Slide 1: Investor Presentation
Investor Presentation Quarter ended March 31, 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 centere
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 and strong retail corridors, with underwriting acumen replaceable rents Embedded organic growth from Low l
Slide 3: Q1 2026: Highlights and Opportunity
Optimized portfolio through capital recycling, enhancing diversification, real estate quality, tenant credit and WALT Raised 2026 AFFO per share guidance to 5% growth at midpoint, with Adj. Net Disciplined Debt / Annualized Adj. EBITDAre of 4.4x (1), Net Debt / Annualized Adj. EBITDAre to 5.3x, and
Slide 4: Q1 2026 Key Stats and Guidance
Q1 2026 Key Stats and Guidance As of March 31, 2026 309 $64.2M Top Investment Proximity Top 100 Properties Annualized 3.1% Tenant 33.8% Grade (1) 77.0% MSAs (1) 91.6% to Shopping Base Rent (ABR) ABR % Centers (2) 5,000 ~$172K Median Median Rent per 7.3 Square Feet per Box Box Weighted Avg. Lease Ter
Slide 5: Portfolio Overview
V FRONT VIEW Portfolio Overview
Slide 6: Q1 2026 Portfolio Overview
Q1 2026 Portfolio Overview Portfolio Stats Top 25 Tenants Geographically Diversified Properties 309 Annualized Base Rent (“ABR”): $64.2M 3.1% Number of Leases: 327 2.7% ME MN Top 10: 23.0% 2.7% MA ID WI NY Concepts 156 2.3% MI RI MI Industries 16 2.2% PA NJ CT NV NE IL IN OH Rentable Square Feet 2.8
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% Texas Roadhouse Jiffy Lube – Caliber Collision – – Tinley Park, IL Milford, MA Marshall, TX Se
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% 77% 35% 33% Peer average: 33% 29% 56% 54% Peer average: 55% 24% 23% 16% 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 Other – Service # Concept Credit # of Leases ABR % # Concept Credit # of Leases ABR % # Concept Credit # of Leases ABR % 1 Fast Pace Urgent Care Corporate 8 2.74% 1 Raising Ca
Slide 11: Strong Track Record on Renewals
Strong Track Record Since 2016, Overall Recapture of 106.0% (1) on Renewals Recapture Breakdown Lease Renewals 104.1% 102.7% Since inception in 2016, New Tenant Leases 119.8% FrontView has had 51 lease Overall Recapture Rate 106.0% % of Recapture for Prior Rent renewals 105.5% Renewed 45 leases at e
Slide 12: Upcoming Lease Expirations Are Well-Positioned for Rent Appreciation
Upcoming Lease Expirations Are Well-Positioned in Their Respective Markets for Rent Appreciation Lease Lease Maturity (% of ABR) 63.3% Maturity Summary Next Total 5-years Portfolio # of Leases 129 327 GLA 0.92M 2.77M 10.7% 8.9% 9.2% % of Total GLA 33% 100% 5.9% 2.0% Median Box Size (SQFT) 4,950 5,
Slide 13: Case Study: Redevelopment
Case Study: Prior Tenant Redevelopment Acquired property in 2019 at a 7.0% cap rate, ~7 years of term remaining Property Characteristics Address: 6401 95th Street, Chicago Ridge, IL 60415 Strong initial performance, later pressured by COVID-19 headwinds 3,065 SQFT 1.6 Acres 47,800 9.6M People Buildi
Slide 14: Case Study: Redevelopment
Case Study: Prior Tenant Redevelopment Acquired property in 2019 for $1.8M with 6.5 years of term remaining Property Characteristics Address: 1915 Hampton Inn Ct, Winston-Salem, NC 27103 Oversized parcel, below-market rent, and strong store (5% rent-to- sales) 6,200 SQFT (1) 1.8 Acres 90,530 700K Pe
Slide 15: Case Study: Re-Tenanting
Case Study: Prior Tenant Re-Tenanting Post alleged fraud, Tricolor’s senior A-rated secured ABS traded below 80 (20%+ implied losses) Property Characteristics Address: 1431 Cobb Pkwy SE, Marietta, GA 30067 Given its strong location, FrontView received multiple offers to 20,246 SQFT 2.12 Acres 39,895
