NNN REIT (NYSE: NNN) details 2025 growth, raises 2026 AFFO outlook

Rhea-AI Filing Summary

NNN REIT, Inc. reported 2025 net earnings of $389.8 million, or $2.07 per diluted share, on revenues of $926.2 million. Core FFO and AFFO per diluted share each grew 2.7% to $3.41 and $3.44, while annualized base rent rose 7.8% to $928.1 million.

The company invested $931.0 million in 239 properties at a 7.4% initial cash cap rate and sold 116 properties for $190.5 million at a 6.4% cap rate. Occupancy was 98.3% across 3,692 properties with a weighted average remaining lease term of 10.2 years.

NNN ended 2025 with $4.9 billion of gross debt, a 4.2% weighted average interest rate, Net Debt to annualized EBITDAre of 5.6x, and fixed charge coverage of 4.1x, supported by $1.2 billion of liquidity. The annual dividend increased 3.1% to $2.36 per share, marking 36 consecutive years of dividend growth. Initial 2026 guidance calls for AFFO of $3.52–$3.58 per share and acquisitions of $550–$650 million.

Insights

REIT and income-investing analyst

NNN shows steady AFFO growth, high occupancy and conservative, long-dated debt.

NNN REIT delivered $647.6M of AFFO in 2025, or $3.44 per diluted share, up 2.7%. Revenue reached $926.2M, while portfolio occupancy improved quarter-over-quarter to 98.3% with a 10.2-year weighted average remaining lease term, underscoring stable cash flows.

The company invested $931.0M in new properties at a 7.4% initial cash cap rate and sold $190.5M at a 6.4% cap rate, recycling capital into higher-yielding assets. Balance sheet metrics—Net Debt to annualized EBITDAre of 5.6x and EBITDAre to fixed charges of 4.1x—remain consistent with an investment grade profile.

Management introduced 2026 AFFO guidance of $3.52–$3.58 per share, a guided increase of 3.2% at the midpoint versus 2025. The plan assumes $550–$650M of acquisitions and $110–$150M of dispositions during 2026, with execution tracked through future quarterly disclosures.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 11, 2026

NNN REIT, INC.

(exact name of registrant as specified in its charter)

Maryland		001-11290		56-1431377
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

450 South Orange Avenue, Suite 900, Orlando, Florida 32801

(Address of principal executive offices, including zip code)

(407) 265-7348

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Stock, $0.01 par value	NNN	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 11, 2026, NNN REIT, Inc. (the "Company"), issued a press release announcing its results of operations and financial condition for the quarter and year ended December 31, 2025. The press release is attached hereto as Exhibit 99.1 to this report and the supplemental data is attached hereto as Exhibit 99.2 to this report. The press release and the supplemental data are available on the Company's website.

The information in this Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, or otherwise subject to the liabilities of such section, nor shall such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.		Financial Statements and Exhibits.
(d) Exhibits.
99.1		Press Release, dated February 11, 2026, of NNN REIT, Inc.
99.2		Annual Supplemental Data, dated February 11, 2026, of NNN REIT, Inc.
104.1		Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		NNN REIT, Inc.
Dated: February 11, 2026		By:		/s/ Vincent H. Chao
				Vincent H. Chao
				Executive Vice President and Chief Financial Officer

Exhibit 99.1

NEWS RELEASE
For information contact:
Vincent H. Chao
Chief Financial Officer
(407) 265-7348	FOR IMMEDIATE RELEASE
	February 11, 2026

NNN REIT, Inc. Announces 2025 Annual Results and Initial 2026 Guidance

Orlando, Florida, February 11, 2026 – NNN REIT, Inc. (NYSE: NNN) (the "Company" or "NNN"), a real estate investment trust, today announced financial and operating results for the quarter and year ended December 31, 2025. Highlights include:

2025 Highlights:

•Reported net earnings of $2.07 per diluted share

•Grew Core FFO and AFFO per diluted share by 2.7% over prior-year results to $3.41 and $3.44, respectively

•Increased ABR by 7.8% over prior-year results to $928.1 million

•Closed on $931.0 million of investments at an initial cash cap rate of 7.4%, with a weighted average remaining lease term of 17.6 years

•Sold 116 properties for $190.5 million, including $90.7 million of income-producing properties, at a weighted average cap rate of 6.4%

•Raised $85.4 million in gross proceeds from the issuance of 1,992,955 common shares at an average price per share of $42.86

•Issued $500 million principal amount of 4.600% senior unsecured notes due February 2031 (the “2031 Notes”)

•Redeemed $400 million principal amount of 4.000% senior unsecured notes due November 2025

•Closed on a $300 million senior unsecured delayed draw term loan facility due February 2029 (the “Term Loan”)

•Maintained balance sheet flexibility with a sector-leading weighted average debt maturity of 10.8 years, no encumbered assets and $1.2 billion of total available liquidity

•Paid an annual dividend per common share of $2.36 in 2025, representing a 3.1% increase over 2024, marking the 36th consecutive year of annual dividend increases – the third longest record of consecutive annual dividend increases of all public REITs

•Delivered a 12.0% total average annual shareholder return over the past 25 years

Fourth Quarter 2025 and Additional Highlights:

•Increased portfolio occupancy by 80 basis points over the prior quarter to 98.3%, with a weighted average remaining lease term of 10.2 years

•Closed on $183.1 million of investments at an initial cash cap rate of 7.4%, with a weighted average remaining lease term of 18.1 years

•Sold 60 properties for $82.1 million, including $30.4 million of income-producing properties, at a weighted average cap rate of 7.6%

•Introduced 2026 AFFO guidance of $3.52 to $3.58 per share, representing an increase of 3.2% over the prior year, at the midpoint

Steve Horn, Chief Executive Officer, commented: "NNN achieved 2.7 percent AFFO growth per share and had a record year deploying over $900 million in real estate investments. Our proactive portfolio management and strategic acquisitions position NNN to deliver solid per share growth in 2026. We remain committed to enhancing value and focusing on increasing per share results, by allocating capital to the disciplined acquisition of freestanding properties and maintaining a conservative and flexible balance sheet."

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FINANCIAL RESULTS

		Quarter Ended								Year Ended
		December 31,								December 31,
(dollars in thousands, except per share data)		2025				2024				2025				2024
Revenues		$	238,398			$	218,482			$	926,213			$	869,266
Net earnings		$	95,951			$	97,894			$	389,777			$	396,835
Net earnings per share		$	0.51			$	0.52			$	2.07			$	2.15
FFO		$	163,797			$	152,689			$	638,382			$	610,501
FFO per share		$	0.87			$	0.82			$	3.40			$	3.32
Core FFO		$	163,859			$	152,731			$	641,498			$	611,169
Core FFO per share		$	0.87			$	0.82			$	3.41			$	3.32
AFFO		$	164,977			$	154,057			$	647,578			$	616,613
AFFO per share		$	0.87			$	0.82			$	3.44			$	3.35

PORTFOLIO SNAPSHOT

(dollars in thousands)		December 31, 2025				September 30, 2025				December 31, 2024
Number of properties			3,692				3,697				3,568
Total gross leasable area (square feet)			39,578,000				39,209,000				36,557,000
Occupancy rate			98.3	%			97.5	%			98.5	%
Weighted average remaining lease term (years)			10.2				10.1				9.9
ABR		$	928,081			$	912,218			$	860,562

PROPERTY ACQUISITIONS

(dollars in thousands)		Quarter Ended December 31, 2025				Year Ended December 31, 2025
Total dollars invested(1)		$	183,060			$	931,017
Number of properties			55				239
Gross leasable area (square feet)(2)			843,000				4,193,000
Weighted average cap rate (3)			7.4	%			7.4	%
Weighted average lease term (years)			18.1				17.6

(1)	Includes dollars invested in projects under construction or tenant improvements.
(2)	Includes additional square footage from completed construction on existing properties.
(3)	Calculated as the initial cash annual base rent divided by the total purchase price of the properties.

