NNN REIT, Inc. Announces Third Quarter 2025 Results and Increased 2025 Guidance

PR Newswire

ORLANDO, Fla., Nov. 4, 2025

	September 30,				September 30,
(dollars in thousands, except per share data)	2025		2024		2025		2024
Revenues	$	230,159	$	218,564	$	687,815	$	650,784

Net earnings	$	96,839	$	97,904	$	293,826	$	298,941
Net earnings per share	$	0.51	$	0.53	$	1.56	$	1.63

FFO	$	158,676	$	154,171	$	474,585	$	457,812
FFO per share	$	0.84	$	0.84	$	2.53	$	2.50

Core FFO	$	159,366	$	154,327	$	477,639	$	458,438
Core FFO per share	$	0.85	$	0.84	$	2.54	$	2.50

AFFO	$	161,063	$	155,701	$	482,601	$	462,556
AFFO per share	$	0.86	$	0.84	$	2.57	$	2.52

(dollars in thousands)	2025			2025			2024
Number of properties		3,697			3,663			3,549
Total gross leasable area (square feet)		39,209,000			38,322,000			36,550,000
Occupancy rate		97.5	%		98.0	%		99.3	%
Weighted average remaining lease term (years)		10.1			9.8			10.0
ABR	$	912,218		$	893,782		$	850,976

(dollars in thousands)	2025			2025
Total dollars invested⁽¹⁾	$	283,027		$	747,956
Number of properties		57			184
Gross leasable area (square feet)⁽²⁾		1,120,000			3,350,000
Weighted average cap rate⁽³⁾		7.3	%		7.4	%
Weighted average lease term (years)		17.8			17.8


⁽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.

	Quarter Ended September 30, 2025								Nine Months Ended September 30, 2025
(dollars in thousands)	Occupied			Vacant		Total			Occupied			Vacant		Total
Number of properties		12			11		23			31			25		56
Gross leasable area (square feet)		81,000			111,000		192,000			301,000			321,000		622,000
Net sale proceeds	$	22,309		$	19,027	$	41,336		$	60,376		$	48,047	$	108,423
Weighted average cap rate⁽¹⁾		5.9	%		—		5.9	%		5.8	%		—		5.8	%


⁽¹⁾	Calculated as the cash annual base rent divided by the total gross proceeds received for the occupied properties.

(dollars in millions, except per diluted share data)	Guidance	Guidance
impairment losses and retirement and severance costs	$1.93 - $1.98	$1.93 - $1.97
Real estate depreciation and amortization per share	$1.41	$1.43
Core FFO per share	$3.34 - $3.39	$3.36 - $3.40
AFFO per share	$3.40 - $3.45	$3.41 - $3.45
General and administrative expenses	$47 - $48	$47 - $48
Real estate expenses, net of tenant reimbursements	$17 - $18	$17 - $18
Acquisition volume	$600 - $700	$850 - $950
Disposition volume	$120 - $150	$170 - $200

NNN REIT, Inc. Balance Sheet Summary (dollars in thousands) (unaudited)

	2025		2024
Assets:
Real estate portfolio, net of accumulated depreciation and amortization	$	9,204,697	$	8,746,168
Cash and cash equivalents		157,917		8,731
Restricted cash and cash held in escrow		776		331
Receivables, net of allowance of $573 and $617, respectively		2,266		2,975
Accrued rental income, net of allowance of $3,325 and $4,156, respectively		33,897		34,005
Debt costs, net of accumulated amortization of $29,174 and $27,002, respectively		6,973		8,958
Other assets		73,580		71,560
Total assets	$	9,480,106	$	8,872,728

Liabilities:
Notes payable, net of unamortized discount and unamortized debt costs	$	4,870,460	$	4,373,803
Accrued interest payable		79,926		29,699
Other liabilities		109,357		106,951
Total liabilities		5,059,743		4,510,453

Total equity		4,420,363		4,362,275

Total liabilities and equity	$	9,480,106	$	8,872,728

Common shares outstanding		189,884,648		187,540,929

NNN REIT, Inc. Income Statement Summary (dollars in thousands, except per share data) (unaudited)

	September 30,				September 30,
	2025		2024		2025		2024
Revenues:
Rental income	$	229,773	$	218,155	$	686,845	$	649,120
Interest and other income from real estate transactions		386		409		970		1,664
		230,159		218,564		687,815		650,784

