Loading…
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 | -1.0% | 341.0% | 27.8% |
| 2024 | $15M | $6M | $-3M | $3M | -0.9% | -68.6% | 172.5% |
| 2023 | $48M | $30M | $-1M | $17M | -0.6% | 21.1% | -75.4% |
| 2022 | $40M | $30M | $-4M | $23M | -2.1% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 39.86 | 48.27 | 15.16 | 66.88 |
| Operating 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 | 13 | 57.14 |
| Operating Expense | - | 22.98 | 32.78 | 10.26 | 46.04 |
| Selling General And Administration | - | 1.18 | 8.06 | 2.79 | 12.94 |
| Total Expenses | - | 32.04 | 44.36 | 12.42 | 55.78 |
| Operating Income | - | 7.82 | 3.90 | 2.74 | 11.09 |
| Total Operating Income As Reported | - | -5.27 | -14.47 | -4.82 | -5.56 |
| EBITDA | - | 29.98 | 30.42 | 6.40 | 49.29 |
| Normalized EBITDA | - | 30.18 | 30.10 | 10.29 | 47.82 |
| EBIT | - | 7.62 | 4.22 | -1.14 | 12.80 |
| Interest Expense | - | 12.46 | 18.38 | 3.45 | 18.02 |
| Net Interest Income | - | -12.46 | -18.38 | -3.45 | -18.02 |
| Other Non Operating Income Expenses | - | - | -16.50 | 0.01 | 0.24 |
| Other Income Expense | - | -0.20 | 0.32 | -3.88 | 1.71 |
| Interest Expense Non Operating | - | 12.46 | 18.38 | 3.45 | 18.02 |
| Net Non Operating Interest Income Expense | - | -12.46 | -18.38 | -3.45 | -18.02 |
| Pretax Income | - | -4.84 | -14.16 | -4.59 | -5.21 |
| Tax Provision | - | 0.43 | 0.32 | 0.23 | 0.35 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.04 | 0.07 | -0.82 | 0.31 |
| Net Income Continuous Operations | - | -5.38 | -14.51 | -4.82 | -5.56 |
| Net Income From Continuing And Discontinued Operation | - | -4.47 | -14.09 | -3 | -3.83 |
| Net Income From Continuing Operation Net Minority Interest | - | -4.47 | -14.09 | -3 | -3.83 |
| Net Income | - | -4.47 | -1.10 | -3 | -3.83 |
| Net Income Common Stockholders | - | -4.47 | -1.10 | -3.12 | -4.41 |
| Net Income Including Noncontrolling Interests | - | -5.38 | -1.52 | -4.82 | -5.56 |
| Normalized Income | - | -4.31 | -14.34 | 0.08 | -4.99 |
| Diluted NI Availto Com Stockholders | - | -4.47 | -1.10 | -4.94 | -6.15 |
| Basic Average Shares | - | 14.98 | 14.98 | 17.29 | 19.76 |
| Diluted Average Shares | - | 14.98 | 14.98 | 17.29 | 27.84 |
| Reconciled Depreciation | - | 22.35 | 26.20 | 7.54 | 36.48 |
| Reconciled Cost Of Revenue | - | 8.50 | 10.11 | 2.10 | 6.36 |
| Total Unusual Items | - | -0.20 | 0.32 | -3.89 | 1.47 |
| Total Unusual Items Excluding Goodwill | - | -0.20 | 0.32 | -3.89 | 1.47 |
| Minority Interests | - | 0.91 | 0.42 | 1.82 | 1.73 |
| Earnings From Equity Interest Net Of Tax | 0.13 | -0.11 | -0.04 | 0 | - |
| 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 | - | 11.93 |
| 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 | 8.06 | 2.79 | 12.94 |
| Other Gand A | - | 1.18 | 8.06 | 2.79 | 12.94 |
| Otherunder Preferred Stock Dividend | - | - | - | 0.12 | 0.58 |
| Average Dilution Earnings | - | - | - | -1.82 | -1.73 |
| Net Income Extraordinary | - | 0 | 12.99 | 0 | - |
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 | $415M | -108.44 | 1.06 | -1.0% | 14.82 |
| Farmland Partners Inc. | FPI | $456M | 14.46 | 0.99 | 6.9% | 13.23 |
| KKR Real Estate Finance Trust Inc. | KREF | $453M | - | 0.39 | -6.0% | - |
| FRP Holdings, Inc. | FRPH | $452M | 135.80 | 1.06 | 0.8% | 30.39 |
| Gladstone Land Corporation | LAND | $402M | 29.75 |
| - |
| - |
| - |
| - |
| - |
| 0.60 |
| 2.0% |
| 12.45 |
| NexPoint Real Estate Finance, Inc. | NREF | $364M | 3.46 | 0.94 | 27.1% | - |
| Claros Mortgage Trust, Inc. | CMTG | $355M | -0.73 | 0.23 | -31.9% | - |
| The RMR Group Inc. | RMR | $348M | 19.78 | 1.53 | 7.7% | 7.87 |
| The Real Brokerage Inc. | REAX | $348M | -42.90 | 6.73 | -15.7% | - |
| Peer Median | - | 14.46 | 0.97 | 1.4% | 12.84 | |