FVR

Interested in FrontView REIT, Inc.? Here are five stocks we like better. FrontView REIT raised its 2026 guidance, increasing AFFO per share to $1.32–$1.34 from $1.29–$1.33 and lifting its annual net investment target to $120 million. Management said the revised midpoint implies roughly 7% year-over-year growth. The company acquired 17 properties for $58.2 million during the quarter at a 7.34% average cash cap rate, while additional acquisitions were under contract early in the third quarter. FrontView also continued recycling capital through dispositions, though expected 2026 sales are lower at about $50 million. Portfolio performance strengthened, with occupancy above 99%, quarterly base rent reaching $16 million and property-level slippage improving to 1.4% of adjusted cash revenue. The balance sheet remained supported by more than $200 million of liquidity, 33% loan-to-value and an AFFO payout ratio below 65%. The Palantir Paradox—Record Numbers and a Stock That Won't Cooperate FrontView REIT (NYSE:FVR) raised its 2026 adjusted funds from operations, or AFFO, guidance after reporting second-quarter growth in cash rents, capital deployment and property-level margins. The net-lease real estate investment trust increased its AFFO per-share outlook to $1.32 to $1.34 from a previous range of $1.29 to $1.33 and raised its net investment target to $120 million for the year. Chief Financial Officer Pierre Revol said the midpoint of the revised guidance represents approximately 7% year-over-year growth and marks the company’s third guidance increase since it introduced its initial 2026 outlook in November. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Can Upwork Maintain Its Comeback? Reasons to Be Bullish and Bearish “The increase is driven by three primary factors,” Revol said. “First, strong portfolio performance. Second, accretive capital deployment. Finally, continued discipline on overhead expenses.” Chairman and Chief Executive Officer Stephen Preston emphasized FrontView’s focus on retail properties in larger markets, with diverse tenant exposure and rents that can be replaced or increased over time. Nearly 80% of the company’s properties are in the top 100 U.S. metropolitan statistical areas, while 92% are near shopping centers, Preston said. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Small-Caps, Big Buybacks: 3 Stocks With Large Buyback Capacity The company’s largest tenant represented 2.6% of annualized base rent, or ABR, at quarter-end, while its 10 largest tenants accounted for 20.2% of ABR. Investment-grade tenants generated 33.6% of rents. Preston cited several re-tenanting and redevelopment transactions, including the conversion of a former Burger King to Chipotle in Mechanicsville, Virginia; a former Miller’s Ale House to a Raising Cane’s ground lease in Chicago; and a former Walgreens to an Amazon fulfillment center in Durham, North Carolina. In aggregate, he said those transactions generated $1.6 million in ABR and had an estimated value of $29 million, compared with a $19.8 million basis. → No Hangover: Revisiting Microsoft One Week After Earnings FrontView ended the second quarter with two vacant properties and occupancy exceeding 99%. The company historically has achieved rent recapture above 110% when re-tenanting properties, according to Preston. Revol said three leases that had generated $181,000 of quarterly rent expired and have been re-tenanted, although most replacement rent is not expected to begin until the first and second quarters of 2027. Once fully operational, the new leases are expected to generate nearly $225,000 in quarterly rent, or 23% more than the prior leases. The company also expects to lease a former Smokey Bones property to two tenants and a small convenience store, which Revol said could provide another increase in net operating income in 2027 if completed. FrontView acquired 17 properties for $58.2 million during the quarter at an average cash capitalization rate of 7.34% and a weighted-average remaining lease term of 7.3 years. The acquisitions had median metrics of a $2.6 million purchase price, 5,700 square feet of building area, $217,000 in annual rent and a five-mile population of 141,000. The company intentionally acquired some assets with shorter remaining lease terms, according to management, seeking opportunities to extend leases with tenants that have below-market rents and strong operating performance. One example was a veterinarian clinic in Indiana backed by a national guarantor. FrontView bought the property with slightly more than two years remaining on its lease at an 8.75% cap rate and is extending the lease term to 12 years without significant concessions, Preston said. Management also highlighted its purchase of a corporately guaranteed Aspen Dental property in Roseville, Michigan, at a 7.2% cap rate. The property is an outparcel to a Kroger supermarket and carries annual rent of $147,000. During the first half, FrontView completed $59.5 million of net investment. Preston said the company had closed three properties totaling approximately $8.4 million at a 7.49% cap rate early in the third quarter and had 17 assets under contract for roughly $55 million at a 7.4% cap rate. Executives said they expect third-quarter acquisition cap rates in the 7.3% to 7.4% range, with possible modest pressure in the fourth quarter as institutional interest in retail and net-lease real estate increases. Management said its typical smaller transaction sizes, generally below $10 million, reduce competition with larger institutional buyers. FrontView also continued its disposition program, selling five tertiary-market Dollar Tree properties, a Friendly’s, Staples, Fast Pace and Hooters during the quarter at a weighted-average 7.12% cash cap rate. Since its initial public offering, the company has sold approximately $110.5 million of properties, representing 14.6% of its original IPO assets, at a median disposition cap rate of 6.88%. Preston said portfolio optimization is largely complete, though the company intends to remain active in recycling capital. He said dispositions may total about $50 million this year, compared with roughly $80 million last year. Second-quarter base rent increased $200,000 sequentially to $16 million, aided by investment activity, contractual rent escalations and the commencement of rent from the Amazon lease. Adjusted cash revenue totaled $16.4 million, including $200,000 of other operating income related to a lease restructuring. Non-reimbursable property costs, referred to by the company as slippage, declined $32,000 to $231,000, or 1.4% of adjusted cash revenue. FrontView now expects full-year property-level slippage of about 2% of adjusted cash revenue, an improvement of 75 basis points from its prior forecast. Adjusted cash net operating income, including completed acquisitions and dispositions through quarter-end, was $16.9 million. Revol said the portfolio entered the third quarter at an approximate $16.6 million quarterly cash NOI run rate after normalizing for other income and property-level slippage. FrontView issued approximately 2.6 million shares through its at-the-market equity program at a gross price of $19.50 per share, raising $50.5 million in gross proceeds. It settled nearly 900,000 shares during the quarter for $17.3 million in net proceeds, while approximately 1.7 million forward shares remained unsettled and represented $32.2 million of future net equity proceeds. At quarter-end, the company had more than $200 million of liquidity, a loan-to-value ratio of 33%, and net debt to annualized adjusted EBITDAre of 5.4 times. Including unsettled equity, adjusted net debt to adjusted annualized EBITDAre was approximately four times, Revol said. The company’s AFFO payout ratio was below 65%. Management said it expects to draw remaining capacity under its Series A convertible preferred financing before its November deadline, while preserving unsettled forward equity proceeds for use in 2027. FrontView REIT specializes in real estate investing. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "FrontView REIT Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. FrontView REIT Inc (NYSE:FVR) raised its 2026 AFFO per share guidance to $1.32-$1.34, marking the third increase since initial guidance, driven by strong portfolio performance and accretive capital deployment. The company successfully executed value-creating re-tenanting transactions, converting underperforming assets into higher-value uses, generating an estimated $29 million in value versus a $19.8 million basis, a 47% increase. Portfolio occupancy remains exceptionally high at over 99%, with a strong track record of rent recaptures north of 110% on re-tenanted properties, demonstrating the quality of its real estate. FrontView REIT Inc (NYSE:FVR) maintains a highly diversified tenant base with the largest tenant at only 2.6% of ABR and 33.6% of rents from investment-grade tenants, reducing concentration risk. The company has improved its cost of capital, raising $50.5 million in gross proceeds through its ATM program, and now generates investment spreads north of 100 basis points, fully funding its investment plan through 2027. Management continues to execute a disciplined disposition strategy, selling non-core assets at attractive cap rates (e.g., 7.12% this quarter) to recycle capital into better opportunities and enhance overall portfolio quality. The company's acquisition cap rates are facing slight compression due to increased institutional interest in retail and net lease assets, potentially making future deals less accretive. FrontView REIT Inc (NYSE:FVR) has a placeholder for 50 basis points of bad debt for 2026, with 20 basis points specifically attributable to the Sleep Number bankruptcy, indicating potential credit risk. Rent from three re-tenanted properties will not commence until 2027, creating a temporary gap in cash flow growth despite the leases being signed. The weighted average lease term on Q2 acquisitions was slightly below historical average (7.3 years), requiring active lease extension efforts to realize full value. The company's reliance on smaller, fragmented deals (median purchase price of $2.6 million) may limit scalability and require significant transaction volume to achieve meaningful growth. While the company raised its net investment guidance to $120 million, it noted that cap rates could tick lower in Q4, potentially reducing future investment spreads. Warning! GuruFocus has detected 7 Warning Signs with FVR. Is FVR fairly valued? Test your thesis with our free DCF calculator. Q: With the new access to equity, how are you thinking about managing the investment guidance number, and do you have the capacity to go well beyond the raised $120 million net investment guidance?A: Pierre Rivol, CFO: Acquisition volume isn't the goal; if we find good deals, we will pursue them. Having access to capital means there is more we can look at. If you remove dispositions and just do acquisitions, we are tracking close to $180 million annualized from the first half. There is room to expand capacity, and we want to target very reasonable cap rates. With the new sources of capital, we can pursue more deals in the back half of the year and into next year. Q: Now that your access to capital has improved, what do you think the platform's acquisition capabilities are? Is $150 million a year the right level, or can you do more?A: Steve Preston, Chairman and CEO: As we see opportunities, we can certainly do more. The marketplace is open for us. In Q4 of '24, our first year as a public company, we acquired about $100 million of assets in one quarter with the same team. For the upcoming quarter, we have very good visibility: we've closed on three assets for about $8.4 million at a 7.49% cap rate, and have 17 assets under contract at about a 7.4% cap rate for $55 million. We are beginning to build Q4 with good deal flow. Q: On the preferred equity, is it safe to assume you will draw down the balance first prior to settling the remaining forward equity commitment?A: Pierre Rivol, CFO: Yes, that's probably right. We have to withdraw the rest of the preferred by the one-year anniversary, around November 10th or 11th. I anticipate we use that first, save the forward equity, and then use the forward equity effectively in '27. The $50 million gets us through this year and in some ways next year. We have plenty of runway with a four times lever if you take into account all that equity. Q (from Jana Gallen, Bank of America): Is there anything in the AFFO guide similar to how on the forward you'd have to deal with the Treasury stock method dilution for the preferred?A: Pierre Rivol, CFO: The forward equity has been an issue for some of our peers. This is governed under ASC 260, and it's handled on an if-converted basis, so it doesn't have the treasury stock method the way normal forward equity would be accounted for. It's treated as a preferred, run through the income statement as a preferred dividend. There's no treasury stock method impact. The guide assumes the preferred stays as preferred; if any of it converts into common, the net impact is not meaningful because the $6.75 preferred dividend