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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): November 12, 2025

 

 

FrontView REIT, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Maryland

001-42301

93-2133671

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

3131 McKinney Avenue

Suite L10

 

Dallas, Texas

 

75204

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 214 796-2445

 

 

(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:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common stock $0.01 par value per share

 

FVR

 

New York Stock Exchange

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 November 12, 2025, FrontView REIT, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2025. 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 November 12, 2025, 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 September 30, 2025. A copy of the quarterly supplemental information is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

 

The information contained in Item 2.02 and 7.01 hereof, including the information contained in Exhibit 99.1 and quarterly supplemental information attached as Exhibit 99.2, 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 and Exhibit 99.2 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 November 12, 2025

99.2

Quarterly Supplemental Information for the Quarter Ended September 30, 2025

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.

 

 

 

FrontView REIT, Inc.

 

 

 

 

Date:

November 12, 2025

By:

/s/ Pierre Revol

 

 

 

Pierre Revol
Chief Financial Officer, Treasurer, and Secretary

 

 


EX-99.1 2 fvr-ex99_1.htm EX-99.1 - PRESS RELEASE EX-99.1

 

EXHIBIT 99.1

For Immediate Release

November 12, 2025

 

img107716227_0.jpg

 

FrontView REIT Announces Third Quarter 2025 Results, Updated Full Year 2025 Guidance and 2026 Preliminary Guidance

 

Dallas, TX – FrontView REIT, Inc. (NYSE: FVR) (the “Company”, “FrontView”, “we”, “our”, or “us”), today announced its operating results for the quarter ended September 30, 2025.

MANAGEMENT COMMENTARY

Stephen Preston, CEO and Chairman, commented, “Q3 was a powerful transitional quarter for FrontView. Our portfolio again performed very well, with occupancy moving up to 98.0% driving strong AFFO per share results despite being net disposers in the quarter. We continued to demonstrate what we believe is the imbalance of our share price through portfolio optimization with total dispositions of $32.9 million, of which $30.1 million were occupied, at a sales capitalization rate of 6.78%. We acquired 3 properties totalling $15.8 million in the quarter and have a more active pipeline in-place with certain investments expected to close in the fourth quarter. Lastly, the addition of our bespoke perpetual preferred equity provides us accretive capital that we anticipate to use to pursue growth opportunities in 2026.”

 

THIRD QUARTER 2025 HIGHLIGHTS
Generated net income of $5.5 million, or $0.19 per share with funds from operations (“FFO”) of $6.9 million, or $0.25 per share and adjusted funds from operations (“AFFO”) of $8.8 million, or $0.32 per share
Closed on 3 properties for $15.8 million at an average capitalization of 7.48% and a weighted average lease term of 10.7 years
Sold 15 properties, including 13 occupied properties for $30.1 million in gross proceeds with an average capitalization rate of 6.78% on the occupied properties and a weighted average lease term of 8.0 years
Maintained a strong balance sheet with an improved net debt to Adjusted EBITDAre of 5.3x, Fixed Charge Coverage Ratio of 3.3x, and $161.1 million of total available liquidity
Improved occupancy to 98.0% with annualized base rent of $61.3 million
Paid a $0.215 dividend, equating to a 6.3 % dividend yield based on our stock price as of September 30, 2025 and a 67 % AFFO payout ratio
Amended Revolving Credit Facility and Term Loan, removing the 10 basis point adjustment to SOFR
Hedged $100.0 million of one-month SOFR through March 2028
SUBSEQUENT MATERIAL EVENTS

 

1

 


 

Closed a $75.0 million delayed-draw convertible perpetual preferred equity investment led by Maewyn Capital Partners SUMMARIZED FINANCIAL RESULTSThe following table summarizes the Company's select financial results for the three and nine months ended September 30, 2025, and 2024: Successor Predecessor(1) Successor Predecessor(1) For the three months ended September 30, For the nine months ended September 30, (unaudited, in thousands, except share and per share amounts) 2025 2024 2025 2024 Revenues $ 16,803 $ 14,534 $ 50,600 $ 44,403 Net income (loss), including non-controlling interest $ 5,547 $ (3,339 ) $ (320 ) $ (9,721 ) Net income (loss) per share $ 0.19 $ — $ (0.01 ) — FFO $ 6,866 $ 3,780 $ 20,015 $ 11,948 FFO per share $ 0.25 $ — $ 0.72 — AFFO (2) $ 8,829 $ 4,776 $ 26,086 $ 14,656 AFFO per share $ 0.32 $ — $ 0.94 — Diluted Weighted Average Shares Outstanding 27,834,670 — 27,828,225 — (1) The Company determined that FFO per share and AFFO per share in the Predecessor period would not be meaningful to users of this filing, given the different unitholders in the Predecessor. (2) In 2025, lease termination fees are not adjusted for AFFO purposes. 2024 AFFO figures included an adjustment for lease termination fees. INVESTMENT ACTIVITY The following table summarizes the Company’s investments and dispositions for the three and nine months ended September 30, 2025: For the three months ended September 30, 2025 For the nine months ended September 30, 2025 (unaudited, in thousands, except # of properties and percentages) # of Properties Amount # of Properties Amount Investments 3 $ 15,771 25 $ 82,794 Less Dispositions 15 32,897 25 57,608 Investment Activity (12 ) $ (17,126 ) — $ 25,186 Investment Activity Cash Yield(1) 7.48% 7.88% Economic Yield 7.56% 8.31% Investment Grade 31.0% 27.1% Average Annual Escalators 0.4% 1.5% Weighted Average Lease Term (years) 10.7 12.1 Disposition Activity Cash Yield 6.78% 6.77% Weighted Average Lease Term (years) 8.0 8.3 (1) Includes near-term lease extensions as the underwritten capitalization rate.

2

 


 

PORTFOLIO UPDATE

The following table summarizes the Company's real estate portfolio as of September 30, 2025:

 

September 30, 2025

 

 Number of Properties

 

307

 

 Annualized Base Rent (000s)

$

61,289

 

 Gross Real Estate Investment (000s)

$

890,943

 

 Average Rent per Square Foot

$

24.22

 

 Rentable Square Feet (000s)

 

2,575

 

 Number of Tenants

 

323

 

 Number of Industries

 

16

 

 Occupancy

98.0%

 

 Weighted Average Lease Term (years)

 

7.2

 

 Investment Grade %

33.7%

 

 

BALANCE SHEET AND LIQUIDITY

The following tables summarize the Company’s leverage, fixed charge coverage and liquidity as of September 30, 2025:

Leverage and Fixed Charge

September 30, 2025

Net Debt/ Annualized EBITDAre

6.0x

Net Debt/ Annualized Adjusted EBITDAre

5.3x

Fixed Charge Coverage Ratio

3.3x

 

Liquidity

September 30, 2025

 

Unused Revolver Capacity

$

141,500

 

Cash and Cash Equivalents

 

19,595

 

Total Liquidity

$

161,095

 

 DISTRIBUTIONS

On November 11, 2025, our board of directors declared a quarterly dividend of $0.215 per common share and OP unit to holders of record as of December 31, 2025, payable on or before January 15, 2026.

