Frontview Reit, Inc. · NYSE:FVR
Frontview Reit — Q3 2026 Earnings Presentation
38 slides from Frontview Reit's earnings presentation, Nov 4, 2026
Slide 1: Investor Presentation Quarter ended September 30, 2026
Investor Presentation Quarter ended September 30, 2026 EXHIBIT 99.3
Slide 2: FrontView REIT Overview: Company Highlights
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 2.5% of
Slide 3: Q3 2026: Highlights and Opportunity
Q3 2026: Highlights and Opportunity 3 3 Optimized portfolio through capital recycling, enhancing diversification, real estate quality, tenant credit and WALT Q3 AFFO per share of $0.33; with Adj. Net Debt / Ann. Adj. EBITDAre of 4.5x, Net Debt / Ann. Adj. EBITDAre of 5.0x, Fixed Charge Coverage Rati
Slide 4: Q3 2026 Key Stats and Guidance
Q3 2026 Key Stats and Guidance 2026 Guidance Metric Prior Current Change Net Investment ~$120M ~$120M No change AFFO per Share $1.32 - $1.34 $1.32 - $1.34 No change As of September 30, 2026 Top Tenant ABR % 2.5% 5,090 Median Square Feet per Box $69.8M Annualized Base Rent (ABR) 99.4% Occupancy 327 P
Slide 5: Portfolio and Balance Sheet Metrics Over Time
Q4 2024 Q3 2025 Q3 2026 PORTFOLIO METRICS ABR $58.8M Top 10 Tenant % 21.8% Occupancy 97.7% Investment Grade (1) 33.1% WALT 7.2 yrs TX + FL % of ABR 11.6% (TX 8.1 / FL 3.5) # Properties 307 Portfolio SF 2.4M TOP 5 TENANTS TOP 5 TENANTS TOP 5 TENANTS TOP 5 INDUSTRIES Casual Dining 15.6% Quick Service
Slide 6: Value Creation
V FRONTVIEW Value Creation
Slide 7: FrontView's Superior Net Lease Model
FrontView’s Superior Net Lease Model Better Real Estate + Retained Cash + Smaller Base = Higher Growth External Growth Smaller size is a structural advantage Organic Rent Growth Escalators & renewals in attractive markets Credit Loss Real estate upside, portfolio, and credit ORGANIC FCF Reinvestment
Slide 8: When a Tenant Leaves, Our Real Estate Turns the Exit Into an Upgrade
When a Tenant Leaves, Our Real Estate Turns the Exit Into an Upgrade Re-Tenanting Unlocks Upside in Our Real Estate Est. value: new annual rent capitalized at an assumed market cap rate (5.00% Chase, Raising Cane’s; 5.45% Avis; 5.50% Panda / Jaggers, Bank of America; 6.00% Amazon), compared with the
Slide 9: Investors, Developers and End Users Pay for Our Real Estate
Investors, Developers and End Users Pay for Our Real Estate, Not Just the Lease in Place Buyer Demand Unlocks Upside in Our Real Estate Note: Select examples of completed FrontView sales, not all sales. % of cost = gross sale price / original purchase price. Gain = gross sale price less original pur
Slide 10: Strong Track Record on Renewals
Strong Track Record on Renewals Includes tenant lease renewals, new tenant leases at expiration, and new tenant leases after expiration, excluding blend and extend. The recapture rate on the 6 new tenant leases was 119.3%. Includes five tenants whose leases originally expired in 2026 but exercised t
Slide 11: Lease Maturity Summary
Based on number of assets within a 0.5-mile radius of an anchor tenant within a shopping center. 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 locati
Slide 12: Portfolio Overview
V FRONTVIEW Portfolio Overview
Slide 13: Tenant and Industry Overview
Tenant and Industry Overview Tenant and Lease Characteristics 33.5% Investment Grade(1,2) 95.3% Corporate or Large Franchisee(1) 11.4% Ground Lease(3) 346 Leases 172 Concepts 327 Properties 1.7% Annual Escalators 97.8% Leases with Escalators 7.0 yrs WALT Top 25 Tenants Industry Defensive Mix Tenant
Slide 14: Geographically Diversified Portfolio
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. 327 Properties $69,821K
Slide 15: Differentiated Characteristics Versus Peers
Differentiated Characteristics Versus Peers Note: Agree Realty, Essential Properties, Four Corners, Realty Income, NNN REIT, and NETSTREIT as of Q3 2026. Reflects the undepreciated book value of real estate divided by the number of properties. Average Box Size (000s Square Feet) Fungible Box Sizes T
Slide 16: Strategically Located Properties
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 Shoppi
Slide 17: Capital Allocation & Balance Sheet
Capital Allocation & Balance Sheet
Slide 18: Optimizing Portfolio Through Accretive Capital Recycling
Optimizing Portfolio Through Accretive Capital Recycling 6.50% or less Capitalization Rate Dispositions Since IPO Acquisitions Since IPO Over 6.50% to 7.00% Capitalization Rate Over 7.00% Capitalization Rate Number of Properties 104 Purchase Price $370M Cash Cap Rate 7.69% IG(1) 32.8% Median SQFT 7,
Slide 19: Acquisitions
