Director Elizabeth Gulacsy of NNN REIT (NNN) receives 1,077 shares as deferred board pay

Rhea-AI Filing Summary

NNN REIT director Elizabeth Gulacsy acquired additional common stock through compensation deferral. On 01/30/2026, she received 1,077 shares of NNN REIT, Inc. common stock at a reference value of $41.82 per share. This was not a cash purchase but a conversion of Board and Committee fees into stock units under a company plan.

Following this transaction, Gulacsy directly beneficially owned 15,684 shares of NNN REIT common stock. The filing shows no derivative securities activity for this date.

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^*

Gulacsy Elizabeth

(Last) (First) (Middle)

450 S. 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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/30/2026

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	01/30/2026	01/30/2026	A		1,077(1)	A	$41.82	15,684	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:

1. Reflects the deferral under the Plan and conversion into stock units of compensation otherwise payable for Board and Committee services.

	/s/ Elizabeth C. Gulacsy	02/02/2026
	** 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.
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FAQ

What insider transaction did NNN (NNN REIT, Inc.) report for Elizabeth Gulacsy?

Elizabeth Gulacsy received 1,077 shares of NNN REIT common stock on 01/30/2026. The shares came from converting Board and Committee compensation into stock units under a company plan, rather than from an open-market purchase.

At what price were Elizabeth Gulacsy’s NNN REIT shares valued in the Form 4?

The 1,077 NNN REIT shares for Elizabeth Gulacsy were reported at $41.82 per share. This value reflects the reference price used for converting her Board and Committee fees into stock units as part of the company’s compensation plan.

How many NNN REIT shares does Elizabeth Gulacsy own after this Form 4 transaction?

After the 01/30/2026 transaction, Elizabeth Gulacsy beneficially owned 15,684 NNN REIT common shares. The filing classifies this ownership as direct, meaning the shares are held in her name rather than through an intermediary entity.

Was the NNN REIT Form 4 transaction a stock purchase on the open market?

No, the transaction was not an open-market purchase. The Form 4 explains that the 1,077 shares reflect a deferral of Board and Committee compensation into stock units under a plan, converting fees into equity instead of paying cash.

What does the footnote in Elizabeth Gulacsy’s NNN Form 4 disclosure explain?

The footnote states the transaction reflects deferral under a plan and conversion into stock units of compensation otherwise payable for Board and Committee services. This clarifies the shares were issued as equity compensation, not bought for cash.