would go away, so it's close to the same amount anyway. Q: On the acquisition pipeline, how do you see cap rates trending over the next couple of years? Do you see compression or more competition?A: Steve Preston, Chairman and CEO: It's tough to predict too far out, but the market is stable. We expect cap rates in the 7.3%-7.4% range for Q3, and maybe a tick lower in Q4 due to increased institutional interest in retail and net lease. There's an abundance of capital setting the tone. We've seen retail and open-air shopping center cap rates come in, which has put a little pressure on our cap rates, but not to the same extent. Pierre Rivol, CFO: Our median purchase price is $2.6 million, and we don't really compete with a lot of people at that price point. We have 17 deals under contract and three already closed, so it's a very robust pipeline without running up against competitors. Q: On dispositions, are there any credits you want to work out of? The cap rate investment spread came in from 60 basis points in Q1 to 22 this quarter. Will you look to sell higher cap rate properties, or should we expect sub-7s going forward?A: Steve Preston, Chairman and CEO: Since the IPO, we've sold about 15% of the portfolio, about $160 million of assets at a 6.9% cap rate. We're not selling off our best assets. We'll continue strategically selling concepts that could come under pressure or tertiary real estate we want to reduce exposure to. Year to date, we're at about $32 million. Most of the optimization is complete. We expect dispositions to be around $50 million this year, down from roughly $80 million last year. The sale of the Dollar Trees was the reason for the elevated cap rate print this quarter. Pierre Rivol, CFO: In Q3, we sold a Hops & Drops at under a 5 cap for $3.8 million, a Sleep Number at a 6.5 cap for $4.6 million, and an Applebee's for $3.5 million. None of these are distressed sales; people just want the locations. Q: On the tight cash and GAAP cap rate spread on the Q2 investment activity, what was the genesis?A: Pierre Rivol, CFO: It's just escalators. What drives a cash cap rate versus a GAAP cap rate is the escalators and the WALT. If the WALT was a little shorter and the escalators less, there's less of a difference in the current quarter. A lot of these deals we signed up are getting extended, so even though there was a shorter GAAP impact at this point, as those leases get extended, they don't run through normalized rental. Steve Preston, Chairman and CEO: Some leases bump annually, but a lot bump every five years. A lot of that is just where you sit on the curve on the lease. Q: On the ground lease portfolio, is that still an opportunity for investment volumes, or is it more of a legacy portfolio?A: Pierre Rivol, CFO: We create ground leases a lot. It's not that we go out and source ground leases; a lot of times we have a tenant and we create a ground lease. Steve Preston, Chairman and CEO: It's ultimately through re-tenanting. We converted a single Twin Peaks to two ground leases (Panda Express and Jangers), and a Miller's Ale House to a Raising Cane's ground lease. This allows the re-tenanting and tenant relationships to create value with having that ground lease. A ground lease is terrific because you get the building at the end of For the complete transcript of the earnings call, please refer to the full earnings call transcript.

DALLAS, August 06, 2026--(BUSINESS WIRE)--FrontView REIT, Inc. (NYSE: FVR) (the "Company", "FrontView", "we", "our", or "us"), today announced its operating results for the quarter ended June 30, 2026. MANAGEMENT COMMENTARY "FrontView delivered a strong quarter across both operations and capital deployment. We are raising the midpoint of our 2026 AFFO per share guidance by $0.02, representing 7% growth over 2025. Our acquisition pipeline remains active and we are increasing our net investment guidance to $120.0 million. During the quarter, we further diversified our portfolio, expanded our presence in Top 100 MSAs, and continued to achieve sector-leading recapture rates. With the equity capital raised during the quarter and our low-levered balance sheet, we are fully funded through 2027 and well positioned to execute on our growth plan," said Stephen Preston, Chief Executive Officer of FrontView REIT. SECOND QUARTER 2026 HIGHLIGHTS Generated net income of $1.5 million, or $0.03 per share with funds from operations ("FFO") of $7.2 million, or $0.26 per share and adjusted funds from operations ("AFFO") of $9.4 million, or $0.33 per share. Acquired 17 properties for $58.2 million at an average capitalization of 7.34% and a weighted average lease term of 7.3 years. Sold 10 properties, including 9 occupied properties, for $22.9 million in gross proceeds with an average capitalization rate of 7.12% on the occupied properties and a weighted average lease term of 9.7 years. Strong liquidity with $208.2 million in capacity between cash and cash equivalents, availability under revolving credit facility, undrawn Series A Convertible Preferred Stock and unsettled forward equity proceeds. Maintained strong operational performance, including 99.4% occupancy. During the second quarter, we sold 2,588,775 shares of common stock under the Company’s at-the-market equity offering program at a weighted average gross price of $19.50 per share, generating gross proceeds of approximately $50.5 million. Of the shares sold, we issued and settled 898,983 shares, receiving $17.3 million in proceeds, with the remaining shares sold on a forward basis, worth $32.2 million in net proceeds. Paid a quarterly dividend per common share of $0.215 representing a AFFO per share payout ratio of 64.7%. Increased 2026 AFFO per share guidance to $1.32 to $1.34, implying 7% growth at the midpoint. SUMMARIZED FINANCIAL RESULTS The following table summarizes the Company's select financial results for the three and six months ended June 30, 2026 and 2025: NET INVESTMENT ACTIVITY The following table summarizes the Company’s investments and dispositions for the three and six months ended June 30, 2026: PORTFOLIO UPDATE The following table summarizes the Company's real estate portfolio as of June 30, 2026: BALANCE SHEET AND LIQUIDITY The following tables summarize the Company’s leverage, fixed charge coverage and liquidity as of June 30, 2026: DISTRIBUTIONS On August 5, 2026, our board of directors authorized a quarterly dividend of $0.215 per common share and a quarterly distribution of $0.215 per OP unit, each payable in cash on October 15, 2026, to holders of record as of September 30, 2026. On August 5, 2026, our board of directors authorized a regular quarterly dividend on the Series A Preferred Stock, payable in cash on October 15, 2026, to holders of record as of September 30, 2026. As of August 5, 2026, 250,000 shares of Series A Preferred Stock were issued and outstanding. 2026 UPDATED GUIDANCE The Company is revising full year 2026 AFFO per share guidance and net investment guidance. The Company's 2026 guidance is based on a number of assumptions that are subject to change and many of which are outside the Company's control. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. We do not provide guidance for the most comparable GAAP financial measure, net income, or a reconciliation of the forward-looking non-GAAP financial measure of AFFO per share to earnings per share attributable to common stockholders computed in accordance with GAAP, because we are unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure, including items that are not indicative of our ongoing operations, including, without limitation, potential impairments of real estate assets, net gain/loss on dispositions of real estate assets, changes in allowance for credit losses, and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance periods. CONFERENCE CALL AND WEBCAST The Company will host its second quarter earnings conference call and audio webcast on Thursday, August 6, 2026, at 10:00 a.m. Central Time. To access the live webcast, which will be available in listen-only mode, please visit: https://events.q4inc.com/attendee/768173004. If you prefer to listen via phone, U.S. participants may dial: 1-833-461-5787 (toll free) or 1-626-884-3620, conference ID 768173004. A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. To listen to a replay of the call via the web, which will be available for one year, please visit: investor.frontviewreit.com. About FrontView REIT, Inc. 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 highly visible properties in prominent retail corridors with strong underlying real estate fundamentals. We target properties along high-traffic roads that offer strong consumer visibility and adaptable building formats capable of supporting various businesses over time. As of June 30, 2026, FrontView owned a diversified portfolio of 316 direct frontage properties across 35 U.S. states, leased primarily to service and necessity based tenants across 16 industries, including medical and dental providers, quick-service and casual dining restaurants, financial institutions, cellular retailers, automotive related, fitness, and general retail along with several other diversified industries. Forward-Looking Statements This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "outlook," "potential," "may," "will," "should," "could," "seeks," "approximately," "projects," "predicts," "expect," "intends," "anticipates," "estimates," "plans," "would be," "believes," "continues," or the negative version of these words or other comparable words. Forward-looking statements, including our 2026 updated guidance, our ability to draw on the Series A Convertible Preferred Stock, to execute our business and acquisition strategies, or to complete the sale and disposition of our investment pipeline on favorable terms, if at all, involve known and unknown risks and uncertainties, which may cause the Company’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to fluctuations in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A. "Risk Factors" of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which the Company filed with the SEC on February 25, 2026, and which you are encouraged to read, and is available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise. Notice Regarding Non-GAAP Financial Measures In addition to our reported results and net earnings per diluted share, which are financial measures presented in accordance with GAAP, this press release contains and may refer to certain non-GAAP financial measures, including Funds from Operations ("FFO"), Adjusted Funds from Operations ("AFFO"), EBITDA, EBITDAre, Adjusted EBITDAre, Annualized Adjusted EBITDAre, Adjusted Net Operating Income ("NOI"), Annualized Adjusted NOI, Adjusted Cash NOI, Annualized Adjusted Cash NOI, Net Debt, Adjusted Net Debt and Fixed Charge Coverage Ratio. These non-GAAP financial measures should not be considered alternatives to net income as a performance measure or to cash flows from operations as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measure and statements of why management believes these measures are useful to investors are included below. Reconciliation of Non-GAAP Measures The following is a reconciliation of net income (loss) (which is the most comparable GAAP measure) to FFO and AFFO: We compute FFO in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines FFO as GAAP net income or loss adjusted to exclude net gains (losses) from sales of certain depreciated real estate assets, depreciation and amortization expense from real estate assets, gains and losses from change in control, and impairment charges related to certain previously depreciated real estate assets. Our leases typically include cash rents that increase through lease escalations over the term of the lease. Our leases do not typically include significant front-loading or back-loading of payments, or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates. To derive AFFO, we modify the Nareit computation of FFO to include other adjustments to GAAP net income related to certain non-cash or non-recurring revenues and expenses, including, as applicable, straight-line rents, cost of debt extinguishments, amortization of lease intangibles, amortization of debt issuance costs, amortization of net mortgage premiums, (gain) loss on interest rate swaps and other non-cash interest expense, realized gains or losses on foreign currency transactions, Internalization expenses, structuring and public company readiness costs, extraordinary items, and other specified non-cash items. We believe that such items are not indicative of operating performance and thus we believe excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors. FFO is used by management, investors, and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers, primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We also use AFFO as a measure of our performance when we formulate corporate goals. We believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by one-time cash and non-cash revenues or expenses. FFO and AFFO may not be comparable to similarly titled measures employed by other REITs, and comparisons of our FFO and AFFO with the same or similar measures