FrontView REIT, Inc. · NYSE:FVR
FrontView REIT — Q3 2026 Earnings Presentation
38 slides from FrontView REIT's earnings presentation, Nov 5, 2026
Slide 1: Investor Presentation
EXHIBIT 99.3 Investor Presentation Quarter ended September 30, 2026 FrontView is an internally managed net-lease real estate investment trust (“REIT”) focused on acquiring, owning, and managing net-lease retail properties with frontage that are leased to a diversified tenant base. Our real estate-fi
Slide 2: FrontView REIT Overview
FrontView REIT Overview Real Estate First. Diversification by Design. Competitive edge in fragmented market Fungible boxes with frontage in major through granular sourcing and developer markets operating in vibrant, strong retail underwriting acumen corridors, with replaceable rents Embedded higher
Slide 3: Q3 2026: Highlights and Opportunity
Q3 AFFO per share of $0.33; with Adj. Net Debt / Ann. Adj. EBITDAre of 4.5x, Net Debt / Ann. Adj. EBITDAre of 5.0x, Fixed Charge Coverage Ratio of 3.5x and Leverage Ratio of 30.6% Disciplined Optimized portfolio through capital recycling, enhancing diversification, real Execution estate quality, ten
Slide 4: Q3 2026 Key Stats and Guidance
Q3 2026 Key Stats and Guidance As of September 30, 2026 327 $69.8M Top Investment Top 100 Proximity Properties Annualized 2.5% Tenant 33.5% Grade (1) 79.2% MSAs (1) 92.0% to Shopping Base Rent (ABR) ABR % Centers (2) 5,090 ~$176K Median Median Rent per 7.0 Square Feet per Box Box Weighted Avg. Lease
Slide 5: Our Evolution: An Enhanced Portfolio with Financial Strength
Our Evolution: An Enhanced Portfolio with Financial Strength Q4 2024 Q3 2025 Q3 2026 PORTFOLIO METRICS PORTFOLIO METRICS PORTFOLIO METRICS Δ prior Δ cumulative ABR $58.8M ABR $61.3M ABR $69.8M +$2.5M +$11.0M Top 10 Tenant % 21.8% Top 10 Tenant % 24.3% +2.5% Top 10 Tenant % 20.1% -1.7% Occupancy 97.7
Slide 6: Value Creation
V FRONT VIEW Value Creation
Slide 7: FrontView's Superior Net Lease Model
FrontView’s Superior Net Lease Model Better Real Estate + Retained Cash + Smaller Base = Higher Growth ORGANIC EXTERNAL Organic Rent Growth Credit Loss FCF Reinvestment External Growth Escalators & renewals in attractive markets Real estate upside, portfolio, and credit Retained free cash flow reinv
Slide 8: Re-Tenanting Unlocks Upside in Our Real Estate
Re-Tenanting Unlocks Upside in Our Real Estate When a Tenant Leaves, Our Real Estate Turns the Exit Into an Upgrade REAL ESTATE QUALITY SHAPES THE AVAILABLE OPTIONS FrontView Frontage, adaptable buildings Competitive lease and sale Re-tenant, subdivide into ground Upside in rent, real estate and rep
Slide 9: Buyer Demand Unlocks Upside in Our Real Estate
Buyer Demand Unlocks Upside in Our Real Estate Investors, Developers and End Users Pay for Our Real Estate, Not Just the Lease in Place WHEN A TENANT STRUGGLES, REAL ESTATE QUALITY DETERMINES WHO BIDS AND WHAT THEY PAY FrontView Frontage and fungible buildings 1031 investors, developers and Sell occ
Slide 10: Strong Track Record on Renewals
Strong Track Record on Since 2016, Overall Recapture of 106.2% (1) Renewals Recapture Breakdown Lease Renewals 104.3% New Tenant 117.3% 102.7% Since inception in 2016, Overall Recapture 106.2% FrontView has had 55 lease % of Recapture for Prior Rent renewals 105.5% Renewed 46 leases at expiration, a
Slide 11: Upcoming Lease Expirations Are Well-Positioned for Rent Growth
