FrontView Keeps 2026 AFFO Guidance After Third-Quarter Buy

The Tip Desk · November 11, 2026 · 3 min read

AFFO was $9.7 million, or $0.33 a share, as the net-lease REIT bought 16 properties for $50.6 million at a 7.56% cash yield.

FrontView REIT, Inc. (FVR), an internally managed net-lease REIT focused on frontage properties, reported third-quarter AFFO of $9.7 million, or $0.33 a share, and kept its full-year 2026 AFFO per share guidance of $1.32 to $1.34 after raising that range in the second quarter.

Revenue was $18.63 million. Net income including non-controlling interest was $3.0 million, or $0.08 a share. FFO was $7.4 million, or $0.25 a share. Occupancy held at 99.4%.

The company acquired 16 properties for $50.6 million at a 7.56% cash yield and a 6.4-year weighted average lease term. It sold five occupied properties for $17.1 million in gross proceeds at a 6.56% cash yield. Net investment activity was $33.5 million on 11 net properties.

Chairman and Chief Executive Officer Stephen Preston said FrontView delivered AFFO per share of $0.33 and acquired 16 properties at a 7.6% cap rate, and that acquisition yields were expected to move higher in the fourth quarter. He said the company intends to maintain acquisition momentum and expects to meet or exceed its full-year net investment guidance of approximately $120.0 million.

The weighted average lease term on new investments shortened to 6.4 years from 7.3 years in the second quarter. The investment-grade share of new investments was 28.5%. Average annual escalators on new deals were 1.4%.

As of September 30, 2026, the portfolio stood at 327 properties with $69.8 million of annualized base rent, 3.08 million rentable square feet, and a 7.0-year weighted average lease term. Investment-grade occupancy was 33.5%.

Net Debt to Annualized Adjusted EBITDAre was 5.0x. Adjusted Net Debt to Annualized Adjusted EBITDAre was 4.5x. The leverage ratio was 30.6%. Fixed charge coverage was 3.5x. Liquidity capacity was $174.0 million, including $5.0 million of cash, $139.0 million of undrawn revolving credit and $30.0 million of undrawn Series A Convertible Preferred Stock.

The company issued and settled 1,699,165 shares sold on a forward basis under its at-the-market program for proceeds of $32.7 million. It also sold 9,373 shares on a forward basis at a weighted average gross price of $21.01 a share, generating about $0.2 million.

The quarterly common dividend remained $0.215 a share, an AFFO payout ratio of 64.7%. The board authorized the same $0.215 quarterly dividend and an equal OP-unit distribution, payable January 15, 2027, to holders of record December 31, 2026.

The company is maintaining its full-year 2026 AFFO per share guidance range of $1.32 to $1.34 and net investment activity of approximately $120.0 million. It said it does not provide guidance for net income.

On November 3, 2026, the board promoted Pierre Revol, chief financial officer, treasurer and secretary, to President, effective the same day.