EX-99.2 3 fvr-ex99_2.htm EX-99.2 - QUARTERLY SUPPLEMENTAL INFORMATION

EXHIBIT 99.2

Q3 2024 QUARTERLY SUPPLEMENTAL INFORMATION

FrontView REIT, Inc. (NYSE: FVR) is an outparcel- focused real estate investment trust (REIT) that invests in single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants.

www.frontviewreit.com

Table of Contents

Section | Page |  |
About the Data | 3 |
Company Overview | 4 |
Quarterly Financial Summary | 5 |
Balance Sheet | 6 |
Income Statement Summary | 7 |
Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) | 8 |
Lease Revenues Detail | 9 |
Capital Structure | 10 |
Debt Outstanding | 11 |
EBITDA, EBITDAre, and Other Non-GAAP Operating Measures | 12 |
Net Debt Metrics & Covenants | 13 |
Dispositions & Portfolio at a Glance: Key Metrics | 14 |
Diversification: Top 20 Tenants | 15 |
Diversification: Tenant Industry | 16 |
Diversification: Tenant Industry (continued) | 17 |
Diversification: Property Map | 18 |
Diversification: Geography | 19 |
Lease Expirations | 20 |
Definitions and Explanations | 21 |

FrontView REIT, Inc. | www.frontviewreit.com | 2024 FrontView REIT, Inc. All rights reserved. | 2

About th e Data

This data and other information described herein are as of and for the three months ended September 30, 2024, unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with FrontView’s prospectus filed with the SEC on October 2, 2024, and FrontView's Form 10-Q as of and for the period ended September 30, 2024, including the financial statements and the management’s discussion and analysis of financial condition and results of operations sections.

Forward Looking Statements

Information set forth herein contains forward-looking statements, which reflect our current views regarding our business, financial performance, growth prospects and strategies, market opportunities, and market trends. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “would be,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. All of the forward-looking statements herein are subject to various risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, performance, and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, and property acquisitions and the timing of these investments and acquisitions. These and other risks, assumptions, and uncertainties are described in our filings with the SEC, which are available on the SEC’s website at www.sec.gov.

You are cautioned not to place undue reliance on any forward-looking statements included herein. All forward-looking statements are made as of the date of this document and the risk that actual results, performance, and achievements will differ materially from the expectations expressed or referenced herein will increase with the passage of time. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

IP Disclaimer

This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies. FrontView REIT, Inc. is not affiliated or associated with, and is not endorsed by and does not endorse, such companies or their products or services.

FrontView REIT, Inc. | www.frontviewreit.com | 2024 FrontView REIT, Inc. All rights reserved. | 3

Compa ny Overview

FrontView REIT, Inc. (NYSE:FVR) (the “Company”, “FrontView”, “FVR”, “us”, “our”, and “we”) is an internally-managed net-lease REIT that acquires, owns and manages primarily outparcel properties that are net leased to a diversified group of tenants. The Company is differentiated by an investment approach focused on outparcel properties that are in prominent locations with direct frontage on high-traffic roads that are highly visible to consumers. As of September 30, 2024, the Company owned a well-diversified portfolio of 278 outparcel properties with direct frontage across 31 U.S. states. The Company's tenants include service-oriented businesses, such as restaurants, cellular stores, financial institutions, automotive stores and dealers, medical and dental providers, pharmacies, convenience and gas stores, car washes, home improvement stores, grocery stores, professional services as well as general retail tenants.

Executive Team Stephen Preston Chairman of the Board, Co-Chief Executive Officer, and Co- President Randall Starr Co-Chief Executive Officer, Co-President, and Director Timothy Dieffenbacher Chief Financial Officer, Treasurer, and Secretary Drew Ireland Chief Operating Officer |  | Board of Directors Stephen Preston Chairman of the Board Randall Starr Director Robert Green Director Daniel Swanstrom Independent Director Elizabeth Frank Independent Director Ernesto Perez Independent Director Noelle LeVeaux Independent Director

Company Contact Information

Rob Shelton

Director, Finance

media@frontviewreit.com

FrontView REIT, Inc. | www.frontviewreit.com | 2024 FrontView REIT, Inc. All rights reserved. | 4

Quarterly Finan cial Summary

(unaudited, in thousands except per share data)

