FrontView REIT — Second Quarter 2026 Earnings Summary

Financial Performance

• Revenue for the three months ended June 30, 2026, was $18.005 million, up from $17.554 million in the same period in 2025.
• Net income for the quarter was $1.517 million, compared to a net loss of $4.530 million in 2025; earnings per share (diluted) were $0.03 versus $(0.16) in 2025.
• Funds from Operations (FFO) for the quarter were $7.218 million ($0.26 per share), up from $6.720 million ($0.24 per share) in 2025.
• Adjusted Funds from Operations (AFFO) for the quarter were $9.396 million ($0.33 per share), up from $9.028 million ($0.32 per share) in 2025.
• For the six months ended June 30, 2026, revenue was $36.190 million compared to $33.797 million in 2025.
• Net income for the six months was $1.917 million versus a loss of $5.867 million in 2025; FFO was $14.900 million ($0.53 per share) versus $13.149 million ($0.47 per share), and AFFO was $18.886 million ($0.67 per share) versus $17.257 million ($0.62 per share).
• The AFFO payout ratio for the quarter was 64.7%, down from 66.3% in 2025.
• Net Debt to Annualized Adjusted EBITDAre was 5.4x, and Adjusted Net Debt to Annualized Adjusted EBITDAre was 4.0x as of June 30, 2026.
• Fixed Charge Coverage Ratio was 3.6x as of June 30, 2026.

Guidance and Future Outlook

• The Company raised the midpoint of its 2026 AFFO per share guidance to $1.32–$1.34, implying 7% growth over 2025, up from the prior guidance of $1.29–$1.33.
• Net investment guidance for 2026 was increased to approximately $120.0 million from approximately $110.0 million.
• Management stated the company is fully funded through 2027 with a low-levered balance sheet and is well-positioned to execute its growth plan.

Business Segments and Product Lines

• Acquired 17 properties for $58.2 million in the second quarter at an average capitalization rate of 7.34% and a weighted average lease term of 7.3 years.
• Sold 10 properties for $22.9 million in gross proceeds, including 9 occupied properties, at an average capitalization rate of 7.12% on occupied properties with a weighted average lease term of 9.7 years.
• Sold 2,588,775 shares of common stock under the at-the-market equity offering program at a weighted average gross price of $19.50, generating approximately $50.5 million in gross proceeds; $17.3 million was settled, with $32.2 million in net proceeds from forward sales.
• Portfolio as of June 30, 2026, consists of 316 properties across 35 U.S. states with 99.4% occupancy.
• Portfolio metrics include 165 concepts, 16 industries, $66.899 million in annualized base rent, and a weighted average lease term of 7.1 years.
• Investment grade tenants comprised 33.6% of the portfolio as of June 30, 2026.

Market and Competitive Landscape

• The Company reported sector-leading recapture rates during the quarter.
• The portfolio expanded its presence in Top 100 Metropolitan Statistical Areas (MSAs).
• The portfolio includes tenants across service and necessity-based industries including medical and dental providers, quick-service and casual dining restaurants, financial institutions, cellular retailers, automotive-related businesses, and fitness.

Risks and Challenges

• Forward-looking statements note risks related to general economic conditions, inflation, interest rate fluctuations, local real estate conditions, and tenant financial health.
• Risks include uncertainties regarding the timing and completion of property investments and acquisitions, and the potential for impairments of real estate assets or changes in allowance for credit losses.
• The Company does not provide guidance for GAAP net income due to the uncertainty of items such as impairments, gain/loss on dispositions, and stock-based compensation.

Management Commentary and Tone

• Stephen Preston, CEO, described the quarter as "strong" across operations and capital deployment.
• Management highlighted the active acquisition pipeline, portfolio diversification, and the ability to execute on growth plans supported by equity capital raised during the quarter.

Other Key Points

• The Board authorized a quarterly dividend of $0.215 per common share and OP unit, payable October 15, 2026, to holders of record as of September 30, 2026.
• A regular quarterly dividend on Series A Preferred Stock was also authorized for payment on October 15, 2026; 250,000 shares of Series A Preferred Stock were issued and outstanding as of August 5, 2026.
• Total liquidity as of June 30, 2026, was $208.2 million, comprising $6.001 million in cash, $120 million in undrawn revolving credit facility capacity, $50 million in undrawn Series A Convertible Preferred Stock, and $32.237 million in unsettled forward equity.
• Giant Eagle is noted as an investment grade tenant that entered into an agreement to be acquired by Kroger.