Address: 710 Fayetteville St, Durham, NC 27701 Signed a new lease with Amazon, an AA/A1 credit, validating the strength of the real estate and demonstrating FrontView’s ability to convert tenant risk into value creation FrontView acquired the property in 2019 with excellent frontage and approximately six years of Walgreens lease term remaining The store initially performed well, generating approximately $7.2M in annual sales Marketed the property through our network and quickly generated multiple qualified lease and sale offers Signed a multi-year lease with Amazon (1) at approximately the same rent, with 2% annual escalators and no tenant improvement contribution; rent commenced mid-May 2026 Created significant value over our basis (2) through targeted credit enhancement and real estate-first asset management Prior Tenant New Tenant Following Walgreens’ acquisition by Sycamore Partners, FrontView proactively evaluated alternative outcomes for the asset
Raising Cane’s Redevelopment: Upgrading from Miller’s Ale House Proactively converted the asset into a 15-year Raising Cane’s ground lease, with prior tenant termination fees fully offsetting carrying costs during the transition New Tenant Prior Tenant 3,065 SQFT Building Size 47,800 Average Daily Traffic 9.6M People Within Chicago MSA 1.6 Acres Land Size Acquired property in 2019 at a 7.0% cap rate, ~7 years of term remaining Strong initial performance, later pressured by COVID-19 headwinds Signalized hard corner with exceptional demographics, created clear re-tenanting upside Marketed the property for lease while partnering with Miller’s on a long-term solution Signed 15-year Raising Cane’s ground lease with zero landlord contributions; Miller’s termination fee covered carrying costs $1.7M gain on basis (42% increase) (1) supported by hard-corner real estate, stronger credit, zero landlord contributions, and a 15-year ground lease Based on 5.00% cap rate, where comparable long-term Raising Cane’s leases are trading. Property Characteristics Address: 6401 95th Street, Chicago Ridge, IL 60415 28.5K VPD 19.3K VPD
Panda & Jaggers Redevelopment: Former Twin Peaks Leveraging FrontView’s development expertise, FVR subdivided an underperforming property into two ground-leased parcels and executed new leases with stronger-credit tenants at materially higher rents New Tenants FrontView subdivided the site into two ground leases Created two new leases with combined annual rent of $265K, with rents of $140K and $125K, a 92% increase over prior rent of $138K Acquired property in 2019 for $1.8M with 6.5 years of term remaining Oversized parcel, below-market rent, and strong store (5% rent-to-sales) FAT Brands’ 2021 LBO saddled Twin Peaks with debt, prompting FrontView to proactively pursue alternatives $3.0M gain on basis (163% increase) (2) driven by site subdivision, stronger-credit tenants, 92% higher rent, and new 15+ year ground leases Prior Tenant Property Characteristics Address: 1915 Hampton Inn Ct, Winston-Salem, NC 27103 6,200 SQFT (1) Building Size 90,530 Average Daily Traffic 700K People In Winston-Salem MSA 1.8 Acres Land Size Based on the combined proposed building sizes of both stores. Based on 5.50% cap rate, where comparable long-term Panda Express and Jaggers leases are trading.
Avis Re-Tenanting: Former Tricolor Real estate-first underwriting converted tenant default into an improved economic outcome New Tenant Prior Tenant Post alleged fraud, Tricolor’s senior A-rated secured ABS traded below 80 (20%+ implied losses) Given its strong location, FrontView received multiple offers to purchase and lease the property during bankruptcy With several potential options for the property, FrontView chose to pursue a lease with Avis (market cap of ~$5.6B (1) , credit rating of BB- from S&P) 10-year lease at a 6.8% initial cash cap rate with 2.1% annual escalators (7.4% economic cap), rent commenced two months after the bankruptcy $1.7M gain on basis (24% increase) (2) supported by superior credit, higher escalators and a new 10-year lease 20,246 SQFT Building Size 39,895 Average Daily Traffic 6.4M People Within Atlanta MSA 2.12 Acres Land Size As of July 23rd, 2026. Based on a 5.45% cap rate, where comparable Avis long-term leases have traded. Property Characteristics Address: 1431 Cobb Pkwy SE, Marietta, GA 30067
Investment Opportunity
Significant AFFO Growth at a Material Valuation Discount to Peers Note: As of Q2 2026; Market data based on FactSet as of 8/4/2026. Calculated as Price / NTM AFFO based on FactSet consensus divided by the growth in 2025A – 2026E AFFO per share based on guidance or consensus. EPRT, NNN, ADC, and NTST based on midpoint of guidance as of Q2’2026, other peers based on FactSet consensus as of 8/4/2026. Based on midpoint of guidance AFFO per share growth of 7%. PEG Ratio (1) – Select Net Lease REIT Universe FVR Upside Potential P / NTM AFFO 14.0x 13.0x 13.3x 16.3x 14.7x 14.8x 14.5x 2026E AFFO growth(2) 3% 3% 4% 6% 5% 7% 7% Peer average: 3.1x 3.3% 4.2% 43.8% 5.8% 4.2% 2.6% 3.1% Top Tenant (% of ABR) (Peer Avg. PEG ratio of 3.1x at Midpoint of AFFO guidance)(3) (Current Share Price) +39% Upside Potential (At Midpoint of AFFO Guidance)(2)
