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NNN REIT NYSE : NNN DURABLE GROWTH INVESTOR PRESENTATION ◆ AUGUST 2026
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(All data as of June 30, 2026) Unless otherwise indicated, all NNN REIT, Inc. (NNN or the “Company”) financial information is as of or for the period ended June 30, 2026. Unless otherwise indicated, all demographic data is sourced from ESRI. Statements in this presentation 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 world economy. Additional information concerning these and other factors could cause actual results to differ materially from these forward-looking statements is contained from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”), including, but not limited to, the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Copies of each filing may be obtained from the Company or the SEC. Such forward-looking statements should be regarded as solely reflections of the Company’s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this presentation. NNN 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. Use of Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures, including AFFO, EBITDAre, and Net Debt, which should only be considered as supplemental to, and not as superior to, financial measures prepared in accordance with generally accepted accounting principle (“GAAP”). Please refer to the Company’s earnings press release for the period covered by this presentation for a reconciliation of these non-GAAP financial measures prepared in accordance with GAAP and definitions and calculation methodologies used for other defined terms used in this presentation. Clients, Trademarks & Logos NNN is not affiliated or associated with, is not endorsed by, does not endorse, and is not sponsored by or a sponsor of the tenants and other companies or of their products or services pictured or mentioned. The names, logos and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies. 2 SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
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BBB+ / Baa1 S&P / MOODY’S CREDIT RATINGS $13.9 BILLION / $8.9 BILLION TOTAL MARKET CAPITALIZATION / EQUITY MARKET CAPITALIZATION 37 YEARS CONSECUTIVE ANNUAL DIVIDEND INCREASES 3,774 / 40.4 MILLION SF # OF PROPERTIES / GROSS LEASABLE AREA 5.2% / 67% DIVIDEND YIELD(1) / AFFO PAYOUT RATIO(2) NNN delivers consistent earnings growth by investing in high-quality, long-term, single-tenant net lease properties with minimal ongoing capital expenditures. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 37 or more consecutive years. NNN AT A GLANCE 3
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5.9% increase year over year PER SHARE AFFO $0.90 Annualized Base Rent of $959.1 million YEAR OVER YEAR GROWTH ABR 7.3% 100% unencumbered assets $1.4 billion of total available liquidity(1) WEIGHTED AVERAGE DEBT MATURITY 10.1 YEARS QUARTERLY INVESTMENTS $291 MILLION CONTINUED HIGH OCCUPANCY RATE 99.1% QUARTERLY DIVIDEND $0.60 PER SHARE 7.3% initial cash cap rate 17.9 years weighted average lease term Up 110 basis points year over year 5.2% annualized dividend yield(2) 67% AFFO payout ratio(3) Q2 2026 HIGHLIGHTS 4
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Since its founding, NNN has taken a long-term view on delivering attractive risk-adjusted returns to shareholders that has resulted in 37 consecutive years of dividend per share growth and a 11.1% annualized total return over the past 25 years. OUR HISTORY 1984 1990 1994 1998 2005 2006 2007 2014 2023 2024 2026 Golden Corral Realty Corp. founded; Gross assets $13 million First dividend increase Listed on NYSE (ticker: NNN) Company renamed Commercial Net Lease Realty Investment- grade debt rating obtained First c-store acquired Company renamed National Retail Properties First car wash acquired Gross assets reach $5B Company renamed NNN REIT Gross assets reach $10B 40th Anniversary of founding 30th Anniversary of NYSE Listing 37th consecutive annual dividend increase Gross assets reach $13B Dividends Per Share 5
