Nnn Reit, Inc. · NYSE:NNN
Nnn Reit — Investor Presentation (April 2026)
26 slides from Nnn Reit's investor presentation, April 2026
Slide 1: Durable Growth
DURABLE GROWTH Single Tenant Net Lease REIT with 36 consecutive annual dividend increases APRIL 2026
Slide 2: Safe Harbor for Forward-Looking Statements
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS (All data as of March 31, 2026) Unless otherwise indicated, all NNN REIT, Inc. (NNN or the “Company”) financial information is as of or for the period ended March 31, 2026. Unless otherwise indicated, all demographic data is sourced from ESRI. Statements in
Slide 3: NNN at a Glance
NNN AT A GLANCE NNN delivers consistent earnings growth by investing in high-quality, long-term, single-tenant net lease properties with minimal ongoing capital expenditures. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 36 or more cons
Slide 4: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS AFFO ANNUALIZED BASE RENT (“ABR”) CONTINUED HIGH PER SHARE INCREASED OCCUPANCY RATE $0.87 6.9% 98.6% YEAR OVER YEAR Flat year over year ABR of $934.6 million Up 90 basis points year over year QUARTERLY WEIGHTED AVERAGE QUARTERLY INVESTMENTS DEBT MATURITY DIVIDEND $145 10.5 $0.60 P
Slide 5: Our History
OUR HISTORY 2023 2024 2025 Since its founding, NNN has taken a long-term view on delivering attractive risk-adjusted returns to shareholders that has resulted in 36 consecutive years of dividend per share growth and a 11.5% 2014 annualized total return over the past 25 years. 2007 2005 2006 1998 Div
Slide 6: Our Strategy
OUR STRATEGY Acquire long-term, high-quality, single-tenant net lease properties throughout the United States Foster strong relationships with tenant partners to create a deep and less macro sensitive pipeline of potential investments Sell assets that are fully valued, to manage risk and to fu
Slide 7: Our Track Record
OUR TRACK RECORD One of only three publicly traded REITs with 36 consecutive annual dividend increases $2.40 $2.30 $2.20 $2.10 $2.00 $5+ Annual Dividend Per Share $1.90 $1.80 BILLION IN DIVIDENDS PAID $1.70 $1.60 $1.50 $1.40 $1.30 $1.20 $1.10 $1.00 1990 1995 2000 2005 2010 2015 2020 2025 7
Slide 8: Why Invest in NNN
WHY INVEST IN NNN DISCIPLINE Allocate capital using rigorous, time-tested and data-driven processes DURABILITY Actively manage the portfolio to harvest value, manage risk and optimize rent FLEXIBILITY Preserve balance sheet flexibility to support growth while protecting downside risk PERFORMANCE Pro
Slide 9: Discipline
DISCIPLINE Allocate capital using a rigorous, time-tested and data-driven process 9
Slide 10: Well-Oiled Investment Machine
WELL-OILED INVESTMENT MACHINE ACQUIRED $12.6B 2006-2025 ◆ Look for strong real estate locations ◆ Viable for existing tenant AND future alternative tenant 10
Slide 11: Focused on Granular Opportunities
FOCUSED ON GRANULAR OPPORTUNITIES 2016 - 2025 NNN’s relationship-driven, granular, sale-leaseback model efficiently deploys capital that maximizes earnings accretion without a reliance on large portfolio acquisitions AVERAGE DEAL SIZE NUMBER OF ACQUISITION CLOSINGS BY DEAL SIZE 113 $14.7M 92 AVERAGE
Slide 12: Durability
DURABILITY Actively manage the portfolio to harvest value, manage risk and optimize rent 12
Slide 13: Active Portfolio Management
ACTIVE PORTFOLIO MANAGEMENT NNN combines deep industry knowledge and experience with proven processes, refined over its 40+ year operating history. Use robust data and reporting systems to actively manage the portfolio, identify disposition candidates, identify new tenants, and to drive high renewal