disclosed by other REITs may not be meaningful. FFO and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. Neither the SEC nor any other regulatory body has passed judgment on the acceptability of the adjustments to FFO that we use to calculate AFFO. In the future, the SEC, Nareit or another regulatory body may decide to standardize the allowable adjustments across the REIT industry and in response to such standardization we may have to adjust our calculation and characterization of AFFO accordingly. The following is a reconciliation of net income (which is the most comparable GAAP measure) to EBITDA, EBITDAre, Adjusted EBITDAre, Adjusted NOI and Adjusted Cash NOI: We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that EBITDA provides investors and analysts with a measure of our performance that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. In 2017, Nareit issued a white paper recommending that companies that report EBITDA also report EBITDAre in financial reports. We compute EBITDAre in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as EBITDA (as defined above) excluding gains (loss) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDAre are not measures of financial performance under GAAP, and our EBITDA and EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. We compute Adjusted EBITDAre as EBITDAre for the applicable quarter, as adjusted to (i) reflect all investment and disposition activity that took place during the applicable quarter as if each transaction had been completed on the first day of the quarter, (ii) exclude certain GAAP income and expense amounts that we believe are infrequent and unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, (iii) eliminate the impact of lease termination fees from certain of our tenants, and (iv) exclude non-cash stock-based compensation expense. Annualized Adjusted EBITDAre is calculated by multiplying Adjusted EBITDAre for the applicable quarter by four, which we believe provides a meaningful estimate of our current run rate for all of our investments as of the end of the most recently completed quarter given the contractual nature of our long-term net leases. You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Adjusted Net Operating Income ("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 general and administration expenses. We further adjust Adjusted NOI for non-cash revenue components of straight-line rent and other amortization expense to derive Adjusted Cash NOI. We believe Adjusted NOI and Adjusted Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level. Adjusted NOI and Adjusted Cash NOI are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider Adjusted NOI and Adjusted Cash NOI as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Annualized Adjusted NOI is calculated by multiplying Adjusted NOI for the applicable quarter by four and Annualized Adjusted Cash NOI is calculated by multiplying Adjusted Cash NOI for the applicable quarter by four. We believe these annualized figures provide a meaningful estimate of our current run rate for all of our investments as of the end of the most recently completed quarter given the contractual nature of our long-term net leases. You should not unduly rely on these measures as they are based on assumptions and estimates that may prove to be inaccurate. Our actual Adjusted NOI and Adjusted Cash NOI for future periods may be significantly different from our Annualized Adjusted NOI and Annualized Adjusted Cash NOI. The following table reconciles total debt (which is the most comparable GAAP measure) to Net Debt and Adjusted Net Debt, and presents the ratios of Net Debt to Annualized Adjusted EBITDAre and Adjusted Net Debt to Annualized Adjusted EBITDAre: Net Debt is a non-GAAP financial measure. We define Net Debt as our Gross Debt less cash and cash equivalents. We then adjust Net Debt by the undrawn Series A Preferred Stock and unsettled forward equity to derive Adjusted Net Debt. The ratios of Net Debt to Annualized Adjusted EBITDAre and Adjusted Net Debt to Annualized Adjusted EBITDAre represent Net Debt and Adjusted Net Debt as of the end of the applicable period divided by Annualized Adjusted EBITDAre for the period, respectively. We believe that these ratios are useful to investors and analysts because they provide information about Gross Debt less cash and cash equivalents as well as Gross Debt less cash and cash equivalents, undrawn Series A Preferred Stock and unsettled forward equity, which could be useful to repay debt. The following table summarizes our fixed charges, and presents Annualized fixed charges to Annualized Adjusted EBITDAre: The Fixed Charge Ratio is the ratio of Annualized Adjusted EBITDAre to Annualized Fixed Charges. Fixed charges are computed for the applicable quarter on a consolidated basis as interest expense (excluding amortization of fees paid in cash and discounts and premiums on debt), plus regularly scheduled principal repayments of debt (excluding any balloon or similar payments), plus any preferred dividends payable in cash. The Annualized Fixed Charges is calculated by multiplying fixed charges for the applicable quarter by four. We believe this ratio is useful to investors and analysts as it is used to evaluate our liquidity and ability to obtain financing. View source version on businesswire.com: https://www.businesswire.com/news/home/20260806221879/en/ Contacts Company Contact [email protected]

DALLAS, July 14, 2026--(BUSINESS WIRE)--FrontView REIT, Inc. (NYSE: FVR) (the "Company", "FrontView", "we", "our", or "us"), today announced that it will release its financial and operating results for the quarter ended June 30, 2026, before the market opens on Thursday, August 6, 2026. The Company will host its earnings conference call and audio webcast on Thursday, August 6, 2026, at 10:00 a.m. Central Time. Conference Call and Webcast To access the live webcast, which will be available in listen-only mode, please visit: https://events.q4inc.com/attendee/768173004. If you prefer to listen via phone, U.S. participants may dial 1-833-461-5787 (toll-free) or 1-626-884-3620, using conference ID 768173004. A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. To listen to a replay of the call via the web, which will be available for one year, please visit: investor.frontviewreit.com. About FrontView REIT, Inc. 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 investment strategy is centered around highly visible properties in prominent retail corridors with strong underlying real estate fundamentals. We target properties along high-traffic roads that offer strong consumer visibility and adaptable building formats capable of supporting various businesses over time. As of March 31, 2026, FrontView owned a diversified portfolio of 309 direct frontage properties across 36 U.S. states, leased primarily to service and necessity-based tenants across 16 industries, including medical and dental providers, quick-service and casual dining restaurants, financial institutions, cellular retailers, automotive-related, fitness, and general retail, along with several other diversified industries. Forward-Looking Statements This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "outlook," "potential," "may," "will," "should," "could," "seeks," "approximately," "projects," "predicts," "expect," "intends," "anticipates," "estimates," "plans," "would be," "believes," "continues," or the negative version of these words or other comparable words. Forward-looking statements, including our 2026 net investment guidance, our ability to draw on the Convertible Perpetual Preferred security, to execute our business and acquisition strategies, or to complete the sale and disposition of our investment pipeline on favorable terms, if at all, involve known and unknown risks and uncertainties, which may cause the Company’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to fluctuations in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A. "Risk Factors" of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which the Company filed with the SEC on February 25, 2026, and which you are encouraged to read, are available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20260714585277/en/ Contacts Company Contact: [email protected]

DALLAS, July 01, 2026--(BUSINESS WIRE)--FrontView REIT, Inc. ("FrontView" or the "Company") today provided an update on second quarter investment activity, capital markets activity and revised net investment guidance. "Our second quarter investment activity continues to highlight the quality and depth of the opportunities we are sourcing within the market," said Steve Preston, Chairman and Chief Executive Officer. "Year-to-date, we have acquired more than $92 million of properties, including over $58 million across 17 properties in the second quarter, and we are increasing our 2026 net investment guidance from $100 million to $110 million. In addition, we raised $50.5 million of new common equity during the quarter at a weighted average gross price of $19.50 per share, providing additional capacity to fund our external growth strategy through 2027 at our current acquisition pace." Quarter-to-date capital deployment: Acquired 17 properties for a purchase price of $58.2 million with a cash yield of 7.34%. Sold 10 properties for an aggregate $22.9 million, including 9 occupied properties with a cash yield of 7.12%. Year-to-date capital deployment: Acquired 27 properties for a purchase price of $92.0 million with a cash yield of 7.40%. Sold 15 properties for an aggregate $32.5 million, including 11 occupied properties with a cash yield of 7.09%. Capital markets update: During the second quarter, we sold 2,588,775 shares of common stock under the Company’s at-the-market equity offering program at a weighted average gross price of $19.50 per share, generating gross proceeds of approximately $50.5 million. Of the total shares sold, 898,983 shares were issued and settled during the quarter, and 1,689,792 shares were sold on a forward basis. As of quarter-end, the Company had $50.0 million of remaining capacity under its Series A Convertible Preferred Equity commitment and approximately $32.2 million of estimated net proceeds available under unsettled forward equity sale agreements, assuming full physical settlement. Net investment guidance update: Increasing calendar year 2026 net investment guidance from $100.0 million to $110.0 million. About FrontView REIT, Inc. 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 investment strategy is centered around highly visible properties in prominent retail corridors with strong underlying real estate fundamentals. We target properties along high-traffic roads that offer strong consumer visibility and adaptable building formats capable of supporting various businesses over time. As of March 31, 2026, FrontView owned a diversified portfolio of 309 direct frontage properties across 36 U.S. states, leased primarily to service and necessity-based tenants across 16 industries, including medical and dental providers, quick-service and casual dining restaurants, financial institutions, cellular retailers, automotive-related, fitness, and general retail, along with several other diversified industries. Forward-Looking Statements This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "outlook," "potential," "may," "will," "should," "could," "seeks," "approximately," "projects," "predicts," "expect," "intends," "anticipates," "estimates," "plans," "would be," "believes," "continues," or the negative version of these words or other comparable words. Forward-looking statements, including our 2026 net investment guidance, our ability to draw on the Convertible Perpetual Preferred security, to execute our business and acquisition strategies, or to complete the sale and disposition of our investment pipeline on favorable terms, if at all, involve known and unknown risks and uncertainties, which may cause the Company’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to fluctuations in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A. "Risk Factors" of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which the Company filed with the SEC on February 25, 2026, and which you are encouraged to read, are available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20260701791947/en/ Contacts Company Contact [email protected]

