FrontView REIT (FVR) Registration Filing summary

Company overview and business model

• Internally-managed net-lease REIT focused on acquiring, owning, and managing outparcel properties net leased to a diversified group of tenants across 31 U.S. states as of June 30, 2024.

• Portfolio consists of 278 properties with 2.1 million rentable square feet, 292 tenants, and 137 brands; no single tenant exceeds 3.4% of ABR.

• Tenants include service-oriented businesses such as restaurants, cellular stores, financial institutions, automotive, medical, pharmacies, and general retail.

• Emphasizes a “real estate first” strategy, targeting high-visibility, high-traffic locations with long-term net leases.

• Transitioned to an UPREIT structure and internalized management at IPO, eliminating external management fees and aligning interests with shareholders.

Financial performance and metrics

• For the six months ended June 30, 2024: rental revenues of $29.9 million, net loss of $4.6 million, FFO of $7.6 million.

• For the year ended December 31, 2023: pro forma rental revenues of $57.9 million, net loss of $4.4 million, FFO of $20.9 million, AFFO of $26.8 million.

• Pro forma as of June 30, 2024: total assets $798.4 million, total debt $249.9 million, cash and equivalents $71.5 million.

• Pro forma net debt-to-annualized adjusted EBITDAre ratio of 4.28x; long-term target of 6.0x or below.

• Portfolio occupancy rate of 98.9% as of June 30, 2024; ABR weighted average remaining lease term of 7.0 years.

Use of proceeds and capital allocation

• Net proceeds of approximately $231.9 million (at $19.00/share midpoint) to be used to repay $159.9 million under the Revolving Credit Facility and $16.0 million under the Term Loan Credit Facility.

• Remaining proceeds for general business and working capital, including potential future acquisitions.

• Plans to use new $250 million unsecured revolving credit facility and $200 million delayed draw term loan for future capital needs.