NNN REIT, Inc. Announces Second Quarter 2025 Results and Increased 2025 Guidance

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 June30, 2025. Highlights include:

Second Quarter 2025 Highlights:

— Reported net earnings of $0.54 per diluted share

— Grew Core FFO and AFFO per diluted share by 1.2% over prior year results, to $0.84 and $0.85, respectively

— Increased ABR by 6.7% over prior year results

— Closed on $232.5 million of investments at an initial cash cap rate of 7.4%, with a weighted average lease term of 17.8 years and $464.9 million of investments in the six months ended June 30, 2025, equating to 85% of the initial full year acquisition plan at the midpoint

— Sold 23 properties for $51.2 million, including $24.7 million of income producing properties at a weighted average cap rate of 6.2%

— Raised $10.9 million in gross proceeds from the issuance of 254,222 common shares at an average price per share of $43.03

— Improved balance sheet flexibility, following the end of the quarter, through the issuance of $500 million principal amount of 4.600% senior unsecured notes due 2031 (“2031 Notes”) and the repayment of the outstanding balance on the unsecured revolving line of credit

— Pro forma for the 2031 Notes, the Company had a sector leading weighted average debt maturity of 11.0 years, no encumbered assets, no floating rate debt and $1.4 billion of total available liquidity

— Paid a $0.58 quarterly dividend, equating to a 5.4% annualized dividend yield and 68% AFFO payout ratio

Additional Highlights:

— Announced a 3.4% increase in the third quarter 2025 quarterly dividend to $0.60 per share, marking the Company's 36th consecutive annual dividend increase

— Published the Company's third annual Corporate Sustainability Report

— Increased the midpoint of 2025 Core FFO and AFFO per share guidance by $0.01

— Increased 2025 acquisition volume guidance by $100 million

Steve Horn, Chief Executive Officer, commented: “NNN delivered another strong quarter, investing $233 million across 45 properties, at an accretive initial cash cap rate of 7.4%. With over $460 million of real estate investments completed in the first half of 2025 and nearly $1.5 billion of immediate liquidity following our note offering at the end of the quarter, we are well-positioned to raise our 2025 Core FFO guidance and execute our strategy through year end.”

FINANCIAL RESULTS

Revenues and net earnings, FFO, Core FFO and AFFO and diluted per share amounts:

Quarter Ended Six Months Ended June30, June30,(dollars in thousands, except per share data) 2025 2024 2025 2024Revenues $ 226,802 $ 216,813 $ 457,656 $ 432,220Net earnings $ 100,529 $ 106,666 $ 196,987 $ 201,037Net earnings per share $ 0.54 $ 0.58 $ 1.05 $ 1.10FFO $ 157,175 $ 152,380 $ 315,909 $ 303,641FFO per share $ 0.84 $ 0.83 $ 1.69 $ 1.66Core FFO $ 157,366 $ 152,533 $ 318,273 $ 304,111Core FFO per share $ 0.84 $ 0.83 $ 1.70 $ 1.67AFFO $ 158,523 $ 153,596 $ 321,538 $ 306,855AFFO per share $ 0.85 $ 0.84 $ 1.72 $ 1.68

PORTFOLIO SNAPSHOT

(dollars in thousands) June30, 2025 March31, 2025 June30, 2024Number of properties 3,663 3,641 3,548Total gross leasable area (square feet) 38,322,000 37,311,000 36,095,000Occupancy rate 98.0 % 97.7 % 99.3 %Weighted average remaining lease term (years) 9.8 9.9 10.0ABR $ 893,782 $ 874,301 $ 837,568

PROPERTY ACQUISITIONS

(dollars in thousands) Quarter Ended Six Months Ended June30, 2025 June30, 2025Total dollars invested(1) $ 232,536 $ 464,929Number of properties 45 127Gross leasable area (square feet)(2) 1,399,000 2,230,000Weighted average cap rate(3) 7.4 % 7.4 %Weighted average lease term (years) 17.8 18.0(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 June30, 2025 Six Months Ended June30, 2025(dollars in thousands) Occupied Vacant Total Occupied Vacant TotalNumber of properties 10 13 23 19 14 33Gross leasable area (square feet) 162,000 196,000 358,000 220,000 210,000 430,000Net sale proceeds $ 24,727 $ 26,521 $ 51,248 $ 38,067 $ 29,020 $ 67,087Weighted average cap rate(1) 6.2 % – 6.2 % 5.7 % – 5.7 %(1) Calculated as the cash annual base rent divided by the total gross proceeds received for the properties.

