FrontView REIT, Inc.

we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, November 13th, 2025. I would now like to turn the conference over to Mr. Pierre Ruval, Chief Financial Officer. Please go ahead, sir.

Thank you, operator, and thank you, everyone, for joining us for Frontview's third quarter 2025 earnings call. I will be joined on the call by Steve Preston, Chairman and CEO, Drew Ireland, our Chief Operating Officer, will be available for Q&A. Before we get started, I'd like to remind everyone that this presentation contains forward-looking statements. Although we believe these forward-looking statements are based on reasonable assumptions, they are subject to known and unknown risk and uncertainties that can cause actual results that differ materially from those currently anticipated due to a number of factors. I refer you to the Safe Harbor Statement and our most recent filings with the SEC for a detailed discussion of the risk factors relating to these forward-looking statements. This presentation also contains certain non-GAAP financial metrics. Reconciliation of non-GAAP financial metrics and most directly comparable GAAP metrics are included in the exhibits furnished to the SEC under Form 8K, which include our earnings release, supplemental package, and investor presentation. We have also furnished a press release in 8K for the $75 million related to all convertible preferred equity investments. These materials are available on the investor relations page of our company's website. With that, I'm now pleased to introduce Steve Preston. Steve?

Great. Thank you, Pierre, and good morning, everyone. I'm very pleased to talk about our third quarter today, as it marks a powerful, transformative quarter for the company. As a reminder, our portfolio is built around smaller, highly fungible net lease assets typically located in front of major retail nodes across the country. This real estate positioning gives our tenants visibility, traffic, and staying power, which is why we emphasize frontage. The format of these properties makes them easier to recycle, re-tenant, or reposition quickly, and that flexibility is an important part of our strategy. Our tenant base is broad and generally necessity and service-oriented, allowing for consistent demand through the phases of economic cycles. Today, we have 323 leases, with the top 10 contributing just 24% of AVR, our top 60 at 74% of AVR, and our largest tenant at only 3.6% of AVR. That diversification is a real strength. Just as important, this approach is unique in the public REIT market as few peers are focused on small-format, necessity-driven retail and service tenancies. Frontview has now been public for just over one year. Over these last 12 months, we have experienced and worked through a number of circumstances that have made Frontview a stronger company today. To highlight, we have optimized our portfolio, We have an effective C-suite with industry-leading talent. We have been intelligent stewards of capital. We have kept a low levered balance sheet with ample liquidity. We have demonstrated the value, fungibility, and desirability of our frontage assets. We have focused on operational excellence to support increased AFFO brochure guidance, all while recycling assets. We have thoroughly revamped our external materials, including our investor presentation, supplemental, and website. We have shown through dispositions that there is currently a significant dislocation in our share price relative to NAV. We have maintained a conservative dividend payout ratio. And finally, we have carefully tailored a perpetual preferred equity investment to have capital in place to accretively grow throughout 2026. I am excited for what lies ahead for Frontview as a public company. During the third quarter, we acquired three properties for approximately $15.8 million at an average cap rate of 7.5%, with a weighted average remaining lease term of approximately 11 years. From an industry perspective, we continue to add diversification, adding financial, fitness, and discount retail uses. There were several acquisitions planned for the third quarter that shifted into the fourth quarter as reflected in our guidance. The acquisition market remains very open to front view with our competitive advantages in tow, so our timing in securing this accretive capital is particularly well-suited to continue to take advantage of our buy-side opportunities within the marketplace. In terms of property dispositions, we sold 15 properties for $32.9 million during the quarter. 13 were occupied properties, generating proceeds of $30.1 million at an average cash cap rate of approximately 6.78%. These properties had an average weighted lease term of eight years. Our current target dispositions are assets with lower wallets and or less optimal concepts. For example, through our recent dispositions, we have eliminated all portfolio exposure to the following concepts. Ruby Tuesdays. Red Lobster, Bob Evans, Red Robin, Freddy's, Denny's, Dairy Queen, Hardee's, Cafe Rio, and Radu's. Although these concepts are household name, national or regional tenants that were rent paying, we are focused on optimizing the portfolio by disposing of concepts that we think are or could become under pressure in the future. These asset sales demonstrate the continued desirability and liquidity of our real estate assets and highlight the meaningful spread between our stocks' implied cap rate of approximately 9% and where our assets are transacting in the market, where our peers' implied cap rates are, both of which approximately 6.75%. Looking at net investment levels, we were again net sellers this quarter, and our debt to annualized adjusted EBITDAR fell to 5.3 times with an LTV below 35%, leaving the company's balance sheet profile and liquidity in fantastic shape. Turning to the portfolios. We closed the quarter with occupancy north of 98% and just six vacant assets, an improvement from last quarter. We have resolved the 12 previous reported troubled assets with 10 either sold or leased and one under contract to sell with an overall recovery rate of approximately 85% for these 11 assets. Additionally, as has been broadly highlighted in the media, Tricolor's alleged fraud impacted several large financial institutions, with losses in the hundreds of millions. We had one tri-color property and we have already received multiple offers to buy and multiple offers to lease the property. And based upon these prospects, we are confident we will have an excellent outcome with minimal downtime and affirmation of our frontage-based strategy. Our assets are located in high visibility, high traffic corridors, properties that attract a diverse mix of users. That allows us, when necessary, to re-tenant, repurpose, or sell efficiently to unlock value. As we've optimized the portfolio, what remains is a higher quality, better tenanted portfolio with stronger concepts. As a result, we don't see any material additions to our watch list at this point. And to be clear, we see bad debt in the approximately 50 basis point range for 2026, more in line with historical averages. Simply put, this is what disciplined capital allocation and active portfolio management look like, a stronger, higher-quality platform positioned for sustainable growth, resulting in us raising our earnings guidance for the year. On the capital side, last night we announced a $75 million convertible preferred equity investment. This is a bespoke instrument. We spent a considerable amount of time negotiating over the last couple of months. Pierre will provide more of the details and specifics, but from a bigger picture strategy standpoint, this security is unique in its simplicity with generally superior terms to that of comparable instruments. One, we anticipate the PREP will fund our 2026 net acquisitions. Two, the capital is accretive when deployed. Three, we can draw down capital in tranches over time as we acquire assets without paying any penalties or expensive carrying costs. Four, the transaction costs are well below market. Five, after two years, we have the ability to force convert the press to equity at a $17 conversion rate if the shares are trading at a 17.5% premium. Six, The security is open for repayment after three years at par. Seven, there are no make-hole provisions. And finally, there are no onerous governance requirements. This capital raise was led by Maywin Capital Partners and its founder, Charles Fitzgerald. Charles has nearly three decades of public markets investing experience, including founding B3 Capital and co-managing re-portfolios at High Rise and J.P. Morgan. Charles is joining our board as part of this investment. Maywin also owns just under 1 million shares of common stock, roughly 3.4% of the fully diluted shares. That alignment with both common and preferred capital at work has a level of discipline and capital allocation focus that should benefit all shareholders. To wrap up, I believe that Frontview is stronger today than at any point since our IPO. We have a portfolio with flexibility, a top-tier management team with deep industry experience, and a balance sheet that positions us for growth. Our goal is straightforward, to continue to build a best-in-class net lease REIT that can grow faster, allocate capital smarter, and maximize shareholder returns. Today's valuation gives investors an opportunity to invest in our company at a price well below today's standalone asset values. And certainly, the valuation does not properly reflect the quality of what we've built, for the growth and opportunity ahead. With that, I'll turn the call to Pierre to go through the quarterly numbers and guidance. Pierre.