FrontView REIT, Inc.

Previous wording

We are an internally-managed net-lease REIT that is experienced in acquiring, owning and managing properties that are net leased to a diversified group of tenants. We are a growing net-lease REIT and own a well-diversified portfolio of 319 properties with frontage across 37 U.S. states as of June 30, 2025. Our tenants include service-oriented businesses, such as medical and dental providers, quick service restaurants, casual dining, financial institutions, cellular stores, automotive stores, convenience stores and gas stations, discount retail, automotive dealers, fitness operators, car washes, pharmacies, home improvement stores, as well as professional services tenants.

Current wording

We are an internally-managed net-lease REIT that is experienced in acquiring, owning and managing properties that are net leased to a diversified group of tenants. We are a growing net-lease REIT and own a well-diversified portfolio of 307 properties with frontage across 37 U.S. states as of September 30, 2025. Our tenants include service-oriented businesses, such as medical and dental providers, quick service restaurants, casual dining, financial institutions, cellular stores, automotive stores, convenience stores and gas stations, discount retail, automotive dealers, fitness operators, car washes, pharmacies, home improvement stores, as well as professional services tenants.

Previous wording

We currently derive a majority of our revenue from rents received from individual tenants of each of our properties in our portfolio. Our properties are typically leased under long-term net leases. As of June 30, 2025, the ABR weighted average remaining term of our leases was approximately 7.3 years, excluding renewal options. Approximately 97.3% of our leases (based on ABR) had contractual rent escalations, including, in some cases, pursuant to option terms. As of June 30, 2025, we had 334 tenant leases that represented 157 different tenant concepts. Our top 10 tenant concepts (based on ABR) represented approximately 22.6% of our portfolio ABR as of June 30, 2025.

Current wording

We currently derive a majority of our revenue from rents received from individual tenants of each of our properties in our portfolio. Our properties are typically leased under long-term net leases. As of September 30, 2025, the ABR weighted average remaining term of our leases was approximately 7.2 years, excluding renewal options. Approximately 97.5% of our leases (based on ABR) had contractual rent escalations, including, in some cases, pursuant to option terms. As of September 30, 2025, we had 323 leases that represented 152 different concepts. Our top 10 concepts (based on ABR) represented approximately 24.3 % of our portfolio ABR as of September 30, 2025.

Previous wording

As of June 30, 2025, we had total debt of $318.5 million, Net Debt of $310.1 million, Net Debt to Annualized Adjusted EBITDAre ratio of 5.5x and a Fixed Charge Coverage Ratio of 3.3x. Net Debt, Annualized Adjusted EBITDAre and Fixed Charge Coverage Ratio are non-GAAP financial measures, and Annualized Adjusted EBITDAre is calculated based upon EBITDA, EBITDAre, and Adjusted EBITDAre, each of which is also a non-GAAP financial measure. Refer to Non-GAAP Measures below for further details concerning our calculation of non-GAAP measures and reconciliations to the comparable GAAP measure.

Current wording

As of September 30, 2025, we had total debt of $308.5 million, Net Debt of $288.9 million, Net Debt to Annualized Adjusted EBITDAre ratio of 5.3x and a Fixed Charge Coverage Ratio of 3.3x. Net Debt, Annualized Adjusted EBITDAre and Fixed Charge Coverage Ratio are non-GAAP financial measures, and Annualized Adjusted EBITDAre is calculated based upon EBITDA, EBITDAre, and Adjusted EBITDAre, each of which is also a non-GAAP financial measure. Refer to Non-GAAP Measures below for further details concerning our calculation of non-GAAP measures and reconciliations to the comparable GAAP measure.

Previous wording

We primarily seek tenants that operate service-oriented businesses, such as restaurants, cellular stores, financial institutions, automotive stores and dealers, medical and dental providers, convenience and gas stores, pharmacies, car washes, home improvement stores, grocery stores, fitness operators, professional services as well as general retail tenants. As of June 30, 2025, our properties were occupied by 334 tenant leases that operated 157 different tenant concepts, with no single tenant concept accounting for more than 3.3 % of our ABR.