Operating expenses:
General and administrative		11,056		11,209		35,281		35,582
Real estate		9,128		7,263		27,341		21,175
Depreciation and amortization		67,252		63,369		200,218		186,487
Leasing transaction costs		131		22		335		75
Impairment losses – real estate, net of recoveries		7,195		760		13,242		2,908
Retirement and severance costs		690		156		3,054		626
		95,452		82,779		279,471		246,853
Gain on disposition of real estate		12,570		7,765		32,581		30,207
Earnings from operations		147,277		143,550		440,925		434,138

Other expenses (revenues):
Interest and other income		(2,940)		(845)		(3,284)		(1,940)
Interest expense		53,378		46,491		150,383		137,137
		50,438		45,646		147,099		135,197

Net earnings	$	96,839	$	97,904	$	293,826	$	298,941

Weighted average shares outstanding:
Basic		187,838,711		184,007,176		187,200,093		182,757,097
Diluted		188,332,789		184,561,431		187,686,331		183,301,570

Net earnings per share available to stockholders:
Basic	$	0.51	$	0.53	$	1.57	$	1.63
Diluted	$	0.51	$	0.53	$	1.56	$	1.63

NNN REIT, Inc. Other Information (dollars in thousands) (unaudited)

	September 30,				September 30,
	2025		2024		2025		2024
Rental income from operating leases^{(1) (2)}	$	225,053	$	213,447	$	670,823	$	634,088
Earned income from direct financing leases⁽¹⁾	$	111	$	116	$	337	$	353
Percentage rent⁽¹⁾	$	211	$	200	$	1,381	$	1,347

Real estate expenses reimbursed from tenants⁽¹⁾	$	4,398	$	4,392	$	14,304	$	13,332
Real estate expenses		(9,128)		(7,263)		(27,341)		(21,175)
Real estate expenses, net of tenant reimbursements	$	(4,730)	$	(2,871)	$	(13,037)	$	(7,843)

Amortization of debt costs	$	1,630	$	1,450	$	4,574	$	4,538
Non-real estate depreciation expense	$	44	$	101	$	130	$	327


⁽¹⁾	For the quarters ended September 30, 2025 and 2024, the aggregate of such amounts is $229,773 and $218,155, respectively, and $686,845 and $649,120, for the nine months ended September 30, 2025 and 2024, respectively, and is classified as rental income on the income statement summary.
⁽²⁾	Includes lease termination fees of $669 and $3,860 for the quarters ended September 30, 2025 and 2024, respectively, and $11,121 and $10,152 for the nine months ended September 30, 2025 and 2024, respectively.

NNN REIT, Inc. Reconciliation of Non-GAAP Financial Measures (dollars in thousands, except per share data) (unaudited)

	September 30,						September 30,
	2025			2024			2025			2024
Net earnings	$	96,839		$	97,904		$	293,826		$	298,941
Real estate depreciation and amortization		67,212			63,272			200,098			186,170
Gain on disposition of real estate		(12,570)			(7,765)			(32,581)			(30,207)
recoveries		7,195			760			13,242			2,908
FFO		158,676			154,171			474,585			457,812
Retirement and severance costs		690			156			3,054			626
Core FFO		159,366			154,327			477,639			458,438
Straight-line accrued rent, net of reserves		(631)			(123)			(715)			8
Net capital lease rent adjustment		62			56			184			164
Below-market rent amortization		(68)			(109)			(1,781)			(351)
Stock based compensation expense		2,791			2,818			9,194			9,041
Capitalized interest expense		(457)			(1,268)			(1,920)			(4,744)
AFFO	$	161,063		$	155,701		$	482,601		$	462,556

FFO per share:
Basic	$	0.84		$	0.84		$	2.54		$	2.51
Diluted	$	0.84		$	0.84		$	2.53		$	2.50

Core FFO per share:
Basic	$	0.85		$	0.84		$	2.55		$	2.51
Diluted	$	0.85		$	0.84		$	2.54		$	2.50

AFFO per share:
Basic	$	0.86		$	0.85		$	2.58		$	2.53
Diluted	$	0.86		$	0.84		$	2.57		$	2.52

Dividend per share	$	0.600		$	0.580		$	1.760		$	1.710
AFFO payout ratio⁽¹⁾		70	%		68	%		68	%		67	%


⁽¹⁾	Calculated as total dividends paid as a percentage of AFFO for each respective period.