Peer AFFO per share based on FactSet consensus; as of 8/4/2026. Proforma for 2026 TTM. Represents incremental AFFO per share growth assuming midpoint of 2026E guidance of $1.33 per share. AFFO yield is based on stock price of $20.24 as of August 4, 2026, and assumed medium debt cost of 5.0%. Excludes benefit from free cash flow. FrontView Smaller Size Structural Advantage FrontView is Uniquely Positioned to Deliver Industry-Leading Growth with Relatively Low Investment Activity Smaller Size is a Structural Advantage Net Lease Peers Capital Deployment and Growth Company 2026 Investment Guidance in Millions 2026E to 2028E AFFO Per Share CAGR (1) Realty Income $9,500 3.1% NNN $750 3.1% Agree Realty $1,700 4.4% Essential Properties $1,350 6.6% Netstreit $750 5.2% Four Corners (2) $528 3.4% Peer Average $2,430 4.3% Current Cost of Capital (4) AFFO Yield (65%) 6.6% Debt (35%) 5.0% WACC 6.0%
Net Asset Value and Implied Cap Rate Source: Valuation Discount Relative To Portfolio Quality and Peer Multiple June 30, 2026 Share Price as of Aug 4, 2026 $20.24 Shares outstanding, assuming full conversion of Series A Convertible Preferred Stock 30.3 Equity Market Cap $614.0 Net Debt 324.0 Total Enterprise Value 938.0 Other Assets (1) (21.5) Other Liabilities (2) 28.6 Implied Operating Real Estate Value $945.1 Annualized Adjusted Cash NOI (3) 67.6 Implied Cap Rate (LQA Annualized) 7.15% Includes components of accounts receivable (net) and deferred rent receivables (net) that are realizable assets, and $7.1 million in net book value of vacant assets. Other Liabilities of $28.6 million includes accounts payable and accrued liabilities. Includes $0.8 million of annualized other operating income. Based on Company Filings, Green Street Advisors, Equity Research. Market Data as of August 4, 2026. See page 12 for assets sold over the trailing twelve months. Overall, the assets disposed of were generally of lower quality than those comprising the remaining portfolio. Lowest cap rate was a Friendly’s in Commack, NY. ($M, except per share values) Upside Potential to NAV based on Implied Capitalization Rate +7% +14% +22% +31% +41% +52% (5) (6) Peer Cap Rates (4) NNN 6.90% FCPT 6.60% NTST 6.38% O 6.50% EPRT 6.30% ADC 5.80% Peer Average 6.41% +6% +52% Significant Upside Potential +18% Implied Cap Rate %
Additional Portfolio Stratifications Supplemental Information Available at investor.frontviewreit.com Quarterly Highlights Financial Statements Non-GAAP Reconciliations Net Asset Value Components TTM Investment and Disposition Activity Full Tenant List and ABR by Tenant Industry, Ground Lease, and Geography Stratifications Definitions The Supplemental is available on the company website
Non-GAAP Reconciliations
FFO and AFFO Reconciliations (unaudited, in thousands except share and per share data) For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 Net income (loss) $ 1,517 $ (4,530) $ 1,917 $ (5,867) Less: Series A Convertible Preferred Stock dividends (422) — (661) — Net income (loss) attributable to OP common unitholders 1,095 (4,530) 1,256 (5,867) Depreciation and amortization (1) 8,229 9,466 15,901 17,271 Gain on sale of real estate (2,262) (1,194) (3,225) (1,661) Impairment loss 156 2,978 968 3,406 Funds from operations (FFO) $ 7,218 $ 6,720 $ 14,900 $ 13,149 Straight-line rent adjustments (22) (286) (456) (408) Amortization of financing transaction and discount costs 400 400 795 795 Amortization of above/below market lease intangibles (2) 457 941 1,078 1,652 Stock-based compensation 1,065 200 2,126 815 Adjustment for structuring and public company readiness costs — 89 — 290 Other non-recurring expenses (3) 278 964 443 964 Adjusted funds from operations (AFFO) $ 9,396 $ 9,028 $ 18,886 $ 17,257 Weighted average common shares outstanding, basic 22,831,250 19,136,225 22,556,120 18,229,095 Weighted average operating partnership units outstanding 5,273,171 8,690,812 5,435,376 9,595,836 Unvested restricted stock units and LTIP units (4) 167,620 — 198,863 — Weighted average common shares outstanding, diluted (5) 28,272,041 27,827,037 28,190,359 27,824,931 Net earnings per diluted share $ 0.03 $ (0.16) $ 0.03 $ (0.22) FFO per diluted share $ 0.26 $ 0.24 $ 0.53 $ 0.47 AFFO per diluted share $ 0.33 $ 0.32 $ 0.67 $ 0.62 Includes write-offs of intangibles of $0.3 million and $1.6 million for the three months ended June 30, 2026 and 2025, respectively, and $0.6 million and $1.6 million for the six months ended June 30, 2026 and 2025, respectively. Includes write-offs of $(0.1) million for both the three and six months ended June 30, 2026 and $0.4 million for both the three and six months ended June 30, 2025. Other non-recurring expenses include one-time expenses, deal pursuit costs and other non-recurring items. Excludes unvested performance based LTIP awards that are contingently issuable. Represents weighted average common shares outstanding, diluted, excluding any shares issuable upon conversion of the Company's Series A Convertible Preferred Stock.
