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EXHIBIT 99.2 FV FRONTVIEW REIT Investor Presentation Quarter ended June 30 , 2026 AspenDental Aspenben BUY Kroger High School BOB'S RE O Ware cathACTOR Faurecia Applebee's State Farm 6 Faurecia Enmark BS A Days Inn ACURA ти BAIFITNESS , AMERICA MICROTEL M O U - HAUL 54,800 VPD Arbys sam's club SALLY planet FrontView is an internally managed net - lease real estate investment trust ( " REIT " ) focused on acquiring , owning , and managing properties with frontage that are leased to a diversified tenant base . Our real estate - first investment strategy is centered around highly visible properties in prominent retail corridors with strong underlying real estate fundamentals . We target properties along high - traffic roads that offer strong consumer visibility and adaptable building formats capable of supporting various businesses over time . investor.frontviewreit.com CK AVE 19,100 VPD Meijer Express 2Gas Station Aspen Dental $ 2.1 million 20861 E 13 Mile Rd , Roseville , MI 48066 PURCHASE PRICE 25.3K / Day TRAFFIC COUNT meijer ELL BAYMONT Kroger Fuel Center BELL Dorsey Campus ( Culinary Building ) IHOP 148,900 VPD get well Macomb Mall KOHL'S HOBBY LOBBY берег DICK'S H & M at hame Michael's DXL five BELOW SHOE CARNIVAL BIG TALL OLD NAVY HOT TOPIC CHASEO FLORA ST Aspen Dental Kroger
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2 FrontView REIT Overview Fungible boxes with frontage in major markets operating in vibrant strong retail corridors, with replaceable rents Embedded higher organic growth from contractual escalators and mark- to-market upside potential Highly diversified, with no tenant representing more than 2.6% of ABR and top 10 of only 20.2% Strong alignment through meaningful insider ownership, equity compensation, and strong corporate governance Competitive edge in fragmented market through granular sourcing and developer underwriting acumen Low levered balance sheet with equity raised to fund 2026 and 2027 investments and a low payout ratio Real Estate First. Diversification by Design. Company Highlights
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3 Q2 2026: Highlights and Opportunity (1) Please see https://frontviewreit.com/portfolio. (2) As of 6/30/2026; Includes OP units and common shares. Assumes full impact of Series A convertible preferred stock is converted to common stock at $17.00 per share. 3 3 Optimized portfolio through capital recycling, enhancing diversification, real estate quality, tenant credit and WALT Raised 2026 AFFO per share guidance to 7% growth at midpoint, with Adj. Net Debt / Annualized Adj. EBITDAre of 4.0x, Net Debt / Annualized Adj. EBITDAre to 5.4x, Fixed Charge Ratio of 3.6x, of and LTV of 33.0% 99.4% occupied and renewed three properties to new tenants, with 23.4% increase in rents and re-tenanted a vacant property to Amazon adding over $260K in ABR Disciplined Execution Differentiated Portfolio Diversified tenant base, with the largest tenant at only 2.6% of ABR, top 10 at 20.2% and top 20 at 35.5% Highly desirable locations, with over 27K average daily traffic, top 26.9 Placer.ai rankings and 173K 5-mile population Alignment, Growth, Portfolio Improvement Strong alignment with shareholders, as management team and board collectively own approximately 10% (2) of the outstanding shares and units Portfolio improvement: increased top 100 MSAs to 78.5% (+1.5% from Q1), reduced Dollar Trees (-1.4% from Q1) Best-in-class disclosures: 100% of ABR by concept and 100% of property addresses (1) Granular frontage portfolio, with median box size of 5,000 SQFT and median rent per box of $174,000 Attractive PEG ratio supported by 7% growth at mid-point of 2026 guidance; raised 2026 net investment guidance to $120 million Fully funded for 2026 and 2027 investments with forward equity, undrawn preferred stock and revolver capacity; raised $50.5 million in common equity under the ATM program
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4 Q2 2026 Key Stats and Guidance 2026 Guidance Metric Prior Current Change Net Investment ~$110M ~$120M ~$10M AFFO per Share $1.29 - $1.33 $1.32 - $1.34 + $0.03 - $0.01 6.6% y-o-y growth (midpoint) 7.4% y-o-y growth (high end) As of June 30, 2026 Top Tenant ABR % 2.6% 5,000 Median Square Feet per Box $66.9M Annualized Base Rent (ABR) 99.4% Occupancy 316 Properties ~$174K Median Rent per Box 173K 5-Mile Average Population (1) Weighted Avg. Lease Term 7.1 years Available Liquidity $208M Dividend Payout Ratio (4) 64.7% Adj. Net Debt / Ann. Adjusted EBITDAre 4.0x Rentable Square Feet 2,890K Note: Data as of or for the quarter ended June 30, 2026. (1) Based on ABR. (2) Based on the number of properties within 0.5 miles of a shopping center. (3) Placer.ai ranks locations from 1 to 100, with 1 being the best, based on retail subcategories determined by visitations. A score of 50 indicates an average location. (4) Adjusted Funds from Operations (“AFFO”) payout ratio. Investment Grade (1)33.6% Top 100 MSAs (1)78.5% Median Placer.ai Score (3) 26.9 Proximity to Shopping Centers (2)91.8% 4