Current wording

We primarily seek tenants that operate service-oriented businesses, such as restaurants, cellular stores, financial institutions, automotive stores and dealers, medical and dental providers, convenience and gas stores, pharmacies, car washes, home improvement stores, grocery stores, fitness operators, professional services as well as general retail tenants. As of September 30, 2025, our properties were occupied by 323 leases that operated 152 different concepts, with no single concept accounting for more than 3.6% of our ABR.

Previous wording

(in thousands, except for # of Properties, percentages and Rent per Square Foot)

Current wording

(in thousands, except for # of Leases, percentages, and Rent per Square Foot)

Previous wording

(in thousands, except for # of Properties, percentages, and Rent per Square Foot)

Current wording

(in thousands, except for # of Properties, and percentages)

Previous wording

Our portfolio was approximately 97.8% leased as of June 30, 2025. Our cash flows from operations are primarily generated through our real estate investment portfolio and the monthly lease payments received under our long-term leases with our tenants. As of June 30, 2025, the ABR weighted average remaining term of our leases was approximately 7.3 years, excluding renewal options, and approximately 96.7% of such leases (based on ABR) have renewal options remaining. As of June 30, 2025, no more than 11.2% of our rental revenue was derived from leases that expire in any single year prior to 2030.

Current wording

Our portfolio was approximately 98.0% leased as of September 30, 2025. Our cash flows from operations are primarily generated through our real estate investment portfolio and the monthly lease payments received under our long-term leases with our tenants. As of September 30, 2025, the ABR weighted average remaining term of our leases was approximately 7.2 years, excluding renewal options, and approximately 96.9 % of such leases (based on ABR) have renewal options remaining. As of September 30, 2025, no more than 11.4 % of our rental revenue was derived from leases that expire in any single year prior to 2030.

Previous wording

Because substantially all of our properties are leased under long-term leases, we are not currently required to perform significant ongoing leasing activities on our properties. We have 2 leases, representing approximately 0.7% of our ABR, that will expire prior to December 31, 2025, each with tenant renewal options.

Current wording

Because substantially all of our properties are leased under long-term leases, we are not currently required to perform significant ongoing leasing activities on our properties. We have 1 lease, representing approximately 0.2 % of our ABR, that will expire prior to December 31, 2025, with a tenant renewal option.

Previous wording

(in thousands, except for percentages, Rent per Square Foot, and # of Properties)

Current wording

(in thousands, except for percentages, Rent per Square Foot, and # of Leases)

Previous wording

We typically purchase properties that are subject to existing long-term net leases with a variety of remaining lease terms (initial terms of 10 years or more at lease signing that often have renewal options as well). Substantially all of our leases are net leases, meaning our tenant generally is obligated to pay customary expenses associated with the leased property (such as real estate taxes, insurance, maintenance and repairs, and in many cases, capital costs, subject to caps and exclusions in some leases). For the six months ended June 30, 2025, we incurred an aggregate of approximately $0.8 million of expenses not reimbursed or paid by our tenants.

Current wording

We typically purchase properties that are subject to existing long-term net leases with a variety of remaining lease terms (initial terms of 10 years or more at lease signing that often have renewal options as well). Substantially all of our leases are net leases, meaning our tenant generally is obligated to pay customary expenses associated with the leased property (such as real estate taxes, insurance, maintenance and repairs, and in many cases, capital costs, subject to caps and exclusions in some leases). For the nine months ended September 30, 2025, we incurred an aggregate of approximately $1.2 million of expenses not reimbursed or paid by our tenants.

Previous wording

Approximately 97.3% of our leases (based on ABR) have rent escalations, including in some cases, pursuant to option terms, and generally ranging from 1.0% to 3.0% annually.

Current wording

Approximately 97.5% of our leases (based on ABR) have rent escalations, including in some cases, pursuant to option terms, and generally ranging from 1.0% to 3.0% annually.

Previous wording

Total rental revenues for the three months ended June 30, 2025 increased $3.0 million compared to June 30, 2024, due to an increase in our portfolio from 278 properties as of June 30, 2024 to 319 properties as of June 30, 2025.

