Slide 1: Investor Presentation
Investor Presentation Quarter ended December 31, 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 propertie
Slide 2: Overview of FrontView REIT
Overview of FrontView REIT Real Estate First, Developer DNA Company Highlights Great locations with frontage in major markets and retail corridors Developer DNA with proven track record for maximizing asset value Highly diversified by tenant and geography in top MSAs Competitive advantage in an unso
Slide 3: Q4 2025 Highlights & Investment Opportunity
• Since the IPO in October 2024, acquired 61 high quality properties with frontage for $230 million, increasing the asset base by 28.8%, while selling 36 properties for $78 million, or 10.8% of the asset base • In 2025, accretively recycled capital through $124 million of acquisitions, investing in
Slide 4: Q4 2025 Key Stats and Guidance
Q4 2025 Key Stats and Guidance As of December 31, 2025 303 $62.9M 5,070 ~$173K 98.7% 184K Properties Annualized Median Median Rent per Occupancy 5-Mile Population (1) Base Rent (ABR) Sq. Ft. per Box Box 7.4 Weighted Average 95.8% Corporate or Large 34.8% Investment 2,687K Rentable years Grade Square
Slide 5: Portfolio Overview
V FRONT VIEW Portfolio Overview
Slide 6: Q4 2025 Portfolio Overview
Q4 2025 Portfolio Overview Portfolio Stats Top 25 Tenants Geographically Diversified Properties 303 Annualized Base Rent (“ABR”): $62.9M 3.5% Number of Leases: 321 2.9% ME MN Top 10: 23.7% 2.8% MA ID SD WI NY Concepts 155 2.4% MI RI MI Industries 16 2.1% PA NJ CT NV NE IL IN OH Rentable SQF 2.7M UT
Slide 7: 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 8: Strategically Located Properties
Strategically Located Properties Properties Located Near Highly Trafficked Shopping Centers Benefits of Locations In or and Along Major Thoroughfares (1) Near Shopping Centers 8% Increased foot traffic 19% PNC Bank – WellNow – Chicago, IL Wing Daddy’s – Seamless omnichannel Amherst, NY McAllen, TX e
Slide 9: Differentiated Characteristics Versus Peers
Differentiated Characteristics Versus Peers (1) Top 10 Tenant Concepts as % of ABR Portfolio Concentration in Top 100 MSAs (2) 62% 78% 35% 35% Peer average: 34% 30% 56% 54% Peer average: 55% 24% 24% 17% Excellent Tenant Diversification FrontView’s Portfolio is Predominately in Top MSAs Average Box S
Slide 10: 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 2.80% 1 Raising Cane
Slide 11: Strong Track Record on Renewals
Strong Track Record on Renewals Since 2016, Overall Recapture of 104.4% (1) Recapture Breakdown Since inception in 2016, FrontView has had Lease Renewals 104.1% 102.7% New Tenant Leases 110.7% 47 lease renewals and new Overall Recapture Rate 104.4% % of Recapture for Prior Rent leases (3): Renewed 4
Slide 12: Well-Laddered and Diversified Lease Maturity Profile
Well-Laddered and Diversified Lease Maturity Profile Lease Lease Maturity (% of ABR) Maturity Summary 60.8% Next Total 5-years Portfolio # of Leases 135 321 GLA 0.96M 2.69M 11.1% 9.0% 9.7% % of Total GLA 36% 100% 6.0% 3.4% Median Box Size (SF) 4,583 5,070 2026 2027 2028 2029 2030 2031+ Shopping 94
Slide 13: Case Study: Redevelopment
Case Study: Property Characteristics Redevelopment 3,065 SQFT 1.6 Acres 47,800 9.6M People Building Size Land Size Average Daily Traffic Count Within Chicago MSA Prior Tenant: Miller Ale House Acquired a Miller’s Ale House in Chicago Ridge, IL for a 7.0% capitalization rate in 2019, with ~7 years re
Slide 14: Case Study: Releasing
Case Study: Property Characteristics Releasing 20,000+ SQFT 2.12 Acres ~40,000 6.4M People Building Size Land Size Average Daily Traffic Count Within Atlanta MSA Prior Tenant: Tricolor (Bankruptcy) Post alleged fraud and bankruptcy, Tricolor’s senior A-rated tranche ABS debt is trading below 80%, im
Slide 15: Capital Deployment
V FRONT VIEW Capital Deployment
Slide 16: Optimizing Portfolio Through Accretive Capital Recycling
Optimizing Portfolio Through Accretive Capital Recycling 2025 Acquisitions 2025 Dispositions Top 100 MSA 73% Number of Properties 32 MedianPlacer.ai Scores 39.0 Investment $124M 5-mile HHI $67K Capitalization Rate 7.7% 5-mile Population 134,000 Escalators 1.4% 6.50% or less Traffic Counts 22,500 WAL
Slide 17: 2025 Investment Activity
2025 Investment Activity Acquisitions ($ 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
Slide 18: 2025 Disposition Activity
2025 Disposition Activity 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 $
Slide 19: Q4 2025 Capital Structure Overview
