Nnn Reit, Inc. · NYSE:NNN
Nnn Reit — Investor Presentation (November 2025)
19 slides from Nnn Reit's investor presentation, November 2025
Slide 1: Investor Update
Investor Update Single Tenant Net Lease REIT with 36 consecutive annual dividend increases November 2025
Slide 2: Safe Harbor
Safe Harbor (All data as of September 30, 2025) This presentation contains certain statements that are the Company’s and Management’s hopes, intentions, beliefs, expectations, or projections of the future and might be considered to be forward-looking statements under Federal Securities laws. Prospec
Slide 3: Multi-Year View
Multi-Year View CONSECUTIVE ANNUAL DIVIDEND INCREASES IGATING MARKET
Slide 4: Quality is Our Recipe
QUALITY IS OUR RECIP!
Slide 5: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights ◆ Grew Core FFO and AFFO per diluted share by 1.2% and 2.4% over prior-year results, respectively, to $0.85 and $0.86, respectively ◆ Increased ABR by 7.2% over the prior-year results ◆ Closed on $283.0 million of investments, at an initial cash cap rate of 7.3% and wei
Slide 6: Consistent and Simple Strategy
Consistent and Simple Strategy ◆ Focus on single-tenant, net leased (“STNL”) properties ◆ Operate with multi-year strategy focus on per share results ◆ Sustain high occupancy and maximize value of existing real estate assets ◆ Maintain fully diversified portfolio ◆ Grow through internal portfolio gr
Slide 7: Consistent and Simple Strategy: Long-Term Net Lease Strategy
Consistent and Simple Strategy NNN’s Long-Term Single Tenant Net Lease Strategy ◆ Creates a solid foundation of highly predictable operating income NNN’s Disciplined Acquisition Approach ◆ Generates steady earnings growth through higher yields with less risk than development and other acquisitions a
Slide 8: Single Tenant Net Lease Strategy Generates a Reliable Income Stream with Low Volatility
Single Tenant Net Lease Strategy Generates a Reliable Income Stream with Low Volatility ◆ Well-selected tenants provide stronger performance through various economic cycles than office, industrial or other tenant types ◆ Main street locations provide strong market for replacement tenants and rent gr
Slide 9: Summary – Attributes, Advantages & Risk Mitigation
Summary – Attributes, Advantages & Risk Mitigation ◆ High-quality portfolio produces consistent results ◆ High occupancy through cycle ◆ Strong lease renewal rates with very little capital expenditure (not buying-up rent) ◆ Long-term, net leases add stability to operating results ◆ Quality comes fro
Slide 10: Thorough Underwriting Strategy
Thorough Underwriting Strategy Buy smart with extensive underwriting process up front ◆ Look for strong real estate locations ◆ For existing tenant AND future alternative tenant NNN’s Disciplined Acquisition Approach ◆ Less money invested allows us to offer lower rent to tenant ◆ Lower rent = lower
Slide 11: NNN's Strategy Results in Higher Occupancy and Less Volatility
NNN’s Strategy Results in Higher Occupancy and Less Volatility From 2005 – 2025, NNN’s occupancy never fell below 96.4% while the REIT industry average never rose above 93.7% NNN REIT Industry (Excludes Hotels & Health Care) 100.0% 99.4% 99.5% 99.1% 99.0% 99.1% 99.0% 99.0% 98.6% 98.5% 98.5% 98.3% 98
Slide 12: 2010-2025 Acquisition Volume by Source
2010-2025 Acquisition Volume by Source Relationship @ 7.4% Average Cap Rate ($7,589 million = 72%) Market / Auction @ 7.1% Average Cap Rate ($2,888 million = 28%) ($ in Millions) $900 $847 $848 $850 $820 $800 $772 $755 $752 $748 $750 $726 $716 $707 $700 $650 $630 $618 $600 $555 $565 $550 $500 $450 $
Slide 13: Diversification Reduces Risk
Diversification Reduces Risk Nationwide Reach (As a percentage of annual base rent – September 30, 2025) WEST 128 Properties Properties 3,697 4.4% MIDWEST NORTHEAST 1,046 Properties 432 Properties Tenants 400+ 24.4% 13.8% Lines of Trade 35+ ROCKY MOUNTAIN 221 Properties 7.6% Top States by Number of
Slide 14: Conservative Balance Sheet Management
Conservative Balance Sheet Management As of September 30, 2025 (As a percentage of Total Capital) Gross Debt 38.0% Total Capital - $13.0 billion Gross Debt - $4.95 billion *wtd. avg. maturity 10.7 yrs; wtd. avg. effective interest rate 4.2% Equity - $8.1 billion Interest coverage ratio: 4.1x Fixed-C
Slide 15: Well-Laddered Debt Maturities
Well-Laddered Debt Maturities NNN’s Low Leverage Balance Sheet Strategy is Enhanced by its Well-Laddered Debt Maturities* $550 4.6% 5.6% 5.5% $500 3.5% 3.0% $450 4.0% 3.5% 4.3% 2.5% $400 3.6% $350 4.8% 3.1% Millions $300 $250 $200 $150 $100 $50 $0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 20
Slide 16: Long-Term Dividend History
Long-Term Dividend History 36 Consecutive Years of Annual Dividend Increases Third longest of all public REITS $2.40 $2.30 $2.20 $2.10 Announced third quarter dividend represents an annualized $2.00 dividend of $2.40 per share with an annualized dividend yield of 5.6% as of September 30, 2025. $1.90
Slide 17: NNN Consistently Outperforms the REIT Industry and Major Indices
NNN Consistently Outperforms the REIT Industry and Major Indices Annual Total Return Comparison For Periods Ending September 30, 2025 NNN Outperforms 1 Year 3 Years 5 Years 10 Years 15 Years 20 Years 25 Years 30 Years (NNN = $42.57 at 9/30/2025) NNN REIT, Inc. (NNN) -7.1% 7.9% 9.9% 6.6% 8.7% 9.6% 12
Slide 18: Great People in a Supportive Culture
Great People in a Supportive Culture 10 years Average tenure of is the average tenure Senior Leadership is of an NNN employee 20 years 47% 16% 37% Proud to be recognized as one of <5 yrs 5-10 yrs > 10 years America’s Most Responsible Companies by Newsweek Magazine. Learning & Development Community E
Slide 19: 800-NNN-REIT www.nnnreit.com
800-NNN-REIT www.nnnreit.com 19