NNN REIT, Inc. Announces Second Quarter 2026 Results

NNN REIT, Inc. Announces Second Quarter 2026 Results ORLANDO, Fla., Aug. 5, 2026 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN) (the "Company" or "NNN"), a real estate investment trust, today announced financial and operating results for the quarter and six months ended June 30, 2026. Highlights include:

Second Quarter 2026 Highlights:

Additional Highlights:

Steve Horn, Chief Executive Officer, commented: "NNN delivered a strong first half of the year, driven by resilient portfolio performance, disciplined execution across the organization, and a robust real estate investment pipeline built on longstanding, proven relationships. Given this momentum, we are raising our acquisition volume outlook and 2026 AFFO guidance."

FINANCIAL RESULTS

Quarter Ended

June 30,

Six Months Ended

June 30,

(dollars in thousands, except per diluted share data)

2026

2025

2026

2025

Revenues

244,266

226,802

484,690

457,656

Net earnings

97,924

100,529

191,875

196,987

Net earnings per share

0.52

0.54

1.01

1.05

FFO

167,819

157,175

330,969

315,909

FFO per share

0.89

0.84

1.75

1.69

Core FFO

168,187

157,366

331,771

318,273

Core FFO per share

0.89

0.84

1.75

1.70

AFFO

170,020

158,523

335,699

321,538

AFFO per share

0.90

0.85

1.77

1.72

PORTFOLIO SNAPSHOT

(dollars in thousands)

June 30,

2026

March 31,

2026

June 30,

2025

Number of properties

3,774

3,711

3,663

Total gross leasable area (square feet)

40,440,000

39,597,000

38,322,000

Occupancy rate

99.1

98.6

98.0

Weighted average remaining lease term (years)

10.1

9.8

ABR

959,145

934,612

893,782

PROPERTY ACQUISITIONS

(dollars in thousands)

Quarter Ended

June 30, 2026

Six Months Ended

June 30, 2026

Total dollars invested (1)

291,009

436,403

Number of properties

130

Gross leasable area (square feet) (2)

1,061,000

1,365,000

Weighted average cap rate (3)

7.3

7.4

Weighted average lease term (years)

17.9

18.2

(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.

PROPERTY DISPOSITIONS

Quarter Ended June 30, 2026

Six Months Ended June 30, 2026

(dollars in thousands)

Occupied

Vacant

Total

Occupied

Vacant

Total

Number of properties

Gross leasable area (square feet)

25,000

170,000

195,000

115,000

326,000

441,000

Net sale proceeds

9,046

27,688

36,734

26,846

45,715

72,561

Weighted average cap rate (1)

5.6

—

5.6

6.6

—

6.6

(1)

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

CAPITAL MARKETS ACTIVITY

During the quarter ended June 30, 2026, NNN exercised the incremental term loan option and drew down the remaining $200 million on the Term Loan for a total outstanding balance of $500 million. Additionally, the Company amended the pricing grids on the Term Loan and its existing senior unsecured revolving credit facility, (the "Revolving Credit Facility"). Based on NNN's current credit ratings, the applicable SOFR-based margin was lowered to 0.800% from 0.850% for all outstanding Term Loan borrowings and 0.725% from 0.775% for all Revolving Credit Facility borrowings. The Company previously entered into forward starting swaps with a total notional value of $400 million that fix the Secured Overnight Financing Rate ("SOFR") at 3.30%.

During the quarter ended June 30, 2026, NNN entered into forward sale agreements for 5,999,528 common shares under the Company's ATM at a weighted average price per share of $45.91.

During the quarter ended June 30, 2026, NNN issued 1,681,785 common shares, primarily in settlement of forward sale agreements under the Company's ATM, raising $74.0 million in net proceeds.

As of June 30, 2026, NNN had 5,999,528 shares of common stock subject to outstanding forward sale agreements, which upon settlement, are anticipated to raise net proceeds of approximately $272.1 million. Net proceeds include the impact of forward price adjustments through June 30, 2026.

