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NNN REIT, Inc. Announces Second Quarter 2026 Results
NNN REIT, Inc. Announces Second Quarter 2026
About this update from Nnn Reit, Inc.
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: Reported net earnings of $0.52 per diluted share Grew Core FFO and AFFO per diluted share by 6.0% and 5.9%, respectively, over prior-year results to $0.89 and $0.90, respectively Increased ABR by 7.3% over prior-year results to $959.1 million Increased portfolio occupancy to 99.1%, an increase of 50 and 110 basis points over the prior quarter and prior year periods, respectively, with a portfolio weighted average remaining lease term of 10.1 years Closed on $291.0 million of investments at an initial cash cap rate of 7.3%, with a weighted average lease term of 17.9 years and $436.4 million of investments at an initial cash cap rate of 7.4% in the six months ended June 30, 2026 Sold 26 properties for $36.7 million, including $9.0 million of income producing properties at a weighted average cap rate of 5.6% Entered into forward sale agreements for 5,999,528 common shares under the Company's at-the-market equity program ("ATM") at a weighted average price per share of $45.91 Issued 1,681,785 common shares, primarily under the ATM, raising net proceeds of $74.0 million Exercised the $200 million incremental term loan option under NNN's senior unsecured term loan facility, increasing the aggregate facility size to $500 million (the "Term Loan") Maintained balance sheet flexibility with a sector-leading weighted average debt maturity of 10.1 years, no encumbered assets, only 2.5% of floating rate exposure and $1.4 billion of total available liquidity Paid a $0.60 quarterly dividend, representing a 5.2% annualized dividend yield and a 67% AFFO payout ratio as of June 30, 2026 Additional Highlights: Announced a 3.3% increase in the quarterly dividend for the third quarter 2026 to $0.62 per share, marking the Company's 37 th consecutive annual dividend increase Increased 2026 Core FFO per share guidance to a new range of $3.50 - $3.54 Increased 2026 AFFO per share guidance to a new range of $3.55 - $3.59 Raised 2026 acquisition volume guidance to a new range of $700 - $800 million Published the Company's fourth annual Corporate Sustainability Report 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 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 89 130 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 7 19 26 16 35 51 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 $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 74 356 204 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) $ 79 $ 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 $ 96 $ 43 $ 191 $ 86 (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 46 62 92 122 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) 67 % 68 % 68 % 67 % (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 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 $ 28,500 SOFR + 72.5 bps 4.345 % April 2028 Term loan payable 500,000 500,000 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 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 1. Automotive service 48 761 18.6 % 2. Convenience stores 32 682 15.9 % 3. Restaurants – limited service 64 622 7.7 % 4. Entertainment 7 96 7.3 % 5. Dealerships 17 112 6.4 % 6. Restaurants – full service 71 332 6.3 % 7. Health and fitness 9 37 3.8 % 8. Theaters 5 32 3.5 % 9. Automotive parts 7 144 3.2 % 10. Equipment rental 4 105 3.0 % 11. Wholesale clubs 1 13 2.2 % 12. Early childhood education 10 102 2.2 % 13. Drug stores 3 59 1.9 % 14. Home improvement 10 49 1.9 % 15. Discount retail 7 112 1.9 % 16. Medical service providers 28 84 1.7 % 17. Pet supplies and services 12 62 1.7 % 18. Furniture 14 43 1.2 % 19. Travel plazas 4 24 1.1 % 20. Automobile auctions, wholesale 2 18 1.1 % Other 87 285 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 1. Texas 97 596 17.9 % 2. Florida 96 277 8.7 % 3. Illinois 53 184 5.2 % 4. Georgia 64 174 4.4 % 5. Ohio 77 215 4.2 % 6. Michigan 34 147 3.9 % 7. North Carolina 49 164 3.8 % 8. Tennessee 50 160 3.6 % 9. Indiana 47 165 3.5 % 10. Arizona 38 88 3.5 % 11. Virginia 48 126 3.4 % 12. California 27 75 2.8 % 13. Alabama 38 155 2.8 % 14. Missouri 34 107 2.3 % 15. New Jersey 19 32 2.2 % 16. Pennsylvania 39 80 2.1 % 17. Maryland 21 53 2.0 % 18. Colorado 30 49 2.0 % 19. South Carolina 31 85 2.0 % 20. Oklahoma 30 89 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 1. 7-Eleven Convenience stores 145 4.2 % 2. Mister Car Wash Automotive service 120 3.7 % 3. Dave & Buster's Entertainment 34 3.5 % 4. Camping World Dealerships 46 3.4 % 5. Kent Distributors Convenience stores 64 2.6 % 6. Flynn Restaurant Group Restaurants - limited service 203 2.4 % 7. GPM Investments Convenience stores 140 2.3 % 8. AMC Theatres Theaters 19 2.3 % 9. BJ's Wholesale Club Wholesale clubs 13 2.2 % 10. LA Fitness Health and fitness 24 2.1 % 11. Mavis Tire Express Services Automotive service 141 2.0 % 12. Couche-Tard Convenience stores 91 2.0 % 13. Sunoco Convenience stores 53 1.7 % 14. Chuck E. Cheese Entertainment 51 1.6 % 15. Walgreens Drug stores 48 1.6 % 16. Casey's General Stores Convenience stores 62 1.5 % 17. United Rentals Equipment rental 49 1.5 % 18. Tidal Wave Auto Spa Automotive service 35 1.4 % 19. Super Star Car Wash Automotive service 33 1.3 % 20. BMW Kar Wash LLC Automotive service 41 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 37 244,000 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. View original content to download multimedia: https://www.prnewswire.com/news-releases/nnn-reit-inc-announces-second-quarter-2026-results-302842820.html SOURCE NNN REIT, Inc.