FrontView REIT Announces Second Quarter 2026 Results and Raises 2026 Net Investment and AFFO per Share Guidance

DALLAS--(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:

Company Contact
investorrelations@frontviewreit.com