BALANCE SHEET AND LIQUIDITY

As of June 30, 2026, Gross Debt was $5.1 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 10.1 years. The Company ended the quarter with $1.4 billion of total available liquidity, including $1.2 billion of unused line of credit capacity, $272.1 million of outstanding forward equity, and $4.2 million of cash. Net Debt to annualized EBITDAre and fixed charge coverage was 5.7x and 4.1x, respectively, as of June 30, 2026. Including the impact of unsettled forward equity, Pro Forma Net Debt to annualized EBITDAre was 5.4x as of June 30, 2026.

DIVIDEND

As previously announced on July 15, 2026, the Company's Board of Directors declared a quarterly dividend of $0.62 per share payable on August 14, 2026, to shareholders of record as of July 31, 2026. The new quarterly dividend represents an annualized dividend of $2.48 per share and an annualized dividend yield of 5.3% as of June 30, 2026. The 3.3% increase in the quarterly dividend marks the 37 th consecutive annual dividend increase. NNN is one of only three publicly traded real estate investment trusts to have increased its annual dividend for 37 or more consecutive years.

2026 GUIDANCE

(dollars in millions, except per diluted share data)

Previous 2026

Guidance

Updated 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

$2.01 - $2.05

Real estate depreciation and amortization per share

$1.46

$1.49

Core FFO per share

$3.48 - $3.54

$3.50 - $3.54

AFFO per share

$3.53 - $3.59

$3.55 - $3.59

General and administrative expenses

$53 - $55

Real estate expenses, net of tenant reimbursements

$14 - $15

$13.5 - $14.5

Acquisition volume

$550 - $650

$700 - $800

Disposition volume

$110 - $150

$120 - $160

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").

CONFERENCE CALL INFORMATION

The Company will host a conference call on August 5, 2026 at 10:30 a.m. ET to discuss second quarter 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 623622 or referencing NNN REIT, Inc.

A telephonic replay of the call will be available through Wednesday, August 19, 2026, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 54164.

ABOUT NNN REIT, INC.

NNN is a REIT that invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of June 30, 2026, the Company owned 3,774 properties across 50 states, the District of Columbia and Puerto Rico, encompassing approximately 40.4 million square feet of gross leasable area, with a weighted average remaining lease term of 10.1 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 global 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 (i) Annual Report on Form 10-K for the year ended December 31, 2025 and (ii) Quarterly Report on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026. 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") metric 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 the 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.

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 the line of credit payable, and term loan payable and notes payable, each net of unamortized discount and unamortized 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.

Pro Forma Net Debt is defined by the Company as Net Debt less anticipated net proceeds from unsettled forward equity.

Management considers the non-GAAP measures of Gross Debt, Net Debt and Pro Forma 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.

NNN REIT, Inc.

Balance Sheet Summary

(dollars in thousands)

(unaudited)

June 30,

2026

December 31,

2025

Assets:

Real estate portfolio, net of accumulated depreciation and amortization

9,463,681

9,239,542

Cash and cash equivalents

4,223

5,046

Restricted cash and cash held in escrow

—

776

Receivables, net of allowance of $567 and $609, respectively

2,874

3,470

Accrued rental income, net of allowance of $3,528 and $3,393, respectively

36,672

34,914

Debt costs, net of accumulated amortization of $31,348 and $29,930, respectively

4,987

8,645

Other assets

94,086

86,962

Total assets

9,606,523

9,379,355

Liabilities:

Line of credit payable

28,500

348,100

Term loan payable, net of unamortized debt costs

496,835

—

Notes payable, net of unamortized discount and unamortized debt costs

4,475,938

4,472,324

Accrued interest payable

37,989

40,557

Other liabilities

106,525

110,072

Total liabilities

5,145,787

4,971,053

Total equity

4,460,736

4,408,302

Total liabilities and equity

9,606,523

9,379,355

Common shares outstanding

191,931,110

189,937,404

NNN REIT, Inc.

