Earnings call transcript: FrontView REIT Q2 2025 results miss expectations

FrontView REIT Inc. reported a disappointing second quarter of 2025, with earnings per share (EPS) falling short of expectations. The company posted an EPS of -$0.16, significantly below the forecasted -$0.02, resulting in a 700% negative surprise. Despite the earnings miss, the stock saw a 2.6% increase in regular trading hours, closing at $12.63, and surged 7.72% in premarket trading. The company maintains a notable 6.99% dividend yield, although InvestingPro analysis indicates profitability challenges may persist through the year.

[Discover 6 more key insights about FrontView REIT with InvestingPro, including exclusive analysis and Fair Value estimates.]

Key Takeaways

• FrontView REIT’s Q2 EPS of -$0.16 missed expectations by a wide margin.
• Total revenue for the quarter was $17.6 million, slightly above the actual revenue reported.
• The stock price increased 2.6% post-earnings and showed a strong premarket rise.
• The company maintained high occupancy rates and improved cash rents.
• Future acquisition and disposition guidance was adjusted.

Company Performance

FrontView REIT’s overall performance in Q2 2025 was mixed. With a market capitalization of $235 million, the company faced a significant earnings miss but demonstrated strong operational metrics, reporting a 4% increase in cash rents to $15.7 million and maintained a high occupancy rate of 97.8%. The company’s focus on frontage properties in a fragmented market with less institutional competition remains a key differentiator, supporting its impressive 15.85% year-over-year revenue growth.

Financial Highlights

• Revenue: $17.6 million, up from the previous quarter.
• Earnings per share: -$0.16, significantly below expectations.
• AFFO per Share: $0.32, a 6.7% increase quarter-over-quarter.
• Quarterly Dividend: $0.15 with a 66% payout ratio.

Earnings vs. Forecast

FrontView REIT’s EPS of -$0.16 was a significant miss compared to the forecasted -$0.02, marking a 700% negative surprise. This deviation is notable compared to previous quarters where the company has generally met or slightly exceeded forecasts.

Market Reaction

Despite the earnings miss, FrontView REIT’s stock price increased by 2.6% during regular trading and surged by 7.72% in premarket trading. This movement suggests that investors may have focused on the company’s operational strengths and future outlook rather than the immediate earnings shortfall. However, InvestingPro’s Fair Value analysis suggests the stock may be slightly overvalued at current levels.

Outlook & Guidance

The company revised its acquisition guidance to $110-130 million, down from its previous target, while increasing its disposition guidance to $60-75 million. The AFFO per share guidance remains between $1.22 and $1.24, indicating confidence in maintaining financial stability.

Executive Commentary

CEO Steve Preston expressed confidence in the company’s strategy, stating, "We have the right team to execute, bringing both real estate and capital markets expertise." CFO Pierre Revolt highlighted the potential for growth, noting, "If we were to get a positive spread on our acquisitions, this platform could really grow."

Risks and Challenges

• The significant earnings miss could weigh on investor sentiment if not addressed in future quarters.
• Market volatility and potential changes in cap rates could impact acquisition and disposition strategies.
• Maintaining high occupancy rates and tenant diversity in a competitive market remains critical.

Q&A

During the earnings call, analysts were keen on understanding the company’s acquisition strategy amid reduced guidance. Management assured that potential to accelerate acquisitions exists when the cost of capital improves, and minimal bad debt is expected.

Full transcript - FrontView REIT Inc (FVR) Q2 2025:

Conference Call Operator: Good morning, ladies and gentlemen, and welcome to the Frontview REIT Incorporated Second Quarter twenty twenty five Earnings Conference Call. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Thursday, 08/14/2025. I would now like to turn the conference over to Pierre Revolt, CFO.

Please go ahead, sir.

Pierre Revolt, Chief Financial Officer, Frontview REIT: Thank you, operator, and thank you, everyone, for joining us for Frontview’s second quarter twenty twenty five 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 and A. Before we get started, I would like to remind everyone that this presentation includes 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 to 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 for a detailed discussion of risk factors related 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 eight ks, which include our earnings release and supplemental package. These materials are also available on the Investor Relations page of our company’s website along with our investor presentation.

Steve Preston, Chairman and CEO, Frontview REIT: I’m now pleased to introduce Steve Brasson. Steve? Thank you, Pierre, and good morning, everyone. As a reminder, for our new investors, Frontview is a diversified net lease REIT that primarily focuses on high visibility, frontage properties, typically with smaller box sizes, which are leased to household name tenants. As of June 30, our portfolio consisted of 319 properties leased to 334 tenants operating across 16 industries.