Interested in FrontView REIT, Inc.? Here are five stocks we like better. FrontView REIT raised its full-year AFFO per share guidance to $1.29–$1.33 after posting stronger first-quarter results, citing improved operating performance and portfolio quality. The midpoint implies about 5% year-over-year growth, with the high end near 7%. The company continued aggressive portfolio repositioning, buying 10 properties for $34 million and selling five properties for $10 million, while keeping occupancy around 99%. Management said tenant concentration and restaurant exposure have fallen significantly since the IPO. Balance sheet metrics improved, with net debt to annualized adjusted EBITDAre down to 5.3x and the quarterly dividend set at $0.215 per share, implying a 63.2% AFFO payout ratio. FrontView also said its acquisition pipeline remains very strong and it expects more activity in the coming quarters. Can Upwork Maintain Its Comeback? Reasons to Be Bullish and Bearish FrontView REIT (NYSE:FVR) reported a stronger first quarter and raised its full-year AFFO per share outlook, as management highlighted acquisition activity, portfolio repositioning and improving operating metrics during the company’s first quarter 2026 earnings call. Chairman and Co-CEO Stephen Preston said the quarter reflected “operational and portfolio advancements” made over the past year, including lower tenant concentration, reduced restaurant exposure and greater diversification. Since its IPO, FrontView has reduced its largest tenant exposure to 3.1%, lowered its top 10 tenant concentration to 23% and cut restaurant exposure from 37% to under 23%, Preston said. → Wells Fargo’s Comeback Is Real—But Not Risk-Free Small-Caps, Big Buybacks: 3 Stocks With Large Buyback Capacity Preston said the company remains focused on “frontage-based assets” in dense retail corridors where rents are replaceable and underlying land value provides downside protection. He noted that 77% of FrontView’s properties are located within a top 100 metropolitan statistical area, with an average five-mile population of 175,000 people. FrontView acquired 10 properties during the quarter for $34 million at an average cash capitalization rate of 7.5% and a weighted average lease term of 9.4 years. Preston said the company continues to find opportunities in smaller transactions where it does not typically compete with large institutional buyers, REITs or private equity capital. → Rocket Lab Posts Record Q1 Revenue, Raises Q2 Guidance 3 Small-Cap Stocks That Are Ready to Rocket Higher As an example, Preston highlighted the acquisition of a Jiffy Lube property in Baton Rouge, Louisiana, at a 7.4% cap rate on a 10-year net lease. The property is located in front of a Walmart Neighborhood Market and across from a Raising Cane’s, with frontage on Coursey Boulevard and approximately 37,000 vehicles per day. Preston said FrontView acquired the asset at “a significant discount to market” by accommodating a seller-specific timing requirement. Looking ahead, Preston said the company expects second-quarter 2026 acquisition cap rates to settle around 7.3% to 7.4%, with volumes generally in line with guidance. In response to an analyst question, he said the acquisition pipeline remains “very strong” and that second- and third-quarter activity is effectively set. Potential new tenants in the pipeline include Hawaiian Bros, Burlington, Bob’s Furniture, Tropical Smoothie, Spec’s, PNC, veterinarian clinics and a Giant Eagle grocery store, according to Preston. → The Great Crypto Thaw: Regulation Ignites an Infrastructure Boom FrontView sold five properties during the quarter for $10 million at an average cash cap rate of about 6.9% for the occupied assets, with a weighted average lease term of eight years. Preston said the sales included a Dollar Tree in Vermillion, South Dakota, and an underperforming McAlister’s Deli. Management described asset recycling as part of its strategy, with future dispositions expected to focus on pruning less optimal locations and concepts. Preston said the company expects approximately $40 million to $50 million of dispositions in 2026, adding that portfolio optimization is “fairly close to complete” but that ongoing management of the portfolio remains prudent. The portfolio ended the quarter at approximately 99% occupancy, with four vacant assets. Preston said FrontView’s approach to vacancy is shaped by the quality of the underlying real estate, and that the company has historically achieved rent spreads above 110% of prior rent when re-tenanting properties. During the quarter, FrontView re-tenanted three expiring locations: a CVS in Chicago, a Dollar Tree in Newark and a Twin Peaks in North Carolina. Preston said the transactions generated more than 23% increases in rent relative to the prior tenants. CFO Pierre Revol said those three properties contributed $181,000 of base rent in the first quarter and, once stabilized, are expected to generate approximately $225,000 of quarterly rent. Revol said adjusted cash revenue, excluding reimbursement income and non-cash items, increased $707,000 sequentially to $16.3 million. The increase was driven by $75 million of acquisitions completed over the prior two quarters and a $274,000 lease termination fee tied to a dark Big 5 property. FrontView later sold that vacant asset for $1.7 million, generating nearly a $700,000 gain over its original purchase price, Revol said. Non-reimbursable property costs decreased $385,000 sequentially to $263,000, or 1.6% of adjusted cash revenue, compared with 4.2% in the prior quarter. Revol attributed the improvement to higher occupancy, improved recovery income and portfolio optimization work completed in 2025. Revol said first-quarter cash NOI benefited from termination income, rent from properties currently being re-tenanted and unusually low property cost leakage. Normalizing for those items, he said second-quarter run-rate cash NOI on the current portfolio would be approximately $15.7 million before the incremental benefit from recently executed re-tenanting leases, or about $700,000 lower than first-quarter actuals. FrontView raised its full-year AFFO per share guidance range to $1.29 to $1.33 while maintaining its fully funded net investment target of $100 million. Revol said the midpoint implies 5% year-over-year growth, while the high end implies approximately 7% growth. He said the increase was primarily driven by strong first-quarter operating results and continued portfolio performance. Revol said FrontView’s revolver balance declined modestly to $114 million, while cash interest expense fell $86,000 sequentially to $3.8 million. Net debt to annualized adjusted EBITDAre improved to 5.3 times, loan-to-value declined to 32.6% and fixed charge coverage remained at 3.5 times. Including the remaining $50 million of available convertible preferred equity capacity, adjusted net debt to annualized adjusted EBITDAre was 4.4 times. Revol said FrontView remains fully funded for its investment target and expects to time deployment of the preferred equity to match acquisitions. The company also announced a quarterly dividend of $0.215 per share, representing a 63.2% AFFO payout ratio. Revol said this was FrontView’s lowest payout ratio since becoming a public company and provides more free cash flow to fund growth. Management also discussed plans to begin a limited development program over the next few quarters. Preston said FrontView would pursue development only when risk is mitigated, including having signed leases, entitlements, site plans, construction costs, zoning and building permits in place. He said initial projects could involve $1 million to $3 million of equity per transaction and target spreads of roughly 100 to 200 basis points. Preston said development could give FrontView access to tenants it might not otherwise acquire at attractive yields. He cited Chick-fil-A as an example, saying a property that might trade at a 5% cap rate in the open market could potentially be developed at a yield in the high 6% to low 7% range. FrontView has already completed several value-creating redevelopments, including converting a Miller’s Ale House to a Raising Cane’s, a Burger King to a Chipotle, a Sleep Number to a 7 Brew, a Twin Peaks to a Jaggers and Panda Express, and creating a Bank of America ground lease in front of a Walmart in Rochester. Preston said those projects collectively created about $10 million of incremental value. In closing, Preston said FrontView remains focused on active asset management, re-tenanting and accretive acquisitions as it works to generate returns through both growth and real estate expertise. FrontView REIT specializes in real estate investing. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "FrontView REIT Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Image source: The Motley Fool. Thursday, May 7, 2026 at 11 a.m. ET Chief Executive Officer — Stephen Preston President, Chief Financial Officer, and Treasurer — Pierre Revol Operator Need a quote from a Motley Fool analyst? Email [email protected] Stephen Preston: Thank you, Pierre, and good morning, everyone. This quarter demonstrates the operational and portfolio advancements we have made over the last year. We have elevated the strength of the management team, enhanced our portfolio, deepened tenant and industry diversification, and continued to focus on attractive markets with replaceable rents and high profile street frontage locations. Since the IPO, we have reduced our largest tenant exposure to 3.1%, lowered our top 10 tenant concentration to 23%, and reduced our restaurant exposure from 37% to under 23%. At the same time, we have invested in technology, data, and processes that improve scalability and decision making. FrontView REIT, Inc. is in its strongest position since inception and is poised to deliver compounding growth. Our scalable real estate-first strategy is focused on acquiring fungible, frontage-based assets typically located in dense retail corridors where underlying land value provides downside protection. Today, 77% of our properties are located within a top 100 MSA, and our average five-mile population is 175,000 people, highlighting the vibrant, desirable markets in which we own and operate real estate. Consistent with this strategy, we disclose each of our property locations through Google Maps links on the portfolio page of our corporate website. We also disclose every tenant and its ABR in our filings. I encourage investors to review these best-in-class disclosures which provide detailed, industry-leading visibility into the merits of our real estate, tenant credit, box sizes, and portfolio diversification. As I mentioned last quarter, we will be featuring an acquisition each quarter on the front cover of our investor presentation. This quarter, we are highlighting a Jiffy Lube in Baton Rouge, Louisiana, the second-largest MSA in the state and a top 100 MSA nationally. Jiffy Lube is a national automotive service brand and subsidiary of Shell USA, with more than 2,000 locations across North America. We acquired the property at a 7.4% cap rate on a 10-year net lease. The site sits directly in front of a Walmart Neighborhood Market and across from Raising Cane’s, with direct frontage on Kersey Boulevard and approximately 37,000 vehicles per day. At roughly $160,000 of annual rent, the rent basis is replaceable with arguable upside given the visibility, traffic counts, and surrounding retail demand. We were able to acquire the asset at an attractive price and at a significant discount to market by accommodating a seller-specific time and requirement. This acquisition demonstrates FrontView REIT, Inc.’s reputation as a buyer that can solve problems for sellers and source transactions that are not widely marketed. To summarize, we bought a fungible asset with frontage, with replaceable rent, in a desirable retail node, all at an elevated cap rate relative to the market. Including this asset, we own three Jiffy Lubes representing about 60 basis points of our ABR. In addition to this Jiffy Lube, I would also call your attention to the cover of our annual report where we highlight another one of our properties: a two-tenant building leased to Wells Fargo and T-Mobile. This is an A+ location across from a Walmart Supercenter in urban Dallas. The property is under-rented at $313,000 annual rent, with over 6,000 square feet of rentable area and is situated on approximately one acre of land on a corner with over 295,000 vehicles per day. This is emblematic of the type of real estate we are focused on securing. For the quarter, we acquired 10 properties for $34 million at an average cash cap rate of 7.5% and a weighted average lease term of 9.4 years. These acquisitions were consistent with the characteristics we target across the portfolio, including a median purchase price of $2.3 million, a weighted average Placer.ai score of 26 indicating top 30% of the category within the state, and a median rent per box of $170,000. With respect to acquisition cap rates, we anticipate Q2 2026 to settle around 7.3% to 7.4% with volumes generally in line with our guidance. We continue to see significant depth in the marketplace, particularly in smaller transactions where FrontView REIT, Inc. has real advantages. Since we are not dependent on larger transactions or portfolio deals, we rarely compete directly with large institutional buyers, REITs, or private equity capital. This allows us to secure attractive transactions from multiple sources where our execution and reputation provide us with a competitive edge relative to other, less sophisticated parties in the space. We are also seeing select development opportunities where our extensive retail development experience may allow us to achieve meaningfully wider yields while maintaining a disciplined approach to risk. Our team’s decade of historical experience developing outparcels along with developing retail and large-format shopping centers makes us uniquely qualified to underwrite and evaluate development