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FrontView REIT, Inc. is an internally managed net-lease real estate investment trust focused on acquiring, owning, and managing properties with frontage that are leased to a diversified tenant base. Our real estate first investment strategy is centered around highly visible properties in prominent retail corridors with strong underlying real estate fundamentals. We target properties along high-traffic roads that offer strong consumer visibility and adaptable building formats capable of supporting various businesses over time. As of December 31, 2025, Front View owned a diversified portfolio of 303 direct-frontage properties across 37 U.S. states, leased primarily to service and necessity based tenants across 16 industries, including medical and dental providers, quick-service and casual dining restaurants, financial institutions, cellular retailers, automative related, fitness, and general retail along with several other diversified industries.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $67M | $49M | $-4M | $42M | -0.8% | 341.0% | - |
| 2024 | $15M | $6M | $-3M | $3M | -0.6% | -68.6% | - |
| 2023 | $48M | $30M | $-1M | $17M | -0.6% | 21.1% | - |
| 2022 | $40M | $30M | $-4M | $23M | -2.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 39.86 | 48.27 | 15.16 | 66.88 |
| Cost Of Revenue | 9.05 | 11.58 | 2.17 | 9.74 |
| Gross Profit | 30.81 | 36.69 | 12.99 | 57.13 |
| Operating Expense | 22.98 | 32.78 | 10.26 | 46.04 |
| Operating Income | 7.82 | 3.90 | 2.74 | 11.09 |
| EBITDA | 29.98 | 30.42 | 6.40 | 49.29 |
| EBIT | 7.62 | 4.22 | -1.14 | 12.80 |
| Pretax Income | -4.84 | -14.16 | -4.59 | -5.21 |
| Tax Provision | 0.43 | 0.32 | 0.23 | 0.35 |
| Net Income | -4.47 | -1.10 | -3 | -3.83 |
| Net Income Common Stockholders | -4.47 | -1.10 | -3.12 | -4.41 |
| Total Expenses | 32.04 | 44.37 | 12.43 | 55.78 |
| Interest Expense | 12.46 | 18.38 | 3.45 | 18.02 |
| Selling General And Administration | 1.18 | 8.05 | 2.79 | 12.94 |
| Normalized EBITDA | 30.18 | 30.10 | 10.29 | 47.82 |
| Normalized Income | -4.31 | -14.34 | 0.08 | -4.99 |
| Basic EPS | -0.30 | -0.07 | -0.66 | -0.22 |
| Diluted EPS | -0.30 | -0.07 | -0.66 | -0.22 |
| Tax Effect Of Unusual Items | -0.04 | 0.07 | -0.82 | 0.31 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | -0.20 | 0.32 | -3.89 | 1.47 |
| Total Unusual Items Excluding Goodwill | -0.20 | 0.32 | -3.89 | 1.47 |
| Net Income From Continuing Operation Net Minority Interest | -4.47 | -14.09 | -3 | -3.83 |
| Reconciled Depreciation | 22.35 | 26.20 | 7.54 | 36.48 |
| Reconciled Cost Of Revenue | 8.50 | 10.11 | 2.10 | 6.36 |
| Net Interest Income | -12.46 | -18.38 | -3.45 | -18.02 |
| Net Income From Continuing And Discontinued Operation | -4.47 | -14.09 | -3 | -3.83 |
| Total Operating Income As Reported | -5.27 | -14.47 | -4.82 | -5.56 |
| Diluted Average Shares | 14.98 | 14.98 | 17.29 | 27.84 |
| Basic Average Shares | 14.98 | 14.98 | 17.29 | 19.76 |
| Diluted NI Availto Com Stockholders | -4.47 | -1.10 | -4.94 | -6.15 |
| Average Dilution Earnings | 0 | 0 | -1.82 | -1.73 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0.12 | 0.58 |
| Minority Interests | 0.91 | 0.42 | 1.82 | 1.73 |
| Net Income Including Noncontrolling Interests | -5.38 | -1.52 | -4.82 | -5.56 |
| Net Income Extraordinary | 0 | 12.99 | 0 | 0 |
| Net Income Continuous Operations | -5.38 | -14.51 | -4.82 | -5.56 |
| Earnings From Equity Interest Net Of Tax | -0.11 | -0.04 | 0 | 0 |
| Other Income Expense | -0.20 | 0.32 | -3.88 | 1.71 |
| Other Non Operating Income Expenses | 0 | -16.50 | 0.01 | 0.24 |
| Special Income Charges | 0 | -0.41 | -3.89 | -10.46 |
| Write Off | 0 | 0.41 | 3.89 | 10.46 |
| Gain On Sale Of Security | -0.20 | 0.72 | 0 | 11.93 |
| Net Non Operating Interest Income Expense | -12.46 | -18.38 | -3.45 | -18.02 |
| Interest Expense Non Operating | 12.46 | 18.38 | 3.45 | 18.02 |
| Depreciation Amortization Depletion Income Statement | 21.80 | 24.73 | 7.47 | 33.11 |
| Depreciation And Amortization In Income Statement | 21.80 | 24.73 | 7.47 | 33.11 |
| General And Administrative Expense | 1.18 | 8.05 | 2.79 | 12.94 |
| Other Gand A | 1.18 | 8.05 | 2.79 | 12.94 |
| Operating Revenue | 39.86 | 48.27 | 15.16 | 66.88 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| FrontView REIT, Inc.this co. | FVR | $398M | - | 1.00 | -0.8% | 16.32 |
| The Real Brokerage Inc. | REAX | $461M | - | 8.74 | -15.7% | -61.89 |
| Chatham Lodging Trust | CLDT | $429M | 62.29 | 0.56 | 1.9% | 9.11 |
| Gladstone Land Corporation | LAND | $407M | - | 0.55 | 2.0% | 13.18 |
| FRP Holdings, Inc. | FRPH | $398M | 115.44 |
| 0.93 |
| 0.7% |
| 44.40 |
| KKR Real Estate Finance Trust Inc. | KREF | $396M | - | 0.46 | -3.8% | - |
| Claros Mortgage Trust, Inc. | CMTG | $363M | - | 0.24 | -31.9% | - |
| Alpine Income Property Trust, Inc. | PINE | $339M | - | 1.01 | -0.9% | 14.86 |
| NexPoint Real Estate Finance, Inc. | NREF | $328M | 5.03 | 0.69 | 12.7% | - |
| Peer Median | - | 62.29 | 0.62 | -0.1% | 13.18 | |