2025 GUIDANCE UPDATE

The following table summarizes the Company's guidance and key underlying assumptions for the year ended December 31, 2025.

 

Prior

Current

AFFO per share

$1.22 to $1.24

$1.23 to $1.25

Investment Activity ($mm)

$110 to $130

$115 to $125

Disposition Activity ($mm)

$60 to $75

$70 to $80

Cash G&A ($mm)(1)

$8.7 to $9.1

$8.7 to $9.1

(1)
Cash G&A excludes stock based compensation and non-recurring charges of $1.3 million in 2025 attributable to non-recurring charges.

Our per share results are sensitive to both the timing and amount of real estate investments, property dispositions, and capital markets activities that occur throughout the year.

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 to net income 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 compensation expense.

3

 


 

These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance periods. 2026 PRELIMINARY GUIDANCE The Company is initiating preliminary full year 2026 AFFO guidance and net investment activity with the table below summarizing the key underlying assumptions. Additionally, the AFFO per share range accounts for the potential dilution associated with the Company's intended equity offering(s). Preliminary 2026 Guidance AFFO per share $1.26 to $1.30 Net Investment Activity Approximately $100 million CONFERENCE CALL AND WEBCAST The Company will host its third quarter earnings conference call and audio webcast on Thursday, November 13, 2025, 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/399461801. If you prefer to listen via phone, U.S. participants may dial: 1-800-549-8228 (toll free) or 1-646-564-2877 (local), conference ID 59665. 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 REIT that acquires, owns and manages primarily properties with frontage that are net leased to a diversified group of tenants. FrontView is differentiated by an investment approach focused on properties that are in prominent locations with direct frontage on high-traffic roads that are highly visible to consumers. As of September 30, 2025, FrontView owned a well-diversified portfolio of 307 properties with direct frontage across 37 U.S. states. FrontView's tenants include service-oriented businesses, such as medical and dental providers, quick service restaurants, casual dining, financial institutions, cellular stores, automotive stores, convenience stores and gas stations, discount retail, automotive dealers, fitness operators, car washes, pharmacies, home improvement stores, as well as professional services tenants. 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 2025 and preliminary 2026 guidance and assumptions, our ability to close one or more sales of Convertible Preferred Shares pursuant the Investment Agreement, to execute our business and acquisition strategies, or to realize accretion to AFFO, involve known and unknown risks and uncertainties, which may cause FVR’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 increases 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, 2024, which the Company filed with the SEC on March 20, 2025, and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which was filed with the SEC on August 14, 2025, 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.

4

 


 

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 and Fixed Charge Coverage Ratio.

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.

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 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 our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

We believe presenting Net Debt to Annualized Adjusted EBITDAre is useful to investors because they provide information about Gross Debt less cash and cash equivalents, which could be useful to repay debt, compared to our performance as measured using EBITDAre and Annualized Adjusted EBITDAre. You should not consider our Annualized Adjusted EBITDAre as an alternative to net income or cash flows from operating activities determined in accordance with GAAP.

We believe the Fixed Charge Coverage Ratio is useful to investors to show the Company's ability to cover its fixed charges including interest expense, principal repayments of debt and dividends. You should not consider our Fixed Charge Coverage Ratio as an alternative to net income or cash flows from operating activities determined in accordance with GAAP.

A reconciliation of 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.

Company Contact

investorrelations@frontviewreit.com

 

5

 


 

FRONTVIEW REIT INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share and per share amounts)

 

 

 

September 30,
2025

 

 

December 31,
2024

 

ASSETS

 

 

 

 

 

 

Real estate held for investment, at cost

 

 

 

 

 

 

Land

 

$

325,699

 

 

$

332,944

 

Buildings and improvements

 

 

399,052

 

 

 

386,462

 

Total real estate held for investment, at cost

 

 

724,751

 

 

 

719,406

 

Less accumulated depreciation

 

 

(45,065

)

 

 

(40,398

)

Real estate held for investment, net

 

 

679,686

 

 

 

679,008

 

Assets held for sale

 

 

17,667

 

 

 

5,898

 

Mortgage loans receivable

 

 

10,274

 

 

 

 

Cash and cash equivalents

 

 

19,595

 

 

 

5,094

 

Intangible lease assets, net

 

 

101,685

 

 

 

114,868

 

Other assets

 

 

17,883

 

 

 

16,941

 

Total assets

 

$

846,790

 

 

$

821,809

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Debt, net

 

$

307,071

 

 

$

266,538

 

Intangible lease liabilities, net

 

 

14,050

 

 

 

14,735

 

Accounts payable and accrued liabilities

 

 

21,518

 

 

 

17,858

 

Total liabilities

 

 

342,639

 

 

 

299,131

 

Equity

 

 

 

 

 

 

FrontView REIT, Inc. equity

 

 

 

 

 

 

Common Stock, $0.01 par value 450,000,000 shares authorized, 21,267,861 shares
   issued and outstanding as of September 30, 2025

 

 

212

 

 

 

173

 

Additional paid-in capital

 

 

405,222

 

 

 

331,482

 

Accumulated deficit

 

 

(19,285

)

 

 

(6,834

)

Accumulated other comprehensive loss

 

 

(938

)

 

 

 

Total FrontView REIT, Inc. equity

 

 

385,211

 

 

 

324,821

 

Non-controlling interests

 

 

118,940

 

 

 

197,857

 

Total equity

 

 

504,151

 

 

 

522,678

 

Total liabilities and equity

 

$

846,790

 

 

$

821,809

 

 

6

 


 

FRONTVIEW REIT INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(in thousands, except share and per share amounts)

 

 

 

Successor

 

 

Predecessor (1)

 

 

Successor

 

 

Predecessor (1)

 

 

 

For the three months ended September 30,

 

 

For the nine months ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

16,602

 

 

$

14,533

 

 

$

50,206

 

 

$

44,160

 

Interest income on mortgage loans receivable

 

 

156

 

 

 

 

 

 

164

 

 

 

 

Other income

 

 

45

 

 

 

1

 

 

 

230

 

 

 

243

 

Total revenues

 

 

16,803

 

 

 

14,534

 

 

 

50,600

 

 

 

44,403

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

7,351

 

 

 

7,119

 

 

 

24,622

 

 

 

21,415

 

Property operating expenses

 

 

2,209

 

 

 

2,003

 

 

 

7,299

 

 

 

5,694

 

Property management fees

 

 

 

 

 

494

 

 

 

 

 

 

1,501

 

Asset management fees

 

 

 

 

 

1,034

 

 

 

 

 

 

3,102

 

General and administrative expenses

 

 

3,112

 

 

 

697

 

 

 

9,230

 

 

 

2,059

 

Total operating expenses

 

 

12,672

 

 

 

11,347

 

 

 

41,151

 

 

 

33,771

 

Other expenses (income)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

4,564

 

 

 

6,463

 

 

 

13,708

 

 

 