opportunities. This capability is already established at FrontView REIT, Inc. We have completed several successful, value-creating developments including a Miller’s Ale House to a Raising Cane’s, a Sleep Number to a Seven Brew, a Burger King to a Chipotle, a Twin Peaks to a Jaggers and a Panda Express, and a new Bank of America ground lease in front of our Walmart in Rochester. Collectively, these projects created about $10 million of incremental value, representing an approximately 90% increase in value to our shareholders over and above our original purchase price. Although we do not currently have any third-party development assets under formal contract, we expect to begin a limited development program over the next few quarters and look forward to generating outsized risk-adjusted returns on these assets. Regarding dispositions, we sold five properties for $10 million during the quarter at an average cash cap rate of approximately 6.9% for the occupied assets, with a weighted average lease term of eight years. We sold a Dollar Tree in Vermillion, South Dakota which did not align with our real estate-first focus, and an underperforming McAlister’s Deli. Asset recycling is part of our strategy, and we expect dispositions to be incrementally focused on fine-tuning the portfolio and pruning less optimal locations and concepts. Switching to the portfolio, we ended the quarter at approximately 99% occupancy, with only four vacant assets. Importantly, our view of vacancy is shaped by the quality of the underlying real estate. Historically, when we have re-tenanted properties, we achieved rent spreads north of 110% of prior rent, which reinforces our willingness to be patient and pursue the right long-term outcome rather than defaulting to a quick sale. During the quarter, we successfully re-tenanted three expiring locations: a CVS in Chicago, a Dollar Tree in Newark, and a Twin Peaks in North Carolina. As highlighted on page 3 of our investor presentation, these transactions in total generated over 23% increases in rent relative to the prior tenants, reinforcing the embedded value of our real estate and the strength of our locations. These properties create a temporary drag in 2026 because repositioning takes time. However, the right answer is to be patient. By focusing on quality locations, fungible boxes, and replaceable rents, we can generate stronger outcomes. These re-tenantings create meaningfully greater long-term value than simply selling the asset quickly and redeploying the proceeds. Over time, this approach enhances organic growth as our high-quality real estate appreciates. With multiple proven levers to create value, including active asset management, re-tenanting, and accretive acquisitions, we are well positioned to generate returns both through growth and expertise, not simply relying on outside capital or market conditions. We are aligned with our shareholders and we will continue to capitalize on value-enhancing opportunities, positioning us to outperform. With that, I will turn the call over to Pierre Revol to review the quarterly numbers and guidance. Pierre Revol: Thanks, Stephen. We had a strong operational quarter driven primarily by improved cash NOI and accretive capital deployment. Our adjusted cash revenue, which excludes reimbursement income and non-cash items, increased $707,000 sequentially to $16.3 million. The increase was driven by $75 million of acquisitions completed over the two quarters, as well as a $274,000 lease termination fee related to a dark Take 5 property. We subsequently sold the vacant asset for $1.7 million, generating close to a $700,000 gain over our original purchase price, highlighting the strength of our basis and underlying real estate. During the quarter, we enhanced our revenue disclosure by separately presenting other operating income, which includes termination fees, late fees, and other miscellaneous income generated through active portfolio management. These amounts are a normal part of operating a diversified real estate portfolio, but they are more episodic than base rent or percentage rent. Although this level of detail is not commonly broken out by net lease REITs, we believe the additional transparency helps investors better understand the underlying drivers of our results. This change is consistent with our broader commitment to best-in-class disclosures, is reflected in our Form 10-Q, and is highlighted in both our supplemental and investor presentation. Our non-reimbursable property costs decreased $385,000 sequentially to $263,000 or 1.6% of adjusted cash revenue, compared to 4.2% last quarter. This meaningful improvement was driven by improved occupancy, higher recovery income, and the impact of portfolio optimization work completed in 2025. As Stephen mentioned, we also have three properties currently being re-tenanted that contributed $181,000 of base rent in the first quarter. These three properties have already been leased to four tenants, with the majority of the rent commencement staggered over the next 12 to 18 months. Once stabilized, we expect orderly rent from these assets to increase to approximately $225,000. First-quarter cash NOI benefited from termination income, rent from the three properties currently being re-tenanted, and unusually low property cost leakage relative to the 2%–3% range we anticipate for 2026. After normalizing for these items, second-quarter run-rate cash NOI on the current portfolio would approximate $15.7 million before the incremental benefit from the recently executed re-tenanting leases, or approximately $700,000 lower than Q1 actuals. Our adjusted cash G&A was $2.4 million, consistent with the prior quarter. As we continue to grow our asset base, we have meaningful opportunity to create operating leverage by building the business the right way, through disciplined processes, better data and technology, and a platform that can scale with limited incremental G&A. Beginning last fall, we began investing in select technology partnerships, enterprise licenses, data analytics, and workflow applications to improve the efficiencies and operations of our business. These investments are building blocks in our effort to create an AI-native net lease REIT. Importantly, these tools and process changes are not a substitute for real estate judgment. They complement the deep real estate experience built over decades as private developers—what we often refer to as our developer DNA. Our objective is to build scalability, improve decision making, enhance risk management, and drive efficiency with an emphasis on data analytics. Turning to the balance sheet. Our revolver balance decreased modestly to $114 million, and our cash interest expense declined $86,000 sequentially to $3.8 million. Net debt to annualized adjusted EBITDAre improved by three-tenths of a turn to 5.3x, while LTV fell to 32.6%, and our fixed charge coverage ratio remained strong at 3.5x. Including the remaining $50 million of available convertible preferred equity capacity, adjusted net debt to annualized adjusted EBITDAre was 4.4x. We also announced a quarterly dividend of $0.215 per share, which represents a 63.2% AFFO payout ratio. This is our lowest payout ratio since becoming a public company. It provides more free cash flow to fund higher growth. Turning to guidance. We are maintaining our fully funded net investment target of $100 million and raising our AFFO per share guidance range to $1.29 to $1.33. At the midpoint, this represents 5% year-over-year growth, and at the high end approximately 7% growth. The increase in AFFO per share guidance is primarily driven by our strong first-quarter operating results and continued portfolio performance to date. We remain disciplined in capital allocation; our fully funded investment target provides meaningful visibility into our ability to grow while maintaining a conservatively levered balance sheet and dividend policy. As we said before, our smaller size is a structural advantage. With only $100 million of net investment, we can generate elevated AFFO per share growth while remaining disciplined in our capital allocation criteria. Our cash flow per share growth is built on a frontage-focused portfolio that is intentionally diversified across tenants and industries, yet concentrated in the attributes that matter most as real estate investors: targeting top 100 MSAs, fungible boxes, and replaceable rents. When combined with our discount to NAV, our growth profile is not yet reflected in our forward FFO per share. To help frame that disconnect, we included pages 24 and 25 in our investor presentation, which compare FrontView REIT, Inc.’s growth, diversification, and valuation relative to peers. FrontView REIT, Inc.’s growth profile is already among the most competitive in the net lease sector, while our AFFO multiple relative to growth remains among the lowest. In our view, that gap does not reflect the quality of the real estate we own, the multiple avenues that drive FrontView REIT, Inc.’s growth, or the long-term value creation embedded in the portfolio. With that, I will turn the call over to the Operator to open it up for Q&A. Operator? Operator: We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, please press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from Anthony Paolone with JPMorgan Chase. Please go ahead. Anthony Paolone: Oh, great. Thanks. Good morning, everybody. My first question is, you brought up the idea of looking at development deals. Could you maybe expand on that a little bit and give us a sense as to what order of magnitude you are looking at right now, who your partners might be, how you might structure these sorts of things? Just a little bit more detail would be great. Stephen Preston: Yeah, sure. Good morning, Anthony, and thank you. Good question. I will start with, as a management team, we have been historically involved in significant retail development activities. We are going to look to develop when risk is mitigated, and certainly that will mean that we have a signed lease, that we have entitlements in place—that means your site plan is in place. We have costs in place through a general contracting contract. We have, of course, zoning, and then we are going to have building permits in tow as well. We are going to start small. We think that it is going to be small capital allocations—maybe $1 million to $3 million of equity for any one transaction. Ultimately it is very important that we make sure we have sufficient spreads—that is certainly why you are doing development in the first place—built into the project. And so we expect that we will be doing our own development and that we will be developing with sophisticated partners as well, and expecting somewhere between 100 to 200 basis points of spread built into the projects. I think it is also important to note that development is certainly not new to FrontView REIT, Inc. as well. We have already completed several developments in our portfolio. We have completed a Miller’s Ale House to a Raising Cane’s, a Burger King to a Chipotle, we did a Sleep Number to a Seven Brew. Of course, the Twin Peaks that we have been talking about to two separately box-suited tenants, Jaggers and a Panda Express. And then ultimately we created a Bank of America in our Walmart Rochester outparcel from scratch under vacant land. So we are very suitable and ready to embark upon a development program. And these activities too, I think it is important to note, have brought about $10 million of value increase over and above our purchase price across those assets. So this can be a good engine for us and very accretive, and again we are going to take it slow in the beginning. Pierre Revol: I would just add to that, Anthony. The legacy of the company as a developer goes back even in the NADG days. They were partners with Kimco in a lot of projects as well. There is a lot of understanding on how these partnerships work. And then both Stephen and the team here have these relationships with these developers and have done it for a very long time. That is why it makes sense if you find the right partnership and the right deal with the right real estate qualities that we are pursuing. Anthony Paolone: Okay. Thank you for all that color there. And then just my second question is on the leasing side. You seem to be off to a good start there. Can you maybe give us a little bit of a look ahead and anything you are picking up in terms of potential known move-outs, or how things are going as you look out into 2027? Stephen Preston: Yeah. I mean, I think that is maybe kind of a credit watch list or call it a bad debt question. Everything feels pretty good right now as we look forward. We have the watch list. I think it is pretty minimal. Again, coming from last quarter as well, we have no material changes or additions to that watch list. It seems very healthy. We are watching a GoHealth, a Sleep Number, a couple of small urgent cares, and a couple of gas stations. But otherwise it feels pretty good. We have worked through the pharmacy throughout the portfolio, and that exposure is roughly about 2% or less. And then our total Sleep Number exposure is roughly 70 basis points across all three. To extrapolate