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Acquire long-term, high-quality, single-tenant net lease properties Foster strong relationships with tenant partners to create a deep and less macro-sensitive pipeline of potential investments Sell assets that are fully valued, to manage risk and to fund new property acquisitions Diversify the portfolio by tenant, geography and line of trade to minimize event risk Maintain a conservative balance sheet that provides financial flexibility, while supporting the Company’s growth plans Operate with multi-year focus that does not sacrifice long-term success for short-term results Target consistent mid-single digit annual per share earnings growth with a mid-single digit dividend yield OUR STRATEGY 6
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One of only three publicly traded REITs with 37 consecutive annual dividend increases $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 $2.50 1990 1995 2000 2005 2010 2015 2020 2025 Annual Dividend Per Share $5+ BILLION IN DIVIDENDS PAID OUR TRACK RECORD 7
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PERFORMANCE Proven strategy, experienced team and rigorous process have produced consistently strong growth and dividends year-in and year-out DURABILITY Actively manage the portfolio to harvest value, manage risk and optimize rent DISCIPLINE Allocate capital using rigorous, time-tested and data-driven processes FLEXIBILITY Preserve balance sheet flexibility to support growth while protecting downside risk WHY INVEST IN NNN 8
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DISCIPLINE Allocate capital using a rigorous, time-tested and data-driven process
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$12.6B ACQUIRED PROPERTIES 4,058 2006-2025 WELL-OILED INVESTMENT MACHINE 10
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REAL ESTATE QUALITY NNN has been investing in net lease real estate since 1984 and utilizes a proven investment framework that has delivered disciplined growth over multiple decades Location Demographics Competition Real estate Ingress / Egress Visibility Traffic counts Parking Land value CORPORATE CREDIT Competitive positioning Management team quality and track record Sponsorship / Ownership Leverage Fixed charge and rent coverage Capital structure analysis Use of transaction proceeds BASIS Solve for risk through lower cost basis rather than higher rent High percentage of land-to-deal value Attractive pricing vs market comparables Below replacement cost PROPERTY ANALYSIS Historical sales / Profitability Rent as a percentage of sales Rent coverage Rent per square foot Comparable analysis Land value WALT(1) / Tenure Standard lease form PROVEN INVESTMENT PROCESS 11
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SALE-LEASEBACK (SLB) Long lease terms of 15-20 years Tenants “self-select” above-average assets given the long lease commitment Historical and on-going property-level performance data Utilizes NNN’s form lease SPLIT-FUNDED (REVERSE BTS) Fund acquisition of new stores at cost = lower basis for NNN, better 4-wall economics (higher rent coverage) Creates “Repeat Button” pipeline with tenant Provides capital for new construction with limited development risk Utilizes NNN’s form lease, not a third-party developer lease EXISTING LEASED ASSETS Compelling economics (Price point, reasonable rents, high renewal probability) Potential access to clients that do not do SLB or RBTS Historical property-level performance data Shorter execution timing NNN’s acquisitions are focused in three primary areas that each provide unique benefits TARGET ACQUISITIONS 12
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NUMBER OF ACQUISITION CLOSINGS BY DEAL SIZE NNN’s relationship-driven, granular, sale-leaseback model efficiently deploys capital that maximizes earnings accretion without the need to rely on large portfolio acquisitions # OF DEALS OVER $50M 25 FOCUSED ON GRANULAR OPPORTUNITIES AVERAGE DEAL SIZE $14.7M 2016 - 2025 AVERAGE ACQUISITION SIZE PER PROPERTY $3.6M 78 70 40 92 13 36 71 113 35 76 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 >$50M >$5M and <$50M <$5M 13