Our portfolio maintains excellent diversification, no tenant representing more than 3.3 of ABR. Before providing an update on our operations, I would like to formally welcome Pierre Revolt as our chief financial officer. Pierre brings extensive experience within REITs, having led corporate finance, investor relations, and capital markets for both public and private REITs, as well as being a former buy side REIT investor. Pierre’s expertise will bolster Frontview’s financial strategy, including capital markets execution, balance sheet management, communications, and operational excellence. I am thrilled to have him on the team.

With his addition, our executive team is complete and optimized to operate and scale our business. Turning to the portfolio. We ended the quarter with occupancy of 97.8%, up from approximately 96% last quarter. We made exceptional progress in a remarkably short time frame on the 12 previously disclosed properties with troubled tenancy. This is now resolved and behind us.

Of the 12 properties, we sold three during the quarter and one post quarter for 11,800,000.0 and over 89% recovery on the original purchase price. We released five properties for 687,000

Drew Ireland, Chief Operating Officer, Frontview REIT: in annualized base rent with a wealth

Steve Preston, Chairman and CEO, Frontview REIT: of ten point eight years. By combining the value of the new leases with the reinvestment of disposed properties, we have already recovered approximately 65% of the aggregate prior rent from just these nine assets. Only three assets remain, with one under contract to sell, one with buyer interest, and one with national tenant interest. The successful resolution highlights the strength of our underlying high quality real estate, which is characterized by high visibility, frontage locations appealing to various users, allowing us to retenant, repurpose, or sell assets in order to maximize value for each location. Outside of these assets, the tenants in our portfolio are performing as expected with negligible credit loss and no material additions to our watch list.

During the second quarter, we acquired five properties for approximately 17,800,000.0 at an average cash cap rate of 8.17%. The weighted average remaining lease term for these properties was approximately eleven years with average annual escalators of approximately 2.4% and an economic yield of 9.35%. From an industry perspective, we continue to add diversification, including adding financial, medical, discount retail, automotive, and logistics distribution. In terms of property dispositions, we sold nine properties for 22,700,000.0 during the quarter. Five were occupied properties, generating proceeds of 11,600,000.0 and an average cash cap rate of approximately 6.75%.

These properties had an average weighted lease term of eight years. Our current target dispositions are assets with lower walls or less optimal concepts. Additionally, we sold four vacant properties during the quarter, recovering approximately 90% of the original purchase price with these funds being redeployed into income producing properties. These asset sales demonstrate the continued desirability and liquidity of our real estate assets and highlight the meaningful spread between our implied cap rate of approximately 10% versus where our assets are transacting in the market. Looking at net investments, we were net sellers this quarter, and our net debt to annualized adjusted EBITDAR fell to 5.5 times with an LTV of less than 40% using consensus estimates for net.

As we look forward to the remainder of the year, we’ve adjusted our net capital deployment guidance. On the capital front, we are increasing our capital recycling by raising our disposition guidance to 60,000,000 to 75,000,000 and reducing our acquisition target to a range of between 110,000,000 and 130,000,000. On the acquisition front, we will remain selective, pursuing high visibility properties with strong credits and attractive valuations. Our pipeline of opportunities remain strong, and we believe we will be able to accelerate acquisitions if supported by our capital recycling plan or an improved cost of capital. Going into the third quarter, we see cap rates trending around 7.5%.

On the disposition front, we have an active pipeline of assets with less optimal concepts and or lower walls, where we currently anticipate that the cap rates should be 50 to 75 basis points lower than those in our acquisitions while improving key portfolio metrics, including wall and industry composition. In summary, we have a strong team of real estate and capital markets professionals in place to lead us forward, a high quality portfolio of liquid real estate assets, and a pipeline of investments and dispositions that will further enhance our portfolio. Finally, we are well equipped with a strong balance sheet to execute on a pipeline of opportunities to accelerate external growth when there is an attractive spread to our cost of capital. With that, I’ll turn the call to Pierre to go through the quarterly numbers and guidance.

Drew Ireland, Chief Operating Officer, Frontview REIT: Pierre?

