Frontview Reit, Inc. · NYSE:FVR
Frontview Reit — Investor Presentation (September 2026)
19 slides from Frontview Reit's investor presentation, Sep 14, 2026
Slide 1: Investor Update
Investor Update As of September 14, 2026 FrontView is an internally managed net-lease real estate investment trust (“REIT”) focused on acquiring, owning, and managing properties with frontage that are leased to a diversified tenant base. Our real estate-first investment strategy is centered around h
Slide 2: 2026 Investment Activity
2026 Investment Activity Acquisitions ($ in thousands) Q1 2026 Q2 2026 Q3 QTD YTD Number of properties 10 17 9 36 Purchase price $33,856 $58,186 $27,213 $119,255 Cash capitalization rate (1) 7.49% 7.34% 7.39% 7.40% Dispositions ($ in thousands) Q1 2026 Q2 2026 Q3 QTD YTD Number of properties 5 10 4
Slide 3: AFFO/Share Growth Driven by Portfolio Performance, Not Simply Volume
AFFO/Share Growth Driven by Portfolio Performance, Not Simply Volume Change in Change in AFFO Acquisition Acquisition per share Change Relative 2026 AFFO per 2027 AFFO per 2027 AFFO Guidance from Guidance to AFFO/sh Share Growth Share Growth Multiple Companies Initial Guidance (1) (Midpoint) (1) Cha
Slide 4: Size is a Structural Advantage
Size is a Structural Advantage FrontView Requires Relatively Modest Investment Activity to Generate Industry-Leading AFFO / Share Growth Small Starting Base Creates Significant Growth Leverage Improving Cost of Capital Creates Additional Growth Upside 100 bps Investment Spread (7.25% Acquisition Cap
Slide 5: Optimizing Portfolio Through Accretive Capital Recycling
Optimizing Portfolio Through Accretive Capital Recycling Trailing Twelve Months Acquisitions (As of Q2 2026) Trailing Twelve Months Occupied Dispositions (As of Q2 2026) Top 100 MSA 79.7% Number of Properties 37 Median Placer.ai Score 22.5 Investment $149M Rent per Square Foot $19.80 Cash Cap Rate 7
Slide 6: Company Evolution
Company Evolution Q4 2024 (as of 12/31/24) Q2 2025 (as of 6/30/25) Q2 2026 (as of 6/30/26) PORTFOLIO METRICS PORTFOLIO METRICS PORTFOLIO METRICS Δ prior Δ prior ABR $58.8M ABR $62.3M ABR $66.9M +$3.5M +$4.6M Top 10 Tenant % 21.8% Top 10 Tenant % 22.6% +0.8% Top 10 Tenant % 20.2% -2.4% Occupancy 97.7
Slide 7: Net Asset Value and Implied Cap Rate
Net Asset Value and Implied Cap Rate Upside Potential to NAV based on Implied Capitalization Rate ($M, except per share values) June 30, 2026 Implied Cap Rate % $30.73 Share Price as of Sep 11, 2026 $18.48 $25.73 $24.01 $22.44 Shares outstanding, assuming full conversion $21.01 $18.48 $19.69 30.3 +6
Slide 8: Differentiated Characteristics Versus Peers
Differentiated Characteristics Versus Peers Top Tenant Concept as % of ABR Top 10 Tenant Concepts as % of ABR 66.6% 43.8% Peer average: 10.7% Peer average: 33.2% 5.8% Peer average (ex FCPT): 4.1% Peer average (ex FCPT): 26.5% 34.6% 30.8% 28.7% 4.2% 4.2% 3.3% 3.1% 23.3% 2.6% 20.2% 15.2% Excellent Ten
Slide 9: Q2 2026 Capital Structure Overview
Q2 2026 Capital Structure Overview Sub-35% Leverage Ratio With Ample Liquidity Net debt and adjusted net debt to annualized adjusted EBITDAre (000s) Capital Structure Fixed rate Interest rate Max maturity June 30, 2026 SOFR swap Series A convertible Term loan 4.81% 3.66% 10/3/2029 (3) $ 200,000 pref
Slide 10: Non-GAAP Reconciliations and Definitions
Non-GAAP Reconciliations and Definitions Non-GAAP Reconciliations, Definitions and Forward-Looking Statements
Slide 11: Balance Sheet
Balance Sheet (unaudited, in thousands, except share and per share amounts) June 30, 2026 December 31, 2025 Assets Real estate held for investment, at cost Land $ 350,780 $ 329,478 Buildings and improvements 458,562 417,393 Total real estate held for investment, at cost 809,342 746,871 Less: accumul
Slide 12: Income Statement
Income Statement (unaudited, in thousands, except share and per share amounts) For the three months For the six months ended June 30, ended June 30, 2026 2025 2026 2025 Revenues Rental revenues $ 17,809 $ 17,547 $ 35,785 $ 33,790 Interest income on mortgage loans 196 7 405 7 Total revenues 18,005 17
Slide 13: Non-GAAP Reconciliations: FFO and AFFO
Non-GAAP Reconciliations: FFO and AFFO (unaudited, in thousands except share and per share data) For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 Net income (loss) $ 1,517 $ (4,530) $ 1,917 $ (5,867) Less: Series A Convertible Preferred Stock dividends (422)
Slide 14: Non-GAAP Reconciliations: Adj. EBITDAre and Adj. Cash NOI
Non-GAAP Reconciliations: Adj. EBITDAre and Adj. Cash NOI (unaudited, in thousands) For the three months ended June 30, 2026 Net income $ 1,517 Depreciation and amortization (1) 8,366 Interest expense 4,191 Income taxes 94 EBITDA $ 14,168 Gain on sale of real estate (2,262) Impairment loss 156 EBITD
Slide 15: Non-GAAP Reconciliations: Net Asset Value Components as of June 30, 2026
Non-GAAP Reconciliations: Net Asset Value Components as of June 30, 2026 (unaudited, in thousands, except share data) Gross Real # of Rentable Annualized Ann. Adjusted Cash NOI (1) Estate Investment Properties Square Feet Base Rent Real estate portfolio $985,892 316 2,890 $66,899 $67,580 Tangible as
Slide 16: 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 Adjusted Cash NOI are non-GAAP financial measures which we use to assess our operating results. We compute Adjusted NOI as Adjusted EBITDAre excluding gener
Slide 17: Other Definitions and Explanations
Other Definitions and Explanations Adjusted Net Debt: Adjusted Net Debt is a non-GAAP financial measure. We define Adjusted Net Debt as Net Debt less undrawn Series A convertible preferred stock and unsettled forward equity. Adjusted Cash G&A: We define Adjusted Cash G&A as total G&A less non-cash c
Slide 18: 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 19: Forward-Looking and Cautionary Statements
Forward-Looking and Cautionary Statements About the Data This data and other information described herein are as of September 11, 2026, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change, involving inherent risks and uncertainties. Thi
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