Upcoming Lease Expirations Are Well-Positioned for Rent Growth Lease Lease Maturity (% of ABR) Maturity Summary 69.1% Next Total 5-years Portfolio # of Leases 115 346 GLA 0.87M 3.08M % of Total GLA 28% 100% 6.7% 6.7% 8.1% 8.9% 0.5% Median Box Size (SQFT) 4,324 5,090 2026 2027 2028 2029 2030 2031+
Slide 12: Portfolio Overview
V FRONT VIEW Portfolio Overview
Slide 13: Tenant and Industry Overview
Tenant and Industry Overview Top 25 Tenants Industry Defensive Mix Tenant and Lease Characteristics Tenant and Lease 2.5% 2.2% 2.1% 16 52.8% 42.8% 4.4% Characteristics 2.0% 2.0% Industries Service Necessity Discount 346 172 327 2.0% Quick Service Restaurants 13.6% 2.0% Other - Service 13.4% 1.8% Lea
Slide 14: Location Overview
Location Overview 327 $69,821K 5,090 $175,633 Annualized Median Square Median Rent per Properties Base Rent Feet per Box Box Portfolio Stats Geographically Diversified Rentable Square Feet 3,075K ME MN 1.5% Occupancy 99.4% ID 2.1% NY WI MA 0.2% 0.3% 3.2% 0.3% MI RI 0.3% NV 2.7% Top 100 MSA (1) 79.2%
Slide 15: Differentiated Characteristics Versus Peers
Differentiated Characteristics Versus Peers Top Tenant Concept as % of ABR Top 10 Tenant Concepts as % of ABR 66.7% 40.4% Peer average: 10.1% Peer average: 32.9% 5.6% Peer average (ex FCPT): 4.0% Peer average (ex FCPT): 26.1% 34.2% 4.1% 29.3% 28.8% 4.0% 3.3% 22.9% 3.0% 20.1% 2.5% 15.2% Excellent Ten
Slide 16: 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 18% WSS – T-Mobile & Wells Hawaiian Bros – Phoenix, AZ Fargo – Dallas, TX Kansas City, MO Seamless
Slide 17: Capital Allocation & Balance Sheet
Capital Allocation & Balance Sheet
Slide 18: Optimizing Portfolio Through Accretive Capital Recycling
Optimizing Portfolio Through Accretive Capital Recycling Acquisitions Since IPO Dispositions Since IPO Number of Properties 104 IG(1) 32.8% Purchase Price $370M Median SQFT 7,000 Cash Cap Rate 7.69% WALT (years) 10.2 6.50% or less Capitalization Rate Over 6.50% to 7.00% Capitalization Rate Number of
Slide 19: TTM Investment Activity
TTM Investment Activity Acquisitions ($ in thousands) Q3 2026 Q2 2026 Q1 2026 Q4 2025 TTM Number of properties 16 17 10 7 50 Average annual escalators 1.4% 1.4% 1.5% 1.2% 1.4% Investment grade % (1) 28.5% 31.4% 17.2% 55.3% 33.3% Weighted average lease term (WALT) 6.4 7.3 9.4 13.1 8.7 Purchase price
Slide 20: TTM Disposition Activity
TTM Disposition Activity Dispositions ($ in thousands) Q3 2026 Q2 2026 Q1 2026 Q4 2025 TTM Number of vacant properties - 1 3 4 8 Number of leased properties 5 9 2 7 23 Gross proceeds on vacant properties - $300 $5,725 $2,645 $8,670 Gross proceeds on leased properties $17,125 $22,582 $3,935 $17,795 $
Slide 21: Q3 2026 Capital Structure Overview
Q3 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 September 30, 2026 SOFR Swap Term loan SOFR + 1.15% 3.66% (1) 10/3/2029 (3) $ 200,000 Revolving
Slide 22: Investment Opportunity
V FRONT VIEW Investment Opportunity
Slide 23: Higher Growth at Discounted Value
Higher Growth at Discounted Value 2026 AFFO 2027 AFFO Acquisitions / Implied Cap Growth Growth 2027 AFFO Peers GAV (1) GAV (1) G&A / GAV (1) Rate (2) (per share) (2) (per share) (2) Multiple (2) 2027 PEG (2) $87,759M 11.4% 0.2% 6.8% 3.8% 2.6% 12.6x 4.8x 11,798M 13.6% 0.4% 6.3% 5.8% 4.0% 14.4x 3.6x 8
Slide 24: Size is a Structural Advantage
