Slide 1: Investor Presentation
Investor Presentation Quarter ended September 30, 2025 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 properti
Slide 2: Highlights and Current Investment Opportunity
Strong Operating Results, Active Portfolio Optimization, and Increased Transparency • Raised guidance for full-year 2025 AFFO per share by $0.01 at the midpoint • 98% quarter-end occupancy, a 20bps increase over prior quarter due to active asset management • Bought $16M at a 7.5% capitalization rate
Slide 3: Overview of FrontView REIT
Overview of FrontView REIT Prime Corners. Powerful Visibility. Developer DNA. Company Highlights Key Stats as of Q3 2025 Fungible assets with strong visibility in major markets 307 $61.3M 8,387 ~$200K 98.0% + Credit underwriting built Properties Annualized Base Rent (ABR) Average Square Feet Rent pe
Slide 4: Highly Fungible Assets with Strong Visibility
Highly Fungible Assets with Strong Visibility Our properties are strategically-located and frontage- Sample Brands based providing tenants with excellent visibility, customer convenience and brand-building opportunities Brand Building Through Real Estate • Opportunity to build individual signage and
Slide 5: Strategically Located Properties
Strategically Located Properties Properties Located Near Highly Trafficked Shopping Centers And Benefit of Locations in Along Major Thoroughfares(1) or Near Shopping Centers 10% 23% Increased foot traffic PNC Bank – Chicago, IL Seamless omnichannel experience for visitors 77% AT&T – McAllen, TX 90%
Slide 6: FVR's Portfolio is Predominantly in Top MSAs
FVR’s Portfolio is Predominantly in Top MSAs Based on Property Count Portfolio Concentration In Top 100 MSAs(1) 72% 56% 54% N/A N/A N/A N/A Source: Company filings, SNL (1) A top 100 MSA is one of the one hundred most populous Metropolitan Statistical Areas in the U.S. 6
Slide 7: Focus on Smaller, More Productive Assets with Frontage
Focus on Smaller, More Productive Assets with Frontage Annualized Base Rent/Property ($000’s) Average Investment Per Property ($M) (1) Rent Per Square Foot Peer Peer Peer $336 average: $3.9 average: average: $258 $3.2 $19 $3.4 $272 $30 $254 $3.1 $3.1 $247 $2.9 $237 $2.7 $24 $23 $201 $200 $2.4 $21 $1
Slide 8: Diverse Portfolio with Minimal Exposure to Any Tenant
Diverse Portfolio with Minimal Exposure to Any Tenant 95% of ABR is Exposed to Corporate Credit or Major Franchisees(1) High Diversification, Coupled with Granular Assets, Further Reduces Risk Top Tenant Concepts As % Of ABR Top 10 Tenant Concepts As % Of ABR Average Box Size (000 SQF) 32.2% 63% 22
Slide 9: Top Industries and Concepts
Top Industries and Concepts High Quality Concepts Across Top Industries Medical & Dental Providers Quick Service Restaurants Casual Dining # Concept Credit # of Leases ABR % # Concept Credit # of Leases ABR % # Concept Credit # of Leases ABR % 1 Fast Pace Urgent Care Corporate 8 2.8 % 1 Raising Cane
Slide 10: Well-Laddered and Diversified Lease Maturity Profile
Well-Laddered and Diversified Lease Maturity Profile Lease Lease Maturity (% of ABR) Maturity Summary 60% 56.7% Next Total 50% 5-years Portfolio # of Leases 136 323 40% 30% GLA 966.9K 2.57M 20% % of Total GLA 38% 100% 11.4% 9.8% 10.2% 10% 5.3% 6.4% Avg. Box Size (SF) 7,614 8,387 0.2% 0% 2025 2026
Slide 11: Strong Track Record on Renewals
Strong Track Record on Renewals Based on Annualized Base Rent % Renewal History Since 2016 104% Overall Recapture of 105%(1) Since inception in 2016, 106% % of Recapture for Renewals FrontView has had 49 lease expirations: 3 107% Renewed 41 leases at expiration with a 1 17 105% recapture Released th
Slide 12: Underwriting with Developer DNA
Underwriting with Developer DNA Decades of Development Experience Driving Asset Optimization and Key Industry Relationships Parcel size, location, and positioning Trade area size/attractiveness Land and Population growth and income levels Building Building size, age, and drive-thru capacity Market C
Slide 13: Active Asset Management Approach
Active Asset Management Approach Established Asset Management Capabilities Supported by Years of Iteration and Experience Real Estate Expertise and Real-Time Portfolio Monitoring Supports Ability to Promptly Determine Optimal, Tailored Asset Management Solutions When Needed Active Tenant Surveillanc
Slide 14: Dispositions Optimized Overall Portfolio Composition
Dispositions Optimized Overall Portfolio Composition YTD Occupied Dispositions Disposition Cap Rate by Concept # Volume ($mm) Cap Rate Financial Institutions - 7.3% Medical and Quick Service Dental 8 Restaurant - Providers - 6.5% Quick Service $17.7 6.5% Restaurants 6.1% Properties YTD Disposition C
Slide 15: Year-to-Date Disposition Activity
Year-to-Date Disposition Activity Dispositions ($ 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 $ 4
Slide 16: Year-to-Date Investment Activity
Year-to-Date Investment Activity 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,
Slide 17: Q3 2025 Capital Structure Overview
Q3 2025 Capital Structure Overview Ample Liquidity and Lowest Leverage Since IPO Debt, Net Debt and Net Debt to Annualized Adjusted EBIDTAre Capital Structure Interest Rate Maturity September 30, 2025 (000s) Revolving Credit Facility SOFR + 1.20%(2, 5) 10/3/2027(3) $108,500 Revolving Term Loan SOFR