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PROPERTY DISPOSITIONS

		Quarter Ended December 31, 2025												Year Ended December 31, 2025
(dollars in thousands)		Occupied				Vacant				Total				Occupied				Vacant				Total
Number of properties			18				42				60				49				67				116
Gross leasable area (square feet)			119,000				338,000				457,000				420,000				659,000				1,079,000
Net sale proceeds		$	30,362			$	51,689			$	82,051			$	90,738			$	99,736			$	190,474
Weighted average cap rate(1)			7.6	%			—				7.6	%			6.4	%			—				6.4	%

(1) Calculated as the cash annual base rent divided by the total gross proceeds received for the occupied properties.

CAPITAL MARKETS ACTIVITY

During the year ended 2025, NNN issued 1,992,955 common shares, raising $85.4 million in gross proceeds at an average price per share of $42.86, primarily through the Company's at-the-market equity program.

In November 2025, NNN redeemed $400 million aggregate principal amount of 4.000% notes due November 2025.

In December 2025, NNN closed on the $300 million Term Loan and entered into forward starting swaps totaling $200 million that fix the Secured Overnight Financing Rate (“SOFR”) at 3.22% through January 15, 2029. The Term Loan has a six-month delayed draw feature and an accordion option to increase the aggregate size to up to $500 million. The Term Loan matures in February 2029, with two, one-year extension options. On January 15, 2026, the Company drew $200 million on the Term Loan.

BALANCE SHEET AND LIQUIDITY

As of December 31, 2025, Gross Debt was $4.9 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 10.8 years. The Company ended 2025 with $1.2 billion of total available liquidity, including $851.9 million of unused line of credit capacity, $300 million of unused Term Loan capacity and $5.8 million of cash and restricted cash. Net Debt to annualized EBITDAre and fixed charge coverage was 5.6x and 4.1x, respectively, as of December 31, 2025.

DIVIDEND

As previously announced, on January 15, 2026, the Board of Directors of NNN declared a quarterly dividend of $0.60 per share payable on February 13, 2026, to shareholders of record as of January 30, 2026. The quarterly dividend represents an annualized dividend of $2.40 per share and an annualized dividend yield of 6.1% as of December 31, 2025.

INITIAL 2026 GUIDANCE

(dollars in millions, except per diluted share data)		Initial 2026 Guidance
Net earnings per share excluding any gains on disposition of real estate, impairment losses and retirement and severance costs		$2.02 - $2.08
Real estate depreciation and amortization per share		$1.45
Core FFO per share		$3.47 - $3.53
AFFO per share		$3.52 - $3.58
General and administrative expenses		$53 - $55
Real estate expenses, net of tenant reimbursements		$14 - $15
Acquisition volume		$550 - $650
Disposition volume		$110 - $150

Guidance is based on current plans and assumptions and is subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the Securities and Exchange Commission (the “Commission”).

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CONFERENCE CALL INFORMATION

The Company will host a conference call on February 11, 2026, at 10:30 a.m. ET to discuss these results. A live webcast of the conference call will be available on the Company's website at www.nnnreit.com or by using the following link. The conference call can also be accessed by dialing 888-506-0062 in the United States (“U.S.”) or 973-528-0011 for international callers and entering the participant code 423417 or referencing NNN REIT, Inc. A telephonic replay of the call will be available through February 25, 2026, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 53462.

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.

FORWARD-LOOKING STATEMENTS

Statements in this press release that are not strictly historical are “forward-looking” statements. These statements generally are characterized by the use of terms such as "believe," "expect," "intend," "may," "estimated" or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the Company’s actual future results to differ materially from expected results. These risks include, among others, general economic conditions, including inflation, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the Company's tenants, the availability of capital, risks related to the Company's status as a real estate investment trust ("REIT"), and the potential impacts of an epidemic or pandemic on the Company's business operations, financial results and financial position on the world economy. Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the Company’s Commission filings, including, but not limited to, the Company’s Annual Report on Form 10-K. Copies of each filing may be obtained from the Company or the Commission. Such forward-looking statements should be regarded solely as reflections of the Company’s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

DEFINITIONS

Annualized Base Rent (“ABR”) is a non-U.S. generally accepted accounting principles (“GAAP”) measure which represents the monthly cash base rent for all leases in place as of the end of the period multiplied by 12. Accordingly, this methodology produces an annualized amount as of a point in time but does not take into consideration future (i) scheduled rent increases, (ii) leasing activity, or (iii) lease expirations.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) as defined by the National Association of Real Estate Investment Trusts (“Nareit”) is a metric established by Nareit and commonly used by real estate companies. The measure is a result of net earnings (computed in accordance with GAAP), plus interest expense, income tax expense, depreciation and amortization, excluding any gains (or including any losses) on disposition of real estate, any impairment charges, net of recoveries and after adjustments for income and losses attributable to noncontrolling interests. Management considers the non-GAAP measure of EBITDAre to be an appropriate measure of the Company's performance and should be considered in addition to, net earnings or loss, as a measure of the Company's operating performance.

Funds From Operations ("FFO") is a relative non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. FFO is defined by Nareit and is used by the Company as follows: net earnings (computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real estate industry, excluding gains (or including losses), any applicable taxes on the disposition of certain assets and any impairment charges on a depreciable real estate asset, net of recoveries.

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FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies. FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the Company’s performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure.

Core Funds From Operations (“Core FFO”) is a non-GAAP measure of operating performance that adjusts FFO to eliminate the impact of certain GAAP income and expense amounts that the Company believes are infrequent and unusual in nature and/or not related to its core real estate operations. Exclusion of these items from similar FFO-type metrics is common within the REIT industry, and management believes that presentation of Core FFO provides investors with a potential metric to assist in their evaluation of the Company’s operating performance across multiple periods and in comparison to the operating performance of its peers because it removes the effect of unusual items that are not expected to impact the Company’s operating performance on an ongoing basis. Core FFO is used by management in evaluating the performance of the Company’s core business operations and is a factor in determining management compensation. Items included in calculating FFO that may be excluded in calculating Core FFO may include items such as transaction related gains, income or expense, impairments on land, retirement and severance costs or other non-core amounts as they occur.

Adjusted Funds From Operations (“AFFO”) is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net earnings in accordance with GAAP. AFFO should not be considered an alternative to net earnings, as an indication of the Company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the Company’s performance.

