Slide 1: Investor Presentation
Investor Presentation Quarter ended June 30, 2025 FrontView REIT, Inc. (NYSE: FVR) 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. investor.frontviewreit.com
Slide 2: Q2 2025 Overview
Q2 2025 Overview (unaudited, in thousands) PORTFOLIO DATA KEY HIGHLIGHTS $ 62,293 $ 900,305 7.3yrs $ (0.16) $ 0.24 $ 0.32 Annualized Base Rent Gross Real Estate WALT Net Loss per Share FFO per Share AFFO per Share 319 Properties $ 67,023 $ 24,711 Capital Deployment YTD Dispositions YTD 97.8 % Occupa
Slide 3: A Differentiated Strategy Focused on Properties with Frontage
A Differentiated Strategy Focused on Properties with Frontage Our properties are strategically-located and mission- Sample Brands critical providing tenants with premium visibility, customer convenience and brand-building opportunities Brand Building Through Real Estate • Opportunity to build indivi
Slide 4: FrontView REIT's Evolution
FrontView REIT’s Evolution Decades of working with retail shopping centers, highlighting a unique, favorable characteristics of properties with frontage Investment in high visibility frontage FrontView is a leading real estate owner in the sector, with the ability to source granular formulated throu
Slide 5: Real Estate Focused Investment Strategy Supported by Comprehensive Underwriting Criteria
Real Estate Focused Investment Strategy Supported by Comprehensive Underwriting Criteria Parcel size, location, and positioning Trade area size / attractiveness Land and Market Building Building size, age, and drive-thru capability Conditions Population growth and income levels Characteristics Flexi
Slide 6: Capital Structure Provides Flexibility for Growth
Capital Structure Provides Flexibility for Growth Strong pro forma balance sheet with no near-term maturities supports FrontView’s execution of its growth strategy Debt, Net Debt and Net Debt to Annualized Adjusted EBIDTAre Interest Rate Maturity June 30, 2025 Capital Structure Revolving Credit Faci
Slide 7: Active Asset Management Approach
Active Asset Management Approach Robust asset management capabilities supported by years of iteration and experience Real estate expertise and real-time portfolio monitoring supports FrontView’s ability to promptly determine realistic, tailored asset management solutions when needed. Our asset manag
Slide 8: Investment Opportunity
Investment Opportunity Attractively valued, prudent capital allocation, growth opportunity
Slide 9: Sharpshooter Strategy Focuses on Assets with Frontage at Attractive Price Points
Sharpshooter Strategy Focuses on Assets with Frontage at Attractive Price Points 2Q’25 ANNUALIZED BASE RENT / PROPERTY ($000’s) AVERAGE INVESTMENT PER PROPERTY ($M) (1) $331 $268 $245 $3.9 $244 $233 Peer average: $245 $3.4 $201 $195 $3.0 $2.9 $2.9 $2.7 Peer average: $3.0 $2.3 2Q’25 RENT PER SQUARE F
Slide 10: Significant Opportunity for Upside Given Peer Trading Values
Significant Opportunity for Upside Given Peer Trading Values Retail Net Lease REITs Are Valued at a Premium Relative to Comparable Portfolios(1) 9.8% Implied Cap Rates Peer Average 7.4% 6.7% 6.6% 6.5% 6.5% 5.9% 5.8% Three Months Ended Limited Movements in Cap Rate Would Help Drive Meaningful Uplift
Slide 11: Capital Recycling Enables Accretive Growth
Capital Recycling Enables Accretive Growth PRUDENT CAPITAL RECYCLING(1) Investment: 2H2025 Activity Guidance at Midpoint ($M)(2) Well-located assets with frontage and high visibility $53 ($43) Accretive to portfolio in terms of real estate quality, WALT, and tenant diversification with strong cr
Slide 12: Potential to Unlock Meaningful Growth
Potential to Unlock Meaningful Growth ILLUSTRATIVE LONG-TERM ILLUSTRATIVE AFFO PER SHARE GROWTH AT WEIGHTED AVERAGE COST OF CAPITAL(1) VARIOUS INVESTMENT VOLUMES AND SPREADS(1) 8.3% 100 bps Investment Spread (7.5% Acquisition Cap Rate - WACC) (3) 7.0% 6.3% 150 bps Investment Spread (7.5% Acquisition
Slide 13: Portfolio Detail
Portfolio Detail Tenant detail, industry and geographic mix
Slide 14: Diversification: Top Tenants
Diversification: Top 60 Tenants Investment Credit Rating (S&P / Investment Credit Rating (S&P / # Tenant Brand # of Properties(1) % of ABR # Tenant Brand # of Properties(1) % of ABR Grade Rated Moody’s / Fitch) Grade Rated Moody’s / Fitch) 1 Dollar Tree 13 3.3 % ✓ BBB / Baa2 33 Edge Fitness 1 1.0 %
Slide 15: Diversification: Property Map
Diversification: Property Map 319 ME 3 MN ID NY 7 1 MA SD WI 1 MI 8 1 2 1 RI 8 Properties MI PA 3 CT NV NE 10 NJ 8 IL OH 1 UT 2 IN 7 MD CO 36 15 22 2 1 VA KS 2 MO KY 15 6 10 8 NC 17 AZ OK TN 17 37 AR SC 6 9 11 1 MS AL GA 2 11 25 TX LA 23 4 FL 13 States 15 15
Slide 16: Diversification: Tenant Industry