Size is a Structural Advantage Relatively Modest Investment Activity Generates Sector-Leading Growth With a Long Runway Small Starting Base Creates Significant Growth Leverage Years of Runway For Scaling Growth ($ in Millions) Gross 2026 15% Asset Base Growth (Acquisitions Per Year) Asset Acq. 100 b
Slide 25: 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) September 30, 2026 Implied Cap Rate % Share Price as of November 3, 2026 $18.78 $25.65 $24.25 $22.96 Shares outstanding, assuming full conversion $21.77 33.2 $19.63 $20.66
Slide 26: Case Studies
V FRONT VIEW Case Studies
Slide 27: Chase Bank Ground Lease: Meaningful Credit Upgrade
Chase Bank Ground Lease: Prior Tenant Meaningful Credit Upgrade Acquired a Wendy’s franchisee outparcel in 2019 Property Characteristics Address: 1235 S Hairston Rd, Stone Mountain, GA 30088 Facing rising operating costs and a deteriorating brand outlook, the franchisee informed FVR of their decisio
Slide 28: Sleep Number / AT&T Disposition: Selling Through a Chapter 11
Sleep Number / AT&T Disposition: Selling Through a Prior Tenant Chapter 11 Acquired the Sleep Number / AT&T property in 2018 for $3.85M with 10.4 and 8.7 years of remaining term, respectively Property Characteristics 715 NE Coronado Drive, Blue Springs, MO 64014 Leased to Sleep Number (through June
Slide 29: Non-GAAP Reconciliations
V FRONT VIEW Non-GAAP Reconciliations
Slide 30: FFO and AFFO Reconciliations
FFO and AFFO Reconciliations (unaudited, in thousands except share and per share data) For the three months ended September 30, For the nine months ended September 30, 2026 2025 2026 2025 Net income (loss) $ 2,989 $ 5,547 $ 4,906 $ (320) Less: Series A Convertible Preferred Stock dividends (381) — (
Slide 31: Adj. EBITDAre and Adj. Cash NOI Reconciliations
Adj. EBITDAre and Adj. Cash NOI Reconciliations (unaudited, in thousands) For the three months ended September 30, 2026 Net income $ 2,989 Depreciation and amortization (1) 8,868 Depreciation and amortization from unconsolidated entity 28 Interest expense 4,429 Interest expense from unconsolidated e
Slide 32: Appendix
Appendix Supplemental Detail, Definitions and Forward-Looking Statements
Slide 33: Additional Portfolio Stratifications
Supplemental Information Quarterly Highlights Additional Portfolio Stratifications Financial Statements The Supplemental is available on the Net Asset Value Components company website Full Tenant List and ABR by Tenant Industry, Ground Lease, and Geography Stratifications Available at Definitions in
Slide 34: Non-GAAP Definitions and Explanations
Non-GAAP Definitions and Explanations Adjusted NOI, Annualized Adjusted NOI, and Adjusted Cash NOI: Adjusted NOI is Adjusted EBITDAre excluding general and administrative expenses and adjustments for the unconsolidated entity. Adjusted Cash NOI is Adjusted NOI further adjusted for non-cash revenue i
Slide 35: 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 36: Other Definitions and Explanations (Continued)
Other Definitions and Explanations (Continued) Economic Yield: Economic Yield is defined as the sum of contractual fixed annual rents computed on a straight-line basis over the primary lease terms, divided by the purchase price. GAAP: GAAP is the Generally Accepted Accounting Principles in the Unite
Slide 37: 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 nine months ended September 30, 2026, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change, involvi
Slide 38: FRONT VIEW
ry FRONT VIEW REIT