19,755

 

Gain on sale of real estate

 

 

(7,583

)

 

 

 

 

 

(9,244

)

 

 

(337

)

Impairment loss

 

 

1,551

 

 

 

 

 

 

4,957

 

 

 

591

 

Income taxes

 

 

52

 

 

 

63

 

 

 

348

 

 

 

344

 

Total other expenses

 

 

(1,416

)

 

 

6,526

 

 

 

9,769

 

 

 

20,353

 

Net income (loss)

 

 

5,547

 

 

 

(3,339

)

 

 

(320

)

 

 

(9,721

)

Less: Net loss attributable to convertible non-controlling preferred interests

 

 

 

 

 

908

 

 

 

 

 

 

2,652

 

Less: Net (income) loss attributable to non-controlling interests

 

 

(1,532

)

 

 

 

 

 

601

 

 

 

 

Net income (loss) attributable to NADG NNN Property Fund LP (Predecessor) and to FrontView REIT, Inc. (Successor)

 

$

4,015

 

 

$

(2,431

)

 

$

281

 

 

$

(7,069

)

Weighted average number of common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

20,723,471

 

 

 

 

 

 

19,071,703

 

 

 

 

Diluted

 

 

27,834,670

 

 

 

 

 

 

27,828,225

 

 

 

 

Net income (loss) per share attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.19

 

 

$

 

 

$

(0.01

)

 

$

 

Diluted

 

$

0.19

 

 

$

 

 

$

(0.01

)

 

$

 

Comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

5,547

 

 

$

(3,339

)

 

$

(320

)

 

$

(9,721

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of interest rate swaps

 

 

37

 

 

 

 

 

 

(1,474

)

 

 

 

Comprehensive income (loss)

 

 

5,584

 

 

 

(3,339

)

 

 

(1,794

)

 

 

(9,721

)

Less: Comprehensive loss attributable to convertible non-controlling preferred interests

 

 

 

 

 

908

 

 

 

 

 

 

2,652

 

Less: Comprehensive (income) loss attributable to non-controlling interests

 

 

(1,542

)

 

 

 

 

 

1,163

 

 

 

 

Comprehensive income (loss) attributable to NADG NNN Property Fund LP (Predecessor) and to FrontView REIT, Inc. (Successor)

 

$

4,042

 

 

$

(2,431

)

 

$

(631

)

 

$

(7,069

)

(1)
The Company determined that earnings per unit in the Predecessor period would not be meaningful to users of this filing, given the different unitholders in the Predecessor.

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:

 

 

Successor

 

 

Predecessor

 

 

Successor

 

 

Predecessor

 

 

 

For the three months ended September 30,

 

 

For the nine months ended September 30,

 

(unaudited, in thousands, except per share amounts)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net income (loss)

 

$

5,547

 

 

$

(3,339

)

 

$

(320

)

 

$

(9,721

)

Depreciation on real property and amortization of real estate intangibles (1)

 

 

7,351

 

 

 

7,119

 

 

 

24,622

 

 

 

21,415

 

Gain on sale of real estate

 

 

(7,583

)

 

 

 

 

 

(9,244

)

 

 

(337

)

Impairment loss

 

 

1,551

 

 

 

 

 

 

4,957

 

 

 

591

 

Funds from Operations (“FFO”)

 

$

6,866

 

 

$

3,780

 

 

$

20,015

 

 

$

11,948

 

Diluted Weighted Average Shares Outstanding

 

 

27,835

 

 

 

 

 

 

27,828

 

 

 

 

FFO per share

 

$

0.25

 

 

$

 

 

$

0.72

 

 

$

 

Straight-line rent adjustments

 

 

(52

)

 

 

(187

)

 

 

(460

)

 

 

(964

)

Amortization of financing transaction and discount costs

 

 

404

 

 

 

1,053

 

 

 

1,199

 

 

 

3,145

 

Amortization of above/below market lease intangibles (2)

 

 

652

 

 

 

423

 

 

 

2,304

 

 

 

1,338

 

Stock-based compensation

 

 

750

 

 

 

 

 

 

1,565

 

 

 

 

Lease termination fees (3)

 

 

 

 

 

(747

)

 

 

 

 

 

(1,384

)

Adjustment for structuring and public company readiness costs

 

 

50

 

 

 

440

 

 

 

340

 

 

 

514

 

Other non-recurring expenses (4)

 

 

159

 

 

 

14

 

 

 

1,123

 

 

 

59

 

Adjusted Funds from Operations (“AFFO”)

 

$

8,829

 

 

$

4,776

 

 

$

26,086

 

 

$

14,656

 

Diluted Weighted Average Shares Outstanding

 

 

27,835

 

 

 

 

 

 

27,828

 

 

 

 

AFFO per share

 

$

0.32

 

 

$

 

 

$

0.94

 

 

$

 

(1)
Includes write-offs of intangibles of $1.6 million for the nine months ended September 30, 2025 and $0.3 million for the nine months ended September 30, 2024.
(2)
Includes write-offs of $0.4 million for the nine months ended September 30, 2025.
(3)
In 2025, lease termination fees are not adjusted for AFFO purposes. 2024 AFFO figures included an adjustment for lease termination fees.
(4)
Other non-recurring expenses include one-time legal expenses, deal pursuit costs and other non-recurring items.

Our reported results and net earnings per diluted share are presented in accordance with GAAP. We also disclose FFO and AFFO, each of which are non-GAAP measures. We believe these non-GAAP financial measures are industry measures used by analysts and investors to compare the operating performance of REITs. 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.

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. 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 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 a result of normal operations 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.

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. We further exclude costs or gains recorded on the extinguishment of debt, non-cash interest expense and gains, the amortization of debt issuance costs, net mortgage premiums, and lease intangibles, realized gains and losses on foreign currency transactions, Internalization expenses, and structuring and public company readiness costs, as these items are not indicative of ongoing operational results. We use AFFO as a measure of our performance when we formulate corporate goals.

8

 


 

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 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 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.

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:

 

Three months ended September 30,

 

(unaudited, in thousands)

2025

 

Net income

 

5,547

 

Depreciation and amortization

 

8,003

 

Interest expense

 

4,564

 

Income taxes

 

52

 

EBITDA

 

18,166

 

Gain on sale of real estate

 

(7,583

)

Impairment loss

 

1,551

 

EBITDAre

 

12,134

 

Adjustment for current period investment activity (1)

 

154

 

Adjustment for current period disposition activity (2)

 

(121

)

Adjustment for non-cash compensation expense (3)

 

750

 

Adjustment to exclude non-recurring expenses (4)

 

209

 

Adjustment to exclude net write-offs of accrued rental income

 

501

 

Adjusted EBITDAre

 

13,627

 

General and administrative, net of non-recurring

 

2,153

 

Adjusted Net Operating Income (“NOI”)

 

15,780

 

Straight-line rental revenue, net

 

(559

)

Adjusted Cash NOI

 

15,221

 

 

 

 

Annualized EBITDAre

 

48,536

 

Annualized Adjusted EBITDAre

 

54,508

 

Annualized Adjusted NOI

 

63,120

 

Annualized Adjusted Cash NOI

 

60,884

 

(1)
Reflects an adjustment to give effect to all acquisitions during the period as if they had been acquired as of the beginning of the period.
(2)
Reflects an adjustment to give effect to all dispositions during the period as if they had been sold as of the beginning of the period.
(3)
Reflects an adjustment to exclude non-cash stock-based compensation expense.
(4)
Reflects an adjustment to exclude non-recurring expenses, including structuring and public readiness costs, lease termination fees, legal one-time expenses, and other non-recurring income or expenses.