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28,584 VPD(1) DRIVE-THROUGH SIGNALIZED HARD CORNER, 0.25 MILES WEST OF I-35 FUNGIBLE 3,700 SF BOX REUSABLE 1.3 ACRE LOT TARGET-ANCHORED SHOPPING CENTER HIGH VOLUME HEB SUPERMARKET TWO-WAY INGRESS / EGRESS MULTIPLE ACCESS POINTS Located in a high-income suburb north of Austin, just off interstate 35 and the highly-trafficked W University Ave., with attractive 3-mile average HHI of over $150K. NNN’s Raising Cane’s portfolio has rent coverage over 8x with a current return on capital of 10% HIGH QUALITY REAL ESTATE Raising Cane’s — Georgetown, TX Demographic and traffic data as of 12/31/25 14
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1969 2007 2021 2025 Mister Car Wash is founded in Houston, TX with one location Mister Car Wash IPO. NNN’s relationship with Mister Car Wash expands to 114 properties NNN forms tenant relationship with Mister Car Wash acquiring 36 properties in six states NNN’s relationship with Mister Car Wash thrives with 120 properties across 15 states NNN pioneered the sale-leaseback strategy for Mister Car Wash, enabling them to monetize their real estate. Proceeds helped finance their first chain acquisition and accelerated national M&A growth. EARLY ADOPTER: MISTER CAR WASH NNN AVG COST MARKET SALE COMPS$3.2M $5.0M 15
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NNN can typically “self-fund” about $550 million of acquisitions annually on a leverage neutral basis, with minimal incremental equity issuance INVESTMENTS FUNDING Debt, $220M Dispositions, $100M AFFO less dividends, $200M Equity, $30M 60% Equity 40% Debt Acquisitions, $550M “SELF-FUNDED” CAPITAL DEPLOYMENT Note: For illustrative purposes only and does not reflect guidance for any specific period Total $550M Total $550M 16
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0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% $- $200 $400 $600 $800 Investments above “self-funded” levels are cost of capital dependent “Self-Funded” Incremental Equity Required Capital is judiciously deployed when incremental equity is required Incremental Acquisition Volume ($M)Acquisition Volume ($M) Economic Spread AFFO per Share “Self-funded” acquisitions are highly accretive to per share earnings Additional volume required to generate $0.01/sh on a leverage neutral basis DISCIPLINED CAPITAL DEPLOYMENT $0.05 $0.06 $0.07 $0.08 $0.09 $0.10 $0.11 $0.12 $0.13 $350 $400 $450 $500 $550 $600 $650 $700 $750 $800 $850 17
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25.8% 13.8% 10.3% 8.0% 7.4% 5.3% NNN funds a higher percentage of acquisition volume from internally generated cash than its peers, creating a more sustainable and less market dependent growth model AFFO LESS DIVIDENDS AS % OF ANNUAL ACQUISITION VOLUME 2021-2025 5-Year Average Source: Company Filings as of December 31, 2025 SUSTAINABLE CAPITAL DEPLOYMENT 18 NNN O FCPT EPRT ADC NTST
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NNN utilizes a two-pronged approach when allocating capital that MAINTAINS LEVERAGE NEUTRALITY, while providing a sufficient LONG-TERM RETURN ON CAPITAL and is also sufficiently ACCRETIVE TO PER SHARE EARNINGS JUST BECAUSE OUR STOCK PRICE IS HIGHER TODAY, DOESN’T MEAN THAT THIS TACO BELL IS WORTH MORE Steve Horn, CEO “ ” LONG-TERM RETURN ON CAPITAL Considerations • Cost of debt based on long-term unsecured bond pricing • Cost of equity based on long-term historical risk-adjusted equity REIT returns • Target yields > long-term weighted average cost of capital (“WACC”) Benefits to shareholders • Preserves value through cycles • Drives cash flow growth • Disincentivizes overpaying at peak prices COST OF CAPITAL CONSIDERATIONS NEAR-TERM EARNINGS PER SHARE ACCRETION Considerations • Cost of debt based on long-term unsecured bond pricing • Cost of equity based on AFFO yield • Target yields that provide a sufficient spread over the near-term WACC Benefits to shareholders • Generates sufficient spread to cost of capital • Drives per share earnings growth • Disincentivizes volume for volume sake 19
