$FVR

FrontView REIT, Inc.

CIK:0001988494|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Rental revenues	$ 17,809	$ 17,547	$ 35,785	$ 33,790
Interest income on mortgage loans	196	7	405	7
Total revenues	18,005	17,554	36,190	33,797
Operating expenses
Depreciation and amortization	8,229	9,466	15,901	17,271
Property operating expenses	2,273	2,714	4,603	5,090
General and administrative expenses	3,807	3,279	7,458	6,118
Total operating expenses	14,309	15,459	27,962	28,479
Other expenses (income)
Interest expense	4,191	4,647	8,404	9,144
Gain on sale of real estate	(2,262)	(1,194)	(3,225)	(1,661)
Impairment loss	156	2,978	968	3,406
Income taxes	94	194	164	296
Total other expenses	2,179	6,625	6,311	11,185
Net income (loss)	1,517	(4,530)	1,917	(5,867)
Net income (loss) attributable to non-controlling interests	285	(1,629)	365	(2,133)
Net income (loss) attributable to FrontView REIT, Inc.	1,232	(2,901)	1,552	(3,734)
Series A Convertible Preferred Stock dividends	(422)		(661)
Net income (loss) attributable to common stockholders	$ 810	$ (2,901)	$ 891	$ (3,734)
Weighted average number of common shares outstanding used in earnings per share
Basic	22,831,250	19,136,225	22,556,120	18,229,095
Diluted	23,114,693	19,136,225	22,870,767	18,229,095
Earnings per share attributable to common stockholders
Basic	$ 0.03	$ (0.16)	$ 0.03	$ (0.22)
Diluted	$ 0.03	$ (0.16)	$ 0.03	$ (0.22)
Comprehensive income (loss)
Net income (loss)	$ 1,517	$ (4,530)	$ 1,917	$ (5,867)
Other comprehensive income (loss)
Change in fair value of interest rate swaps	1,912	(1,332)	3,969	(1,511)
Realized loss on interest rate swaps			(50)
Comprehensive income (loss)	3,429	(5,862)	5,836	(7,378)
Comprehensive income (loss) attributable to non-controlling interests	643	(2,108)	1,126	(2,679)
Comprehensive income (loss) attributable to FrontView REIT, Inc.	$ 2,786	$ (3,754)	$ 4,710	$ (4,699)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 1,517	$ 400	$ (4,530)	$ (1,337)	$ 1,917	$ (5,867)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization					15,901	17,288
Amortization of above/below market leases					1,078	1,652
Amortization of financing transaction and discount costs					795	795
Change in fair value on derivative instruments included in interest expense					(50)
Net cash received from derivative settlements					56	436
Non-cash rental revenue adjustments					(557)	(373)
Gain on sale of real estate	(2,262)		(1,194)		(3,225)	(1,661)
Stock-based compensation, net					1,716	815
Impairment loss	156		2,978		968	3,406
Changes in operating assets and liabilities:
Other assets					1,161	(1,420)
Accounts payable and accrued liabilities					(1,221)	2,288
Net cash provided by operating activities					18,539	17,359
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate held for investment					(93,174)	(67,924)
Net proceeds from sale of real estate					31,089	23,244
Net proceeds from expropriation					0	559
Deposits on real estate held for investment					159	694
Deferred leasing costs and other additions to real estate held for investment					(5,158)	(1,234)
Investment in mortgage loan receivable						(7,134)
Principal collections on mortgage loans receivable					8
Additions to software costs					(44)
Net cash used in investing activities					(67,120)	(51,795)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of Series A Convertible Preferred Stock					23,869
Proceeds from issuance of common stock					17,164
Proceeds from debt					36,500	50,000
Repayment of debt					(22,000)
Deferred offering costs					(1,872)
Cash dividends paid to Series A Convertible Preferred Stock					(305)
Cash dividends paid to common stockholders					(9,572)	(7,604)
Cash distributions paid to Preferred Unit holders					(16)	(16)
Cash distributions paid to non-controlling interests					(2,704)	(4,675)
Net cash provided by financing activities					41,064	37,705
Net (decrease) increase in cash and cash equivalents during the period					(7,517)	3,269
Cash and cash equivalents, beginning of period		$ 13,518		$ 5,094	13,518	5,094	$ 5,094
Cash and cash equivalents, end of period	$ 6,001		$ 8,363		6,001	8,363	$ 13,518
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest					8,015	6,793
Non-cash disclosures of non-cash investing and financing activities:
Accrued real estate development and improvement costs					4,610	813
Accrued deferred leasing fees					498	109
Accrued deferred offering costs					381
Forfeited employee grant dividends					2
Conversion of OP Units to common stock and additional paid-in capital					11,740	65,206
Dividends and distributions payable					6,710	6,102
Reallocation of non-controlling interests					$ 1,866	$ 8,094

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate held for investment, at cost
Land	$ 350,780	$ 329,478
Buildings and improvements	458,562	417,393
Total real estate held for investment, at cost	809,342	746,871
Less accumulated depreciation	(54,356)	(48,204)
Real estate held for investment, net	754,986	698,667
Assets held for sale	7,979	12,493
Mortgage loans receivable	10,316	10,324
Cash and cash equivalents	6,001	13,518
Intangible lease assets, net	99,636	99,489
Other assets	21,444	19,952
Total Assets	900,362	854,443
Liabilities
Debt, net	329,104	314,251
Intangible lease liabilities, net	13,849	14,474
Accounts payable and accrued liabilities	28,786	32,494
Total liabilities	371,739	361,219
Frontview REIT Inc, stockholders' equity
Series A Convertible Preferred Stock, $0.01 par value 750,000 shares authorized, 250,000 shares issued and outstanding as of June 30, 2026 (liquidation preference $25,000)	3
Common stock, $0.01 par value 450,000,000 shares authorized, 23,650,757 and 22,111,165 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	236	221
Additional paid-in capital	471,987	420,024
Accumulated deficit	(37,161)	(28,149)
Accumulated other comprehensive income (loss)	2,257	(901)
Total FrontView REIT, Inc. equity	437,322	391,195
Non-controlling interests	91,301	102,029
Total equity	528,623	493,224
Total liabilities and equity	$ 900,362	$ 854,443