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 this ratio provides investors and analysts with a measure of our leverage 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.

9

 


 

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 reported 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 and exclude general and administration expenses. We further adjust Adjusted NOI for non-cash revenue components of straight-line rent and other amortization expense to derive Adjusted Cash NOI. We believe Adjusted NOI and Adjusted Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level.

Adjusted NOI and Adjusted Cash NOI are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

Annualized Adjusted NOI is calculated by multiplying Adjusted NOI for the applicable quarter by four and Annualized Adjusted Cash NOI is calculated by multiplying Adjusted Cash NOI for the applicable quarter by four. We believe these annualized figures provide a meaningful estimate of our current run rate for all of our investments as of the end of the most recently completed quarter given the contractual nature of our long term net leases. You should not unduly rely on these measures as they are based on assumptions and estimates that may prove to be inaccurate. Our actual reported NOI for future periods may be significantly different from our Annualized Adjusted NOI and Annualized Adjusted Cash NOI.

The following table reconciles total debt (which is the most comparable GAAP measure) to Net Debt, and presents the ratios of Net Debt to EBITDAre and Net Debt to Annualized Adjusted EBITDAre:

 

 

As of September 30,

 

(unaudited, in thousands)

 

2025

 

Debt

 

 

 

Term Loan

 

$

200,000

 

Revolving Credit Facility

 

 

108,500

 

Gross Debt

 

 

308,500

 

Cash and cash equivalents

 

 

(19,595

)

Net Debt

 

$

288,905

 

Leverage Ratios:

 

 

 

Net Debt to Annualized EBITDAre

 

6.0x

 

Net Debt to Annualized Adjusted EBITDAre

 

5.3x

 

Net Debt is a non-GAAP financial measure. We define Net Debt as our Gross Debt less cash and cash equivalents. The ratios of Net Debt to EBITDAre and Net Debt to Annualized Adjusted EBITDAre represent Net Debt as of the end of the applicable period divided by EBITDAre or 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, which could be useful to repay debt, compared to our performance as measured using EBITDAre and Annualized Adjusted EBITDAre.

10

 


 

The following table summarizes our fixed charges, and presents Annualized Fixed Charges to Annualized Adjusted EBITDAre:

 

As of September 30,

 

(unaudited, in thousands)

2025

 

 Interest Expense

$

4,564

 

 Less: Non-cash interest

 

(404

)

 Fixed Charges

 

4,160

 

 Annualized Fixed Charges

$

16,640

 

 Annualized Adjusted EBITDAre / Annualized Fixed Charges

3.3x

 

The Adjusted EBITDA to Fixed Charge Ratio is the ratio of Adjusted EBITDA to fixed charges as of the last day of any fiscal quarter. Adjusted EBITDA is computed as net income adjusted for depreciation and amortization, interest expense, income tax expense, extraordinary or nonrecurring items, fees in connection with debt financing, acquisitions and dispositions and capital markets transactions, non-cash items and equity in net income of unconsolidated subsidiaries minus a reserve for replacements with respect to certain properties. Fixed charges are computed on a consolidated basis as interest expense (excluding amortization of fees paid in cash and discounts and premiums on debt), plus regularly scheduled principal repayments of debt (excluding any balloon or similar payments), plus any preferred dividends payable in cash.

The Annualized Fixed Charges is calculated by multiplying fixed charges for the applicable quarter by four. The Fixed Charge Coverage Ratio is the ratio of Annualized Adjusted EBITDAre to Annualized Fixed Charges. We believe this ratio is useful to investors and analysts as it is used to evaluate our liquidity and ability to obtain financing.

 

11

 


EX-99.2 3 fvr-ex99_2.htm EX-99.2

Slide 1

Q3 2025Quarterly Supplemental Information EX-99.2


Slide 2

Table of Contents 2 Section Page Company Overview 3 Quarterly Highlights 4 Income Statement 5 Balance Sheet 6 GAAP Reconciliation to FFO and AFFO 7 GAAP Reconciliation to Adjusted EBITDAre and Cash NOI 8 Net Asset Value Components 9 Capital Structure and Liquidity 10 Net Debt Metrics, Fixed Charge Coverage and Covenants 11 Capital Deployment Activity 13 Disposition Activity 14 Diversification: Top 60 Tenant Concepts 16 Diversification: Tenant Industry 17 Diversification: Property Map & Geography 18 Lease Expirations, Occupancy and Escalations 19 Non-GAAP Definitions and Explanations 21 Other Definitions and Explanations 22 – 23 Forward-Looking and Cautionary Statements 24


Slide 3

FrontView is an internally-managed net-lease REIT that acquires, owns and manages primarily properties with frontage that are net leased to a diversified group of tenants. FrontView is differentiated by an investment approach focused on properties that are in prominent locations with frontage on high-traffic roads that are highly visible to consumers. 3 Company Overview Company Contact Information Pierre Revol Chief Financial Officer prevol@frontviewreit.com The Company is differentiated by an investment approach focused on properties that are in prominent locations with direct frontage on high-traffic roads that are highly visible to consumers. As of September 30, 2025, the Company owned a well-diversified portfolio of 307 properties with direct frontage across 37 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 Stephen Preston Chairman of the Board Robert Green Director Elizabeth Frank Independent Director Daniel Swanstrom Independent Director Noelle LeVeaux Independent Director Ernesto Perez Independent Director Stephen Preston Chairman of the Board,President and Chief Executive Officer Pierre Revol Chief Financial Officer Drew Ireland Chief Operating Officer Sean Fukumura Chief Accounting Officer Board of Directors


