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Investor Update Single Tenant Net Lease REIT with 36 consecutive annual dividend increases February 2026
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Safe Harbor (All data as of December 31, 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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◆ Low Risk Strategy Generates Consistent Growth ◆ Strong Investment Grade Balance Sheet ◆ Long-Term Track Record of Success ◆ 2025 Highlights 4
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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 5
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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 (3,692 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) 6
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Summary – Attributes, Advantages & Risk Mitigation ◆ Proven, tenured management team with domain expertise ◆ Senior Leadership – average NNN tenure 20 years ◆ Sustainable model ◆ Projections – no heroic assumptions (acquisitions volume, debt tenor, capital pricing, etc.) ◆ Managed market expectations – not promising more than delivered in the past ◆ Market cycle tested over many years ◆ Focused investment strategy (STNL) – no strategy drift into multiple property types ◆ Operating results are consistent and predictable ◆ Balance sheet never under stress ◆ Management manages for the long-term ◆ Generated 3.6% average annual Core FFO per share growth since 2019 ◆ Outperformed the Nareit Equity REIT Index on a total return basis for the 1, 15, 20, 25, and 30 year periods with a below average risk profile 7
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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; 10.2-year weighted average remaining lease term ◆ Only 8.4% of leases expire through YE 2027 ◆ 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 ◆ $12.4 billion total capital ◆ 3,692 properties (39.6 million SF) in all 50 states, Washington, D.C. and Puerto Rico ◆ More than 400 national and regional tenants ◆ Over 35 lines of trade ◆ Top 20 tenants (46.0% of rent) average 1,710 stores each 8
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NNN’s Strategy Results in Higher Occupancy and Less Volatility From 2006 – 2025, NNN’s occupancy never fell below 96.4% while the REIT industry average never rose above 93.7% 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% 98.3% 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% 90.8%* 85.0% 90.0% 95.0% 100.0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 NNN REIT Industry (Excludes Hotels & Health Care) *REIT industry Average as of Q3 2025 98.3% NNN Avg. 9
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NNN’s Acquisition Approach is Unique Because It Is More Difficult ◆ Small transactions in areas of historical expertise (STNL) rather than large portfolio transactions provides higher risk-adjusted returns ◆ NNN’s historic expertise, generates higher and more consistent operating results vs. other net lease and non-net lease sectors ◆ Approximately 25 relationships with management teams of strong, growing concepts ◆ Underwriting focuses on alternative uses upon future rollover and current tenant strength ◆ Multiple credit upgrades after NNN’s acquisition – resulting in 13.4% of tenants now investment grade rated ◆ Lease terms and conditions negotiated based on unique aspects of location and tenant’s business and credit. Tenant “self selection” – unlikely to sign a long-term lease on questionable store Acquisition quality over quantity requires selectivity, discipline and patience: 10
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NNN’s Unique Acquisition Approach Generates Strong FFO Growth ◆ Less buyer competition: ◆ STNL market is very large, but with smaller properties ◆ NNN’s focused relationship-based acquisition approach is more difficult and time consuming ◆ Results in higher initial cap rates and built-in rent growth (see next slide) ◆ Careful targeting and underwriting of tenants and their future prospects are supported by: ◆ 20-year occupancy average over 98%; and ◆ Multiple credit upgrades realized by relationship tenants ◆ Consistently high occupancy results in less earnings volatility ◆ All of the above generate greater per share accretion from lower acquisition volumes and allows NNN to continue to acquire accretively, despite cap rate compression and increased interest rates 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 $931 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 $550 $600 $650 $700 $750 $800 $850 $900 $950 $1,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Relationship @ 7.4% Average Cap Rate ($7,731 million = 73%) Market / Auction @ 7.1% Average Cap Rate ($2,929 million = 27%) 12 ($ in Millions)