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5 Q2 2026 Portfolio Overview (1) A major franchisee has over 50 units. Investment grade represents tenant or guarantor rating weighted by ABR. (2) Includes Giant Eagle, which entered into an agreement to be acquired by Kroger, an IG tenant. (3) Based on ABR. (4) Based on number of assets within a 0.5-mile radius of an anchor tenant within a shopping center. (5) Placer.ai ranks locations from 1 to 100, with 1 being the best, based on retail subcategories determined by visitations. A score of 50 indicates an average location. Portfolio Stats Properties 316 Annualized Base Rent (“ABR”): $66.9M Number of Leases: 336 Top 10: 20.2% Concepts 165 Industries 16 Rentable Square Feet 2.9M Average Rent Per Square Foot $23.28 Occupancy 99.4% WALT 7.1 years Median Rent per Box $174K Median Square Feet per Box 5,000 Tenant and Lease Characteristics Corporate or Large Franchisee (1) 96.1% Investment Grade % (1, 2) 33.6% Leases with Escalators 97.5% Annual Escalators 1.7% Ground Lease (3) 10.9% Location and Performance Top 100 MSA (3) 78.5% Proximity to Shopping Centers (4) 91.8% Median State Placer.ai Score (5) 26.9 Average Daily Traffic Count 26.7K Average 5-Mile Population 172.9K Top 25 Tenants 1.1% 1.1% 1.2% 1.2% 1.3% 1.3% 1.3% 1.4% 1.5% 1.6% 1.6% 1.6% 1.6% 1.7% 1.7% 1.8% 1.8% 1.8% 1.8% 2.0% 2.0% 2.1% 2.1% 2.2% 2.6% Investment Grade Rated Non-Investment Grade Rated Geographically Diversified Industry Defensive Mix 44.0% Necessity 52.7% Service 3.3% Discount See supplemental for detail MA MN ID AZ CO NV UT AR KS MO OK LATX CT RI AL FL GAMS SC IL IN KY NC OH TN VA WI MD NJ NY PA ME MI MI ≥10% ABR ≥1% and <5% ABR ≥5% and <10% ABR <1% ABR 0% ABR WV
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6 Highly Fungible Assets with Strong Visibility Our properties are strategically-located and frontage- based providing tenants with excellent visibility, customer convenience and brand-building opportunities Sample Brands Brand Building Through Real Estate • Opportunity to build individual signage and prototypes to allow tenants to market, brand, and advertise themselves as they are located along highly trafficked roads Convenience and Access • Attracts tenants in the essential and experiential retail segments that demand high-profile physical locations that facilitate frequent visitation from customers • Frontage on highly-trafficked roads provides tenants with premium visibility and convenient access for customers Growing Demand Drivers • New tenants entering the marketplace • Existing tenants expanding/relocating • Demographic changes, including growing population FrontView’s tenants are typically positioned within a retail center to attract the greatest road/foot traffic Many properties lack the access and visibility that are essential to FrontView’s strategy and as a result, they fall outside of our buy box
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7 Strategically Located Properties Benefits of Locations In or Near Shopping Centers Fungible real estate Cross-selling and upselling opportunities Seamless omnichannel experience for visitors Increased foot traffic Stronger brand loyalty and engagement Properties Located Near Highly Trafficked Shopping Centers and Along Major Thoroughfares (1) In or near shopping center Not in or near shopping center WellNow – Amherst, NY (Buffalo MSA) PNC Bank – Chicago, IL (Chicago MSA) 8% 92% 19% 81% 0.3 miles (2) 0.5 miles Rise – Orem, UT (Salt Lake MSA) (1) Based on the number of assets. (2) According to Urban Land Institute, the average retail node is approximately 0.3 miles. These locations include high-traffic shopping centers and/or large standalone high-traffic retailers (e.g., Costco, Walmart, Target, Home Depot, Lowe’s). Chili’s – Naperville, IL (Chicago MSA) Verizon – Snellville, GA (Atlanta MSA) 7 Brew – Jacksonville, FL (Jacksonville MSA)
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8 Differentiated Characteristics Versus Peers Note: Essential Properties, Four Corners, Agree Realty, NNN REIT, and NETSTREIT as of Q2 2026; Realty Income as of Q1 2026. (1) Reflects the undepreciated book value of real estate divided by the number of properties. Average Box Size (000s Square Feet) Fungible Box Sizes That Many Tenants Can Utilize 22 21 18 11 11 9 7 Peer average: 15K SQFT Low Rent and Basis Allowing for Positive Releasing Opportunities $336 $282 $269 $254 $244 $212 $188 Annualized Base Rent Per Property ($000s) Peer average: $262 Excellent Tenant Diversification Top Tenant Concept as % of ABR 43.8% 5.8% 4.2% 4.2% 3.3% 3.1% 2.6% Peer average: 10.7% Peer average (ex FCPT): 4.1% FrontView’s Portfolio is Predominately in Top MSAs $2.5$2.6$3.0$4.1 $3.2 $3.1 $3.1 Average Investment Per Property ($M) (1) Top 10 Tenant Concepts as % of ABR 34.6% 30.8% 28.7% 23.6% 20.2% 15.2% Peer average: 33.3% Peer average (ex FCPT): 26.6% 66.6%