CAPITAL MARKETS ACTIVITY

During the second quarter 2025, NNN issued 254,222 common shares, raising $10.9 million in gross proceeds at an average price per share of $43.03, primarily through the Company's at-the-market equity program.

On July 1, 2025, NNN issued the 2031 Notes and used the proceeds from the offering to repay the outstanding balance on the Company's unsecured revolving line of credit.

BALANCE SHEET AND LIQUIDITY

As of June30, 2025, Gross Debt was $4.7 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 11.1 years. The Company ended the second quarter 2025 with $939.0 million of total available liquidity, comprised of $932.3 million of unused line of credit capacity and $6.7 million of cash and restricted cash. Pro forma for the 2031 Notes, the Company had total available liquidity of $1.4 billion, comprised of $1.2 billion of unused line of credit capacity and $230.8 million of cash and restricted cash. Net Debt to annualized EBITDAre and fixed charge coverage was 5.7x and 4.2x, respectively, as of June30, 2025.

DIVIDEND

As previously announced, on July 15, 2025, the Board of Directors of NNN declared a quarterly dividend of $0.60 per share payable August 15, 2025, to shareholders of record as of July 31, 2025. The new quarterly dividend represents an annualized dividend of $2.40 per share with an annualized dividend yield of 5.6% as of June 30, 2025. The 3.4% increase in the quarterly dividend marks the Company's 36th consecutive annual dividend increase. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 36 or more consecutive years.

2025 GUIDANCE

The Company increased previously provided 2025 guidance as summarized below:

(dollars in millions, except per diluted share data) Previous 2025 Updated 2025 Guidance GuidanceNet earnings per share excluding any gains on disposition of real estate, $1.97 – $2.02 $1.93 – $1.98impairment losses and retirement and severance costsReal estate depreciation and amortization per share $1.36 $1.41Core FFO per share $3.33 – $3.38 $3.34 – $3.39AFFO per share $3.39 – $3.44 $3.40 – $3.45General and administrative expenses $47 – $48 $47 – $48Real estate expenses, net of tenant reimbursements $15 – $16 $17 – $18Acquisition volume $500 – $600 $600 – $700Disposition volume $80 – $120 $120 – $150

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 Tuesday, August 5, 2025 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.comor by using the following link. The conference call can also be accessed by dialing 888-506-0062 in the U.S. or 973-528-0011 for international callers and entering the participant code 385344 or referencing NNN REIT, Inc.

A telephonic replay of the call will be available through August 12, 2025, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 52652.

ABOUT NNN REIT, INC.

NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of June30, 2025, the Company owned 3,663 properties in 50 states with a gross leasable area of approximately 38.3 million square feet and a weighted average remaining lease term of 10 years. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 36 or more consecutive 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 areal 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 world 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 December31, 2024 and (ii) Quarterly Report on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025. 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. NNN REIT, Inc. 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

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 National Association of Real Estate Investment Trusts (“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.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate as defined by Nareit (“EBITDAre”)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.

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 line of credit payable, notes payable, net of unamortized discount and unamortized debt costs and mortgages payable, net of unamortized premium and 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 Debtis defined by the Company as Gross Debt less Total Cash.

Management considers the non-GAAP measures of Gross Debt and 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.

Annualized Base Rent (“ABR”) 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.