Total Cash is comprised of cash and cash equivalents and restricted cash and cash held in escrow per GAAP as reported on the balance sheet summary.

Gross Assets represents total assets (reported in accordance with GAAP) adjusted to exclude accumulated amortization and depreciation and amortization of direct financing leases. The result provides an estimate of the investments made by the Company.

Total Debt is defined by the Company as total debt per GAAP as reported on the balance sheet summary including line of credit payable, term loan payable, notes payable, net of unamortized discount and unamortized debt costs and mortgages payable, net of unamortized premium and debt costs, as applicable.

Gross Debt is defined by the Company as Total Debt adjusted to exclude unamortized debt discounts and premiums and unamortized debt costs.

Net Debt is defined by the Company as Gross Debt less Total Cash.

Management considers the non-GAAP measures of Gross Debt and Net Debt each to be a key supplemental measure of the Company's overall liquidity, capital structure and leverage.

The Company’s computation of FFO, Core FFO, AFFO, EBITDAre, Total Cash, Gross Assets, Gross Debt and Net Debt may differ from the methodology for calculating these non-GAAP financial measures used by other REITs, and therefore, may not be comparable to such other REITs. Reconciliations of net earnings, Total Debt and total assets (all computed in accordance with GAAP) to FFO, Core FFO, AFFO, EBITDAre, Gross Assets, Gross Debt and Net Debt (each of which is a non-GAAP financial measure), as applicable, are included in the financial information accompanying this release.

5

NNN REIT, Inc.

Balance Sheet Summary

(dollars in thousands)

(unaudited)

		December 31, 2025				December 31, 2024
Assets:
Real estate portfolio, net of accumulated depreciation and amortization		$	9,239,542			$	8,746,168
Cash and cash equivalents			5,046				8,731
Restricted cash and cash held in escrow			776				331
Receivables, net of allowance of $609 and $617, respectively			3,470				2,975
Accrued rental income, net of allowance of $3,393 and $4,156, respectively			34,914				34,005
Debt costs, net of accumulated amortization of $29,930 and $27,002, respectively			8,645				8,958
Other assets			86,962				71,560
Total assets		$	9,379,355			$	8,872,728
Liabilities:
Line of credit payable		$	348,100			$	—
Notes payable, net of unamortized discount and unamortized debt costs			4,472,324				4,373,803
Accrued interest payable			40,557				29,699
Other liabilities			110,072				106,951
Total liabilities			4,971,053				4,510,453
Total equity			4,408,302				4,362,275
Total liabilities and equity		$	9,379,355			$	8,872,728
Common shares outstanding			189,937,404				187,540,929

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NNN REIT, Inc.

Income Statement Summary

(dollars in thousands, except per share data)

(unaudited)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
Revenues:
Rental income		$	237,535			$	218,348			$	924,380			$	867,468
Interest and other income from real estate transactions			863				134				1,833				1,798
			238,398				218,482				926,213				869,266
Operating expenses:
General and administrative			11,642				8,705				46,923				44,287
Real estate			10,040				11,142				37,381				32,317
Depreciation and amortization			68,221				63,194				268,439				249,681
Leasing transaction costs			151				24				486				99
Impairment losses – real estate, net of recoveries			15,360				3,724				28,602				6,632
Retirement and severance costs			62				42				3,116				668
			105,476				86,831				384,947				333,684
Gain on disposition of real estate			15,639				12,083				48,220				42,290
Earnings from operations			148,561				143,734				589,486				577,872
Other expenses (revenues):
Interest and other income			(962	)			(1,040	)			(4,246	)			(2,980	)
Interest expense			53,572				46,880				203,955				184,017
			52,610				45,840				199,709				181,037
Net earnings		$	95,951			$	97,894			$	389,777			$	396,835
Weighted average shares outstanding:
Basic			188,832,131				186,449,345				187,611,451				183,688,562
Diluted			189,237,718				186,833,150				187,986,798				184,043,841
Net earnings per share:
Basic		$	0.51			$	0.52			$	2.07			$	2.16
Diluted		$	0.51			$	0.52			$	2.07			$	2.15

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NNN REIT, Inc.

Other Information

(dollars in thousands)

(unaudited)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
Rental income from operating leases(1)(2)		$	231,546			$	212,565			$	902,369			$	846,653
Earned income from direct financing leases(1)		$	87			$	115			$	424			$	468
Percentage rent(1)		$	168			$	189			$	1,549			$	1,536
Real estate expenses reimbursed from tenants(1)		$	5,734			$	5,479			$	20,038			$	18,811
Real estate expenses			(10,040	)			(11,142	)			(37,381	)			(32,317	)
Real estate expenses, net of tenant reimbursements		$	(4,306	)		$	(5,663	)		$	(17,343	)		$	(13,506	)
Amortization of debt costs		$	1,644			$	1,455			$	6,218			$	5,993
Non-real estate depreciation expense		$	99			$	43			$	229			$	370

(1)	For the quarters ended December 31, 2025 and 2024, the aggregate of such amounts is $237,535 and $218,348, respectively, and $924,380 and $867,468, for the year ended December 31, 2025 and 2024, respectively, and is classified as rental income on the income statement summary.
(2)	Includes lease termination fees of $243 and $1,234 for the quarters ended December 31, 2025 and 2024, respectively, and $11,363 and $11,386 for the year ended December 31, 2025 and 2024, respectively.

8

NNN REIT, Inc.

Reconciliation of Non-GAAP Financial Measures

(dollars in thousands, except per share data)

(unaudited)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
Net earnings		$	95,951			$	97,894			$	389,777			$	396,835
Real estate depreciation and amortization			68,125				63,154				268,223				249,324
Gain on disposition of real estate			(15,639	)			(12,083	)			(48,220	)			(42,290	)
Impairment losses – depreciable real estate, net of recoveries			15,360				3,724				28,602				6,632
FFO			163,797				152,689				638,382				610,501
Retirement and severance costs			62				42				3,116				668
Core FFO			163,859				152,731				641,498				611,169
Straight-line accrued rent, net of reserves			(1,206	)			(302	)			(1,921	)			(294	)
Net capital lease rent adjustment			49				58				233				222
Below-market rent amortization			(117	)			(144	)			(1,898	)			(495	)
Stock based compensation expense			2,831				2,775				12,025				11,816
Capitalized interest expense			(439	)			(1,061	)			(2,359	)			(5,805	)
AFFO		$	164,977			$	154,057			$	647,578			$	616,613
FFO per share:
Basic		$	0.87			$	0.82			$	3.40			$	3.32
Diluted		$	0.87			$	0.82			$	3.40			$	3.32
Core FFO per share:
Basic		$	0.87			$	0.82			$	3.42			$	3.33
Diluted		$	0.87			$	0.82			$	3.41			$	3.32
AFFO per share:
Basic		$	0.87			$	0.83			$	3.45			$	3.36
Diluted		$	0.87			$	0.82			$	3.44			$	3.35
Dividend per share		$	0.60			$	0.58			$	2.36			$	2.29
AFFO payout ratio(1)			68.8	%			70.3	%			68.4	%			68.2	%

(1) Calculated as total dividends paid as a percentage of AFFO for each respective period.

