Nnn Reit, Inc. · NYSE:NNN
Nnn Reit — Investor Presentation (May 2026)
49 slides from Nnn Reit's investor presentation, May 2026
Slide 1: Durable Growth: Investor Update May 2026
DURABLE GROWTH INVESTOR UPDATE MAY 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 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 fund new property acquisitions
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
Slide 10: Well-Oiled Investment Machine
WELL-OILED INVESTMENT MACHINE 2006-2025 $12.6B ACQUIRED 4,058 PROPERTIES 10
Slide 11: Proven Investment Process
PROVEN INVESTMENT PROCESS NNN has been investing in net lease real estate since 1984 and utilizes a proven investment framework that has delivered disciplined growth over multiple decades REAL ESTATE QUALITY PROPERTY ANALYSIS Location Visibility Demographics Traffic counts Historical sales
Slide 12: Target Acquisitions
TARGET ACQUISITIONS NNN’s acquisitions are focused in three primary areas that each provide unique benefits SALE-LEASEBACK (SLB) Long lease terms of 15-20 years Tenants “self-select” above-average assets given the long lease commitment Historical and on-going property-level performance data
Slide 13: 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 the need to rely on large portfolio acquisitions AVERAGE DEAL SIZE NUMBER OF ACQUISITION CLOSINGS BY DEAL SIZE 113 $14.7M 92 A
Slide 14: High Quality Real Estate
HIGH QUALITY REAL ESTATE Located in a high-income suburb north of Austin, just off interstate 35 and the highly-trafficked W University Ave., with attractive 3-mile average HHI of over $150K. NNN’s Raising Cane’s portfolio has rent Raising Cane’s — Georgetown, TX coverage over 8x with a current retu
Slide 15: Early Adopter: Mister Car Wash
EARLY ADOPTER: MISTER CAR WASH Mister Car Wash is founded in Houston, TX 1969 with one location NNN forms tenant relationship with Mister Car Wash 2007 acquiring 36 properties in six states 2021 Mister Car Wash IPO. NNN’s relationship with Mister Car Wash expands to 114 properties NNN AVG COST $ 3.2
Slide 16: Self-Funded Capital Deployment
“SELF-FUNDED” NNN can typically “self-fund” about $550 million of CAPITAL DEPLOYMENT acquisitions annually on a leverage neutral basis, with minimal incremental equity issuance INVESTMENTS FUNDING Total $550M Total $550M Equity, $30M AFFO less dividends, $200M 60% Equity Acquisitions, $550M Disposit
Slide 17: Disciplined Capital Deployment
DISCIPLINED CAPITAL DEPLOYMENT Investments above “self-funded” levels are cost of capital dependent “Self-funded” acquisitions are highly accretive to per share earnings Capital is judiciously deployed when incremental equity is required $0.13 1.6% $0.12 “Self-Funded” Incremental Equity Required 1.4
Slide 18: Sustainable Capital Deployment
SUSTAINABLE AFFO LESS DIVIDENDS AS % OF ANNUAL ACQUISITION VOLUME 2021-2025 CAPITAL 25.8% DEPLOYMENT 5-Year Average 13.8% NNN funds a higher percentage 10.3% of acquisition volume from 8.0% 7.4% internally generated cash than 5.3% its peers, creating a more sustainable and less market dependent grow
Slide 19: Cost of Capital Considerations
COST OF CAPITAL CONSIDERATIONS NNN utilizes a two-pronged approach when allocating capital that MAINTAINS LEVERAGE NEUTRALITY, while providing a sufficient LONG-TERM RETURN ON CAPITAL and is also sufficiently ACCRETIVE TO PER SHARE EARNINGS “ JUST BECAUSE OUR STOCK PRICE IS HIGHER TODAY, DOESN’T MEA
Slide 20: Durability
DURABILITY Actively manage the portfolio to harvest value, manage risk and optimize rent
Slide 21: Active Asset Management
