FrontView REIT, Inc.FVREarnings & Financial Report
NYSE · Financials · Real Estate Investment Trusts
What changed in FrontView REIT, Inc.'s 10-K — 2024 vs 2025
Top changes in FrontView REIT, Inc.'s 2025 10-K
362 paragraphs added · 331 removed · 223 edited across 3 sections
- Item 6. [Reserved]+355 / −324 · 216 edited
- Item 5. Market for Registrant's Common Equity+4 / −4 · 4 edited
- Item 1C. Cybersecurity+3 / −3 · 3 edited
Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
3 edited+0 added−0 removed14 unchanged
Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
3 edited+0 added−0 removed14 unchanged
2024 filing
2025 filing
Some of these measures and processes involve the assistance of additional third-party service providers. For example, we rely on third-party service providers to assist us with our employee phishing testing and cybersecurity awareness training. Risk Assessment Our assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes.
Some of these measures and processes involve the assistance of additional third-party service providers. For example, we rely on third-party service providers to assist us with our employee phishing testing and cybersecurity awareness training. 43 Risk Assessment Our assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes.
Risks Related to our Business and Properties - Security breaches and other technology disruptions could disrupt our operations, compromise our confidential information or information systems and expose us to liability, which could materially and adversely affect us. 43 Governance Our board of directors addresses the Company’s cybersecurity risk management as part of its general risk oversight function, and has delegated responsibility to the audit committee for overseeing the Company’s cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
Governance Our board of directors addresses the Company’s cybersecurity risk management as part of its general risk oversight function, and has delegated responsibility to the audit committee for overseeing the Company’s cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
For a description of the risks from cybersecurity threats that we face, see our risk factors under Part 1. Item 1A.
For a description of the risks from cybersecurity threats that we face, see our risk factors under Part 1. Item 1A. Risks Related to our Business and Properties - Security breaches and other technology disruptions could disrupt our operations, compromise our confidential information or information systems and expose us to liability, which could materially and adversely affect us.
Item 5. Market for Registrant's Common Equity
Market for Common Equity — stock, dividends, buybacks
4 edited+0 added−0 removed12 unchanged
Item 5. Market for Registrant's Common Equity
Market for Common Equity — stock, dividends, buybacks
4 edited+0 added−0 removed12 unchanged
2024 filing
2025 filing
Equity Compensation Plan Information The information concerning our Equity Compensation Plan will be included in the Proxy Statement to be filed relating to our 2025 Annual Meeting of Stockholders and is incorporated herein by reference.
Equity Compensation Plan Information The information concerning our Equity Compensation Plan will be included in the Proxy Statement to be filed relating to our 2026 Annual Meeting of Stockholders and is incorporated herein by reference.
The graph assumes that $100 was invested on October 3, 2024, in each of shares of our Common Stock, the S&P 500 and the MCSI US REIT Index, and that all dividends were reinvested. There can be no assurance that the performance of our shares will continue in line with the same or similar trends depicted in the graph below.
The graph assumes that $100 was invested on December 31, 2024, in each of shares of our Common Stock, the S&P 500 and the MCSI US REIT Index, and that all dividends were reinvested. There can be no assurance that the performance of our shares will continue in line with the same or similar trends depicted in the graph below.
Item 5. Market for Registrant’s Com mon Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market Information Our Common Stock is traded on the New York Stock Exchange under the ticker symbol “FVR.” Stockholders As of March 17, 2025 there were approximately 218 holders of record of our Common Stock.
Item 5. Market for Registrant’s Com mon Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market Information Our Common Stock is traded on the New York Stock Exchange under the ticker symbol “FVR.” Stockholders As of February 20, 2026 there were approximately 264 holders of record of our Common Stock.
While funds used in this benchmark 45 typically target institutional investors and have characteristics that differ from us (including differing fees), we feel that the MCSI US REIT Index is an appropriate and accepted index for the purpose of evaluating returns on investments in direct real estate funds. 46 FY2024 October 3 October 31 November 30 December 31 FrontView Reit 100.00 96.28 100.05 93.55 S&P 500 100.00 100.10 105.83 103.19 MSCI US REIT Index 100.00 98.16 103.45 95.17 The information in this “Performance Graph” section is not “soliciting material,” is not deemed “filed” with the SEC, and is not to be incorporated by reference into any of our filings under the Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing, except as shall be expressly set forth by specific reference in such filing.
While funds used in this benchmark typically target institutional investors and have characteristics that differ from us (including differing fees), we feel that the MCSI US REIT Index is an appropriate and accepted index for the purpose of evaluating returns on investments in direct real estate funds. 45 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 FrontView REIT 100.00 71.76 68.51 79.48 86.82 S&P 500 100.00 102.21 106.27 98.26 105.71 MSCI US REIT Index 100.00 99.63 97.83 101.28 98.44 The information in this “Performance Graph” section is not “soliciting material,” is not deemed “filed” with the SEC, and is not to be incorporated by reference into any of our filings under the Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing, except as shall be expressly set forth by specific reference in such filing.
Item 6. [Reserved]
Selected Financial Data — reserved (removed by SEC in 2021)
216 edited+139 added−108 removed103 unchanged
Item 6. [Reserved]
Selected Financial Data — reserved (removed by SEC in 2021)
216 edited+139 added−108 removed103 unchanged
2024 filing
2025 filing
Some leases contain exceptions that require us to pay specified expenses such as the cost of roof, parking lot, heating, ventilation, and air-conditioning, and structure and non-structural repairs and replacement costs, off-site improvements, lease covenants affecting off-site property, and remediation activities (unless necessitated by the tenant), as well as costs related to the operation of a property in excess of certain caps contained within the underlying lease.
Some leases contain exceptions that require us to pay specified expenses such as the cost of roof, parking lot, heating, ventilation, and air-conditioning, and structure and non-structural repairs and replacement costs, off-site improvements, lease covenants affecting off-site property, and remediation activities (unless necessitated by the tenant), as well as costs related to the operation of a property in excess of certain caps contained within the underlying lease.