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9 Quick Service RestaurantsMedical & Dental Providers Other – Service # Concept Credit # of Leases ABR % 1 Dick's Corporate - IG 1 2.1% 2 Range USA Corporate 3 1.8% 3 LA-Z-Boy Corporate 3 1.7% 4 Academy Sports Corporate 1 1.1% 5 WSS Corporate - IG 2 1.0% Others 14 4.0% Total 24 11.7% Casual Dining The Top 6 Industries Represent Approximately 65.5% of ABR as of June 30, 2026 Financial Institutions # Concept Credit # of Leases ABR % 1 Bank of America Corporate - IG 5 1.8% 2 PNC Bank Corporate - IG 6 1.6% 3 Wells Fargo Corporate - IG 3 1.3% 4 Charles Schwab Corporate - IG 1 1.1% 5 Chase Bank Corporate - IG 3 0.9% Others 8 1.8% Total 26 8.5% Automotive Stores # Concept Credit # of Leases ABR % 1 Advance Auto Parts Corporate 7 1.2% 2 Take 5 Oil Change Franchisee 6 1.0% 3 Jiffy Lube Franchisee 3 0.6% 4 O’Reily Auto Parts Corporate – IG 4 0.6% 5 AutoZone Corporate – IG 3 0.6% Other 11 2.2% Total 34 6.2% # Concept Credit # of Leases ABR % 1 Fast Pace Urgent Care Corporate 7 2.0% 2 Oak Street Health Corporate 6 2.0% 3 Aspen Dental Corporate 7 1.4% 4 St. Joseph Hospice Corporate 2 1.3% 5 Heartland Dental Corporate 5 1.2% Others 26 7.9% Total 53 15.8% # Concept Credit # of Leases ABR % 1 Raising Canes Corporate 6 2.2% 2 Wendy's Franchisee 6 1.1% 3 Andy's Frozen Custard Corporate 4 0.9% 4 Burger King Corporate 4 0.9% 5 Chipotle Corporate 5 0.9% Others 43 7.4% Total 68 13.4% # Concept Credit # of Leases ABR % 1 IHOP Corporate 7 1.8% 2 Chili's Corporate 3 1.5% 3 Applebee's Franchisee 3 0.9% 4 Buffalo Wild Wings Corporate 2 0.8% 5 Chuy's Mexican Corporate - IG 2 0.7% Others 17 4.2% Total 34 9.9% Top Industries and Concepts High Quality Concepts Across Top Industries
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10 Strong Track Record on Renewals (1) Includes tenant lease renewals, new tenant leases at expiration, and new tenant leases after expiration, excluding blend and extend. (2) Successfully negotiated two new lease agreements out of an expiring Twin Peaks lease in Winston-Salem, NC. (3) Includes five tenants whose leases originally expired in 2026 but exercised their option in 2025. Executed seven (2) new tenant leases at expiration, achieving 119.8% of prior tenants’ rent Renewed 46 leases at expiration, achieving 104.3% of expiring rent Contractual renewal rate typically ranges between 100.0% - 110.0% of prior rent Since 2016, Overall Recapture of 106.1% (1) 3 4 9 8 20 2 3 3 2021 2022 2023 2024 2026 % of Recapture for Prior Rent Renewal New Tenant 2025 (3) 106.8% 102.2% 105.5% 107.4% 102.7% Since inception in 2016, FrontView has had 52 lease renewals Recapture Breakdown Lease Renewals 104.3% New Tenant 119.8% Overall Recapture Rate 106.1% 118.6 % (2)
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11 Upcoming Lease Expirations Are Well-Positioned in Their Respective Markets for Rent Appreciation (1) Based on 0.5-mile proximity to a shopping center by the number of properties. (2) Traffic Counts are determined by CoStar. (3) Placer.ai ranks locations from 1 to 100, with 1 being the best, based on retail subcategories determined by visitations. A score of 50 indicates an average location. Lease Maturity Summary Next 5-years Total Portfolio # of Leases 128 336 GLA 0.93M 2.89M % of Total GLA 32% 100% Median Box Size (SQFT) 4,410 5,000 Shopping Center Exposure (1) 94% 92% ABR Per SQFT $25.54 $23.28 % of Total ABR 35% 100% Median Rent per Box $156K $174K Average 5-Mile Population 179.2K 172.9K Average Traffic Counts 22,546 26,677 Upcoming 5-year Maturities Are Related to Real Estate Locations That Are Attractive For Their Respective Markets 1.5% 8.7% 7.5% 8.4% 9.3% 64.6% 2026 2027 2028 2029 2030 2031+ Lease Maturity (% of ABR) High Traffic Counts of Upcoming Expirations (2) 15,667 23,996 20,548 22,597 23,865 28,908 5-Mile Average Population 131.1K 186.1K 136.8K 187.9K 206.7K 169.4K Median Placer.ai Scores of Upcoming Expirations (3) Top-Quartile Top-HalfTop-Half Number of Leases 8 29 30 29 32 208 Top-Third Top-Third Top-Third
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12 Optimizing Portfolio Through Accretive Capital Recycling 6.50% or less Capitalization Rate Trailing Twelve Months Occupied DispositionsTrailing Twelve Months Acquisitions Over 6.50% to 7.00% Capitalization Rate Over 7.00% Capitalization Rate Top 100 MSA 79.7% Median Placer.ai Score 22.5 Rent per Square Foot $19.80 Avg. 5-mile Population 133.2K Median Box Size 5,925 IG (1) 34.7% Number of Properties 37 Investment $149M Cash Cap Rate 7.42% Economic Yield 7.63% Median Purchase Price $2.8M WALT (years) 9.7 Occupied Properties 31 Occupied Proceeds $74M Cash Cap Rate 6.89% WALT (years) 8.2 Median purchase price of $2.8M across 37 properties and 32 unique concepts Strategic sales including removing tertiary locations, increasing industry diversification, and shedding weaker / tired concepts (1) Includes Giant Eagle, which entered into an agreement to be acquired by Kroger, an IG tenant.