Pierre Revolt, Chief Financial Officer, Frontview REIT: Thank you, Steve. I appreciate the warm introduction. It’s a privilege to join the Frontier team and contribute to enhancing the platform long term value creation. Before diving into the quarterly update and guidance, I want to highlight a few new disclosures that we believe will be beneficial to shareholders. In our supplemental materials, we are providing more detailed information for both our investments and dispositions, breakdown of our NAV components and annualized adjusted cash NOI.

Additionally, we have also expanded our tenant disclosures to include our top 60 tenants, offering greater insight into the portfolio. As Steve highlighted, it was a very positive quarter on several fronts, including accretive net capital deployment and portfolio performance. Our cash rents in the second quarter were $15,700,000 which includes $15,500,000 in base rent and $163,000 in percentage rent, an increase of $600,000 or 4% from last quarter, primarily driven by the acquisitions completed in the first quarter and increased percentage rents. Our total revenue increased $1,300,000 sequentially to $17,600,000 to include straight line rent, other income and other noncash revenue. Our nonreimbursable property costs or leakage is 275,000 or approximately 1.8% of base rent.

This includes some recoveries and expenses, would expect normal leakage to be closer to $500,000 on a quarterly basis. Turning to G and A. We reported $3,300,000 in expenses this quarter, which included approximately 1,100,000.0 nonrecurring costs, primarily related to onetime legal expenses pertaining to the former CFO investigation along with other nonrecurring fees. Excluding nonrecurring items, our G and A for the quarter was approximately $2,200,000 compared to $2,800,000 in Q1. Adjusted cash G and A for the quarter totaled $2,000,000 a reduction of roughly $200,000 from Q1.

Looking ahead, we see full year cash G and A, excluding nonrecurring charges, to be approximately $8,800,000 reflecting a $200,000 reduction from prior guidance from both the high and low end. Driven mostly by improved cash NOI, lower cash G and A, AFFO per share increased 2¢ or 6.7% quarter over quarter to 32¢. We declared a quarterly dividend of $0.02 $15 representing a 66% payout ratio on AFFO per share. Turning to the balance sheet. We ended the quarter with 118,500,000.0 drawn on our revolving credit facility and 200,000,000 on our term loan.

We currently have approximately 140,000,000 of liquidity, comprised of a 131,500,000 revolver capacity and 8,400,000.0 of cash on hand. In addition, our revolving credit facility includes a 200,000,000 accordion feature, which we may elect to exercise at our discretion subject to customary conditions. Our $200,000,000 term loan is fully hedged through initial maturity at a rate of 4.96%. The revolving credit facility bears interest at a floating rate of adjusted one month SOFR plus 1.2%, with an effective rate of 5.63% as of June 30. Both the revolver and the term loan include two twelve month extension options subject to customary conditions, which extend final maturity to 2029.

From a leverage standpoint, we ended the quarter at 5.5 times net debt to annualized adjusted EBITDAre, a 0.2 turn reduction from Q1, primarily driven by increased disposition activity and lower operating costs. Our fixed charge coverage ratio remains strong at 3.3 times, and our balance sheet is conservatively positioned with LTV slightly below 35%, utilizing consensus applied cap rates of 7.1%. With our revised net capital deployment guidance, we do not expect a meaningful increase in leverage, staying between five times and six times net debt to adjusted annualized EBITDAre. Turning to guidance. As Steve highlighted, we’re lowering acquisition range to $110,000,000 to 130,000,000 the midpoint of 120,000,000, raising our disposition range from 60,000,000 to 75,000,000, the midpoint of 67 and a half million.

At the midpoint, this represents a $15,000,000 reduction in acquisitions, and a 37 and a half million dollar increase in dispositions. While we continue to maintain an active pipeline of both fronts, this shift reflects a deliberate capital recycling strategy, serving liquidity, managing leverage, and enhancing portfolio quality. Additionally, we’re narrowing our AFFO per share guidance range to a dollar 22 to a dollar 24, driven primarily by the revised capital allocation plan. Looking ahead, we remain focused on continually enhancing the portfolio and maintaining balance sheet discipline. Steve, back to you for closing remarks.

Steve Preston, Chairman and CEO, Frontview REIT: Thanks, Pierre. As I mentioned earlier, we have the right team to execute, bringing both real estate and capital markets expertise. Our portfolio consists of high quality, frontage real estate in strong demand, allowing us to proactively manage and maximize value. We’ve enhanced our disclosure with a refreshed supplemental and investor presentation, providing investors more relevant data. As we move into the second half, we’ll remain disciplined capital allocators, expanding our capital recycling program to deliver accretive financial and portfolio gains while maintaining a strong and flexible balance sheet.

