Slide 1: Investor Update
Investor Update Single Tenant Net Lease REIT with 36 consecutive annual dividend increases February 2026
Slide 2: Safe Harbor
Safe Harbor (All data as of December 31, 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. Prospect
Slide 3: Quality Is Our Recipe
QUALITY IS OUR RECIP!
Slide 4: Low Risk Strategy Generates Consistent Growth
◆ Low Risk Strategy Generates Consistent Growth ◆ Strong Investment Grade Balance Sheet ◆ Long-Term Track Record of Success ◆ 2025 Highlights 4
Slide 5: 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 6: 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 7: Proven, tenured management team with domain expertise
Summary – Attributes, Advantages & Risk Mitigation ◆ Proven, tenured management team with domain expertise ◆ Senior Leadership – average NNN tenure 20 years ◆ Sustainable model ◆ Projections – no heroic assumptions (acquisitions volume, debt tenor, capital pricing, etc.) ◆ Managed market expectation
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: NNN’s Strategy Results in Higher Occupancy and Less Volatility
NNN’s Strategy Results in Higher Occupancy and Less Volatility From 2006 – 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% 98.2% 98
Slide 10: NNN’s Acquisition Approach is Unique
NNN’s Acquisition Approach is Unique Because It Is More Difficult Acquisition quality over quantity requires selectivity, discipline and patience: ◆ Small transactions in areas of historical expertise (STNL) rather than large portfolio transactions provides higher risk-adjusted returns ◆ NNN’s histo
Slide 11: NNN’s Unique Acquisition Approach Generates Strong FFO Growth
NNN’s Unique Acquisition Approach Generates Strong FFO Growth ◆ Less buyer competition: ◆ STNL market is very large, but with smaller properties ◆ NNN’s focused relationship-based acquisition approach is more difficult and time consuming ◆ Results in higher initial cap rates and built-in rent growth
Slide 12: 2010-2025 Acquisition Volume by Source
2010-2025 Acquisition Volume by Source Relationship @ 7.4% Average Cap Rate ($7,731 million = 73%) Market / Auction @ 7.1% Average Cap Rate ($2,929 million = 27%) ($ in Millions) $1,000 $950 $900 $847 $848 $931 $820 $850 $772 $755 $752 $800 $726 $716 $750 $707 $700 $630 $618 $650 $555 $565 $600 $550
Slide 13: NNN’s Acquisition Volume vs. Other REIT Property Types
NNN’s Acquisition Volume vs. Other REIT Property Types NNN has consistently generated strong acquisition volumes at significantly higher cap rates than other REIT property types Historical Acquisition Volume at Weighted Average Initial Cap Rates 7.4% $900 6.9% 6.4% 7.3% $800 8.4% 6.9% 6.9% 7.2% 6.8%
Slide 14: Low Risk Strategy Generates Consistent Growth
◆ Low Risk Strategy Generates Consistent Growth ◆ Strong Investment Grade Balance Sheet ◆ Long-Term Track Record of Success ◆ 2025 Highlights 14
Slide 15: Durable Capital Structure
Durable Capital Structure Long-Term Balance Sheet Management Objectives ◆ Avoid financing risk (never need capital) ◆ Maintain access to capital & flexibility to take advantage of market opportunities and weather economic storms ◆ Reduce cost of capital – competitive advantage ◆ Longer duration capi
Slide 16: Strong Investment Grade Balance Sheet – Risk Management is a Core Competency
Strong Investment Grade Balance Sheet – Risk Management is a Core Competency ◆ Investment-grade debt rating (BBB+ / Baa1) supported by industry leading leverage ratios ◆ 100% of assets unencumbered – no secured debt ◆ Well-laddered debt maturities with 10.8-year weighted average debt maturity and 4.
Slide 17: Conservative Balance Sheet Management
Conservative Balance Sheet Management As of December 31, 2025 (As a percentage of Total Capital) Gross Debt 39.4% Total Capital - $12.4 billion Gross Debt - $4.90 billion *wtd. avg. maturity 10.8 yrs; wtd. avg. effective interest rate 4.2% Equity Market Value - $7.53 billion Interest coverage ratio:
Slide 18: Credit Metrics Summary
Credit Metrics Summary (Ratings: Moody’s Baa1; S&P BBB+) 2020 2021 2022 2023 2024 2025 Gross Debt / Gross Assets 36.4% 41.3% 40.5% 42.1% 40.7% 42.1% Gross Debt + preferred / Gross Assets 40.2% 41.3% 40.5% 42.1% 40.7% 42.1% Net Debt / EBITDAre (last quarter annualized) 5.2x 5.4x 5.5x 5.7x 5.6x 5.6x N
Slide 19: 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 3.5% 4.3% 2.5% $400 3.6% $350 4.8% 3.1% Millions $300 $250 $200 $150 $100 $50 $0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2048 2050 20
Slide 20: Credit Facility, Term Loan and Note Covenants
Credit Facility, Term Loan and Note Covenants The following is a summary of key financial covenants for the Company's unsecured bank credit facility, term loan and notes, as defined and calculated per the terms of the facility's credit agreement, term loan and the notes' governing documents, respect
Slide 21: Low Risk Strategy Generates Consistent Growth
◆ Low Risk Strategy Generates Consistent Growth ◆ Strong Investment Grade Balance Sheet ◆ Long-Term Track Record of Success ◆ 2025 Highlights 21
Slide 22: 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 December 31, 2025 NNN Outperforms 1 Year 3 Years 5 Years 10 Years 15 Years 20 Years 25 Years 30 Years (NNN = $39.63 at 12/31/2025) NNN REIT, Inc. (NNN) 2.8% 0.7% 4.7% 4.8% 7.8% 9.1% 12.