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DURABILITY Actively manage the portfolio to harvest value, manage risk and optimize rent
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953 PROPERTIES SOLD NET PROCEEDS GENERATED $2.5B 2006-2025 NNN proactively and regularly sells assets to manage the portfolio, provide acquisition funding, and to remain apprised of market valuations and concept demand trends Disposition Drivers: Improve portfolio quality Monetize price dislocations Resolve potential future issues Optimize tenant and line of trade concentrations Reduce vacancies efficiently Limit real estate expense leakage ACTIVE ASSET MANAGEMENT 21
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NNN combines deep industry knowledge and experience with proven processes, refined over its 40+ year operating history, and robust data and reporting systems to actively manage the portfolio, identify disposition candidates, identify new tenants, and to drive high renewal and rent recapture rates with limited tenant improvement expenditures 83% AVERAGE RENEWAL RATE(1) 99% RENEWAL RENT RECOVERY RATE(2) 83% RE-LEASED RENT RECOVERY RATE(3) PORTFOLIO PERFORMANCE Data reflects weighted averages from 2016-2025 GOOD THINGS HAPPEN TO GOOD REAL ESTATE“ ” ACTIVE PORTFOLIO MANAGEMENT 3% TI % OF RELEASED & RENEWAL RENT(4) 22
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DIVERSIFICATION CORPORATE CREDIT PROPERTY-LEVEL PERFORMANCE REAL ESTATE QUALITY & BASIS # of Properties Leverage & Capital Structure Sales & Margins Market Quality Tenant Concentration Competitive Positioning Rent Coverage(1) & Rent to Sales Property Quality Geographic Diversification Management Quality WALT(2) Property Fungibility Lines of Trade Credit Profile Tenant Tenure at Location Cost & Rent Basis Four key factors drive overall portfolio risk Corporate credit can change relatively quickly Acquiring non-Investment Grade (“IG”) tenants reduces cost basis and delivers higher going-in yields Choosing strong national and regional operators increases chances of subsequent credit upgrades Broad diversification limits the impact of individual credit events Strong property level performance reduces the probability of a property being rejected in bankruptcy or not renewing at lease expiration High frictional and construction costs make it harder for tenants to move at expiration Real estate quality is more durable than corporate credit Property fungibility and low basis provides optionality and improves outcomes on recapture of spaces NNN’S VIEW PORTFOLIO RISK FRAMEWORK 23
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14.3 10.1 10.0 8.7 7.7 6.6 EPRT NNN NTST O ADC FCPT EPR Weighted Average Lease Term (years) 99.2% 84.0% 37.2% 13.0% 40.7% 32.0% 51.0% 65.8% EPRT NNN NTST O FCPT ADC EPR ABR Reporting Property Level Financials and IG% % of ABR Providing Property Level Financials % IG …low tenant concentration limits impacts of any single credit event while… …long lease duration limits annual rollover risk and… Higher IG tenancy is used as a proxy for overall portfolio risk, but… Greater property level visibility Not Disclosed Not Disclosed Not Disclosed Not Disclosed Source: Company filings as of June 30, 2026, except O as of March 31, 2026 Not Disclosed MULTI-FACTORED PORTFOLIO RISK MANAGEMENT 15.2% 23.6% 28.7% 30.8% 34.6% 61.2% 63.7% EPRT O NNN NTST ADC FCPT EPR Top 10 Tenants % of ABR 6.7 10.7 11.4 17.9 21.1 22.3 59.5 FCPT NNN EPRT NTST ADC O EPR Average Property Size (GLA/sf, 000's) …more fungible real estate mitigates losses upon moveout Not Disclosed Not Disclosed 24
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Diversified tenancy within flexible lines of trade Note: Colors within bars reflect individual tenants No single tenant > 5% of ABR WELL-DIVERSIFIED TENANCY 18.6% 15.9% 7.7% 7.3% 6.4% 6.3% 3.8% 3.5% 3.2% 3.0% 2.2% 2.2% 1.9% 1.9% 1.9% 1.7% 1.7% 1.2% 1.2% 1.1% Automotive service Convenience stores Restaurants - limited service Entertainment Dealerships Restaurants - full service Health and fitness Theaters Automotive parts Equipment rental Wholesale clubs Early childhood education Drug stores Home improvement Discount retail Medical service providers Pet supplies and services Furniture Travel plazas Automobile auctions 25 4.2% 3.7% 3.5% 3.4% 2.6% 2.4% 2.3% 2.3% 2.2% 2.1% 2.0% 2.0% 1.7% 1.6% 1.6% 1.5% 1.5% 1.4% 1.3% 1.3% 7-Eleven Mister Car Wash Dave & Buster's Camping World Kent Distributors Flynn Restaurant Group GPM Investments AMC Theatres BJ's Wholesale Club LA Fitness Mavis Tire Express Services Couche-Tard Sunoco Chuck E. Cheese Walgreens Casey's General Stores United Rentals Tidal Wave Auto Spa Super Star Car Wash BMW Kar Wash