With that, I’ll turn the call back to the operator to begin q and a. Operator?

Conference Call Operator: Thank you very much. Ladies and gentlemen, we will now begin the question and answer session. Session. For today’s Q and A session. Your first question comes from the line of John Kilachowski from Wells Fargo.

Please go ahead.

Sheryl, Analyst (representing John Kilachowski), Wells Fargo: Hi, I’m Sheryl on for John. Good morning and thank you for taking my question. You narrowed the AFFO per share guidance range, but the midpoint remains unchanged despite another reduction in net investment volume. Can you walk us through what gives you the confidence in holding the midpoint flat?

Pierre Revolt, Chief Financial Officer, Frontview REIT: Sure. I’ll take that one. Essentially, in the quarter, as you saw that the operations were pretty strong at $0.32 And so for the first half of the year, you know, we are at 62¢. And when we look at the resolutions, on the on the 12 properties discussed before, the performance of the existing tenants, we believe that for the back half of the year, we can probably do between, you know, between 30 32¢ a quarter. And targeting 31 seems very reasonable given given what we see on the existing portfolio.

Sheryl, Analyst (representing John Kilachowski), Wells Fargo: Okay. Thank you. That’s helpful. And one follow-up on the nine resolved properties of the 12. Should we expect any adjustments to bad debt guidance going forward given the improved visibility on the leasing progress?

Pierre Revolt, Chief Financial Officer, Frontview REIT: Sure. I’ll take that as well. So the on the bad debt guidance, we did not include it this quarter. It was essentially part of the original guide, which was reflecting those 12 properties. Steve commented on his remark that portfolio outside these 12 has had de minimis credit losses.

So at this point, we’re just not providing an update on bad debt guidance. And we think that for the remainder of this year, what we see is a very healthy portfolio. We look forward to resolving, the remaining three properties with the with the responses from Steve, and the portfolio is actually, you know, pretty healthy. And that’s why, despite reducing our net capital deployment meaningfully, you can still produce a very strong quarter, third and fourth, and and that’s why we were able to increase the low end to a dollar 22.

Sheryl, Analyst (representing John Kilachowski), Wells Fargo: Very helpful. Thank you.

Conference Call Operator: Your next question comes from the line of Anthony Paolone from JPMorgan. Please go ahead.

Drew Ireland, Chief Operating Officer, Frontview REIT: Thanks. Welcome, Pierre, and appreciate the incremental disclosure as well. First question is, as we think about acquisitions and dispositions over the balance of the year, how should we think about just the spread and cap rates between the two? I mean, you were able to produce a positive spread in the quarter. I’m just wondering if that’s something you think can continue.

And then also any incremental color on the acquisitions in the quarter, cap rates north of an 8% and also bumps north of 2%, which is higher than what we’ll typically see in net lease. So just wondering kind of how you’re achieving those.

Steve Preston, Chairman and CEO, Frontview REIT: Yes, sure. I’ll take that. Thank you. Yes. No, we expect to see, as we mentioned earlier, about a 50 basis to 75 basis point differential between where we’re selling assets and then where we’re transacting into the marketplace.

And we expect that hopefully to continue throughout the year. You know, with respect to kind of what we’re buying, you know, we’re we’re continuing to buy great assets with frontage from, you know, very motivated sellers. We achieve typically these outsized cap rates because, you know, we’re not typically competing with institutions in the space. And if you remember, we’ve got that fragmented market where the buyers are typically small and they’re unsophisticated. You know, we’ve got great credit on these assets as well.

They’re solid corporate credit, large operations with long term operating businesses. And just to, you know, to echo a couple of examples of few of the assets. So La Z Boy, you know, we bought that roughly about a seven and a half cap with about ten years left remaining. We got a Strickland Brothers as an example with fifteen years left at about a seven and a half cap rate, and a Range USA with about eighteen years left and eight cap rates. So these are all great assets, great corporate credits, and it’s just a testament to how we continue to be able to to buy in at the marketplace.

And with respect to the escalators, you know, those are those are just those are built into the leases, and, you we typically average about 1% to 2% across the portfolio. And it just so happened amongst this mix that the escalators came in a little bit higher. There were a couple of assets that we acquired that had more than sort of that average 1% to 2% built into the lease.