The fair values of in-place leases and origination costs are determined based on the estimates of carrying costs during the expected lease-up periods and costs that would be incurred to put the existing leases in place under the same market terms and conditions.
The fair values of in-place leases and origination costs are determined based on the estimates of carrying costs during the expected lease-up periods and costs that would be incurred to put the existing leases in place under the same market terms and conditions.
INTERNALIZATION On October 2, 2024, the Company completed the Internalization and the Company's management team and corporate staff, who were previously employed by NARS, became employees of a subsidiary of the OP, the management and other fees in the Predecessor's Sub OP agreement were terminated, and acquired the assets necessary to operate and manage the portfolio of properties.
INTERNALIZATION On October 2, 2024, the Company completed the Internalization and the Company's management team and corporate staff, who were previously employed by NARS, became employees of a subsidiary of the OP. The management and other fees in the Predecessor's Sub OP agreement were terminated, and the Company acquired the assets necessary to operate and manage the portfolio of properties.
As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4 % non-deductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85 % of its ordinary income, (2) 95 % of its capital gain net income and (3) 100 % of its undistributed taxable income from prior years.
As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income (including net capital gain) and to a 4 % non-deductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85 % of its ordinary income, (2) 95 % of its capital gain net income and (3) 100 % of its undistributed taxable income from prior years.
The Company consolidates a voting interest entity (“VOE”) in which it has a controlling financial interest and a variable interest entity (“VIE”) if it possesses both the power to direct the activities of the VIE that most significantly affects its economic performance, and (a) is obligated to absorb the losses that could be significant to the VIE or (b) holds the right to receive benefits from the VIE that could be significant to the VIE.
The Company consolidates a voting interest entity in which it has a controlling financial interest and a variable interest entity (“VIE”) if it possesses both the power to direct the activities of the VIE that most significantly affects its economic performance, and (a) is obligated to absorb the losses that could be significant to the VIE or (b) holds the right to receive benefits from the VIE that could be significant to the VIE.
These estimates are based on historical experience and various other assumptions that the Company's chief operating decision makers believes to be reasonable under the circumstances. Actual results could differ from those estimates. c) Real estate held for investment Real estate held for investment is stated at cost, less accumulated depreciation and impairment losses.
These estimates are based on historical experience and various other assumptions that the Company's chief operating decision makers believes to be reasonable under the circumstances. Actual results could differ from those estimates. Real Estate Held for Investment Real estate held for investment is stated at cost, less accumulated depreciation and impairment losses.
Specific expenses, gains and losses that are already disclosed under existing US GAAP are also required to be included in the disaggregated income statement expense line-item disclosures, and any remaining amounts will need to be described qualitatively. Additionally, the ASU requires disclosure of the total amount of selling expenses and the entity’s definition of selling expenses.
Specific expenses, gains and losses that are already disclosed under existing GAAP are also required to be included in the disaggregated income statement expense line-item disclosures, and any remaining amounts will need to be described qualitatively. Additionally, the ASU requires disclosure of the total amount of selling expenses and the entity’s definition of selling expenses.
The fair value of the Company’s debt was estimated using recent secondary markets, recent financing transactions, estimates of the fair value of the property that serves as collateral for such debt, historical risk premiums for loans of comparable quality, current LIBOR/SOFR and discounted estimated future cash payments to be made on such debt.
The fair value of the Company’s debt was estimated using recent secondary markets, recent financing transactions, estimates of the fair value of the property that serves as collateral for such debt, historical risk premiums for loans of comparable quality, current SOFR and discounted estimated future cash payments to be made on such debt.
Annualized adjusted EBITDAre is calculated by multiplying adjusted EBITDAre for the applicable quarter by four, which we believe provides a meaningful estimate of our current run rate for all of our investments as of the end of the most 58 recently completed quarter given the contractual nature of our long term net leases.
Annualized Adjusted EBITDAre is calculated by multiplying adjusted EBITDAre for the applicable quarter by four, which we believe provides a meaningful estimate of our current run rate for all of our investments as of the end of the most recently completed quarter given the contractual nature of our long-term net leases.
Debt Covenants The Company is subject to various financial and operational covenants and financial reporting requirements pursuant to its Revolving Credit Facility and Term Loan agreements. These covenants require the Company to maintain certain financial ratios. As of December 31, 2024 , the Company believes it was in compliance with all of its loan covenants.
Debt Covenants The Company is subject to various financial and operational covenants and financial reporting requirements pursuant to its Revolving Credit Facility and Term Loan agreements. These covenants require the Company to maintain certain financial ratios. As of December 31, 2025 and 2024 , the Company believes it was in compliance with all of its loan covenants.
ACCOUNTING POLICIES FOR FINANCIAL STATEMENTS a) Basis of presentation and principles of consolidation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).
ACCOUNTING POLICIES FOR FINANCIAL STATEMENTS Basis of Presentation and Principles of Consolidation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).
This ASU requires public entities to disclose, 74 in a tabular format, purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion, as applicable, for each income statement line item that contains those expenses.
This ASU requires public entities to disclose, in a tabular format, purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion, as applicable, for each income statement line item that contains those expenses.
Evaluation of Disclosure Controls and Procedures We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Evaluation of Disclosure Controls and Procedures We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
The hierarchy is measured in three levels based on the reliability of inputs: 73 Level 1 – Quoted prices that are available in active markets for identical assets or liabilities.
The hierarchy is measured in three levels based on the reliability of inputs: Level 1 – Quoted prices that are available in active markets for identical assets or liabilities.
Any changes to our debt structure, including borrowings under our Revolving Credit Facility and Term Loan, or debt financing associated with property acquisitions, could materially influence our operating results. 49 Property Management and Asset Management Fees Following completion of the Internalization, we no longer pay property management and asset management fees that were previously paid by our Predecessor, which historically increased as the size of our portfolio grew.
Any changes to our debt structure, including borrowings under our Revolving Credit Facility and Term Loan, or debt financing associated with property acquisitions, could materially influence our operating results. 48 Property Management and Asset Management Fees Following completion of the Internalization, we no longer pay property management and asset management fees that were previously paid by our Predecessor, which historically increased as the size of our portfolio grew.