Slide 16: Capital Deployment
V FRONT VIEW Capital Deployment
Slide 17: Optimizing Portfolio Through Accretive Capital Recycling
Optimizing Portfolio Through Accretive Capital Recycling Trailing Twelve Months Acquisitions Trailing Twelve Months Dispositions Top 100 MSA 76.5% Number of Properties 25 Median Placer.ai Scores 28.0 Investment $109M Rent per Square Foot $18.97 Capitalization Rate 7.59% Avg. 5-mile Population 129.2K
Slide 18: Trailing Twelve Months Investment Activity
Trailing Twelve Months Investment Activity Acquisitions ($ in thousands) Q1 2026 Q4 2025 Q3 2025 Q2 2025 TTM Number of properties 10 7 3 5 25 Average annual escalators 1.5% 1.2% 0.4% 2.4% 1.4% Investment grade % 17.2% 55.3% 31.0% 17.9% 33.8% Weighted average lease term (WALT) 9.4 13.1 10.7 11.0 11.3
Slide 19: Trailing Twelve Months Disposition Activity
Trailing Twelve Months Disposition Activity Dispositions ($ in thousands) Q1 2026 Q4 2025 Q3 2025 Q2 2025 TTM Number of vacant properties 3 4 2 4 13 Number of leased properties 2 7 13 5 27 Gross proceeds on vacant properties $5,725 $2,645 $2,800 $11,055 $22,225 Gross proceeds on leased properties $3
Slide 20: Q1 2026 Capital Structure Overview
Q1 2026 Capital Structure Overview Sub-35% Leverage Ratio With Ample Liquidity Through Preferred Equity and Bank Debt Capacity Net debt and adjusted net debt to annualized adjusted EBITDAre Capital Structure Interest rate Fixed rate SOFR swap Max maturity March 31, 2026 (000s) Term loan 4.81% 3.66%
Slide 21: Investment Opportunity
V FRONT VIEW Investment Opportunity
Slide 22: Significant Upside Potential
Significant Upside Potential Upside Potential to NAV based on Implied Capitalization Rate ($M, except per share values) March 31, 2026 Implied Cap Rate % $29.95 Share Price as of May 5, 2026 $17.61 $27.20 $24.80 Shares outstanding, assuming full conversion $22.69 29.4 $20.82 of Series A Convertible
Slide 23: 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 2026E to 2028E (5) 150 bps Investment Spread (7.25% Acquisition Cap Rate - WACC) AFFO Per
Slide 24: FVR Offers Above-Peer AFFO Growth at a Discounted Multiple
FVR Offers Above-Peer AFFO Growth at a Discounted Multiple Consensus 2026E–2028E AFFO per Share CAGR vs. Price / NTM AFFO Price / NTM AFFO vs. 2026E – 2028E AFFO per Share CAGR Attractive PEG Ratio Relative to Peers 18.0x EPRT 2.2x 17.0x FVR 2.3x 16.0x ADC 3.4x Price / NTM AFFO 15.0x NTST 3.4x 14.0x
Slide 25: Significant AFFO Growth at a Material Valuation Discount to Peers
Significant AFFO Growth at a Material Valuation Discount to Peers PEG Ratio (1) – Select Net Lease REIT Universe FVR Upside Potential Top Tenant (% of ABR) +26% Upside Potential 3.3% 44.5% 4.3% 5.7% 3.1% 4.5% 3.2% $22.20 4.6x 4.3x $17.61 3.7x 3.0x Peer average: 3.3x 2.7x 2.6x 1.8x 1 2 3 4 5 6 7 (At
Slide 26: Net Asset Value Components
Net Asset Value Components (unaudited, in thousands, except share data and # of properties) Gross Real Estate Rentable # of Properties Annualized Base Rent Ann. Adjusted Cash NOI (1) Investment Square Feet Real estate portfolio $935,036 309 2,770 $64,218 $65,556 Tangible assets Cash and cash equival
Slide 27: Portfolio Detail
V FRONT VIEW Portfolio Detail
Slide 28: Diversification: Tenant Industry
Diversification: Tenant Industry (in thousands, except for # of leases, percentages and rent per square foot) Leased Rent per Defensive # of Industry Mix Leases ABR % of ABR Square Square Industry Mix / Defensive Mix Feet (000s) Foot Medical and Dental Providers Necessity 53 $10,819 16.8% 329 $32.88
