NNN REIT, Inc. Announces Third Quarter 2026 Results

NEWS RELEASE For information contact: Vincent H. Chao Chief Financial Officer (407) 265-7348 FOR IMMEDIATE RELEASE November 4, 2026 NNN REIT, Inc. Announces Third Quarter 2026 Results Orlando, Florida, November 4, 2026 – NNN REIT, Inc. (NYSE: NNN) (the "Company" or "NNN"), a real estate investment trust, today announced financial and operating results for the quarter and nine months ended September 30, 2026. Highlights include: Third Quarter 2026 Highlights: • Reported net earnings of $0.57 per diluted share • Grew Core FFO and AFFO per diluted share by 5.9% and 5.8%, respectively, over prior-year results to $0.90 and $0.91, respectively • Increased ABR by 6.8% over prior-year results to $974.0 million • Increased portfolio occupancy to 99.2%, an increase of 10 and 170 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 $221.7 million of investments at an initial cash cap rate of 7.3%, with a weighted average lease term of 19.6 years and $658.1 million of investments at an initial cash cap rate of 7.3% in the nine months ended September 30, 2026 • Sold 32 properties for $50.7 million, including $37.3 million of income producing properties at a weighted average cap rate of 7.8% • Entered into forward sale agreements for 502,305 common shares under the Company’s at-the-market equity program (“ATM”) at a weighted average price per share of $47.28 • Issued 2,014,352 common shares, primarily under the ATM, raising net proceeds of $89.5 million • Maintained balance sheet flexibility with a sector-leading weighted average debt maturity of 9.8 years, no encumbered assets, only 2.3% of floating rate exposure and $1.4 billion of total available liquidity • Paid a $0.62 quarterly dividend, representing a 6.0% annualized dividend yield and a 68% AFFO payout ratio as of September 30, 2026 Additional Highlights: • Maintained 2026 Core FFO per share guidance of $3.50 - $3.54 • Maintained 2026 AFFO per share guidance of $3.55 - $3.59 • Increased 2026 disposition volume guidance to a new range of $160 - $180 million Steve Horn, Chief Executive Officer, commented: "We are pleased to report strong third quarter results, highlighted by continued healthy portfolio trends, solid investment activity, and well-timed equity capital markets execution. With $1.4 billion of available liquidity and a balance sheet built for all market cycles, we are well positioned to execute on our investment pipeline and capitalize on the opportunities that today’s market volatility may create." 1 FINANCIAL RESULTS Quarter Ended September 30, Nine Months Ended September 30, (dollars in thousands, except per diluted share data) 2026 2025 2026 2025 Revenues $ 249,677 $ 230,159 $ 734,367 $ 687,815 Net earnings $ 109,928 $ 96,839 $ 301,803 $ 293,826 Net earnings per share $ 0.57 $ 0.51 $ 1.58 $ 1.56 FFO $ 172,409 $ 158,676 $ 503,378 $ 474,585 FFO per share $ 0.90 $ 0.84 $ 2.65 $ 2.53 Core FFO $ 172,576 $ 159,366 $ 504,347 $ 477,639 Core FFO per share $ 0.90 $ 0.85 $ 2.65 $ 2.54 AFFO $ 174,366 $ 161,063 $ 510,065 $ 482,601 AFFO per share $ 0.91 $ 0.86 $ 2.68 $ 2.57 PORTFOLIO SNAPSHOT (dollars in thousands) September 30, 2026 June 30, 2026 September 30, 2025 Number of properties 3,817 3,774 3,697 Total gross leasable area (square feet) 40,764,000 40,440,000 39,209,000 Occupancy rate 99.2 % 99.1 % 97.5 % Weighted average remaining lease term (years) 10.1 10.1 10.1 ABR $ 973,997 $ 959,145 $ 912,218 PROPERTY ACQUISITIONS (dollars in thousands) Quarter Ended September 30, 2026 Nine Months Ended September 30, 2026 Total dollars invested(1) $ 221,741 $ 658,144 Number of properties 76 206 Gross leasable area (square feet)(2) 572,000 1,937,000 Weighted average cap rate(3) 7.3 % 7.3 % Weighted average lease term (years) 19.6 18.5 (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 September 30, 2026 Nine Months Ended September 30, 2026 (dollars in thousands) Income Producing Vacant Total Income Producing Vacant Total Number of properties 21 11 32 37 46 83 Gross leasable area (square feet) 150,000 63,000 213,000 265,000 389,000 654,000 Net sale proceeds $ 37,299 $ 13,409 $ 50,708 $ 64,145 $ 59,124 $ 123,269 Weighted average cap rate(1) 7.8 % — 7.8 % 7.3 % — 7.3 % (1) Calculated as the cash annual base rent divided by the total gross proceeds received for the income producing properties. 