Slide 4

Quarterly Highlights (unaudited, dollars in thousands, except share, per share data) Financial results September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net income (loss) $ 5,547 $ (4,530) $ (1,337) $ (21,488) $ (3,339) Net income (loss) per common share, diluted $ 0.19 $ (0.16) $ (0.06) $ (0.78) — Funds from operations (FFO) $ 6,866 $ 6,720 $ 6,429 $ (9,963) $ 3,780 FFO per share, diluted $ 0.25 $ 0.24 $ 0.23 $ (0.36) — Adjusted funds from operations (AFFO)(1) $ 8,829 $ 9,028 $ 8,229 $ 9,055 $ 4,776 AFFO per share, diluted $ 0.32 $ 0.32 $ 0.30 $ 0.33 — Dividends declared per share $ 0.215 $ 0.215 $ 0.215 $ 0.215 — Diluted weighted average common shares 27,834,670 27,827,037 27,822,826 27,577,692 — Portfolio at a glance: Key metrics September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Number of properties 307 319 323 307 278 Annualized base rent (ABR) $ 61,289 $ 62,293 $ 62,057 $ 58,843 $ 52,100 Gross real estate investment $ 890,943 $ 900,305 $ 929,856 $ 891,161 $ 797,323 Average rent per square foot $ 24.22 $ 24.01 $ 24.24 $ 24.51 $ 24.72 Rentable square footage 2,575 2,594 2,560 2,401 2,107 Weighted average lease term (WALT) 7.2 years 7.3 years 7.4 years 7.4 years 6.7 years Number of states 37 37 37 35 31 Occupancy 98.0 % 97.8 % 96.3 % 97.7 % 98.9 % Number of leases 323 334 329 320 293 Number of concepts 152 157 150 137 137 Number of industries 16 16 15 15 15 Top 10 tenant concentration 24.3 % 22.7 % 22.6 % 21.8 % 23.3 % Top 20 tenant concentration 40.4 % 38.0 % 37.9 % 37.0 % 38.5 % Investment grade (tenant/guarantor) 33.7 % 33.1 % 33.2 % 33.1 % 38.0 % (1) In 2025, lease termination fees are not adjusted for AFFO purposes. 2024 AFFO figures included an adjustment for lease termination fees. Note: Tenant concentration and reporting coverage are based on ABR as of September 30, 2025.


Slide 5

Income Statement (unaudited, in thousands except share and per share data) Three Month Ended September 30, Nine Month Ended September 30, Successor 2025 Predecessor 2024 Successor 2025 Predecessor 2024 Revenues Rental revenues(1,2) $ 16,602 $ 14,533 $ 50,206 $ 44,160 Interest income on mortgage loans receivable 156 — 164 — Other income 45 1 230 243 Total revenues 16,803 14,534 50,600 44,403 Operating expenses Depreciation and amortization 7,351 7,119 24,622 21,415 Property operating expenses 2,209 2,003 7,299 5,694 Property management fees — 494 — 1,501 Asset management fees — 1,034 — 3,102 General and administrative expenses 3,112 697 9,230 2,059 Total operating expenses 12,672 11,347 41,151 33,771 Other expenses (income) Interest expense 4,564 6,463 13,708 19,755 (Gain) loss on sale of real estate (7,583) — (9,244) (337) Impairment loss 1,551 — 4,957 591 Income taxes 52 63 348 344 Total other expenses (1,416) 6,526 9,769 20,353 Net income (loss) 5,547 (3,339) (320) (9,721) Less: Net loss attributable to convertible non-controlling preferred interest — 908 — 2,652 Less: Net income (loss) attributable to non-controlling interests (1,532) — 601 — Net income (loss) attributable to FrontView REIT, Inc (successor) and NADG NNN Property fund LP (predecessor) $ 4,015 $ (2,431) $ 281 $ (7,069) Weighted average number of common shares outstanding Basic 20,723,471 — 19,071,703 — Diluted 27,834,670 — 27,828,225 — Net income (loss) per share attributable to common stockholders Basic $ 0.19 $ — $ (0.01) $ — Diluted $ 0.19 $ — $ (0.01) $ — Comprehensive loss Net income (loss) $ 5,547 $ (3,339) $ (320) $ (9,721) Other comprehensive loss Change in fair value of interest rate swaps 37 — (1,474) — Comprehensive loss 5,584 (3,339) (1,794) (9,721) Less: Comprehensive loss attributable to convertible non-controlling preferred interests — 908 — 2,652 Less: Comprehensive income (loss) attributable to convertible non-controlling interests (1,542) — 1,163 — Comprehensive income (loss) attributable to NADG NNN Property Fund LP (Predecessor) and to FrontView REIT, Inc. (Successor) $ 4,042 $ (2,431) $ (631) $ (7,069) (1) Includes tenant reimbursement income of $1.8 million and $1.3 million for the three-month periods ending September 30, 2025, and 2024, respectively. Includes tenant reimbursement income of $5.9 million and $4.4 million for the nine-month periods ending September 30, 2025, and 2024, respectively. (2) Includes variable rent of $73K and $798K for the three-month periods ending September 30, 2025, and 2024, respectively. Includes variable rent of $283K and $1.5 million for the nine-month periods ending September 30, 2025, and 2024, respectively.


Slide 6

Balance Sheet (unaudited, in thousands) Assets September 30, 2025 December 31, 2024 Assets Real estate held for investment, at cost Land $ 325,699 $ 332,944 Buildings and improvements 399,052 386,462 Total real estate held for investment, at cost 724,751 719,406 Less accumulated depreciation (45,065) (40,398) Real estate held for investment, net 679,686 679,008 Assets held for sale 17,667 5,898 Mortgage loans receivable 10,274 — Cash and cash equivalents 19,595 5,094 Intangible lease assets, net 101,685 114,868 Other assets 17,883 16,941 Total assets $ 846,790 $ 821,809 Liabilities and equity Liabilities Debt, net $ 307,071 $ 266,538 Intangible lease liabilities, net 14,050 14,735 Accounts payable and accrued liabilities 21,518 17,858 Total liabilities 342,639 299,131 Equity Common stock, par value $0.01 per share 212 173 Additional paid-in capital 405,222 331,482 Accumulated deficit (19,285) ( 6,834) Accumulated other comprehensive loss (938) — Total FrontView REIT, Inc. equity 385,211 324,821 Non-controlling interests in the OP 118,940 197,857 Total equity 504,151 522,678 Total liabilities and equity $ 846,790 $ 821,809


Slide 7

GAAP Reconciliations to FFO and AFFO (unaudited, in thousands except share and per share data) Three Month Ended September 30, Nine Month Ended September 30, Successor 2025 Predecessor 2024(1) Successor 2025 Predecessor 2024(1) Net Income (loss) $ 5,547 $ (3,339) $ (320) $ (9,721) Depreciation on real property and amortization of real estate intangibles(2) 7,351 7,119 24,622 21,415 Gain on sale of real estate (7,583) — (9,244) (337) Impairment loss 1,551 — 4,957 591 Funds from operations (FFO) $ 6,866 $ 3,780 $ 20,015 $ 11,948 Straight-line rent adjustments (52) (187) (460) (964) Amortization of financing transaction and discount costs 404 1,053 1,199 3,145 Amortization of above/below market lease intangibles(3) 652 423 2,304 1,338 Stock-based compensation 750 — 1,565 — Lease termination fees(4) — (747) — (1,384) Adjustment for structuring and public company readiness costs 50 440 340 514 Other non-recurring expenses(5) 159 14 1,123 59 Adjusted funds from operations (AFFO) $ 8,829 $ 4,776 $ 26,086 $ 14,656 Diluted weighted average shares outstanding 27,834,670 — 27,828,225 — Net income (loss) per diluted share $ 0.19 $ — $ (0.01) $ — FFO per diluted share $ 0.25 $ — $ 0.72 $ — AFFO per diluted share $ 0.32 $ — $ 0.94 $ —  (1) The Company determined that per share amounts in the Predecessor period would not be meaningful to users of this filing, given the different unitholders in the Predecessor. (2) Includes write-offs of intangibles of $1.6 million for the nine months ended September 30, 2025 and $0.3 million for the nine months ended September 30, 2024. (3) Includes write-offs of $0.4 million for the nine months ended September 30, 2025. (4) In 2025, lease termination fees are not adjusted for AFFO purposes. 2024 AFFO figures included an adjustment for lease termination fees. (5) Other non-recurring expenses include one-time legal expenses, deal pursuit costs and other non-recurring items.