|  | September 30, 2024 |  |  | September 30, 2024 |  |  | June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |
|  | Pro Forma |  |  | Historical |  |  | Historical |  |  | Historical |  |  | Historical |
Financial Summary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for investment, at cost |  | $ | 640,264 |  |  | $ | 640,264 |  |  | $ | 640,264 |  |  | $ | 642,398 |  |  | $ | 647,180 |
Less: accumulated depreciation |  |  | (37,277 | ) |  |  | (37,277 | ) |  |  | (34,356 | ) |  |  | (31,471 | ) |  |  | (28,734 | )
Real estate held for investment, net |  |  | 602,987 |  |  |  | 602,987 |  |  |  | 605,908 |  |  |  | 610,927 |  |  |  | 618,446 |
Assets held for sale |  |  | — |  |  |  | — |  |  | — |  |  |  | 953 |  |  |  | 2,859 |
Cash, cash equivalents and restricted cash |  |  | 93,261 |  |  |  | 9,895 |  |  |  | 16,620 |  |  |  | 13,197 |  |  |  | 17,129 |
Total assets |  |  | 814,305 |  |  |  | 733,070 |  |  |  | 745,466 |  |  |  | 752,708 |  |  |  | 772,007 |
Debt, net |  |  | 249,905 |  |  |  | 418,268 |  |  |  | 427,435 |  |  |  | 427,773 |  |  |  | 436,452 |
Total liabilities |  |  | 280,399 |  |  |  | 448,372 |  |  |  | 455,791 |  |  |  | 456,902 |  |  |  | 471,320 |
Convertible non-controlling preferred interests |  |  | — |  |  |  | 103,724 |  |  |  | 103,724 |  |  |  | 103,724 |  |  |  | 103,616 |
Partners' capital |  |  | — |  |  |  | 180,974 |  |  |  | 185,951 |  |  |  | 192,082 |  |  |  | 197,071 |
Total FrontView REIT, Inc. equity |  |  | 292,656 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Non-controlling interests in the OP |  |  | 241,250 |  |  | — |  |  | — |  |  | — |  |  | — |
Total equity (book value) |  |  | 533,906 |  |  |  | 284,698 |  |  |  | 289,675 |  |  |  | 295,806 |  |  |  | 300,687 |
Revenues |  |  | 14,534 |  |  |  | 14,534 |  |  |  | 14,607 |  |  |  | 15,259 |  |  |  | 14,343 |
General and administrative expenses(1) |  |  | 2,849 |  |  |  | 2,225 |  |  |  | 2,171 |  |  |  | 2,262 |  |  |  | 3,555 |
Total operating expenses |  |  | 11,966 |  |  |  | 11,347 |  |  |  | 10,853 |  |  |  | 11,568 |  |  |  | 12,853 |
Interest expense |  |  | 4,269 |  |  |  | 6,463 |  |  |  | 6,597 |  |  |  | 6,695 |  |  |  | 6,498 |
Net (loss)/ income |  |  | (1,764 | ) |  |  | (3,339 | ) |  |  | (3,013 | ) |  |  | (3,369 | ) |  |  | 8,428 |
Net earnings per share |  | $ | (0.07 | ) |  | $ | (0.26 | ) |  | $ | (0.24 | ) |  | $ | (0.27 | ) |  | $ | 0.67 |
FFO |  |  | 5,350 |  |  |  | 3,780 |  |  |  | 4,010 |  |  |  | 3,568 |  |  |  | 1,914 |
FFO per share |  | $ | 0.20 |  |  | $ | 0.30 |  |  | $ | 0.32 |  |  | $ | 0.28 |  |  | $ | 0.15 |
AFFO |  |  | 6,221 |  |  |  | 4,762 |  |  |  | 4,876 |  |  |  | 4,369 |  |  |  | 4,436 |
AFFO per share |  | $ | 0.23 |  |  | $ | 0.38 |  |  | $ | 0.39 |  |  | $ | 0.35 |  |  | $ | 0.35 |
Net cash provided by operating activities |  |  |  |  |  | 7,552 |  |  |  | 5,130 |  |  |  | 2,590 |  |  |  | 1,635 |
Net cash provided by (used in) investing activities |  |  |  |  |  | (597 | ) |  |  | 2,876 |  |  |  | 5,655 |  |  |  | (21,609 | )
Net cash provided by (used in) financing activities |  |  |  |  |  | (13,680 | ) |  |  | (4,583 | ) |  |  | (12,177 | ) |  |  | 21,931 |

(1) | For the Historical periods presented, general and administrative expenses includes property management fees, asset management fees, and general and administrative expenses.

FrontView REIT, Inc. | www.frontviewreit.com | 2024 FrontView REIT, Inc. All rights reserved. | 5

Balance Sheet

(unaudited, in thousands)

|  | September 30, 2024 |  |  | September 30, 2024 |  |  | June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |
|  | Pro Forma |  |  | Historical |  |  | Historical |  |  | Historical |  |  | Historical |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for investment, at cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 312,143 |  |  | $ | 312,143 |  |  | $ | 312,143 |  |  | $ | 313,160 |  |  | $ | 314,748 |
Buildings and improvements |  |  | 328,121 |  |  |  | 328,121 |  |  |  | 328,121 |  |  |  | 329,238 |  |  |  | 332,432 |
Total real estate held for investment, at cost |  |  | 640,264 |  |  |  | 640,264 |  |  |  | 640,264 |  |  |  | 642,398 |  |  |  | 647,180 |
Less accumulated depreciation |  |  | (37,277 | ) |  |  | (37,277 | ) |  |  | (34,356 | ) |  |  | (31,471 | ) |  |  | (28,734 | )
Real estate held for investment, net |  |  | 602,987 |  |  |  | 602,987 |  |  |  | 605,908 |  |  |  | 610,927 |  |  |  | 618,446 |
Assets held for sale |  |  | — |  |  |  | — |  |  | — |  |  |  | 953 |  |  |  | 2,859 |
Cash, cash equivalents and restricted cash |  |  | 93,261 |  |  |  | 9,895 |  |  |  | 16,620 |  |  |  | 13,197 |  |  |  | 17,129 |
Intangible lease assets, net |  |  | 102,328 |  |  |  | 103,109 |  |  |  | 108,281 |  |  |  | 113,357 |  |  |  | 119,432 |
Intangible assets |  |  | 1,200 |  |  | — |  |  | — |  |  | — |  |  | — |
Other assets |  |  | 14,529 |  |  |  | 17,079 |  |  |  | 14,657 |  |  |  | 14,274 |  |  |  | 14,141 |
Total assets |  | $ | 814,305 |  |  | $ | 733,070 |  |  | $ | 745,466 |  |  | $ | 752,708 |  |  | $ | 772,007 |
LIABILITIES, CONVERTIBLE NON-CONTROLLING PREFERRED INTERESTS AND PARTNERS' CAPITAL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt, net |  | $ | 249,905 |  |  | $ | 418,268 |  |  | $ | 427,435 |  |  | $ | 427,773 |  |  | $ | 436,452 |
Intangible lease liabilities, net |  |  | 14,242 |  |  |  | 14,242 |  |  |  | 14,997 |  |  |  | 15,745 |  |  |  | 17,416 |
Accounts payable and accrued liabilities |  |  | 16,252 |  |  |  | 15,862 |  |  |  | 13,359 |  |  |  | 13,384 |  |  |  | 17,452 |
Total liabilities |  |  | 280,399 |  |  |  | 448,372 |  |  |  | 455,791 |  |  |  | 456,902 |  |  |  | 471,320 |
Convertible non-controlling preferred interests |  |  | — |  |  |  | 103,724 |  |  |  | 103,724 |  |  |  | 103,724 |  |  |  | 103,616 |
Stockholders' equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Partners' capital |  |  | — |  |  |  | 180,974 |  |  |  | 185,951 |  |  |  | 192,082 |  |  |  | 197,071 |
Common Stock, par value $0.01 per share |  |  | 161 |  |  | — |  |  | — |  |  | — |  |  | — |
Additional paid in capital |  |  | 292,495 |  |  | — |  |  | — |  |  | — |  |  | — |
Non-controlling interests in the OP |  |  | 241,250 |  |  | — |  |  | — |  |  | — |  |  | — |
Total stockholders' equity |  |  | 533,906 |  |  |  | 180,974 |  |  |  | 185,951 |  |  |  | 192,082 |  |  |  | 197,071 |
Total liabilities, convertible non-controlling preferred interests and partners' capital |  | $ | 814,305 |  |  | $ | 733,070 |  |  | $ | 745,466 |  |  | $ | 752,708 |  |  | $ | 772,007 |

