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Investor Update Single Tenant Net Lease REIT with 36 consecutive annual dividend increases November 2025
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Safe Harbor (All data as of September 30, 2025) This presentation contains certain statements that are the Company’s and Management’s hopes, intentions, beliefs, expectations, or projections of the future and might be considered to be forward-looking statements under Federal Securities laws. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties. The Company’s actual future results may differ significantly from the matters discussed in these forward-looking statements, and the Company may not release revisions to these forward- looking statements to reflect changes after the Company has made the statements. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the Company’s filings with the SEC including, but not limited to, the Company’s report on Form 10-K and Form 10-Q, as well as Company press releases. 2
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Multi-Year View 3
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Third Quarter 2025 Highlights ◆ Grew Core FFO and AFFO per diluted share by 1.2% and 2.4% over prior- year results, respectively, to $0.85 and $0.86, respectively ◆ Increased ABR by 7.2% over the prior-year results ◆ Closed on $283.0 million of investments, at an initial cash cap rate of 7.3% and weighted average lease term of 17.8 years, and $748.0 million of investments in the nine months ended September 30, 2025, exceeding the high end of the previously provided guidance range ◆ Sold 23 properties for $41.3 million, including $22.3 million of income producing properties at a weighted average cap rate of 5.9% ◆ Raised $71.7 million in gross proceeds from the issuance of 1,670,737 common shares at an average price per share of $42.89 ◆ Issued $500 million of 4.600% senior unsecured notes due 2031 ◆ Maintained balance sheet flexibility with a sector-leading weighted average debt maturity of 10.7 years, no encumbered assets, no floating rate debt and $1.4 billion of total available liquidity ◆ Paid a $0.60 quarterly dividend, representing a 3.4% increase in the quarterly dividend rate, a 5.6% annualized dividend yield and a 70% AFFO payout ratio. 5
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Consistent and Simple Strategy ◆ Focus on single-tenant, net leased (“STNL”) properties ◆ Operate with multi-year strategy focus on per share results ◆ Sustain high occupancy and maximize value of existing real estate assets ◆ Maintain fully diversified portfolio ◆ Grow through internal portfolio growth and well underwritten acquisitions ◆ Generate incremental earnings growth through disciplined acquisition approach with higher yields and less risk than other acquisition approaches ◆ Utilize asset sales to manage risk, enhance value and partially finance new property acquisitions ◆ Preserve conservative balance sheet and financial flexibility through access to multiple sources of capital and unsecured debt ◆ Grow per share results mid-single digit percentage annually on a relatively leverage neutral basis ◆ Produce safe and growing dividends – 36 consecutive annual dividend increases 6
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NNN’s Long-Term Single Tenant Net Lease Strategy ◆ Creates a solid foundation of highly predictable operating income NNN’s Disciplined Acquisition Approach 7 Consistent and Simple Strategy ◆ Generates steady earnings growth through higher yields with less risk than development and other acquisitions approaches ◆ Strategy generated 3.8% average annual Core FFO per share growth since 2019
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Single Tenant Net Lease Strategy Generates a Reliable Income Stream with Low Volatility ◆ Well-selected tenants provide stronger performance through various economic cycles than office, industrial or other tenant types ◆ Main street locations provide strong market for replacement tenants and rent growth ◆ Lower earnings volatility from higher occupancy (20-year low of 96.4%) ◆ Retail operators more likely to renew lease at end of initial term ◆ 10-20-year initial lease terms; 10.1-year weighted average remaining lease term ◆ Only 3.2% of leases expire through YE 2026 ◆ Tenants responsible for operating expenses, taxes and capital expenditures – no CAM leakage ◆ No anchor or co-tenancy issues for tenants to leverage into reduced rent ◆ High Quality, Well-Diversified Portfolio ◆ $13.0 billion total capital ◆ 3,697 properties (39.2 million SF) in 50 states ◆ More than 400 national and regional tenants ◆ Over 35 lines of trade ◆ Top 20 tenants (46.2% of rent) average 1,731 stores each 8
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Summary – Attributes, Advantages & Risk Mitigation ◆ High-quality portfolio produces consistent results ◆ High occupancy through cycle ◆ Strong lease renewal rates with very little capital expenditure (not buying-up rent) ◆ Long-term, net leases add stability to operating results ◆ Quality comes from sustainable rents (market rent is barometer) ◆ Balance sheet conservatism ◆ In place long before 2008-09 and 2020 (no dilutive equity issuances needed) ◆ Below-average leverage and strong liquidity to weather all environments ◆ Unencumbered portfolio ◆ No reliance on short-term debt to drive per share results ◆ Fixed-rate debt focused to mitigate rising rate risks ◆ Existing scale provides ◆ High diversification (3,697 properties) ◆ Top exposure to every single-tenant acquisition prospect in sector ◆ Depth of market presence ◆ Full access to capital markets ◆ Track record of annual dividend increases (36 years) 9