Slide 8

GAAP Reconciliation to Adjusted EBITDAre and Cash NOI (unaudited, in thousands) (1) Reflects an adjustment to give effect to all investments during the quarter as if they had been acquired as of the beginning of the quarter. (2) Reflects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter. (3) Reflects an adjustment to exclude non-cash stock-based compensation expense. (4) Reflects an adjustment to exclude non-recurring expenses, including structuring and public company readiness costs, lease terminations fees, legal one-time expenses, and other non-recurring income or expenses. Three Months Ended September 30, 2025 Net income $ 5,547 Depreciation and amortization 8,003 Interest expense 4,564 Income taxes 52 EBITDA $ 18,166 Gain on sale of real estate (7,583) Impairment loss 1,551 EBITDAre $ 12,134 Adjustment for current period investment activity(1) 154 Adjustment for current period disposition activity(2) (121) Adjustment for non-cash compensation expense(3) 750 Adjustment to exclude non-recurring expenses(4) 209 Adjustment to exclude net write-offs of accrued rental income 501 Adjusted EBITDAre $ 13,627 General and administrative, net of non-recurring 2,153 Adjusted NOI $ 15,780 Straight-line rental revenue, net (559) Adjusted cash NOI $ 15,221 Annualized EBITDAre $ 48,536 Annualized adjusted EBITDAre $ 54,508 Annualized adjusted NOI $ 63,120 Annualized adjusted cash NOI $ 60,884


Slide 9

Net Asset Value Components (unaudited, $ in thousands, except share data) (1) Represents the original purchase price of properties, excluding closing costs. (2) Includes components of accounts receivable (net) and deferred rent receivables (net) that are realizable assets, and $12.7 million in net book value of vacant assets. (3) Includes accounts payable and accrued liabilities. PurchasePrice(1) # of Properties # of Leases RentableSQF (000s) Rent/SQF WALT AnnualizedBase Rent Annualized AdjustedCash NOI Real estate portfolio $906.3M 307 323 2,575 24.22 7.2 years $61,289 $60,884 Tangible assets Cash and cash equivalents 19,595 Mortgage receivable principal outstanding 10,274 Other tangible assets(2) 25,638 Total tangible assets $ 55,507 Debt Term loan 200,000 Revolving credit facility 108,500 Total debt $ 308,500 Tangible liabilities Dividends payable 6,134 Other tangible liabilities(3) 15,458 Total tangible liabilities $ 21,592 Shares outstanding Common stock 21,267,861 Operating partnership units 6,566,809 Total common stock and OP units outstanding 27,834,670  


Slide 10

Q3 2025 Capital Structure Overview Ample Liquidity and Lowest Leverage Since IPO Note: Metrics as of September 30, 2025. (1) Equity value as of September 30, 2025, was $13.71. (2) During the quarter, the company hedged $100M of 1-month SOFR through March 2028. (3) Both facilities have two 12-month extension options. (4) Excludes non-cash stock-based compensation expense and non-recurring expenses, including lease termination fees. (5) The company entered an amendment post-quarter, reducing the spread to 1.15%, so long as LTV remains below 35%. (6) Including the delayed-draw Convertible Perpetual Preferred, which closed on November 12, 2025, liquidity increases to $236.1 million. Debt, Net Debt and Net Debt to Annualized Adjusted EBIDTAre Interest Rate Interest rate Maturity September 30, 2025 (000s) Revolving Credit Facility SOFR + 1.20%(2, 5) Adj. SOFR + 1.20% 10/3/2027(3) $108,500 Term Loan SOFR + 1.20%(5) Adj. SOFR + 1.2%( 10/3/2027(3) 200,000 Gross Debt $308,500 Cash and Cash Equivalents (19,595) Net Debt $288,905 Annualized Adjusted EBITDAre(4) $54,508 Net Debt to Annualized Adjusted EBITDAre 5.3 x Fixed Charge Coverage Ratio Interest Expense $4,564 Less: Non-Cash Interest (404) Fixed Charges $4,160 Annualized Fixed Charges $16,640 Annualized Adjusted EBITDAre/Annualized Fixed Charges 3.3 x Liquidity Undrawn Revolver Capacity $141,500 Cash and Cash Equivalents 19,595 Total Liquidity(6) $161,095 Capital Structure Total Capitalization $690M Common Stock(1) 42.3% OP Units(1) 13.0%


Slide 11

Net Debt Metrics, Fixed Charge Coverage and Covenants (unaudited, in thousands) (1) The loans each contain two 12-month extension options, subject to a 0.125% extension fee. (2) The approximate SOFR rate on September 30, 2025, was 4.24%. The spread to SOFR is expected to narrow to 1.15% upon acceptance of Q3 compliance based on the revised grid. (3) Hedged $200 million of floating rate SOFR at 3.664%, effectively fixing the term loan at a rate of 4.864% through initial maturity. (4) Hedged $100 million in five sequential swaps maturing in six-month intervals until final maturity in March 2028. Maturity Date Interest Rate September 30, 2025 Debt Term Loan 3-Oct-27(1) SOFR + 1.20%(2, 3) $ 200,000 Revolving Credit Facility 3-Oct-27(1) SOFR + 1.20%(2, 4) 108,500 Gross Debt $ 308,500 Cash and Cash Equivalents (19,595) Net Debt $ 288,905 Net Debt to Annualized EBITDAre 6.0 x Net Debt to Annualized Adjusted EBITDAre 5.3 x Covenants Required Revolving Credit Facility Total Leverage Ratio ≤ 60% 33.2% Adjusted EBITDA to Fixed Charges Ratio ≥ 1.50 to 1.00 3.3 x Secured Leverage Ratio ≤ 40% 0.0% Unencumbered NOI to Unsecured Interest Expense Ratio ≥ 1.75 to 1.00 3.5 x Unsecured Leverage Ratio ≤ 60% 33.6% Tangible Net Worth ≥ $ 380,032 $ 591,951 Fixed Charge Coverage Ratio (FCCR) September 30, 2025 Interest Expense $ 4,564 Less: Non-Cash Interest (404) Fixed Charges 4,160 Annualized Fixed Charges $ 16,640 Annualized Adjusted EBITDAre/Annualized Fixed Charges 3.3 x The covenants associated with the Revolving Credit Facility are reported to the respective lenders via quarterly covenant reporting packages These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of September 30, 2025, the Company believes it is in compliance with the covenants Covenants The following is a summary of key financial covenants for the Company’s unsecured debt instruments


