FrontView REIT — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the three months ended September 30, 2026, was $18.6 million, up from $16.8 million in the prior year period; for the nine months ended September 30, 2026, revenue was $54.8 million, up from $50.6 million.
• Net income for the quarter was $3.0 million ($0.08 per share), compared to $5.5 million ($0.19 per share) in the prior year; for the nine months, net income was $4.9 million ($0.11 per share) versus a net loss of $0.3 million ($0.01 per share).
• Funds from operations (FFO) for the quarter were $7.4 million ($0.25 per share), flat year-over-year; for the nine months, FFO was $22.3 million ($0.78 per share), up from $20.0 million ($0.72 per share).
• Adjusted funds from operations (AFFO) for the quarter were $9.7 million ($0.33 per share), up from $8.8 million ($0.32 per share); for the nine months, AFFO was $28.6 million ($1.00 per share), up from $26.1 million ($0.94 per share).
• Net Debt to Annualized Adjusted EBITDAre was 5.0x, and Adjusted Net Debt to Annualized Adjusted EBITDAre was 4.5x as of September 30, 2026.
• The leverage ratio was 30.6% as of September 30, 2026.
• Fixed Charge Coverage Ratio was 3.5x as of September 30, 2026.
• Total liquidity was $174.0 million, comprising $5.0 million in cash and cash equivalents, $139.0 million in undrawn revolving credit facility capacity, and $30.0 million in undrawn Series A Convertible Preferred Stock.
• Gross debt was $311.0 million (Term Loan $200.0 million; Revolving Credit Facility $111.0 million), with Net Debt at $306.0 million and Adjusted Net Debt at $276.0 million.

Guidance and Future Outlook:

• The Company is maintaining its full-year 2026 AFFO per share guidance range of $1.32 to $1.34.
• The Company is maintaining its full-year 2026 net investment activity guidance of approximately $120.0 million.
• Management expects acquisition yields to move higher in the fourth quarter.
• Management intends to capitalize on the current environment to compound earnings and create long-term shareholder value, expecting to meet or exceed full-year net investment guidance.

Business Segments and Product Lines:

• Acquired 16 properties for $50.6 million at an average capitalization rate of 7.56% and a weighted average lease term of 6.4 years during the quarter.
• Sold 5 occupied properties for $17.1 million in gross proceeds at an average capitalization rate of 6.56% and a weighted average lease term of 6.4 years during the quarter.
• For the nine months ended September 30, 2026, the Company made investments of $142.6 million in 43 properties and dispositions of $49.7 million in 20 properties.
• The portfolio consists of 327 properties with 99.4% occupancy and a weighted average lease term of 7.0 years as of September 30, 2026.
• The portfolio includes 172 concepts across 16 industries, with 33.5% of the portfolio classified as investment grade.
• Annualized base rent was $69.8 million, and gross real estate investment was $1.03 billion.

Market and Competitive Landscape:

• The Company operates in a market with limited institutional competition, leveraging its size, granular portfolio, and differentiated acquisition strategy.
• The Company continues to source high-quality real estate at increasingly attractive investment spreads.
• The portfolio is diversified across 36 U.S. states, leased primarily to service and necessity-based tenants.

Risks and Challenges:

• Forward-looking statements regarding guidance and business strategies involve risks and uncertainties, including general economic conditions, inflation, interest rate fluctuations, local real estate conditions, and tenant financial health.
• Actual results may differ from guidance due to uncertainties regarding future distributions, the timing of property investments and acquisitions, and potential impairments or gains/losses on dispositions.
• The Company does not provide guidance for GAAP net income due to the inability to reasonably predict items such as impairments, net gain/loss on dispositions, changes in allowance for credit losses, and stock-based compensation expense.

Management Commentary and Tone:

• Stephen Preston, Chairman and CEO, stated that the Company delivered AFFO per share of $0.33 and acquired 16 properties at a 7.6% cap rate, citing structural advantages in the current market.
• Management expressed confidence in the portfolio's organic growth potential and the ability to compound earnings.
• The tone reflects confidence in maintaining acquisition momentum and meeting full-year guidance despite market conditions.

Other Key Points:

• On November 3, 2026, the Board authorized a quarterly dividend of $0.215 per common share and OP unit, payable January 15, 2027, representing an AFFO payout ratio of 64.7% for the quarter.
• The Board also authorized a regular quarterly dividend on the Series A Convertible Preferred Stock, payable January 15, 2027; 383,333 shares of Series A Convertible Preferred Stock were issued and outstanding as of November 3, 2026.
• Pierre Revol was promoted to President, in addition to his roles as CFO, Treasurer, and Secretary, effective November 3, 2026.
• During the quarter, the Company sold 9,373 shares of common stock under its at-the-market equity offering program for approximately $0.2 million and issued/settled 1,699,165 shares for proceeds of $32.7 million.
• The Company reported a gain on sale of real estate of $3.7 million for the quarter and $6.9 million for the nine months.
• The Company hosts a conference call and webcast on November 5, 2026, at 10:00 A.M. Central Time.