NNN REIT, Inc.Balance Sheet Summary(dollars in thousands)(unaudited) June30, December31, 2025 2024Assets:Real estate portfolio, net of accumulated depreciation and amortization $ 9,023,171 $ 8,746,168Cash and cash equivalents 5,973 8,731Restricted cash and cash held in escrow 775 331Receivables, net of allowance of $599 and $617, respectively 2,499 2,975Accrued rental income, net of allowance of $3,290 and $4,156, respectively 33,594 34,005Debt costs, net of accumulated amortization of $28,449 and $27,002, respectively 7,698 8,958Other assets 74,967 71,560Total assets $ 9,148,677 $ 8,872,728Liabilities:Line of credit payable $ 267,700 $ -Notes payable, net of unamortized discount and unamortized debt costs 4,376,893 4,373,803Accrued interest payable 30,685 29,699Other liabilities 110,994 106,951Total liabilities 4,786,272 4,510,453Total equity 4,362,405 4,362,275Total liabilities and equity $ 9,148,677 $ 8,872,728Common shares outstanding 188,206,484 187,540,929NNN REIT, Inc.Income Statement Summary(dollars in thousands, except per share data)(unaudited) Quarter Ended Six Months Ended June30, June30, 2025 2024 2025 2024Revenues:Rental income $ 226,498 $ 216,140 $ 457,072 $ 430,965Interest and other income from real estate transactions 304 673 584 1,255 226,802 216,813 457,656 432,220Operating expenses:General and administrative 11,217 11,789 24,225 24,373Real estate 8,838 6,758 18,213 13,912Depreciation and amortization 68,349 62,503 132,966 123,118Leasing transaction costs 74 20 204 53Impairment losses – real estate, net of recoveries 4,535 944 6,047 2,148Retirement and severance costs 191 153 2,364 470 93,204 82,167 184,019 164,074Gain on disposition of real estate 16,198 17,621 20,011 22,442Earnings from operations 149,796 152,267 293,648 290,588Other expenses (revenues):Interest and other income (15) (976) (344) (1,095)Interest expense 49,282 46,577 97,005 90,646 49,267 45,601 96,661 89,551Net earnings $ 100,529 $ 106,666 $ 196,987 $ 201,037Weighted average shares outstanding:Basic 186,876,693 182,438,791 186,865,955 182,119,471Diluted 187,070,288 182,807,374 187,088,160 182,528,333Net earnings per share available to stockholders:Basic $ 0.54 $ 0.58 $ 1.05 $ 1.10Diluted $ 0.54 $ 0.58 $ 1.05 $ 1.10NNN REIT, Inc.Other Information(dollars in thousands)(unaudited) Quarter Ended Six Months Ended June30, June30, 2025 2024 2025 2024Rental income from operating leases(1) (2) $ 221,714 $ 211,557 $ 445,770 $ 420,641Earned income from direct financing leases(1) $ 112 $ 118 $ 226 $ 237Percentage rent(1) $ 284 $ 259 $ 1,170 $ 1,147Real estate expenses reimbursed from tenants(1) $ 4,388 $ 4,206 $ 9,906 $ 8,940Real estate expenses (8,838) (6,758) (18,213) (13,912)Real estate expenses, net of tenant reimbursements $ (4,450) $ (2,552) $ (8,307) $ (4,972)Amortization of debt costs $ 1,478 $ 1,787 $ 2,944 $ 3,088Non-real estate depreciation expense $ 43 $ 115 $ 86 $ 226(1) For the quarters ended June30, 2025 and 2024, the aggregate of such amounts is $226,498 and $216,140, respectively, and $457,072 and $430,965, for the six months ended June30, 2025 and 2024, respectively, and is classified as rental income on the income statement summary.