Slide 1: Q4 2025 Quarterly Supplemental Information
Q4 2025 Quarterly Supplemental Information EX-99.2
Slide 2: Table of Contents
Table of Contents 2 Section Page Company Overview 3 Quarterly Highlights 4 Balance Sheet 5 Income Statement 6 GAAP Reconciliation to FFO and AFFO 7 GAAP Reconciliation to Adjusted EBITDAre and Cash NOI 8 Net Asset Value Components 9 Capital Structure Overview 10 Investment Activity 12 Disposition Ac
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 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net income (loss) $(5,243) $5,547 $(4,530) $(1,337) $(21,488) Net income (loss) per common share, diluted $(0.19)
Slide 5: Balance Sheet
Balance Sheet (in thousands, except share and per share amounts) December 31, 2025 December 31, 2024 Assets Real estate held for investment, at cost Land $329,478 $332,944 Buildings and improvements 417,393 386,462 Total real estate held for investment, at cost 746,871 719,406 Less accumulated depre
Slide 6: Income Statement
Income Statement (unaudited, in thousands except share and per share data) Successor Combined Successor and Predecessor Successor Successor Predecessor (1) For the three months ended December 31, For the year ended December 31, Period from October 3 through December 31, Period from January 1 through
Slide 7: GAAP Reconciliations to FFO and AFFO
GAAP Reconciliations to FFO and AFFO (unaudited, in thousands except per share data) Successor Combined Successor and Predecessor Successor Successor Predecessor (1) For the three months ended December 31, For the year ended December 31, Period from October 3 through December 31, Period from January
Slide 8: GAAP Reconciliation to Adjusted EBITDAre and Cash NOI
GAAP Reconciliation to Adjusted EBITDAre and Cash NOI (unaudited, in thousands) Reflects an adjustment to give effect to all investments and dispositions during the quarter as if they had been acquired or disposed of as of the beginning of the quarter. Reflects an adjustment to exclude non-recurring
Slide 9: Net Asset Value Components
Net Asset Value Components (unaudited, $ in thousands, except share data) Includes components of accounts receivable (net) and deferred rent receivables (net) that are realizable assets, and $9.5 million in net book value of vacant assets. Includes accounts payable and accrued liabilities. Gross Rea
Slide 10: Q4 2025 Capital Structure Overview
Q4 2025 Capital Structure Overview Sub-35% Leverage Ratio With Ample Liquidity Through Preferred Equity and Bank Debt Capacity Note: Metrics as of December 31, 2025. Equity value as of December 31, 2025, was $14.76. The company entered into swaps for both the term loan and revolving credit facility.
Slide 11: Capital Deployment
Capital Deployment YTD Investment Activity and Dispositions
Slide 12: Acquisitions
Acquisitions ($ in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Number of properties 17 5 3 7 32 Average annual escalators 1.6% 2.4% 0.4% 1.2% 1.4% Investment grade % 29.2% 17.9% 31.0% 55.3% 36.5% Weighted average lease term (WALT) 12.9 11.0 10.7 13.1 12.4 Purchase price $49,224 $17,799 $15,771 $
Slide 13: Dispositions
Dispositions ($ in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Number of vacant properties — 4 2 4 10 Number of leased properties 1 5 13 7 26 Gross proceeds on vacant properties — $11,055 $2,800 $2,645 $16,500 Gross proceeds on leased properties $2,050 $11,606 $30,097 $17,795 $61,548 Weighted av
Slide 14: Tenants 1-52
Tenants 1-52 # Tenant Concept # of Leases % of ABR Investment Grade Rated Credit Rating (S&P / Moody’s / Fitch) 1 Dollar Tree 14 3.51% ✓ BBB- / Baa2 2 Verizon 10 2.85% ✓ BBB+ / Baa1 / A- 3 Fast Pace Urgent Care 8 2.80% — N/A 4 Raising Canes 6 2.39% — BB- 5 LA Fitness 3 2.14% — B / B2 6 Oak Street He
Slide 15: Tenants 53-104
Tenants 53-104 # Tenant Concept # of Leases % of ABR Investment Grade Rated Credit Rating (S&P / Moody’s / Fitch) 53 AutoZone 3 0.63% ✓ BBB / Baa1 54 WellMed 1 0.62% ✓ A+ / A2 / A 55 Planet Fitness 1 0.61% — N/A 56 McAlister's Deli 3 0.61% — N/A 57 7 Brew 3 0.58% — N/A 58 Starbucks 4 0.57% ✓ BBB+ /
Slide 16: Tenants 105-155
Tenants 105-155 # Tenant Concept # of Leases % of ABR Investment Grade Rated Credit Rating (S&P / Moody’s / Fitch) 105 AMERA Gas Station 1 0.29% — N/A 106 Roots Oil 1 0.28% — N/A 107 H&R Block 1 0.28% ✓ BBB 108 Action Behavior Centers 1 0.27% — N/A 109 National Tire & Battery 1 0.27% — N/A 110 pOpsh
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 50 $10,014 16.0% 303 $33.05 Quick Service Restaurants Service 61 $8,006 12.7
Slide 18: Diversification: Property Map and Geography
State # of Properties Square Feet (000s) % of ABR IL 37 379 14.9% TX 24 151 8.3% GA 22 157 7.3% NC 15 193 6.0% FL 14 135 4.9% OH 21 125 4.8% VA 15 90 4.6% IN 15 79 4.2% TN 12 95 4.2% PA 8 145 4.0% NY 8 242 3.4% SC 10 87 2.8% MO 9 55 2.7% OK 10 50 2.5% AL 9 40 2.4% MN 7 72 2.3% MD 6 43 2.3% MI 8 49 2
Slide 19: Lease Expirations, Occupancy and Escalations
Occupancy Year Number of Leases Leased Square Feet (000s) ABR (000s) % of ABR 2026 14 70 $2,131 3.4% 2027 34 385 $6,963 11.1% 2028 26 135 $3,764 6.0% 2029 30 187 $5,681 9.0% 2030 31 186 $6,103 9.7% 2031 33 182 $5,489 8.7% 2032 22 394 $5,007 8.0% 2033 20 91 $3,406 5.4% 2034 20 175 $3,947 6.3% Thereaf
Slide 20: Appendix and Definitions
Appendix and Definitions 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