2 CAPITAL MARKETS ACTIVITY During the quarter ended September 30, 2026, NNN entered into forward sale agreements for 502,305 common shares under the Company’s ATM at a weighted average price per share of $47.28. During the quarter ended September 30, 2026, NNN issued 2,014,352 common shares, primarily in settlement of forward sale agreements under the Company’s ATM, raising $89.5 million in net proceeds. During the quarter ended September 30, 2026, NNN entered into an Equity Distribution Agreement which allows the Company to issue and sell up to 25,000,000 shares of common stock, par value $0.01 per share, through the agents acting as sales agents, or directly to the agents acting as principals for their own account, in each case at a price agreed upon at the time of sale. As of September 30, 2026, NNN had 4,501,833 shares of common stock subject to outstanding forward sale agreements, which upon settlement, are anticipated to raise net proceeds of approximately $204.0 million. Net proceeds include the impact of forward price adjustments through September 30, 2026. BALANCE SHEET AND LIQUIDITY As of September 30, 2026, Gross Debt was $5.1 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 9.8 years. The Company ended the quarter with $1.4 billion of total available liquidity, including $1.2 billion of unused line of credit capacity, $204.0 million of outstanding forward equity, and $2.7 million of cash. Net Debt to annualized EBITDAre and fixed charge coverage was 5.6x and 4.1x, respectively, as of September 30, 2026. Including the impact of unsettled forward equity, Pro Forma Net Debt to annualized EBITDAre was 5.3x as of September 30, 2026. DIVIDEND As previously announced on October 15, 2026, the Company’s Board of Directors declared a quarterly dividend of $0.62 per share payable on November 13, 2026, to shareholders of record as of October 30, 2026. The quarterly dividend represents an annualized dividend of $2.48 per share and an annualized dividend yield of 6.0% as of September 30, 2026. 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 $2.01 - $2.05 $2.00 - $2.04 Real estate depreciation and amortization per share $1.49 $1.50 Core FFO per share $3.50 - $3.54 $3.50 - $3.54 AFFO per share $3.55 - $3.59 $3.55 - $3.59 General and administrative expenses $53 - $55 $54 - $56 Real estate expenses, net of tenant reimbursements $13.5 - $14.5 $13.5 - $14.5 Acquisition volume $700 - $800 $700 - $800 Disposition volume $120 - $160 $160 - $180 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 November 4, 2026 at 10:30 a.m. ET to discuss third 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 975248 or referencing NNN REIT, Inc. A telephonic replay of the call will be available through Wednesday, November 18, 2026, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 54559. 3 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 September 30, 2026, the Company owned 3,817 properties across all 50 states, the District of Columbia and Puerto Rico, encompassing approximately 40.8 million square feet of gross leasable area, with a weighted average remaining lease term of 10.1 years. For additional information, please 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, June 30, 2026 and September 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 the 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. 4 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. 