FrontView REIT, Inc. is an internally managed net-lease real estate investment trust (REIT) focused on acquiring, owning, and managing properties with frontage ...
FrontView REIT, Inc. is a Dallas-based internally managed net-lease REIT founded in 2016 by Stephen Preston. The company focuses on acquiring and managing properties with prominent frontage along high-traffic roads, aiming to provide strong consumer visibility and adaptable building formats. Its portfolio includes 309 direct frontage properties across 36 U.S. ...FrontView REIT, Inc. is a Dallas-based internally managed net-lease REIT founded in 2016 by Stephen Preston. The company focuses on acquiring and managing properties with prominent frontage along high-traffic roads, aiming to provide strong consumer visibility and adaptable building formats. Its portfolio includes 309 direct frontage properties across 36 U.S. states, leased to a diversified tenant base spanning 16 industries, including medical and dental providers, quick-service restaurants, financial institutions, cellular retailers, automotive-related businesses, fitness centers, and general retail. The company went public in October 2024 and is listed on the New York Stock Exchange under the ticker FVR. With only 22 full-time employees, FrontView operates an internally managed structure, which allows for efficient decision-making and alignment of interests. Financially, FrontView has a market capitalization of approximately $449 million, with an enterprise value of $457 million. The company's price-to-earnings ratio is high at 991.5, reflecting relatively low net income, but its dividend yield is attractive at 5.4%. The company generates steady cash flows with a dividend payout ratio of about 22.4%, indicating sustainability. In 2025, its first full year as a public company, it added 32 properties, demonstrating growth. Key personnel include founder and CEO Stephen Preston, who previously worked at NADG, and CFO Pierre Revol, a seasoned real estate executive. FrontView aims to continue expanding its portfolio while maintaining high occupancy and long-term lease structures to deliver value to shareholders.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$67.1M
+12.0%
-1.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-3.8M
+82.8%
+285.0%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
-13.2%
-116.7%
-124.9%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+16.9%
+168.8%
-10.9%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-5.7%
+84.6%
+288.8%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$42.1M
+105.4%
+60.8%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+62.8%
+83.4%
+62.4%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
84.0%
-3.0%
-96.0%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.20x
-2.5%
-74.9%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, everyone. Thank you for joining us, and welcome to FrontView REIT, Inc. 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.
Pierre Revol: Thank you, Operator. And thank you, everyone, for joining us for FrontView REIT, Inc.’s first quarter 2026 earnings. I will be joined on the call by Stephen 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 to differ materially from those currently anticipated due to several factors. I refer you to the Safe Harbor statement in our most recent filings with the SEC for a detailed discussion of the risk factors relating to these forward-looking statements. This presentation also contains certain non-GAAP financial metrics. Reconciliations of non-GAAP financial metrics to the most directly comparable GAAP metrics are included in the exhibits furnished to the SEC under Form 8-Ks which include our earnings release, supplemental package, and investor presentation. These materials are available on the Investor Relations page of our company website. With that, I am now pleased to introduce Stephen Preston. Stephen?
Stephen Preston: 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 continued to focus on attractive markets with replaceable rents and 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 REIT, Inc. 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 Google Maps links on the portfolio page of our corporate website. We also …