9

NNN REIT, Inc.

Reconciliation of Non-GAAP Financial Measures (continued)

(dollars in thousands)

(unaudited)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
Net earnings		$	95,951			$	97,894			$	389,777			$	396,835
Interest expense			53,572				46,880				203,955				184,017
Depreciation and amortization			68,221				63,194				268,439				249,681
Gain on disposition of real estate			(15,639	)			(12,083	)			(48,220	)			(42,290	)
Impairment losses – real estate, net of       recoveries			15,360				3,724				28,602				6,632
EBITDAre		$	217,465			$	199,609			$	842,553			$	794,875
Interest expense		$	53,572			$	46,880			$	203,955			$	184,017
Add back: capitalized interest			439				1,061				2,359				5,805
Fixed charges		$	54,011			$	47,941			$	206,314			$	189,822
		December 31, 2025				December 31, 2024
Total assets		$	9,379,355			$	8,872,728
Accumulated depreciation & amortization			2,259,469				2,065,520
Amortization of direct financing leases			2,546				2,655
Gross Assets		$	11,641,370			$	10,940,903
Debt outstanding:
Line of credit		$	348,100			$	—
Notes payable, net of unamortized discount and       unamortized debt costs			4,472,324				4,373,803
Total Debt			4,820,424				4,373,803
Unamortized note discount			47,005				46,437
Unamortized debt costs			30,670				29,760
Gross Debt			4,898,099				4,450,000
Total Cash			(5,822	)			(9,062	)
Net Debt		$	4,892,277			$	4,440,938

10

NNN REIT, Inc.

Debt Summary

As of December 31, 2025

(dollars in thousands)

(unaudited)

Unsecured Debt		Principal				Principal, Net of Unamortized Discount				Stated Rate				Effective Rate				Maturity Date
Line of credit payable		$	348,100			$	348,100			SOFR + 77.5bps					4.435	%		April 2028
Term loan payable(1)			—				—			SOFR + 85 bps					—			February 2029
Notes payable:
2026			350,000				349,566				3.600	%			3.733	%		December 2026
2027			400,000				399,667				3.500	%			3.548	%		October 2027
2028			400,000				399,081				4.300	%			4.388	%		October 2028
2030			400,000				399,413				2.500	%			2.536	%		April 2030
2031			500,000				496,224				4.600	%			4.766	%		February 2031
2033			500,000				490,514				5.600	%			5.905	%		October 2033
2034			500,000				494,598				5.500	%			5.662	%		June 2034
2048			300,000				296,305				4.800	%			4.890	%		October 2048
2050			300,000				294,703				3.100	%			3.205	%		April 2050
2051			450,000				442,410				3.500	%			3.602	%		April 2051
2052			450,000				440,513				3.000	%			3.118	%		April 2052
Total			4,550,000				4,502,994
Total unsecured debt(2)		$	4,898,100			$	4,851,094
Debt costs						$	(44,420	)
Accumulated amortization							13,750
Debt costs, net of accumulated amortization							(30,670	)
Notes payable, net of unamortized discount and     unamortized debt costs						$	4,472,324

(1)	On January 15, 2026, the Company drew $200 million on the Term Loan and previously entered into swaps with a notional value of $200 million that fix SOFR at 3.22% through January 15, 2029.
(2)	Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 10.8 years.

11

NNN REIT, Inc.

Debt Summary – Continued

As of December 31, 2025

(unaudited)

Credit Metrics

		December 31, 2025		December 31, 2024
Gross Debt / Gross Assets		42.1%		40.7%
Net Debt / EBITDAre (last quarter annualized)		5.6x		5.6x
EBITDAre / fixed charges		4.1x		4.2x

Credit Facility, Term Loan and Notes Covenants

The following is a summary of key financial covenants for the Company's unsecured credit facility, Term Loan and notes, as defined and calculated per the terms of agreements and indentures governing such debt, which are included in the Company's filings with the Commission. These calculations, which are not based on GAAP measurements, are presented to investors to show that as of December 31, 2025, the Company believes it is in compliance with the covenants.

Key Covenants		Required		December 31, 2025
Unsecured Bank Credit Facility and Term Loan:
Maximum leverage ratio		< 0.60x		0.38x
Minimum fixed charge coverage ratio		> 1.50x		4.14x
Maximum secured indebtedness ratio		< 0.40x		—
Unencumbered asset value ratio		> 1.67x		2.65x
Unencumbered interest ratio		> 1.75x		4.04x
Unsecured Notes:
Limitation on incurrence of total debt		≤ 60%		41%
Limitation on incurrence of secured debt		≤ 40%		—
Debt service coverage ratio		≥ 1.5x		4.1x
Maintenance of total unencumbered assets		≥ 150%		241%

12

NNN REIT, Inc.

Property Portfolio

As of December 31, 2025

Top 20 Lines of Trade

				% of ABR
				As of December 31,
		Lines of Trade		2025		2024
1.		Automotive service		18.6%		17.1%
2.		Convenience stores		16.3%		17.0%
3.		Restaurants – limited service		7.9%		8.4%
4.		Entertainment		7.2%		7.2%
5.		Dealerships		6.6%		5.8%
6.		Restaurants – full service		6.4%		7.8%
7.		Health and fitness		3.9%		3.9%
8.		Theaters		3.7%		4.0%
9.		Automotive parts		3.2%		2.4%
10.		Equipment rental		3.1%		3.2%
11.		Wholesale clubs		2.3%		2.4%
12.		Drug stores		2.0%		2.2%
13.		Home improvement		1.9%		2.1%
14.		Medical service providers		1.8%		1.8%
15.		Pet supplies and services		1.7%		1.3%
16.		Early childhood education		1.4%		1.1%
17.		Discount retail		1.4%		1.6%
18.		Furniture		1.2%		1.3%
19.		Travel plazas		1.2%		1.2%
20.		Consumer electronics		1.1%		1.3%
		Other		7.1%		6.9%
		Total		100.0%		100.0%

13

NNN REIT, Inc.

Property Portfolio – Continued

As of December 31, 2025

Top 20 States

		State		# of Properties		% of ABR
1.		Texas		594		18.4%
2.		Florida		270		8.7%
3.		Illinois		179		5.1%
4.		Georgia		172		4.5%
5.		Ohio		215		4.2%
6.		Michigan		136		3.8%
7.		Indiana		165		3.7%
8.		Tennessee		156		3.7%
9.		Arizona		86		3.5%
10.		North Carolina		158		3.5%
11.		Virginia		119		3.3%
12.		Alabama		155		2.9%
13.		California		71		2.9%
14.		Pennsylvania		87		2.3%
15.		New Jersey		33		2.3%
16.		Missouri		102		2.2%
17.		Colorado		46		2.0%
18.		Maryland		50		2.0%
19.		South Carolina		80		2.0%
20.		Louisiana		65		1.8%
		Other		753		17.2%
		Total		3,692		100.0%

14

NNN REIT, Inc.

