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Realty Income for prominent outparcel properties.

National Retail Properties, but with a sharp focus on high-visibility road-frontage sites.

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• Property Leasing: FrontView REIT provides commercial real estate space by leasing outparcel properties in prominent, high-traffic locations to a diversified group of tenants under long-term net leases.

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FrontView REIT (FVR) sells primarily to other companies, which are its tenants that lease its outparcel properties.

Due to the highly diversified nature of its tenant base, with no single tenant brand accounting for more than 3.4% of its ABR, FrontView REIT does not have individually identifiable major customer companies. As of June 30, 2024, its portfolio was leased to 292 tenants representing 137 different brands.

FrontView's customers are various service-oriented businesses and general retail tenants. These categories include, but are not limited to:

• Restaurants
• Cellular stores
• Financial institutions
• Automotive stores and dealers
• Medical and dental providers
• Pharmacies
• Convenience and gas stores
• Car washes
• Home improvement stores
• Grocery stores
• Professional services
• General retail tenants

Approximately 40.0% of FrontView's tenants had an investment-grade credit rating as of June 30, 2024.

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Stephen Preston, Chairman and Chief Executive Officer

Stephen Preston is the Founder of FrontView REIT, Inc., which he formed in 2016. He currently serves as the Chairman and Chief Executive Officer. Mr. Preston has more than 24 years of experience in real estate and finance, with a focus on outparcels and other real estate asset classes. Prior to founding FrontView REIT, he served as a principal of NADG (North American Development Group), an acquirer and developer of commercial, residential, and net-lease real estate established in 1977 and currently managing approximately $5.0 billion in assets. He has also held the position of Chairman at North American Development Group LLC since 1999 and Chairman at NADG NNN Real Estate Investment Trust. He completed his undergraduate studies at Southern Methodist University and earned an MBA from the University of Florida.

Pierre Revol, Chief Financial Officer

Pierre Revol was appointed as FrontView REIT's Chief Financial Officer, effective July 21, 2025. He brings over 20 years of leadership experience across the real estate and financial sectors, with deep expertise in corporate finance, capital markets, REIT operations, and strategic transactions. Most recently, Mr. Revol served as Senior Vice President of Capital Markets at CyrusOne, a global data center owner, developer, and operator, where he was instrumental in developing and executing the company's capital markets strategy and successfully raised over $15 billion in both asset-level and corporate financing. Previously, he was Senior Vice President, Corporate Finance and Investor Relations at Spirit Realty Capital, Inc., a publicly traded net-lease REIT. During his time at Spirit Realty, Mr. Revol played a key leadership role in corporate strategy, capital allocation, and enterprise planning, and was involved in significant corporate transactions, including the spin-off and $2.4 billion sale of Spirit Master Trust and the $9.3 billion merger of Realty Income and Spirit Realty. Earlier in his career, he held investment banking roles at Goldman Sachs as an Associate and UBS investment bank as an analyst. He holds a Bachelor of Science degree in Economics with a concentration in Finance from the Wharton School and a Bachelor of Arts degree in International Relations from the University of Pennsylvania.

Drew Ireland, Chief Operating Officer

Drew Ireland serves as the Chief Operating Officer of FrontView REIT.

Sean Fukumura, Chief Accounting Officer

Sean Fukumura serves as the Chief Accounting Officer for FrontView REIT. He was also appointed Interim Chief Financial Officer from June 15, 2025, until Pierre Revol's appointment. Mr. Fukumura joined the predecessor to FrontView REIT in 2018, holding positions as Director of Accounting and Tax from 2018 to 2021, and Vice President, Accounting and Tax from 2021 to 2024. Before joining FrontView's predecessor, he was a Corporate Controller with Venterra Realty, a multi-family real estate and investment company, from 2012 to 2018. Prior to that, he was a Manager of External Reporting at Reliance Home Comfort from 2010 to 2012, and worked in public accounting in the audit and assurance group of Ernst & Young from 2006 to 2010.

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The key risks for FrontView REIT (FVR) are:

1. Reliance on Tenant Performance and Economic Conditions: FrontView REIT's revenues are primarily derived from long-term net leases with its diverse group of tenants. A downturn in general economic conditions or specific challenges faced by its service-oriented tenants (such as restaurants, cellular stores, financial institutions, etc.) could lead to decreased rental payments, tenant defaults, or higher vacancy rates, thereby negatively impacting the company's financial performance. While the portfolio is diversified by tenant and geography, a broad economic contraction could affect multiple tenants across various industries and locations.
2. Ability to Execute Growth Strategy and Competition for Acquisitions: FrontView REIT is a "growing net-lease REIT" and explicitly states its intention to "continue to execute our growth strategy" by sourcing new acquisition opportunities. The company focuses on acquiring "well-located, net-leased outparcel properties that provide high visibility." If the market for these specific types of properties becomes highly competitive, or if suitable acquisition opportunities are scarce or overpriced, FrontView's ability to expand its portfolio, achieve economies of scale, and meet its growth objectives could be hindered.
3. Exposure to Interest Rate Fluctuations and Debt Financing Risks: As a real estate investment trust that utilizes debt to finance acquisitions, FrontView REIT is susceptible to changes in interest rates. Rising interest rates could increase the cost of borrowing under its "New Revolving Credit Facility and New Delayed Draw Term Loan," or for future debt, thereby impacting its profitability and cash flow available for distribution. Additionally, reliance on debt financing means the company is exposed to the risks associated with refinancing existing debt or securing new capital on favorable terms.