Slide 18: Equity Capital to Accelerate Growth
Equity Capital to Accelerate Growth Meaningful Capital Infusion with Attractive Terms
Slide 19: Preferred Equity Investment Enables Accretive Growth
Preferred Equity Investment Enables Accretive Growth Strategic Rationale Funds 2026 acquisition pipeline Perpetual capital with no maturity date Allows us to increase size of at an accretive cost of capital and $17.00 equity price, approximately company while maintaining without additional equity 30
Slide 20: Transaction Overview and Key Highlights
Transaction Overview and Key Highlights $75M Delayed Draw Convertible Perpetual Preferred Equity Investment Led by Maewyn Capital Partners (MCP), a Major Shareholder Who Previously Owned 3.4% of the Company(1) Transaction Overview Key Highlights Size $75M Maturity None; Perpetual ~$100M Accretive Ac
Slide 21: Current Share Price Opportunity
Current Share Price Opportunity Attractively Valued and Growing
Slide 22: Significant Upside Potential Given Peer Valuations
Significant Upside Potential Given Peer Valuations Trading Close to Peer Cap Rate Implies Meaningful Stock Price Upside Three Months Ended September 30, 2025 ($M, except per share values) $23.79 Share price as of November 10, 2025 $13.21 $21.38 $19.30 $17.48 $15.87 Shares and Units Outstanding 27.8
Slide 23: Potential to Unlock Meaningful Growth
Potential to Unlock Meaningful Growth Illustrative AFFO per Share Growth At Various Investment Volumes and Spreads (1) (2) 100 bps Investment Spread (7.5% Acquisition Cap Rate - WACC) 150 bps Investment Spread (7.5% Acquisition Cap Rate - WACC) 8.5% 7.1% AFFO Per Share Growth(3) 1 Year Run Rate 5.6%
Slide 24: Net Asset Value Components
Net Asset Value Components (unaudited, $ in thousands, except share data) Purchase Rentable Annualized Annualized Adjusted # of Properties # of Leases Rent/SQF WALT Price(1) SQF (000s) Base Rent Cash NOI Real estate portfolio $906.3M 307 323 2,575 24.22 7.2 years $61,289 $60,884 Tangible assets Cash
Slide 25: Conclusion
Conclusion Introduced 2026 AFFO per Share Guidance Pre-funded 2026 Acquisitions $1.26 to $1.30, approximately 3.2% growth at the midpoint $100M of acquisitions funded, assuming 25% LTV Increased Occupancy Strong Balance Sheet with Ample Liquidity Over 98.0% ending Q3 2025 Reduced leverage to 5.3x, l
Slide 26: Additional Portfolio Information
Additional Portfolio Information
Slide 27: Diversification: Top Tenant Concepts
Diversification: Top 60 Tenant Concepts Investment Credit Rating (S&P / Investment Credit Rating (S&P / # Tenant Concept # of Leases % of ABR # Tenant Concept # of Leases % of ABR Grade Rated Moody’s / Fitch) Grade Rated Moody’s / Fitch) 1 Dollar Tree 14 3.6 % ✓ BBB / Baa2 33 Edge Fitness 1 1.0 % —
Slide 28: Diversification: Tenant Industry
Diversification: Tenant Industry (in thousands, except for # of leases, percentages and rent/SQFT) Leased Defensive # of Rent / Industry Mix Leases ABR % of ABR Square SQFT Industry Mix / Defensive Mix Feet (000s) Medical and Dental Providers Necessity 48 $ 9,270 15.1 % 286 $ 32.41 Quick Service Res
Slide 29: Diversification: Property Map and Geography
Diversification: Property Map and Geography Square Feet Square Feet State # of Properties % of ABR State # of Properties % of ABR (000s) (000s) ME IL 38 384 15.2 % NJ 9 46 2.1 % 3 MN ID NY GA 24 167 8.0 % LA 4 47 2.0 % 7 1 MA 1 SD WI 8 MI 1 2 1 RI 8 TX 22 123 7.3 % ME 3 185 1.7 % MI PA 2 CT NV NE 9
Slide 30: Lease Expirations, Occupancy and Escalations
Lease Expirations, Occupancy and Escalations Year Number of Leased Square ABR (000s) % of ABR Occupancy Rates Leases Feet (000s) Remainder of 2025 1 2 $ 159 0.2 % 100% 98.9% 98.0% 97.7% 97.8% 96.3% 2026 20 102 $ 3,149 5.1 % 2027 34 385 $ 7,007 11.4 % 90% 2028 27 139 $ 3,893 6.3 % 80% 2029 32 196 $ 5
Slide 31: GAAP and Non-GAAP Metrics
V FRONT VIEW GAAP and Non-GAAP Metrics
Slide 32: 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 33: 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 34: 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 35: GAAP Reconciliation to Adjusted EBITDAre and Cash NOI
GAAP Reconciliation to Adjusted EBITDAre and Cash NOI (unaudited, in thousands) 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,
Slide 36: Net Debt Metrics, Fixed Charge Coverage and Covenants
Net Debt Metrics, Fixed Charge Coverage and Covenants (unaudited, in thousands) 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 (19,5
Slide 37: Appendix
Appendix Definitions and Forward-Looking Statements
Slide 38: Non-GAAP Definitions and Explanations
Non-GAAP Definitions and Explanations 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
Slide 39: Other Definitions and Explanations
Other Definitions and Explanations 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 ac
Slide 40: Other Definitions and Explanations (Continued)
Other Definitions and Explanations (Continued) 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 spe
Slide 41: Forward-Looking and Cautionary Statements
Forward-Looking and Cautionary Statements About the Data 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 inhere
Slide 42: FrontView REIT
ry FRONT VIEW REIT