a little bit on that, we expect bad debt to be in that 50 basis points range. Right now very little is known, so mostly it is about the unknown at this point. Pierre Revol: And then in terms of lease expirations, we have 10 expirations coming up. There is nothing really in there that we expect to be problematic. We have a couple of vacancies. We have four properties. We are working through those. I think that we talked about Smokey Bones last quarter. We are working to sign a lease on that one. And we have a Walgreens as well that we are working to sign a lease. Those would be potential pickups as we look forward. But we feel very comfortable around the expiration schedule. Stephen Preston: Yeah, actually, that will be a good one. The Smokey Bones is an asset that we decided to take our time on, and that is looking like it is going to become two tenants as well. So again, the virtues of the real estate we buy and the demand that tenants have for this real estate. And then that one other Walgreens that closed—we have hopefully a good tenant that is going to backfill that; we are very close to finalizing that. Everyone will be very happy to hear and learn about it. So again, very excited about our ability to continue to re-tenant and create very strong recapture rates relative to where we were prior. Anthony Paolone: Great. Thank you. Operator: Next question comes from Eric Borden with BMO Capital Markets. Please go ahead. Eric Borden: Good morning. Thanks for taking my question. Just following up on the recapture rates and the lease expiration schedule, just curious if you could help quantify the mark-to-market or recapture rate that you are hoping to achieve on the 10 lease expirations this year and then the 33 in the following year. Thank you. Stephen Preston: Yeah, sure. Of course. Just to expound upon the expirations, I will start with the theme: it is accurate. We have quality real estate. It is desirable. It is fungible, and our portfolio is exceptionally diversified. We view these lease expirations as opportunities for us, and we are not looking to quickly sell these off before expiration. For some context, Eric, since 2016, we have had 51 tenants renew—45 have renewed to the same tenant and six renewing to a new tenant—and we are about at 106% rental rate recapture. Our overall renewal rate is about 90%. So the comment about 2026 and coming up on 2027: the tenants that are renewing or are about to expire are in the top quartile in Placer, so they are performing well. In 2026, we are already through half of the expirations, and we have increased rent income. We only have about nine left, so we expect 2026 to, again, just like historicals, be a very positive year. And then we expect 2027 to follow that same suit, and we are already in discussions with a number of those tenants. Again, very real estate-focused and tenant-driven based on that quality of real estate. Pierre Revol: And I would also add, Eric, to point you to page 12 of our investor presentation. There are several stats here around the Placer scores and the populations, but the one I would call out is a median rent per box over the next five years of all the expirations of $156,000. So if you go to our website, you look at our boxes, you sort of know what is there. That is very good basis. So most people will renew as expected, but on the off chance of the 10% that may not renew or choose not to renew, maybe in 2027, we will be able to resolve that and get higher rents. Eric Borden: Thank you. Appreciate all the detail. My follow-up question is on the disposition spread over acquisitions that you achieved in the quarter—it was approximately 60 basis points. Just curious, how repeatable is that spread as you look to complete your net investment goals this year? Thank you. Stephen Preston: I would say very repeatable, and we will just use historical data to hit that home. So far, in 2025 and into 2026, we have sold off about $86 million of property at about a 6.97% cap rate on average. That is obviously considerably below where we are trading at—close to an 8% or in the upper 7s. Those are the assets that we have sold off that are not our best assets—certainly not our Chipotles, not our Raising Cane’s, not our Walmart, not our Lowe’s. These are assets that we sold off to optimize the portfolio. To give everyone a little bit of flavor on the types of assets that were sold off: Twin Peaks that filed for bankruptcy; Red Lobster; we sold off Ruby Tuesday’s that was previously in bankruptcy; Cafe Rio, which has been closing some stores; we sold a dark Bojangles; and a Denny’s franchisee. If you go through that list—again, these are not the best assets that we have in the portfolio, and they were sold off to optimize. We certainly expect to continue with cap rates in that realm. If we were to add in a couple of the hot assets, then you would see that drop materially. Operator: Your next question comes from Ronald Kamdem with Morgan Stanley. Please go ahead. Ronald Kamdem: Great. Maybe just staying on capital recycling—could you talk a little bit more about the acquisition pipeline and cap rates, how those have been trending, and then on the disposition side, clearly there is always pruning to be done, but are you mostly through, or how should we think about what is left to be filled? Thanks. Stephen Preston: Yeah, let me just start with dispositions. I think the optimization is fairly close to complete. I think it is always prudent to be managing the portfolio, so we expect that we are going to continue to have dispositions, and we probably expect somewhere in the $40 million to $50 million range this year in the aggregate, down about half from prior. With respect to cap rates, we were about 7.5% for the quarter. The market is pretty stable. We expect—we are sort of forecasting—cap rates in Q2 somewhere in that 7.3% range, maybe similar in Q3. In the market, there is increased institutional interest just generally in net lease. There is an abundant amount of capital that is really setting the tone for the market. We play in a different market. Leverage for the smaller buyers is a little bit easier to obtain from some of the smaller banks. Cap rates in the shopping center retail area have come in pretty significantly, not quite the same for our space. We still feel very good with that stable market. I think also the 7.3% versus some of the historical cap rates we have seen— we are going to be focusing a little bit more on what we call “good hot states.” We have got Texas where there is increased population growth, Florida, Georgia, Arizona, etc. Cap rates can be a little bit tighter there. They are generally more landlord-friendly states. To hit on your pipeline question, we have a very strong, deep pipeline. At this point, Q2 is expected and in tow. We have Q3 right now effectively set and in tow. We are seeing a lot of great opportunities. We are buying the same stuff that you see in our portfolio: great real estate with frontage, low rents, typically from motivated or circumstantial sellers. Credit is solid. These are large operations that are long-term operating businesses. Our market, Ron, is attractive, and it is open to us. Just to give a couple of tenants that are in our pipeline: Hawaiian Bros would be a new tenant; Burlington—new tenant; Bob’s Furniture—new tenant; Tropical Smoothie; Spec’s—new tenant; we are looking at a PNC; a pair of veterinarian clinics—new tenants; a Giant Eagle grocery store—new tenant. So we are expanding and buying these great tenants in great markets with great real estate and great credit. The market is there for us, and we certainly have the ability, if we wanted to, to increase the acquisition cadence. We established that availability when we first went public with about $100 million in a quarter. Right now we have the $100 million with our capital in tow, and we are set for this year. But we could certainly expand that, Ron, if we needed to. Ronald Kamdem: Great. Really helpful. And then for my follow-up—on the guidance raise, could you just go through the pieces? Is it bad debt? Is it higher rents? Just quickly the guidance raise components. Thanks. Pierre Revol: The guidance range is primarily driven by the portfolio doing really well. If you think about what we printed in the first quarter at $0.34, at the midpoint of the range, you are effectively doing $0.32–$0.33 in the remaining three quarters. We are not seeing any issues in terms of the portfolio leasing. We do not have any dispositions that are required—these are just portfolio optimizations, nothing distressed. We are seeing good things in the portfolio. We feel comfortable with the range. With most of our bad debt just being unidentified reserves on the things that we are watching, we thought it was a good time to continue to move it forward. Ronald Kamdem: Helpful. Thank you. Operator: Your next question is from Yana Golan with Bank of America. Please go ahead. Yana Golan: Hello? Just following up on the guidance range. Like you said, it kind of implies $0.32–$0.33 per quarter AFFO. So I guess sequentially, how should we think about the cadence for the balance of the year? And then what factors are expected to drive the implied moderation? Pierre Revol: Sure. In my prepared remarks, I walked you through the NOI components in terms of what was in place in the first quarter that will drop a bit into the second quarter. The other income that we called out, and those three tenants that expired and are being re-tenanted—those re-tenantings will not really impact 2026, but will flow into 2027. All in, that drops the effective NOI from Q1 going to Q2 by $700,000. So when you think about the cadence in terms of AFFO per share, you would expect that sort of drop into Q2 from the $0.34, but then as we have these assets coming in and being deployed, and the rent escalators, AFFO should increase from there to get within that roughly $1.31 midpoint. Stephen Preston: Midpoint. Yana Golan: Thank you. Yana Golan: And just sticking to cadence, given where the current share price is and the maintenance of the net investment guidance, how should we be thinking about the timing of deployment of the remaining $50 million of the preferred capital? Pierre Revol: It might be helpful to just go over that. The preferred equity capital we put in place last year on November 12 was $75 million at 6.75% with a convertible feature at $17 a share, which we are over. We have until November 12 to call it, and our idea was to hit our target of $100 million of acquisitions and fund it with the $75 million of equity capital this year. For two years after that final draw—so as late as November 2028—we cannot convert it. There might be a question of whether or not they would convert it, which is possible, but I would doubt that they would, considering that the yield they are getting is 6.75% versus our dividend yield which is much lower than that. But we are fully funded. I expect that we will match fund our acquisitions with the equity and some debt on a 25% LTV ratio as I talked about before. Our second quarter and our third quarter, as Stephen mentioned, are pretty well built, and we will just time the deployment of that preferred equity to fund those deals. Thank you. Operator: Your next question comes from John with B. Riley Securities. Please go ahead. John: Good morning. Maybe thinking about investment yields—I know you talked a little bit about where you want to see development spreads; I am assuming relative to your cost of capital—but how could that impact or maybe uplift the historical cap rates you have seen on your more traditional investments? Stephen Preston: When we are investing in developments, we are going to be expecting to receive a preferred return at the beginning on the capital. What we will be able to do on the development side with the spreads is end up acquiring assets that we would not otherwise be able to acquire due to that spread. For example, if we were wanting to acquire a Chick-fil-A today at a 5% cap rate—as much as we would like to have a few Chick-fil-As in the portfolio—that does not necessarily make sense. But from a development standpoint, it is going to give us access to tenants that we could not otherwise be able to acquire because you add your spread of roughly 150 to 200 basis points, and then now you are putting a Chick-fil-A on the books in the high 6s or low 7s. That is a really good, accretive way to create value for the portfolio. The stable cash flow would be there; we could then turn around and sell that in the open market and create that widened spread. John: That makes sense. And then as I am thinking about the rent roll-ups on the leasing activity, how much of that was tied to replacing tenants that had credit issues? I am assuming the Twin Peaks was kind of repositioning within that number. And was any of it just purely lease expirations where you felt you needed a better rent with a new tenant and therefore did not keep the old tenant in place? Stephen Preston: I think it is a little bit of both. It is credit, it is lease expirations, and it is also being proactive and getting ahead of where we think we may have something that could be a problem. Like our Miller’s Ale House