NNN REIT, Inc. Announces First Quarter 2026 Results and Increases 2026 Guidance

NEWS RELEASE For information contact: Vincent H. Chao Chief Financial Officer (407) 265-7348 FOR IMMEDIATE RELEASE April 30, 2026 NNN REIT, Inc. Announces First Quarter 2026 Results and Increases 2026 Guidance Orlando, Florida, April 30, 2026 – NNN REIT, Inc. (NYSE: NNN) (the "Company" or "NNN"), a real estate investment trust, today announced financial and operating results for the quarter ended March 31, 2026. Highlights include: First Quarter 2026 Highlights: • Reported net earnings of $0.50 per diluted share and AFFO of $0.87 per diluted share • Increased ABR by 6.9% over prior-year results to $934.6 million • Increased portfolio occupancy to 98.6%, an increase of 30 and 90 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 $145.4 million of investments at an initial cash cap rate of 7.5%, with a weighted average lease term of 19 years • Sold 25 properties for $35.8 million, including $17.8 million of income producing properties at a weighted average cap rate of 7.2% • Sold 1,667,232 common shares pursuant to forward sale agreements under the Company’s at-the-market equity program (“ATM”) at a weighted average price per share of $44.93 • Fully drew down the $300 million senior unsecured delayed draw term loan facility due in February 2029 (the “Term Loan”) with the entire outstanding balance fully hedged at an all-in fixed rate of 4.10% • Maintained balance sheet flexibility with a sector-leading weighted average debt maturity of 10.5 years, no encumbered assets, only 1.6% of floating rate exposure and $1.2 billion of total available liquidity • Paid a $0.60 quarterly dividend, representing a 5.7% annualized dividend yield and a 69% AFFO payout ratio as of March 31, 2026 Additional Highlights: • Increased AFFO per share guidance to a new range of $3.53 to $3.59 • Increased Core FFO per share guidance to a new range of $3.48 to $3.54 Steve Horn, Chief Executive Officer, commented: "We are pleased with our solid start to the year. Our strong first quarter performance enabled us to increase AFFO guidance for 2026. Portfolio occupancy climbed to 98.6%, surpassing our long-term average, and our balance sheet remains well positioned to fund future acquisitions. NNN’s primarily self-funded model in the triple-net market, combined with our robust tenant relationship program, positions us to deliver consistent and sustainable per-share growth year after year." 1 FINANCIAL RESULTS Quarter Ended March 31, (dollars in thousands, except per diluted share data) 2026 2025 Revenues $ 240,424 $ 230,854 Net earnings $ 93,951 $ 96,458 Net earnings per share $ 0.50 $ 0.51 FFO $ 163,150 $ 158,734 FFO per share $ 0.86 $ 0.85 Core FFO $ 163,584 $ 160,907 Core FFO per share $ 0.86 $ 0.86 AFFO $ 165,679 $ 163,015 AFFO per share $ 0.87 $ 0.87 PORTFOLIO SNAPSHOT (dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025 Number of properties 3,711 3,692 3,641 Total gross leasable area (square feet) 39,597,000 39,578,000 37,311,000 Occupancy rate 98.6 % 98.3 % 97.7 % Weighted average remaining lease term (years) 10.1 10.2 9.9 ABR $ 934,612 $ 928,081 $ 874,301 PROPERTY ACQUISITIONS (dollars in thousands) Quarter Ended March 31, 2026 Total dollars invested(1) $ 145,394 Number of properties 41 Gross leasable area (square feet)(2) 304,000 Weighted average cap rate(3) 7.5 % Weighted average lease term (years) 19.0 (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 March 31, 2026 (dollars in thousands) Occupied Vacant Total Number of properties 9 16 25 Gross leasable area (square feet) 90,000 156,000 246,000 Net sale proceeds $ 17,800 $ 18,027 $ 35,827 Weighted average cap rate(1) 7.2 % — 7.2 % (1) Calculated as the cash annual base rent divided by the total gross proceeds received for the occupied properties. 