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 annualized base rent (ABR).

• Properties are primarily in high-traffic, visible locations, leased to service-oriented businesses such as restaurants, cellular stores, financial institutions, automotive, medical, and retail.

• Management internalization effective at IPO, with senior team becoming full-time employees and elimination of external management fees.

• Operates as an UPREIT structure, with all assets and operations conducted through a subsidiary operating partnership.

Financial performance and metrics

• For the six months ended June 30, 2024: rental revenues of $29.9 million, net loss of $4.6 million, and 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 was 98.9% as of June 30, 2024.

• 2023: rental revenues of $48.3 million, net loss of $1.5 million, FFO of $11.0 million.

Use of proceeds and capital allocation

• Estimated net proceeds of $231.9 million (or $267.0 million if underwriters' option exercised) at $19.00 per share IPO price.

• Proceeds 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 future acquisitions.

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