to Raising Cane’s, for example—that was a paying, operating tenant. We understood that sales volumes were not performing well. We proactively reached out and worked through a buyout, and then replaced that tenant with a Raising Cane’s ground lease, which was a huge uplift. So throughout the portfolio, it is a combination of everything, driven by strong underlying real estate value and rents that are low throughout the portfolio. Pierre Revol: I would just highlight on the three we talked about. The Twin Peaks was actually expiring in the first quarter, so we knew that was an expiring lease. We knew that they were doing so-so, so we solved it before it expired, which is where we can add value. We knew it was coming, we monitored it, and we got a 92% rent increase. The other one is CVS. We knew that the CVS in Chicago was not certain to stay open or renew. They decided not to renew, and we put in Path USA, a child care, which will get an 18% rent increase once that tenant goes in. It is about knowing what is coming and whether or not they are going to stay open or close. If you do not think they are going to renew, get ahead of it and figure out who is the best tenant to replace it. Broadly in net lease, a lot of times people talk about recapture and growth, but they miss the people that do not renew. For us, the ones that do not renew, we are actually finding opportunities to grow there, which ultimately leads to less earnings going away because you have leases that will come on later. It goes to the fact that we have good real estate and good locations where you can find new tenants to replace these boxes, which will help us in 2027 and beyond. Stephen Preston: It is a lot of proactive portfolio management. It is our decades of experience in the real estate space. It is our constant discussions with tenants that allow us to get ahead of these renewals and probabilities. And it is the relationships that we have with real estate directors and tenant rep brokers so we can get a very good understanding of how a tenant is performing, and then we make the appropriate decisions as well. John: Appreciate that color. Thank you. Operator: Next question comes from Daniel Guglielmo with Capital One Securities. Please go ahead. Daniel Guglielmo: Hi, everyone. Thanks for taking my questions. We have talked a few times about development, but I do know over the past couple of years, really since rates went up, it has been hard to get development investments to pencil. What has changed over the past few months around the underwriting math that makes it more attractive? Stephen Preston: You are 100% spot on. Development absolutely does depend on the market and the cycle of cap rates for acquisitions. As you can buy finished product at a higher cap rate, your development spreads begin to narrow, and conversely they widen when cap rates come in or start to fall. The timing needs to be right, and we have all seen—certainly in the retail space—cap rates come in. It is an opportunity for us to create wider returns and accretive values in the development space without taking on very much additional risk. Again, we are going to start small, and we are going to watch it as that cycle of cap rates evolves. That is absolutely important, and it is effectively why it did not work for the last several years. Daniel Guglielmo: Okay, great. That is very helpful. And then on the transaction market, recently what has been driving owners to sell the properties that you are acquiring? It would just be a helpful refresher because you focus on niche property types with less competition. Pierre Revol: The market is filled with individuals and unsophisticated sellers—that is just the nature of the market that we play in—with very little institutional competition. We do not compete on big portfolios. We do not really compete on large assets or vastly marketed deals, which is an advantage for us because we are buying assets that are sub-$10 million. We do not have to deploy large sums of money. We are up against unsophisticated individuals—1031 buyers—that make decisions for a variety of reasons. It could be they just want to sell something, they need capital for something else, they are refinancing their house, they are moving to Miami, there is a death in the family. These are a lot of the reasons why we continually see liquidity and turnover in the marketplace, and why we can, as a buyer, buy better than the other smaller groups because we do not need finance contingencies, we can close quickly, and we are sophisticated. That is why we tend to see elevated or wider spreads relative to the marketplace when we are acquiring an asset. Daniel Guglielmo: Great. Thank you. Operator: Your next question comes from Matthew Erdner with Jones Trading. Please go ahead. Matthew Erdner: Hey, thanks for taking the question. You talked a little bit about the dispositions and that part being somewhat pruned out by now. As you look to refine that a little further, are there any geographic concentrations—Illinois kind of sticks out to me—or certain sectors that you are looking to move out of? Stephen Preston: It is interesting—Illinois does get a bit of a bad rap, but some of the suburbs in Illinois are some of the strongest suburbs in the country, and they are safe and vibrant. All that being said, we have brought Illinois in, and we want to bring Texas up. We want Texas to be our number one state at some point. From an industry perspective, we are always going to continue to keep diversification—that is a prime focus—while focusing on real estate quality and our rents. We like certain medical, getting a little bit of financial, automotive—again keeping diversity. We are adding a couple of vet clinics this quarter. Fitness—we like fitness. QSR/fast casual, and certainly some retail concepts. Fitness is generally sitting in a pretty good place right now—coming back from post-COVID levels and exceeding them. There are new concepts like yoga and HIIT moving into the LA Fitnesses of the world, and they are performing well. Where we are being careful—this is a bit of a new add for us—not that we have any high exposure to this at all: we are careful with gas as you see that model unfold, and pharmacy we have always been continuing to bring down, and that is right around 2% of ABR. Car wash we are sensitive to, even though ours perform well. And certainly with restaurants, we have continued to reduce older, tired concepts—concepts that were popular in the 1990s and early 2000s that just are not cutting it today. We want to stay away from that. With respect to restaurants, we like what we do own. It is not that we do not like restaurants; we have reduced exposure to tired concepts. If you are getting a restaurant—a QSR with a drive-thru—that has a versatile, fungible box that can work for 10 different types of uses at low rents, we are going to continue to be happy owning those as well. Pierre Revol: I would just add, Matt, on the disposition component: we do look at whether it is a tertiary market. We do target top 100 MSAs; we want to bring that higher. Some tenants might be really good tenants, but they are not good tenants for FrontView REIT, Inc. They are good tenants that people will buy because of their credit or national brand, but if they are in a tertiary market with a lot of land, with nothing around it, with not a lot of population, it is not really for us. You might see some of that. Those assets are still really sought after by a lot of different buyers. That could be a component. The nice part is we can choose to do these; we do not have to do these. It is completely improving the real estate quality of the portfolio as well. Matthew Erdner: Got it. That is very helpful. I appreciate all the comments. Thanks. Operator: There are no further questions at this time. I will now hand the call back to Stephen for closing remarks. Stephen Preston: Yes. Thank you, everyone, for your time today, and we appreciate your interest in FrontView REIT, Inc. and our differentiated approach to net lease. We look forward to seeing you at the BMO conference next week and, of course, NAREIT in June in New York. Please do not forget to check out our properties on our website. Be safe and be healthy. Thank you all. Operator: This concludes today’s call. Thank you for attending. You may now disconnect. Before you buy stock in FrontView REIT, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and FrontView REIT wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $476,034!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,274,109!* Now, it’s worth noting Stock Advisor’s total average return is 975% — a market-crushing outperformance compared to 206% for the S&P 500. 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Management is executing a 'real estate-first' strategy focused on acquiring fungible, frontage-based assets in dense retail corridors to ensure downside protection via high land value. Strategic portfolio pruning has successfully reduced restaurant exposure from 37% to under 23% and lowered top 10 tenant concentration to 23% since the IPO. Performance is driven by targeting 'replaceable rents' in top 100 MSAs, allowing the company to achieve significant rent spreads during re-tenanting cycles. The company maintains a competitive advantage in the sub-$10 million transaction market by avoiding competition with large institutional buyers and solving specific seller requirements. Operational scalability is being enhanced through investments in technology and data analytics, aiming to create an 'AI-native' net lease REIT platform. Management prioritizes long-term value over quick sales, demonstrated by a willingness to endure temporary vacancy to secure higher-quality tenants at improved rental rates. AFFO per share guidance for 2025 was raised to $1.29–$1.33, reflecting strong Q1 performance and continued portfolio stability. The company plans to launch a limited development program to capture wider yields (100–200 bps spreads) by leveraging management's historical retail development expertise. Acquisition cap rates for Q2 2026 are projected to settle between 7.3% and 7.4%, with volumes remaining consistent with annual guidance. Management intends to fund the $100 million net investment target using remaining convertible preferred equity and disciplined debt levels to maintain a conservative 25% LTV on new deals. Future disposition activity will focus on 'fine-tuning' the portfolio, with an expected aggregate volume of $40 million to $50 million for the year. Q1 results included a $274,000 lease termination fee from a dark Take 5 property, which was subsequently sold for a $700,000 gain over the original purchase price. Three properties currently undergoing re-tenanting created a temporary revenue drag in Q1 but are expected to generate a 23% rent increase once stabilized. Management is monitoring a specific watch list including GoHealth, Sleep Number, and select urgent care centers, though no material changes in credit risk were reported. The company reported its lowest AFFO payout ratio since inception at 63.2%, intentionally retaining more free cash flow to fund internal growth. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Development will focus on small capital allocations ($1M–$3M equity per deal) only when leases, entitlements, and fixed-cost contracts are secured. The program provides access to high-quality tenants like Chick-fil-A that would otherwise not meet yield requirements as finished acquisitions. Management reported a historical 106% rental rate recapture and expects 2026 and 2027 expirations to follow this trend due to low current rent bases. The median rent per box for expirations over the next five years is $156,000, which management views as highly replaceable in current market conditions. The company is actively shifting concentration toward 'hot states' like Texas, Florida, and Georgia while reducing exposure to tertiary markets. Management is intentionally exiting 'tired' restaurant concepts from the 1990s and remains cautious on gas stations and car wash sectors. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