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FrontView REIT (FVR) operates within the U.S. commercial real estate market, specifically focusing on acquiring, owning, and managing net-leased outparcel properties. While a precise market size for "outparcel properties" alone is not readily available, the addressable market for FrontView REIT can be understood within the broader U.S. commercial real estate and net-lease sectors.

The total value of the investable commercial real estate market in the U.S. was estimated at $26.8 trillion in 2024. More broadly, the total value of all commercial real estate in the United States was estimated to be between $14 trillion and $17 trillion in 2019/2020. A more recent estimate from Q2 2021 placed the total dollar value of commercial real estate at $20.7 trillion, with a likely range of $18 trillion to $22 trillion. The U.S. commercial real estate market size, based on revenue, was valued at USD 742.3 billion in 2025 and is projected to reach USD 995.6 billion by 2034.

Focusing on the net-lease segment, which is directly relevant to FrontView's operations, the U.S. net-lease investment volume reached $51.4 billion in 2025. In 2024, the net lease market saw an increase of 13%, reaching $43.7 billion. The retail sector, where FrontView's outparcel properties primarily reside, accounted for 21% of the total net-lease investment volume in Q4 2025. The single-tenant net-lease retail sector specifically saw $5.7 billion in sales volume during the first half of 2025. Investment sales volumes for the single-tenant net lease (STNL) sector in the U.S. totaled $9.6 billion in Q2 2025. Retail net-lease transaction volume increased 18% year-over-year through Q3 2025.

Therefore, FrontView REIT's addressable markets are primarily:

• The overall U.S. Commercial Real Estate market, which had a total investable value of $26.8 trillion in 2024.
• The U.S. Net-Lease Investment market, which saw an annual investment volume of $51.4 billion in 2025.
• More specifically, the U.S. Retail Net-Lease sector, which represented 21% of the total net-lease investment volume in Q4 2025.

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FrontView REIT (FVR) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, built-in rent escalations, a focus on maintaining high occupancy, and accretive capital recycling.

Here are the key expected drivers of future revenue growth for FrontView REIT:

• Acquisition of New Properties: FrontView REIT's core strategy involves expanding its portfolio through new acquisitions of outparcel properties. The company has a stated net investment target of approximately $100 million for 2026, which is expected to expand its asset base by more than 10% and drive growth in its Adjusted Funds From Operations (AFFO) per share. Since its IPO in October 2024, FrontView has expanded its asset base by 28.8%, acquiring 61 properties for $230 million in 2025 alone. This consistent pursuit of new, strategically located assets is a primary driver of increased rental revenue.
• Contractual Rent Escalations: A significant portion of FrontView's existing leases include contractual rent escalations. As of June 30, 2024, approximately 96.6% of its leases had contractual rent escalations, with a weighted average minimum increase of approximately 1.7% per annum. This built-in feature provides a stable and predictable source of incremental revenue growth from its current portfolio over the lease terms.
• Maintaining High Occupancy and Effective Re-leasing: FrontView maintains a very high occupancy rate, reaching 98.7% across its properties as of December 31, 2025, with only four vacant assets. This high occupancy ensures consistent revenue generation. Furthermore, the company has demonstrated its ability to quickly re-lease vacant properties, for example, achieving a 24% increase in property value by re-leasing a closed auto dealership. This effective asset management minimizes revenue loss from vacancies and supports sustained rental income.
• Accretive Capital Recycling: FrontView actively manages its portfolio through an "accretive capital recycling" strategy. This involves acquiring superior assets while disposing of less optimal properties. In 2025, the company acquired properties with a 7.7% cash capitalization rate and a 12.4-year weighted average lease term, while disposing of properties at a 6.8% cap rate with shorter lease terms. This strategy of trading up in quality and capturing yield advantages contributes to higher overall portfolio revenue and improved financial performance.

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Share Repurchases

• FrontView REIT authorized a stock repurchase program of up to $75 million of its outstanding common stock on November 24, 2025.
• This authorization is set to expire on November 10, 2026.
• The program allows the company to repurchase up to 23.6% of its stock through various methods, including open market purchases.

Share Issuance

• FrontView REIT completed its initial public offering (IPO) on October 2, 2024, offering 13,200,000 shares of common stock at $19.00 per share, generating gross proceeds of $250.8 million.
• On February 10, 2026, the company issued 250,000 shares of Series A Convertible Preferred Stock at $100.00 per share, raising approximately $25.0 million from three institutional purchasers.
• FrontView REIT entered into a distribution agreement on February 27, 2026, to offer and sell up to $75 million of its common stock through an at-the-market (ATM) equity distribution program.

Inbound Investments

• On November 12, 2025, FrontView REIT agreed to a $75 million delayed-draw convertible perpetual preferred equity investment led by Maewyn Capital Partners.
• The capital from this investment is expected to fund approximately $100 million in acquisitions for 2026.
• On February 10, 2026, as part of this investment, the company issued 250,000 shares of Series A Convertible Preferred Stock for gross proceeds of approximately $25.0 million to institutional purchasers, including Maewyn FVR II LP.

Outbound Investments

• In 2025, FrontView REIT acquired 32 properties for $124.1 million.
• For the first quarter of 2026, the company's investment pipeline includes 9 acquisitions valued at $31.5 million.
• FrontView REIT is "fully funded to acquire $100 million of net assets" for the year 2026.

Capital Expenditures

• FrontView REIT's primary capital expenditures are focused on acquiring well-located, net-leased outparcel properties.
• In 2025, the company acquired 32 properties for a purchase price of $124.1 million.
• For the first quarter of 2026, FrontView anticipates net investment activity of approximately $25 million from an investment pipeline that includes 9 acquisitions for $31.5 million.