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

ORLANDO, Fla., Nov. 4, 2025 /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:

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. This strong operational execution, supported by $1.4 billion in liquidity and an industry-leading balance sheet, allows us to raise our earnings guidance for 2025."

FINANCIAL RESULTS

Quarter Ended

September 30,

Nine Months Ended

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

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

PORTFOLIO SNAPSHOT

(dollars in thousands)

September 30,

2025

June 30,

2025

September 30,

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

PROPERTY ACQUISITIONS

(dollars in thousands)

Quarter Ended

September 30,

2025

Nine Months

Ended

September 30,

2025

Total dollars invested (1)

283,027

747,956

Number of properties

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

(1)

Includes dollars invested in projects under construction or tenant improvements.

(2)

Includes additional square footage from completed construction on existing properties.

(3)

Calculated as the initial cash annual base rent divided by the total purchase price of the properties.

PROPERTY DISPOSITIONS

Quarter Ended September 30, 2025

Nine Months Ended September 30, 2025

(dollars in thousands)

Occupied

Vacant

Total

Occupied

Vacant

Total

Number of properties

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.

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

(dollars in millions, except per diluted share data)

Previous 2025

Guidance

Updated 2025

Guidance

Net earnings per share excluding any gains on disposition of real estate,

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

Real estate expenses, net of tenant reimbursements

$17 - $18

Acquisition volume

$600 - $700

$850 - $950

Disposition volume

$120 - $150

$170 - $200

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 at www.nnnreit.com or by using the following link. The conference call can also be accessed by dialing 888-506-0062 in the U.S. or 973-528-0011 for international callers and entering the participant code 738951 or referencing NNN REIT, Inc.

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, visit www.nnnreit.com.

FORWARD-LOOKING STATEMENTS

Statements in this press release that are not strictly historical are "forward-looking" statements. These statements generally are characterized by the use of terms such as "believe," "expect," "intend," "may," "estimated" or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the Company's actual future results to differ materially from expected results. These risks include, among others, general economic conditions, including inflation, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the Company's tenants, the availability of capital, risks related to the Company's status as a real estate investment trust ("REIT"), and the potential impacts of an epidemic or pandemic on the Company's business operations, financial results and financial position on the 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 Cash is comprised of cash and cash equivalents and restricted cash and cash held in escrow per GAAP as reported on the balance sheet summary.

Gross Assets represents total assets (reported in accordance with GAAP) adjusted to exclude accumulated amortization and depreciation and amortization of direct financing leases. The result provides an estimate of the investments made by the Company.

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

Gross Debt is defined by the Company as Total Debt adjusted to exclude unamortized debt discounts and premiums and unamortized debt costs.

Net Debt is defined by the Company as Gross Debt less Total Cash.

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.

NNN REIT, Inc.

Balance Sheet Summary

(dollars in thousands)

(unaudited)

September 30,

2025

December 31,

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)

Quarter Ended

September 30,

Nine Months Ended

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

335

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)

Quarter Ended

September 30,

Nine Months Ended

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

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)

Quarter Ended

September 30,

Nine Months Ended

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)

Impairment losses – depreciable real estate, net of

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)

Net capital lease rent adjustment

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

2.54

2.51

Diluted

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)

(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)

Quarter Ended

September 30,

Nine Months Ended

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)

Impairment losses – real estate, net of

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

September 30,

2025

December 31,

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

—

Notes payable, net of unamortized discount and

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

Principal,

Net of

Unamortized

Discount

Stated

Rate

Effective

Rate

Maturity Date

Line of credit payable

—

SOFR +

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)

Notes payable, net of unamortized discount and

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

September 30,

2025

December 31,

2024

Gross Debt / Gross Assets

42.3 %

40.7 %

Net Debt / EBITDAre (last quarter annualized)

5.6

EBITDAre / fixed charges

4.1

4.2

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.

Key Covenants

Required

September 30,

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

Automotive service

18.4 %

17.0 %

Convenience stores

16.2 %

15.9 %

Restaurants – limited service

8.0 %

8.4 %

Entertainment

7.2 %

Dealerships

6.6 %

5.6 %

Restaurants – full service

6.5 %

8.3 %

Health and fitness

4.0 %

Theaters

3.8 %

4.0 %

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 %

20.

Consumer electronics

1.2 %

1.3 %

Other

6.9 %

7.1 %

Total

100.0 %

NNN REIT, Inc.

Property Portfolio – Continued

As of September 30, 2025

Top 20 States

State

# of

Properties

% of

ABR

Texas

592

18.5 %

Florida

273

8.7 %

Illinois

175

5.0 %

Georgia

176

4.5 %

Ohio

227

4.2 %

Tennessee

155

3.7 %

Indiana

167

3.7 %

Michigan

134

3.7 %

North Carolina

160

3.6 %

10.

Arizona

3.6 %

11.

Virginia

119

3.3 %

12.

California

2.9 %

13.

Alabama

150

2.8 %

14.

Pennsylvania

2.3 %

15.

New Jersey

2.3 %

16.

Missouri

105

2.3 %

17.

Maryland

2.0 %

18.

Colorado

2.0 %

19.

South Carolina

2.0 %

20.

Oklahoma

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

# of

Properties

% of

ABR

7-Eleven

146

4.3 %

Mister Car Wash

120

3.9 %

Dave & Buster's

3.7 %

Camping World

3.6 %

GPM Investments (convenience stores)

147

2.6 %

Flynn Restaurant Group (Taco Bell/Arby's)

204

2.5 %

AMC Theatres

2.5 %

BJ's Wholesale Club

2.3 %

LA Fitness

2.3 %

10.

Kent Distributors (convenience stores)

2.2 %

11.

Mavis Tire Express Services

140

2.1 %

12.

Couche Tard (Pantry)

2.0 %

13.

Chuck E. Cheese

1.7 %

14.

Walgreens

1.7 %

15.

Sunoco

1.7 %

16.

United Rentals

1.6 %

17.

Casey's General Stores (convenience stores)

1.6 %

18.

Tidal Wave Auto Spa

1.4 %

19.

Super Star Car Wash

1.3 %

20.

Bob Evans Restaurants

105

1.2 %

Other

2,224

53.8 %

Total

3,697

100.0 %

Lease Expirations (1)

% of

ABR

# of

Properties

Gross

Leasable

Area (2)

% of

ABR

# of

Properties

Gross

Leasable

Area (2)

2025

0.2 %

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.

SOURCE NNN REIT, Inc.