The Company engages third party consultants to review the environmental condition of such property as part of its due diligence review prior to acquisition and is not aware of any material non-compliance with environmental laws at any of its properties. 82 Property and acquisition related In the normal course of business, the Company enters into various types of commitments to purchase real estate properties or fund development projects.
The Company engages third party consultants to review the environmental condition of such property as part of its due diligence review prior to acquisition and is not aware of any material non-compliance with environmental laws at any of its properties. 84 Property and acquisition related In the normal course of business, the Company enters into various types of commitments to purchase real estate properties or fund development projects.
The information required by this Item will be included in the definitive proxy statement and is incorporated herein by reference. The Company will file such definitive proxy statement with the SEC pursuant to Regulation 14A no later than 120 days after the end of the Company’s 2024 fiscal year covered by this Annual Report on Form 10-K. It em 12.
The information required by this Item will be included in the definitive proxy statement and is incorporated herein by reference. The Company will file such definitive proxy statement with the SEC pursuant to Regulation 14A no later than 120 days after the end of the Company’s 2025 fiscal year covered by this Annual Report on Form 10-K. It em 12.
The information required by this Item will be included in the definitive proxy statement and is incorporated herein by reference. The Company will file such definitive proxy statement with the SEC pursuant to Regulation 14A no later than 120 days after the end of the Company’s 2024 fiscal year covered by this Annual Report on Form 10-K. Ite m 14.
The information required by this Item will be included in the definitive proxy statement and is incorporated herein by reference. The Company will file such definitive proxy statement with the SEC pursuant to Regulation 14A no later than 120 days after the end of the Company’s 2025 fiscal year covered by this Annual Report on Form 10-K. Ite m 14.
Conversely, during periods where inflation is more limited, our leases with fixed rate increases may fare better than our leases with CPI-based increases. 48 Property Dispositions From time to time, we may seek to sell any of our properties, in particular, where we believe the risk profile may have changed and become misaligned with our then current portfolio acquisition objectives.
Conversely, during periods where inflation is more limited, our leases with fixed rate increases may fare better than our leases with CPI-based increases. 47 Property Dispositions From time to time, we may seek to sell any of our properties, in particular, where we believe the risk profile may have changed and become misaligned with our then current portfolio acquisition objectives.
The Company will file such definitive proxy statement with the SEC pursuant to Regulation 14A no later than 120 days after the end of the Company’s 2024 fiscal year covered by this Annual Report on Form 10-K. 97 PART IV It em 15. Exhibits, Financial Statement Schedules. Financial Statements See Item 8.
The Company will file such definitive proxy statement with the SEC pursuant to Regulation 14A no later than 120 days after the end of the Company’s 2025 fiscal year covered by this Annual Report on Form 10-K. 97 PART IV It em 15. Exhibits, Financial Statement Schedules. Financial Statements See Item 8.
Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of December 31, 2024, the Company believes it is in compliance with all applicable REIT requirements.
Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost, unless the Company is entitled to relief under specific statutory provisions. As of December 31, 2025, the Company believes it is in compliance with all applicable REIT requirements.
The Company will file such definitive proxy statement with the SEC pursuant to Regulation 14A no later than 120 days after the end of the Company’s 2024 fiscal year covered by this Annual Report on Form 10-K. It em 13. Certain Relationships and Related Transactions, and Director Independence.
The Company will file such definitive proxy statement with the SEC pursuant to Regulation 14A no later than 120 days after the end of the Company’s 2025 fiscal year covered by this Annual Report on Form 10-K. It em 13. Certain Relationships and Related Transactions, and Director Independence.
In addition, an increase in the number of leases in which we are responsible for some or all of these expenses could negatively influence our future operating results. Interest Expense As of December 31, 2024, our debt capital was comprised of a floating rate Term Loan and a floating rate Revolving Credit Facility.
In addition, an increase in the number of leases in which we are responsible for some or all of these expenses could negatively influence our future operating results. Interest Expense As of December 31, 2025, our debt capital was comprised of a floating rate Term Loan and a floating rate Revolving Credit Facility.
RELATED PARTY TRANSACTIONS Predecessor transactions Related parties consist of the Predecessor's general partner and the Sponsor, their employees, officers, directors and parties related to them and entities under their control.
RELATED PARTY TRANSACTIONS Predecessor transactions Related parties consist of the Predecessor’s general partner, their employees, officers, directors and parties related to them and entities under their control.
Item 16. Form 10-K Summary None. 99 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized . FRONTVIEW REIT, INC.
Form 10-K Summary None. 99 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized . FRONTVIEW REIT, INC.
The Company will file such definitive proxy statement with the SEC pursuant to Regulation 14A no later than 120 days after the end of the Company’s 2024 fiscal year covered by this Annual Report on Form 10-K. It em 11. Executive Compensation.
The Company will file such definitive proxy statement with the SEC pursuant to Regulation 14A no later than 120 days after the end of the Company’s 2025 fiscal year covered by this Annual Report on Form 10-K. It em 11. Executive Compensation.
The units not owned by the Company in the OP are referred to as OP Units or non-controlling interests. FrontView REIT, Inc. is an internally-managed net-lease REIT that acquires, owns and manages primarily properties with frontage that are net leased to a diversified group of tenants.
The units not owned by the Company in the OP are referred to as OP Units or non-controlling interests. The Company is an internally-managed net-lease REIT that acquires, owns and manages primarily properties with frontage that are net leased to a diversified group of tenants.
If a default or event of default exists, either through default on payments or breach of covenants, we may be restricted from paying dividends to our stockholders in excess of dividends required to maintain our REIT qualification. As of December 31, 2024, we believe we were in compliance with our covenants.
If a default or event of default exists, either through default on payments or breach of covenants, we may be restricted from paying dividends to our stockholders in excess of dividends required to maintain our REIT qualification. As of December 31, 2025, we believe we were in compliance with our covenants.