2 CAPITAL MARKETS ACTIVITY During the quarter ended March 31, 2026, NNN drew down the entire $300 million on the Term Loan. The Company previously entered into forward starting swaps with a total notional value of $300 million that fix the Secured Overnight Financing Rate (“SOFR”) at 3.25% and fully hedge the outstanding balance on the Term Loan at an all-in fixed rate of 4.10%. During the quarter ended March 31, 2026, NNN sold 1,667,232 common shares pursuant to forward sale agreements under the Company’s ATM at a weighted average price per share of $44.93. As of March 31, 2026, NNN had 1,667,232 shares of common stock subject to outstanding forward sale agreements, which upon settlement, are anticipated to raise net proceeds of approximately $74.0 million. Net proceeds include the impact of forward price adjustments through March 31, 2026. BALANCE SHEET AND LIQUIDITY As of March 31, 2026, Gross Debt was $4.9 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 10.5 years. The Company ended the quarter with $1.2 billion of total available liquidity, including $1.1 billion of unused line of credit capacity, $74.0 million of outstanding forward equity, and $5.4 million of cash and restricted cash. Net Debt to annualized EBITDAre and fixed charge coverage was 5.7x and 4.1x, respectively, as of March 31, 2026. Including the impact of unsettled forward equity, Pro Forma Net Debt to annualized EBITDAre was 5.6x as of March 31, 2026. DIVIDEND As previously announced on April 15, 2026, the Company’s Board of Directors declared a quarterly dividend of $0.60 per share payable on May 15, 2026, to shareholders of record as of April 30, 2026. The quarterly dividend represents an annualized dividend of $2.40 per share and an annualized dividend yield of 5.7% as of March 31, 2026. 2026 GUIDANCE (dollars in millions, except per diluted share data) Initial 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 $2.02 - $2.08 Real estate depreciation and amortization per share $1.45 $1.46 Core FFO per share $3.47 - $3.53 $3.48 - $3.54 AFFO per share $3.52 - $3.58 $3.53 - $3.59 General and administrative expenses $53 - $55 $53 - $55 Real estate expenses, net of tenant reimbursements $14 - $15 $14 - $15 Acquisition volume $550 - $650 $550 - $650 Disposition volume $110 - $150 $110 - $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 April 30, 2026 at 10:30 a.m. ET to discuss first 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 188942 or referencing NNN REIT, Inc. A telephonic replay of the call will be available through Thursday, May 14, 2026, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 53800. 3 ABOUT NNN REIT, INC. NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of March 31, 2026, the Company owned 3,711 properties in all 50 states, the District of Columbia and Puerto Rico, with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.1 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 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 quarter ended March 31, 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. 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 line of credit payable, term loan 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 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) March 31, 2026 December 31, 2025 Assets: Real estate portfolio, net of accumulated depreciation and amortization $ 9,280,628 $ 9,239,542 Cash and cash equivalents 4,570 5,046 Restricted cash and cash held in escrow 827 776 Receivables, net of allowance of $659 and $609, respectively 3,805 3,470 Accrued rental income, net of allowance of $3,475 and $3,393, respectively 36,021 34,914 Debt costs, net of accumulated amortization of $30,850 and $29,930, respectively 7,814 8,645 Other assets 88,626 86,962 Total assets $ 9,422,291 $ 9,379,355 Liabilities: Line of credit payable $ 80,000 $ 348,100 Term loan payable 300,000 — Notes payable, net of unamortized discount and unamortized debt costs 4,474,123 4,472,324 Accrued interest payable 72,320 40,557 Other liabilities 100,579 110,072 Total liabilities 5,027,022 4,971,053 Total equity 4,395,269 4,408,302 Total liabilities and equity $ 9,422,291 $ 9,379,355 Common shares outstanding 190,249,614 189,937,404 6 NNN REIT, Inc. Income Statement Summary (dollars in thousands, except per share data) (unaudited) Quarter Ended March 31, 2026 2025 Revenues: Rental income $ 240,014 $ 230,574 Interest and other income from real estate transactions 410 280 240,424 230,854 Operating expenses: General and administrative 14,106 13,008 Real estate 9,799 9,375 Depreciation and amortization 70,797 64,617 Leasing transaction costs 144 130 Impairment losses – real estate, net of