NNN REIT, Inc. Reconciliation of Non-GAAP Financial Measures (continued) (dollars in thousands) (unaudited)

	September 30,				September 30,
	2025		2024		2025		2024
Net earnings	$	96,839	$	97,904	$	293,826	$	298,941
Interest expense		53,378		46,491		150,383		137,137
Depreciation and amortization		67,252		63,369		200,218		186,487
Gain on disposition of real estate		(12,570)		(7,765)		(32,581)		(30,207)
recoveries		7,195		760		13,242		2,908
EBITDAre	$	212,094	$	200,759	$	625,088	$	595,266

Interest expense	$	53,378	$	46,491	$	150,383	$	137,137
Add back: capitalized interest		457		1,268		1,920		4,744
Fixed charges	$	53,835	$	47,759	$	152,303	$	141,881

	2025		2024
Total assets	$	9,480,106	$	8,872,728
Accumulated depreciation & amortization		2,225,580		2,065,520
Amortization of direct financing leases		2,840		2,655
Gross Assets	$	11,708,526	$	10,940,903

Debt outstanding:
Line of credit	$	—	$	—
unamortized debt costs		4,870,460		4,373,803
Total Debt		4,870,460		4,373,803
Unamortized note discount		47,983		46,437
Unamortized debt costs		31,557		29,760
Gross Debt		4,950,000		4,450,000
Total Cash		(158,693)		(9,062)
Net Debt	$	4,791,307	$	4,440,938

NNN REIT, Inc. Debt Summary As of September 30, 2025 (dollars in thousands) (unaudited)

Unsecured Debt	Principal		Discount		Rate			Rate			Maturity Date
Line of credit payable	$	—	$	—	87.5 bps				—		April 2028

Unsecured notes payable:
2025		400,000		399,985		4.000	%		4.029	%	November 2025
2026		350,000		349,455		3.600	%		3.733	%	December 2026
2027		400,000		399,622		3.500	%		3.548	%	October 2027
2028		400,000		399,004		4.300	%		4.388	%	October 2028
2030		400,000		399,381		2.500	%		2.536	%	April 2030
2031		500,000		496,053		4.600	%		4.766	%	February 2031
2033		500,000		490,274		5.600	%		5.905	%	October 2033
2034		500,000		494,475		5.500	%		5.662	%	June 2034
2048		300,000		296,283		4.800	%		4.890	%	October 2048
2050		300,000		294,667		3.100	%		3.205	%	April 2050
2051		450,000		442,364		3.500	%		3.602	%	April 2051
2052		450,000		440,454		3.000	%		3.118	%	April 2052
Total		4,950,000		4,902,017

Total unsecured debt⁽¹⁾	$	4,950,000	$	4,902,017

Debt costs			$	(48,020)
Accumulated amortization				16,463
Debt costs, net of accumulated amortization				(31,557)
unamortized debt costs			$	4,870,460


⁽¹⁾		Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 10.7 years.

NNN REIT, Inc. Debt Summary – Continued As of September 30, 2025 (unaudited)

Credit Metrics

	2025	2024
Gross Debt / Gross Assets	42.3 %	40.7 %
Net Debt / EBITDAre (last quarter annualized)	5.6	5.6
EBITDAre / fixed charges	4.1	4.2

Key Covenants	Required	2025
Unsecured Bank Credit Facility:
Maximum leverage ratio	< 0.60	0.39
Minimum fixed charge coverage ratio	> 1.50	4.18
Maximum secured indebtedness ratio	< 0.40	—
Unencumbered asset value ratio	> 1.67	2.62
Unencumbered interest ratio	> 1.75	4.07
Unsecured Notes:
Limitation on incurrence of total debt	≤ 60%	42 %
Limitation on incurrence of secured debt	≤ 40%	—
Debt service coverage ratio	≥ 1.5	4.1
Maintenance of total unencumbered assets	≥ 150%	240 %

