FrontView REIT, Inc.

Hello, everyone. Thank you for joining us and welcome to Frontview REIT Inc.' 's first quarter 2026 earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Pierre Revol, Chief Financial Officer. Please go ahead.

Thank you, Operator, and thank you, everyone, for joining us for Frontview's first quarter 2026 earnings call. I'll be joined on the call by Steve Preston, Chairman and CEO. Before we get started, I would 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 risks and uncertainties that can cause actual results that differ materially from those currently anticipated due to several factors. I refer you to the State Harbor Statement in our most recent filings with the SEC for a detailed discussion of the risk factors relating to these four looking statements. This presentation also contains certain non-GAAP financial metrics. Reconciliation of non-GAAP financial metrics to most directly comparable GAAP metrics are included in the exhibits furnished to the SEC under 4 of 8 , which include their earnings release, supplemental package, and investor presentation. These materials are available on the investor relations page for our company website. With that, I'm now pleased to introduce Steve Preston.

Steve? Thank you, Pierre, and good morning, everyone. This quarter demonstrates the operational and portfolio advancements we have made over the last year. We have elevated the strength of the management team, enhanced our portfolio, deepened tenant and industry diversification, and continue to focus on attractive markets with replaceable rents in high-profile street frontage locations. Since the IPO, we have reduced our largest tenant exposure to 3.1%, lowered our top 10 tenant concentration to 23%, and reduced our restaurant exposure from 37% to under 23%. At the same time, we have invested in technology, data, and processes that improve scalability, and decision-making. Frontview is in its strongest position since inception and is poised to deliver compounding growth. Our scalable, real estate-first strategy is focused on acquiring fungible, frontage-based assets typically located in dense retail corridors where underlying land value provides downside protection. Today, 77% of our properties are located within a top 100 MSA, and our average five-mile population is 175,000 people, highlighting the vibrant, desirable markets in which we own and operate real estate. Consistent with this strategy, we disclose each of our property locations through a Google Map link on the portfolio page of our corporate website. We also disclose every tenant and its ABR in our filings. I encourage investors to review these best-in-class disclosures which provide detailed, industry-leading visibility into the merits of our real estate, tenant credit, box sizes, and portfolio diversification. As I mentioned last quarter, we will be featuring an acquisition each quarter on the front cover of our investor presentation. This quarter, we are highlighting a Jiffy Lube in Baton Rouge, Louisiana, the second largest MSA in the state and a top 100 MSA nationally. Jiffy Lube is a national automotive service brand and subsidiary of Shell USA with more than 2,000 locations across North America. We acquired the property at a 7.4% cap rate on a 10-year net lease. The site sits directly in front of a Walmart neighborhood market and across from Raising Cane's with direct frontage on Kersey Boulevard and approximately 37,000 vehicles per day. At roughly 160,000 of annual rent, The rent basis is replaceable with arguable upside given the visibility, traffic counts, and surrounding retail demand. We were able to acquire the asset at an attractive price and at a significant discount to market by accommodating a seller-specific timing requirement. This acquisition demonstrates Frontview's reputation as a buyer that can solve problems for sellers and source transactions that are not widely marketed. To summarize, We bought a fungible asset with frontage, with replaceable rent, and a desirable retail node, all at an elevated cap rate relative to the market. Including this asset, we own three Jiffy Loops, representing about 60 basis points of our ABR. In addition to this Jiffy Loop, I would also call your attention to the cover of our annual report, where we highlight another one of our properties, a two-tenant building leased to Wells Fargo and T-Mobile. This is an A-plus location across from a Walmart super center in urban Dallas. The property is under-rented at 313,000 annual rent with over 6,000 square feet of rentable fee and is situated on approximately one acre of land on a corner with over 295,000 vehicles per day. This is emblematic of the type of real estate we are focused on securing. For the quarter, we acquired 10 properties for 34 million at an average cash cap rate of 7.5% and a weighted average lease term of 9.4 years. These acquisitions were consistent with the characteristics we target across the portfolio, including a median purchase price of $2.3 million and weighted average place rise score of 26, indicating it's in the top 30% of the category within the state and a median rent per box of $170,000. With respect to acquisition cap rates, we anticipate Q2 26 to settle around 73 to 74 with volumes generally in line with our guidance. We continue to see significant depth in the marketplace, particularly at smaller transactions where front view has real advantages. Since we are not dependent on larger transactions or portfolio deals, we rarely compete directly with large institutional buyers, REITs, or private equity capital. This allows us to secure attractive transactions from multiple sources where our execution and reputation provide us with a competitive edge relative to other less sophisticated parties in the space. We are also seeing select development opportunities where our extensive retail development experience may allow us to achieve meaningful wider yields while maintaining a disciplined approach to risk. Our team's decade of historical experience developing out parcels, along with developing retail and large format shopping centers, makes us uniquely qualified to underwrite and evaluate development opportunities. This capability is already established at Frontview. We have completed several successful value creating developments, including a Miller's Ale House to a Raising Cane's, a Sleep Number to a Seven Brew, a Burger King to a Chipotle, a Twin Peaks to a Jagger's and a Panda, and a new Bank of America ground lease in front of our Walmart in Rochester. Collectively, these projects created about $10 million of incremental value, representing an approximately 90% increase in value to our shareholders over and above our original purchase price. Although we do not currently have any third-party development assets under formal contract, we expect to begin a limited development program over the next few quarters and look forward to generating outsized risk-adjusted returns on these assets. Regarding dispositions, we sold five properties for $10 million during the quarter at an average cash cap rate of approximately 6.9% for the occupied assets, with a weighted average lease term of eight years. We sold a Dollar Tree in Vermilion, South Dakota, which did not align with our real estate first focus, and an underperforming McAllister's Deli. Asset recycling is part of our strategy, and we expect dispositions to be incrementally focused on fine-tuning the portfolio and pruning less optimal locations and concepts. Switching to the portfolio, we ended the quarter at approximately 99% occupancy with only four vacant assets. Importantly, our view of vacancy is shaped by the quality of the underlying real estate. Historically, when we have re-tenanted properties, we achieved rent spreads north of 110% of prior rent, which reinforces our willingness to be patient and pursue the right long-term outcome rather than defaulting to a quick sale. During the quarter, we successfully re-tenanted three expiring locations, a CVS in Chicago, a Dollar Tree in Newark, and a Twin Peaks in North Carolina. As highlighted on page three of our investor presentation, these transactions in total generated over 23% increases in rent relative to the prior tenants, reinforcing the embedded value of our real estate and the strength of our locations. These properties create a temporary drag in 2026 because repositioning takes time. However, the right answer is to be patient. By focusing on quality locations, fungible boxes, and replaceable reps, we can generate stronger outcomes. These re-tenantings create meaningfully greater long-term value than simply selling the asset quickly and redeploying the proceeds. Over time, This approach enhances organic growth as our high-quality real estate appreciates. With multiple proven levers to create value, including active asset management, re-tenanting, and accretive acquisitions, we are well-positioned to generate returns both through growth and expertise, not simply rely on outside capital or market conditions. We are aligned with our shareholders, and we will continue to capitalize on value-enhancing opportunities positioning us to outperform. With that, I'll turn the call over to Pierre to review the quarterly numbers and guidance. Pierre?