Property Portfolio – Continued

As of December 31, 2025

Top 20 Tenants

		Tenant		# of Properties		% of ABR
1.		7-Eleven		145		4.3%
2.		Mister Car Wash		120		3.8%
3.		Dave & Buster's		34		3.6%
4.		Camping World		46		3.5%
5.		Kent Distributors		64		2.6%
6.		Flynn Restaurant Group		204		2.5%
7.		GPM Investments		143		2.5%
8.		AMC Theatres		20		2.4%
9.		BJ's Wholesale Club		13		2.3%
10.		LA Fitness		25		2.2%
11.		Mavis Tire Express Services		140		2.1%
12.		Couche-Tard		92		2.0%
13.		Chuck E. Cheese		51		1.7%
14.		Walgreens		49		1.7%
15.		Sunoco		53		1.7%
16.		United Rentals		49		1.6%
17.		Casey's General Stores		62		1.6%
18.		Tidal Wave Auto Spa		35		1.4%
19.		Super Star Car Wash		33		1.3%
20.		BMW Kar Wash LLC		40		1.2%
		Other		2,274		54.0%
		Total		3,692		100.0%

Lease Expirations(1)

		# of Properties		Gross Leasable Area(2)		% of ABR				# of Properties		Gross Leasable Area(2)		% of ABR
2026		117		1,019,000		2.1%		2032		188		1,840,000		4.9%
2027		203		2,714,000		6.3%		2033		134		1,401,000		4.3%
2028		221		1,970,000		4.9%		2034		194		2,838,000		5.9%
2029		137		2,043,000		4.2%		2035		135		1,794,000		4.2%
2030		184		2,417,000		4.7%		Thereafter		1,853		17,833,000		50.6%
2031		261		3,086,000		7.9%

(1)	As of December 31, 2025, the weighted average remaining lease term is 10.2 years.
(2)	Square feet.

15

Exhibit 99.2

ANNUAL SUPPLEMENTAL DATA

As of December 31, 2025

TABLE OF CONTENTS

	PAGE
Financial Summary
Balance Sheet Summary	4
Income Statement Summary	5
Funds From Operations (FFO)	6
Core Funds From Operations (Core FFO)	6
Adjusted Funds From Operations (AFFO)	7
Other Information	8
EBITDAre	8
Debt Summary	9
Credit Metrics	10
Credit Facility and Note Covenants	10
Long-Term Dividend History	11
Transaction Summary
Property Acquisitions	12
Property Dispositions	12
Property Portfolio
Lease Expirations	13
Top Lines of Trade	15
Top States	16
Top Metropolitan Statistical Areas	17
Top Tenants	18
Same Store Rental Income	19
Leasing Data	19
Other Property Portfolio Data	20
Earnings Guidance	20

2

FORWARD-LOOKING STATEMENTS

Statements in this annual supplemental data that are not strictly historical are “forward-looking” statements. These statements generally are characterized by the use of terms such as "believe," "expect," "intend," "may," "estimated," or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause NNN REIT, Inc.’s (“NNN” or the “Company”) actual future results to differ materially from expected results. These risks include, among others, general economic conditions, including inflation, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the Company's tenants, the availability of capital, risks related to the Company's status as a real estate investment trust ("REIT") and the potential impacts of an epidemic or pandemic on the Company's business operations, financial results and financial position and on the world economy. Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the Company’s Securities and Exchange Commission (the “Commission”) filings, including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Copies of each filing may be obtained from the Company or the Commission. Such forward-looking statements should be regarded solely as reflections of the Company’s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this annual supplemental data. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

3

BALANCE SHEET SUMMARY

(dollars in thousands)

(unaudited)

		December 31, 2025				December 31, 2024
Assets:
Real estate portfolio, net of accumulated depreciation and amortization		$	9,239,542			$	8,746,168
Cash and cash equivalents			5,046				8,731
Restricted cash and cash held in escrow			776				331
Receivables, net of allowance of $609 and $617, respectively			3,470				2,975
Accrued rental income, net of allowance of $3,393 and $4,156, respectively			34,914				34,005
Debt costs, net of accumulated amortization of $29,930 and $27,002, respectively			8,645				8,958
Other assets			86,962				71,560
Total assets		$	9,379,355			$	8,872,728
Liabilities:
Line of credit payable		$	348,100			$	—
Notes payable, net of unamortized discount and unamortized debt costs			4,472,324				4,373,803
Accrued interest payable			40,557				29,699
Other liabilities			110,072				106,951
Total liabilities			4,971,053				4,510,453
Total equity			4,408,302				4,362,275
Total liabilities and equity		$	9,379,355			$	8,872,728
Common shares outstanding			189,937,404				187,540,929

4

INCOME STATEMENT SUMMARY

(dollars in thousands, except per share data)

(unaudited)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
Revenues:
Rental income		$	237,535			$	218,348			$	924,380			$	867,468
Interest and other income from real estate transactions			863				134				1,833				1,798
			238,398				218,482				926,213				869,266
Operating expenses:
General and administrative			11,642				8,705				46,923				44,287
Real estate			10,040				11,142				37,381				32,317
Depreciation and amortization			68,221				63,194				268,439				249,681
Leasing transaction costs			151				24				486				99
Impairment losses – real estate, net of recoveries			15,360				3,724				28,602				6,632
Retirement and severance costs			62				42				3,116				668
			105,476				86,831				384,947				333,684
Gain on disposition of real estate			15,639				12,083				48,220				42,290
Earnings from operations			148,561				143,734				589,486				577,872
Other expenses (revenues):
Interest and other income			(962	)			(1,040	)			(4,246	)			(2,980	)
Interest expense			53,572				46,880				203,955				184,017
			52,610				45,840				199,709				181,037
Net earnings		$	95,951			$	97,894			$	389,777			$	396,835
Weighted average shares outstanding:
Basic			188,832,131				186,449,345				187,611,451				183,688,562
Diluted			189,237,718				186,833,150				187,986,798				184,043,841
Net earnings per share:
Basic		$	0.51			$	0.52			$	2.07			$	2.16
Diluted		$	0.51			$	0.52			$	2.07			$	2.15

5

FUNDS FROM OPERATIONS ("FFO")(1)

(dollars in thousands, except per share data)

(unaudited)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
Net earnings		$	95,951			$	97,894			$	389,777			$	396,835
Real estate depreciation and amortization			68,125				63,154				268,223				249,324
Gain on disposition of real estate			(15,639	)			(12,083	)			(48,220	)			(42,290	)
Impairment losses – depreciable real estate, net of recoveries			15,360				3,724				28,602				6,632
Total FFO adjustments			67,846				54,795				248,605				213,666
FFO		$	163,797			$	152,689			$	638,382			$	610,501
FFO per share:
Basic		$	0.87			$	0.82			$	3.40			$	3.32
Diluted		$	0.87			$	0.82			$	3.40			$	3.32

(1) FFO is a non-GAAP financial measure. Please reference the Company’s earnings press release (included as Exhibit 99.1) for the quarter and year ended December 31, 2025 for the Company's definition and explanation of how the Company utilizes this metric.