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13 Q2 2026 Capital Structure Overview Sub-35% Leverage Ratio With Ample Liquidity Note: Metrics as of June 30, 2026. (1) Equity value as of June 30, 2026, was $20.23. (2) The revolving credit facility has four hedges for a notional amount of $100.0 million that expires on March 31, 2028. (3) Maturity date assumes both 12-month extension options are exercised. Initial maturity is October 3, 2027. (4) Fixed Charge Coverage Ratio represents Adjusted Annualized EBITDAre divided by Annualized Fixed Charges. Capital Structure Total Capitalization $939M Common stock (1) 51.0% OP Units (1) 11.2% Net debt and adjusted net debt to annualized adjusted EBITDAre (000s) Interest rate Fixed rate SOFR swap Max maturity June 30, 2026 Term loan 4.81% 3.66% 10/3/2029 (3) $ 200,000 Revolving credit facility SOFR + 1.15% 2.92% - 3.28% (2) 10/3/2029 (3) 130,000 Gross debt $ 330,000 Cash and cash equivalents (6,001) Net debt $ 323,999 Less: Net value of undrawn Series A convertible preferred stock (50,000) Less: Net value of unsettled forward equity (32,237) Adjusted net debt $ 241,762 Annualized adjusted EBITDAre $ 59,924 Net debt to annualized adjusted EBITDAre 5.4x Adjusted net debt to annualized adjusted EBITDAre 4.0x Fixed charge coverage ratio (000s) Interest expense $ 4,191 Non-cash interest (400) Preferred dividends 422 Fixed charges 4,213 Annualized Fixed Charges $ 16,852 Fixed Charge Coverage Ratio (4) 3.6x Liquidity (000s) Cash and cash equivalents $ 6,001 Undrawn revolving credit facility capacity 120,000 Undrawn Series A convertible preferred stock 50,000 Unsettled forward equity 32,237 Total liquidity $ 208,238 Term Loan and Credit Facility Covenants Total leverage ratio ≤ 60% 33.0% Adjusted EBITDA to fixed charges ratio ≥ 1.50 to 1.00 3.6x Secured leverage ratio ≤ 40% 0.0% Unencumbered NOI to unsecured interest expense ratio ≥ 1.75 to 1.00 4.4x Unsecured leverage ratio ≤ 60% 33.4% Tangible net worth ≥ $ 380,032 $666,786 Series A convertible preferred stock 2.7% Revolving Credit Facility 13.8% Term loan 21.3%
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Case Studies
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15 Hops n Drops Disposition: Harvesting Value from a Dark Asset 5,077 SQFT Building Size 24,165 Average Daily Traffic 777K People Within Colorado Springs MSA (Top 100 MSA) 1.2 Acres Land Size Property Characteristics Address: 5820 Stetson Hills Blvd., Colorado Springs, CO 80922 Harvested value for shareholders by selling a dark asset generating an IRR of 12.1% Acquired a Hops N Drops in 2019 with prime frontage and ~10 years of lease term remaining for a $2.5M Purchase Price The store initially performed well, generating over $2.2M in annual sales and mid-single digit rent-to-sales ratios Given the property’s prime location and real estate characteristics, FrontView quickly received several sub-lease proposals from experienced operators After evaluating multiple lease opportunities with new tenants, FrontView decided to sell the property to a qualified buyer who purchased the asset for a substantial premium Recognized significant value creation by selling the property for $3.75M in July 2026, representing a 50% gain over the original purchase price and a 5.0% capitalization rate on existing rent Prior Tenant Disposition Details Persistent inflationary pressure and rising operating costs pushed management to shut the store down 24.2K VPD
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16 Amazon Re-Tenanting: Converting Walgreens Risk into AA Credit Value Creation (1) Amazon lease remains subject to tenant’s limited diligence / governmental approval contingency, including the ability to term inate the lease if required approvals for its intended fulfillment-related use are not obtained within the applicable contingency period. Value creation estimate assumes lease commencement and tenant occupancy following satisfaction or waiver of such contingency. (2) Based on market cap rate, where comparable Amazon leases are trading in the marketplace. 10,152 SQFT Building Size 22,966 Average Daily Traffic 625K People Within Durham MSA (Top 100 MSA) 1.2 Acres Land Size Property Characteristics Address: 710 Fayetteville St, Durham, NC 27701 Signed a new lease with Amazon, an AA/A1 credit, validating the strength of the real estate and demonstrating FrontView’s ability to convert tenant risk into value creation FrontView acquired the property in 2019 with excellent frontage and approximately six years of Walgreens lease term remaining The store initially performed well, generating approximately $7.2M in annual sales Marketed the property through our network and quickly generated multiple qualified lease and sale offers Signed a multi-year lease with Amazon (1) at approximately the same rent, with 2% annual escalators and no tenant improvement contribution; rent commenced mid-May 2026 Created significant value over our basis (2) through targeted credit enhancement and real estate-first asset management Prior Tenant New Tenant Following Walgreens’ acquisition by Sycamore Partners, FrontView proactively evaluated alternative outcomes for the asset