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89% OF ABR DERIVED FROM SERVICE AND NON-DISCRETIONARY RETAIL TENANTS NNN’s portfolio is largely comprised of inflation, e-commerce, and recession resistant service and non-discretionary tenants SERVICE & NON-DISCRETIONARY RETAIL DISCRETIONARY RETAIL DEFENSIVELY-ORIENTED TENANTS Service & Non-discretionary Retail, 88.6% Discretionary Retail, 11.4% 26
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4.3% 3.9% 3.2% 2.4% 2.2% NNN is geographically well-diversified, operating in all 50 states with the highest concentrations in top MSAs in the South and Southeast where low-income taxes, warm weather, and lower costs of living have driven outsized population, economic, and tenant growth TOP 5 MSAS BY PERCENTAGE OF ABR Dallas, TX MSA Rank: 4 Chicago, IL MSA Rank: 3 Atlanta, GA MSA Rank: 9 Phoenix, AZ MSA Rank: 11 Houston, TX MSA Rank: 5 NORTHEAST 13.6% SOUTHEAST 25.4% SOUTH 24.2% MIDWEST 25.1% ROCKY MTN 7.4% WEST 4.3% % of ABR GEOGRAPHICALLY DIVERSE ATTRACTIVELY POSITIONED IN TOP MSAS Note: MSA rankings based on census data 27
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HARD CORNER WITH HIGH VISIBILITY AMPLE PARKING AND DRIVE AISLES STRONG 3-MILE DEMOGRAPHICS(1) Avg HHI >$100K Population >89K IDEAL LOT AND BUILDING SIZE SUPPORTS MULTIPLE ALTERNATIVE USES 5,321 square foot building on a 1.6-acre lot QSR / fast casual / coffee Casual dining Convenience store Auto services Auto parts Medical retail Bank branches Car wash ATTRACTIVE TRADE AREA Fronts the Marshalls and Home Depot anchored Merriam Town Center that has over 20 million visits per year and is less than 0.25 miles west of interstate 35 SIGNALIZED INTERSECTIONS TWO-WAY ACCESS REUSABLE 1.6 ACRES FUNGIBLE REAL ESTATE Chili’s — Merriam, KS Demographic and traffic data as of 12/31/25 28
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CASE STUDY: CHUCK E. CHEESE In December 2020, Chuck E. Cheese emerged from a COVID-induced Chapter 11 bankruptcy with new and invigorated leadership, significantly improved capital structure and liquidity to support operations and growth DRIVERS OF POSITIVE OUTCOMES FOR NNN STRONG PROPERTY LEVEL PERFORMANCE ESTABLISHED LOCATIONS MASTER LEASES AVERAGE SITE TENURE(2) 28YEARS AVERAGE SITE RENT COVERAGE(3) 2.4x PERCENTAGE OF SITES MASTER LEASED(1) 92% BANKRUPTCY OUTCOMES $705M DEBT ELIMINATED $100M AVAILABLE LIQUIDITY 0 # OF NNN LEASES REJECTED 0% PERMANENT NNN RENT REDUCTION 29
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22 13.0 HIGH QUALITY NON-IG RATED TENANTS BENEFITS OF NON-IG • Long Lease Duration • Property Level Financial Reporting • Higher Lease Escalators • Smaller, Fungible Properties • Utilize NNN’s Form Lease • Higher Going In Cap Rates • Lower Cost Basis • Potential Future Upgrades NON-IG TENANTS ACQUIRED BY IG-RATED FIRMS(1) CURRENT IG-RATED % OF ABR(2) ADVANTAGES OF NON-INVESTMENT GRADE TENANTS NNN’s “mouse trap” focuses on identifying attractive, non- IG rated tenants, with strong property level financials and high-quality real estate that have the potential to achieve IG ratings or be acquired by larger operators with better credit 30
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9.8% OF ANNUAL BASE RENT MINING FOR GEMS NNN has a successful track record of identifying and building relationships with strong regional and national operators that later were acquired by higher credit or IG-rated companies. 31