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NNN’s Acquisition Volume vs. Other REIT Property Types 8.8% 8.4% 9.0% 9.4% 9.5% 8.4% 8.3% 7.8% 7.5% 7.2% 6.9% 6.9% 6.8% 6.9% 6.5% 6.5% 6.4% 7.3% $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (Millions) Historical Acquisition Volume at Weighted Average Initial Cap Rates NNN has consistently generated strong acquisition volumes at significantly higher cap rates than other REIT property types Average Lease Term of Acquisitions (years) 18 19 18 17 18 18 16 19 18 18 13 7.7% 7.4%
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◆ Low Risk Strategy Generates Consistent Growth ◆ Strong Investment Grade Balance Sheet ◆ Long-Term Track Record of Success ◆ 2025 Highlights 14
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Durable Capital Structure ◆ Avoid financing risk (never need capital) ◆ Maintain access to capital & flexibility to take advantage of market opportunities and weather economic storms ◆ Reduce cost of capital – competitive advantage ◆ Longer duration capital reduces re-finance risks (vs. shorter duration capital) ◆ Unencumbered properties maximizes flexibility (leasing, selling, expanding, etc.) and lower debt service burden ◆ Maintain strong investment-grade debt ratings ◆ Stagger debt maturities ◆ Maintain bank credit line capacity to fund near-term debt maturities and acquisitions ◆ Property dispositions are a source of capital – sector leading expertise ◆ In making capital allocation decisions, fully burden the cost of equity (expected return) to limit dilution and maximize per share accretion Long-Term Balance Sheet Management Objectives 15
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Strong Investment Grade Balance Sheet – Risk Management is a Core Competency ◆ Investment-grade debt rating (BBB+ / Baa1) supported by industry leading leverage ratios ◆ 100% of assets unencumbered – no secured debt ◆ Well-laddered debt maturities with 10.8-year weighted average debt maturity and 4.2% weighted average interest rate ◆ $1.2 billion unsecured bank credit line (accordion to $2.0 billion) ◆ $348.1 million balance as of 12/31/2025 ◆ Matures April 2028, plus two, six-month extensions at NNN’s option ◆ Prices at SOFR + 77.5 bps ◆ Weighted average outstanding balance $75.2 million since 2021 ◆ Issued $500 million principal amount of 4.600% senior unsecured notes due 2031 in July 2025 ◆ Redeemed $400 million principal amount of 4.000% senior unsecured notes due November 2025 ◆ Closed on a $300 million senior unsecured delayed draw term loan facility due February 2029 ($200 million drawn on January 15, 2026) ◆ Entered into forward starting swaps totaling $200 million that fix SOFR at 3.22% through January 15, 2029 16
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Conservative Balance Sheet Management Equity 60.6% Gross Debt 39.4% Gross Debt - $4.90 billion *wtd. avg. maturity 10.8 yrs; wtd. avg. effective interest rate 4.2% Equity Market Value - $7.53 billion As of December 31, 2025 (As a percentage of Total Capital) Interest coverage ratio: 4.1x Fixed-Charge coverage ratio: 4.1x 17 Total Capital - $12.4 billion
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Credit Metrics Summary 2020 2021 2022 2023 2024 2025 Gross Debt / Gross Assets 36.4% 41.3% 40.5% 42.1% 40.7% 42.1% Gross Debt + preferred / Gross Assets 40.2% 41.3% 40.5% 42.1% 40.7% 42.1% Net Debt / EBITDAre (last quarter annualized) 5.2x 5.4x 5.5x 5.7x 5.6x 5.6x Net Debt + preferred / EBITDAre (last quarter annualized) 5.8x 5.4x 5.5x 5.7x 5.6x 5.6x EBITDAre / Interest expense (cash) 4.4x 4.6x 4.7x 4.5x 4.2x 4.1x EBITDAre / Fixed charges (cash) 3.9x 4.1x 4.7x 4.5x 4.2x 4.1x Unencumbered assets / Gross Assets 99.7% 99.8% 99.8% 100% 100% 100% Bank line weighted average usage (millions) 19$ -$ 39$ 170$ 61$ 106$ Bank line usage (millions) (period end) -$ -$ 166$ 132$ -$ 348$ Bank line availability (millions) (period end) 900$ 1,100$ 934$ 968$ 1,200$ 852$ Term loan availability (millions) (period end) -$ -$ -$ -$ -$ 300$ Capital Raised (millions): Common equity, net 124$ 4$ 250$ 31$ 214$ 84$ Preferred equity, net -$ (345)$ -$ -$ -$ -$ Unsecured notes, gross 700$ 900$ -$ 500$ 500$ 500$ Secured debt, gross -$ -$ -$ -$ -$ -$ Property dispositions net proceeds 54$ 122$ 65$ 116$ 149$ 190$ Retained AFFO (after all dividends) 75$ 168$ 188$ 187$ 196$ 204$ 18 (Ratings: Moody’s Baa1; S&P BBB+)