Adj. EBITDAre and Adj. Cash NOI Reconciliations (unaudited, in thousands) Includes amortization of above/below market lease intangibles of $0.5 million and excludes write-offs of intangibles of $0.3 million. Reflects an adjustment to give effect to all investments and dispositions during the quarter as if they had been acquired or disposed as of the beginning of the period. Other non-recurring expenses include one-time expenses, deal pursuit costs and other non-recurring items. For the three months ended June 30, 2026 Net income $ 1,517 Depreciation and amortization (1) 8,366 Interest expense 4,191 Income taxes 94 EBITDA $ 14,168 Gain on sale of real estate (2,262) Impairment loss 156 EBITDAre $ 12,062 Adjustments: Current period investment activity (2) 903 Current period disposition activity (2) (142) Non-cash compensation expense 1,065 Exclude non-recurring expenses (3) 278 Exclude write-offs of non-cash items 815 Adjusted EBITDAre $ 14,981 General and administrative, net of non-recurring 2,464 Adjusted NOI $ 17,445 Straight-line rental revenue, net (550) Adjusted Cash NOI $ 16,895 Annualized Adjusted EBITDAre $ 59,924 Annualized Adjusted NOI $ 69,780 Annualized Adjusted Cash NOI $ 67,580
Appendix Definitions and Forward-Looking Statements
Non-GAAP Definitions and Explanations EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre: EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre are non-GAAP financial measures. We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that EBITDA provides investors and analysts with a measure of our performance that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. In 2017, Nareit issued a white paper recommending that companies that report EBITDA also report EBITDAre in financial reports. We compute EBITDAre in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as EBITDA (as defined above) excluding gains (loss) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDAre are not measures of financial performance under GAAP, and our EBITDA and EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. We compute Adjusted EBITDAre as EBITDAre for the applicable quarter, as adjusted to (i) reflect all investment and disposition activity that took place during the applicable quarter as if each transaction had been completed on the first day of the quarter, (ii) exclude certain GAAP income and expense amounts that we believe are infrequent and unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, (iii) eliminate the impact of lease termination fees from certain of our tenants, and (iv) exclude non-cash stock-based compensation expense. Annualized Adjusted EBITDAre is calculated by multiplying Adjusted EBITDAre for the applicable quarter by four, which we believe provides 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 this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. 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. Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO): FFO and AFFO are non-GAAP measures. We compute FFO in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as GAAP net income or loss adjusted to exclude net gains (losses) from sales of certain depreciated real estate assets, depreciation and amortization expense from real estate assets, gains and losses from change in control, and impairment charges related to certain previously depreciated real estate assets. Our leases typically include cash rents that increase through lease escalations over the term of the lease. Our leases do not typically include significant front-loading or back-loading of payments, or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates. To derive AFFO, we modify the Nareit computation of FFO to include other adjustments to GAAP net income related to certain non-cash or non-recurring revenues and expenses, including, as applicable, straight-line rents, cost of debt extinguishments, amortization of lease intangibles, amortization of debt issuance costs, amortization of net mortgage premiums, (gain) loss on interest rate swaps and other non-cash interest expense, realized gains or losses on foreign currency transactions, Internalization expenses, structuring and public company readiness costs, extraordinary items, and other specified non-cash items. We believe that such items are not indicative of operating performance and thus we believe excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors. We believe the use of FFO and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Adjusted NOI, Annualized Adjusted NOI, and Cash NOI: Adjusted NOI, Annualized Adjusted NOI, Cash 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 excluding 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. 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 Adjusted NOI and Adjusted Cash NOI as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. 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 Adjusted NOI and Adjusted Cash NOI for future periods may be significantly different from our Annualized Adjusted NOI and Annualized Adjusted Cash NOI. Fixed Charge Coverage Ratio (FCCR): The fixed charge coverage ratio is the ratio of Annualized Adjusted EBITDAre to annualized fixed charges. Fixed charges are computed for the applicable quarter 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. The annualized fixed charges is calculated by multiplying fixed charges for the applicable quarter by four. Our actual fixed charges for future periods may be significantly different from our 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.