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17 Raising Cane’s Redevelopment: Upgrading from Miller’s Ale House Proactively converted the asset into a 15-year Raising Cane’s ground lease, with prior tenant termination fees fully offsetting carrying costs during the transition New Tenant Prior Tenant 3,065 SQFT Building Size 47,800 Average Daily Traffic 9.6M People Within Chicago MSA 1.6 Acres Land Size Acquired property in 2019 at a 7.0% cap rate, ~7 years of term remaining Strong initial performance, later pressured by COVID-19 headwinds Signalized hard corner with exceptional demographics, created clear re-tenanting upside Marketed the property for lease while partnering with Miller’s on a long-term solution Signed 15-year Raising Cane’s ground lease with zero landlord contributions; Miller’s termination fee covered carrying costs $1.7M gain on basis (42% increase) (1) supported by hard-corner real estate, stronger credit, zero landlord contributions, and a 15-year ground lease (1) Based on 5.00% cap rate, where comparable long-term Raising Cane’s leases are trading. Property Characteristics Address: 6401 95th Street, Chicago Ridge, IL 60415 28.5K VPD 19.3K VPD
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18 Panda & Jaggers Redevelopment: Former Twin Peaks Leveraging FrontView’s development expertise, FVR subdivided an underperforming property into two ground-leased parcels and executed new leases with stronger-credit tenants at materially higher rents New Tenants FrontView subdivided the site into two ground leases Created two new leases with combined annual rent of $265K, with rents of $140K and $125K, a 92% increase over prior rent of $138K Acquired property in 2019 for $1.8M with 6.5 years of term remaining Oversized parcel, below-market rent, and strong store (5% rent-to- sales) FAT Brands’ 2021 LBO saddled Twin Peaks with debt, prompting FrontView to proactively pursue alternatives $3.0M gain on basis (163% increase) (2) driven by site subdivision, stronger-credit tenants, 92% higher rent, and new 15+ year ground leases Prior Tenant Property Characteristics Address: 1915 Hampton Inn Ct, Winston-Salem, NC 27103 6,200 SQFT (1) Building Size 90,530 Average Daily Traffic 700K People In Winston-Salem MSA 1.8 Acres Land Size (1) Based on the combined proposed building sizes of both stores. (2) Based on 5.50% cap rate, where comparable long-term Panda Express and Jaggers leases are trading.
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19 Avis Re-Tenanting: Former Tricolor Real estate-first underwriting converted tenant default into an improved economic outcome New Tenant Prior Tenant Post alleged fraud, Tricolor’s senior A-rated secured ABS traded below 80 (20%+ implied losses) Given its strong location, FrontView received multiple offers to purchase and lease the property during bankruptcy With several potential options for the property, FrontView chose to pursue a lease with Avis (market cap of ~$5.6B (1) , credit rating of BB- from S&P) 10-year lease at a 6.8% initial cash cap rate with 2.1% annual escalators (7.4% economic cap), rent commenced two months after the bankruptcy $1.7M gain on basis (24% increase) (2) supported by superior credit, higher escalators and a new 10-year lease 20,246 SQFT Building Size 39,895 Average Daily Traffic 6.4M People Within Atlanta MSA 2.12 Acres Land Size (1) As of July 23rd, 2026. (2) Based on a 5.45% cap rate, where comparable Avis long-term leases have traded. Property Characteristics Address: 1431 Cobb Pkwy SE, Marietta, GA 30067
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Investment Opportunity
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21 Significant AFFO Growth at a Material Valuation Discount to Peers Note: As of Q2 2026; Market data based on FactSet as of 8/4/2026. (1) Calculated as Price / NTM AFFO based on FactSet consensus divided by the growth in 2025A – 2026E AFFO per share based on guidance or consensus. (2) EPRT, NNN, ADC, and NTST based on midpoint of guidance as of Q2’2026, other peers based on FactSet consensus as of 8/4/2026. (3) Based on midpoint of guidance AFFO per share growth of 7%. PEG Ratio (1) – Select Net Lease REIT Universe FVR Upside Potential P / NTM AFFO 14.0x 13.0x 13.3x 16.3x 14.7x 14.8x 14.5x 2026E AFFO growth (2) 3% 3% 4% 6% 5% 7% 7% 4.1x 3.8x 3.5x 2.8x 2.8x 2.2x 2.0x 1 2 3 4 5 6 7 Peer average: 3.1x 3.3% 4.2% 43.8% 5.8% 4.2% 2.6% 3.1% Top Tenant (% of ABR) $20.24 $28.04 (Peer Avg. PEG ratio of 3.1x at Midpoint of AFFO guidance)(3) (Current Share Price) +39% Upside Potential (At Midpoint of AFFO Guidance)(2)
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22 (1) Peer AFFO per share based on FactSet consensus; as of 8/4/2026. (2) Proforma for 2026 TTM. (3) Represents incremental AFFO per share growth assuming midpoint of 2026E guidance of $1.33 per share. (4) AFFO yield is based on stock price of $20.24 as of August 4, 2026, and assumed medium debt cost of 5.0%. Excludes benefit from free cash flow. FrontView Smaller Size Structural Advantage FrontView is Uniquely Positioned to Deliver Industry-Leading Growth with Relatively Low Investment Activity Smaller Size is a Structural Advantage 1.2 % 2.2 % 3.2 % 4.1 % 4.8 % 5.6 % 1.8 % 3.4 % 4.9 % 6.2 % 7.4 % 8.6 % $50 $100 $150 $200 $250 $300 1 Year Run Rate AFFO Per Share Growth (3) Investment Volume ($M) 100 bps Investment Spread (7.25% Acquisition Cap Rate - WACC) 150 bps Investment Spread (7.25% Acquisition Cap Rate - WACC) Net Lease Peers Capital Deployment and Growth Company 2026 Investment Guidance in Millions 2026E to 2028E AFFO Per Share CAGR (1) Realty Income $9,500 3.1% NNN $750 3.1% Agree Realty $1,700 4.4% Essential Properties $1,350 6.6% Netstreit $750 5.2% Four Corners (2) $528 3.4% Peer Average $2,430 4.3% Current Cost of Capital (4) AFFO Yield (65%) 6.6% Debt (35%) 5.0% WACC 6.0%
