NNN REIT, Inc. Announces Retirement of Board Chair and Replacement

Rhea-AI Summary

NNN REIT (NYSE: NNN) announced that Chair Steven D. Cosler retired from the Board effective February 18, 2026, and independent director Edward J. Fritsch has been appointed Chair effective upon Cosler's retirement. Cosler served on the Board since August 2016 and as Chair since May 2021.

Mr. Fritsch has served on NNN's Board since February 2012, is a former CEO of Highwoods Properties (retired 2019), served as Nareit national chair for 2015-2016, and received Nareit's Industry Leadership Award in 2023.

Positive

• Seamless succession: Board appointed an internal director as Chair effective immediately
• New Chair Edward J. Fritsch brings long REIT leadership experience and prior CEO role
• Fritsch has deep NNN tenure (Board service since February 2012) supporting continuity

Negative

• Departure of long-tenured Chair Steven D. Cosler reduces board continuity from his 2016 start

News Market Reaction – NNN

+0.41%

1 alert

+0.41% News Effect

On the day this news was published, NNN gained 0.41%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

ORLANDO, Fla., Feb. 19, 2026 /PRNewswire/ -- The Board of Directors ("Board") of NNN REIT, Inc. (NYSE: NNN) ("NNN" or the "Company") announced that Steven D. Cosler, Chairperson ("Chair"), has retired from the Board effective February 18, 2026. Edward J. Fritsch, an independent director, has been appointed by the Board to succeed Mr. Cosler and serve as Chair effective upon Mr. Cosler's retirement.

Mr. Cosler has served on the Board since August 2016 and as Chair since May 2021. Steve Horn, Chief Executive Officer, commented, "We are grateful for Steve's many contributions to the Company since joining in 2016, and especially for his steady leadership and guidance as Chair during a period of significant market disruption. His commitment and perspective have been invaluable. I look forward to partnering with Ed as we guide NNN forward and continue executing on our strategy to drive long-term shareholder value."

"It has been a privilege to serve as Chair of NNN and to work alongside such a talented Board and management team," stated Mr. Cosler. "I am confident that Ed and Steve will provide strong, cohesive leadership as the Company continues to deliver on its strategic objectives."

Mr. Fritsch has served on NNN's Board since February 2012 and brings extensive real estate investment trust ("REIT") experience as former President and Chief Executive Officer at Highwoods Properties, Inc., a publicly traded REIT (retired, 2019). "On behalf of the entire Board, we thank Steve for his years of dedicated service and leadership," said Mr. Fritsch. Mr. Fritsch is a former member of the Nareit Board of Governors, and its 2015-2016 national chair, and was the recipient of Nareit's Industry Leadership Award in 2023.

About NNN REIT, Inc.
NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of December 31, 2025, the Company owned 3,692 properties in all 50 states, the District of Columbia and Puerto Rico with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.2 years. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 36 or more consecutive years. For more information on the Company, visit www.nnnreit.com.

 

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SOURCE NNN REIT, Inc.

FAQ

Who succeeded Steven D. Cosler as Chair of NNN (NYSE: NNN)?

Edward J. Fritsch succeeded Steven D. Cosler as Chair effective upon Cosler's retirement. According to the company, Mr. Fritsch is an independent director who has served on NNN's Board since February 2012 and previously led Highwoods Properties as CEO.

When did Steven D. Cosler retire as Chair of NNN (NNN)?

Steven D. Cosler retired from the Board effective February 18, 2026. According to the company, Cosler had served on the Board since August 2016 and as Chair since May 2021.

What is Edward J. Fritsch's background before becoming Chair of NNN (NNN)?

Edward J. Fritsch is a former president and CEO of Highwoods Properties and served on NNN's Board since February 2012. According to the company, he also was Nareit national chair (2015-2016) and received Nareit's Industry Leadership Award in 2023.

Will the chair change at NNN (NYSE: NNN) affect the company's leadership continuity?

The Board appointed an existing independent director as Chair to support continuity. According to the company, Fritsch's long Board tenure and REIT executive experience are intended to maintain steady leadership.

How long did Steven D. Cosler serve as Chair of NNN (NNN)?

Steven D. Cosler served as Chair from May 2021 until his retirement effective February 18, 2026. According to the company, he had been on the Board since August 2016 and was thanked for his leadership during market disruption.