Diversification: Tenant Industry Defensive # of ABR Square Rent / Industry % of ABR Mix Properties(1) (000s) Feet (000s) SQFT Industry Mix / Defensive Mix Medical and Dental Providers Necessity 43 $ 9,198 14.7 % 284 $ 32.39 Quick Service Restaurants Service 61.5 $ 8,662 13.9 % 199 $ 43.53 Discount R
Slide 17: Diversification: Geography
Diversification: Geography Square Feet ABR Square Feet ABR State # of Properties(1) % of ABR Rent / SQFT State # of Properties(1) % of ABR Rent / SQFT (000s) (000s) (000s) (000s) IL 36 376 $ 8,684 13.9 % $ 23.10 OK 9 48 $ 1,308 2.1 % $ 27.25 GA 25 170 $ 5,039 8.1 % $ 29.64 LA 4 47 $ 1,210 1.9 % $ 25
Slide 18: Lease Expirations, Occupancy and Escalations
Lease Expirations, Occupancy and Escalations Note: Data as of June 30, 2023. (in thousands) 1Vacant square feet includes unoccupied square footage on multi-tenant properties. 2Based on ABR. Number of Square Feet ABR Occupancy Rates Year % of ABR Properties (000s) (000s) Remainder of 2025 2 13 $ 441
Slide 19: Capital Deployment
Capital Deployment Investment activity and dispositions since IPO
Slide 20: Capital Deployment Activity
Capital Deployment Activity Moderating capital deployment volumes to optimize deal selections and maintain conservative leverage Acquisitions ($ in thousands) December 31, 2024 March 31, 2025 June 30, 2025 Number of properties 29 17 5 Average annual escalators 1.7 % 1.6 % 2.4 % Investment grade % 27
Slide 21: Disposition Activity
Disposition Activity Non-core dispositions, improving portfolio metrics, and funding acquisitions Dispositions ($ in thousands) December 31, 2024 March 31, 2025 June 30, 2025 Number of vacant properties — — 4 Number of leased properties — 1 5 Gross proceeds on vacant properties — — $ 11,055 Gross pr
Slide 22: GAAP and Non-GAAP Metrics
V FRONT VIEW GAAP and Non-GAAP Metrics
Slide 23: Income Statement
Income Statement (unaudited, in thousands except share and per share data) Three Month Ended June 30, Six Month Ended June 30, Successor Predecessor Successor Predecessor (unaudited, in thousands except share and per share data) 2025 2024 2025 2024 Revenues Rental revenues(1,2) $ 17,467 $ 14,474 $ 3
Slide 24: GAAP Reconciliations to FFO and AFFO
GAAP Reconciliations to FFO and AFFO (unaudited, in thousands except share and per share data) Three Month Ended June 30, Six Month Ended June 30, Successor Predecessor Successor Predecessor 2025 2024 2025 2024 Net loss $ (4,530) $ (3,012) $ (5,867) $ (6,381) Depreciation on real property and amorti
Slide 25: GAAP Reconciliation to Adjusted EBITDAre and Cash NOI
GAAP Reconciliation to Adjusted EBITDAre and Cash NOI (unaudited, in thousands) Three Months Ended June 30, 2025 Net loss $ (4,530) Depreciation and amortization 10,407 Interest expense 4,647 Income taxes 194 EBITDA $ 10,718 Gain on sale of real estate (1,194) Impairment loss on real estate held for
Slide 26: Balance Sheet
Balance Sheet (unaudited, in thousands) Assets June 30, 2025 December 31, 2024 Assets Real estate held for investment, at cost Land $ 330,193 $ 332,944 Buildings and improvements 401,954 386,462 Total real estate held for investment, at cost 732,147 719,406 Less accumulated depreciation (43,935) (40
Slide 27: Net Debt Metrics, Fixed Charge Coverage and Covenants
Net Debt Metrics, Fixed Charge Coverage and Covenants (unaudited, in thousands) Maturity Date Interest Rate June 30, 2025 Debt Term Loan 3-Oct-27 (1) Adjusted SOFR + 1.20% (2, 3) $ 200,000 Revolving Credit Facility 3-Oct-27 (1) Adjusted SOFR + 1.20% (2) 118,500 Gross Debt $ 318,500 Cash and Cash Equ
Slide 28: Net Asset Value Components
Net Asset Value Components (unaudited, in thousands) June 30, 2025 Real estate portfolio Number of properties 319 Rentable square feet 2,594 Rent per square foot $ 24.01 WALT 7.3 Years Annualized base rent (ABR)(1) $ 62,293 Annualized adjusted cash NOI(1) $ 63,635 Tangible assets Cash and cash equiv
Slide 29: 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 30: Other Definitions and Explanations
Other Definitions and Explanations Adjusted Secured Overnight Financing Rate (SOFR): We define Adjusted SOFR as the current one-month term SOFR plus an adjustment of 0.10% per the terms of our credit facilities. Annualized Base Rent (ABR): We define ABR as the annualized contractual cash rent due fo
Slide 31: Other Definitions and Explanations (Continued)
Other Definitions and Explanations (Continued) GAAP: GAAP is the Generally Accepted Accounting Principles in the United States. 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 N
Slide 32: 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 June 30, 2025, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and
Slide 33: FRONT VIEW
ry FRONT VIEW REIT