Drew Ireland, Chief Operating Officer, Frontview REIT: Okay. Got it. Thanks. And then just one other one, just maybe more of a clarifying item. In your NAV buildup in the supplemental, the NOI number is higher than the base rent number.

And I guess I would have just intuitively assumed that would be flipped given sort of some normalized leakage. But just wondering, like, you know, what I’m missing there.

Pierre Revolt, Chief Financial Officer, Frontview REIT: But, yeah, there’s other income as well that’s not part of the APR. There’s some interest income on loans that’s also not part of the ABR. And so that was it it’s essentially just some of the debt debt net other income that was that was picked up in Indiana wide. That’s that’s outside of this rent.

Drew Ireland, Chief Operating Officer, Frontview REIT: I see. Okay. Thank you.

Conference Call Operator: Your next question is from the line of Daniel Guilhelma from Capital One Securities. Please go ahead.

Daniel Guilhelma, Analyst, Capital One Securities: Hi, everyone. Thank you for taking my questions. So as mentioned in the commentary, you all are in an elevated recycling mode, but share prices change fast with the right strategy and execution. So is there a certain, share price level where you all would feel comfortable kind of flipping the switch and starting to become a more meaningful acquirer? Just curious how you all think about that, Matt.

Pierre Revolt, Chief Financial Officer, Frontview REIT: Sure. So, there’s actually a page in the investor presentation where we highlighted, that if we were to get a positive spread on our acquisitions, I think that this platform could really grow. There’s not, we have a we have a robust pipeline for acquisitions, and and our assets are sought after by by several investors. And the and I think that the opportunity to accelerate is certainly on the table, but we we we want to we want to achieve an attractive spread. So if you’re looking at a cap rate of roughly seven and a half percent, what Steve talked about in the call, you would wanna make sure that the whatever cost of capital, is inside of that.

And that really is what’s driving where where we’ll start to pivot more towards acquisitions. At this point, though, just given where where our implied cap rate is, you cost of capital, I think the most prudent way to manage the balance sheet is to execute on this recycling plan. We’ve seen that work for some of our peers, and I think that it could work for us just given the quality of our portfolio and maintaining leverage of the level is is important.

Daniel Guilhelma, Analyst, Capital One Securities: That that’s really helpful. Thank you. And then a a big part of the IPO pitch, was the strength of the team’s broker relationships and and how those connections really help funnel Frontage properties to you all. I I know Randy was focused there in the in the co CEO role. So can you just talk about how you all are continuing to foster those broker relationships with a slower acquisition cadence, and then who who’s taking on that kind of liaison role now?

Steve Preston, Chairman and CEO, Frontview REIT: Yeah. Let’s yeah. That’s good. Thanks. And let’s let’s just start with, you know, that this is behind us too with with respect to to Randy and the CFO and with respect to the acquisitions and dispositions.

I think as we’ve mentioned before, you know, our team has been in place since the IPO and was really handling a bulk, if not almost all of the acquisitions since the IPO. So they are in place and ready to meet our guidance.

Daniel Guilhelma, Analyst, Capital One Securities: Thanks. Appreciate it.

Conference Call Operator: The next question is from the line of Ronald Kamdem from Morgan Stanley. Please go ahead.

Ronald Kamdem, Analyst, Morgan Stanley: Hey, just staying on the investments a little bit. I think you said 7.5% on the cap rates. Maybe just talk a little bit more about is that just cap rate compression? Is there a mix? And then any time we could sort of quantify the pipeline?

Is it $50,000,000 Is it $100,000,000 Like when you’re ready to ramp, just how big do you think you can get? Thanks.

Steve Preston, Chairman and CEO, Frontview REIT: Sure. You bet. You know, I would just say, you know, with respect to kind of that state of the acquisition market, you know, the the market is fluid, you know, and as we had mentioned that we do expect, you know, cap rate sometime, you know, in q three somewhere in that seven and a half percent range inside a little bit from where we’ve been acquiring. And, you know, I think that’s a little bit of a testament to leverage being a little bit easier for buyers to obtain. Now a little bit less noise in the marketplace, so for some of these smaller properties from some some of these smaller banks.

But there is there is still a unbelievable amount of opportunity for us. We’ve got a strong pipeline, and, you know, we can increase that pace of acquisition at at any point in time. I think we had originally guided to, you know, roughly about $200,000,000 for the year. You know, in ’24, we did over, or about a $100,000,000, of of acquisitions. And if we get that cost of capital back, we’ve got the team in place that I see no reason why we can’t meet or exceed that prior guidance.