In particular, the bankruptcy or deterioration of operational performance of one or more of our tenants could adversely affect our ability to collect rents from such tenant and maintain our portfolio’s occupancy. 50 Results of Operations The following discussion includes the results of our operations for the periods presented.
In particular, the bankruptcy or deterioration of operational performance of one or more of our tenants could adversely affect our ability to collect rents from such tenant and maintain our portfolio’s occupancy. 49 Results of Operations The following discussion includes the results of our operations for the periods presented.
All intercompany amounts have been eliminated in consolidation and the Company’s net income is reduced by the portion of net income attributable to noncontrolling interests. 69 Generally, a controlling financial interest reflects ownership of a majority of the voting interests.
All intercompany amounts have been eliminated in consolidation and the Company’s net income is reduced by the portion of net income attributable to non-controlling interests. 69 Generally, a controlling financial interest reflects ownership of a majority of the voting interests.
The Company's board of directors, without any action by our stockholders, may amend the Company's Charter from time to time to increase or decrease the aggregate number of shares or the number of shares of any class or series of stock that the Company has authority to issue. 79 The shares of the Company ’ s Common Stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive dividends and other distributions as authorized by the Board of Directors in accordance with the Maryland General Corporation Law, and to all rights of the stockholder pursuant to the Maryland General Corporation Law.
The Company's Board of Directors, without any action by our stockholders, may amend the Company's Charter from time to time to increase or decrease the aggregate number of shares or the number of shares of any class or series of stock that the Company has authority to issue. 80 The shares of the Company’s Common Stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive dividends and other distributions as authorized by the Board of Directors in accordance with the Maryland General Corporation Law, and to all rights of the stockholder pursuant to the Maryland General Corporation Law.
The Company is subject to state and local income or franchise taxes in certain jurisdictions in which some of its properties are located and records these within income taxes in the accompanying consolidated statements of income (loss).
The Company is subject to state and local income or franchise taxes in certain jurisdictions in which some of its properties are located and records these within income taxes in the accompanying consolidated statements of operations and comprehensive loss.
Pursuant to the Company's Articles of Incorporation (the "Charter"), the Company is authorized to issue an aggregate of 450,000 shares of Common Stock with a par value of $ 0.01 per share and 50,000 shares of preferred stock with a par value of $ 0.01 per share.
Pursuant to the Company's Articles of Incorporation (the “Charter”), the Company is authorized to issue an aggregate of 450,000,000 shares of Common Stock with a par value of $ 0.01 per share and 50,000,000 shares of preferred stock with a par value of $ 0.01 per share.
The Revolving Credit Facility contains a commitment fee of 0.15 % per annum if average daily usage in such quarter is over 50 % of total revolving commitments. The commitment fee is payable quarterly in arrears on the first day of each calendar quarter and is included in interest expense on the accompanying consolidated statements of income (loss).
The Revolving Credit Facility contains a commitment fee of 0.15 % per annum if average daily usage in such quarter is over 50 % of total revolving commitments. The commitment fee is payable quarterly in arrears on the first day of each calendar quarter and is included in interest expense on the accompanying consolidated statements of operations and comprehensive loss.
As of December 31, 2024 and December 31, 2023, our financial instruments were not exposed to significant market risk due to foreign currency exchange risk. 61 Ite m 8. Financial Statements and Supplementary Data.
As of December 31, 2025 and December 31, 2024, our financial instruments were not exposed to significant market risk due to foreign currency exchange risk. 61 Ite m 8. Financial Statements and Supplementary Data.
The value of such awards is recognized as compensation expense in general and administrative expenses in the consolidated statements of income (loss) over the appropriate vesting period on a straight-line basis or at the cumulative amount vested at each balance sheet date, if greater.
The value of such awards is recognized as compensation expense in general and administrative expenses in the consolidated statements of operations and comprehensive loss over the appropriate vesting period on a straight-line basis or at the cumulative amount vested at each balance sheet date, if greater.
The most significant assumptions and estimates relate to the valuation of real estate and related intangible assets and liabilities upon acquisition, including the assessment of impairments, as well as depreciable lives, and the collectability of trade receivables. On an on-going basis, the Company's chief operating decision makers reviews its estimates and assumptions.
The most significant assumptions and estimates relate to the valuation of real estate and related intangible assets and liabilities upon acquisition, including the assessment of impairments, as well as depreciable lives, and the collectability of trade receivables. On an on-going basis, the Company's chief operating decision makers review the estimates and assumptions.
Based on the foregoing, our Co-Chief Executive Officers and Chief Financial Officer concluded that our disclosure controls and procedures were effective and were operating at a reasonable assurance level.
Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective and were operating at a reasonable assurance level.
Derivative Instruments and Hedging Activities We may be exposed to interest rate risk arising from changes in interest rates on any floating-rate borrowings that we make under our Revolving Credit Facility and Term Loan or other debt or capital instruments that bear interest.
Derivative Instruments and Hedging Activities We are exposed to interest rate risk arising from changes in interest rates on any floating-rate borrowings that we make under our Revolving Credit Facility and Term Loan or other debt or capital instruments that bear interest.
In some leases, this type of reimbursement obligation is triggered by the default of the landlord under the lease, but other leases require reimbursement of the tenant due to circumstances outside of the landlord’s control. For the year ended December 31, 2024, we incurred approximately $1.7 million in aggregate of expenses that were not tenant obligations.
In some leases, this type of reimbursement obligation is triggered by the default of the landlord under the lease, but other leases require reimbursement of the tenant due to circumstances outside of the landlord’s control. For the year ended December 31, 2025, we incurred approximately $1.8 million in aggregate of expenses that were not tenant obligations.
As of December 31, 2024 and December 31, 2023, generally all of the Company's leases with tenants are accounted for as operating leases. Minimum rents are recognized on a straight-line basis over the term of the respective leases and reasonably certain renewal periods.
As of December 31, 2025 and 2024, all of the Company's leases with tenants are accounted for as operating leases. Minimum rents are recognized on a straight-line basis over the term of the respective leases and reasonably certain renewal periods.