DALLAS, May 06, 2026--(BUSINESS WIRE)--FrontView REIT, Inc. (NYSE: FVR) (the "Company", "FrontView", "we", "our", or "us"), today announced its operating results for the quarter ended March 31, 2026. MANAGEMENT COMMENTARY "The strength of our results was driven by solid property-level performance, continued benefits from active portfolio management and enhanced operating efficiencies across the platform. We are raising our AFFO per share guidance and believe FrontView is well-positioned to capitalize on a compelling pipeline of attractive frontage-based opportunities that can further accelerate growth and create long-term shareholder value," said Stephen Preston, Chief Executive Officer of FrontView REIT. FIRST QUARTER 2026 HIGHLIGHTS Generated net income of $0.4 million, or $0.00 per share with funds from operations ("FFO") of $7.7 million, or $0.27 per share and adjusted funds from operations ("AFFO") of $9.5 million, or $0.34 per share Acquired 10 properties for $33.9 million at an average capitalization of 7.49% and a weighted average lease term of 9.4 years Sold 5 properties, including 2 occupied properties, for $9.7 million in gross proceeds with an average capitalization rate of 6.89% on the occupied properties and a weighted average lease term of 8.0 years Lowered leverage with Net Debt to Annualized Adjusted EBITDAre falling to 5.3x, Adjusted Net Debt to Annualized Adjusted EBITDAre of 4.4x, and LTV of 32.6% Increased AFFO per share guidance from $1.27 to $1.32 to $1.29 to $1.33, implying 5% growth at the midpoint and 7% at high-end Paid a quarterly dividend per common share of $0.215 representing a AFFO per share payout ratio of 63.2% SUMMARIZED FINANCIAL RESULTS The following table summarizes the Company's select financial results for the three months ended March 31, 2026, and 2025: NET INVESTMENT ACTIVITY The following table summarizes the Company’s investments and dispositions for the three months ended March 31, 2026: PORTFOLIO UPDATE The following table summarizes the Company's real estate portfolio as of March 31, 2026: BALANCE SHEET AND LIQUIDITY The following tables summarize the Company’s leverage, fixed charge coverage and liquidity as of March 31, 2026: DISTRIBUTIONS On May 5, 2026, our board of directors authorized a quarterly dividend of $0.215 per common share and a quarterly distribution of $0.215 per OP unit, each payable in cash on July 15, 2026, to holders of record as of June 30, 2026. 2026 UPDATED GUIDANCE The Company is revising full year 2026 AFFO per share guidance and maintaining net investment guidance. The Company's 2026 guidance is based on a number of assumptions that are subject to change and many of which are outside the Company's control. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. We do not provide guidance for the most comparable GAAP financial measure, net income, or a reconciliation of the forward-looking non-GAAP financial measure of AFFO per share to earnings per share attributable to common stockholders computed in accordance with GAAP, because we are unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure, including items that are not indicative of our ongoing operations, including, without limitation, potential impairments of real estate assets, net gain/loss on dispositions of real estate assets, changes in allowance for credit losses, and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance periods. CONFERENCE CALL AND WEBCAST The Company will host its first quarter earnings conference call and audio webcast on Thursday, May 7, 2026, at 10:00 a.m. Central Time. To access the live webcast, which will be available in listen-only mode, please visit: https://events.q4inc.com/attendee/496091096. If you prefer to listen via phone, U.S. participants may dial: 1-833-461-5787 (toll free) or 1-585-542-9983 (local), conference ID 496091096. A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. To listen to a replay of the call via the web, which will be available for one year, please visit: investor.frontviewreit.com. About FrontView REIT, Inc. 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 highly visible properties in prominent retail corridors with strong underlying real estate fundamentals. We target properties along high-traffic roads that offer strong consumer visibility and adaptable building formats capable of supporting various businesses over time. As of March 31, 2026, FrontView owned a diversified portfolio of 309 direct frontage properties across 36 U.S. states, leased primarily to service and necessity based tenants across 16 industries, including medical and dental providers, quick-service and casual dining restaurants, financial institutions, cellular retailers, automotive related, fitness, and general retail along with several other diversified industries. Forward-Looking Statements This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "outlook," "potential," "may," "will," "should," "could," "seeks," "approximately," "projects," "predicts," "expect," "intends," "anticipates," "estimates," "plans," "would be," "believes," "continues," or the negative version of these words or other comparable words. Forward-looking statements, including 2026 guidance, our ability to issue additional shares of Series A Convertible Preferred Stock pursuant to the investment agreement, to execute our business and acquisition strategies, or to realize accretion to AFFO, involve known and unknown risks and uncertainties, which may cause FVR’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to fluctuations in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A. "Risk Factors" of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which the Company filed with the SEC on February 25, 2026, which you are encouraged to read, and is available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise. Notice Regarding Non-GAAP Financial Measures In addition to our reported results and net earnings per diluted share, which are financial measures presented in accordance with GAAP, this press release contains and may refer to certain non-GAAP financial measures, including Funds from Operations ("FFO"), Adjusted Funds from Operations ("AFFO"), EBITDA, EBITDAre, Adjusted EBITDAre, Annualized Adjusted EBITDAre, Adjusted Net Operating Income ("NOI"), Annualized Adjusted NOI, Adjusted Cash NOI, Annualized Adjusted Cash NOI, Net Debt, Adjusted Net Debt and Fixed Charge Coverage Ratio. These non-GAAP financial measures should not be considered alternatives to net income as a performance measure or to cash flows from operations as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measure and statements of why management believes these measures are useful to investors are included below. Reconciliation of Non-GAAP Measures The following is a reconciliation of net income (loss) (which is the most comparable GAAP measure) to FFO and AFFO: We compute FFO in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts ("Nareit"). Nareit defines FFO as GAAP net income or loss adjusted to exclude net gains (losses) from sales of certain depreciated real estate assets, depreciation and amortization expense from real estate assets, gains and losses from change in control, and impairment charges related to certain previously depreciated real estate assets. Our leases typically include cash rents that increase through lease escalations over the term of the lease. Our leases do not typically include significant front-loading or back-loading of payments, or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates. To derive AFFO, we modify the Nareit computation of FFO to include other adjustments to GAAP net income related to certain non-cash or non-recurring revenues and expenses, including, as applicable, straight-line rents, cost of debt extinguishments, amortization of lease intangibles, amortization of debt issuance costs, amortization of net mortgage premiums, (gain) loss on interest rate swaps and other non-cash interest expense, realized gains or losses on foreign currency transactions, Internalization expenses, structuring and public company readiness costs, Series A Convertible Preferred Stock dividends, extraordinary items, and other specified non-cash items. We believe that such items are not indicative of operating performance and thus we believe excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors. FFO is used by management, investors, and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers, primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We also use AFFO as a measure of our performance when we formulate corporate goals. We believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by one-time cash and non-cash revenues or expenses. FFO and AFFO may not be comparable to similarly titled measures employed by other REITs, and comparisons of our FFO and AFFO with the same or similar measures disclosed by other REITs may not be meaningful. FFO and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. Neither the SEC nor any other regulatory body has passed judgment on the acceptability of the adjustments to FFO that we use to calculate AFFO. In the future, the SEC, Nareit or another regulatory body may decide to standardize the allowable adjustments across the REIT industry and in response to such standardization we may have to adjust our calculation and characterization of AFFO accordingly. The following is a reconciliation of net income (which is the most comparable GAAP measure) to EBITDA, EBITDAre, Adjusted EBITDAre, Adjusted NOI and Adjusted Cash NOI: We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that EBITDA provides investors and analysts with a measure of our performance that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. In 2017, Nareit issued a white paper recommending that companies that report EBITDA also report EBITDAre in financial reports. We compute EBITDAre in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as EBITDA (as defined above) excluding gains (loss) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDAre are not measures of financial performance under GAAP, and our EBITDA and EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. We compute Adjusted EBITDAre as EBITDAre for the applicable quarter, as adjusted to (i) reflect all investment and disposition activity that took place during the applicable quarter as if each transaction had been completed on the first day of the quarter, (ii) exclude certain GAAP income and expense amounts that we believe are infrequent and unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, (iii) eliminate the impact of lease termination fees from certain of our tenants, and (iv) exclude non-cash stock-based compensation expense. Annualized Adjusted EBITDAre is calculated by multiplying Adjusted EBITDAre for the applicable quarter by four, which we believe provides a meaningful estimate of our current run rate for all of our investments as of the end of the most recently completed quarter given the contractual nature of our long-term net leases. You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual Adjusted EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Adjusted Net Operating Income ("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 general and administration expenses. We further adjust Adjusted NOI for non-cash revenue components of straight-line rent and other amortization expense to derive Adjusted Cash NOI. We believe Adjusted NOI and Adjusted Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level. Adjusted NOI and Adjusted Cash NOI are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider Adjusted NOI and Adjusted Cash NOI as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Annualized Adjusted NOI is calculated by multiplying Adjusted NOI for the applicable quarter by four and Annualized Adjusted Cash NOI is calculated by multiplying Adjusted Cash NOI for the applicable quarter by four. We believe these annualized figures provide a meaningful estimate of our current run rate for all of our investments as of the end of the most recently completed quarter given the contractual nature of our long-term net leases. You should not unduly rely on these measures as they are based on assumptions and estimates that may prove to be inaccurate. Our actual Adjusted NOI and Adjusted Cash NOI for future periods may be significantly different from our Annualized Adjusted NOI and Annualized Adjusted Cash NOI. The following table reconciles total debt (which is the most comparable GAAP measure) to Net Debt and Adjusted Net Debt, and presents the ratios of Net Debt to Annualized Adjusted EBITDAre and Adjusted Net Debt to Annualized Adjusted EBITDAre: Net Debt is a non-GAAP financial measure. We define Net Debt as our Gross Debt less cash and cash equivalents. We then adjust Net Debt by the undrawn Series A Convertible Preferred Stock to derive Adjusted Net Debt. The ratios of Net Debt to Annualized Adjusted EBITDAre and Adjusted Net Debt to Annualized Adjusted EBITDAre represent Net Debt and Adjusted Net Debt as of the end of the applicable period divided by Annualized Adjusted EBITDAre for the period, respectively. We believe that these ratios are useful to investors and analysts because they provide information about Gross Debt less cash and cash equivalents as well as Gross Debt less cash and cash equivalents and undrawn Series A Convertible Preferred Stock, which could be useful to repay debt. The following table summarizes our fixed charges, and presents Annualized Fixed Charges to Annualized Adjusted EBITDAre: The Fixed Charge Ratio is the ratio of Annualized Adjusted EBITDAre to Annualized Fixed Charges. Fixed charges are computed for the applicable quarter on a consolidated basis as interest expense (excluding amortization of fees paid in cash and discounts and premiums on debt), plus regularly scheduled principal repayments of debt (excluding any balloon or similar payments), plus any preferred dividends payable in cash. The Annualized Fixed Charges is calculated by multiplying fixed charges for the applicable quarter by four. We believe this ratio is useful to investors and analysts as it is used to evaluate our liquidity and ability to obtain financing. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506900957/en/ Contacts Company Contact [email protected]