ACTIVE ASSET MANAGEMENT 2006-2025 NNN proactively and regularly sells assets to manage the portfolio, provide acquisition funding, and to remain apprised of market valuations and concept demand trends Disposition Drivers: 953 PROPERTIES SOLD Improve portfolio quality $2.5B Monetize price disloca
Slide 22: Active Portfolio Management
ACTIVE PORTFOLIO MANAGEMENT NNN combines deep industry knowledge and experience with proven processes, refined over its 40+ year operating history, and robust data and reporting systems to actively manage the portfolio, identify disposition candidates, identify new tenants, and to drive high renewal
Slide 23: Portfolio Risk Framework
PORTFOLIO RISK FRAMEWORK Four key factors drive overall portfolio risk PROPERTY-LEVEL REAL ESTATE DIVERSIFICATION CORPORATE CREDIT PERFORMANCE QUALITY & BASIS # of Properties Leverage & Capital Structure Sales & Margins Market Quality Tenant Concentration Competitive Positioning Rent Coverage(1) & R
Slide 24: Multi-Factored Portfolio Risk Management
MULTI-FACTORED PORTFOLIO RISK MANAGEMENT Higher IG tenancy is used as a proxy for overall portfolio risk, but… low tenant concentration limits impacts of any single credit event while… ABR Reporting Property Level Financials and IG% Top 10 Tenants % of ABR 63.2% 62.0% 99.0% 84.0% Greater property le
Slide 25: Well-Diversified Tenancy
WELL-DIVERSIFIED TENANCY Diversified tenancy within flexible lines of trade No single tenant > 5% of ABR Automotive service 18.7% 7-Eleven 4.3% Convenience stores 16.3% Mister Car Wash 3.8% Restaurants - limited service 8.0% Dave & Buster's 3.6% Entertainment 7.1% Camping World 3.5% Dealerships 6.4%
Slide 26: Defensively-Oriented Tenants
DEFENSIVELY-ORIENTED TENANTS NNN’s portfolio is largely comprised of inflation, e-commerce, and recession resistant service and non-discretionary tenants Discretionary Retail, SERVICE & NON-DISCRETIONARY RETAIL 11.6% Service & Non-discretionary DISCRETIONARY RETAIL Retail, 88.4% 26 88% OF ABR DERIVE
Slide 27: 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 28: Fungible Real Estate
FUNGIBLE REAL ESTATE Chili’s — Merriam, KS Demographic and traffic data as of 12/31/25 IDEAL LOT AND BUILDING SIZE SUPPORTS MULTIPLE ALTERNATIVE USES 5,321 square foot building on a 1.6-acre lot QSR / fast casual / coffee ATTRACTIVE TRADE AREA Casual dining Fronts the Marshalls and Home Depot
Slide 29: Case Study: Chuck E. Cheese
CASE STUDY: CHUCK E. CHEESE In December 2020, Chuck E. Cheese emerged from a COVID-induced Chapter 11 bankruptcy with new and invigorated leadership, significantly improved capital structure and liquidity to support operations and growth BANKRUPTCY OUTCOMES $705M $100M 0 0% DEBT AVAILABLE # OF NNN P
Slide 30: Advantages of Non-Investment Grade Tenants
ADVANTAGES OF BENEFITS OF NON-INVESTMENT NON-IG GRADE TENANTS • Long Lease D u rat i o n NNN’s “mouse trap” focuses on identifying attractive, non-IG rated • P ro p e r t y Level Fin an cial tenants, with strong property level financials and high-quality real estate Re p o r t i n g that have the po
Slide 31: 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 IG- rated companies. 10.1% OF ANNUAL BASE RENT 31
Slide 32: Case Study: 7-Eleven
CASE STUDY: 7-ELEVEN NNN forms tenant relationship with Stripes convenience 2005 store chain NNN forms tenant relationship with convenience store 2011 operator C.L. Thomas 7-Eleven Corp. acquires 143 stores from C.L. Thomas, 2013 including all NNN-owned locations 2.6M 8.7M Sunoco purchases Susser Ho
Slide 33: 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 33