Income Statement Summary

(dollars in thousands, except per share data)

(unaudited)

Quarter Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Revenues:

Rental income

242,682

226,498

482,696

457,072

Interest and other income from real estate transactions

1,584

304

1,994

584

244,266

226,802

484,690

457,656

Operating expenses:

General and administrative

14,057

11,217

28,163

24,225

Real estate

8,266

8,838

18,065

18,213

Depreciation and amortization

71,025

68,349

141,822

132,966

Leasing transaction costs

212

356

204

Impairment losses – real estate, net of recoveries

8,067

4,535

18,747

6,047

Retirement and severance costs

368

191

802

2,364

101,995

93,204

207,955

184,019

Gain on disposition of real estate

9,105

16,198

21,290

20,011

Earnings from operations

151,376

149,796

298,025

293,648

Other expenses (revenues):

Interest and other income

(35)

(15)

(63)

(344)

Interest expense

53,487

49,282

106,213

97,005

53,452

49,267

106,150

96,661

Net earnings

97,924

100,529

191,875

196,987

Weighted average shares outstanding:

Basic

189,078,464

186,876,693

189,055,792

186,865,955

Diluted

189,620,010

187,070,288

189,635,670

187,088,160

Net earnings per share:

Basic

0.52

0.54

1.01

1.05

Diluted

0.52

0.54

1.01

1.05

NNN REIT, Inc.

Other Information

(dollars in thousands)

(unaudited)

Quarter Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Rental income from operating leases (1) (2)

237,240

221,714

470,811

445,770

Earned income from direct financing leases (1)

112

161

226

Percentage rent (1)

508

284

824

1,170

Real estate expenses reimbursed from tenants (1)

4,855

4,388

10,900

9,906

Real estate expenses

(8,266)

(8,838)

(18,065)

(18,213)

Real estate expenses, net of tenant reimbursements

(3,411)

(4,450)

(7,165)

(8,307)

Amortization of debt costs

1,776

1,478

3,528

2,944

Non-real estate depreciation expense

191

(1)

For the quarters ended June 30, 2026 and 2025, the aggregate of such amounts is $242,682 and $226,498, respectively, and $482,696 and $457,072 for the six months ended June 30, 2026 and 2025, respectively, and is classified as rental income on the income statement summary.

(2)

Includes lease termination fees of $1,633 and $2,248 for the quarters ended June 30, 2026 and 2025, respectively, and $2,372 and $10,452 for the six months ended June 30, 2026 and 2025, respectively.

NNN REIT, Inc.

Reconciliation of Non-GAAP Financial Measures

(dollars in thousands, except per share data)

(unaudited)

Quarter Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Net earnings

97,924

100,529

191,875

196,987

Real estate depreciation and amortization

70,933

68,309

141,637

132,886

Gain on disposition of real estate

(9,105)

(16,198)

(21,290)

(20,011)

Impairment losses – depreciable real estate, net of recoveries

8,067

4,535

18,747

6,047

FFO

167,819

157,175

330,969

315,909

Retirement and severance costs

368

191

802

2,364

Core FFO

168,187

157,366

331,771

318,273

Straight-line accrued rent, net of reserves

(838)

425

(2,129)

(84)

Net capital lease rent adjustment

122

Below-market rent amortization

(189)

(1,620)

(315)

(1,713)

Stock based compensation expense

3,368

2,832

7,414

6,403

Capitalized interest expense

(554)

(542)

(1,134)

(1,463)

AFFO

170,020

158,523

335,699

321,538

FFO per share:

Basic

0.89

0.84

1.75

1.69

Diluted

0.89

0.84

1.75

1.69

Core FFO per share:

Basic

0.89

0.84

1.75

1.70

Diluted

0.89

0.84

1.75

1.70

AFFO per share:

Basic

0.90

0.85

1.78

1.72

Diluted

0.90

0.85

1.77

1.72

Dividend per share

0.60

0.58

1.20

1.16

AFFO payout ratio (1)

(1)

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

NNN REIT, Inc.