Slide 14: Well-Diversified Tenancy
WELL-DIVERSIFIED TENANCY ◆ Diversified tenancy: 37 flexible lines of trade ◆ 400+ tenants: None > 5% of ABR Note: Representative sampling of NNN’s current portfolio 14
Slide 15: Geographically Diverse
GEOGRAPHICALLY DIVERSE ATTRACTIVELY POSITIONED IN TOP MSAS NNN is geographically well-diversified, operating in all 50 states with the highest concentrations in top MSAs in the South and Southeast where low-income taxes, warm weather, and lower costs of living NORTHEAST have driven outsized populati
Slide 16: Mining for Gems
MINING FOR GEMS NNN has a successful track record of identifying and building relationships with strong regional and national operators that later were acquired by higher credit or investment grade-rated companies. 10.1% OF ANNUAL BASE RENT 16
Slide 17: Avoiding Risk
AVOIDING RISK A key aspect of risk mitigation is not only in what you buy but also what you don’t 0 % NNN COLLECTIVE EXPOSURE 17
Slide 18: Flexibility
FLEXIBILITY Preserve balance sheet flexibility to support growth while protecting downside risk 18
Slide 19: Maintaining Balance Sheet Strength
MAINTAINING Guiding Principles BALANCE Preserve high levels of liquidity to support business needs SHEET Maintain low leverage to minimize risk Maintain a well-laddered debt maturity schedule and proactively address debt maturities to limit refinancing risk STRENGTH Utilize revolver as tempo
Slide 20: Long Duration & Well-Laddered Debt
LONG DURATION & Well-laddered debt maturities with no outsized maturity years and WELL-LADDERED DEBT a net lease sector-leading debt duration limits refinancing risks and insulates NNN from interest rate headwinds facing the industry $500 $500 $500 $480 $450 $450 $400 $400 $350 $300 $300 $300 AVERAG
Slide 21: Performance
PERFORMANCE Proven strategy, experienced team and rigorous process have produced consistently strong growth and dividends year-in and year-out 21
Slide 22: Demonstrated Capital Deployment
DEMONSTRATED CAPITAL DEPLOYMENT NNN consistently acquires properties to grow earnings and diversify the portfolio, having increased the total property count by over 5% annually since 2015 TOTAL PROPERTIES 3,568 3,692 3,411 3,532 3,118 3,143 3,223 TOTAL # OF PROPERTIES 2,969 2,764 2,535 YEAR 2016 201
Slide 23: Demonstrated Portfolio Performance
DEMONSTRATED PORTFOLIO PERFORMANCE NNN’s cycle-tested portfolio, proven acquisition model, and active portfolio management strategy has resulted in consistently high occupancy levels over decades and through challenging economic cycles Global COVID-19 100% Financial Crisis Pandemic 98.3% NNN AVERAGE
Slide 24: Demonstrated Long-Term Earnings Growth
DEMONSTRATED LONG-TERM EARNINGS GROWTH NNN has averaged over 4% AFFO per share growth annually as attractive cost of capital has allowed the company to accretively acquire assets above “self-funded” levels 4.2% ANNUALIZED AFFO/SH GROWTH $3.35 $3.44 $3.21 $3.26 $3.06 $2.80 $2.68 $2.68 $2.54 $2.41 $2.
Slide 25: Seasoned Leadership with a Deep Bench
SEASONED LEADERSHIP WITH A DEEP BENCH STEPHEN A. HORN, JR. VINCENT H. CHAO GINA M. STEFFENS JONATHAN A. ADAMO MICHELLE L. MILLER JOSHUA P. LEWIS PRESIDENT & CEO EVP, CFO EVP, GC EVP, CPO EVP, CA & TO EVP, CIO Total Experience 27 years Total Experience 27 years Total Experience 22 years Total Experie
Slide 26: 450 S. ORANGE AVE., SUITE 900 ORLANDO, FL 32801 (800) NNN-REIT
450 S. ORANGE AVE., SUITE 900 ORLANDO, FL 32801 (800) NNN-REIT WWW.NNNREIT.COM