5 NNN REIT, Inc. Balance Sheet Summary (dollars in thousands) (unaudited) September 30, 2026 December 31, 2025 Assets: Real estate portfolio, net of accumulated depreciation and amortization $ 9,572,131 $ 9,239,542 Cash and cash equivalents 2,726 5,046 Restricted cash and cash held in escrow — 776 Receivables, net of allowance of $600 and $609, respectively 2,573 3,470 Accrued rental income, net of allowance of $3,598 and $3,393, respectively 37,440 34,914 Debt costs, net of accumulated amortization of $32,073 and $29,930, respectively 4,262 8,645 Other assets 99,745 86,962 Total assets $ 9,718,877 $ 9,379,355 Liabilities: Line of credit payable $ 19,000 $ 348,100 Term loan payable, net of unamortized debt costs 497,136 — Notes payable, net of unamortized discount and unamortized debt costs 4,477,768 4,472,324 Accrued interest payable 73,168 40,557 Other liabilities 100,420 110,072 Total liabilities 5,167,492 4,971,053 Total equity 4,551,385 4,408,302 Total liabilities and equity $ 9,718,877 $ 9,379,355 Common shares outstanding 193,947,411 189,937,404 6 NNN REIT, Inc. Income Statement Summary (dollars in thousands, except per share data) (unaudited) Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues: Rental income $ 248,356 $ 229,773 $ 731,052 $ 686,845 Interest and other income from real estate transactions 1,321 386 3,315 970 249,677 230,159 734,367 687,815 Operating expenses: General and administrative 13,591 11,056 41,754 35,281 Real estate 8,237 9,128 26,302 27,341 Depreciation and amortization 74,157 67,252 215,979 200,218 Leasing transaction costs 146 131 502 335 Impairment losses – real estate, net of recoveries 3,470 7,195 22,217 13,242 Retirement and severance costs 167 690 969 3,054 99,768 95,452 307,723 279,471 Gain on disposition of real estate 15,046 12,570 36,336 32,581 Earnings from operations 164,955 147,277 462,980 440,925 Other expenses (revenues): Interest and other income (115 ) (2,940 ) (178 ) (3,284 ) Interest expense 55,142 53,378 161,355 150,383 55,027 50,438 161,177 147,099 Net earnings $ 109,928 $ 96,839 $ 301,803 $ 293,826 Weighted average shares outstanding: Basic 190,793,962 187,838,711 189,641,201 187,200,093 Diluted 191,335,050 188,332,789 190,154,582 187,686,331 Net earnings per share: Basic $ 0.58 $ 0.51 $ 1.59 $ 1.57 Diluted $ 0.57 $ 0.51 $ 1.58 $ 1.56 7 NNN REIT, Inc. Other Information (dollars in thousands) (unaudited) Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Rental income from operating leases(1) (2) $ 243,161 $ 225,053 $ 713,972 $ 670,823 Earned income from direct financing leases(1) $ 75 $ 111 $ 236 $ 337 Percentage rent(1) $ 263 $ 211 $ 1,087 $ 1,381 Real estate expenses reimbursed from tenants(1) $ 4,857 $ 4,398 $ 15,757 $ 14,304 Real estate expenses (8,237 ) (9,128 ) (26,302 ) (27,341 ) Real estate expenses, net of tenant reimbursements $ (3,380 ) $ (4,730 ) $ (10,545 ) $ (13,037 ) Amortization of debt costs $ 1,873 $ 1,630 $ 5,401 $ 4,574 Non-real estate depreciation expense $ 104 $ 44 $ 295 $ 130 (1) For the quarters ended September 30, 2026 and 2025, the aggregate of such amounts is $248,356 and $229,773, respectively, and $731,052 and $686,845 for the nine months ended September 30, 2026 and 2025, respectively, and is classified as rental income on the income statement summary. (2) Includes lease termination fees of $1,367 and $669 for the quarters ended September 30, 2026 and 2025, respectively, and $3,739 and $11,121 for the nine months ended September 30, 2026 and 2025, respectively. 