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Well-Laddered Debt Maturities NNN’s Low Leverage Balance Sheet Strategy is Enhanced by its Well-Laddered Debt Maturities* 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 2026 2027 2028 2029 2030 2031 2032 2033 2034 2048 2050 2051 2052 Millions 19 • Weighted average debt maturity of 10.8 years as of December 31, 2025, including a balance of $348.1 million on the bank line of credit which matures April 2028. In January 2026, the Company used proceeds from the drawdown of $200 million against the $300 million delayed draw term loan to pay down balances on the bank line of credit.
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Credit Facility, Term Loan and Note Covenants The following is a summary of key financial covenants for the Company's unsecured bank credit facility, term loan and notes, as defined and calculated per the terms of the facility's credit agreement, term loan and the notes' governing documents, respectively, which are included in the Company's filings with the SEC. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of December 31, 2025, the Company believes it is in compliance with the covenants. Key Covenants Required December 31, 2025 Unsecured Bank Credit Facility and Term Loan: Maximum leverage ratio < 0.60x 0.38x Maximum fixed charge coverage ratio > 1.50x 4.14x Maximum secured indebtedness ratio < 0.40x — Unencumbered asset value ratio > 1.67x 2.65x Unencumbered interest ratio > 1.75x 4.04x Unsecured Notes: Limitation on incurrence of total debt < 60% 41% Limitation on incurrence of secured debt < 40% — Debt service coverage ratio > 1.5x 4.1x Maintenance of total unencumbered assets > 150% 241% 20
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◆ Low Risk Strategy Generates Consistent Growth ◆ Strong Investment Grade Balance Sheet ◆ Long-Term Track Record of Success ◆ 2025 Highlights 21
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NNN Consistently Outperforms the REIT Industry and Major Indices Annual Total Return Comparison For Periods Ending December 31, 2025 NNN Outperforms 1 Year 3 Years 5 Years 10 Years 15 Years 20 Years 25 Years 30 Years (NNN = $39.63 at 12/31/2025) NNN REIT, Inc. (NNN) 2.8% 0.7% 4.7% 4.8% 7.8% 9.1% 12.0% 10.7% Indices * NAREIT Equity REIT Index (FNERTR) 2.3% 6.1% 4.9% 5.8% 7.8% 6.6% 9.0% 9.1% * Morgan Stanley REIT Index (RMS G) 3.0% 8.4% 6.6% 5.7% 7.7% 6.5% 8.9% 9.1% S&P 500 Index (SPX) 17.9% 22.9% 14.4% 14.8% 14.0% 11.0% 8.8% 10.3% * S&P 400 Index (MID) 7.5% 12.5% 9.1% 10.7% 10.7% 9.4% 9.3% 11.0% * Russell 1000 Index (RIY) 17.4% 22.7% 13.6% 14.6% 13.9% 10.9% 8.9% 10.4% * Russell 1000 Value Index (RLV) 15.9% 13.8% 11.3% 10.5% 10.8% 8.3% 7.7% 9.2% Russell 2000 Index (RTY) 12.8% 13.7% 6.1% 9.6% 9.5% 8.2% 8.2% 8.5% Russell 2000 Value Index (RUJ) 12.6% 11.7% 8.8% 9.2% 8.7% 7.4% 8.6% 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) 22 REITsGENERAL EQUITIES
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NNN v. Gross Lease Returns 23 Triple Net Leases produce higher initial returns with lower volatility than typical Gross Lease investments. 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 11.00% 12.00% 13.00% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Year Net Lease (1.5% NOI Growth) Gross Lease w/ Capex/TI, Vacancy, G&A (3.3% NOI Growth) Assumes: Initial cap rate 150bps lower than net lease (6.50% vs 8.00%) 3.30% annual NOI growth Vacancy 4.0% higher than net lease average (flat over horizon) TI / Capex / Free Rent investment = 4.0% of original investment every 5 yrs (G&A + Prop Mgmt expense) / NOI = 4.0% higher than net lease (10% vs 6%)
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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 24 Announced fourth quarter dividend represents an annualized dividend of $2.40 per share with an annualized dividend yield of 6.1% as of December 31, 2025.