NNN REIT, Inc. Property Portfolio As of September 30, 2025

Top 20 Lines of Trade

		% of ABR
		As of September 30,
	Lines of Trade	2025	2024
1.	Automotive service	18.4 %	17.0 %
2.	Convenience stores	16.2 %	15.9 %
3.	Restaurants – limited service	8.0 %	8.4 %
4.	Entertainment	7.2 %	7.2 %
5.	Dealerships	6.6 %	5.6 %
6.	Restaurants – full service	6.5 %	8.3 %
7.	Health and fitness	4.0 %	4.0 %
8.	Theaters	3.8 %	4.0 %
9.	Automotive parts	3.2 %	2.4 %
10.	Equipment rental	3.1 %	3.2 %
11.	Wholesale clubs	2.3 %	2.4 %
12.	Drug stores	2.0 %	2.2 %
13.	Home improvement	1.9 %	2.1 %
14.	Medical service providers	1.9 %	1.8 %
15.	Pet supplies and services	1.7 %	1.3 %
16.	Discount retail	1.4 %	1.6 %
17.	Early childhood education	1.3 %	1.1 %
18.	Furniture	1.2 %	1.9 %
19.	Travel plazas	1.2 %	1.2 %
20.	Consumer electronics	1.2 %	1.3 %
	Other	6.9 %	7.1 %
	Total	100.0 %	100.0 %

NNN REIT, Inc. Property Portfolio – Continued As of September 30, 2025

Top 20 States

	State	Properties	ABR
1.	Texas	592	18.5 %
2.	Florida	273	8.7 %
3.	Illinois	175	5.0 %
4.	Georgia	176	4.5 %
5.	Ohio	227	4.2 %
6.	Tennessee	155	3.7 %
7.	Indiana	167	3.7 %
8.	Michigan	134	3.7 %
9.	North Carolina	160	3.6 %
10.	Arizona	87	3.6 %
11.	Virginia	119	3.3 %
12.	California	71	2.9 %
13.	Alabama	150	2.8 %
14.	Pennsylvania	86	2.3 %
15.	New Jersey	33	2.3 %
16.	Missouri	105	2.3 %
17.	Maryland	50	2.0 %
18.	Colorado	45	2.0 %
19.	South Carolina	81	2.0 %
20.	Oklahoma	90	1.8 %
	Other	721	17.1 %
	Total	3,697	100.0 %

NNN REIT, Inc. Property Portfolio – Continued As of September 30, 2025

Top 20 Tenants

	Tenant	Properties	ABR
1.	7-Eleven	146	4.3 %
2.	Mister Car Wash	120	3.9 %
3.	Dave & Buster's	34	3.7 %
4.	Camping World	46	3.6 %
5.	GPM Investments (convenience stores)	147	2.6 %
6.	Flynn Restaurant Group (Taco Bell/Arby's)	204	2.5 %
7.	AMC Theatres	20	2.5 %
8.	BJ's Wholesale Club	13	2.3 %
9.	LA Fitness	25	2.3 %
10.	Kent Distributors (convenience stores)	49	2.2 %
11.	Mavis Tire Express Services	140	2.1 %
12.	Couche Tard (Pantry)	92	2.0 %
13.	Chuck E. Cheese	51	1.7 %
14.	Walgreens	49	1.7 %
15.	Sunoco	53	1.7 %
16.	United Rentals	49	1.6 %
17.	Casey's General Stores (convenience stores)	62	1.6 %
18.	Tidal Wave Auto Spa	35	1.4 %
19.	Super Star Car Wash	33	1.3 %
20.	Bob Evans Restaurants	105	1.2 %
	Other	2,224	53.8 %
	Total	3,697	100.0 %

Lease Expirations⁽¹⁾

	ABR	Properties	Area ⁽²⁾		ABR	Properties	Area ⁽²⁾
2025	0.2 %	16	132,000	2031	7.4 %	216	2,953,000
2026	3.0 %	163	1,572,000	2032	4.9 %	188	1,840,000
2027	6.7 %	206	3,179,000	2033	4.4 %	134	1,401,000
2028	5.2 %	229	2,137,000	2034	5.7 %	191	2,376,000
2029	4.3 %	138	2,055,000	Thereafter	53.4 %	1,938	18,375,000
2030	4.8 %	183	2,284,000


⁽¹⁾		As of September 30, 2025, the weighted average remaining lease term is 10.1 years.
⁽²⁾		Square feet.

/PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN) (the "Company" or "NNN"), a real estate investment trust, today announced financial and operating results for the quarter and nine months ended September 30, 2025. Highlights include:ORLANDO, Fla.Nov. 4, 2025

Third Quarter 2025 Highlights:

Additional Highlights:

Steve Horn, Chief Executive Officer, commented: "In the third quarter, NNN's team invested over $280 million in real estate, attaining its highest quarterly acquisition volume since 2018. Our year-to-date activity positions NNN to achieve record-setting investment volume in 2025, while maintaining our strict underwriting standards.

FINANCIAL RESULTS

PORTFOLIO SNAPSHOT

PROPERTY ACQUISITIONS

PROPERTY DISPOSITIONS

CAPITAL MARKETS ACTIVITY

During the third quarter 2025, NNN issued 1,670,737 common shares, raising $71.7 million in gross proceeds at an average price per share of $42.89, primarily through the Company's at-the-market equity program.

As previously announced, on July 1, 2025, NNN issued the 2031 Notes and used the proceeds from the offering to repay the outstanding balance on the Company's unsecured revolving line of credit and to fund investment activity.

BALANCE SHEET AND LIQUIDITY

As of September 30, 2025, Gross Debt was $4.95 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 10.7 years. The Company ended the third quarter 2025 with $1.4 billion of total available liquidity, including full capacity on the $1.2 billion line of credit and $158.7 million of cash and restricted cash. Net Debt to annualized EBITDAre and fixed charge coverage was 5.6x and 4.1x, respectively, as of September 30, 2025.

DIVIDEND

As previously announced, on October 14, 2025, the Board of Directors of NNN declared a quarterly dividend of $0.60 per share payable on November 14, 2025, to shareholders of record as of October 31, 2025. The quarterly dividend represents a 3.4% increase over the prior quarterly dividend rate, an annualized dividend of $2.40 per share and an annualized dividend yield of 5.6% as of September 30, 2025.

2025 GUIDANCE

Guidance is based on current plans and assumptions and is subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the Securities and Exchange Commission (the "Commission").

CONFERENCE CALL INFORMATION

The Company will host a conference call on November 4, 2025 at 10:30 a.m. ET to discuss third quarter results. A live webcast of the conference call will be available on the Company's website atwww.nnnreit.comlink

A telephonic replay of the call will be available through November 11, 2025, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 53003.

ABOUT NNN REIT, INC.

NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of September 30, 2025, the Company owned 3,697 properties in 50 states with a gross leasable area of approximately 39.2 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, visitwww.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 areal 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 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, 2024 and (ii) Quarterly Report on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025. 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. NNN REIT, Inc. 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

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 National Association of Real Estate Investment Trusts ("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.

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.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate as defined by Nareit ("EBITDAre") 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.

Total Cashis comprised of cash and cash equivalents and restricted cash and cash held in escrow per GAAP as reported on the balance sheet summary.

Gross Assetsrepresents 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 Debtis defined by the Company as total debt per GAAP as reported on the balance sheet summary including line of credit payable, notes payable, net of unamortized discount and unamortized debt costs and mortgages payable, net of unamortized premium and debt costs, as applicable.

Gross Debtis 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.

Management considers the non-GAAP measures of Gross Debt and 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.

Annualized Base Rent ("ABR")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.

Credit Facility and Notes Covenants

The following is a summary of key financial covenants for the Company's unsecured credit facility and notes, as defined and calculated per the terms of the facility's credit agreement and the notes' governing documents, respectively, which are included in the Company's filings with the Commission. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of September 30, 2025, the Company believes it is in compliance with the covenants.

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SOURCE NNN REIT, Inc.

Reported net earnings of $0.51 per diluted share
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 prior-year results
Closed on $283.0 million of investments at an initial cash cap rate of 7.3%, with a 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
As previously announced, issued $500 million principal amount of 4.600% senior unsecured notes due 2031 ("2031 Notes")
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

Increased and tightened Core FFO per share guidance to a new range of $3.36 to $3.40
Increased and tightened AFFO per share guidance to a new range of $3.41 to $3.45
Increased 2025 acquisition volume guidance to a new range of $850 to $950 million
Increased 2025 disposition volume guidance to a new range of $170 to $200 million