Slide 29: 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 36 358 14.1 % AZ 6 40 2.1 % MN MA ID NY 0.2% 2.3% WI TX 25 160 8.6 % KS 6 37 1.8 % 0.3% MI 3.3% 0.3% RI 0.3% 2.9% GA 22 157 7.1 % NV NE MI PA MS
Slide 30: Lease Expirations, Occupancy and Escalations
Lease Expirations, Occupancy and Escalations Number of Leased Square Occupancy Year Leases Feet (000s) ABR (000s) % of ABR 97.7% 97.8% 98.0% 98.7% 98.7% 96.3% 2026 10 39 $1,313 2.0% 2027 33 379 $6,889 10.7% 2028 26 135 $3,765 5.9% Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 2029 30 187 $5,690 8.9% Vacant 7
Slide 31: Tenant Concepts 1-52
Tenant Concepts 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 13 3.10% ✓ BBB- / Baa2 27 Parachute Plasma 2 1.03% — N/A 2 Fast Pac
Slide 32: Tenant Concepts 53-104
Tenant Concepts 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 Physicians Immediate Care 2 0.66% — N/A 79 McAlister's Deli 2 0.42% — N/A 54
Slide 33: Tenant Concepts 105-156
Tenant Concepts 105-156 # 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 Mavis Discount Tire 1 0.29% — N/A 131 Urgent Team 1 0.17% — N/A 106 Hops N
Slide 34: Non-GAAP Reconciliations
V FRONT VIEW Non-GAAP Reconciliations
Slide 35: Balance Sheet
Balance Sheet (unaudited, in thousands, except share and per share amounts) March 31, 2026 December 31, 2025 Assets Real estate held for investment, at cost Land $ 337,130 $ 329,478 Buildings and improvements 430,646 417,393 Total real estate held for investment, at cost 767,776 746,871 Less: accumu
Slide 36: Income Statement
Income Statement (unaudited, in thousands, except share and per share amounts) For the three months ended March 31, 2026 2025 Revenues Rental revenues $ 17,976 $ 16,243 Interest income on mortgage loans 209 — Total revenues 18,185 16,243 Operating expenses Depreciation and amortization 7,672 7,814 P
Slide 37: Income Statement Detail
Income Statement Detail (unaudited, in thousands, except percentages) Revenue detail and Adjusted Cash Revenue (1) For the three months ended March 31, 2026 2025 Contractual rental amounts billed $ 15,770 $ 15,020 Reimbursable income 2,067 1,659 Percentage rent 34 34 Other operating income (2) 292 1
Slide 38: FFO and AFFO Reconciliations
FFO and AFFO Reconciliations (unaudited, in thousands except share and per share data) For the three months ended March 31, 2026 2025 Net income (loss) $ 400 $ (1,337) Less: Series A Convertible Preferred Stock dividends (239) — Net income (loss) attributable to OP common unitholders 161 (1,337) (1)
Slide 39: Adj. EBITDAre and Adj. Cash NOI Reconciliations
Adj. EBITDAre and Adj. Cash NOI Reconciliations (unaudited, in thousands) For the three months ended March 31, 2026 Net income $ 400 Depreciation and amortization (1) 8,023 Interest expense 4,213 Income taxes 70 EBITDA $ 12,706 Gain on sale of real estate (963) Impairment loss 812 EBITDAre $ 12,555
Slide 40: Appendix
Appendix Definitions and Forward-Looking Statements
Slide 41: 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 42: 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. Adjusted Cash G&A: We define Adjusted Cash G&A as total G&A less non-cash compensation and non-recurring
Slide 43: 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 44: 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 March 31, 2026, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change, involving inherent r
Slide 45: FrontView REIT
ry FRONT VIEW REIT