As part of the IPO, the underwriters were granted an option, exercisable within 30 days from October 3, 2024, to purchase up to an additional 1,980 shares of Common Stock at the IPO Price, less underwriting discounts and commissions. On October 23, 2024, the underwriters partially exercised their option by purchasing an additional 1,091 shares of Common Stock.
As part of the IPO, the underwriters were granted an option, exercisable within 30 days from October 3, 2024, to purchase up to an additional 1,980,000 shares of Common Stock at the IPO Price, less underwriting discounts and commissions. On October 23, 2024, the underwriters partially exercised their option by purchasing an additional 1,090,846 shares of Common Stock.
While the resolution of such matters cannot be predicted with certainty, based on currently available information, the Company does not believe that the final outcome of any of these matters will have a material effect on its consolidated balance sheets, consolidated statements of income (loss) or liquidity.
While the resolution of such matters cannot be predicted with certainty, based on currently available information, the Company does not believe that the final outcome of any of these matters will have a material effect on its consolidated balance sheets, consolidated statements of operations and comprehensive loss or liquidity.
EBITDA is a measure commonly used in our industry. We believe that this ratio provides investors and analysts with a measure of our leverage that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry.
We believe that this ratio provides investors and analysts with a measure of our leverage that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 (Successor) and 2023 (Predecessor), and the results of its operations and its cash flows for the period from October 3, 2024 to December 31, 2024 (Successor), and the period from January 1, 2024 to October 2, 2024 and the year ended December 31, 2023 (Predecessor periods), in conformity with U.S. generally accepted accounting principles.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the year ended December 31, 2025 and for the period from October 3, 2024 through December 31, 2024 (Successor period) and the period from January 1, 2024 through October 2, 2024 (Predecessor period), in conformity with U.S. generally accepted accounting principles.
In connection with our IPO on October 2, 2024, we completed the Internalization pursuant to which we began directly employing 15 employees and entered into employment agreements with each of our named executive officers. In addition, the Internalization eliminated the management and other fees and carried interest provisions that were previously paid by our Predecessor.
In connection with our initial public offering on October 2, 2024, we completed the Internalization pursuant to which we began directly employing employees and entered into employment agreements with each of our named executive officers. In addition, the Internalization eliminated the management and other fees and carried interest provisions that were previously paid by our Predecessor.
Changes in Internal Control Over Financial Reporting There have been no changes in our internal control over financial reporting during the quarter ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. It em 9B. Other Information. Not applicable . It em 9C.
Changes in Internal Control Over Financial Reporting There have been no changes in our internal control over financial reporting during the year ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. It em 9B. Other Information. Not applicable . It em 9C.
The OP Units are redeemable at the option of the holder, however, the Company may issue Common Stock or cash, at the Company's election. Therefore the OP Units are considered to be permanent equity.
The OP Units are redeemable at the option of the holder, in which case however, the Company may issue Common Stock or cash, at the Company’s election. Therefore, the OP Units are considered to be permanent equity.
The Company is not exposed to significant credit risk as the Company maintains a number of diverse tenants which mitigates the credit risk. o) Segment reporting The Company currently operates in a single reportable segment, which includes the acquisition, leasing and ownership of net leased properties.
The Company is not exposed to significant credit risk as the Company maintains a number of diverse tenants which mitigates the credit risk. Segment Reporting The Company currently operates in a single reportable segment, which includes the acquisition, leasing, mortgage loan financing and ownership of net leased properties.
Item 6. [Rese rved] 47 It em 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Item 6. [Rese rved] 46 It em 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
As of December 31, 2024, approximately 97.3% of our leases (based on ABR) had contractual rent escalations, including, in some cases, pursuant to options terms, with an ABR weighted average annual minimum increase of approximately 1.6%.
As of December 31, 2025, approximately 97.3% of our leases (based on ABR) had contractual rent escalations, including, in some cases, pursuant to options terms, with an ABR weighted average annual minimum increase of approximately 1.7%.
Equity Capital Resources As a new publicly traded REIT we plan to access the public equity markets to maintain an appropriate mix of debt and equity in line with our leverage policy, primarily through follow-on equity offerings and eventually through an at-the-market common equity offering program once we are shelf eligible.
Capital Resources As a new publicly traded REIT we plan to access the public equity markets to maintain an appropriate mix of debt and equity in line with our leverage policy, primarily through follow-on equity offerings and eventually through an at-the-market common equity 52 offering program.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. /s/ KPMG LLP We have served as the Company’s auditor since 2023. Dallas, Texas March 20, 2025 63 FRONTVIEW REIT INC.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. /s/ KPMG LLP We have served as the Company’s auditor since 2023. Dallas, Texas February 25, 2026 63 FRONTVIEW REIT, INC.
As of December 31, 2024 , the Company did not have any material commitments that could not be funded for re-leasing costs, recurring capital expenditures, non-recurring building improvements, or similar types of costs. 16.
As of December 31, 2025 , the Company did not have any material commitments that could not be funded for re-leasing costs, recurring capital expenditures, non-recurring building improvements, or similar types of costs. 18.
FrontView Operating Partnership LP (the "OP"), is the entity through which the Company conducts its business and owns all of the Company's properties either directly or indirectly through subsidiaries. Upon the closing of the initial public offering ("IPO") on October 3, 2024, the Company is the sole managing member of the OP.
FrontView Operating Partnership LP (the “OP”) is the entity through which the Company conducts its business and owns all of the Company's properties either directly or indirectly through subsidiaries. Upon the closing of the initial public offering ("IPO") on October 3, 2024, the Company is the sole general partner of the OP.
As of December 31, 2024, approximately 95.1% of our leases (based on ABR) contained fixed annual rent increases or periodic escalations over the term of the lease (e.g. a 10% increase every five years), approximately 2.2% of our leases (based on ABR) contained annual lease escalations based on increases in the CPI, and the remaining approximately 2.7% of our leases (based on ABR) did not contain rent escalation provisions.