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◆ Low Risk Strategy Generates Consistent Growth ◆ Strong Investment Grade Balance Sheet ◆ Long-Term Track Record of Success ◆ 2025 Highlights 25
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2025 Highlights ◆ Grew Core FFO and AFFO per diluted share by 2.7% over prior-year results, respectively, to $3.41 and $3.44, respectively ◆ Increased ABR by 7.8% over the prior-year results to $928.1 million ◆ Closed on $931.0 million of investments, at an initial cash cap rate of 7.4% and weighted average lease term of 17.6 years ◆ Sold 116 properties for $190.5 million, including $90.7 million of income-producing properties at a weighted average cap rate of 6.4% ◆ Raised $85.4 million in gross proceeds from the issuance of 1,992,955 common shares at an average price per share of $42.86 ◆ Issued $500 million principal amount of 4.600% senior unsecured notes due February 2031 ◆ Redeemed $400 million principal amount of 4.000% senior unsecured notes due November 2025 ◆ Closed on a $300 million senior unsecured delayed draw term loan facility due February 2029 ◆ Maintained balance sheet flexibility with a sector-leading weighted average debt maturity of 10.8 years, no encumbered assets, and $1.2 billion of total available liquidity ◆ Paid an annual dividend per common share of $2.36, representing a 3.1% increase over 2024, marking the 36th consecutive year of annual dividend increases — the third longest record of consecutive annual dividend increases of all public REITs ◆ Delivered a 12.0% total average annual shareholder return over the past 25 years 26
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Appendix 27
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NNN Attributes ◆ Triple-net, long-term leases ◆ Small properties – average $3 million and average GLA of 11 thousand square feet ◆ High land value per asset ◆ Net leases reduce volatility of returns – rent growth drops to bottom line ◆ Fragmented non-institutional competition; NNN is a clear leader ◆ Structured sale-leaseback acquisitions at great initial cap rates ◆ Excellent capital recycling track record ◆ Strong balance sheet with limited near-term maturities ◆ Solid earnings profile with lower risk ◆ 36 consecutive years of increased annual dividends 28
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Diversification Reduces Risk Nationwide Reach (As a percentage of annual base rent – December 31, 2025) Top States by Number of Properties Texas 594 Florida 270 Ohio 215 Illinois 179 Georgia 172 Properties 3,692 Tenants 400+ Lines of Trade 35+ WEST 128 Properties 4.3% ROCKY MOUNTAIN 221 Properties 7.5% SOUTH 888 Properties 24.6% MIDWEST 1,030 Properties 24.5% SOUTHEAST 992 Properties 25.3% NORTHEAST 433 Properties 13.8% 29
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Lease Expirations 30 0% 10% 20% 30% 40% 50% 60% 70% 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter (As a percentage of annual base rent – December 31, 2025) 2.1% 6.3% 4.9% 4.2% 4.7% 7.9% 4.9% 4.3% 5.9% 54.8% Weighted average remaining lease term of 10.2 years Only 8.4% of leases expire through 2027 Historically, tenants renew 84% of expiring leases at 99% of prior rent