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2005 2011 2015 2018 NNN forms tenant relationship with Stripes convenience store chain NNN forms tenant relationship with convenience store operator C.L. Thomas 7-Eleven Corp. acquires 143 stores from C.L. Thomas, including all NNN-owned locations 7-Eleven Corp. acquires 1,030 properties from Sunoco which includes all Stripes locations owned by NNN As a result of these acquisitions, 7-Eleven became NNN’s largest individual tenant while NNN gained the benefits of a credit upgrade without paying higher premiums that come with buying IG-rated real estate. 2013 Sunoco purchases Susser Holdings which included 680 Stripes locations CASE STUDY: 7-ELEVEN $2.6M $8.7MNNN AVG COST MARKET SALE COMPS 32
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A key aspect of risk mitigation is not only in what you buy but also what you don’t 0% NNN COLLECTIVE EXPOSURE AVOIDING RISK 33
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FLEXIBILITY Preserve balance sheet flexibility to support growth while protecting downside risk
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Preserve balance sheet flexibility to support growth, while protecting against downside risk under a variety of macroeconomic environments S&P / MOODY’S CREDIT RATING BBB+ / Baa1 Guiding Principles Preserve high levels of liquidity to support business needs Maintain low leverage to minimize risk Maintain a well-laddered debt maturity schedule and proactively address debt maturities to limit refinancing risk Utilize revolver as temporary financing to support investment timing, not as a permanent source of capital Limit floating interest rate exposure and utilize hedges to increase earnings visibility, not to speculate on rates Limit use of secured financing to maximize operational flexibility Match duration of assets and liabilities METRIC TARGET 2Q26 Revolver Utilization <50% 2.4%(1) Net Debt to EBITDAre + / - 5.5x 5.7x Floating Rate Debt Mix <=10% 2.5%(2) Secured Debt Mix <=10% 0% WALT / Debt Duration ≈ 10.1 yrs / 10.1 yrs MAINTAINING BALANCE SHEET STRENGTH 35
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$ IN MILLIONS Well-laddered debt maturities with no outsized maturity years and a net lease sector-leading debt duration limits refinancing risks and insulates NNN from interest rate headwinds facing the industry AVERAGE DEBT DURATION 10.1 YEARS LONG DURATION & WELL-LADDERED DEBT 36 $350 $400 $429 $500 $400 $500 $500 $500 $300 $300 $450 $450
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Maintaining a high level of immediate liquidity creates a safety net around the business that has allowed NNN to thrive in various macroeconomic environments and to play both offense and defense as needed $1.4 BILLION OF TOTAL LIQUIDITY(1) HISTORY OF PRUDENT LIQUIDITY MANAGEMENT AMPLE LIQUIDITY $1,271 $941 $973 $1,209 $1,158 2021 2022 2023 2024 2025 Total Liquidity ($M) 37 Revolver Availability $1,172M Debt Maturing through 2027 $750M Forward Equity $272M Cash $4.2M Excess Liquidity $698M
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19.5% 18.1% 17.6% 14.9% 13.3% 8.5% 4.7% FCPT NTST EPRT EPR NNN ADC O Liquidity % of Equity Market Cap 10.1 5.3 5.3 4.6 3.6 2.9 2.9 NNN ADC O EPRT NTST FCPT EPR Average Debt Duration (years) Longest duration amongst peers limits rate refinancing headwinds Low floating rate debt decreases cash flow volatility Note: Excludes the impact of undrawn forward equity Unencumbered properties maximize operational flexibility High liquidity provides growth capital and downside protection FLEXIBLE CAPITAL STRUCTURE 100.0% 100.0% 100.0% 99.4% 99.2% 98.9% 97.7% NNN FCPT EPRT NTST EPR ADC O % Unsecured Debt 38 0.0% 0.0% 2.5% 7.3% 10.9% 12.9% 14.1% FCPT EPRT NNN O EPR ADC NTST % of Floating Rate Debt Source: Company filings as of June 30, 2026, except O as of March 31, 2026
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PERFORMANCE Proven strategy, experienced team and rigorous process have produced consistently strong growth and dividends year-in and year-out