Other Definitions and Explanations Cash Capitalization Rate: Cash Capitalization Rate is calculated by measuring the annualized contractual cash rent at the time of closing, divided by the purchase price of the related property. Concept: Represents the brand or trade name the tenant operates. Disposition Capitalization Rate: Disposition Capitalization Rate is calculated by the ABR on the date of the related disposition divided by the gross sale price. Defensive Mix: Defensive Mix is a term used by us to categorize tenants determined by their area of focus: (1) Necessity, which represents tenants providing essential services or selling essential goods to consumers and includes Medical and Dental Providers, Financial Institutions, Automotive Stores, Convenience & Gas Stores, Pharmacies, and Home Improvement Stores, (2) Service, which represents tenants who provide specific services to consumers and includes Quick Service Restaurants, Casual Diners, Automotive Dealers, Fitness Operators, Car Washes, and Professional Service, and (3) Discount, which represents tenants that sell merchandise and goods a significant discount compared to traditional retailers. Annualized Base Rent (ABR): We define ABR as the annualized contractual cash rent due for the last month of the reporting period and adjusted to remove rent from properties sold during the month and to include a full month of contractual cash rent for properties acquired during the last month of the reporting period. Adjusted Net Debt: Adjusted Net Debt is a non-GAAP financial measure. We define Adjusted Net Debt as Net Debt less undrawn Series A convertible preferred stock and unsettled forward equity. Adjusted Cash Revenue: Adjusted Cash Revenue is a non-GAAP financial measure. We define Adjusted Cash Revenue as Total Revenues, less reimbursable income, adjustments to recognize contractual rental amounts on a straight-line basis, and above/below market lease amortization. We believe this ratio is useful to investors and analysts to understand the cash revenue, excluding reimbursement income. Adjusted Cash G&A: We define Adjusted Cash G&A as total G&A less non-cash compensation and non-recurring items. We believe this ratio is useful to understand the normalized cash G&A.
Other Definitions and Explanations (Continued) WALT: WALT represents the remaining average lease term of our leases, weighted by rent, and excluding lease renewal options and investments in mortgage loans. Purchase Price: Purchase Price is represented by the contractual acquisition price of the related property, excluding any transaction costs or other capital expenditures. Tenant: Tenant represents the legal entity responsible for fulfilling obligations under the lease agreement. Gross Debt: We define Gross Debt as total debt, net plus debt issuance costs and original issuance discount. Net Debt: Net Debt is a non-GAAP financial measure. We define Net Debt as our Debt less cash and cash equivalents. Occupancy: Occupancy or a specified percentage of our portfolio that is “occupied” or “leased” means as of a specified date (i) the number of properties that are subject to a signed lease divided by (ii) the total number of properties in our portfolio. Secured Overnight Financing Rate (SOFR): We define SOFR as the current one-month term SOFR. GAAP: GAAP is the Generally Accepted Accounting Principles in the United States. Economic Yield: Economic Yield is defined as the sum of contractual fixed annual rents computed on a straight-line basis over the primary lease terms, divided by the purchase price.
Forward-Looking and Cautionary Statements IP Disclaimer This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies. FrontView REIT, Inc. is not affiliated or associated with, and is not endorsed by and does not endorse, such companies or their products or services. This presentation contains forward-looking statements, which reflect our current views regarding our business, financial performance, growth prospects and strategies, market opportunities, and market trends. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook, ” “believes, ” “expects, ” “potential, ” “continues, ” “may, ” “will, ” “should, ” “could, ” “would be, ” “seeks, ” “approximately, ” “projects, ” “predicts, ” “intends, ” “plans, ” “estimates, ” “anticipates, ” or the negative version of these words or other comparable words. All of the forward-looking statements herein, including 2026 updated guidance, are subject to various risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, performance, and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, and property acquisitions and the timing of these investments and acquisitions. These and other risks, assumptions, and uncertainties are described in our filings with the SEC, which are available on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on any forward-looking statements included herein. All forward-looking statements are made as of the date of this document and the risk that actual results, performance, and achievements will differ materially from the expectations expressed or referenced herein will increase with the passage of time. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law. Forward Looking Statements This data and other information described herein are as of and for the three months ended June 30, 2026, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change, involving inherent risks and uncertainties. This information should be read in conjunction with FrontView’s Annual Report on Form 10-K as of and for the year ended December 31, 2025 and Form 10-Q for the period ended June 30, 2026, including the financial statements and the management’s discussion and analysis of financial condition and results of operations sections. About the Data
