FrontView REIT (FVR) Q4 2025 earnings summary

Executive summary

• Operational and financial strength improved through disciplined execution, portfolio optimization, and a conservative balance sheet, with 61 properties acquired since IPO for $230M and 36 properties sold for $78M, increasing the asset base by 28.8%.

• Achieved 98.7%–99% occupancy at year-end, with a diversified tenant base across 303 properties in 37 states and 321 leases; top 10 tenants account for 24% of ABR, and top 25 tenants for 45.4%.

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

• Maintained significant liquidity and low leverage, positioning for further acquisitions in 2026.

Financial highlights

• Acquired 32 properties in 2025 for $124.1M at a 7.74% average cap rate; sold 36 properties for $78M at a 6.79% average cap rate.

• Annualized base rent at quarter-end was $62.9M; run-rate cash revenue $64M annualized; median rent per box $173K.

• AFFO per share reached $0.31 for Q4 and $1.25 for the year, at the high end of guidance; full year AFFO totaled $34.7M.

• G&A expense was $3.7M, with $534K non-recurring and $763K stock-based compensation; cash G&A run rate $2.4M.

• Paid $0.215 dividend per share in Q4, representing a 5.8% yield and 69.4% AFFO payout ratio.

Outlook and guidance

• AFFO per share guidance for 2026 raised to $1.27–$1.32, representing 4% growth at midpoint and 6% at high end.

• Net acquisition target of $100M for 2026, fully funded by $75M convertible preferred equity; leverage targeted below 5.5x by year-end.

• NOI cash margin expected to expand to 97% in 2026; bad debt projected at 50 basis points.

• Guidance sensitive to timing and amount of investments, dispositions, and capital markets activity.