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SEASONED LEADERSHIP WITH A DEEP BENCH STEPHEN A. HORN, JR. PRESIDENT & CEO Total Experience 27 years NNN Tenure 22 years VINCENT H. CHAO EVP , CFO Total Experience 27 years NNN Tenure 1 year GINA M. STEFFENS EVP , GC Total Experience 22 years NNN Tenure 2 years JONATHAN A. ADAMO EVP , CPO Total Experience 25 years NNN Tenure 23 years MICHELLE L. MILLER EVP , CA & TO Total Experience 34 years NNN Tenure 27 years JOSHUA P . LEWIS EVP , CIO Total Experience 31 years NNN Tenure 18 years ASSOCIATES WITH TENURE OF 5 YEARS OR LONGER 52% AVERAGE SENIOR MANAGEMENT TENURE 2028 YEARS YEARS AVERAGE EXECUTIVE EXPERIENCE 40
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2,535 2,764 2,969 3,118 3,143 3,223 3,411 3,532 3,568 3,692 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TOTAL # OF PROPERTIES TOTAL PROPERTIES YEAR ACQUISITION VOLUME ($M) $847 $755 $716 $752 $180 $555 $848 $820 $565 $931 WTD. AVG CAP RATE 6.9% 6.9% 6.8% 6.9% 6.5% 6.5% 6.4% 7.3% 7.7% 7.4% NNN consistently acquires properties to grow earnings and diversify the portfolio, having increased the total property count by an average of over 5% annually since 2015 DEMONSTRATED CAPITAL DEPLOYMENT 41
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YEAR DISPOSITION PROCEEDS ($M) $103 $97 $148 $126 $54 $122 $65 $116 $149 $190 WTD. AVG. CAP RATE 6.8% 6.0% 5.1% 5.9% 6.1% 7.4% 5.9% 5.9% 7.3% 6.4% NNN consistently sells assets to monetize fully-valued assets and proactively mitigate portfolio risk, reinvesting more than $1 billion of sale proceeds into new investments since 2016 DEMONSTRATED ASSET MANAGEMENT 38 48 61 59 38 74 33 45 41 116 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 # OF PROPERTIES SOLD DISPOSITIONS 42
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NNN consistently accesses the debt and equity capital markets to fund investments on a leverage neutral basis HISTORICAL CAPITAL RAISES DEMONSTRATED ACCESS TO CAPITAL YEAR UNSECURED BONDS ($M) $350 $400 $700 $- $700 $900 $- $500 $500 $500 EQUITY ($M) $278 $257 $346 $543 $126 $4 $254 $32 $217 $85 PREFERRED EQUITY ($M) $345 $- $- $- $- $- $- $- $- $- $973 $657 $1,046 $543 $826 $904 $254 $532 $717 $585 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 43
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60% 70% 80% 90% 100% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 OCCUPANCY RATE NNN REIT Industry NNN Avg REIT Avg 98.3% NNN AVERAGE 91.6% REIT AVERAGE Global Financial Crisis COVID-19 Pandemic Note: REIT industry excludes Hotels & Health Care Sectors NNN’s cycle-tested portfolio, proven acquisition model, and active portfolio management strategy have resulted in consistently high occupancy levels over decades and through challenging economic cycles DEMONSTRATED PORTFOLIO PERFORMANCE 44
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$2.27 $2.41 $2.54 $2.68 $2.80 $2.68 $3.06 $3.21 $3.26 $3.35 $3.44 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Reported AFFO per Share COVID-19 Related Deferred Rent 4.2% ANNUALIZED AFFO/SH GROWTH DEMONSTRATED LONG-TERM EARNINGS GROWTH NNN has averaged over 4% AFFO per share growth annually as attractive cost of capital has allowed the company to accretively acquire assets above “self-funded” levels 45
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Rent Escalators Expense Leverage Self-Funded Acquisitions Baseline Growth Cost of Capital Dependent Acquisitions Target Growth Note: The analysis is not intended to provide guidance for any given period and is shown for illustrative purposes only under the specific assumptions indicated above. UNDERLYING ANNUAL ASSUMPTIONS OCCUPANCY Unchanged RENT ESCALATORS Assumes portfolio average rent escalator DEBT REFINANCING Assumes $400M of debt refinanced at 1% higher average rate “SELF-FUNDED” ACQUISITIONS Assumes $550M of acquisitions, funded via a leverage-neutral mix of $200M of AFFO less dividend, $100M of dispositions, $30M of new equity and $220M of incremental new debt COST OF CAPITAL DEPENDENT ACQUISITIONS Assumes acquisitions, funded via a leverage-neutral mix of new equity and incremental new debt ILLUSTRATIVE GROWTH MODEL NNN’s baseline “self-funded” earnings growth, absent unusual or non-recurring revenues or expenses, is estimated to be 3-4% with upside fueled by cost of capital dependent acquisition volume TARGET LONG-TERM ANNUAL EARNINGS GROWTH ~1.5% ~(0.5%) ~2.5% ~3.5% Rent Escalators Debt Refinance “Self-Funded” Acquisitions Baseline Growth Cost of Capital Dependent Acquisitions Target Growth 0.5 to 1.5% 4.0% to 5.0% 46
