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FrontView REIT (FVR) investor relations material
FrontView REIT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 marked a transformative period with 98% occupancy, strong portfolio optimization, and a focus on small-format, necessity-driven net lease assets, with no tenant concept exceeding 3.6% of ABR.
Completed $15.8M–$16M in acquisitions at a 7.5% cap rate and $32.9M in dispositions at a 6.8%–6.78% cap rate, enhancing portfolio quality.
Secured a $75M delayed-draw convertible preferred equity investment to fund accretive growth through 2026, led by Maewyn Capital Partners.
Achieved internalization of management in October 2024, eliminating external fees and directly employing 15 staff.
Shares trade at a discount to asset value, with a -9% implied cap rate and potential upside.
Financial highlights
Q3 2025 rental revenues were $16.6M–$16.8M, up 14% year-over-year; nine-month rental revenues reached $50.2M–$50.6M.
Net income for Q3 2025 was $5.5M, compared to a net loss of $3.3M in Q3 2024.
AFFO per share for Q3 2025 was $0.32; FFO was $0.25 per share.
Annualized base rent (ABR) as of September 30, 2025, was $61.3M, with a weighted average lease term of 7.2 years.
Total liquidity at quarter-end was $161.1M, increasing to $236.1M with the new preferred equity.
Outlook and guidance
2025 AFFO per share guidance raised to $1.23–$1.25, with Q4 expected at $0.30 per share.
2026 outlook: AFFO per share of $1.26–$1.30, representing 3.2% year-over-year growth, with net acquisitions of ~$100M.
2025 investment activity expected at $115–$125M in acquisitions and $70–$80M in dispositions.
Board declared a $0.215 per share dividend for Q4 2025, payable January 2026.
Bad debt for 2026 expected at 50 basis points, in line with historical averages.
Preferred equity's accretion to 2026 AFFO
Portfolio optimization strategy and cap rate spread
2026 AFFO sensitivity to equity offering timing
Key factors for preferred equity terms
How do dispositions prove NAV dislocation?
How does small scale enable faster growth than peers?
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Next FrontView REIT earnings date
Q4 202518 Mar, 2026
Next FrontView REIT earnings date
Q4 202518 Mar, 2026
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Frequently asked questions
FrontView is an internally-managed net-lease REIT that acquires, owns and manages primarily properties with frontage that are net leased to a diversified group of tenants. FrontView is differentiated by an investment approach focused on properties that are in prominent locations with direct frontage on high-traffic roads that are highly visible to consumers. FrontView’s focuses on service-oriented tenants, including quick-service restaurants, cellular stores, financial institutions, automotive stores and dealers, medical and dental providers, convenience and gas stores, car washes, home improvement stores, grocery stores, fitness operators, professional services as well as general retail tenants.
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