CORE FUNDS FROM OPERATIONS ("Core FFO")(1)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
Net earnings		$	95,951			$	97,894			$	389,777			$	396,835
Total FFO adjustments			67,846				54,795				248,605				213,666
FFO			163,797				152,689				638,382				610,501
Retirement and severance costs			62				42				3,116				668
Total Core FFO adjustments			62				42				3,116				668
Core FFO		$	163,859			$	152,731			$	641,498			$	611,169
Core FFO per share:
Basic		$	0.87			$	0.82			$	3.42			$	3.33
Diluted		$	0.87			$	0.82			$	3.41			$	3.32

(1) Core FFO is a non-GAAP financial measure. Please reference the Company’s earnings press release (included as Exhibit 99.1) for the quarter and year ended December 31, 2025 for the Company's definition and explanation of how the Company utilizes this metric.

6

ADJUSTED FUNDS FROM OPERATIONS ("AFFO")(1)

(dollars in thousands, except per share data)

(unaudited)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
Net earnings		$	95,951			$	97,894			$	389,777			$	396,835
Total FFO adjustments			67,846				54,795				248,605				213,666
Total Core FFO adjustments			62				42				3,116				668
Core FFO			163,859				152,731				641,498				611,169
Straight-line accrued rent, net of reserves			(1,206	)			(302	)			(1,921	)			(294	)
Net capital lease rent adjustment			49				58				233				222
Below-market rent amortization			(117	)			(144	)			(1,898	)			(495	)
Stock based compensation expense			2,831				2,775				12,025				11,816
Capitalized interest expense			(439	)			(1,061	)			(2,359	)			(5,805	)
Total AFFO adjustments			1,118				1,326				6,080				5,444
AFFO		$	164,977			$	154,057			$	647,578			$	616,613
AFFO per share:
Basic		$	0.87			$	0.83			$	3.45			$	3.36
Diluted		$	0.87			$	0.82			$	3.44			$	3.35

(1) AFFO is a non-GAAP financial measure. Please reference the Company’s earnings press release (included as Exhibit 99.1) for the quarter and year ended December 31, 2025 for the Company's definition and explanation of how the Company utilizes this metric.

7

OTHER INFORMATION

(dollars in thousands)

(unaudited)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
Rental income from operating leases(1)(2)		$	231,546			$	212,565			$	902,369			$	846,653
Earned income from direct financing leases(1)		$	87			$	115			$	424			$	468
Percentage rent(1)		$	168			$	189			$	1,549			$	1,536
Real estate expenses reimbursed from tenants(1)		$	5,734			$	5,479			$	20,038			$	18,811
Real estate expenses			(10,040	)			(11,142	)			(37,381	)			(32,317	)
Real estate expenses, net of tenant reimbursements		$	(4,306	)		$	(5,663	)		$	(17,343	)		$	(13,506	)
Amortization of debt costs		$	1,644			$	1,455			$	6,218			$	5,993
Non-real estate depreciation expense		$	99			$	43			$	229			$	370

(1)	For the quarters ended December 31, 2025 and 2024, the aggregate of such amounts is $237,535 and $218,348, respectively, and $924,380 and $867,468, for the year ended December 31, 2025 and 2024, respectively, and is classified as rental income on the income statement summary.
(2)	Includes lease termination fees of $243 and $1,234 for the quarters ended December 31, 2025 and 2024, respectively, and $11,363 and $11,386 for the year ended December 31, 2025 and 2024, respectively.

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE ("EBITDAre")(1)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
Net earnings		$	95,951			$	97,894			$	389,777			$	396,835
Interest expense			53,572				46,880				203,955				184,017
Depreciation and amortization			68,221				63,194				268,439				249,681
Gain on disposition of real estate			(15,639	)			(12,083	)			(48,220	)			(42,290	)
Impairment losses – real estate, net of recoveries			15,360				3,724				28,602				6,632
EBITDAre		$	217,465			$	199,609			$	842,553			$	794,875

(1) EBITDAre is non-GAAP financial measure. Please reference the Company’s earnings press release (included as Exhibit 99.1) for the quarter and year ended December 31, 2025 for the Company's definition and explanation of how the Company utilizes this metric.

8

DEBT SUMMARY

As of December 31, 2025

(dollars in thousands)

(unaudited)

Unsecured Debt		Principal				Principal, Net of Unamortized Discount				Stated Rate				Effective Rate				Maturity Date
Line of credit payable		$	348,100			$	348,100			SOFR + 77.5bps					4.435	%		April 2028
Term loan payable(1)			—				—			SOFR + 85 bps					—			February 2029
Notes payable:
2026			350,000				349,566				3.600	%			3.733	%		December 2026
2027			400,000				399,667				3.500	%			3.548	%		October 2027
2028			400,000				399,081				4.300	%			4.388	%		October 2028
2030			400,000				399,413				2.500	%			2.536	%		April 2030
2031			500,000				496,224				4.600	%			4.766	%		February 2031
2033			500,000				490,514				5.600	%			5.905	%		October 2033
2034			500,000				494,598				5.500	%			5.662	%		June 2034
2048			300,000				296,305				4.800	%			4.890	%		October 2048
2050			300,000				294,703				3.100	%			3.205	%		April 2050
2051			450,000				442,410				3.500	%			3.602	%		April 2051
2052			450,000				440,513				3.000	%			3.118	%		April 2052
Total			4,550,000				4,502,994
Total unsecured debt(2)		$	4,898,100			$	4,851,094
Debt costs						$	(44,420	)
Accumulated amortization							13,750
Debt costs, net of accumulated amortization							(30,670	)
Notes payable, net of unamortized discount and     unamortized debt costs						$	4,472,324

(1)	On January 15, 2026, the Company drew $200 million on the Term Loan and previously entered into swaps with a notional value of $200 million that fix SOFR at 3.22% through January 15, 2029.
(2)	Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 10.8 years.

9

CAPITAL STRUCTURE

As of December 31, 2025 As a percentage of total capital ($12,425.3 million) •Gross Debt – $4,898.1 million •Equity Market Value – $7,527.2 million

CREDIT METRICS (1)

Ratings: Moody's Baa1; S&P BBB+

		2021		2022		2023		2024		2025
Gross Debt / Gross Assets		41.3%		40.5%		42.1%		40.7%		42.1%
Gross Debt + Preferred / Gross Assets		41.3%		40.5%		42.1%		40.7%		42.1%
Net Debt / EBITDAre (last quarter annualized)		5.4x		5.5x		5.7x		5.6x		5.6x
Net Debt + Preferred / EBITDAre (last quarter annualized)		5.4x		5.5x		5.7x		5.6x		5.6x
EBITDAre / Interest expense (cash)		4.6x		4.7x		4.5x		4.2x		4.1x
EBITDAre / Fixed charges (cash)		4.1x		4.7x		4.5x		4.2x		4.1x

(1) Gross Debt, Gross Assets, Net Debt and EBITDAre are non-GAAP financial measures. Please reference the Company’s earnings press release (included as Exhibit 99.1) for the quarter and year ended December 31, 2025 for the Company's definition and explanation of how the Company utilizes these metrics.