As of December 31, 2025, approximately 96.3% of our leases (based on ABR) contained fixed annual rent increases or periodic escalations over the term of the lease (e.g. a 10% increase every five years), approximately 1.0% of our leases (based on ABR) contained annual lease escalations based on increases in the CPI, and the remaining approximately 2.7% of our leases (based on ABR) did not contain rent escalation provisions.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
Taxable income from certain non-REIT activities is managed through a taxable REIT subsidiary (“TRS”) and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the years ended December 31, 2024 and 2023.
Taxable income from certain non-REIT activities is managed through TRS and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the years ended December 31, 2025 and 2024.
NADG NNN Property Fund LP (the “Predecessor”) was formed on January 6, 2016, to provide investors with the opportunity to invest in a portfolio of high quality, primarily single tenant net leased properties located in the United States (“U.S.”).
NADG NNN Property Fund LP (the “Predecessor”) was formed on January 6, 2016, to provide investors with the opportunity to invest in a portfolio of high quality, primarily single tenant net leased properties located in the U.S.
The Company is differentiated by an investment approach focused on properties that are in prominent locations with direct frontage on high-traffic roads that are highly visible to consumers. As of December 31, 2024, the Company owned a well-diversified portfolio of 307 properties with direct frontage across 35 U.S. states.
The Company is differentiated by an investment approach focused on properties that are in prominent locations with direct frontage on high-traffic roads that are highly visible to consumers. As of December 31, 2025, the Company owned a well-diversified portfolio of 303 properties with direct frontage across 37 U.S. states.
The historical results of operations for our Predecessor through October 2, 2024, include the payment of management fees that we will no longer pay following the Internalization and do not include the direct compensation expense associated with our aforementioned approximately 15 employees, or other asset management, acquisition or general and administrative expenses not previously incurred based upon our externally managed structure.
The historical results of operations for our Predecessor through October 2, 2024, include the payment of management fees that we no longer pay following the Internalization and do not include the direct compensation expense, or other asset management, acquisition or general and administrative expenses not previously incurred based upon our externally managed structure.
Approximately 95.1% of our leases (based on ABR) contain rent escalators that increase rent at a fixed amount and may not be sufficient during periods of inflation.
Approximately 96.3% of our leases (based on ABR) contain rent escalators that increase rent at a fixed amount and may not be sufficient during periods of inflation.
As of December 31, 2024, leases that contributed approximately 2.2% of our leases (based on ABR), contained rent escalators based on increases in CPI and the associated increases in rental revenue may be limited during periods of low inflation.
As of December 31, 2025, leases that contributed approximately 1.0% of our leases (based on ABR), contained rent escalators based on increases in CPI and the associated increases in rental revenue may be limited during periods of low inflation.
SUBSEQUENT EVENTS The Company identified the following events subsequent to December 31, 2024 that are not recognized in the accompanying consolidated financial statements: (a) On January 15, 2025, the Company paid distributions in the aggregate amount of $ 6,101 .
SUBSEQUENT EVENTS The Company identified the following events subsequent to December 31, 2025 that are not recognized in the accompanying consolidated financial statements: (a) On January 15, 2026, the Company paid distributions in the aggregate amount of $ 6.1 million .
EQUITY On October 3, 2024, the Company completed its IPO and issued 13,200 shares of Common Stock at an initial public offering price of $ 19.00 per share ("IPO Price") and received net proceeds of $ 233,871 , which were net of underwriter fees and commissions of $ 16,929 .
EQUITY On October 3, 2024, the Company completed its IPO and issued 13,200,000 shares of Common Stock at an initial public offering price of $ 19.00 per share (“IPO Price”) and received net proceeds of $ 233.9 million, which were net of underwriter fees and commissions of $ 16.9 million.
The redemption value of OP units are calculated based on the market value of the Company’s Common Stock or the approved tender offer in the event of a change of control transaction. k) Stock-Based Compensation The Company has issued restricted stock units ("RSUs") under its 2024 Omnibus Equity and Incentive Plan ("Equity and Incentive Plan").
The redemption value of OP units is calculated based on the market value of the Company’s Common Stock or the approved tender offer in the event of a change of control transaction. Stock-Based Compensation The Company has issued restricted stock units (“RSUs”) under its 2024 Omnibus Equity and Incentive Plan (“Equity and Incentive Plan”).
As of and for the quarter ended December 31, 2024, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, under the supervision and with the participation of management, including our Co-Chief Executive Officers and Chief Financial Officer.
As of and for the year ended December 31, 2025, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer.
Our tenants include service-oriented businesses, such as restaurants, cellular stores, financial institutions, automotive stores and dealers, medical and dental providers, convenience and gas stores, car washes, home improvement stores, grocery stores, fitness operators, professional services as well as general retail tenants.
Our tenants include service-oriented businesses, such as medical and dental providers, quick service restaurants, casual dining, financial institutions, cellular stores, automotive stores, automotive services, convenience stores and gas stations, general retail, discount retail, automotive dealers, fitness operators, car washes, pharmacies, home improvement stores, as well as professional services tenants.
Overview We are an internally-managed net-lease REIT that is experienced in acquiring, owning and managing properties that are net leased to a diversified group of tenants. We are a growing net-lease REIT and owned a well-diversified portfolio of 307 properties across 35 U.S. states as of December 31, 2024.
Overview We are an internally-managed net-lease REIT that is experienced in acquiring, owning and managing properties with frontage that are net leased to a diversified group of tenants. We are a growing net-lease REIT and owned a well-diversified portfolio of 303 properties across 37 U.S. states as of December 31, 2025.
