FVR · FrontView REIT, Inc.

FrontView REIT reported a strong first quarter, turning a net loss of $1.3 million in Q1 2025 into net income of $0.4 million. Revenue grew 12% to $18.2 million, driven by rental revenue growth from acquisitions and interest income on mortgage loans. The company's core non-GAAP metrics also improved: FFO per share rose to $0.27 from $0.23, and AFFO per share increased to $0.34 from $0.30. Management attributed the results to solid property-level performance, active portfolio management, and operating efficiencies. The company raised its full-year 2026 AFFO per share guidance to $1.29-$1.33, implying 5% growth at the midpoint, while maintaining net investment guidance of approximately $100 million. During the quarter, FrontView acquired 10 properties for $33.9 million at a 7.49% cap rate and sold 5 properties for $9.7 million, recycling capital into higher-yielding assets. The balance sheet strengthened with Net Debt to Annualized Adjusted EBITDAre falling to 5.3x and LTV of 32.6%. The quarterly dividend of $0.215 per share was maintained, representing a 63.2% AFFO payout ratio. The portfolio remained well-leased at 98.7% occupancy with a weighted average lease term of 7.3 years. Overall, the quarter demonstrated improved profitability, disciplined capital allocation, and a positive outlook.