CREDIT FACILITY, TERM LOAN AND NOTES COVENANTS

The following is a summary of key financial covenants for the Company's unsecured credit facility, term loan and notes, as defined and calculated per the terms of the agreements and indentures governing such debt, respectively, which are included in the Company's filings with the Commission. These calculations, which are not based on GAAP measurements, are presented to investors to show that as of December 31, 2025, the Company believes it is in compliance with the covenants.

10

Key Covenants		Required		December 31, 2025
Unsecured Bank Credit Facility and Term Loan:
Maximum leverage ratio		< 0.60x		0.38x
Minimum fixed charge coverage ratio		> 1.50x		4.14x
Maximum secured indebtedness ratio		< 0.40x		—
Unencumbered asset value ratio		> 1.67x		2.65x
Unencumbered interest ratio		> 1.75x		4.04x
Unsecured Notes:
Limitation on incurrence of total debt		≤ 60%		41%
Limitation on incurrence of secured debt		≤ 40%		—
Debt service coverage ratio		≥ 1.5x		4.1x
Maintenance of total unencumbered assets		≥ 150%		241%

LONG-TERM DIVIDEND HISTORY

11

PROPERTY ACQUISITIONS

(dollars in thousands)		Year Ended December 31,
		2025				2024
Total dollars invested(1)		$	931,017			$	565,416
Number of properties			239				75
Gross leasable area (square feet)(2)			4,193,000				1,486,000
Weighted average cap rate (3)			7.4	%			7.7	%
Weighted average lease term (years)			17.6				18.5

(1)	Includes dollars invested in projects under construction or tenant improvements for each respective year.
(2)	Includes additional square footage from completed construction on existing properties.
(3)	Calculated as the initial cash annual base rent divided by the total purchase price of the properties.

PROPERTY DISPOSITIONS

(dollars in thousands)		Year Ended December 31,
		2025												2024
		Occupied				Vacant				Total				Occupied				Vacant				Total
Number of properties			49				67				116				27				14				41
Gross leasable area (square feet)			420,000				659,000				1,079,000				640,000				209,000				849,000
Acquisition costs		$	77,535			$	149,891			$	227,426			$	117,556			$	30,276			$	147,832
Net book value		$	56,668			$	85,586			$	142,254			$	84,212			$	22,294			$	106,506
Net sale proceeds		$	90,738			$	99,736			$	190,474			$	115,923			$	32,735			$	148,658
Weighted average cap rate(1)			6.4	%			—				6.4	%			7.3	%			—				7.3	%

(1) Calculated as the cash annual base rent divided by the total gross proceeds received for the occupied properties.

12

PROPERTY PORTFOLIO

(dollars in thousands)		December 31, 2025				September 30, 2025				December 31, 2024
Number of properties			3,692				3,697				3,568
Total gross leasable area (square feet)			39,578,000				39,209,000				36,557,000
Occupancy rate			98.3	%			97.5	%			98.5	%
Weighted average remaining lease term (years)			10.2				10.1				9.9
ABR(1)		$	928,081			$	912,218			$	860,562

(1) Annualized Base Rent (“ABR”) is non-GAAP financial measure. Please reference the Company’s earnings press release (included as Exhibit 99.1) for the quarter and year ended December 31, 2025 for the Company's definition and explanation of how the Company utilizes this metric.

LEASE EXPIRATIONS(1)

		# of Properties		Gross Leasable Area(2)		% of ABR				# of Properties		Gross Leasable Area(2)		% of ABR
2026		117		1,019,000		2.1%		2032		188		1,840,000		4.9%
2027		203		2,714,000		6.3%		2033		134		1,401,000		4.3%
2028		221		1,970,000		4.9%		2034		194		2,838,000		5.9%
2029		137		2,043,000		4.2%		2035		135		1,794,000		4.2%
2030		184		2,417,000		4.7%		Thereafter		1,853		17,833,000		50.6%
2031		261		3,086,000		7.9%

(1)	As of December 31, 2025, the weighted average remaining lease term is 10.2 years.
(2)	Square feet.

13

14

TOP 20 LINES OF TRADE

As of December 31, 2025

		Lines of Trade		# of Tenants		# of Properties		% of ABR
1.		Automotive service		48		740		18.6%
2.		Convenience stores		30		685		16.3%
3.		Restaurants – limited service		61		620		7.9%
4.		Entertainment		8		97		7.2%
5.		Dealerships		20		111		6.6%
6.		Restaurants – full service		72		333		6.4%
7.		Health and fitness		8		37		3.9%
8.		Theaters		5		33		3.7%
9.		Automotive parts		7		143		3.2%
10.		Equipment rental		4		105		3.1%
11.		Wholesale clubs		1		13		2.3%
12.		Drug stores		3		60		2.0%
13.		Home improvement		10		49		1.9%
14.		Medical service providers		29		87		1.8%
15.		Pet supplies and services		12		59		1.7%
16.		Early childhood education		6		61		1.4%
17.		Discount retail		7		67		1.4%
18.		Furniture		14		43		1.2%
19.		Travel plazas		4		24		1.2%
20.		Consumer electronics		1		16		1.1%
		Other		85		309		7.1%
		Total				3,692		100.0%

15

TOP 20 STATES

As of December 31, 2025

		State		# of Tenants		# of Properties		% of ABR
1.		Texas		99		594		18.4%
2.		Florida		98		270		8.7%
3.		Illinois		51		179		5.1%
4.		Georgia		64		172		4.5%
5.		Ohio		71		215		4.2%
6.		Michigan		31		136		3.8%
7.		Indiana		44		165		3.7%
8.		Tennessee		46		156		3.7%
9.		Arizona		35		86		3.5%
10.		North Carolina		46		158		3.5%
11.		Virginia		45		119		3.3%
12.		Alabama		38		155		2.9%
13.		California		26		71		2.9%
14.		Pennsylvania		39		87		2.3%
15.		New Jersey		20		33		2.3%
16.		Missouri		33		102		2.2%
17.		Colorado		27		46		2.0%
18.		Maryland		19		50		2.0%
19.		South Carolina		29		80		2.0%
20.		Louisiana		30		65		1.8%
		Other		166		753		17.2%
		Total				3,692		100.0%

16

TOP 20 METROPOLITAN STATISTICAL AREAS

As of December 31, 2025

		MSA		# of Tenants		# of Properties		% of ABR
1.		Dallas-Fort Worth-Arlington, TX		53		115		4.4%
2.		Chicago-Naperville-Elgin, IL-IN-WI		44		116		3.7%
3.		Atlanta-Sandy Springs-Alpharetta, GA		48		103		3.2%
4.		Phoenix-Mesa-Chandler, AZ		26		52		2.4%
5.		Houston-The Woodlands-Sugar Land, TX		31		72		2.3%
6.		Washington-Arlington-Alexandria, DC-VA-MD-WV		20		36		1.9%
7.		Detroit-Warren-Dearborn, MI		18		54		1.8%
8.		Tampa-St. Petersburg-Clearwater, FL		28		53		1.8%
9.		Orlando-Kissimmee-Sanford, FL		31		36		1.7%
10.		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		18		30		1.6%
11.		Charlotte-Concord-Gastonia, NC-SC		24		57		1.4%
12.		Austin-Round Rock-Georgetown, TX		17		40		1.3%
13.		New York-Newark-Jersey City, NY-NJ-PA		17		33		1.3%
14.		Denver-Aurora-Lakewood, CO		16		21		1.3%
15.		Indianapolis-Carmel-Anderson, IN		22		65		1.3%
16.		San Antonio-New Braunfels, TX		14		42		1.3%
17.		St. Louis, MO-IL		23		52		1.2%
18.		Miami-Fort Lauderdale-Pompano Beach, FL		20		30		1.2%
19.		Memphis, TN-MS-AR		23		40		1.1%
20.		Midland, TX		6		23		1.1%
		Other		329		2,622		62.7%
		Total				3,692		100.0%