(filed as Exhibit 3.2 to the Company's Registration Statement on Form S-11/A filed September 24, 2024 and incorporated herein by reference). 4.1* Description of the Company’s Securities. 10.1 Amended and Restated Partnership Agreement of FrontView Operating Partnership LP, dated as of October 3, 2024 (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed October 7, 2024 and incorporated herein by reference). 10.2+ FrontView REIT, Inc. 2024 Omnibus Equity and Incentive Plan (incorporated by reference to Exhibit 99.1 to the Company’s Registration Statement on Form S-8, filed on October 4, 2024). 10.3+ Employment Agreement with Stephen Preston, dated as of October 3, 2024 (filed as Exhibit 10.7 to the Company’s Current Report on Form 8-K filed October 7, 2024 and incorporated herein by reference). 10.4+ Employment Agreement with Randall Starr, dated as of October 3, 2024 (filed as Exhibit 10.8 to the Company’s Current Report on Form 8-K filed October 7, 2024 and incorporated herein by reference). 10.5+ Employment Agreement with Drew Ireland, dated as of October 3, 2024 (filed as Exhibit 10.9 to the Company’s Current Report on Form 8-K filed October 7, 2024 and incorporated herein by reference). 10.6+ Employment Agreement with Timothy Dieffenbacher, dated as of October 3, 2024 (filed as Exhibit 10.10 to the Company’s Current Report on Form 8-K filed October 7, 2024 and incorporated herein by reference). 10.7 Form of Indemnification Agreement, between FrontView REIT, Inc. and each of its officers and directors (incorporated by reference to Exhibit 10.15 to the Company’s Registration Statement on Form S-11, filed on September 9, 2024). 10.8 Amended and Restated Internalization Agreement, dated as of July 10, 2024, by and among FrontView REIT, Inc., FrontView Operating Partnership LP, NADG NNN Property Fund LP, NADG NNN Operating LP, NADG (US) LLLP, NADG (US), Inc., NADG NNN Property Fund GP, LLLP, NADG NNN Operating GP, LLLP and North American Realty Services, LLLP (filed as Exhibit 10.2 to the Company’s Registration Statement on Form S-11/A filed September 30, 2024 and incorporated herein by reference). 10.9 Amended and Restated Outsourcing Agreement, dated as of September 27, 2024, by and between FrontView Operating Partnership LP and North American Asset Management Corp.
(filed as Exhibit 3.2 to the Company's Registration Statement on Form S-11/A filed September 24, 2024 and incorporated herein by reference). 4.1 Description of the Company’s Securities (filed as Exhibit 4.1 to the Company’s Annual Report on Form 10-K filed March 20, 2025 and incorporated herein by reference). 4.2 Form of Indenture (filed as Exhibit 4.5 to the Company's Registration Statement on Form S-3 filed December 8, 2025 and incorporated herein by reference). 10.1 Amended and Restated Partnership Agreement of FrontView Operating Partnership LP, dated as of October 3, 2024 (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed October 7, 2024 and incorporated herein by reference). 10.2+ FrontView REIT, Inc. 2024 Omnibus Equity and Incentive Plan (incorporated by reference to Exhibit 99.1 to the Company’s Registration Statement on Form S-8, filed on October 4, 2024). 10.3+ Employment Agreement with Stephen Preston, dated as of October 3, 2024 (filed as Exhibit 10.7 to the Company’s Current Report on Form 8-K filed October 7, 2024 and incorporated herein by reference). 10.4+ Employment Agreement by and among FrontView REIT Inc, FrontView Operating Partnership LP, FrontView Employee Sub, LLC, and Pierre Revol, effective July 21, 2025 (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed June 30, 2025 and incorporated herein by reference). 10.5+ Employment Agreement with Drew Ireland, dated as of October 3, 2024 (filed as Exhibit 10.9 to the Company’s Current Report on Form 8-K filed October 7, 2024 and incorporated herein by reference). 10.7 Form of Indemnification Agreement, between FrontView REIT, Inc. and each of its officers and directors (incorporated by reference to Exhibit 10.15 to the Company’s Registration Statement on Form S-11, filed on September 9, 2024). 10.8 Amended and Restated Internalization Agreement, dated as of July 10, 2024, by and among FrontView REIT, Inc., FrontView Operating Partnership LP, NADG NNN Property Fund LP, NADG NNN Operating LP, NADG (US) LLLP, NADG (US), Inc., NADG NNN Property Fund GP, LLLP, NADG NNN Operating GP, LLLP and North American Realty Services, LLLP (filed as Exhibit 10.2 to the Company’s Registration Statement on Form S-11/A filed September 30, 2024 and incorporated herein by reference). 10.9 Amended and Restated Outsourcing Agreement, dated as of September 27, 2024, by and between FrontView Operating Partnership LP and North American Asset Management Corp.
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm (PCAOB ID No. 185 ) 63 Consolidated Balance Sheets 64 Consolidated Statements of Income (Loss) 65 Consolidated Statements of Equity 66 Consolidated Statements of Cash Flows 67 Notes to Consolidated Financial Statements 69 Schedule III 84 62 Report of Independent Re gistered Public Accounting Firm To the Stockholders and the Board of Directors FrontView REIT, Inc.: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of FrontView REIT, Inc. and subsidiaries (the Company) as of December 31, 2024 (Successor) and 2023 (Predecessor), the related consolidated statements of income (loss), equity, and cash flows for the periods from October 3, 2024 to December 31, 2024 (Successor period), and the periods from January 1, 2024 to October 2, 2024 and for the year ended December 31, 2023 (Predecessor periods), and the related notes and financial statement schedule III Real Estate Assets and Accumulated Depreciation (collectively, the consolidated financial statements).
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm (PCAOB ID No. 185 ) 63 Consolidated Balance Sheets 64 Consolidated Statements of Operations and Comprehensive Loss 65 Consolidated Statements of Equity 66 Consolidated Statements of Cash Flows 67 Notes to Consolidated Financial Statements 69 Schedule III 86 Schedule IV 95 62 Report of Independent Re gistered Public Accounting Firm To the Stockholders and the Board of Directors FrontView REIT, Inc.: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of FrontView REIT, Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive loss, equity, and cash flows for the year ended December 31, 2025 and for the periods from October 3, 2024 through December 31, 2024 (Successor period), and the period from January 1, 2024 through October 2, 2024 (Predecessor period), and the related notes and financial statement schedules III to IV (collectively, the consolidated financial statements).
(2) Interest expense is projected based on the outstanding borrowings and interest rates in effect as of December 31, 2024. (3) Amounts include dividends declared as of December 31, 2024 of $0.215 per Common Stock and OP Unit. Future undeclared dividends are excluded. (4) Amounts include acquisitions under contract.