Current wording

Rental revenues for the three months ended September 30, 2025 increased $2.1 million compared to September 30, 2024, due to an increase in our portfolio from 278 properties as of September 30, 2024 to 307 properties as of September 30, 2025.

Previous wording

The $1.2 million increase in recovery income was mainly due to the growth in properties and property expense recovered from tenants during the three months ended June 30, 2025.

Current wording

The $0.5 million increase in recovery income was mainly due to the growth in properties and property expense recovered from tenants during the three months ended September 30, 2025.

Previous wording

The $2.5 million increase in depreciation and amortization for the three months ended June 30, 2025 was primarily due to the growth of our real estate portfolio through new acquisitions in the year ended December 31, 2024 and the three months ended June 30, 2025.

Current wording

The $0.2 million increase in depreciation and amortization for the three months ended September 30, 2025 was primarily due to the growth of our real estate portfolio through new acquisitions in the year ended December 31, 2024 and the nine months ended September 30, 2025.

Previous wording

The $1.0 million increase in property operating expenses for the three months ended June 30, 2025 was mainly due to the increase in number of properties in our portfolio. Substantially all of our leases are net leases pursuant to which our tenants generally are obligated to pay customary expenses associated with the leased property such as real estate taxes, insurance, maintenance and repairs, and in many cases capital costs. For the three months ended June 30, 2025, we incurred $0.3 million in aggregate of expenses that were not tenant obligations, which includes non-recurring legal costs and property operating expenses incurred on vacant properties.

Current wording

The $0.2 million increase in property operating expenses for the three months ended September 30, 2025 was mainly due to the increase in the number of properties in our portfolio. Substantially all of our leases are net leases pursuant to which our tenants generally are obligated to pay customary expenses associated with the leased property such as real estate taxes, insurance, maintenance and repairs, and in many cases capital costs. For the three months ended September 30, 2025, we incurred $0.4 million in aggregate of expenses that were not tenant obligations, which includes non-recurring legal costs and property operating expenses incurred on vacant properties.

Previous wording

The $2.6 million increase in general and administrative expenses for the three months ended June 30, 2025 is primarily due to the Internalization of management. This increase was mainly comprised of $1.2 million of employee compensation, and $0.3 million for stock-based compensation incurred during the three months ended June 30, 2025. For the three months ended June 30, 2025, there was $1.1 million of non-recurring expenses mainly attributable to executive leadership changes and structuring costs.

Current wording

The $2.4 million increase in general and administrative expenses for the three months ended September 30, 2025 is primarily due to the Internalization of management. This increase was mainly comprised of $1.3 million of employee compensation and $0.8 million for stock-based compensation incurred during the three months ended September 30, 2025. For the three months ended September 30, 2025, we also incurred $0.2 million of non-recurring expenses mainly attributable to executive leadership changes and structuring costs as well as $0.1 million of director fees.

Previous wording

Interest expense for the three months ended June 30, 2025 decreased $2.0 million compared to the three months ended June 30, 2024. The decrease is primarily due to the decrease in debt of $316.9 million as of June 30, 2025 compared to $427.4 million as of June 30, 2024.

Current wording

Interest expense for the three months ended September 30, 2025 decreased $1.9 million compared to the three months ended September 30, 2024. The decrease is primarily due to the decrease in debt of $307.1 million as of September 30, 2025 compared to $418.3 million as of September 30, 2024 as well as an increase of $0.3 million in net cash received from derivative settlements.

Previous wording

During the three months ended June 30, 2025, we sold 9 properties at a net gain of approximately $1.2 million. During the three months ended June 30, 2024, we sold two properties at a net loss of less than $0.1 million.

Current wording

During the three months ended September 30, 2025, we sold 15 properties at a net gain of approximately $7.6 million. During the three months ended September 30, 2024, we did not sell any properties.

Previous wording

During the three months ended June 30, 2025, we recorded an impairment loss of $3.0 million relating to 11 properties. During the three months ended June 30, 2024, there was no impairment loss for the quarter. The amount of impairment fluctuates each period based on existing facts and circumstances.