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Capital Deployment YTD Investment Activity and Dispositions


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Acquisitions ($ in thousands) Q1 2025 Q2 2025 Q3 2025 YTD 2025 Number of properties 17 5 3 25 Average annual escalators 1.6% 2.4% 0.4% 1.5% Investment grade % 29.2% 17.9% 31.0% 27.1% Weighted average lease term (WALT) 12.9 11.0 10.7 12.1 Purchase price $ 49,224 $ 17,799 $ 15,771 $ 82,794 Cash capitalization rate(1) 7.90% 8.17% 7.48% 7.88% Economic yield 8.18% 9.35% 7.56% 8.31% $ 49,224 $ 17,799 $ 15,771 Representative Tenant Concepts Note: Weightings are based on purchase price. (1) Includes near-term lease amendments as the underwritten capitalization rate. $ 82,794 Year-to-Date Investment Activity


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Dispositions ($ in thousands) Q1 2025 Q2 2025 Q3 2025 YTD 2025 Number of vacant properties — 4 2 6 Number of leased properties 1 5 13 19 Gross proceeds on vacant properties — $ 11,055 $ 2,800 $ 13,855 Gross proceeds on leased properties $ 2,050 $ 11,606 $ 30,097 $ 43,753 Weighted average lease term (WALT) 13.8 8.0 8.0 8.3 Total gross proceeds $ 2,050 $ 22,661 $ 32,897 $ 57,608 Disposition capitalization rate on leased properties 6.88% 6.75% 6.78% 6.77% $ 2,050 $ 22,661 Representative Tenant Concepts Note: Weightings are based on gross proceeds. $ 32,897 $ 57,608 Year-to-Date Disposition Activity


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Portfolio Detail Top 60 Tenant Concepts, Industry and Geographic Mix


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# Tenant Concept # of Leases % of ABR Investment Grade Rated Credit Rating (S&P / Moody’s / Fitch) 1 Dollar Tree 14 3.6 % ✓ BBB / Baa2 2 Fast Pace Urgent Care 8 2.8 % — N/A 3 Verizon 9 2.8 % ✓ BBB+ / Baa1 / A- 4 Raising Canes 6 2.5 % — N/A 5 Adams Auto Group 3 2.3 % — N/A 6 LA Fitness 3 2.2 % — N/A 7 Oak Street Health 6 2.2 % — N/A 8 IHOP 7 2.0 % — N/A 9 Mammoth Car Wash 6 2.0 % — N/A 10 Bank of America 5 1.9 % ✓ A- / Aa2 / AA- 11 PNC Bank 6 1.9 % ✓ A / A+ 12 LA-Z-Boy 3 1.9 % — N/A 13 CVS 4 1.8 % ✓ BBB / Baa2 / BBB 14 AT&T 6 1.7 % ✓ BBB / Baa2 / BBB+ 15 T-Mobile 9 1.7 % ✓ BBB / Baa2 / BBB+ 16 Chili's 3 1.6 % — BB+ 17 Wells Fargo 3 1.4 % ✓ A+ / A1 / A+ 18 Advance Auto Parts 7 1.4 % — BB / Ba3 19 St. Joseph Hospice 2 1.4 % — N/A 20 Heartland Dental 5 1.3 % — N/A 21 Lowe's Home Improvement 1 1.2 % ✓ BBB+ 22 VASA Fitness 1 1.1 % — N/A 23 Charles Schwab 1 1.1 % ✓ A- / A 24 Aspen Dental 5 1.1 % — N/A 25 Wendy's 5 1.1 % — B+ / B3 26 Parachute Plasma 2 1.1 % — N/A 27 WSS 2 1.1 % — N/A 28 Wellnow 4 1.0 % — N/A 29 Walmart 1 1.0 % ✓ AA / Aa2 / AA 30 Best Buy 1 1.0 % ✓ BBB+ / A3 31 Andy's Frozen Custard 4 1.0 % — N/A 32 Burger King 4 1.0 % — BB # Tenant Concept # of Leases % of ABR Investment Grade Rated Credit Rating (S&P / Moody’s / Fitch) 33 Edge Fitness 1 1.0 % — N/A 34 Chase Bank 3 1.0 % ✓ A / Aa3 / AA- 35 Floor & Decor 1 1.0 % — BB 36 Tricolor(1) 1 0.9 % — N/A 37 Applebee's 3 0.9 % — N/A 38 Walgreens 2 0.9 % — BB- 39 Stop & Shop Gas 3 0.9 % ✓ BBB+ 40 Sleep Number 3 0.8 % — N/A 41 Chuy's Mexican 2 0.8 % ✓ BBB / Baa2 / BBB 42 Texas Roadhouse 2 0.8 % — N/A 43 Take 5 Oil Change 5 0.8 % — N/A 44 Chipotle 4 0.7 % — N/A 45 Auto Saavy 1 0.7 % — N/A 46 Physicians Immediate Care 2 0.7 % — N/A 47 Sonic 4 0.7 % — N/A 48 7-Eleven 3 0.7 % ✓ A- / Aa3 49 Harbor Freight 2 0.7 % — N/A 50 O'Reilly Auto Parts 4 0.6 % ✓ BBB+ / Baa1 51 AutoZone 3 0.6 % ✓ BBB / Baa1 / BBB 52 Dollar General 3 0.6 % ✓ BBB / Baa3 53 Planet Fitness 1 0.6 % — N/A 54 McAlister's Deli 3 0.6 % — N/A 55 Starbucks 4 0.6 % ✓ BBB+ / Baa1 56 Range USA 1 0.6 % — N/A 57 Twin Peaks 2 0.6 % — N/A 58 Circle K 2 0.6 % ✓ BBB+ / Baa1 59 Fulton Bank 1 0.5 % ✓ Baa1 60 Longhorn Steakhouse 2 0.5 % ✓ BBB Top 60 214 73.6 %     Other (61 through 152) 109 26.4 %     Total Portfolio 323 100.0 %     (1) TriColor was occupied and paid rent for the quarter ending September 30, 2025. Currently on a cash basis for the month of October, but the lease has not yet been rejected. Diversification: Top 60 Tenant Concepts