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23 Net Asset Value and Implied Cap Rate Valuation Discount Relative To Portfolio Quality and Peer Multiple June 30, 2026 Share Price as of Aug 4, 2026 $20.24 Shares outstanding, assuming full conversion of Series A Convertible Preferred Stock 30.3 Equity Market Cap $614.0 Net Debt 324.0 Total Enterprise Value 938.0 Other Assets (1) (21.5) Other Liabilities (2) 28.6 Implied Operating Real Estate Value $945.1 Annualized Adjusted Cash NOI (3) 67.6 Implied Cap Rate (LQA Annualized) 7.15% (1) Includes components of accounts receivable (net) and deferred rent receivables (net) that are realizable assets, and $7.1 million in net book value of vacant assets. (2) Other Liabilities of $28.6 million includes accounts payable and accrued liabilities. (3) Includes $0.8 million of annualized other operating income. (4) Based on Company Filings, Green Street Advisors, Equity Research. Market Data as of August 4, 2026. (5) See page 12 for assets sold over the trailing twelve months. Overall, the assets disposed of were generally of lower quality than those comprising the remaining portfolio. (6) Lowest cap rate was a Friendly’s in Commack, NY. ($M, except per share values) Upside Potential to NAV based on Implied Capitalization Rate $20.24 $21.60 $23.09 $24.73 $26.52 $28.51 $30.73 7.15 % 6.85 % 6.55 % 6.25 % 5.95 % 5.65 % 5.35 % +7% +14% +22% +31% +41% +52% $20.24 $21.42 $23.84 $30.73 Current Implied Cap Rate Disposition Cash Cap Rate (6.89%) Peer Average Cap Rate (6.41%) Lowest Disposition Cap Rate (5.35%) (5) (6) Peer Cap Rates (4) NNN 6.90% FCPT 6.60% NTST 6.38% O 6.50% EPRT 6.30% ADC 5.80% Peer Average 6.41% +6% +52%Significant Upside Potential +18% Implied Cap Rate %
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24 Additional Portfolio Stratifications Supplemental Information Available at investor.frontviewreit.com Quarterly Highlights Financial Statements Non-GAAP Reconciliations Net Asset Value Components TTM Investment and Disposition Activity Full Tenant List and ABR by Tenant Industry, Ground Lease, and Geography Stratifications Definitions The Supplemental is available on the company website
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Non-GAAP Reconciliations
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26 FFO and AFFO Reconciliations (unaudited, in thousands except share and per share data) For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 Net income (loss) $ 1,517 $ (4,530) $ 1,917 $ (5,867) Less: Series A Convertible Preferred Stock dividends (422) — (661) — Net income (loss) attributable to OP common unitholders 1,095 (4,530) 1,256 (5,867) Depreciation and amortization (1) 8,229 9,466 15,901 17,271 Gain on sale of real estate (2,262) (1,194) (3,225) (1,661) Impairment loss 156 2,978 968 3,406 Funds from operations (FFO) $ 7,218 $ 6,720 $ 14,900 $ 13,149 Straight-line rent adjustments (22) (286) (456) (408) Amortization of financing transaction and discount costs 400 400 795 795 Amortization of above/below market lease intangibles (2) 457 941 1,078 1,652 Stock-based compensation 1,065 200 2,126 815 Adjustment for structuring and public company readiness costs — 89 — 290 Other non-recurring expenses (3) 278 964 443 964 Adjusted funds from operations (AFFO) $ 9,396 $ 9,028 $ 18,886 $ 17,257 Weighted average common shares outstanding, basic 22,831,250 19,136,225 22,556,120 18,229,095 Weighted average operating partnership units outstanding 5,273,171 8,690,812 5,435,376 9,595,836 Unvested restricted stock units and LTIP units (4) 167,620 — 198,863 — Weighted average common shares outstanding, diluted (5) 28,272,041 27,827,037 28,190,359 27,824,931 Net earnings per diluted share $ 0.03 $ (0.16) $ 0.03 $ (0.22) FFO per diluted share $ 0.26 $ 0.24 $ 0.53 $ 0.47 AFFO per diluted share $ 0.33 $ 0.32 $ 0.67 $ 0.62 (1) Includes write-offs of intangibles of $0.3 million and $1.6 million for the three months ended June 30, 2026 and 2025, respectively, and $0.6 million and $1.6 million for the six months ended June 30, 2026 and 2025, respectively. (2) Includes write-offs of $(0.1) million for both the three and six months ended June 30, 2026 and $0.4 million for both the three and six months ended June 30, 2025. (3) Other non-recurring expenses include one-time expenses, deal pursuit costs and other non-recurring items. (4) Excludes unvested performance based LTIP awards that are contingently issuable. (5) Represents weighted average common shares outstanding, diluted, excluding any shares issuable upon conversion of the Company's Series A Convertible Preferred Stock.