Current wording

During the three months ended September 30, 2025, we recorded an impairment loss of $1.6 million relating to 6 properties. The amount of impairment fluctuates each period based on existing facts and circumstances. During the three months ended September 30, 2024, we did not record any impairment.

Previous wording

The $1.0 million increase in recovery income was mainly due to the growth in properties and property expense recovered from tenants during the six months ended June 30, 2025.

Current wording

The $1.5 million increase in recovery income was mainly due to the growth in properties and property expense recovered from tenants during the nine months ended September 30, 2025.

Previous wording

The $3.0 million increase in depreciation and amortization for the six months ended June 30, 2025 was primarily due to the growth of our real estate portfolio through new acquisitions in the year ended December 31, 2024 and the six months ended June 30, 2025.

Current wording

The $3.2 million increase in depreciation and amortization for the nine months ended September 30, 2025 was primarily due to the growth of our real estate portfolio through new acquisitions in the year ended December 31, 2024 and the nine months ended September 30, 2025.

Previous wording

The $1.4 million increase in property operating expenses for the six months ended June 30, 2025 was mainly due to the increase in number of properties in our portfolio. Substantially all of our leases are net leases pursuant to which our tenants generally are obligated to pay customary expenses associated with the leased property such as real estate taxes, insurance, maintenance and repairs, and in many cases capital costs. For the six months ended June 30, 2025, we incurred $0.8 million in aggregate of expenses that were not tenant obligations, which includes non-recurring legal costs and property operating expenses incurred on vacant properties.

Current wording

The $1.6 million increase in property operating expenses for the nine months ended September 30, 2025 was mainly due to the increase in the number of properties in our portfolio. Substantially all of our leases are net leases pursuant to which our tenants generally are obligated to pay customary expenses associated with the leased property such as real estate taxes, insurance, maintenance and repairs, and in many cases capital costs. For the nine months ended September 30, 2025, we incurred $1.2 million in aggregate of expenses that were not tenant obligations, which includes non-recurring legal costs and property operating expenses incurred on vacant properties.

Previous wording

Property management and asset management fees for the six months ended June 30, 2024 were $1.0 million and $2.1 million, respectively. On October 2, 2024, the completion of the Internalization terminated the agreements for property management and asset management fees. Following the completion of the Internalization, we no longer pay property management and asset management fees.

Current wording

Property management and asset management fees for the nine months ended September 30, 2024 were $1.5 million and $3.1 million, respectively. On October 2, 2024, the completion of the Internalization terminated the agreements for property management and asset management fees. Following the completion of the Internalization, we no longer pay property management and asset management fees.

Previous wording

The $4.8 million increase in general and administrative expenses for the six months ended June 30, 2025 is primarily due to the Internalization of management. This increase was mainly comprised of $2.6 million of employee compensation, and $0.9 million for stock-based compensation incurred during the six months ended June 30, 2025. For the six months ended June 30, 2025, there was $1.3 million of non-recurring expenses mainly attributable to executive leadership changes and structuring costs.

Current wording

The $7.2 million increase in general and administrative expenses for the nine months ended September 30, 2025 is primarily due to the Internalization of management. This increase was mainly comprised of $3.9 million of employee compensation, and $1.6 million of stock-based compensation incurred during the nine months ended September 30, 2025. For the nine months ended September 30, 2025, there was also $1.5 million of non-recurring expenses mainly attributable to executive leadership changes and structuring costs and $0.2 million of director fees.

Previous wording

Interest expense for the six months ended June 30, 2025 decreased $4.1 million compared to the six months ended June 30, 2024. The decrease is primarily due to the decrease in debt of $316.9 million as of June 30, 2025 compared to $427.4 million as of June 30, 2024.

Current wording

Interest expense for the nine months ended September 30, 2025 decreased $6.0 million compared to the nine months ended September 30, 2024. The decrease is primarily due to the decrease in debt of $307.1 million as of September 30, 2025 compared to $418.3 million as of September 30, 2024 as well as an increase of $0.8 million in net cash received from derivative settlements.