Q4 2025 Capital Structure Overview Sub-35% Leverage Ratio With Ample Liquidity Through Preferred Equity and Bank Debt Capacity Debt, Net Debt and Net Debt to Annualized Adjusted EBITDAre Capital Structure Interest Rate Maturity December 31, 2025 (000s) Term Loan 4.81% (2) 10/3/2027 (3) $200,000 Revo
Slide 20: Investment Opportunity
V FRONT VIEW Investment Opportunity
Slide 21: Net Asset Value Components
Net Asset Value Components (unaudited, $ in thousands, except share data) Gross Real Estate Rentable Annualized Annualized Adjusted # of Properties # of Leases Rent/SQF WALT Investment SQF (000s) Base Rent Cash NOI Real estate portfolio $912.4M 303 321 2,687 $23.74 7.4 years $62,852 $61,268 Tangible
Slide 22: Smaller Size is a Structural Advantage
Smaller Size is a Structural Advantage Net Lease Peers Capital Deployment and Growth FrontView Smaller Size Structural Advantage (4) 100 bps Investment Spread (7.25% Acquisition Cap Rate - WACC) 2026 Investment 2025E to 2027E (5) 150 bps Investment Spread (7.25% Acquisition Cap Rate - WACC) AFFO Per
Slide 23: Significant Upside Potential Given Peer Valuations
Significant Upside Potential Given Peer Valuations Upside Potential to NAV based on Implied Capitalization Rate Balance Sheet ($M, except per share values) Data as of 12/31/2025 Implied Cap Rate % $32.68 $28.76 Share Price as of February 23, 2026 $16.47 $25.49 $22.72 $20.34 Shares and Units Outstand
Slide 24: Portfolio Detail
V FRONT VIEW Portfolio Detail
Slide 25: 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 50 $10,014 16.0% 303 $33.05 Quick Service Resta
Slide 26: 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) 1.7% ME IL 37 379 14.9% LA 4 47 1.9% MN MA ID NY 0.2% SD 2.3% WI TX 24 151 8.3% KS 6 37 1.8% 0.3% MI 3.4% 0.2% 0.3% RI 0.3% 2.2% MI PA GA 22 157 7.3% NJ 8 4
Slide 27: Lease Expirations, Occupancy and Escalations
Lease Expirations, Occupancy and Escalations Number of Leased Square Occupancy Year Leases Feet (000s) ABR (000s) % of ABR 98.9% 97.7% 97.8% 98.0% 98.7% 96.3% 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% Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Vacant 3
Slide 28: Tenants 1-52
Tenants 1-52 # of % of Investment Credit Rating # of % of Investment Credit Rating # Tenant Concept # Tenant Concept Leases ABR Grade Rated (S&P / Moody’s / Fitch) Leases ABR Grade Rated (S&P / Moody’s / Fitch) 1 Dollar Tree 14 3.51% ✓ BBB- / Baa2 27 Parachute Plasma 2 1.06% — N/A 2 Verizon 10 2.85%
Slide 29: Tenants 53-104
Tenants 53-104 # of % of Investment Credit Rating # of % of Investment Credit Rating # Tenant Concept # Tenant Concept Leases ABR Grade Rated (S&P / Moody’s / Fitch) Leases ABR Grade Rated (S&P / Moody’s / Fitch) 53 AutoZone 3 0.63% ✓ BBB / Baa1 79 7-Eleven 2 0.40% ✓ A- / A3 54 WellMed 1 0.62% ✓ A+
Slide 30: Tenants 105-155
Tenants 105-155 # of % of Investment Credit Rating # of % of Investment Credit Rating # Tenant Concept # Tenant Concept Leases ABR Grade Rated (S&P / Moody’s / Fitch) Leases ABR Grade Rated (S&P / Moody’s / Fitch) 105 AMERA Gas Station 1 0.29% — N/A 131 Urgent Team 1 0.18% — N/A 106 Roots Oil 1 0.28
Slide 31: Non-GAAP Reconciliations
V FRONT VIEW Non-GAAP Reconciliations
Slide 32: 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 33: Income Statement
Income Statement (unaudited, in thousands except share and per share data) Combined Successor Successor Successor Successor Predecessor (1) and Predecessor For the three months ended For the year ended Period from October 3 Period from January 1 December 31, December 31, through December 31, through
Slide 34: GAAP Reconciliations to FFO and AFFO
GAAP Reconciliations to FFO and AFFO (unaudited, in thousands except per share data) Combined Successor Successor Successor Successor Predecessor (1) and Predecessor For the three months ended For the year ended Period from October 3 Period from January 1 December 31, December 31, through December 3
Slide 35: GAAP Reconciliation to Adjusted EBITDAre and Cash NOI
GAAP Reconciliation to Adjusted EBITDAre and Cash NOI (unaudited, in thousands) Three Months Ended December 31, 2025 Net loss $(5,243) Depreciation and amortization 8,029 Interest expense 4,308 Income taxes 2 EBITDA $7,096 Gain on sale of real estate (2,682) Impairment loss 5,498 EBITDAre $9,912 Adj
Slide 36: Appendix
Appendix Definitions and Forward-Looking Statements
Slide 37: 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 38: 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 39: 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 40: 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 and twelve months ended December 31, 2025, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change, involv
Slide 41: FrontView REIT
ry FRONT VIEW REIT