Executive at NNN REIT (NYSE: NNN) sells 4,000 common shares at $44.03

Rhea-AI Filing Summary

NNN REIT, INC. executive Michelle Lynn Miller, EVP and Chief Accounting & Technology Officer, reported an open-market sale of 4,000 shares of common stock at $44.03 per share on February 20, 2026. After this transaction, she directly holds 93,817 shares of NNN REIT common stock.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Miller Michelle Lynn

(Last) (First) (Middle)

450 SOUTH ORANGE AVE

SUITE 900

(Street)

ORLANDO FL 32801

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NNN REIT, INC. [ NNN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP,Chief Acctg & Tech Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/20/2026	02/20/2026	S		4,000	D	$44.03	93,817	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Michelle Lynn Miller	02/23/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did NNN (NNN) report on this Form 4?

NNN REIT, INC. reported that executive Michelle Lynn Miller sold 4,000 shares of common stock. The transaction was an open-market sale at a reported price of $44.03 per share on February 20, 2026, as shown in the Form 4 data.

Who is the insider involved in the latest NNN (NNN) Form 4 filing?

The insider is Michelle Lynn Miller, an executive vice president at NNN REIT, INC. Her title is EVP, Chief Accounting & Technology Officer, and she is classified as an officer but not a director or ten percent owner in this filing.

How many NNN (NNN) shares did the insider sell and at what price?

Michelle Lynn Miller sold 4,000 shares of NNN REIT common stock at a reported price of $44.03 per share. The transaction is coded as an open-market or private sale, indicating a standard disposition of non-derivative equity.

How many NNN (NNN) shares does the insider hold after the transaction?

Following the 4,000-share sale, Michelle Lynn Miller directly holds 93,817 shares of NNN REIT common stock. The Form 4 indicates this post-transaction ownership as direct, with the ownership code "D" for her remaining stake.

What does transaction code "S" mean in the NNN (NNN) Form 4?

In this Form 4, transaction code "S" designates a sale of non-derivative securities. The filing further classifies it as an open-market sale, meaning the 4,000 NNN REIT common shares were sold through regular market or similar private transactions.

Is the NNN (NNN) insider transaction a buy or sell action?

The reported insider transaction is a sell action. The Form 4 categorizes it as an open-market sale of 4,000 NNN REIT common shares, with the transaction_direction field explicitly marked as "sell" and no corresponding purchase activity reported.