recoveries 10,680 1,512 Retirement and severance costs 434 2,173 105,960 90,815 Gain on disposition of real estate 12,185 3,813 Earnings from operations 146,649 143,852 Other expenses (revenues): Interest and other income (28 ) (329 ) Interest expense 52,726 47,723 52,698 47,394 Net earnings $ 93,951 $ 96,458 Weighted average shares outstanding: Basic 189,031,812 186,855,097 Diluted 189,458,620 187,080,084 Net earnings per share: Basic $ 0.50 $ 0.52 Diluted $ 0.50 $ 0.51 7 NNN REIT, Inc. Other Information (dollars in thousands) (unaudited) Quarter Ended March 31, 2026 2025 Rental income from operating leases(1) (2) $ 233,571 $ 224,056 Earned income from direct financing leases(1) $ 82 $ 114 Percentage rent(1) $ 316 $ 886 Real estate expenses reimbursed from tenants(1) $ 6,045 $ 5,518 Real estate expenses (9,799 ) (9,375 ) Real estate expenses, net of tenant reimbursements $ (3,754 ) $ (3,857 ) Amortization of debt costs $ 1,752 $ 1,466 Non-real estate depreciation expense $ 95 $ 43 (1) For the quarters ended March 31, 2026 and 2025, the aggregate of such amounts is $240,014 and $230,574, respectively, and is classified as rental income on the income statement summary. (2) Includes lease termination fees of $739 and $8,203 for the quarters ended March 31, 2026 and 2025, respectively. 8 NNN REIT, Inc. Reconciliation of Non-GAAP Financial Measures (dollars in thousands, except per share data) (unaudited) Quarter Ended March 31, 2026 2025 Net earnings $ 93,951 $ 96,458 Real estate depreciation and amortization 70,704 64,577 Gain on disposition of real estate (12,185 ) (3,813 ) Impairment losses – depreciable real estate, net of recoveries 10,680 1,512 FFO 163,150 158,734 Retirement and severance costs 434 2,173 Core FFO 163,584 160,907 Straight-line accrued rent, net of reserves (1,291 ) (509 ) Net capital lease rent adjustment 46 60 Below-market rent amortization (126 ) (93 ) Stock based compensation expense 4,046 3,571 Capitalized interest expense (580 ) (921 ) AFFO $ 165,679 $ 163,015 FFO per share: Basic $ 0.86 $ 0.85 Diluted $ 0.86 $ 0.85 Core FFO per share: Basic $ 0.87 $ 0.86 Diluted $ 0.86 $ 0.86 AFFO per share: Basic $ 0.88 $ 0.87 Diluted $ 0.87 $ 0.87 Dividend per share $ 0.600 $ 0.580 AFFO payout ratio(1) 69 % 66 % (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 March 31, 2026 2025 Net earnings $ 93,951 $ 96,458 Interest expense 52,726 47,723 Depreciation and amortization 70,797 64,617 Gain on disposition of real estate (12,185 ) (3,813 ) Impairment losses – real estate, net of recoveries 10,680 1,512 EBITDAre $ 215,969 $ 206,497 Interest expense $ 52,726 $ 47,723 Add back: capitalized interest 580 921 Fixed charges $ 53,306 $ 48,644 March 31, 2026 December 31, 2025 Total assets $ 9,422,291 $ 9,379,355 Accumulated depreciation & amortization 2,307,623 2,259,469 Amortization of direct financing leases 2,592 2,546 Gross Assets $ 11,732,506 $ 11,641,370 Debt outstanding: Line of credit $ 80,000 $ 348,100 Term Loan 300,000 — Notes payable, net of unamortized discount and unamortized debt costs 4,474,123 4,472,324 Total Debt 4,854,123 4,820,424 Unamortized note discount 46,039 47,005 Unamortized debt costs 29,838 30,670 Gross Debt 4,930,000 4,898,099 Total Cash (5,397 ) (5,822 ) Net Debt 4,924,603 4,892,277 Net proceeds from unsettled forward equity (73,966 ) — Pro Forma Net Debt $ 4,850,637 $ 4,892,277 10 NNN REIT, Inc. Debt Summary As of March 31, 2026 (dollars in thousands) (unaudited) Unsecured Debt Principal Principal, Net of Unamortized Discount Stated Rate Effective Rate Maturity Date Line of credit payable $ 80,000 $ 80,000 SOFR + 77.5bps 4.405 % April 2028 Term loan payable 300,000 300,000 SOFR + 85 bps 4.097 % (1) February 2029 Notes payable: 2026 350,000 349,678 3.600 % 3.733 % December 2026 2027 400,000 399,712 3.500 % 3.548 % October 2027 2028 400,000 399,158 4.300 % 4.388 % October 2028 2030 400,000 399,446 2.500 % 2.536 % April 2030 2031 500,000 496,393 4.600 % 4.766 % February 2031 2033 500,000 490,755 5.600 % 5.905 % October 2033 2034 500,000 494,725 5.500 % 5.662 % June 2034 2048 300,000 296,328 4.800 % 4.890 % October 2048 2050 300,000 294,739 3.100 % 3.205 % April 2050 2051 450,000 442,456 3.500 % 3.602 % April 2051 2052 450,000 440,571 3.000 % 3.118 % April 2052 Total 4,550,000 4,503,961 Total unsecured debt(2) $ 4,930,000 $ 4,883,961 Debt costs $ (44,420 ) Accumulated amortization 14,582 Debt costs, net of accumulated amortization (29,838 ) Notes payable, net of unamortized discount and unamortized debt costs $ 4,474,123 (1) SOFR swapped to a weighted average fixed rate of 3.25%. (2) Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 10.5 years. 