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.

• 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.

• Emphasizes “real estate first” strategy, targeting high-visibility, high-traffic locations with long-term leases to service-oriented, e-commerce-resistant tenants.

• Management internalization effective at IPO, with 15 employees and elimination of external management fees.

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.

• Pro forma net debt-to-annualized adjusted EBITDAre ratio of 4.28x as of June 30, 2024; long-term target is 6.0x or below.

• As of June 30, 2024: $249.9 million total debt (net of fees), $71.5 million cash and equivalents.

• Portfolio occupancy rate of 98.9% as of June 30, 2024.

Use of proceeds and capital allocation

• Net proceeds of ~$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.

• New $250 million unsecured revolving credit facility and $200 million delayed draw term loan effective at IPO close.