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Cost of Capital in Making Capital Allocation Decisions 31 Driving Per Share Growth – Return on Equity Hurdles / Cost of Capital View Matters Differing Views on the Return on Equity in making Capital Allocation Decisions (all other variables the same) NNN’s View “Economic / Expected Return Cost of Equity” Dividend Yield 5.6% Dividend per share growth 3.8% FFO per share growth 3.8% Weighting Cost Wtd Avg Debt * 40% 5.25% 2.10% Common Equity 60% 8.50% 5.10% 100.0% 7.20% Other REITs’ View “Cash / Accounting Cost of Equity” (inverse of FFO multiple driven) Weighting Cost Wtd Avg Debt * 40% 5.25% 2.10% Common Equity 60% 6.50% 3.90% 100.0% 6.00% Reflects a focus on per share value creation Promotes selectivity Supports a focus on asset growth Promotes lower return acquisitions *Ten+ year, fixed rate debt only
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Accretion Curve Per Share Accretion Equivalents For Varying Acquisition Volume and Cap Rates (Leverage Neutral) 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 Cap Rate Acquisition Volume (Millions) 32
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Historical Lease Renewals Leases renewed within 18 months of expiration ◆ 2010 through 2025: ◆ 84% of leases renewed – 1,200 leases out of 1,427 (227 tenants) ◆ 70% above prior rent, 23% below prior rent and 7% at prior rent ◆ 99% ($243.2 million) of prior rent ($246.6 million) – excluding 61 outliers, 102% of prior rent ◆ $12.7 million of T.I./capital expenditures – not inclined to “buy” higher rent ◆ 2025 Tenant Improvements expected to generate about a 9% incremental return on incremental capital 33 Percentages in table represent the change from prior rent. 31 Leases (101%) 16 Leases (79%) 39 Leases (95%) 39 Leases (87%) 32 Leases (101%) 40 Leases (100%) 139 Leases (101%) 46 Leases (103%) 58 Leases (97%) 81 Leases (104%) 76 Leases (100%) 122 Leases (95%) 91 Leases (82%) 109 Leases (107%) 94 Leases (98%) 187 Leases (106%) $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Annual Rent (in thousands) Prior Rent Renewal Rent T.I. / Capital Expenditures
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Top 20 Lines of Trade Line of Trade % of ABR(1) # of Properties # of Tenants # of States 1. Automotive service 18.6% 740 48 39 2. Convenience stores 16.3% 685 30 30 3. Restaurants – limited service 7.9% 620 61 37 4. Entertainment 7.2% 97 8 26 5. Dealerships 6.6% 111 20 29 6. Restaurants – full service 6.4% 333 72 38 7. Health and fitness 3.9% 37 8 19 8. Theaters 3.7% 33 5 16 9. Automotive parts 3.2% 143 7 34 10. Equipment Rental 3.1% 105 4 25 11. Wholesale clubs 2.3% 13 1 6 12. Drug stores 2.0% 60 3 18 13. Home improvement 1.9% 49 10 20 14. Medical service providers 1.8% 87 29 25 15. Pet supplies and services 1.7% 59 12 30 16. Early childhood education 1.4% 61 6 20 17. Discount retail 1.4% 67 7 19 18. Furniture 1.2% 43 14 18 19. Travel plazas 1.2% 24 4 5 20. Consumer electronics 1.1% 16 1 12 Other 7.1% 309 85 38 Total 100.0% 3,692 (1) Based on Annualized Base Rent (“ABR”) of $928,081,000 at December 31, 2025, which represents the monthly cash base rent for all leases in place as of the end of the period multiplied by 12. 34 As of December 31, 2025
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Top 20 Tenants Tenant Primary Line of Trade # of Properties % of ABR(1) 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 Inc. 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 20 2.4% 9. BJ’s Wholesale Club Wholesale clubs 13 2.3% 10. LA Fitness Health and fitness 25 2.2% 11. Mavis Tire Express Services Automotive service 140 2.1% 12. Couche-Tard Convenience stores 92 2.0% 13. Chuck E. Cheese Entertainment 51 1.7% 14. Walgreens Drug stores 49 1.7% 15. Sunoco Convenience stores 53 1.7% 16. United Rentals Equipment rental 49 1.6% 17. Casey’s General Stores Convenience stores 62 1.6% 18. Tidal Wave Auto Spa Automotive service 35 1.4% 19. Super Star Car Wash Automotive service 33 1.3% 20. BMW Kar Wash Automotive service 40 1.2% Other 2,274 54.0% Total 3,692 100.0% (1) Based on ABR of $928,081,000 at December 31, 2025. 35 As of December 31, 2025