Previous wording

Gain/loss on sale of real estate

Current wording

Gain on sale of real estate

Previous wording

During the six months ended June 30, 2025 we sold 10 properties at a net gain of approximately $1.2 million. We received proceeds for an expropriation of a portion of another property for a net gain of approximately $0.5 million. During the six months ended June 30, 2024, we sold five properties at a net gain of approximately $0.3 million.

Current wording

During the nine months ended September 30, 2025 we sold 25 properties at a net gain of approximately $4.3 million. We received proceeds for the expropriation of a portion of two properties for a net gain of approximately $4.7 million. Additionally, we sold a partial interest of one property for a net gain of approximately $0.2 million. During the nine months ended September 30, 2024, we sold five properties at a net gain of approximately $0.3 million.

Previous wording

During the six months ended June 30, 2025, we recorded an impairment loss of $3.4 million relating to 12 properties. During the six months ended June 30, 2024, we recorded an impairment loss of $0.6 million relating to one property. The amount of impairment fluctuates each period based on existing facts and circumstances.

Current wording

During the nine months ended September 30, 2025, we recorded an impairment loss of $5.0 million relating to 14 properties. During the nine months ended September 30, 2024, we recorded an impairment loss of $0.6 million relating to one property. The amount of impairment fluctuates each period based on existing facts and circumstances.

Previous wording

Upon closing of our IPO, a group of lenders, including JPMorgan Chase Bank, N.A. acting as administrative agent, provided commitments for our Revolving Credit Facility, allowing borrowings of up to $250.0 million, including $20.0 million available for issuance of letters of credit. Our Revolving Credit Facility has an initial maturity in October 2027 together with two 12-month extension options, subject to certain conditions, including payment of a 0.125% fee on the aggregate outstanding amount of the revolving commitments. We may elect to request an increase to the existing revolving commitments and/or the establishment of one or more new term loan commitments for an aggregate maximum amount of $200.0 million and not less than $25.0 million per request, in multiples of $5.0 million, subject to customary conditions.

Current wording

Upon closing of our IPO, a group of lenders, including JPMorgan Chase Bank, N.A. acting as administrative agent, provided commitments for our Revolving Credit Facility, allowing borrowings of up to $250.0 million, including $20.0 million available for issuance of letters of credit. Our Revolving Credit Facility has an initial maturity in October 2027 together with two 12-month extension options, subject to certain conditions, including payment of a 0.125% fee on the aggregate outstanding amount of the revolving commitments.

Previous wording

The Revolving Credit Facility contains a commitment fee of 0.15% per annum if average daily usage in such quarter is over 50% of total revolving commitments and 0.25% per annum if average daily usage in such quarter is equal to or less than 50% of total revolving commitments. Borrowings under our Revolving Credit Facility will bear interest at floating rates based on Adjusted SOFR plus an applicable margin based on our leverage ratio ranging between 1.20% and 1.75% per annum. As of June 30, 2025, the applicable margin was 1.20%.

Current wording

The Revolving Credit Facility contains a commitment fee of 0.15% per annum if average daily usage in such quarter is over 50% of total revolving commitments and 0.25% per annum if average daily usage in such quarter is equal to or less than 50% of total revolving commitments. Borrowings under our Revolving Credit Facility will bear interest at floating rates based on SOFR plus an applicable margin based on our leverage ratio ranging between 1.20% and 1.75% per annum. On September 16, 2025, we amended the Revolving Credit Facility to bear interest at floating rates based on SOFR plus an applicable margin based on the Company's leverage ratio per annum. As of September 30, 2025, the applicable margin was 1.20%.

Previous wording

As of June 30, 2025, we had $131.5 million of available capacity under our Revolving Credit Facility.

Current wording

As of September 30, 2025, we had $141.5 million of available capacity under our Revolving Credit Facility.

Previous wording

Borrowings under our Term Loan bear interest at floating rates based on Adjusted SOFR plus an applicable margin based on our leverage ratio ranging between 1.20% and 1.75% per annum. As of June 30, 2025, the applicable margin was 1.20%.