(2) Interest expense is projected based on the outstanding borrowings and interest rates in effect as of December 31, 2025. This amount includes the impact of interest rate swap agreements. (3) Amounts include dividends declared as of December 31, 2025 of $0.215 per Common Stock and OP Unit. Future undeclared dividends are excluded. (4) Amounts include acquisitions under contract .
To qualify as a REIT, the Company is subject to various requirements including that it must distribute at least 90 % of its taxable income to its shareholders as dividends.
To qualify as a REIT, the Company is subject to various requirements including that it generally must distribute at least 90 % of its taxable income (other than net capital gain) to its shareholders as dividends.
Accordingly, we are subject to interest rate risk. We also expect to continue to incur debt in the future in order to fund future acquisitions, which we expect will increase the amount of interest expense we incur.
We also expect to continue to incur debt in the future in order to fund future acquisitions, which we expect will increase the amount of interest expense we incur.
We currently derive a majority of our revenue from rents received from individual tenants of each of our properties in our portfolio. Our properties are typically leased under long-term net leases. As of December 31, 2024, the ABR weighted average remaining term of our leases was approximately 7.2 years, excluding renewal options.
We currently derive a majority of our revenue from rents received from individual tenants of each of our properties in our portfolio. Our properties are typically leased under long-term net leases. As of December 31, 2025, we had ABR of $62.9 million with a weighted average remaining term of our leases was approximately 7.4 years, excluding renewal options.
To the extent our properties become vacant, we would forego rental income while remaining responsible for the payment of property taxes, insurance, maintenance and other related costs and maintaining the property until it is re-leased, which could negatively impact our operating results. As of December 31, 2024, we had seven vacant properties.
To the extent our properties become vacant, including through casualty, condemnation, weather and environmental contamination, we would forego rental income while remaining responsible for the payment of property taxes, insurance, maintenance and other related costs and maintaining the property until it is re-leased, which could negatively impact our operating results. As of December 31, 2025, we had four vacant properties.
EARNINGS PER SHARE The following table summarizes the components used in the calculation of basic and diluted earnings per share ("EPS"): Successor (in thousands, except per share amounts) Period from October 3, 2024 through December 31, 2024 Basic earnings: Net loss attributable to FrontView REIT, Inc. common shareholders $ ( 2,997 ) Less: loss allocated to participating unvested restricted stock units ( 120 ) Net loss used to compute basic earnings per common share $ ( 3,117 ) Diluted earnings: Net loss used to compute basic earnings per common share $ ( 3,117 ) Add: net loss attributable to non-controlling interests ( 1,825 ) Net earnings used to compute diluted earnings per common share $ ( 4,942 ) Weighted average number of common shares outstanding 16,815 Less: weighted average unvested restricted stock units (1) ( 556 ) Weighted average number of common shares outstanding used in basic earnings per common share 16,259 Add: effects of convertible OP Units (2) 11,319 Weighted average number of common shares outstanding used in diluted earnings per common share 27,578 Basic and Diluted earnings per share $ ( 0.19 ) (1) Represents the weighted average effects of 556 unvested restricted stock units of Common Stock as of December 31, 2024, which will be excluded from the computation of earnings per share until they vest.
EARNINGS PER SHARE The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”): Successor Successor For the year ended December 31, Period from October 3 through December 31, (in thousands, except per share amounts) 2025 2024 Basic earnings: Net loss attributable to FrontView REIT, Inc. common shareholders $ ( 3,829 ) $ ( 2,997 ) Less: loss allocated to participating unvested restricted stock units ( 583 ) ( 120 ) Net earnings used to compute basic earnings per common share $ ( 4,412 ) $ ( 3,117 ) Diluted earnings: Net loss used to compute basic earnings per common share $ ( 4,412 ) $ ( 3,117 ) Add: net loss attributable to non-controlling interests ( 1,734 ) ( 1,825 ) Net earnings used to compute diluted earnings per common share $ ( 6,146 ) $ ( 4,942 ) Weighted average number of common shares outstanding 20,407 16,815 Less: weighted average unvested restricted stock units (1) ( 651 ) ( 556 ) Weighted average number of common shares outstanding used in basic earnings per common share 19,756 16,259 Add: effects of convertible OP Units (2) 8,084 11,319 Weighted average number of common shares outstanding used in diluted earnings per common share 27,840 27,578 Basic and Diluted earnings per share $ ( 0.22 ) $ ( 0.19 ) (1) Represents the weighted average effects of 591 and 556 outstanding unvested restricted stock units of Common Stock as of December 31, 2025 and 2024, respectively, which will be excluded from the computation of earnings per share until they vest.
Date: March 20, 2025 By: /s/ Stephen Preston Stephen Preston Chairman, Co-Chief Executive Officer and Co-President (Co-Principal Executive Officer) Date: March 20, 2025 By: /s/ Randall Starr Randall Starr Co-Chief Executive Officer, Co-President and Director (Co-Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has been signed below by the following persons on behalf of the Registrant in the capacities and on the dates indicated.
Date: February 25, 2026 By: /s/ Stephen Preston Stephen Preston Chairman, Chief Executive Officer and President (Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has been signed below by the following persons on behalf of the Registrant in the capacities and on the dates indicated.
During the year ended December 31, 2024, the Company acquired 29 properties for an aggregate purchase price of $ 104,184 . The majority of properties acquired during the year ended December 31, 2024, were leased at acquisition with an average remaining lease term of approximately 11.3 years.
During the year ended December 31, 2024, the Company acquired 29 properties for an aggregate purchase price of $ 104.2 million. The majority of properties acquired during the year ended December 31, 2024, were leased at acquisition with an average remaining lease term of approximately 11.3 years. 75 The acquisitions were all accounted for as asset acquisitions.
Our leases do not typically include significant front-loading or back-loading of payments, or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates.
Our leases typically include cash rents that increase through lease escalations over the term of the lease. Our leases do not typically include significant front-loading or back-loading of payments, or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates.
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