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27 Adj. EBITDAre and Adj. Cash NOI Reconciliations (unaudited, in thousands) (1) Includes amortization of above/below market lease intangibles of $0.5 million and excludes write-offs of intangibles of $0.3 million. (2) Reflects an adjustment to give effect to all investments and dispositions during the quarter as if they had been acquired or disposed as of the beginning of the period. (3) Other non-recurring expenses include one-time expenses, deal pursuit costs and other non-recurring items. For the three months ended June 30, 2026 Net income $ 1,517 Depreciation and amortization (1) 8,366 Interest expense 4,191 Income taxes 94 EBITDA $ 14,168 Gain on sale of real estate (2,262) Impairment loss 156 EBITDAre $ 12,062 Adjustments: Current period investment activity (2) 903 Current period disposition activity (2) (142) Non-cash compensation expense 1,065 Exclude non-recurring expenses (3) 278 Exclude write-offs of non-cash items 815 Adjusted EBITDAre $ 14,981 General and administrative, net of non-recurring 2,464 Adjusted NOI $ 17,445 Straight-line rental revenue, net (550) Adjusted Cash NOI $ 16,895 Annualized Adjusted EBITDAre $ 59,924 Annualized Adjusted NOI $ 69,780 Annualized Adjusted Cash NOI $ 67,580
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Appendix Definitions and Forward-Looking Statements
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29 Non-GAAP Definitions and Explanations EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre: EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre are non-GAAP financial measures. We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that EBITDA provides investors and analysts with a measure of our performance 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 2017, Nareit issued a white paper recommending that companies that report EBITDA also report EBITDAre in financial reports. We compute EBITDAre in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as EBITDA (as defined above) excluding gains (loss) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDAre are not measures of financial performance under GAAP, and our EBITDA and EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. We compute Adjusted EBITDAre as EBITDAre for the applicable quarter, as adjusted to (i) reflect all investment and disposition activity that took place during the applicable quarter as if each transaction had been completed on the first day of the quarter, (ii) exclude certain GAAP income and expense amounts that we believe are infrequent and unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, (iii) eliminate the impact of lease termination fees from certain of our tenants, and (iv) exclude non-cash stock-based compensation expense. 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. You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO): FFO and AFFO are non-GAAP measures. We compute FFO in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as GAAP net income or loss adjusted to exclude net gains (losses) from sales of certain depreciated real estate assets, depreciation and amortization expense from real estate assets, gains and losses from change in control, and impairment charges related to certain previously depreciated real estate assets. 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. To derive AFFO, we modify the Nareit computation of FFO to include other adjustments to GAAP net income related to certain non-cash or non-recurring revenues and expenses, including, as applicable, straight-line rents, cost of debt extinguishments, amortization of lease intangibles, amortization of debt issuance costs, amortization of net mortgage premiums, (gain) loss on interest rate swaps and other non-cash interest expense, realized gains or losses on foreign currency transactions, Internalization expenses, structuring and public company readiness costs, extraordinary items, and other specified non-cash items. We believe that such items are not indicative of operating performance and thus we believe excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors. We believe the use of FFO and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Adjusted NOI, Annualized Adjusted NOI, and Cash NOI: Adjusted NOI, Annualized Adjusted NOI, Cash NOI, and Adjusted Cash NOI are non-GAAP financial measures which we use to assess our operating results. We compute Adjusted NOI as Adjusted EBITDAre excluding general and administration expenses. We further adjust Adjusted NOI for non-cash revenue components of straight-line rent and other amortization expense to derive Adjusted Cash NOI. We believe Adjusted NOI and Adjusted Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level. Adjusted NOI and Adjusted Cash NOI are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider Adjusted NOI and Adjusted Cash NOI as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Annualized Adjusted NOI is calculated by multiplying Adjusted NOI for the applicable quarter by four and Annualized Adjusted Cash NOI is calculated by multiplying Adjusted Cash NOI for the applicable quarter by four. We believe these annualized figures provide 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. You should not unduly rely on these measures as they are based on assumptions and estimates that may prove to be inaccurate. Our actual Adjusted NOI and Adjusted Cash NOI for future periods may be significantly different from our Annualized Adjusted NOI and Annualized Adjusted Cash NOI. Fixed Charge Coverage Ratio (FCCR): The fixed charge coverage ratio is the ratio of Annualized Adjusted EBITDAre to annualized fixed charges. Fixed charges are computed for the applicable quarter on a consolidated basis as interest expense (excluding amortization of fees paid in cash and discounts and premiums on debt), plus regularly scheduled principal repayments of debt (excluding any balloon or similar payments), plus any preferred dividends payable in cash. The annualized fixed charges is calculated by multiplying fixed charges for the applicable quarter by four. Our actual fixed charges for future periods may be significantly different from our annualized fixed charges. We believe this ratio is useful to investors and analysts as it is used to evaluate our liquidity and ability to obtain financing.