(2) Includes lease termination fees of $2,248 and $2,053 for the quarters ended June30, 2025 and 2024, respectively, and $10,452 and $6,292 for the six months ended June30, 2025 and 2024, respectively.NNN REIT, Inc.Reconciliation of Non-GAAP Financial Measures(dollars in thousands, except per share data)(unaudited) Quarter Ended Six Months Ended June30, June30, 2025 2024 2025 2024Net earnings $ 100,529 $ 106,666 $ 196,987 $ 201,037Real estate depreciation and amortization 68,309 62,391 132,886 122,898Gain on disposition of real estate (16,198) (17,621) (20,011) (22,442)Impairment losses – depreciable real estate, net of 4,535 944 6,047 2,148recoveriesFFO 157,175 152,380 315,909 303,641Retirement and severance costs 191 153 2,364 470Core FFO 157,366 152,533 318,273 304,111Straight-line accrued rent, net of reserves 425 95 (84) 131Net capital lease rent adjustment 62 54 122 108Below-market rent amortization (1,620) (125) (1,713) (242)Stock based compensation expense 2,832 2,656 6,403 6,223Capitalized interest expense (542) (1,617) (1,463) (3,476)AFFO $ 158,523 $ 153,596 $ 321,538 $ 306,855FFO per share:Basic $ 0.84 $ 0.84 $ 1.69 $ 1.67Diluted $ 0.84 $ 0.83 $ 1.69 $ 1.66Core FFO per share:Basic $ 0.84 $ 0.84 $ 1.70 $ 1.67Diluted $ 0.84 $ 0.83 $ 1.70 $ 1.67AFFO per share:Basic $ 0.85 $ 0.84 $ 1.72 $ 1.68Diluted $ 0.85 $ 0.84 $ 1.72 $ 1.68Dividend per share $ 0.5800 $ 0.5650 $ 1.1600 $ 1.1300AFFO payout ratio(1) 68 % 67 % 67 % 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, except per share data)(unaudited) Quarter Ended Six Months Ended June30, June30, 2025 2024 2025 2024Net earnings $ 100,529 $ 106,666 $ 196,987 $ 201,037Interest expense 49,282 46,577 97,005 90,646Depreciation and amortization 68,349 62,503 132,966 123,118Gain on disposition of real estate (16,198) (17,621) (20,011) (22,442)Impairment losses – real estate, net of 4,535 944 6,047 2,148recoveriesEBITDAre $ 206,497 $ 199,069 $ 412,994 $ 394,507Interest expense $ 49,282 $ 46,577 $ 97,005 $ 90,646Add back: capitalized interest 542 1,617 1,463 3,476Fixed charges $ 49,824 $ 48,194 $ 98,468 $ 94,122 June30, December31, 2025 2024Total assets $ 9,148,677 $ 8,872,728Accumulated depreciation & amortization 2,171,731 2,065,520Amortization of direct financing leases 2,777 2,655Gross Assets $ 11,323,185 $ 10,940,903Debt outstanding:Line of credit $ 267,700 $ -Notes payable, net of unamortized discount and 4,376,893 4,373,803unamortized debt costsTotal Debt 4,644,593 4,373,803Unamortized note discount 44,844 46,437Unamortized debt costs 28,263 29,760Gross Debt 4,717,700 4,450,000Total Cash (6,748) (9,062)Net Debt $ 4,710,952 $ 4,440,938NNN REIT, Inc.Debt SummaryAs of June30, 2025(dollars in thousands)(unaudited)Unsecured Debt Principal Principal, Stated Effective Maturity Date Net of Rate Rate Unamortized DiscountLine of credit payable(1) $ 267,700 $ 267,700 SOFR + 5.165 % April 2028 87.5 bpsUnsecured notes payable:2025 400,000 399,957 4.000 % 4.029 % November 20252026 350,000 349,345 3.600 % 3.733 % December 20262027 400,000 399,578 3.500 % 3.548 % October 20272028 400,000 398,928 4.300 % 4.388 % October 20282030 400,000 399,349 2.500 % 2.536 % April 20302033 500,000 490,040 5.600 % 5.905 % October 20332034 500,000 494,352 5.500 % 5.662 % June 20342048 300,000 296,261 4.800 % 4.890 % October 20482050 300,000 294,631 3.100 % 3.205 % April 20502051 450,000 442,318 3.500 % 3.602 % April 20512052 450,000 440,397 3.000 % 3.118 % April 2052Total 4,450,000 4,405,156Total unsecured debt(1) (2) $ 4,717,700 $ 4,672,856Debt costs $ (43,820)Accumulated amortization 15,557Debt costs, net of accumulated amortization (28,263)Notes payable, net of unamortized discount and $ 4,376,893unamortized debt costs(1) On July 1, 2025, NNN issued the 2031 Notes and used the proceeds from the offering to repay the outstanding balance on the Company's unsecured revolving line of credit.(2) Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 11.1 years.