Slide 34: Flexibility
FLEXIBILITY Preserve balance sheet flexibility to support growth while protecting downside risk
Slide 35: 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 36: 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 37: Ample Liquidity
AMPLE LIQUIDITY Maintaining a high level of immediate liquidity creates a safety net around the business that has allowed NNN to thrive in various macroeconomic environments and to play both offense and defense as needed $1.2 BILLION OF TOTAL LIQUIDITY(1) HISTORY OF PRUDENT Cash LIQUIDITY MANAGEMENT
Slide 38: Flexible Capital Structure
FLEXIBLE CAPITAL STRUCTURE Longest duration amongst peers limits rate refinancing headwinds Low floating rate debt decreases cash flow volatility Average Debt Duration (years) % of Floating Rate Debt 12.6% 10.5 7.1% 7.3% 5.3 4.9 4.0 3.8 3.0 2.9 3.8% 1.6% 0.0% 0.0% NNN O ADC EPRT NTST EPR FCPT FCPT E
Slide 39: Performance
PERFORMANCE Proven strategy, experienced team and rigorous process have produced consistently strong growth and dividends year-in and year-out
Slide 40: 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 41: Demonstrated Capital Deployment
DEMONSTRATED CAPITAL DEPLOYMENT NNN consistently acquires properties to grow earnings and diversify the portfolio, having increased the total property count by an average of 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
Slide 42: Demonstrated Asset Management
DEMONSTRATED ASSET MANAGEMENT NNN consistently sells assets to monetize fully-valued assets and proactively mitigate portfolio risk, reinvesting more than $1 billion of sale proceeds into new investments since 2016 DISPOSITIONS 116 # OF PROPERTIES SOLD 74 61 59 48 45 38 38 41 33 YEAR 2016 2017 2018
Slide 43: Demonstrated Access to Capital
DEMONSTRATED ACCESS TO CAPITAL NNN consistently accesses the debt and equity capital markets to fund investments on a leverage neutral basis HISTORICAL CAPITAL RAISES $1,046 $973 $904 $826 $717 $657 $585 $543 $532 $254 YEAR 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 UNSECURED $350 $400 $700 $
Slide 44: Demonstrated Portfolio Performance
DEMONSTRATED PORTFOLIO PERFORMANCE NNN’s cycle-tested portfolio, proven acquisition model, and active portfolio management strategy have resulted in consistently high occupancy levels over decades and through challenging economic cycles Global COVID-19 100% Financial Crisis Pandemic 98.3% NNN AVERAG
Slide 45: 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 46: Target Long-Term Annual Earnings Growth
TARGET LONG-TERM ANNUAL EARNINGS GROWTH NNN’s baseline “self-funded” earnings growth, absent unusual or non-recurring revenues or expenses, is estimated to be 3-4% with upside fueled by cost of capital dependent acquisition volume ILLUSTRATIVE GROWTH MODEL UNDERLYING ANNUAL ASSUMPTIONS 0.5 to 1.5% 4
Slide 47: Our People & Culture
5-YR ENGAGEMENT SURVEY OUR PEOPLE & CULTURE PARTICIPATION RATE 94% NNN’s people-first culture drives associate engagement, strengthens business ownership, 5-YR AVERAGE and promotes lasting careers RETENTION RATE 90% Data as of 12/31/25 LEARNING & DEVELOPMENT Encouraging associates to learn other a
Slide 48: Footnotes
FOOTNOTES Slide 3 Slide 29 (1) Dividend yield is based on the first quarter 2026 annualized dividend of $2.40 (1) Percentage of Sites Master Leased reflects 49 of 53 assets subject to master leases and a closing price of $42.03 on March 31, 2026 as of March 31, 2020, prior to CEC Entertainment’s ban
Slide 49: 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