Reconciliation of Non-GAAP Financial Measures (continued)

(dollars in thousands)

(unaudited)

Quarter Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Net earnings

97,924

100,529

191,875

196,987

Interest expense

53,487

49,282

106,213

97,005

Depreciation and amortization

71,025

68,349

141,822

132,966

Gain on disposition of real estate

(9,105)

(16,198)

(21,290)

(20,011)

Impairment losses – real estate, net of recoveries

8,067

4,535

18,747

6,047

EBITDAre

221,398

206,497

437,367

412,994

Interest expense

53,487

49,282

106,213

97,005

Add back: capitalized interest

554

542

1,134

1,463

Fixed charges

54,041

49,824

107,347

98,468

June 30,

2026

December 31,

2025

Total assets

9,606,523

9,379,355

Accumulated depreciation & amortization

2,352,708

2,259,469

Amortization of direct financing leases

2,546

Gross Assets

11,961,777

11,641,370

Debt outstanding:

Line of credit

28,500

348,100

Term loan, net of unamortized debt costs

496,835

—

Notes payable, net of unamortized discount and

unamortized debt costs

4,475,938

4,472,324

Total Debt

5,001,273

4,820,424

Unamortized note discount

45,064

47,005

Unamortized debt costs

32,163

30,670

Gross Debt

5,078,500

4,898,099

Total Cash

(4,223)

(5,822)

Net Debt

5,074,277

4,892,277

Net proceeds from unsettled forward equity

(272,109)

—

Pro Forma Net Debt

4,802,168

4,892,277

NNN REIT, Inc.

Debt Summary

As of June 30, 2026

(dollars in thousands)

(unaudited)

Unsecured Debt

Principal

Principal,

Net of

Unamortized

Discount

Stated

Rate

Effective

Rate

Maturity Date

Line of credit payable

28,500

SOFR +

72.5 bps

4.345

April 2028

Term loan payable

500,000

SOFR +

80 bps

4.126

(1)

February 2029

Notes payable:

2026

350,000

349,790

3.600

3.733

December 2026

2027

400,000

399,758

3.500

3.548

October 2027

2028

400,000

399,238

4.300

4.388

October 2028

2030

400,000

399,478

2.500

2.536

April 2030

2031

500,000

496,559

4.600

4.766

February 2031

2033

500,000

491,002

5.600

5.905

October 2033

2034

500,000

494,852

5.500

5.662

June 2034

2048

300,000

296,350

4.800

4.890

October 2048

2050

300,000

294,776

3.100

3.205

April 2050

2051

450,000

442,503

3.500

3.602

April 2051

2052

450,000

440,630

3.000

3.118

April 2052

Total

4,550,000

4,504,936

Total unsecured debt (2)

5,078,500

5,033,436

Reconciliation of Debt

Term Loan

Payable

Notes

Payable

Principal, net of unamortized discount

500,000

4,504,936

Debt costs

(3,604)

(44,420)

Accumulated amortization

439

15,422

Debt costs, net of accumulated

amortization

(3,165)

(28,998)

Principal, net of unamortized

discount and unamortized debt costs

496,835

4,475,938

(1)

SOFR swapped to a weighted average fixed rate of 3.30% on $400,000.

(2)

Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 10.1 years.

NNN REIT, Inc.

Debt Summary – Continued

As of June 30, 2026

(unaudited)

Credit Metrics

June 30,

2026

December 31,

2025

Gross Debt / Gross Assets

42.5 %

42.1 %

Net Debt / EBITDAre (last quarter annualized)

5.7x

5.6x

Pro Forma Net Debt / EBITDAre (last quarter annualized)

5.4x

5.6x

EBITDAre / fixed charges

4.1x

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, which are included in the Company's filings with the Commission. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of June 30, 2026, the Company believes it is in compliance with the covenants.

Key Covenants

Required

June 30,

2026

Unsecured Bank Credit Facility and Term Loan:

Maximum leverage ratio

< 0.60x

0.38x

Minimum fixed charge coverage ratio

> 1.50x

4.08x

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%

42 %

Limitation on incurrence of secured debt

≤ 40%

—

Debt service coverage ratio

≥ 1.5x

4.0x

Maintenance of total unencumbered assets

≥ 150%

239 %

NNN REIT, Inc.