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Diversification: Tenant Industry (in thousands, except for # of leases, percentages and rent/SQFT) Industry Defensive Mix # of Leases ABR % of ABR Leased SquareFeet (000s) Rent / SQFT Medical and Dental Providers Necessity 48 $ 9,270 15.1 % 286 $ 32.41 Quick Service Restaurants Service 61 $ 7,982 13.0 % 179 $ 44.59 Casual Dining Service 38 $ 7,470 12.1 % 234 $ 31.92 Financial Institutions Necessity 27 $ 5,882 9.6 % 142 $ 41.42 Other - Service Service 21 $ 4,836 7.9 % 229 $ 21.12 Cellular Stores Service 26 $ 4,066 6.6 % 95 $ 42.80 Fitness Operators Service 7 $ 3,265 5.3 % 215 $ 15.19 Automotive Stores Necessity 28 $ 3,222 5.3 % 162 $ 19.89 Discount Retail Discount 19 $ 2,919 4.8 % 207 $ 14.10 Automotive Dealers Service 6 $ 2,690 4.4 % 87 $ 30.92 Convenience Stores and Gas Stations Necessity 15 $ 2,616 4.3 % 40 $ 65.40 Car Washes Service 10 $ 1,964 3.2 % 33 $ 59.52 Home Improvement Stores Necessity 5 $ 1,690 2.8 % 263 $ 6.43 Pharmacies Necessity 6 $ 1,652 2.7 % 70 $ 23.60 Other - Necessity Necessity 5 $ 1,592 2.6 % 284 $ 5.61 Professional Services Service 1 $ 173 0.3 % 4 $ 43.25 Total — 323 $ 61,289 100.0 %  2,530 $ 24.22 Industry Mix / Defensive Mix Other - Service Discount Retail Medical and Dental Providers Financial Institutions Automotive Stores Convenience Stores and Gas Stations Home Improvement Stores Pharmacies Other - Necessity Quick Service Restaurants Casual Dining Cellular Stores Fitness Operators Automotive Dealers Car Washes Professional Services


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State # of Properties Square Feet (000s) % of ABR IL 38 384 15.2 % GA 24 167 8.0 % TX 22 123 7.3 % OH 21 125 4.9 % FL 13 134 4.8 % NC 15 89 4.5 % IN 15 79 4.5 % TN 13 98 4.5 % PA 8 145 4.1 % VA 15 76 4.0 % NY 8 242 3.4 % AL 11 49 2.9 % SC 10 86 2.9 % MO 9 55 2.8 % MN 7 72 2.4 % MD 6 43 2.3 % MI 8 49 2.3 % AZ 6 40 2.2 % OK 9 48 2.1 % State # of Properties Square Feet (000s) % of ABR NJ 9 46 2.1 % LA 4 47 2.0 % ME 3 185 1.7 % KS 6 41 1.7 % KY 8 40 1.7 % CT 2 5 0.7 % MS 2 13 0.7 % CO 2 10 0.6 % UT 2 22 0.6 % NE 2 20 0.5 % WI 2 15 0.5 % NV 1 4 0.4 % AR 1 3 0.4 % ID 1 6 0.3 % RI 1 1 0.3 % SD 1 10 0.3 % MA 1 2 0.2 % WV 1 1 0.2 % Total 307 2,575 100.0 % MA MN ID AZ CO NV UT AR KS MO OK SD LA TX CT RI AL FL GA MS SC IL IN KY NC OH TN VA WI MD NJ NY PA ME MI 1 1 2 6 2 1 NE 2 6 9 22 4 2 1 9 38 7 2 15 13 8 11 24 10 13 15 15 1 21 8 MI 8 8 6 9 2 1 1 3 Portfolio Top-Third Placer AI Ranking(1) 307 Properties 37 States (1) Placer Ranking is determined by state category based on LTM visits. This describes the productivity of the store within the state it operates in.    Diversification: Property Map and Geography


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Occupancy Rates Year Number ofLeases Leased Square Feet (000s) ABR (000s) % of ABR Remainder of 2025 1 2 $ 159 0.2 % 2026 20 102 $ 3,149 5.1 % 2027 34 385 $ 7,007 11.4 % 2028 27 139 $ 3,893 6.3 % 2029 32 196 $ 5,981 9.8 % 2030 32 190 $ 6,223 10.2 % 2031 28 156 $ 4,717 7.7 % 2032 24 401 $ 5,329 8.7 % 2033 17 82 $ 2,632 4.3 % 2034 21 164 $ 4,142 6.8 % Thereafter 83 698 $ 18,057 29.5 % New Leases(2) 4 15 $ — — % Total 323 2,530 $ 61,289 100.0 % Escalation Types(1) 19 1.6% Weighted Average Rent Growth (1) Includes contractual rent increases on tenant renewal options to the extent a lease is at the end of its initial term. Approximately 22% escalate annually, 2.5% have no escalations, and the remainder have larger escalators every 5 years. (2) Represents new tenant leases where rent hasn’t commenced. Lease Expirations, Occupancy and Escalations


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Appendix Definitions and Forward-Looking Statements


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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 this ratio provides investors and analysts with a measure of our leverage 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. 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 reported EBITDAre for future periods may be significantly different from our annualized adjusted EBITDAre. Our reported EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider these measures 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 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. We compute FFO in accordance with the standards established by the Board of Governors of 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. 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 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 a result of normal operations 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. Adjusted NOI, Annualized Adjusted NOI, and Cash NOI: Adjusted NOI, Annualized Adjusted NOI, Cash NOI, and GAAP NOI are non-GAAP financial measures which we use to assess our operating results. We compute Adjusted NOI as Adjusted EBITDAre and exclude general and administration expenses. We further adjust Adjusted NOI for non-cash revenue components of straight-line rent and other amortization expense to derive Adjusted Cash NOI. We believe Adjusted NOI and Adjusted Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level. Adjusted NOI and Adjusted Cash NOI are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Annualized Adjusted NOI is calculated by multiplying Adjusted NOI for the applicable quarter by four and Annualized Adjusted Cash NOI is calculated by multiplying Adjusted Cash NOI for the applicable quarter by four. We believe these annualized figures provide a meaningful estimate of our current run rate for all of our investments as of the end of the most recently completed quarter given the contractual nature of our long-term net leases. You should not unduly rely on these measures as they are based on assumptions and estimates that may prove to be inaccurate. Our actual reported NOI for future periods may be significantly different from our Annualized Adjusted NOI and Annualized Adjusted Cash NOI. Fixed Charge Coverage Ratio (FCCR): The adjusted EBITDA to fixed charge ratio is the ratio of adjusted EBITDA to fixed charges as of the last day of any fiscal quarter. Adjusted EBITDA is computed as net income adjusted for depreciation and amortization, interest expense, income tax expense, extraordinary or nonrecurring items, fees in connection with debt financing, acquisitions and dispositions and capital markets transactions, non-cash items and equity in net income of unconsolidated subsidiaries minus a reserve for replacements with respect to certain properties. Fixed charges are computed on a consolidated basis as interest expense (excluding amortization of fees paid in cash and discounts and premiums on debt), plus regularly scheduled principal repayments of debt (excluding any balloon or similar payments), plus any preferred dividends payable in cash.


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Other Definitions and Explanations Economic Yield: Economic Yield is calculated by dividing contractual cash rent, inclusive of fixed rent increases and escalators determined by CPI, by the existing lease term, expressed as a percentage of the purchase price. 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 Washed, 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. GAAP: GAAP is the Generally Accepted Accounting Principles in the United States.


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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.


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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. Information set forth herein 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 September 30, 2025, 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 Quarterly Report on Form 10-Q as of and for the period ended September 30, 2025, including the financial statements and the management’s discussion and analysis of financial condition and results of operations sections. About the Data