11 NNN REIT, Inc. Debt Summary – Continued As of March 31, 2026 (unaudited) Credit Metrics March 31, 2026 December 31, 2025 Gross Debt / Gross Assets 42.0% 42.1% Net Debt / EBITDAre (last quarter annualized) 5.7x 5.6x Pro Forma Net Debt / EBITDAre (last quarter annualized) 5.6x 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 March 31, 2026, the Company believes it is in compliance with the covenants. Key Covenants Required March 31, 2026 Unsecured Bank Credit Facility and Term Loan: Maximum leverage ratio < 0.60x 0.38x Minimum fixed charge coverage ratio > 1.50x 4.09x Maximum secured indebtedness ratio < 0.40x — Unencumbered asset value ratio > 1.67x 2.66x Unencumbered interest ratio > 1.75x 4.04x Unsecured Notes: Limitation on incurrence of total debt ≤ 60% 41% Limitation on incurrence of secured debt ≤ 40% — Debt service coverage ratio ≥ 1.5x 4.0x Maintenance of total unencumbered assets ≥ 150% 241% 12 NNN REIT, Inc. Property Portfolio As of March 31, 2026 Top 20 Lines of Trade Lines of Trade # of Tenants # of Properties % of ABR 1. Automotive service 47 748 18.7% 2. Convenience stores 31 688 16.3% 3. Restaurants – limited service 63 622 8.0% 4. Entertainment 7 96 7.1% 5. Dealerships 18 110 6.4% 6. Restaurants – full service 71 334 6.4% 7. Health and fitness 9 37 3.9% 8. Theaters 5 32 3.6% 9. Automotive parts 7 144 3.3% 10. Equipment rental 4 105 3.0% 11. Wholesale clubs 1 13 2.2% 12. Drug stores 3 59 1.9% 13. Home improvement 10 49 1.9% 14. Medical service providers 29 85 1.8% 15. Early childhood education 8 80 1.8% 16. Pet supplies and services 12 59 1.7% 17. Discount retail 7 66 1.3% 18. Furniture 14 43 1.2% 19. Travel plazas 4 24 1.2% 20. Automobile auctions, wholesale 2 18 1.1% Other 84 299 7.2% Total 3,711 100.0% 13 NNN REIT, Inc. Property Portfolio – Continued As of March 31, 2026 Top 20 States State # of Tenants # of Properties % of ABR 1. Texas 97 592 18.2% 2. Florida 95 271 8.8% 3. Illinois 52 181 5.2% 4. Georgia 65 172 4.4% 5. Ohio 74 211 4.2% 6. Michigan 33 146 4.0% 7. Tennessee 47 156 3.6% 8. Indiana 44 164 3.5% 9. North Carolina 46 157 3.5% 10. Arizona 36 86 3.5% 11. Virginia 44 119 3.3% 12. Alabama 39 154 2.9% 13. California 26 71 2.8% 14. New Jersey 20 33 2.3% 15. Pennsylvania 39 84 2.2% 16. Missouri 33 102 2.2% 17. Maryland 20 52 2.0% 18. Colorado 28 47 2.0% 19. South Carolina 29 80 2.0% 20. Louisiana 30 65 1.8% Other 167 768 17.6% Total 3,711 100.0% 14 NNN REIT, Inc. Property Portfolio – Continued As of March 31, 2026 Top 20 Tenants Tenant Primary Line of Trade # of Properties % of ABR 1. 7-Eleven Convenience stores 145 4.3% 2. Mister Car Wash Automotive service 120 3.8% 3. Dave & Buster's Entertainment 34 3.6% 4. Camping World Dealerships 46 3.5% 5. Kent Distributors Convenience stores 64 2.6% 6. Flynn Restaurant Group Restaurants - limited service 204 2.5% 7. GPM Investments Convenience stores 143 2.5% 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 140 2.1% 12. Couche-Tard Convenience stores 92 2.0% 13. Sunoco Convenience stores 53 1.7% 14. Chuck E. Cheese Entertainment 51 1.7% 15. Walgreens Drug stores 48 1.6% 16. Casey's General Stores Convenience stores 62 1.6% 17. United Rentals Equipment rental 49 1.6% 18. Tidal Wave Auto Spa Automotive service 35 1.5% 19. Super Star Car Wash Automotive service 33 1.3% 20. BMW Kar Wash LLC Automotive service 41 1.3% Other 2,295 54.2% Total 3,711 100.0% Lease Expirations(1) # of Properties Gross Leasable Area(2) % of ABR # of Properties Gross Leasable Area(2) % of ABR 2026 76 524,000 1.0% 2032 192 1,898,000 4.9% 2027 202 2,633,000 6.1% 2033 133 1,395,000 4.2% 2028 221 1,970,000 4.9% 2034 194 2,838,000 5.8% 2029 139 2,049,000 4.2% 2035 136 1,805,000 4.2% 2030 184 2,417,000 4.7% Thereafter 1,895 18,128,000 51.5% 2031 284 3,394,000 8.5% (1) As of March 31, 2026, the weighted average remaining lease term is 10.1 years. (2) Square feet. 15