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30 Other Definitions and Explanations Cash Capitalization Rate: Cash Capitalization Rate is calculated by measuring the annualized contractual cash rent at the time of closing, divided by the purchase price of the related property. Concept: Represents the brand or trade name the tenant operates. Disposition Capitalization Rate: Disposition Capitalization Rate is calculated by the ABR on the date of the related disposition divided by the gross sale price. Defensive Mix: Defensive Mix is a term used by us to categorize tenants determined by their area of focus: (1) Necessity, which represents tenants providing essential services or selling essential goods to consumers and includes Medical and Dental Providers, Financial Institutions, Automotive Stores, Convenience & Gas Stores, Pharmacies, and Home Improvement Stores, (2) Service, which represents tenants who provide specific services to consumers and includes Quick Service Restaurants, Casual Diners, Automotive Dealers, Fitness Operators, Car Washes, and Professional Service, and (3) Discount, which represents tenants that sell merchandise and goods a significant discount compared to traditional retailers. Annualized Base Rent (ABR): We define ABR as the annualized contractual cash rent due for the last month of the reporting period and adjusted to remove rent from properties sold during the month and to include a full month of contractual cash rent for properties acquired during the last month of the reporting period. Adjusted Net Debt: Adjusted Net Debt is a non-GAAP financial measure. We define Adjusted Net Debt as Net Debt less undrawn Series A convertible preferred stock and unsettled forward equity. Adjusted Cash Revenue: Adjusted Cash Revenue is a non-GAAP financial measure. We define Adjusted Cash Revenue as Total Revenues, less reimbursable income, adjustments to recognize contractual rental amounts on a straight-line basis, and above/below market lease amortization. We believe this ratio is useful to investors and analysts to understand the cash revenue, excluding reimbursement income. Adjusted Cash G&A: We define Adjusted Cash G&A as total G&A less non-cash compensation and non-recurring items. We believe this ratio is useful to understand the normalized cash G&A.
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31 Other Definitions and Explanations (Continued) WALT: WALT represents the remaining average lease term of our leases, weighted by rent, and excluding lease renewal options and investments in mortgage loans. Purchase Price: Purchase Price is represented by the contractual acquisition price of the related property, excluding any transaction costs or other capital expenditures. Tenant: Tenant represents the legal entity responsible for fulfilling obligations under the lease agreement. Gross Debt: We define Gross Debt as total debt, net plus debt issuance costs and original issuance discount. Net Debt: Net Debt is a non-GAAP financial measure. We define Net Debt as our Debt less cash and cash equivalents. Occupancy: Occupancy or a specified percentage of our portfolio that is “occupied” or “leased” means as of a specified date (i) the number of properties that are subject to a signed lease divided by (ii) the total number of properties in our portfolio. Secured Overnight Financing Rate (SOFR): We define SOFR as the current one-month term SOFR. GAAP: GAAP is the Generally Accepted Accounting Principles in the United States. Economic Yield: Economic Yield is defined as the sum of contractual fixed annual rents computed on a straight-line basis over the primary lease terms, divided by the purchase price.
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32 Forward-Looking and Cautionary Statements IP Disclaimer This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies. FrontView REIT, Inc. is not affiliated or associated with, and is not endorsed by and does not endorse, such companies or their products or services. This presentation contains forward-looking statements, which reflect our current views regarding our business, financial performance, growth prospects and strategies, market opportunities, and market trends. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook, ” “believes, ” “expects, ” “potential, ” “continues, ” “may, ” “will, ” “should, ” “could, ” “would be, ” “seeks, ” “approximately, ” “projects, ” “predicts, ” “intends, ” “plans, ” “estimates, ” “anticipates, ” or the negative version of these words or other comparable words. All of the forward-looking statements herein, including 2026 updated guidance, are subject to various risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, performance, and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, and property acquisitions and the timing of these investments and acquisitions. These and other risks, assumptions, and uncertainties are described in our filings with the SEC, which are available on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on any forward-looking statements included herein. All forward-looking statements are made as of the date of this document and the risk that actual results, performance, and achievements will differ materially from the expectations expressed or referenced herein will increase with the passage of time. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law. Forward Looking Statements This data and other information described herein are as of and for the three months ended June 30, 2026, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change, involving inherent risks and uncertainties. This information should be read in conjunction with FrontView’s Annual Report on Form 10-K as of and for the year ended December 31, 2025 and Form 10-Q for the period ended June 30, 2026, including the financial statements and the management’s discussion and analysis of financial condition and results of operations sections. About the Data