NNN REIT, Inc. Debt Summary – Continued As of June30, 2025 (unaudited)

Credit Metrics

June30, December 31, 2025 2024Gross Debt / Gross Assets 41.7% 40.7%Net Debt / EBITDAre (last quarter annualized) 5.7 5.6EBITDAre / fixed charges 4.2 4.2

Credit Facility and Notes Covenants

The following is a summary of key financial covenants for the Company's unsecured credit facility and notes, as defined and calculated per the terms of the facility's credit agreement and the notes' governing documents, respectively, 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, 2025, the Company believes it is in compliance with the covenants.

Key Covenants Required June30, 2025Unsecured Bank Credit Facility:Maximum leverage ratio !!!! 0.60 0.39Minimum fixed charge coverage ratio > 1.50 4.26Maximum secured indebtedness ratio !!!! 0.40 -Unencumbered asset value ratio > 1.67 2.65Unencumbered interest ratio > 1.75 4.17Unsecured Notes:Limitation on incurrence of total debt ≤ 60% 41%Limitation on incurrence of secured debt ≤ 40% -Debt service coverage ratio ≥ 1.5 4.2Maintenance of total unencumbered assets ≥ 150% 244%

NNN REIT, Inc. Property Portfolio As of June30, 2025

Top 20 Lines of Trade

% of ABR As of June30, Lines of Trade 2025 20241. Automotive service 18.2% 16.9%2. Convenience stores 16.5% 16.2%3. Restaurants – limited service 8.2% 8.5%4. Entertainment 7.3% 6.6%5. Restaurants – full service 7.0% 8.4%6. Dealerships 6.7% 5.4%7. Health and fitness 4.1% 4.0%8. Theaters 3.8% 4.1%9. Equipment rental 3.1% 3.3%10. Automotive parts 2.4% 2.4%11. Wholesale clubs 2.3% 2.4%12. Drug stores 2.1% 2.3%13. Home improvement 2.0% 2.2%14. Medical service providers 1.9% 1.8%15. Pet supplies and services 1.6% 1.2%16. Discount retail 1.4% 1.6%17. Furniture 1.3% 2.0%18. Travel plazas 1.2% 1.3%19. Consumer electronics 1.2% 1.3%20. Home furnishings 1.1% 1.3% Other 6.6% 6.8% Total 100.0% 100.0%

NNN REIT, Inc. Property Portfolio – Continued As of June 30, 2025

Top 20 States

State # of % of Properties ABR1. Texas 590 18.8%2. Florida 271 8.7%3. Illinois 169 4.9%4. Georgia 173 4.4%5. Ohio 226 4.4%6. Indiana 164 3.7%7. Tennessee 154 3.7%8. North Carolina 158 3.6%9. Michigan 121 3.4%10. Arizona 81 3.4%11. Virginia 120 3.4%12. California 72 2.9%13. Alabama 150 2.8%14. Pennsylvania 89 2.5%15. New Jersey 33 2.4%16. Missouri 106 2.4%17. Maryland 50 2.1%18. Colorado 45 2.0%19. South Carolina 81 1.9%20. Oklahoma 89 1.7% Other 721 16.9% Total 3,663 100.0%

NNN REIT, Inc. Property Portfolio – Continued As of June30, 2025

Top 20 Tenants

Tenant # of % of Properties ABR1. 7-Eleven 146 4.4%2. Mister Car Wash 121 4.0%3. Dave & Buster's 34 3.7%4. Camping World 46 3.6%5. GPM Investments (convenience stores) 147 2.7%6. Flynn Restaurant Group (Taco Bell/Arby's) 204 2.6%7. AMC Theatres 20 2.5%8. BJ's Wholesale Club 13 2.3%9. LA Fitness 25 2.3%10. Kent Distributors (convenience stores) 49 2.3%11. Mavis Tire Express Services 140 2.1%12. Couche Tard (Pantry) 91 2.1%13. Walgreens 49 1.7%14. Sunoco 53 1.7%15. Chuck E. Cheese 51 1.7%16. Casey's General Stores (convenience stores) 62 1.6%17. United Rentals 49 1.6%18. Tidal Wave Auto Spa 35 1.4%19. Super Star Car Wash 33 1.3%20. Bob Evans Restaurants 105 1.2% Other 2,190 53.2% Total 3,663 100.0%

Lease Expirations(1)

% of # of Gross Leasable % of # of Gross Leasable ABR Properties Area(2) ABR Properties Area(2)2025 2.2% 90 512,000 2031 6.8% 191 2,668,0002026 3.9% 196 1,899,000 2032 5.1% 190 1,846,0002027 7.1% 216 3,277,000 2033 4.5% 136 1,411,0002028 5.6% 253 2,270,000 2034 5.5% 180 2,334,0002029 4.4% 141 2,071,000 Thereafter 50.2% 1,816 16,913,0002030 4.7% 179 2,275,000(1) As of June30, 2025, the weighted average remaining lease term is 9.8 years.(2) Square feet.

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