Property Portfolio

As of June 30, 2026

Top 20 Lines of Trade

Lines of Trade

# of

Tenants

# of

Properties

% of

ABR

Automotive service

761

18.6 %

Convenience stores

682

15.9 %

Restaurants – limited service

622

7.7 %

Entertainment

7.3 %

Dealerships

112

6.4 %

Restaurants – full service

332

6.3 %

Health and fitness

3.8 %

Theaters

3.5 %

Automotive parts

144

3.2 %

10.

Equipment rental

105

3.0 %

11.

Wholesale clubs

2.2 %

12.

Early childhood education

102

2.2 %

13.

Drug stores

1.9 %

14.

Home improvement

1.9 %

15.

Discount retail

112

1.9 %

16.

Medical service providers

1.7 %

17.

Pet supplies and services

1.7 %

18.

Furniture

1.2 %

19.

Travel plazas

1.1 %

20.

Automobile auctions, wholesale

1.1 %

Other

285

7.4 %

Total

3,774

100.0 %

NNN REIT, Inc.

Property Portfolio – Continued

As of June 30, 2026

Top 20 States

State

# of

Tenants

# of

Properties

% of

ABR

Texas

596

17.9 %

Florida

277

8.7 %

Illinois

184

5.2 %

Georgia

174

4.4 %

Ohio

215

4.2 %

Michigan

147

3.9 %

North Carolina

164

3.8 %

Tennessee

160

3.6 %

Indiana

165

3.5 %

10.

Arizona

3.5 %

11.

Virginia

126

3.4 %

12.

California

2.8 %

13.

Alabama

155

2.8 %

14.

Missouri

107

2.3 %

15.

New Jersey

2.2 %

16.

Pennsylvania

2.1 %

17.

Maryland

2.0 %

18.

Colorado

2.0 %

19.

South Carolina

2.0 %

20.

Oklahoma

1.9 %

Other

167

753

17.8 %

Total

3,774

100.0 %

NNN REIT, Inc.

Property Portfolio – Continued

As of June 30, 2026

Top 20 Tenants

Tenant

Primary Line of Trade

# of

Properties

% of

ABR

7-Eleven

Convenience stores

145

4.2 %

Mister Car Wash

Automotive service

120

3.7 %

Dave & Buster's

Entertainment

3.5 %

Camping World

Dealerships

3.4 %

Kent Distributors

Convenience stores

2.6 %

Flynn Restaurant Group

Restaurants - limited service

203

2.4 %

GPM Investments

Convenience stores

140

2.3 %

AMC Theatres

Theaters

2.3 %

BJ's Wholesale Club

Wholesale clubs

2.2 %

10.

LA Fitness

Health and fitness

2.1 %

11.

Mavis Tire Express Services

Automotive service

141

2.0 %

12.

Couche-Tard

Convenience stores

2.0 %

13.

Sunoco

Convenience stores

1.7 %

14.

Chuck E. Cheese

Entertainment

1.6 %

15.

Walgreens

Drug stores

1.6 %

16.

Casey's General Stores

Convenience stores

1.5 %

17.

United Rentals

Equipment rental

1.5 %

18.

Tidal Wave Auto Spa

Automotive service

1.4 %

19.

Super Star Car Wash

Automotive service

1.3 %

20.

BMW Kar Wash LLC

Automotive service

1.3 %

Other

2,362

55.4 %

Total

3,774

100.0 %

Lease Expirations (1)

# of

Properties

Gross

Leasable

Area (2)

% of

ABR

# of

Properties

Gross

Leasable

Area (2)

% of

ABR

2026

244,000

0.5 %

2032

199

2,046,000

5.0 %

2027

195

2,534,000

5.8 %

2033

133

1,395,000

4.2 %

2028

222

1,971,000

4.8 %

2034

194

2,838,000

5.7 %

2029

139

2,049,000

4.1 %

2035

136

1,805,000

4.1 %

2030

185

2,427,000

4.6 %

Thereafter

1,988

19,178,000

52.5 %

2031

309

3,593,000

8.7 %

(1)

As of June 30, 2026, the weighted average remaining lease term is 10.1 years.

(2)

Square feet.

SOURCE NNN REIT, Inc.