Slide 1: Q3 2025 Quarterly Supplemental Information
Q3 2025 Quarterly Supplemental Information EX-99.2
Slide 2: Table of Contents
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 C
Slide 3: Company Overview
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 hig
Slide 4: Quarterly Highlights
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 $
Slide 5: Income Statement
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 loan
Slide 6: Balance Sheet
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
Slide 7: GAAP Reconciliations to FFO and AFFO
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 re
Slide 8: GAAP Reconciliation to Adjusted EBITDAre and Cash NOI
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 qu
Slide 9: Net Asset Value Components
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 b
Slide 10: Q3 2025 Capital Structure Overview
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 $100M of 1-month SOFR through March 2028. (3) Both facilities have two 12-month e
Slide 11: Net Debt Metrics, Fixed Charge Coverage and Covenants
Net Debt Metrics, Fixed Charge Coverage and Covenants (unaudited, in thousands) (1) The loans each contain two 12-month extension options, subject to a 0.125% extension fee. (2) The approximate SOFR rate on September 30, 2025, was 4.24%. The spread to SOFR is expected to narrow to 1.15% upon accepta
Slide 12: Capital Deployment
Capital Deployment YTD Investment Activity and Dispositions
Slide 13: Acquisitions
Acquisitions ($ 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 capita
Slide 14: Dispositions
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
Slide 15: Portfolio Detail
Portfolio Detail Top 60 Tenant Concepts, Industry and Geographic Mix
Slide 16: Top 60 Tenant Concepts
# 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
Slide 17: Diversification: Tenant Industry
Diversification: Tenant Industry (in thousands, except for # of leases, percentages and rent/SQFT) Industry Defensive Mix # of Leases ABR % of ABR Leased Square Feet (000s) Rent / SQFT Medical and Dental Providers Necessity 48 $ 9,270 15.1 % 286 $ 32.41 Quick Service Restaurants Service 61 $ 7,982 1
Slide 18: Diversification: Property Map & Geography
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
Slide 19: Lease Expirations, Occupancy and Escalations
Occupancy Rates Year Number of Leases 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
Slide 20: Appendix: Definitions and Forward-Looking Statements
Appendix Definitions and Forward-Looking Statements
Slide 21: Non-GAAP Definitions and Explanations
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 amortiz
Slide 22: Other Definitions and Explanations
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 Capitaliz
Slide 23: Other Definitions and Explanations (Continued)
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 rela
Slide 24: Forward-Looking and Cautionary Statements
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 o