FrontView REIT (FVR) Q4 2025 earnings summary

Executive summary

• Operational and financial strength improved with a refined, diversified portfolio, focusing on real estate-centric, frontage-based assets in top 100 MSAs and high-traffic locations.

• Achieved 98.7% occupancy across 303 properties in 37 states, with 321 leases and a diversified tenant base; top 10 tenants account for 24% of ABR, largest tenant at 3.5%.

• Acquired 61 properties since IPO for $230M and sold 36 for $78M, recycling capital into higher-yielding assets.

• Management and board own over 10.4% of outstanding shares and units, aligning incentives with shareholders.

• Demonstrated ability to quickly re-lease assets and achieve rent increases, as seen with Tricolor and Twin Peaks.

Financial highlights

• Annualized base rent reached $62.9M as of December 31, 2025; Q4 annualized base rent was $62.9M; run rate cash revenue at quarter end was $16M ($64M annualized).

• AFFO per share for 2025 was $1.25, at the high end of guidance; Q4 AFFO per share was $0.31.

• Net debt to annualized adjusted EBITDARE at 5.6x; loan-to-value at 34.5%; fixed charge coverage ratio at 3.6x.

• Dividend payout ratio at 69.4%.

• Total available liquidity at $223M, including cash, revolver, and undrawn preferred equity.

Outlook and guidance

• AFFO per share guidance for 2026 raised to $1.27–$1.32, representing 4% growth at midpoint.

• Fully funded for 2026 investment targets, with $75M convertible preferred equity; $25M drawn in February.

• Net acquisitions for 2026 expected to be approximately $100M, with acquisition cap rates for Q1 2026 around 7.5%.

• Net debt to adjusted annualized EBITDARE expected to end 2026 below 5.5x.

• Bad debt expected at 50 basis points in 2026.