FrontView REIT, Inc. | www.frontviewreit.com | 2024 FrontView REIT, Inc. All rights reserved. | 6

Income Statement Su mmary

(unaudited, in thousands)

| For the three months ended |
| September 30, 2024 |  |  | September 30, 2024 |  |  | June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |
| Pro Forma |  |  | Historical |  |  | Historical |  |  | Historical |  |  | Historical |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues | $ | 14,534 |  |  | $ | 14,534 |  |  | $ | 14,607 |  |  | $ | 15,259 |  |  | $ | 14,343 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 7,114 |  |  |  | 7,119 |  |  |  | 6,972 |  |  |  | 7,325 |  |  |  | 7,415 |
Property operating expenses |  | 2,003 |  |  |  | 2,003 |  |  |  | 1,710 |  |  |  | 1,981 |  |  |  | 1,883 |
Property management fees |  | — |  |  |  | 494 |  |  |  | 497 |  |  |  | 510 |  |  |  | 494 |
Asset management fees |  | — |  |  |  | 1,034 |  |  |  | 1,034 |  |  |  | 1,034 |  |  |  | 1,034 |
General and administrative expenses |  | 2,849 |  |  |  | 697 |  |  |  | 640 |  |  |  | 718 |  |  |  | 2,027 |
Total operating expenses |  | 11,966 |  |  |  | 11,347 |  |  |  | 10,853 |  |  |  | 11,568 |  |  |  | 12,853 |
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | 4,269 |  |  |  | 6,463 |  |  |  | 6,597 |  |  |  | 6,695 |  |  |  | 6,498 |
Loss/ (gain) on sale of real estate |  | — |  |  |  | — |  |  |  | 51 |  |  |  | (388 | ) |  |  | (1,057 | )
Impairment loss |  | — |  |  |  | — |  |  |  | — |  |  |  | 591 |  |  |  | 407 |
Income taxes |  | 63 |  |  |  | 63 |  |  |  | 119 |  |  |  | 162 |  |  |  | 110 |
Total other expenses |  | 4,332 |  |  |  | 6,526 |  |  |  | 6,767 |  |  |  | 7,060 |  |  |  | 5,958 |
Operating loss |  | (1,764 | ) |  |  | (3,339 | ) |  |  | (3,013 | ) |  |  | (3,369 | ) |  |  | (4,468 | )
Gain from acquisition of equity method investment |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,988 |
Equity loss from investment in an unconsolidated entity |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (92 | )
Net (loss)/ income |  | (1,764 | ) |  |  | (3,339 | ) |  |  | (3,013 | ) |  |  | (3,369 | ) |  |  | 8,428 |
Less: Net (income)/loss attributable to convertible non-controlling preferred interests |  | 745 |  |  |  | 908 |  |  |  | 827 |  |  |  | 917 |  |  |  | (2,274 | )
Net (loss)/ income attributable to NADG NNN Property Fund LP | $ | (1,019 | ) |  | $ | (2,431 | ) |  | $ | (2,186 | ) |  | $ | (2,452 | ) |  | $ | 6,154 |

FrontView REIT, Inc. | www.frontviewreit.com | 2024 FrontView REIT, Inc. All rights reserved. | 7

Funds From Operations (F FO) and Adjusted Funds From Operations (AFFO)

(unaudited, in thousands)

|  | For the three months ended |
|  | September 30, 2024 |  |  | September 30, 2024 |  |  | June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |
|  | Pro Forma |  |  | Historical |  |  | Historical |  |  | Historical |  |  | Historical |
Net (loss)/ income |  | $ | (1,764 | ) |  | $ | (3,339 | ) |  | $ | (3,013 | ) |  | $ | (3,369 | ) |  | $ | 8,428 |
Depreciation on real property and amortization of real estate intangibles |  |  | 7,114 |  |  |  | 7,119 |  |  |  | 6,972 |  |  |  | 7,325 |  |  |  | 7,415 |
Share of 50/50 Joint Venture's depreciation on real property and amortization of real estate intangibles |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 116 |
(Gain) loss on sale of real estate |  |  | — |  |  |  | — |  |  |  | 51 |  |  |  | (388 | ) |  |  | (1,057 | )
Gain from acquisition of equity method investment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12,988 | )
FFO |  | $ | 5,350 |  |  | $ | 3,780 |  |  | $ | 4,010 |  |  | $ | 3,568 |  |  | $ | 1,914 |
Straight-line rent adjustments |  |  | (187 | ) |  |  | (187 | ) |  |  | (446 | ) |  |  | (331 | ) |  |  | (449 | )
Share of 50/50 Joint Venture's straight-line rent adjustments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (8 | )
Amortization of financing transactions and discount costs |  |  | 396 |  |  |  | 1,053 |  |  |  | 1,036 |  |  |  | 1,056 |  |  |  | 1,018 |
Share of 50/50 Joint Venture's amortization of debt issuance cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16 |
Amortization of above/below market lease intangibles |  |  | 423 |  |  |  | 423 |  |  |  | 476 |  |  |  | 439 |  |  |  | 578 |
Share of 50/50 Joint Venture's amortization of above/below market lease intangibles |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6 |
Stock-based compensation |  |  | 986 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Lease termination fees |  |  | (747 | ) |  |  | (747 | ) |  |  | (223 | ) |  |  | (414 | ) |  |  | — |
Adjustment for structuring and public company readiness costs |  |  | — |  |  |  | 440 |  |  |  | 23 |  |  |  | 51 |  |  |  | 979 |
Adjustment for Internalization expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 382 |
AFFO |  | $ | 6,221 |  |  | $ | 4,762 |  |  | $ | 4,876 |  |  | $ | 4,369 |  |  | $ | 4,436 |

FrontView REIT, Inc. | www.frontviewreit.com | 2024 FrontView REIT, Inc. All rights reserved. | 8

Lease Revenues Detail

(unaudited, in thousands)

|  | For the three months ended |
|  | September 30, 2024 |  |  | September 30, 2024 |  |  | June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |
|  | Pro Forma |  |  | Historical |  |  | Historical |  |  | Historical |  |  | Historical |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contractual rental amounts billed |  | $ | 12,678 |  |  | $ | 12,678 |  |  | $ | 12,980 |  |  | $ | 12,911 |  |  | $ | 12,618 |
Recovery income |  |  | 1,293 |  |  |  | 1,293 |  |  |  | 1,218 |  |  |  | 1,907 |  |  |  | 1,773 |
Adjustment to recognize contractual rental amounts on a straight-line basis |  |  | 187 |  |  |  | 187 |  |  |  | 446 |  |  |  | 331 |  |  |  | 449 |
Variable rental amounts earned |  |  | 798 |  |  |  | 798 |  |  |  | 306 |  |  |  | 443 |  |  |  | 3 |
Above/below market lease amortization, net |  |  | (423 | ) |  |  | (423 | ) |  |  | (476 | ) |  |  | (439 | ) |  |  | (578 | )
Other income |  |  | 1 |  |  |  | 1 |  |  |  | 133 |  |  |  | 106 |  |  |  | 78 |
Total rental revenues |  | $ | 14,534 |  |  | $ | 14,534 |  |  | $ | 14,607 |  |  | $ | 15,259 |  |  | $ | 14,343 |

FrontView REIT, Inc. | www.frontviewreit.com | 2024 FrontView REIT, Inc. All rights reserved. | 9

Capital Structure

(in thousands, except percentages)

| September 30, 2024 |
| Pro Forma |
Equity |  |
Shares of Common Stock |  | 16,068 |
OP Units |  | 11,755 |
Common Stock & OP Units |  | 27,823 |
Price Per Share / Unit as of October 2, 2024 (first day of trading) | $ | 19.00 |
Implied Equity Market Capitalization | $ | 528,637 |
% of Total Capitalization |  | 67.6 | %
Debt (1) |  |
New Delayed Draw Term Loan | $ | 200,000 |
New Revolving Credit Facility |  | 53,499 |
ABS Notes |  | — |
Revolving Credit Facility |  | — |
Term Loan Credit Facility |  | — |
Total Debt | $ | 253,499 |
% of Total Capitalization |  | 32.4 | %
Total Capitalization | $ | 782,136 |
Less: Cash, cash equivalents and restricted cash |  | (93,261 | )
Enterprise Value | $ | 688,875 |

(1) | Pro forma reflects the Company’s intention to repay the ABS Notes when they mature in December 2024, with the New Revolving Credit Facility and New Delayed Draw Term Loan

FrontView REIT, Inc. | www.frontviewreit.com | 2024 FrontView REIT, Inc. All rights reserved. | 10

Debt Ou tstanding

(in thousands)

|  | Outstanding Balance |  |  |  |  |
|  | September 30, 2024 |  |  | September 30, 2024 |  |  |  |  |
|  | Pro Forma |  |  | Historical |  |  | Interest Rate |  | Maturity Date
New Delayed Draw Term Loan |  | $ | 200,000 |  |  | $ | — |  |  | Adjusted SOFR + 1.20% |  | 3-Oct-27 (1)
New Revolving Credit Facility |  |  | 53,499 |  |  |  | — |  |  | Adjusted SOFR + 1.20% |  | 3-Oct-27 (1)
ABS Notes |  |  | — |  |  |  | 253,499 |  |  | 3.37% |  | 28-Dec-24
Revolving Credit Facility |  |  | — |  |  |  | 150,000 |  |  | Adjusted Term SOFR + 2.25% (2) |  | 8-Mar-25
Term Loan Credit Facility |  |  | — |  |  |  | 15,967 |  |  | Term SOFR + 1.80% (2) |  | 31-Mar-27
Gross Debt |  | $ | 253,499 |  |  | $ | 419,466 |  |  |  |  |

(1) | The loans each contain two 12 month extension options, subject to a 0.125% extension fee.
(2) | The approximate one-month Term SOFR rate at September 30, 2024 was 4.84%.

The following table shows the year of maturity for our pro forma Gross Debt, assuming exercise of extension options:

Year of Maturity |  | New Delayed Draw Term Loan |  |  | New Revolving Credit Facility |  |  | ABS Notes |  |  | Revolving Credit Facility |  |  | Term Loan Credit Facility |  |  | Total |
2024 (Remaining) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2025 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2026 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2027 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2028 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Thereafter |  |  | 200,000 |  |  |  | 53,499 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 253,499 |
Total |  | $ | 200,000 |  |  | $ | 53,499 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 253,499 |

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EBITDA, EBITD Are, and Other-Non GAAP Operating Metrics

(unaudited, in thousands)

|  | For the three months ended |
|  | September 30, 2024 |  |  | September 30, 2024 |  |  | June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |
|  | Pro Forma |  |  | Historical |  |  | Historical |  |  | Historical |  |  | Historical |
Net (loss)/ income |  | $ | (1,764 | ) |  | $ | (3,339 | ) |  | $ | (3,012 | ) |  | $ | (3,369 | ) |  | $ | 8,428 |
Depreciation and amortization |  |  | 7,537 |  |  |  | 7,542 |  |  |  | 7,448 |  |  |  | 7,763 |  |  |  | 7,993 |
Share of 50/50 Joint Venture's depreciation and amortization |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 122 |
Interest expense |  |  | 4,269 |  |  |  | 6,463 |  |  |  | 6,597 |  |  |  | 6,695 |  |  |  | 6,498 |
Share of 50/50 Joint Venture's interest expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 130 |
Income taxes |  |  | 63 |  |  |  | 63 |  |  |  | 119 |  |  |  | 162 |  |  |  | 110 |
Share of 50/50 Joint Venture's income taxes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |
EBITDA |  | $ | 10,105 |  |  | $ | 10,729 |  |  | $ | 11,152 |  |  | $ | 11,251 |  |  | $ | 23,283 |
Gain on sale of real estate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (388 | ) |  |  | (1,057 | )
Gain from acquisition of equity method investment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12,988 | )
EBITDAre |  | $ | 10,105 |  |  | $ | 10,729 |  |  | $ | 11,152 |  |  | $ | 10,863 |  |  | $ | 9,238 |
Adjustment for current period disposition activity (1) |  |  | — |  |  |  | — |  |  |  | (244 | ) |  |  | (392 | ) |  |  | (36 | )
Adjustment for non-cash compensation expense (2) |  |  | 986 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Adjustment to exclude non-recurring expenses (income) (3) |  |  | (747 | ) |  |  | (307 | ) |  |  | (200 | ) |  |  | (363 | ) |  |  | 1,361 |
Adjusted EBITDAre |  |  | 10,344 |  |  |  | 10,422 |  |  |  | 10,708 |  |  |  | 10,108 |  |  |  | 10,563 |
Annualized EBITDAre |  |  | 40,420 |  |  |  | 42,916 |  |  |  | 44,608 |  |  |  | 43,452 |  |  |  | 36,952 |
Annualized adjusted EBITDAre |  |  | 41,376 |  |  |  | 41,688 |  |  |  | 42,832 |  |  |  | 40,432 |  |  |  | 42,252 |

(1) | Reflects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter.
(2) | Reflects an adjustment to exclude non-cash stock-based compensation expense.
(3) | Reflects an adjustment to exclude non-recurring expenses including IPO costs and lease termination fees.

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Net Debt Me trics

(unaudited, in thousands)

|  | September 30, 2024 |  |  | September 30, 2024 |  |  | June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |
|  | Pro Forma |  |  | Historical |  |  | Historical |  |  | Historical |  |  | Historical |
Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Delayed Draw Term Loan |  | $ | 200,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
New Revolving Credit Facility |  |  | 53,499 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
ABS Notes |  |  | — |  |  |  | 253,499 |  |  |  | 253,829 |  |  |  | 254,159 |  |  |  | 254,489 |
Revolving Credit Facility |  |  | — |  |  |  | 150,000 |  |  |  | 159,890 |  |  |  | 159,890 |  |  |  | 168,890 |
Term Loan Credit Facility |  |  | — |  |  |  | 15,967 |  |  |  | 15,967 |  |  |  | 17,000 |  |  |  | 17,000 |
Gross Debt |  |  | 253,499 |  |  |  | 419,466 |  |  |  | 429,686 |  |  |  | 431,049 |  |  |  | 440,379 |
Cash, cash equivalents and restricted cash |  |  | (93,261 | ) |  |  | (9,895 | ) |  |  | (16,620 | ) |  |  | (13,197 | ) |  |  | (17,129 | )
Net Debt |  |  | 160,238 |  |  |  | 409,571 |  |  |  | 413,066 |  |  |  | 417,852 |  |  |  | 423,250 |
Net Debt to Annualized EBITDAre |  |  | 4.0 |  |  |  | 9.5 |  |  |  | 9.3 |  |  |  | 9.6 |  |  |  | 11.5 |
Net Debt to Annualized Adjusted EBITDAre |  |  | 3.9 |  |  |  | 9.8 |  |  |  | 9.6 |  |  |  | 10.3 |  |  |  | 10.0 |

Covenants

The following is a summary of key financial covenants for the Company’s unsecured debt instruments. The covenants associated with the Revolving Credit Facility are reported to the respective lenders via quarterly covenant reporting packages. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of September 30, 2024, the Company believes it is in compliance with the covenants.

Covenants |  | Required |  | Revolving Credit Facility
Total Leverage Ratio |  | ≤ 60% |  | 30.9%
Adjusted EBITDA to Fixed Charges Ratio |  | ≥ 1.50 to 1.00 |  | 2.3x
Secured Leverage Ratio(1) |  | ≤ 40% |  | 0.0%
Unencumbered NOI to Unsecured Interest Expense Ratio |  | ≥ 1.75 to 1.00 |  | 3.2x
Unsecured Leverage Ratio |  | ≤ 60% |  | 30.9%
Tangible Net Worth |  | ≥ sum of 75% of the Tangible Net Worth on completion of this offering plus 70% of equity issuance proceeds |  | (2)

(1) | IPO proceeds used to pay off debt such that there are no secured borrowings.
(2) | Prospective covenant

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Dispo sitions

(in thousands, except # of properties)

The following table summarizes the Company’s property disposition activity during 2024.

Property |  | # of Properties |  | Original Purchase Price |  |  | Sale Price |  |  | Lease Termination Fee(1) |  |  | Gain over Original Purchase Price |
Occupied(2) |  | 4 |  | $ | 9,148 |  |  | $ | 9,616 |  |  | $ | 475 |  |  | $ | 943 |
Vacant(3) |  | 1 |  | $ | 1,154 |  |  | $ | 1,157 |  |  | $ | 0 |  |  | $ | 3 |
Total Dispositions |  | 5 |  | $ | 10,302 |  |  | $ | 10,773 |  |  | $ | 475 |  |  | $ | 946 |

(1) | Includes lease termination fees paid to FrontView REIT at closing.
(2) | Three occupied properties were sold in Q1 2024, and one occupied property was sold in Q2 2024.
(3) | One vacant property was sold in Q2 2024.

Portfolio at a Glance: Key Metrics

|  | September 30, 2024 |  | June 30, 2024
Properties |  | 278 |  | 278
U.S. States |  | 31 |  | 31
Total Annualized Base Rent |  | $52.1M |  | $52.0M
Total Rentable Sq. Footage |  | 2.1M |  | 2.1M
Tenants |  | 293 |  | 292
Brands |  | 137 |  | 137
Industries |  | 15 |  | 15
Occupancy |  | 98.9% |  | 98.9%
Top 10 Tenant Concentration |  | 23.3% |  | 23.3%
Top 20 Tenant Concentration |  | 38.5% |  | 38.5%
Investment Grade (tenant/guarantor) |  | 38.0% |  | 40.4%
Financial Reporting Coverage(1) |  | 81.6% |  | 81.6%
Weighted Average Annual Rent Increases(2) |  | 1.7% |  | 1.7%
Weighted Average Remaining Lease Term |  | 6.7 Years |  | 7.0 Years

(1) | Includes tenants not required to provide financial information under the terms of our lease, but whose financial statements are available publicly at September 30, 2024.
(2) | Includes contractual rent increases on tenant renewals options to the extent a lease is at the end of its initial term

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Diversificati on: Top 20 Tenants

(in thousands, except for percentages and # of properties)

Tenant Brand |  | # of Properties(1) |  | Square Feet |  |  | ABR |  |  | % of ABR |  | % of Square Feet
Verizon |  | 8.5 |  |  | 36 |  |  | $ | 1,761 |  |  | 3.4% |  | 1.7%
Oak Street Health |  | 5.5 |  |  | 66 |  |  |  | 1,314 |  |  | 2.6% |  | 3.1%
Adams Auto Group |  | 3 |  |  | 29 |  |  |  | 1,284 |  |  | 2.5% |  | 1.4%
Raising Canes |  | 5 |  |  | 17 |  |  |  | 1,262 |  |  | 2.4% |  | 0.9%
IHOP |  | 6 |  |  | 33 |  |  |  | 1,213 |  |  | 2.3% |  | 1.6%
Mammoth Car Wash |  | 6 |  |  | 22 |  |  |  | 1,205 |  |  | 2.3% |  | 1.1%
CVS |  | 4 |  |  | 42 |  |  |  | 1,081 |  |  | 2.1% |  | 2.0%
AT&T |  | 4 |  |  | 24 |  |  |  | 1,052 |  |  | 2.0% |  | 1.1%
Walgreens |  | 4 |  |  | 50 |  |  |  | 1,014 |  |  | 1.9% |  | 2.4%
Chili's |  | 3 |  |  | 18 |  |  |  | 959 |  |  | 1.8% |  | 0.9%
Wendy's |  | 7 |  |  | 21 |  |  |  | 940 |  |  | 1.8% |  | 1.0%
Bank of America |  | 4 |  |  | 21 |  |  |  | 936 |  |  | 1.8% |  | 1.0%
Advance Auto Parts |  | 7 |  |  | 66 |  |  |  | 857 |  |  | 1.6% |  | 3.1%
Heartland Dental |  | 5 |  |  | 20 |  |  |  | 792 |  |  | 1.5% |  | 0.9%
LA-Z-Boy |  | 2 |  |  | 38 |  |  |  | 762 |  |  | 1.5% |  | 1.8%
Burger King |  | 5 |  |  | 20 |  |  |  | 752 |  |  | 1.4% |  | 0.9%
Lowe's Home Improvement |  | 1 |  |  | 168 |  |  |  | 750 |  |  | 1.4% |  | 8.0%
Hooters |  | 4 |  |  | 20 |  |  |  | 723 |  |  | 1.4% |  | 0.9%
PNC Bank |  | 4 |  |  | 26 |  |  |  | 719 |  |  | 1.4% |  | 1.2%
T-Mobile |  | 4.5 |  |  | 19 |  |  |  | 710 |  |  | 1.4% |  | 0.9%
Other |  | 185.5 |  |  | 1,351 |  |  |  | 32,014 |  |  | 61.5% |  | 64.1%
Total |  | 278 |  |  | 2,107 |  |  | $ | 52,100 |  |  | 100.0% |  | 100.0%

(1) | Includes two-tenant properties.

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Diversificati on: Tenant Industry

(rent percentages based on ABR)

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Diversification: Tenant Indust ry (continued)

(in thousands, except for percentages and # of properties)

Industry |  | # of Properties(1) |  | ABR |  |  | % of ABR |  | Square Feet |  |  | % of Square Feet
Casual Dining |  | 49 |  | $ | 10,054 |  |  | 19.3% |  |  | 312 |  |  | 14.8%
Quick Service Restaurants |  | 62.5 |  |  | 9,078 |  |  | 17.4% |  |  | 205 |  |  | 9.7%
Automotive Stores & Dealers |  | 30 |  |  | 5,394 |  |  | 10.4% |  |  | 248 |  |  | 11.8%
Medical and Dental Providers |  | 29.5 |  |  | 5,227 |  |  | 10.1% |  |  | 171 |  |  | 8.1%
Financial Institutions |  | 22 |  |  | 4,312 |  |  | 8.3% |  |  | 124 |  |  | 5.9%
General Retail |  | 18.5 |  |  | 4,167 |  |  | 8.0% |  |  | 406 |  |  | 19.2%
Cellular Stores |  | 18.5 |  |  | 3,819 |  |  | 7.3% |  |  | 90 |  |  | 4.3%
Home Improvement Stores |  | 8 |  |  | 2,701 |  |  | 5.2% |  |  | 323 |  |  | 15.3%
Convenience & Gas Stores |  | 14 |  |  | 2,367 |  |  | 4.5% |  |  | 31 |  |  | 1.5%
Pharmacies |  | 8 |  |  | 2,095 |  |  | 4.0% |  |  | 92 |  |  | 4.4%
Car Washes |  | 10 |  |  | 1,882 |  |  | 3.6% |  |  | 33 |  |  | 1.6%
Other |  | 6 |  |  | 446 |  |  | 0.9% |  |  | 45 |  |  | 2.1%
Fitness |  | 1 |  |  | 385 |  |  | 0.7% |  |  | 23 |  |  | 1.1%
Professional Services |  | 1 |  |  | 173 |  |  | 0.3% |  |  | 4 |  |  | 0.2%
Total |  | 278 |  | $ | 52,100 |  |  | 100.0% |  |  | 2,107 |  |  | 100.0%

(1) | Includes two-tenant properties.

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Diversification: Property Map

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Diversification: Geography

(in thousands, except for percentages and # of properties)

State |  | # of Properties(1) |  | Square Feet |  |  | ABR |  |  | % of ABR |  | % of Square Feet
IL |  | 28 |  |  | 208 |  |  | $ | 6,281 |  |  | 12.1% |  | 9.9%
TX |  | 22 |  |  | 116 |  |  |  | 4,473 |  |  | 8.6% |  | 5.5%
GA |  | 21 |  |  | 112 |  |  |  | 3,468 |  |  | 6.7% |  | 5.3%
OH |  | 21 |  |  | 127 |  |  |  | 3,269 |  |  | 6.3% |  | 6.0%
NC |  | 16 |  |  | 93 |  |  |  | 2,990 |  |  | 5.7% |  | 4.4%
FL |  | 14 |  |  | 96 |  |  |  | 2,659 |  |  | 5.1% |  | 4.6%
TN |  | 15 |  |  | 83 |  |  |  | 2,596 |  |  | 5.0% |  | 3.9%
VA |  | 15 |  |  | 76 |  |  |  | 2,521 |  |  | 4.8% |  | 3.6%
PA |  | 8 |  |  | 145 |  |  |  | 2,491 |  |  | 4.8% |  | 6.9%
NY |  | 8 |  |  | 242 |  |  |  | 2,114 |  |  | 4.1% |  | 11.5%
IN |  | 11 |  |  | 67 |  |  |  | 1,951 |  |  | 3.7% |  | 3.2%
MO |  | 10 |  |  | 60 |  |  |  | 1,858 |  |  | 3.6% |  | 2.8%
NJ |  | 10 |  |  | 55 |  |  |  | 1,694 |  |  | 3.3% |  | 2.6%
OK |  | 8 |  |  | 38 |  |  |  | 1,543 |  |  | 3.0% |  | 1.8%
MN |  | 7 |  |  | 72 |  |  |  | 1,449 |  |  | 2.8% |  | 3.4%
AL |  | 9 |  |  | 43 |  |  |  | 1,352 |  |  | 2.6% |  | 2.0%
SC |  | 7 |  |  | 54 |  |  |  | 1,133 |  |  | 2.2% |  | 2.6%
ME |  | 3 |  |  | 186 |  |  |  | 1,067 |  |  | 2.0% |  | 8.8%
KY |  | 8 |  |  | 40 |  |  |  | 1,063 |  |  | 2.0% |  | 1.9%
MI |  | 7 |  |  | 34 |  |  |  | 1,051 |  |  | 2.0% |  | 1.6%
MD |  | 5 |  |  | 41 |  |  |  | 856 |  |  | 1.6% |  | 1.9%
AZ |  | 5 |  |  | 18 |  |  |  | 838 |  |  | 1.6% |  | 0.9%
KS |  | 5 |  |  | 25 |  |  |  | 668 |  |  | 1.3% |  | 1.2%
CT |  | 3 |  |  | 9 |  |  |  | 590 |  |  | 1.1% |  | 0.4%
CO |  | 3 |  |  | 13 |  |  |  | 469 |  |  | 0.9% |  | 0.6%
MS |  | 2 |  |  | 13 |  |  |  | 417 |  |  | 0.8% |  | 0.6%
LA |  | 2 |  |  | 10 |  |  |  | 360 |  |  | 0.7% |  | 0.5%
UT |  | 2 |  |  | 22 |  |  |  | 336 |  |  | 0.6% |  | 1.0%
NV |  | 1 |  |  | 4 |  |  |  | 246 |  |  | 0.5% |  | 0.2%
RI |  | 1 |  |  | 0 |  |  |  | 182 |  |  | 0.3% |  | 0.0%
WI |  | 1 |  |  | 5 |  |  |  | 115 |  |  | 0.2% |  | 0.2%
Total |  | 278 |  |  | 2,107 |  |  | $ | 52,100 |  |  | 100.0% |  | 100.0%

(1) | Includes two-tenant properties.

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Lease Expirations

(in thousands; based on ABR)

Year |  | ABR |  |  | % of ABR |  | Square Feet |  |  | % of Square Feet
2024 |  | $ | 456 |  |  | 0.9% |  |  | 15 |  |  | 0.7%
2025 |  |  | 2,206 |  |  | 4.2% |  |  | 72 |  |  | 3.4%
2026 |  |  | 3,736 |  |  | 7.2% |  |  | 125 |  |  | 5.9%
2027 |  |  | 7,158 |  |  | 13.7% |  |  | 390 |  |  | 18.5%
2028 |  |  | 4,310 |  |  | 8.3% |  |  | 145 |  |  | 6.9%
2029 |  |  | 5,007 |  |  | 9.6% |  |  | 187 |  |  | 8.9%
2030 |  |  | 4,970 |  |  | 9.5% |  |  | 163 |  |  | 7.7%
2031 |  |  | 4,483 |  |  | 8.6% |  |  | 141 |  |  | 6.7%
2032 |  |  | 5,283 |  |  | 10.1% |  |  | 406 |  |  | 19.3%
2033 |  |  | 2,549 |  |  | 4.9% |  |  | 67 |  |  | 3.2%
2034 |  |  | 2,194 |  |  | 4.2% |  |  | 56 |  |  | 2.7%
2035 |  |  | 451 |  |  | 0.9% |  |  | 20 |  |  | 0.9%
2036 |  |  | 2,015 |  |  | 3.9% |  |  | 56 |  |  | 2.7%
2037 |  |  | 1,327 |  |  | 2.5% |  |  | 51 |  |  | 2.4%
2038 |  |  | 2,231 |  |  | 4.3% |  |  | 118 |  |  | 5.6%
2039 |  |  | 634 |  |  | 1.2% |  |  | 17 |  |  | 0.8%
Thereafter |  |  | 3,090 |  |  | 6.0% |  |  | 61 |  |  | 2.9%
Untenanted Properties |  |  | - |  |  | 0.0% |  |  | 17 |  |  | 0.8%
Total |  | $ | 52,100 |  |  | 100.0% |  |  | 2,107 |  |  | 100.0%

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Definitions a nd Explanations

Adjusted Secured Overnight Financing Rate (SOFR): We define Adjusted SOFR as the current one month term SOFR plus an adjustment of 0.10% per the terms of our credit facilities.

Annualized Base Rent (ABR): We define ABR as the annualized contractual cash rent due for the last month of the reporting period, and adjusted to remove rent from properties sold during the month and to include a full month of contractual cash rent for properties acquired during the last month of the reporting period

EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre: EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre are non-GAAP financial measures. We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that this ratio provides investors and analysts with a measure of our leverage that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. In 2017, Nareit issued a white paper recommending that companies that report EBITDA also report EBITDAre in financial reports. We compute EBITDAre in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as EBITDA (as defined above) excluding gains (loss) from the sales of depreciable property and provisions for impairment on investment in real estate. We also exclude the gain from acquisition of equity method investment as the gain represents a one-time transaction for the purchase of the 50% interest held by our predecessor’s sole partner in the 50/50 Joint Venture. As the gain will not recur in the future, it is excluded from EBITDAre. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. We compute adjusted EBITDAre as EBITDAre for the applicable quarter, as adjusted to (i) reflect all investment and disposition activity that took place during the applicable quarter as if each transaction had been completed on the first day of the quarter, (ii) exclude certain GAAP income and expense amounts that we believe are infrequent and unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, (iii) eliminate the impact of lease termination fees from certain of our tenants, and (iv) exclude non-cash stock-based compensation expense. Annualized adjusted EBITDAre is calculated by multiplying adjusted EBITDAre for the applicable quarter by four, which we believe provides a meaningful estimate of our current run rate for all of our investments as of the end of the most recently completed quarter given the contractual nature of our long-term net leases. You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual reported EBITDAre for future periods may be significantly different from our annualized adjusted EBITDAre. Our reported EBITDA, EBITDAre, Adjusted EBITDAre, and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider these measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO): FFO and AFFO are non-GAAP measures. We believe the use of FFO and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute FFO in accordance with the standards established by the Board of Governors of Nareit. Nareit defines FFO as GAAP net income or loss adjusted to exclude net gains (losses) from sales of certain depreciated real estate assets, depreciation and amortization expense from real estate assets, gains and losses from change in control, and impairment charges related to certain previously depreciated real estate assets. We also exclude the gain from acquisition of equity method investment as the gain represents a one-time transaction for the purchase of the 50% interest held by our predecessor’s sole partner in the 50/50 Joint Venture. As the gain will not recur in the future, it is excluded from FFO. To derive AFFO, we modify the Nareit computation of FFO to include other adjustments to GAAP net income related to certain non-cash or non-recurring revenues and expenses, including straight-line rents, cost of debt extinguishments, amortization of lease intangibles, amortization of debt issuance costs, amortization of net mortgage premiums, (gain) loss on interest rate swaps and other non-cash interest expense, realized gains or losses on foreign currency transactions, Internalization expenses, structuring and public company readiness costs, extraordinary items, and other specified non-cash items. We believe that such items are not a result of normal operations and thus we believe excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors.

Gross Debt: We define Gross Debt as total debt, net plus debt issuance costs and original issuance discount.

Net Debt: Net Debt is a non-GAAP financial measure. We define Net Debt as our Debt less cash and cash equivalents and restricted cash.

Occupancy: Occupancy or a specified percentage of our portfolio that is “occupied” or “leased” means as of a specified date (i) the number of properties that are subject to a signed lease divided by (ii) the total number of properties in our portfolio.

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