17

TOP 20 TENANTS

As of December 31, 2025

Creditworthy Tenants

▪13.4% of ABR is from tenants with investment grade rated debt

▪63.1% of ABR is from tenants that are publicly traded and/or have rated debt

▪Top 20 tenants (46.0% of ABR) operate an average of 1,710 stores each

Top 20 Tenants

		Tenant		Primary Line of Trade		# of Properties		% of ABR
1.		7-Eleven		Convenience stores		145		4.3%
2.		Mister Car Wash		Automotive service		120		3.8%
3.		Dave & Buster's		Entertainment		34		3.6%
4.		Camping World		Dealerships		46		3.5%
5.		Kent Distributors		Convenience stores		64		2.6%
6.		Flynn Restaurant Group		Restaurants - limited service		204		2.5%
7.		GPM Investments		Convenience stores		143		2.5%
8.		AMC Theatres		Theaters		20		2.4%
9.		BJ's Wholesale Club		Wholesale clubs		13		2.3%
10.		LA Fitness		Health and fitness		25		2.2%
11.		Mavis Tire Express Services		Automotive service		140		2.1%
12.		Couche-Tard		Convenience stores		92		2.0%
13.		Chuck E. Cheese		Entertainment		51		1.7%
14.		Walgreens		Drug stores		49		1.7%
15.		Sunoco		Convenience stores		53		1.7%
16.		United Rentals		Equipment rental		49		1.6%
17.		Casey's General Stores		Convenience stores		62		1.6%
18.		Tidal Wave Auto Spa		Automotive service		35		1.4%
19.		Super Star Car Wash		Automotive service		33		1.3%
20.		BMW Kar Wash LLC		Automotive service		40		1.2%
		Other				2,274		54.0%
		Total				3,692		100.0%

18

SAME STORE RENTAL INCOME

(dollars in thousands)

Properties (Cash Basis) (1)
Number of properties			3,306
Year ended December 31, 2025		$	788,987
Year ended December 31, 2024		$	786,167
Change (in dollars)		$	2,820
Change (percent) (2)			0.4	%

(1)	Includes all properties owned for current and prior year period excluding any properties under development or re-development.
(2)	Excluding impact of Frisch's Restaurants and Badcock Furniture bankruptcy, change would have been 1.1%

LEASING DATA

(dollars in thousands)

Year Ended December 31, 2025		Renewals With Same Tenant(1)				Vacancy Re-Lease To New Tenant				Releasing Totals
Number of leases			187				26				213
New cash rents		$	44,752			$	5,056			$	49,808
Prior cash rents		$	42,265			$	4,670			$	46,935		(2)
Recovery rate			105.9	%			108.3	%			106.1	%
Tenant improvements		$	8,050			$	8,372			$	16,422

(1)	Long-term renewal rate for the period of 2011 through 2025 was 84.1%.
(2)	Represents 5.1% of total ABR as of December 31, 2025.

19

OTHER PROPERTY PORTFOLIO DATA

As of December 31, 2025

Tenant Financials

		# of Properties		% of ABR
Property level financial information		3,097		83%
Tenant corporate financials		2,873		79%

Rent Increases		% of ABR
		Annual		Five Year		Other		Total
CPI		37%		43%		1%		81%
Fixed		3%		12%		1%		16%
No increases		—		—		3%		3%
		40%		55%		5%		100%

Lease Structure - as a percentage of ABR

•93.2% is from triple net leases

•95.6% is from triple net leases or double net leases (with roof warranty)

•31.8% is from master leases

•98.2% is from leases containing future lease renewal options

•0.5% is from leases containing purchase options

INITIAL EARNINGS GUIDANCE

Guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in the Company’s earnings press release for the quarter and year ended December 31, 2025 and the Company's reports filed with the Commission.

(dollars in millions, except per diluted share data)		Initial 2026 Guidance
Net earnings per share excluding any gains on disposition of real estate, impairment losses and retirement and severance costs		$2.02 - $2.08
Real estate depreciation and amortization per share		$1.45
Core FFO per share		$3.47 - $3.53
AFFO per share		$3.52 - $3.58
General and administrative expenses		$53 - $55
Real estate expenses, net of tenant reimbursements		$14 - $15
Acquisition volume		$550 - $650
Disposition volume		$110 - $150

20

FAQ

How did NNN REIT (NNN) perform financially in 2025?

NNN REIT generated $926.2 million of revenue and $389.8 million of net earnings, or $2.07 per diluted share, in 2025. Core FFO and AFFO per diluted share each increased 2.7% to $3.41 and $3.44, indicating modest per-share cash flow growth.

What were NNN REIT (NNN)’s key portfolio and occupancy metrics at year-end 2025?

At December 31, 2025, NNN REIT owned 3,692 properties totaling about 39.6 million square feet. Portfolio occupancy was 98.3%, and the weighted average remaining lease term was 10.2 years, supporting long-duration rental income visibility across all 50 states, D.C. and Puerto Rico.

How strong is NNN REIT (NNN)’s balance sheet and liquidity position?

As of December 31, 2025, NNN REIT reported $4.9 billion of gross debt with a 4.2% weighted average interest rate and 10.8-year weighted average maturity. The company had $1.2 billion of total available liquidity and Net Debt to annualized EBITDAre of 5.6x, with fixed charge coverage at 4.1x.

What dividend did NNN REIT (NNN) pay in 2025 and what is its track record?

In 2025, NNN REIT paid an annual dividend of $2.36 per common share, a 3.1% increase over 2024. This marked the company’s 36th consecutive year of annual dividend increases, which management notes is the third longest record among all public REITs.

What 2026 earnings and AFFO guidance did NNN REIT (NNN) provide?

For 2026, NNN REIT guided to net earnings per share of $2.02–$2.08 excluding specified items, Core FFO per share of $3.47–$3.53, and AFFO per share of $3.52–$3.58. Guidance assumes $550–$650 million of acquisitions and $110–$150 million of property dispositions.

How active was NNN REIT (NNN) in acquisitions and dispositions during 2025?

In 2025, NNN REIT invested $931.0 million in 239 properties at a 7.4% weighted average initial cash cap rate and 17.6-year average lease term. It sold 116 properties for $190.5 million, including $90.7 million of income-producing assets at a 6.4% weighted average cap rate.

Filing Exhibits & Attachments

3 documents

Press Releases

• EX-99.1 EX-99.1 1.3 MB
• EX-99.2 EX-99.2 1.5 MB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 50.1 KB