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NNN Acquisitions Approach has Multiple Advantages ◆ Acquiring properties directly from tenants produces more efficient pricing and higher initial returns ◆ NNN assess discrete risks vs. ◆ More risks/unknowns in value-add, development, or ◆ Typical lower yielding real estate investment ◆ Each deal is structured based on its unique characteristics: ◆ Real estate attributes ◆ Tenant corporate credit analysis ◆ Property (store) level data 36
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NNN Approach to Net Lease Acquisitions Due Diligence and Determination of Proceeds & Terms ◆ The chart to the right summarizes areas of focus, which: a) determine interest in a transaction, and b) drive specific negotiation of the terms, rates and proceeds of each deal ◆ This sale-leaseback approach to acquisitions produces multiple advantages for NNN versus many REIT peers, and particularly shopping center / mall REIT competitors ◆ NNN’s ability to assess these discrete risks in a single-tenant, sale-leaseback transaction has enabled efficient pricing, higher initial returns and more stable cash flows versus the higher and greater unknowns associated with: a) value-add investing, b) new construction / development transactions, and / or, c) lower-yielding, core investment strategies Real Estate Attributes Asset-Level Performance Market Conditions Corporate Credit Transaction Proceeds & Terms ◆ Property location ◆ Underlying land value ◆ Area demographics ◆ Market rent / similar transaction comparables ◆ Location of competitors ◆ Alternative use ◆ Replacement cost analysis ◆ Local market conditions ◆ Parking ◆ Access ◆ Co-tenants ◆ Visibility ◆ Traffic counts ◆ Age of improvements ◆ Competitive positioning ◆ Management team track record / vision ◆ Credit analysis / leverage profile ◆ Pending maturities ◆ Use of transaction proceeds ◆ Fixed charge and rent coverage ◆ Historical sales and profitability ◆ Sales & Profit trends ◆ Revenue drivers and margins ◆ Rent as a % of Sales ◆ Corp. G & A allocation ◆ Rent coverage ◆ Comparison with similar stores ◆ Remaining lease term ◆ Newest prototype ◆ Capital markets environment ◆ Current conditions in tenants’ industry / market(s) ◆ Local and national economy ◆ NNN cost of capital ◆ Cap rate trends ◆ Legislative risk 37
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NNN’s Disposition Approach ◆ Since 2005, sold 993 properties generating net proceeds of approximately $2.6 billion ◆ Disposition expertise provides ability to sell properties: ◆ That do not meet hold criteria ◆ To better control tenant and line of trade concentrations ◆ Making NNN a more attractive buyer ◆ Enhances acquisition returns via higher effective cap rate on retained properties ◆ Keeps NNN apprised of market valuation and concept demands trends NNN’s proven disposition strategy strengthens portfolio quality and long-term earnings by reinvesting at higher return rates 38
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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 39 Community Engagement 200+ service hours annually Proud to be recognized as one of America’s Most Responsible Companies by Newsweek Magazine. 48% <5 yrs 15% 5-10 yrs 37% > 10 years
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800-NNN-REIT www.nnnreit.com 40