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Buy smart with extensive underwriting process up front ◆ Look for strong real estate locations ◆ For existing tenant AND future alternative tenant NNN’s Disciplined Acquisition Approach 10 ◆ Less money invested allows us to offer lower rent to tenant ◆ Lower rent = lower occupancy costs for tenant ◆ As a result, tenant more likely to afford rent at that location ◆ Lower rent = easier to re-lease property without reduction in rent ◆ Contractual rent increases built into the lease Thorough Underwriting Strategy
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NNN’s Strategy Results in Higher Occupancy and Less Volatility From 2005 – 2025, NNN’s occupancy never fell below 96.4% while the REIT industry average never rose above 93.7% 98.3% 98.2% 98.3% 96.7% 96.4% 96.9% 97.4% 97.9% 98.2% 98.6% 99.1% 99.0% 99.1% 98.2% 99.0% 98.5% 99.0% 99.4% 99.5% 98.5% 97.5% 93.5% 93.5% 92.8% 92.0% 90.5% 90.1% 90.8% 90.7% 92.0% 92.7% 92.5% 93.3% 93.5% 93.7% 93.6% 87.1% 90.1% 91.1% 91.0% 91.4% 91.3%* 85.0% 90.0% 95.0% 100.0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 NNN REIT Industry (Excludes Hotels & Health Care) *REIT industry Average as of Q2 2025 98.2% NNN Avg. 11
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2010-2025 Acquisition Volume by Source $238 $772 $707 $630 $618 $726 $847 $755 $716 $752 $180 $555 $848 $820 $565 $748 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 $550 $600 $650 $700 $750 $800 $850 $900 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 Relationship @ 7.4% Average Cap Rate ($7,589 million = 72%) Market / Auction @ 7.1% Average Cap Rate ($2,888 million = 28%) 12 ($ in Millions)
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Diversification Reduces Risk Nationwide Reach (As a percentage of annual base rent – September 30, 2025) Top States by Number of Properties Texas 592 Florida 273 Ohio 227 Georgia 176 Illinois 175 Properties 3,697 Tenants 400+ Lines of Trade 35+ WEST 128 Properties 4.4% ROCKY MOUNTAIN 221 Properties 7.6% SOUTH 874 Properties 24.4% MIDWEST 1,046 Properties 24.4% SOUTHEAST 996 Properties 25.4% NORTHEAST 432 Properties 13.8% 13
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Conservative Balance Sheet Management Equity 62.0% Gross Debt 38.0% Gross Debt - $4.95 billion *wtd. avg. maturity 10.7 yrs; wtd. avg. effective interest rate 4.2% Equity - $8.1 billion As of September 30, 2025 (As a percentage of Total Capital) Interest coverage ratio: 4.1x Fixed-Charge coverage ratio: 4.1x 14 Total Capital - $13.0 billion
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Well-Laddered Debt Maturities NNN’s Low Leverage Balance Sheet Strategy is Enhanced by its Well-Laddered Debt Maturities* 4.0% 3.6% 3.5% 4.3% 2.5% 4.6% 5.6% 5.5% 4.8% 3.1% 3.5% 3.0% $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 $550 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2048 2050 2051 2052 Millions 15 * Weighted average debt maturity of 10.7 years as of September 30, 2025.
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Long-Term Dividend History 36 Consecutive Years of Annual Dividend Increases Third longest of all public REITS $1.00 $1.10 $1.20 $1.30 $1.40 $1.50 $1.60 $1.70 $1.80 $1.90 $2.00 $2.10 $2.20 $2.30 $2.40 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 16 Announced third quarter dividend represents an annualized dividend of $2.40 per share with an annualized dividend yield of 5.6% as of September 30, 2025.
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NNN Consistently Outperforms the REIT Industry and Major Indices Annual Total Return Comparison For Periods Ending September 30, 2025 NNN Outperforms 1 Year 3 Years 5 Years 10 Years 15 Years 20 Years 25 Years 30 Years (NNN = $42.57 at 9/30/2025) NNN REIT, Inc. (NNN) -7.1% 7.9% 9.9% 6.6% 8.7% 9.6% 12.3% 10.9% Indices * NAREIT Equity REIT Index (FNERTR) -4.0% 8.3% 7.0% 6.8% 8.4% 6.8% 9.2% 9.4% * Morgan Stanley REIT Index (RMS G) -1.7% 10.9% 9.3% 6.6% 8.4% 6.7% 9.1% 9.3% S&P 500 Index (SPX) 17.6% 24.9% 16.4% 15.3% 14.6% 11.0% 8.3% 10.5% * S&P 400 Index (MID) 6.1% 15.8% 13.6% 10.8% 11.5% 9.5% 9.0% 11.0% * Russell 1000 Index (RIY) 17.7% 24.6% 16.0% 15.0% 14.5% 10.9% 8.4% 10.5% * Russell 1000 Value Index (RLV) 9.4% 16.9% 13.8% 10.7% 11.2% 8.2% 7.7% 9.3% Russell 2000 Index (RTY) 10.7% 15.2% 11.5% 9.7% 10.4% 8.1% 7.8% 8.5% Russell 2000 Value Index (RUJ) 7.9% 13.5% 14.6% 9.2% 9.5% 7.2% 8.8% 9.2% * NNN is a member of this index (deleted from S&P 600 and added to S&P 400 in Dec. 2011; deleted from Russell 2000 and added to Russell 1000 in June 2012) 17 REITsGENERAL EQUITIES
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10 years is the average tenure of an NNN employee Average tenure of Senior Leadership is 20 years Great People in a Supportive Culture Learning & Development ◆ LinkedIn learning platform available 24/7 to associates with endless content from leading sources ◆ Virtual conferences ◆ Professional webinars ◆ Cross training / job shadowing Educational Seminars ◆ Cyber Security ◆ Women Talk Money & Financial Planning ◆ Vitality Health and Wellness ◆ Emotional Well-being ◆ Healthcare Consumerism 18 Community Engagement 200+ service hours annually Proud to be recognized as one of America’s Most Responsible Companies by Newsweek Magazine. 47% <5 yrs 16% 5-10 yrs 37% > 10 years
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800-NNN-REIT www.nnnreit.com 19