8 NNN REIT, Inc. Reconciliation of Non-GAAP Financial Measures (dollars in thousands, except per share data) (unaudited) Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net earnings $ 109,928 $ 96,839 $ 301,803 $ 293,826 Real estate depreciation and amortization 74,057 67,212 215,694 200,098 Gain on disposition of real estate (15,046 ) (12,570 ) (36,336 ) (32,581 ) Impairment losses – depreciable real estate, net of recoveries 3,470 7,195 22,217 13,242 FFO 172,409 158,676 503,378 474,585 Retirement and severance costs 167 690 969 3,054 Core FFO 172,576 159,366 504,347 477,639 Straight-line accrued rent, net of reserves (1,038 ) (631 ) (3,167 ) (715 ) Net capital lease rent adjustment 44 62 136 184 Below-market rent amortization (123 ) (68 ) (438 ) (1,781 ) Stock based compensation expense 3,446 2,791 10,860 9,194 Capitalized interest expense (539 ) (457 ) (1,673 ) (1,920 ) AFFO $ 174,366 $ 161,063 $ 510,065 $ 482,601 FFO per share: Basic $ 0.90 $ 0.84 $ 2.65 $ 2.54 Diluted $ 0.90 $ 0.84 $ 2.65 $ 2.53 Core FFO per share: Basic $ 0.90 $ 0.85 $ 2.66 $ 2.55 Diluted $ 0.90 $ 0.85 $ 2.65 $ 2.54 AFFO per share: Basic $ 0.91 $ 0.86 $ 2.69 $ 2.58 Diluted $ 0.91 $ 0.86 $ 2.68 $ 2.57 Dividend per share $ 0.62 $ 0.60 $ 1.82 $ 1.76 AFFO payout ratio(1) 68 % 70 % 68 % 68 % (1) Calculated as total dividends paid as a percentage of AFFO for each respective period. 9 NNN REIT, Inc. Reconciliation of Non-GAAP Financial Measures (continued) (dollars in thousands) (unaudited) Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net earnings $ 109,928 $ 96,839 $ 301,803 $ 293,826 Interest expense 55,142 53,378 161,355 150,383 Depreciation and amortization 74,157 67,252 215,979 200,218 Gain on disposition of real estate (15,046 ) (12,570 ) (36,336 ) (32,581 ) Impairment losses – real estate, net of recoveries 3,470 7,195 22,217 13,242 EBITDAre $ 227,651 $ 212,094 $ 665,018 $ 625,088 Interest expense $ 55,142 $ 53,378 $ 161,355 $ 150,383 Add back: capitalized interest 539 457 1,673 1,920 Fixed charges $ 55,681 $ 53,835 $ 163,028 $ 152,303 September 30, 2026 December 31, 2025 Total assets $ 9,718,877 $ 9,379,355 Accumulated depreciation & amortization 2,400,049 2,259,469 Amortization of direct financing leases 2,590 2,546 Gross Assets $ 12,121,516 $ 11,641,370 Debt outstanding: Line of credit $ 19,000 $ 348,100 Term loan, net of unamortized debt costs 497,136 — Notes payable, net of unamortized discount and unamortized debt costs 4,477,768 4,472,324 Total Debt 4,993,904 4,820,424 Unamortized note discount 44,079 47,005 Unamortized debt costs 31,017 30,670 Gross Debt 5,069,000 4,898,099 Total Cash (2,726 ) (5,822 ) Net Debt 5,066,274 4,892,277 Net proceeds from unsettled forward equity (204,046 ) — Pro Forma Net Debt $ 4,862,228 $ 4,892,277 10 NNN REIT, Inc. Debt Summary As of September 30, 2026 (dollars in thousands) (unaudited) Unsecured Debt Principal Principal, Net of Unamortized Discount Stated Rate Effective Rate Maturity Date Line of credit payable $ 19,000 $ 19,000 SOFR + 72.5 bps 4.595 % April 2028(1) Term loan payable 500,000 500,000 SOFR + 80 bps 4.181 % (2) February 2029(3) Notes payable: 2026 350,000 349,905 3.600 % 3.733 % December 2026 2027 400,000 399,804 3.500 % 3.548 % October 2027 2028 400,000 399,317 4.300 % 4.388 % October 2028 2030 400,000 399,511 2.500 % 2.536 % April 2030 2031 500,000 496,726 4.600 % 4.766 % February 2031 2033 500,000 491,251 5.600 % 5.905 % October 2033 2034 500,000 494,982 5.500 % 5.662 % June 2034 2048 300,000 296,373 4.800 % 4.890 % October 2048 2050 300,000 294,812 3.100 % 3.205 % April 2050 2051 450,000 442,550 3.500 % 3.602 % April 2051 2052 450,000 440,690 3.000 % 3.118 % April 2052 Total 4,550,000 4,505,921 Total unsecured debt(4) $ 5,069,000 $ 5,024,921 Reconciliation of Debt Term Loan Payable Notes Payable Principal, net of unamortized discount $ 500,000 $ 4,505,921 Debt costs (3,604 ) (44,420 ) Accumulated amortization 740 16,267 Debt costs, net of accumulated amortization (2,864 ) (28,153 ) Principal, net of unamortized discount and unamortized debt costs $ 497,136 $ 4,477,768 (1) Excludes the impact of two six-month extension options. (2) SOFR swapped to a weighted average fixed rate of 3.30% on $400,000. Effective November 16, 2026, SOFR will swap to 3.55% on $500,000. (3) Excludes the impact of two one-year extension options. (4) Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 9.8 years. 