FrontView REIT, Inc. FVR
FrontView is an internally-managed net-lease real estate investment trust ("REIT") that is experienced in acquiring, owning and managing properties with frontage that are net leased to a diversified group of tenants. We have selected the name "FrontView" to reflect our unique "real estate first" investment strategy. This approach targets properties with frontage located in prominent retail areas that can attract multiple tenants and can have replaceable rents. Our target properties have direct frontage on high-traffic roads, ensuring high visibility to consumers with adaptable spaces that can typically work for various usages. We are a growing net-lease REIT and own a well-diversified portfolio of 303 properties with direct frontage across 37 U.S. states as of December 31, 2025. FrontView's tenants typically include service-oriented businesses, such as medical and dental providers, quick service restaurants, casual dining, other service providers, financial institutions, cellular stores, automotive stores, fitness operators, discount retail, convenience stores and gas stations, automotive dealers, car washes, home improvement stores, other necessity tenants, pharmacies, as well as professional services tenants.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $67.1M | — | $48.3M | — |
| SG&A | $12.9M | — | $8.1M | — |
| Total operating expenses | $55.8M | — | $44.4M | — |
| Operating income | -$5.6M | — | -$14.5M | — |
| Interest expense | $18.0M | — | $18.4M | — |
| Pre-tax income | -$3.5M | — | -$784.0K | — |
| Income tax | $350.0K | — | $316.0K | — |
| Net income | -$3.8M | — | -$1.1M | — |
| EPS, basic | -0.22 | — | — | — |
| EPS, diluted | -0.22 | — | — | — |
| Shares, diluted (wtd. avg.) | $27.8M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $13.5M | $5.1M | $17.1M | $41.1M |
| Other intangibles | $99.5M | $114.9M | $119.4M | — |
| Total assets | $854.4M | $821.8M | $772.0M | — |
| Long-term debt | $314.3M | $266.5M | $436.5M | — |
| Total liabilities | $361.2M | $299.1M | $471.3M | — |
| Retained earnings | -$28.1M | -$6.8M | — | — |
| Total equity | $391.2M | $324.8M | $197.1M | $217.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | $42.1M | — | $17.2M | — |
| Depreciation and amortisation | $33.1M | — | $24.7M | — |
| Stock-based compensation | $2.0M | — | — | — |
| Investing cash flow | -$56.3M | — | -$93.8M | — |
| Financing cash flow | $22.6M | — | $52.6M | — |
| Dividends paid | $16.6M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-072181.
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