Slide 23: NNN v. Gross Lease Returns
NNN v. Gross Lease Returns Triple Net Leases produce higher initial returns with lower volatility than typical Gross Lease investments. 13.00% 12.00% 11.00% 10.00% 9.00% 8.00% Assumes: 7.00% Initial cap rate 150bps lower than net lease (6.50% vs 8.00%) 3.30% annual NOI growth Vacancy 4.0% higher tha
Slide 24: 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 fourth quarter dividend represents an annualized $2.00 dividend of $2.40 per share with an annualized dividend yield of 6.1% as of December 31, 2025. $1.90
Slide 25: Low Risk Strategy Generates Consistent Growth
◆ Low Risk Strategy Generates Consistent Growth ◆ Strong Investment Grade Balance Sheet ◆ Long-Term Track Record of Success ◆ 2025 Highlights 25
Slide 26: 2025 Highlights
2025 Highlights ◆ Grew Core FFO and AFFO per diluted share by 2.7% over prior-year results, respectively, to $3.41 and $3.44, respectively ◆ Increased ABR by 7.8% over the prior-year results to $928.1 million ◆ Closed on $931.0 million of investments, at an initial cash cap rate of 7.4% and weighted
Slide 27: Appendix
Appendix CONSECUTIVE ANNUAL DIVIDEND INCREASES 27
Slide 28: NNN Attributes
NNN Attributes ◆ Triple-net, long-term leases ◆ Small properties – average $3 million and average GLA of 11 thousand square feet ◆ High land value per asset ◆ Net leases reduce volatility of returns – rent growth drops to bottom line ◆ Fragmented non-institutional competition; NNN is a clear leader
Slide 29: Diversification Reduces Risk
Diversification Reduces Risk Nationwide Reach (As a percentage of annual base rent – December 31, 2025) WEST Properties 3,692 128 Properties MIDWEST NORTHEAST 4.3% 1,030 Properties Tenants 400+ 433 Properties 24.5% 13.8% Lines of Trade 35+ ROCKY MOUNTAIN 221 Properties Top States by Number 7.5% of P
Slide 30: Lease Expirations
Lease Expirations (As a percentage of annual base rent – December 31, 2025) 70% Weighted average remaining lease term of 10.2 years 60% Only 8.4% of leases expire through 2027 54.8% Historically, tenants renew 84% of expiring leases at 99% of prior rent 50% 40% 30% 20% 10% 7.9% 6.3% 5.9% 4.9% 4.2% 4
Slide 31: Cost of Capital in Making Capital Allocation Decisions
Cost of Capital in Making Capital Allocation Decisions Driving Per Share Growth – Return on Equity Hurdles / Cost of Capital View Matters Differing Views on the Return on Equity in making Capital Allocation Decisions (all other variables the same) NNN’s View Other REITs’ View “Economic / Expected Re
Slide 32: Accretion Curve
Accretion Curve Per Share Accretion Equivalents For Varying Acquisition Volume and Cap Rates (Leverage Neutral) 9.0% 8.5% 8.0% 7.5% Cap Rate 7.0% 6.5% 6.0% 5.5% 5.0% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 Acquisition Volume (Millions) 32
Slide 33: Historical Lease Renewals
Historical Lease Renewals Leases renewed within 18 months of expiration $45,000 187 Leases (106%) $40,000 $35,000 Annual Rent (in thousands) 122 Leases (95%) $30,000 94 Leases (98%) 91 Leases $25,000 139 Leases (82%) (101%) 109 Leases (107%) $20,000 81 Leases (104%) 76 Leases 58 Leases (100%) $15,00
Slide 34: Top Lines of Trade
Top 20 Lines of Trade As of December 31, 2025 % of # of # of # of Line of Trade ABR(1) Properties Tenants States 1. Automotive service 18.6% 740 48 39 2. Convenience stores 16.3% 685 30 30 3. Restaurants – limited service 7.9% 620 61 37 4. Entertainment 7.2% 97 8 26 5. Dealerships 6.6% 111 20 29 6.
Slide 35: Top Tenants
Top 20 Tenants As of December 31, 2025 Tenant Primary Line of Trade # of Properties % of ABR(1) 1. 7-Eleven Convenience stores 145 4.3% 2. Mister Car Wash Automotive service 120 3.8% 3. Dave & Buster’s Entertainment 34 3.6% 4. Camping World Dealerships 46 3.5% 5. Kent Distributors Inc. Convenience s
Slide 36: NNN Acquisitions Approach has Multiple Advantages
NNN Acquisitions Approach has Multiple Advantages ◆ Acquiring properties directly from tenants produces more efficient pricing and higher initial returns ◆ NNN assess discrete risks vs. ◆ More risks/unknowns in value-add, development, or ◆ Typical lower yielding real estate investment ◆ Each deal is
Slide 37: NNN Approach to Net Lease Acquisitions
NNN Approach to Net Lease Acquisitions Due Diligence and Determination Real Estate Asset-Level of Proceeds & Terms Attributes Performance ◆ Property location ◆ Historical sales and ◆ Underlying land value profitability ◆ Area demographics Sales & Profit trends ◆ The chart to the right summarizes are
Slide 38: NNN’s Disposition Approach
NNN’s Disposition Approach NNN’s proven disposition strategy strengthens portfolio quality and long-term earnings by reinvesting at higher return rates ◆ Since 2005, sold 993 properties generating net proceeds of approximately $2.6 billion ◆ Disposition expertise provides ability to sell properties:
Slide 39: 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 48% 15% 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 40: 800-NNN-REIT www.nnnreit.com
800-NNN-REIT www.nnnreit.com 40