Current wording

Borrowings under our Term Loan bear interest at floating rates based on SOFR plus an applicable margin based on our leverage ratio ranging between 1.20% and 1.75% per annum. On September 16, 2025, we amended the Term Loan to bear interest at floating rates based on SOFR plus an applicable margin based on the Company's leverage ratio per annum. As of September 30, 2025, the applicable margin was 1.20%.

Previous wording

On March 3, 2025, the Company entered into interest rate swap agreements to manage interest rate risk exposure on the Term Loan. The aggregate notional amount of these contracts is $200.0 million, and they mature in March 2028. The interest rate swap agreements utilized by the Company effectively modify the Company’s exposure to interest rate risk by converting a portion of the Company’s floating-rate debt to a fixed rate of 3.664%, thus reducing the impact of interest-rate changes on future interest expense. The agreements involve the receipt of floating-rate amounts in exchange for fixed-rate interest payments over the life of the agreement without an exchange of the underlying principal amount.

Current wording

On March 3, 2025, we entered into interest rate swap agreements to manage interest rate risk exposure on the Term Loan. The aggregate notional amount of these contracts is $200.0 million, and they mature in March 2028. The interest rate swap agreements utilized by us effectively modify our exposure to interest rate risk by converting a portion of our floating-rate debt to a fixed rate of 3.664%, thus reducing the impact of interest-rate changes on future interest expense. The agreements involve the receipt of floating-rate amounts in exchange for fixed-rate interest payments over the life of the agreement without an exchange of the underlying principal amount.

Previous wording

Cash and cash equivalents totaled $8.4 million as of June 30, 2025, as compared to $16.6 million as of June 30, 2024. The table below shows information concerning cash flows for the six months ended June 30, 2025, and 2024:

Current wording

Cash and cash equivalents totaled $19.6 million as of September 30, 2025, as compared to $9.9 million as of September 30, 2024. The table below shows information concerning cash flows for the nine months ended September 30, 2025, and 2024:

Previous wording

The change in net cash provided by operating activities during the six months ended June 30, 2025 as compared to six months ended June 30, 2024 was mainly due to growth in our real estate portfolio and increase in rental receipts offset by a decrease in interest expense of approximately $4.1 million. The remainder of the change in net cash provided by operating activities relates to timing of payment of payables and accrued liabilities.

Current wording

The change in net cash provided by operating activities during the nine months ended September 30, 2025 as compared to nine months ended September 30, 2024 was mainly due to growth in our real estate portfolio and increase in rental receipts offset by a decrease in interest expense of approximately $6.0 million. The remainder of the change in net cash provided by operating activities relates to timing of payment of payables and accrued liabilities

Previous wording

The change in net cash (used in) provided by investing activities was due to 22 properties acquired and 10 properties sold during the six months ended June 30, 2025, compared to no properties acquired and five properties sold during the six months ended June 30, 2024.

Current wording

The change in net cash (used in) provided by investing activities was due to 25 properties acquired and 25 properties sold during the nine months ended September 30, 2025, compared to no properties acquired and five properties sold during the nine months ended September 30, 2024.

Previous wording

The increase in net cash provided by (used in) financing activities during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 is mainly due to the proceeds from debt of $50.0 million offset by distributions paid of $12.3 million compared to the $10.7 million of repayment of debt and $4.7 million of distributions paid, respectively.

Current wording

The increase in net cash provided by (used in) financing activities during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 is mainly due to the proceeds from debt of $50.0 million, $10.0 million repayment of debt offset by distributions paid of $18.3 million. For the nine months ended September 30, 2024, the Company had $20.9 million of debt repayment and $6.4 million of distributions paid, in addition to deferred offering costs of $2.8 million.

Previous wording

The following table reconciles net income (which is the most comparable to GAAP measure) to EBITDAre, Adjusted EBITDAre, Adjusted NOI and Adjusted Cash NOI:

Current wording

The following table reconciles net income (which is the most comparable to GAAP measure) to EBITDA, EBITDAre, Adjusted EBITDAre, Adjusted NOI and Adjusted Cash NOI: