EXHIBIT 99.2

Q4 2024 QUARTERLY SUPPLEMENTAL INFORMATION

FrontView REIT, Inc. (NYSE: FVR) is a real estate investment trust (REIT) that invests in single-tenant commercial real estate properties with frontage 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 & Equity Rollforward	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

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About the Data

This data and other information described herein are as of and for the three months ended December 31, 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 Annual Report Form 10-K as of and for the period ended December 31, 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.

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Company 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 properties with frontage that are net leased to a diversified group of tenants. The Company is differentiated by an investment approach focused on properties that are in prominent locations with direct frontage on high-traffic roads that are highly visible to consumers. As of December 31, 2024, the Company owned a well-diversified portfolio of 307 properties with direct frontage across 35 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, fitness operators, 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

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Quarterly Financial Summary

(unaudited, in thousands except per share data)

		December 31,  2024				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
		Pro Forma				Historical				Historical				Historical				Historical				Historical
Financial Summary
Total real estate held for investment, at cost		$	719,406			$	719,406			$	640,264			$	640,264			$	642,398			$	647,180
Less: accumulated depreciation			(40,398	)			(40,398	)			(37,277	)			(34,356	)			(31,471	)			(28,734	)
Real estate held for investment, net			679,008				679,008				602,987				605,908				610,927				618,446
Assets held for sale			5,898				5,898				—			—					953				2,859
Cash, cash equivalents and restricted cash			5,094				5,094				9,895				16,620				13,197				17,129
Total assets			821,809				821,809				733,070				745,466				752,708				772,007
Debt, net			266,538				266,538				418,268				427,435				427,773				436,452
Total liabilities			299,131				299,131				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			324,821				324,821				—				—				—				—
Non-controlling interests			197,857				197,857				—				—				—				—
Total equity (book value)			522,678				522,678				284,698				289,675				295,806				300,687
Revenues			16,868				15,514				14,534				14,607				15,259				14,343
General and administrative expenses(1)			3,107				2,932				2,225				2,171				2,262				3,554
Total operating expenses			13,735				12,784				11,347				10,853				11,568				12,853
Interest expense			4,517				3,593				6,463				6,597				6,695				6,498
Net (loss) income			(22,009	)			(21,488	)			(3,339	)			(3,013	)			(3,369	)			8,429
Net earnings per common share, diluted		$	(0.79	)		$	(0.78	)		$	—			$	—			$	—			$	—
FFO			(9,708	)			(9,963	)			3,780				4,010				4,159				2,322
FFO per share, diluted		$	(0.35	)		$	(0.36	)		$	—			$	—			$	—			$	—
AFFO			7,404				9,055				4,776				4,892				4,989				4,844
AFFO per share, diluted		$	0.27			$	0.33			$	—			$	—			$	—			$	—
Net cash provided by operating activities			—				5,257				7,552				5,130				2,590				1,635
Net cash (used in) provided by investing activities			—				(105,103	)			(597	)			2,876				5,655				(21,609	)
Net cash provided by (used in) financing activities			—				95,045				(13,680	)			(4,583	)			(12,177	)			21,931
Dividend declared			—				6,101				—				—				—				—
Dividend declared per diluted share		$	—			$	0.215			$	—			$	—			$	—			$	—

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

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Balance Sheet

(unaudited, in thousands)

		December 31,  2024				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
		Pro Forma				Historical				Historical				Historical				Historical				Historical
ASSETS
Real estate held for investment, at cost
Land		$	332,944			$	332,944			$	312,143			$	312,143			$	313,160			$	314,748
Buildings and improvements			386,462				386,462				328,121				328,121				329,238				332,432
Total real estate held for investment, at cost			719,406				719,406				640,264				640,264				642,398				647,180
Less accumulated depreciation			(40,398	)			(40,398	)			(37,277	)			(34,356	)			(31,471	)			(28,734	)
Real estate held for investment, net			679,008				679,008				602,987				605,908				610,927				618,446
Assets held for sale			5,898				5,898				—			—					953				2,859
Cash, cash equivalents and restricted cash			5,094				5,094				9,895				16,620				13,197				17,129
Intangible lease assets, net			114,868				114,868				103,109				108,281				113,357				119,432
Other assets			16,941				16,941				17,079				14,657				14,274				14,141
Total assets		$	821,809			$	821,809			$	733,070			$	745,466			$	752,708			$	772,007
LIABILITIES, CONVERTIBLE NON-CONTROLLING PREFERRED    INTERESTS AND EQUITY
Liabilities
Debt, net		$	266,538			$	266,538			$	418,268			$	427,435			$	427,773			$	436,452
Intangible lease liabilities, net			14,735				14,735				14,242				14,997				15,745				17,416
Accounts payable and accrued liabilities			17,858				17,858				15,862				13,359				13,384				17,452
Total liabilities			299,131				299,131				448,372				455,791				456,902				471,320
Convertible non-controlling preferred interests			—				—				103,724				103,724				103,724				103,616
Equity
Partners' capital			—				—				180,974				185,951				192,082				197,071
Common Stock, par value $0.01 per share			173				173				—				—				—				—
Additional paid-in capital			331,482				331,482				—				—				—				—
Accumulated deficit			(6,834	)			(6,834	)			—				—				—				—
Non-controlling interests in the OP			197,857				197,857				—				—				—				—
Total equity			522,678				522,678				180,974				185,951				192,082				197,071
Total liabilities, convertible non-controlling preferred interests and equity		$	821,809			$	821,809			$	733,070			$	745,466			$	752,708			$	772,007

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Income Statement Summary

(unaudited, in thousands except per share amounts)

	For the three months ended
	December 31,  2024				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
	Pro Forma				Historical				Historical				Historical				Historical				Historical
Revenues
Rental revenues	$	16,868			$	15,514			$	14,534			$	14,607			$	15,259			$	14,343
Operating expenses
Depreciation and amortization		8,410				7,634				7,119				6,972				7,325				7,415
Property operating expenses		2,218				2,218				2,003				1,710				1,981				1,884
Property management fees		—				60				494				497				510				494
Asset management fees		—				22				1,034				1,034				1,034				1,034
General and administrative expenses		3,107				2,850				697				640				718				2,026
Total operating expenses		13,735				12,784				11,347				10,853				11,568				12,853
Other expenses (income)
Interest expense		4,517				3,593				6,463				6,597				6,695				6,498
Loss (gain) on sale of real estate		—				—				—				51				(388	)			(1,057	)
Impairment loss		3,891				3,891				—				—				591				407
Income taxes		236				236				63				119				162				110
Total other expenses		8,644				7,720				6,526				6,767				7,060				5,958
Operating loss		(5,511	)			(4,990	)			(3,339	)			(3,013	)			(3,369	)			(4,468	)
Internalization expense		(16,498	)			(16,498	)			—				—				—				—
Gain from acquisition of equity method    investment		—				—				—				—				—				12,988
Equity loss from investment in an    unconsolidated entity		—				—				—				—				—				(91	)
Net (loss) income		(22,009	)			(21,488	)			(3,339	)			(3,013	)			(3,369	)			8,429
Less: Net loss (income) attributable to    convertible non-controlling preferred    interests		—				4,519				908				827				917				(2,274	)
Less: Net loss attributable to non-controlling interests		8,331				1,825				—				—				—				—
Net income (loss) attributable to NADG NNN Property Fund LP (Predecessor) and to FrontView REIT, Inc. (Successor)	$	(13,678	)		$	(15,144	)		$	(2,431	)		$	(2,186	)		$	(2,452	)		$	6,155

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Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO)

(unaudited, in thousands)

		For the three months ended
		December 31,  2024				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
		Pro Forma				Historical				Historical				Historical				Historical				Historical
Net (loss) income		$	(22,009	)		$	(21,488	)		$	(3,339	)		$	(3,013	)		$	(3,369	)		$	8,429
Depreciation on real property and amortization of real estate intangibles			8,410				7,634				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
Loss (gain) on sale of real estate			—				—				—				51				(388	)		$	(1,057	)
Impairment loss on real estate held for investment			3,891				3,891				—				—				591			$	407
Gain from acquisition of equity method    investment			—				—				—				—				—			$	(12,988	)
FFO		$	(9,708	)		$	(9,963	)		$	3,780			$	4,010			$	4,159			$	2,322
Straight-line rent adjustments			(428	)			(329	)			(187	)			(446	)			(331	)			(449	)
Share of 50/50 Joint Venture's straight-line rent adjustments			—				—				—				—				—				(8	)
Amortization of financing transactions and discount costs			413				1,588				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			265				167				423				476				439				578
Share of 50/50 Joint Venture's amortization of above/below market lease intangibles			—				—				—				—				—				6
Stock-based compensation			624				608				—				—				—				—
Lease termination fees			(342	)			(342	)			(747	)			(223	)			(414	)			—
Adjustment for structuring and public company readiness costs			—				662				440				23				51				979
Adjustment for Internalization expenses			16,580				16,580				—				—				—				382
Other non-recurring expenses			—				84				14				16				29				—
AFFO		$	7,404			$	9,055			$	4,776			$	4,892			$	4,989			$	4,844

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Lease Revenues Detail

(unaudited, in thousands)

		For the three months ended
		December 31,  2024				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
		Pro Forma				Historical				Historical				Historical				Historical				Historical
Revenues:
Contractual rental amounts billed		$	14,547			$	13,194			$	12,678			$	12,980			$	12,911			$	12,618
Recovery income			1,760				1,760				1,293				1,218				1,907				1,773
Adjustment to recognize contractual rental amounts on a straight-line basis			428				329				187				446				331				449
Variable rental amounts earned			386				386				798				306				443				3
Above/below market lease amortization, net			(265	)			(167	)			(423	)			(476	)			(439	)			(578	)
Other income			12				12				1				133				106				78
Total rental revenues		$	16,868			$	15,514			$	14,534			$	14,607			$	15,259			$	14,343

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Capital Structure

(in thousands, except percentages)

	December 31, 2024
	Historical
Equity
Shares of Common Stock		17,291
OP Units		10,532
Common Stock & OP Units		27,823
Price Per Share / Unit as of closing day of trading	$	18.13
Implied Equity Market Capitalization	$	504,431
% of Total Capitalization		65.3	%
Debt
Term Loan	$	200,000
Revolving Credit Facility		68,500
Total Debt	$	268,500
% of Total Capitalization		34.7	%
Total Capitalization	$	772,931
Less: Cash, cash equivalents and restricted cash		(5,094	)
Enterprise Value	$	767,837

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Debt Outstanding

(in thousands)

		Outstanding Balance
		December 31, 2024				December 31, 2023
		Historical				Historical				Interest Rate		Maturity Date
Term Loan		$	200,000			$	—			Adjusted SOFR + 1.20% (2)		3-Oct-27 (1)
Revolving Credit Facility			68,500				—			Adjusted SOFR + 1.20% (2)		3-Oct-27 (1)
ABS Notes			—				254,489			3.37%		28-Dec-24
CIBC Revolving Credit Facility			—				168,890			Adjusted Term SOFR + 2.25% (3)		8-Mar-25
CIBC Term Loan			—				17,000			Term SOFR + 1.80% (4)		31-Mar-27
Gross Debt		$	268,500			$	440,379

(1)	The loans each contain two 12 month extension options, subject to a 0.125% extension fee.
(2)	The approximate one-month SOFR rate at December 31, 2024 was 4.37%, plus a 10 basis point adjustment "(Adjusted SOFR").
(3)	The approximate one-month Term SOFR rate at December 31, 2023 was 5.38%, plus a 10 basis point adjustment ("Adjusted Term SOFR").
(4)	The approximate one-month Term SOFR rate at December 31, 2023 was 5.38%.

Equity Rollforward

(in thousands)

		Shares of Common Stock				OP Units				Total Diluted Shares
Balance, October 3, 2024			16,068				11,755				27,823
Conversion of OP unit to Common Stock			1,223				(1,223	)			—
Balance, December 31, 2024			17,291				10,532				27,823

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EBITDA, EBITDAre, and Other-Non GAAP Operating Metrics

(unaudited, in thousands)

		For the three months ended
		December 31,  2024				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
		Pro Forma				Historical				Historical				Historical				Historical				Historical
Net (loss) income		$	(22,009	)		$	(21,488	)		$	(3,339	)		$	(3,012	)		$	(3,369	)		$	8,429
Depreciation and amortization			8,410				7,634				7,542				7,448				7,763				7,993
Share of 50/50 Joint Venture's depreciation and amortization			—				—				—				—				—				122
Interest expense			4,517				3,593				6,463				6,597				6,695				6,498
Share of 50/50 Joint Venture's interest expense			—				—				—				—				—				130
Income taxes			236				236				63				119				162				110
Share of 50/50 Joint Venture's income taxes			—				—				—				—				—				2
EBITDA		$	(8,846	)		$	(10,025	)		$	10,729			$	11,152			$	11,251			$	23,283
Gain on sale of real estate			—				—				—				—				(388	)			(1,057	)
Impairment loss on real estate held for investment			3,891				3,891				—				—				591				407
Gain from acquisition of equity method investment			—				—				—				—				—				(12,988	)
EBITDAre		$	(4,955	)		$	(6,134	)		$	10,729			$	11,152			$	11,454			$	9,645
Adjustment for current period investment activity (1)			—				1,354				—				—				—				—
Adjustment for current period disposition activity (2)			—				—				—				(244	)			(392	)			(36	)
Adjustment for non-cash compensation expense (3)			624				608				—				—				—				—
Adjustment to exclude non-recurring (income) expenses (4)			16,238				16,760				(307	)			(200	)			(363	)			1,361
Adjustment to exclude net write-offs of accrued rental income			63				63				176				—				—				—
Adjusted EBITDAre			11,970				12,651				10,598				10,708				10,699				10,970
Annualized EBITDAre			(19,820	)			(24,536	)			42,916				44,608				45,816				38,580
Annualized adjusted EBITDAre		$	47,880			$	50,604			$	42,392			$	42,832			$	42,796			$	43,880

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

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Net Debt Metrics

(in thousands)

		December 31,  2024				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
		Pro Forma				Historical				Historical				Historical				Historical				Historical
Debt
Term Loan		$	200,000			$	200,000			$	—			$	—			$	—			$	—
Revolving Credit Facility			68,500				68,500				—				—				—				—
ABS Notes			—				—				253,499				253,829				254,159				254,489
CIBC Revolving Credit Facility			—				—				150,000				159,890				159,890				168,890
CIBC Term Loan			—				—				15,967				15,967				17,000				17,000
Gross Debt			268,500				268,500				419,466				429,686				431,049				440,379
Cash, cash equivalents and restricted cash			(5,094	)			(5,094	)			(9,895	)			(16,620	)			(13,197	)			(17,129	)
Net Debt		$	263,406			$	263,406			$	409,571			$	413,066			$	417,852			$	423,250
Net Debt to Annualized EBITDAre			(13.3	)			(10.7	)			9.5				9.3				9.1				11.0
Net Debt to Annualized Adjusted EBITDAre			5.5				5.2				9.7				9.6				9.8				9.6

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 December 31, 2024, the Company believes it is in compliance with the covenants.

Covenants		Required		Revolving Credit Facility
Total Leverage Ratio		≤ 60%		35.5%
Adjusted EBITDA to Fixed Charges Ratio		≥ 1.50 to 1.00		2.0x
Secured Leverage Ratio(1)		≤ 40%		0.0%
Unencumbered NOI to Unsecured Interest Expense Ratio		≥ 1.75 to 1.00		3.5x
Unsecured Leverage Ratio		≤ 60%		35.5%
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 payoff debt such that no secured borrowings.
(2)	Prospective Covenant.

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Dispositions

(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			$	-			$	3
Total Dispositions		5		$	10,302			$	10,773			$	475			$	946

(1)	Includes lease termination fees paid to FrontView REIT, Inc 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

		December 31, 2024		September 30, 2024		June 30, 2024
Properties		307		278		278
U.S. States		35		31		31
Total Annualized Base Rent		$58.8M		$52.1M		$52.0M
Total Rentable Sq. Footage		2.4M		2.1M		2.1M
Tenants		320		293		292
Brands		150		137		137
Industries		15		15		15
Occupancy		97.7%		98.9%		98.9%
Top 10 Tenant Concentration		21.8%		23.3%		23.3%
Top 20 Tenant Concentration		37.0%		38.5%		38.5%
Investment Grade (tenant/guarantor)		33.1%		38.0%		40.4%
Financial Reporting Coverage(1)		79.4%		81.6%		81.6%
Weighted Average Remaining Lease Term		7.2 Years		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 December 31, 2024.

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Diversification: Top 20 Tenants

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

Tenant Brand		# of Properties(1)				Square Feet				ABR				% of ABR		% of Square Feet
Fast Pace Urgent Care			8				29			$	1,723			2.9%		1.2%
Verizon			8				35				1,581			2.7%		1.5%
Adams Auto Group			3				29				1,412			2.4%		1.3%
Oak Street Health			5.5				66				1,314			2.2%		2.8%
IHOP			6				33				1,213			2.1%		1.4%
Mammoth Car Wash			6				22				1,205			2.0%		0.9%
Raising Canes			6				21				1,202			2.0%		0.9%
Dollar Tree			8				95				1,096			1.9%		4.0%
CVS			4				42				1,081			1.8%		1.7%
AT&T			4				24				1,063			1.8%		1.0%
T-Mobile			7.5				26				1,031			1.8%		1.1%
Chili's			3				18				973			1.7%		0.7%
Bank of America			4				21				966			1.6%		0.9%
Wendy's			7				21				942			1.6%		0.9%
Wells Fargo			2.5				13				871			1.5%		0.5%
Advance Auto Parts			7				66				857			1.5%		2.7%
Walgreens			3				38				854			1.5%		1.6%
St. Joseph Hospice			2				37				832			1.4%		1.5%
Heartland Dental			5				20				792			1.3%		0.8%
Burger King			5				20				762			1.3%		0.8%
Other			202.5				1725				37,073			63.0%		71.8%
Total			307				2,401			$	58,843			100.0%		100.0%

(1) Includes two-tenant properties.