11 NNN REIT, Inc. Debt Summary – Continued As of September 30, 2026 (unaudited) Credit Metrics September 30, 2026 December 31, 2025 Gross Debt / Gross Assets 41.8% 42.1% Net Debt / EBITDAre (last quarter annualized) 5.6x 5.6x Pro Forma Net Debt / EBITDAre (last quarter annualized) 5.3x 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 September 30, 2026, the Company believes it is in compliance with the covenants. Key Covenants Required September 30, 2026 Unsecured Bank Credit Facility and Term Loan: Maximum leverage ratio < 0.60x 0.38x Minimum fixed charge coverage ratio > 1.50x 4.12x Maximum secured indebtedness ratio < 0.40x — Unencumbered asset value ratio > 1.67x 2.69x Unencumbered interest ratio > 1.75x 4.10x Unsecured Notes: Limitation on incurrence of total debt ≤ 60% 41% Limitation on incurrence of secured debt ≤ 40% — Debt service coverage ratio ≥ 1.5x 4.1x Maintenance of total unencumbered assets ≥ 150% 242% 12 NNN REIT, Inc. Property Portfolio As of September 30, 2026 Top 20 Lines of Trade Lines of Trade # of Tenants # of Properties % of ABR 1. Automotive service 48 786 19.2% 2. Convenience stores 31 670 15.5% 3. Restaurants – limited service 63 618 7.6% 4. Entertainment 6 95 7.2% 5. Dealerships 17 112 6.3% 6. Restaurants – full service 67 325 6.2% 7. Health and fitness 7 36 3.7% 8. Theaters 5 32 3.5% 9. Automotive parts 9 144 3.2% 10. Equipment rental 4 104 2.9% 11. Discount retail 7 159 2.4% 12. Early childhood education 10 105 2.2% 13. Wholesale clubs 1 13 2.2% 14. Home improvement 11 50 1.9% 15. Drug stores 3 58 1.8% 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 86 279 7.4% Total 3,817 100.0% 13 NNN REIT, Inc. Property Portfolio – Continued As of September 30, 2026 Top 20 States State # of Tenants # of Properties % of ABR 1. Texas 93 587 17.6% 2. Florida 95 278 8.6% 3. Illinois 52 188 5.3% 4. Georgia 63 179 4.4% 5. Ohio 78 211 4.3% 6. North Carolina 49 169 3.9% 7. Michigan 34 148 3.9% 8. Tennessee 51 164 3.7% 9. Indiana 47 169 3.5% 10. Arizona 38 89 3.5% 11. Virginia 48 129 3.4% 12. California 27 82 2.9% 13. Alabama 39 157 2.8% 14. Missouri 34 110 2.4% 15. New Jersey 18 32 2.2% 16. Pennsylvania 39 81 2.1% 17. Colorado 31 51 2.1% 18. Maryland 21 53 2.0% 19. South Carolina 31 85 2.0% 20. Oklahoma 31 91 1.9% Other 165 764 17.5% Total 3,817 100.0% 14 NNN REIT, Inc. Property Portfolio – Continued As of September 30, 2026 Top 20 Tenants Tenant Primary Line of Trade # of Properties % of ABR 1. 7-Eleven Convenience stores 145 4.1% 2. Mister Car Wash Automotive service 121 3.7% 3. Dave & Buster's Entertainment 34 3.5% 4. Camping World Dealerships 46 3.3% 5. Mavis Tire Express Services Automotive service 154 2.6% 6. Kent Distributors Convenience stores 64 2.5% 7. Flynn Restaurant Group Restaurants - limited service 203 2.4% 8. GPM Investments Convenience stores 140 2.3% 9. AMC Theatres Theaters 19 2.2% 10. BJ's Wholesale Club Wholesale clubs 13 2.2% 11. LA Fitness Health and fitness 24 2.0% 12. Couche-Tard Convenience stores 91 2.0% 13. Sunoco Convenience stores 54 1.7% 14. Chuck E. Cheese Entertainment 51 1.6% 15. Walgreens Drug stores 48 1.6% 16. United Rentals Equipment rental 48 1.5% 17. Tidal Wave Auto Spa Automotive service 35 1.5% 18. Casey's General Stores Convenience stores 52 1.4% 19. Club Car Wash Automotive service 36 1.4% 20. Super Star Car Wash Automotive service 33 1.3% Other 2,406 55.2% Total 3,817 100.0% Lease Expirations(1) # of Properties Gross Leasable Area(2) % of ABR # of Properties Gross Leasable Area(2) % of ABR 2026 33 198,000 0.3% 2032 220 2,310,000 5.5% 2027 153 2,107,000 4.8% 2033 135 1,410,000 4.1% 2028 219 2,017,000 4.7% 2034 192 2,823,000 5.6% 2029 138 1,977,000 3.9% 2035 135 1,785,000 4.0% 2030 185 2,422,000 4.6% Thereafter 2,065 19,753,000 53.9% 2031 310 3,598,000 8.6% (1) As of September 30, 2026, the weighted average remaining lease term is 10.1 years. (2) Square feet. 15