Acquisitions ($ in thousands) Q3 2026 Q2 2026 Q1 2026 Q4 2025 TTM Number of properties 16 17 10 7 50 Average annual escalators 1.4% 1.4% 1.5% 1.2% 1.4% Investment grade % (1) 28.5% 31.4% 17.2% 55.3% 33.3% Weighted average lease term (WALT) 6.4 7.3 9.4 13.1 8.7 Purchase price $50,593 $58,186 $33,856
Slide 20: Dispositions
Dispositions ($ in thousands) Q3 2026 Q2 2026 Q1 2026 Q4 2025 TTM Number of vacant properties - 1 3 4 8 Number of leased properties 5 9 2 7 23 Gross proceeds on vacant properties - $300 $5,725 $2,645 $8,670 Gross proceeds on leased properties $17,125 $22,582 $3,935 $17,795 $61,437 Weighted average l
Slide 21: Q3 2026 Capital Structure Overview
Q3 2026 Capital Structure Overview Sub-35% Leverage Ratio With Ample Liquidity Note: Metrics as of September 30, 2026. The term loan has a hedge for the notional amount of $200.0 million that expires on March 31, 2028. The revolving credit facility has three hedges for a notional amount of $100.0 mi
Slide 22: Investment Opportunity
V FRONTVIEW Investment Opportunity
Slide 23: Higher Growth at Discounted Value
Higher Growth at Discounted Value Peers GAV (1) Acquisitions / GAV (1) G&A / GAV (1) Implied Cap Rate (2) 2026 AFFO Growth (per share) (2) 2027 AFFO Growth (per share) (2) 2027 AFFO Multiple (2) 2027 PEG (2) $87,759M 11.4% 0.2% 6.8% 3.8% 2.6% 12.6x 4.8x 11,798M 13.6% 0.4% 6.3% 5.8% 4.0% 14.4x 3.6x 8
Slide 24: Size is a Structural Advantage
Size is a Structural Advantage Relatively Modest Investment Activity Generates Sector-Leading Growth With a Long Runway Represents incremental AFFO per share growth, assuming the midpoint of 2026E guidance of $1.33 per share. As of September 30, 2026 for ADC, EPRT, NTST, O, NNN, FCPT, and FrontView.
Slide 25: Net Asset Value and Implied Cap Rate
Net Asset Value and Implied Cap Rate Valuation Discount Relative To Portfolio Quality and Peer Multiple September 30, 2026 Share Price as of November 3, 2026 $18.78 Shares outstanding, assuming full conversion of Series A Convertible Preferred Stock 33.2 Equity Market Cap $624.0 Net Debt 306.0 Total
Slide 26: Case Studies
V FRONTVIEW Case Studies
Slide 27: Credit upgrade from strong underlying real estate (Chase ground lease)
Strong underlying real estate drove a meaningful credit upgrade, generating significant value for FrontView 2,756 SQFT Building Size 45,900 Average Daily Traffic Count ~6.5M People Within Atlanta MSA 0.8 Acres Land Size Based on 5.00% cap rate, where comparable long-term Chase Bank leases are tradin
Slide 28: Sleep Number / AT&T Disposition: Selling Through a Chapter 11
Sleep Number / AT&T Disposition: Selling Through a Chapter 11 Property Characteristics 715 NE Coronado Drive, Blue Springs, MO 64014 7,000 SQFT Building Size 1.52 Acres Land Size 13,533 Average Daily Traffic 2.3M People Within Kansas City MSA Disposition Details Sold the property to a developer in J
Slide 29: Non-GAAP Reconciliations
V FRONTVIEW Non-GAAP Reconciliations
Slide 30: FFO and AFFO Reconciliations
FFO and AFFO Reconciliations (unaudited, in thousands except share and per share data) For the three months ended September 30, For the nine months ended September 30, 2026 2025 2026 2025 Net income (loss) $ 2,989 $ 5,547 $ 4,906 $ (320) Less: Series A Convertible Preferred Stock dividends (381) — (
Slide 31: Adj. EBITDAre and Adj. Cash NOI Reconciliations
Adj. EBITDAre and Adj. Cash NOI Reconciliations (unaudited, in thousands) Includes amortization of above/below market lease intangibles of $0.7 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
Slide 32: Appendix: Supplemental Detail, Definitions and Forward-Looking Statements
Appendix Supplemental Detail, Definitions and Forward-Looking Statements
Slide 33: Additional Portfolio Stratifications
Additional Portfolio Stratifications Supplemental Information Available at investor.frontviewreit.com Quarterly Highlights Financial Statements Net Asset Value Components Full Tenant List and ABR by Tenant Industry, Ground Lease, and Geography Stratifications Definitions The Supplemental is availabl
Slide 34: Non-GAAP Definitions and Explanations
Non-GAAP Definitions and Explanations EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre: EBITDA is net income before interest, income taxes and depreciation and amortization; EBITDAre, as defined by Nareit, further excludes gains (losses) on sales of depreciable property and real
Slide 35: Other 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. Dispos
Slide 36: 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 37: 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
Slide 38: FRONT VIEW
ry FRONT VIEW REIT