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NNN’s people-first culture drives associate engagement, strengthens business ownership, and promotes lasting careers OUR PEOPLE & CULTURE LEARNING & DEVELOPMENT Encouraging associates to learn other aspects of NNN’s business through cross-training and job shadowing Providing opportunities for associates to attend in-person and virtual conferences for continuing professional education and certification Hosting educational seminars on topics such as cyber security & IT, personal finance, and health & wellness Access to the LinkedIn Learning platform with 24/7 availability to digital content from leading sources across many subjects COMMUNITY ENGAGEMENT ACCOLADES NNN associates contribute over 350 service hours annually to a variety of organizations across the greater Orlando, FL region. Our focus on employee development along with community engagement have earned us numerous accolades from various trade groups and publications. 5-YR ENGAGEMENT SURVEY PARTICIPATION RATE 94% 5-YR AVERAGE RETENTION RATE 90% Data as of 12/31/25 47
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Slide 3 (1) Dividend yield is based on the second quarter 2026 annualized dividend of $2.40 and a closing price of $46.53 on June 30, 2026 (2) Payout Ratio calculated as total dividends paid as a percentage of AFFO for the period Slide 4 (1) Total available liquidity includes $1.2 billion of unused line of credit capacity, $272.1 million of outstanding forward equity, and $4.2 million of cash as of June 30, 2026 (2) Dividend yield is based on the second quarter 2026 annualized dividend of $2.40 and a closing price of $46.53 on June 30, 2026 (3) Payout Ratio calculated as total dividends paid as a percentage of AFFO for the period Slide 11 (1) Weighted Average Lease Term Slide 14 (1) VPD = vehicles per day Slide 22 (1) Average Renewal Rate reflects the number of leases renewed divided by the number of leases that expired over a given period (2) Renewal Rent Recovery Rate reflects the total new ABR of leases that renewed divided by the total ABR prior to renewal over a given period (3) Re-leased Rent Recovery Rate reflects the total new ABR of leases that were previously vacant divided by the total ABR prior to the vacancy over a given period (4) TI % of Released & Renewal Rent reflects tenant improvements associated with leasing activity divided by the released and renewal rent over the life of the leases over a given period Slide 23 (1) Rent Coverage reflects EBITDAR divided by rent (2) Weighted Average Lease Term Slide 28 (1) Demographics data sourced from Regis Online (https://regis.sitesusa.com/), as of December 31, 2025 Slide 29 (1) Percentage of Sites Master Leased reflects 49 of 53 assets subject to master leases as of March 31, 2020, prior to CEC Entertainment’s bankruptcy filing on June 25, 2020 (2) Average Site Tenure equals number of years the tenant has operated at the site (3) Average Site Rent Coverage reflects EBITDAR divided by rent as of December 31, 2019, prior to COVID impacts on the business Slide 30 (1) Non-IG Tenants Acquired by IG-Rated Firms refers to tenants that were non-IG rated at the time of leasing or acquisition by NNN, but were subsequently acquired by IG-rated companies (2) Percentage of ABR as of June 30, 2026 Slide 35 (1) Revolver Utilization reflects the outstanding line of credit balance of $28.5 million as of June 30, 2026, divided by the $1.2 billion total capacity of the line of credit (2) Reflects the outstanding line of credit balance of $28.5 million as of June 30, 2026, divided by total gross debt outstanding of $5.1 billion Slide 37 (1) Total liquidity includes $1.2 billion of unused line of credit capacity , $272.1 million of outstanding forward equity, and $4.2 million of cash as of June 30, 2026 FOOTNOTES 48
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