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Diversification: Tenant Industry

(rent percentages based on ABR)

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Diversification: Tenant Industry (continued)

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

Industry		# of Properties(1)				ABR				% of ABR		Square Feet				% of Square Feet
Casual Dining			44			$	9,040			15.4%			282			11.7%
Quick Service Restaurants			62.5				8,953			15.2%			206			8.6%
Medical and Dental Providers			41				8,297			14.1%			256			10.7%
General Retail			26				5,544			9.4%			503			20.9%
Financial Institutions			24				5,496			9.3%			138			5.7%
Automotive Stores & Dealers			30				5,231			8.9%			246			10.2%
Cellular Stores			21				3,969			6.7%			96			4.0%
Convenience & Gas Stores			16				2,983			5.1%			43			1.8%
Home Improvement Stores			8				2,701			4.6%			323			13.5%
Car Washes			10				2,022			3.4%			33			1.4%
Pharmacies			7				1,935			3.3%			81			3.4%
Fitness			4				1,918			3.3%			118			4.9%
Other			12.5				581			1.0%			72			3.0%
Professional Services			1				173			0.3%			4			0.2%
Total			307			$	58,843			100.0%			2,401			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 Square Feet		% of ABR
IL			32				313			$	7,794			13.0%		13.2%
TX			23				131				4,748			5.5%		8.1%
GA			24				150				4,425			6.3%		7.6%
NC			17				94				3,350			4.0%		5.7%
OH			22				129				3,163			5.4%		5.4%
TN			17				93				3,125			3.9%		5.4%
PA			8				145				2,494			6.0%		4.3%
VA			15				76				2,382			3.2%		4.1%
IN			14				77				2,338			3.2%		4.0%
FL			14				96				2,087			4.0%		3.5%
NY			8				242				2,082			10.1%		3.5%
MO			10				60				1,872			2.5%		3.2%
AL			11				49				1,776			2.0%		3.0%
NJ			10				55				1,658			2.3%		2.8%
SC			10				73				1,588			3.0%		2.7%
OK			8				38				1,543			1.6%		2.6%
AZ			7				43				1,490			1.8%		2.5%
MN			7				72				1,445			3.0%		2.5%
MD			6				46				1,313			1.9%		2.2%
LA			4				47				1,193			2.0%		2.0%
KY			8				40				1,067			1.7%		1.8%
MI			7				34				1,051			1.4%		1.8%
ME			3				186				907			7.7%		1.5%
KS			5				25				668			1.0%		1.1%
CT			3				9				590			0.4%		1.0%
CO			3				13				469			0.5%		0.8%
ID			1				6				424			0.2%		0.7%
MS			2				13				417			0.5%		0.7%
UT			2				22				336			0.9%		0.6%
NV			1				4				246			0.2%		0.4%
AR			1				3				218			0.1%		0.4%
RI			1				1				182			0.0%		0.3%
NE			1				9				144			0.4%		0.2%
MA			1				2				143			0.1%		0.2%
WI			1				5				115			0.2%		0.2%
Total			307				2,401			$	58,843			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		$	159			0.2%			3			0.1%
2025			1,631			2.8%			43			1.8%
2026			3,198			5.4%			108			4.5%
2027			6,875			11.7%			382			16.0%
2028			4,587			7.8%			159			6.6%
2029			6,048			10.3%			210			8.7%
2030			5,885			10.0%			194			8.1%
2031			4,729			8.0%			149			6.2%
2032			5,344			9.1%			415			17.3%
2033			2,786			4.7%			85			3.5%
2034			3,623			6.2%			133			5.5%
2035			894			1.5%			49			2.0%
2036			1,645			2.8%			46			1.9%
2037			2,160			3.7%			88			3.7%
2038			2,939			5.0%			167			7.0%
2039			1,954			3.3%			39			1.6%
Thereafter			4,386			7.5%			104			4.4%
Untenanted Properties			0			0.0%			27			1.1%
Total		$	58,843			100.0%			2,401			100.0%

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Definitions and 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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