On this page of StockholderLetter.com we present the latest annual shareholder letter from FrontView REIT, Inc. — ticker symbol FVR. Reading current and past FVR letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report 1
Dear Shareholders, Q4 2024 HIGHLIGHTS $103.4M Investments 7.93% Weighted Average Cap Rate ~98% Occupancy Rate It is with gratitude and appreciation that we present you with our first annual shareholder letter as a publicly traded company. 2024 was no doubt a transformative period for FrontView, marking a successful initial public offering in a high-interest rate environment to pave the way to begin our journey as a listed real estate investment trust. We are honored by the trust you have placed in us and are committed to delivering long-term shareholder value through disciplined investment, strategic growth, and steadfast operational execution. Our public listing has provided us with increased financial flexibility and access to the capital markets, providing us with strategic growth opportunities. Our entry into the public markets reflects the strength of our portfolio, our experienced leadership team and our ability to source and capitalize on value enhancing opportunities in the net-lease real estate sector. At FrontView, we are dedicated to identifying and investing in high-quality, income-producing properties with frontage that deliver sustainable, long-term returns. Our portfolio is diversified across key categories such as industry, geography, tenant and credit. We maintain our disciplined approach to acquisitions to ensure that we maximize value for our shareholders while maintaining financial prudence. 2024 was largely a foundational year for us. During Q4, our first quarter as a public company, we were successfully able to acquire over $103 million of properties with frontage and heavy diversification at an average cap rate of approximately 7.93%. At year end, our portfolio grew to 307 investments covering 2.4 million square feet of retail space across 35 states. The ABR weighted average lease term, pursuant to leases on properties in the portfolio as of December 31, 2024, was 7.2 years. As we move forward, we will continue to focus on prudent capital allocation, operational efficiencies, and optimizing our portfolio to drive shareholder returns. As we enter 2025, we continue to see opportunities in the fragmented marketplace where we typically compete against less sophisticated investors with capital constraints, rather than established, well capitalized REITs -- providing us the opportunity to take advantage of favorable acquisition pricing. In the normal course of business, certain properties will be re-tenanted or disposed of, and our management team has the operational expertise and experience to successfully repurpose, rebalance and recycle certain assets in the portfolio to minimize down times and maximize their values. Further we continue to actively monitor and review credit for both new acquisitions and existing assets. We are confident in our ability to execute on our strategy and deliver consistent results even in the tumultuous economic landscape we are currently working through. Our leadership team remains committed to transparency, disciplined growth, productive asset management and strong corporate governance, ensuring that FrontView remains a trusted investment for our shareholders, regardless of market conditions. We are grateful to our investors, employees and partners who have supported us on our journey. Your confidence and belief in FrontView fuel our passion, ambition and dedication for our Company. We look forward to building a prosperous future together and appreciate your continued trust in our vision. Best, $0.33 Stephen Preston Randall Starr Chairman, Co-Chief Executive Officer, and Co-President Co-Chief Executive Officer and Co-President AFFO Per Share FrontView REIT FrontView REIT 2
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FVR Shareholder/Stockholder Letter Transcript:

2024 Annual Report
1

Dear Shareholders,
Q4 2024
HIGHLIGHTS
$103.4M
Investments
7.93%
Weighted Average
Cap Rate
~98%
Occupancy Rate
It is with gratitude and appreciation that we present you with our first annual shareholder letter as a publicly traded
company. 2024 was no doubt a transformative period for FrontView, marking a successful initial public offering in a
high-interest rate environment to pave the way to begin our journey as a listed real estate investment trust. We are
honored by the trust you have placed in us and are committed to delivering long-term shareholder value through
disciplined investment, strategic growth, and steadfast operational execution.
Our public listing has provided us with increased financial flexibility and access to the capital markets, providing us with
strategic growth opportunities. Our entry into the public markets reflects the strength of our portfolio, our experienced
leadership team and our ability to source and capitalize on value enhancing opportunities in the net-lease real estate
sector.
At FrontView, we are dedicated to identifying and investing in high-quality, income-producing properties with frontage
that deliver sustainable, long-term returns. Our portfolio is diversified across key categories such as industry, geography,
tenant and credit. We maintain our disciplined approach to acquisitions to ensure that we maximize value for our
shareholders while maintaining financial prudence.
2024 was largely a foundational year for us. During Q4, our first quarter as a public company, we were successfully
able to acquire over $103 million of properties with frontage and heavy diversification at an average cap rate of
approximately 7.93%. At year end, our portfolio grew to 307 investments covering 2.4 million square feet of retail
space across 35 states. The ABR weighted average lease term, pursuant to leases on properties in the portfolio as of
December 31, 2024, was 7.2 years. As we move forward, we will continue to focus on prudent capital allocation,
operational efficiencies, and optimizing our portfolio to drive shareholder returns.
As we enter 2025, we continue to see opportunities in the fragmented marketplace where we typically compete against
less sophisticated investors with capital constraints, rather than established, well capitalized REITs -- providing us the
opportunity to take advantage of favorable acquisition pricing. In the normal course of business, certain properties will
be re-tenanted or disposed of, and our management team has the operational expertise and experience to successfully
repurpose, rebalance and recycle certain assets in the portfolio to minimize down times and maximize their values. Further
we continue to actively monitor and review credit for both new acquisitions and existing assets.
We are confident in our ability to execute on our strategy and deliver consistent results even in the tumultuous economic
landscape we are currently working through. Our leadership team remains committed to transparency, disciplined
growth, productive asset management and strong corporate governance, ensuring that FrontView remains a trusted
investment for our shareholders, regardless of market conditions.
We are grateful to our investors, employees and partners who have supported us on our journey. Your confidence and
belief in FrontView fuel our passion, ambition and dedication for our Company. We look forward to building a
prosperous future together and appreciate your continued trust in our vision.
Best,
$0.33
Stephen Preston
Randall Starr
Chairman, Co-Chief Executive Officer, and Co-President
Co-Chief Executive Officer and Co-President
AFFO Per Share
FrontView REIT
FrontView REIT
2



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