Ronald Kamdem, Analyst, Morgan Stanley: Great. Helpful. And then just going back on the the tenant health conversation, obviously, good progress on those 12 assets. And, you know, I can appreciate that bad debt is sort of de minimis outside of those. But just on a long term basis, when you’re thinking about sort of the watch list and how things are trending, how should we think about what the long term bad debt number we should be baking in?

Steve Preston, Chairman and CEO, Frontview REIT: Yeah. So what I would say is really no material changes or additions to the watch list. You know, we’ve know, as we mentioned before, we’ve you know, we watch pharmacy just like everybody else, car wash like everybody else. We prior mentioned that we had two Applebee’s and a couple of Burger Kings that we’re watching. Those are open and operating.

A pair of gas stations, but overall everything is very healthy. As we look to see going forward, what I would highlight is that, you know, since we founded this business in 02/2016, we have had 47 lease expirations, and only seven have expired with 40 renewing to the same tenant, three renewing to a new tenant at a 104% recovery rate, which is over a 90% renewal rate. So when we look forward, you know, we feel we feel very good. And, you know, I’ll just, you know, leave you with one other one other sort of tidbit here. If the 12 were stabilized in 2025 that we’ve been talking about, bad debt expense, as Pure mentioned, would be negligible.

And we’d be looking at somewhere in the 25 basis point, maybe 50 on the high side. So I think we feel like this portfolio is humming. It’s very strong right now. Performance is good. Collections are great.

And we expect that that’s going to be something that continues with this portfolio, more in line with historicals not that anomaly we were just dealing with.

Ronald Kamdem, Analyst, Morgan Stanley: Thanks so much.

Steve Preston, Chairman and CEO, Frontview REIT: You bet.

Conference Call Operator: The last question comes from the line of Daniel Ginn from Bank of America. Please go ahead.

Pierre Revolt, Chief Financial Officer, Frontview REIT: Hi. Thanks for taking my question. Could you provide a little bit more context behind the new mortgage loan receivables found in the balance sheet?

Steve Preston, Chairman and CEO, Frontview REIT: Yes, sure, sure. So what I would say is that that’s not a business that we’re in. We actually made two loans on two assets that we sold. And it’s a good way for us to achieve some good yield. We had about 8% interest rate baked into those.

And we actually, of course, know those properties pretty well. So it’s a it’s a it’s a good way if something were to ever happen that we certainly don’t expect it to, that you get an asset back at

Pierre Revolt, Chief Financial Officer, Frontview REIT: a at a very good basis. So

Steve Preston, Chairman and CEO, Frontview REIT: good good way to get some extra income.

Pierre Revolt, Chief Financial Officer, Frontview REIT: Got it. Thanks for the color. And then just elaborate on your decision to expand your top tenant list by another 20 tenants to 60? Because I know it’d be pretty difficult to take that back in the future if needed.

Steve Preston, Chairman and CEO, Frontview REIT: We we got nothing to hide, but payroll taken. We love the extra disclosure.

Pierre Revolt, Chief Financial Officer, Frontview REIT: Yeah. I mean, look, I’ve I’ve noticed that for companies that have that have had issues with the cost of capital, transparency is helpful. And so I I know that from history and, like, my previous company used to disclose a 100 tenants. And this top 60, when you actually looked at that list from 40 to 60, there’s some really interesting tenants there. Like, you have a Starbucks.

You have a couple other IGs. There’s it’s very high quality tenant tenant roster. And I think that that added disclosure, I I hope, will provide investors more confidence in terms of, you know, the quality of the tenant mix that supports these properties. Got it. Thank you very much.

Steve Preston, Chairman and CEO, Frontview REIT: Thank you.

Conference Call Operator: Thank you very much.

Steve Preston, Chairman and CEO, Frontview REIT: There

Conference Call Operator: are no further questions at this time. I’d like to turn the call back over to Mr. Steve Preston for closing comments. Sir, please go ahead.

Steve Preston, Chairman and CEO, Frontview REIT: Yes. Thank you. Thank you, everyone, for joining. We look forward to continuing to build from here. We’ve got a great team and a great portfolio and a very conservative balance sheet.

We will be at the Wells Fargo conference coming up at September 8 and look forward to sitting down and visiting with with anyone that would wish to do so. And that’s in New York. Be well and be safe and healthy.

Conference Call Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you very much for your participation. You may now disconnect.

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