NNN REIT, Inc. Announces 2025 Annual Results and Initial 2026 Guidance

ORLANDO, Fla., Feb. 11, 2026 /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 year ended December 31, 2025. Highlights include:

2025 Highlights:

Fourth Quarter 2025 and Additional Highlights:

Steve Horn, Chief Executive Officer, commented: "NNN achieved 2.7 percent AFFO growth per share and had a record year deploying over $900 million in real estate investments. Our proactive portfolio management and strategic acquisitions position NNN to deliver solid per share growth in 2026. We remain committed to enhancing value and focusing on increasing per share results, by allocating capital to the disciplined acquisition of freestanding properties and maintaining a conservative and flexible balance sheet."

FINANCIAL RESULTS

Quarter Ended

Year Ended

December 31,

(dollars in thousands, except per share data)

2025

2024

2025

2024

Revenues

238,398

218,482

926,213

869,266

Net earnings

95,951

97,894

389,777

396,835

Net earnings per share

0.51

0.52

2.07

2.15

FFO

163,797

152,689

638,382

610,501

FFO per share

0.87

0.82

3.40

3.32

Core FFO

163,859

152,731

641,498

611,169

Core FFO per share

0.87

0.82

3.41

3.32

AFFO

164,977

154,057

647,578

616,613

AFFO per share

0.87

0.82

3.44

3.35

PORTFOLIO SNAPSHOT

(dollars in thousands)

December 31,

2025

September 30,

2025

December 31,

2024

Number of properties

3,692

3,697

3,568

Total gross leasable area (square feet)

39,578,000

39,209,000

36,557,000

Occupancy rate

98.3

97.5

98.5

Weighted average remaining lease term (years)

10.2

10.1

9.9

ABR

928,081

912,218

860,562

PROPERTY ACQUISITIONS

(dollars in thousands)

Quarter Ended

December 31,

2025

Year Ended

December 31,

2025

Total dollars invested (1)

183,060

931,017

Number of properties

239

Gross leasable area (square feet) (2)

843,000

4,193,000

Weighted average cap rate (3)

7.4

Weighted average lease term (years)

18.1

17.6

(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 December 31, 2025

Year Ended December 31, 2025

(dollars in thousands)

Occupied

Vacant

Total

Occupied

Vacant

Total

Number of properties

116

Gross leasable area (square feet)

119,000

338,000

457,000

420,000

659,000

1,079,000

Net sale proceeds

30,362

51,689

82,051

90,738

99,736

190,474

Weighted average cap rate (1)

7.6

—

7.6

6.4

—

6.4

(1)

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

CAPITAL MARKETS ACTIVITY

During the year ended 2025, NNN issued 1,992,955 common shares, raising $85.4 million in gross proceeds at an average price per share of $42.86, primarily through the Company's at-the-market equity program.

In November 2025, NNN redeemed $400 million aggregate principal amount of 4.000% notes due November 2025.

In December 2025, NNN closed on the $300 million Term Loan and entered into forward starting swaps totaling $200 million that fix the Secured Overnight Financing Rate ("SOFR") at 3.22% through January 15, 2029. The Term Loan has a six-month delayed draw feature and an accordion option to increase the aggregate size to up to $500 million. The Term Loan matures in February 2029, with two, one-year extension options. On January 15, 2026, the Company drew $200 million on the Term Loan.

BALANCE SHEET AND LIQUIDITY

As of December 31, 2025, Gross Debt was $4.9 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 10.8 years. The Company ended 2025 with $1.2 billion of total available liquidity, including $851.9 million of unused line of credit capacity, $300 million of unused Term Loan capacity and $5.8 million of cash and restricted cash. Net Debt to annualized EBITDAre and fixed charge coverage was 5.6x and 4.1x, respectively, as of December 31, 2025.

DIVIDEND

As previously announced, on January 15, 2026, the Board of Directors of NNN declared a quarterly dividend of $0.60 per share payable on February 13, 2026, to shareholders of record as of January 30, 2026. The quarterly dividend represents an annualized dividend of $2.40 per share and an annualized dividend yield of 6.1% as of December 31, 2025.

INITIAL 2026 GUIDANCE

(dollars in millions, except per diluted share data)

Initial

2026 Guidance

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

impairment losses and retirement and severance costs

$2.02 - $2.08

Real estate depreciation and amortization per share

$1.45

Core FFO per share

$3.47 - $3.53

AFFO per share

$3.52 - $3.58

General and administrative expenses

$53 - $55

Real estate expenses, net of tenant reimbursements

$14 - $15

Acquisition volume

$550 - $650

Disposition volume

$110 - $150

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 February 11, 2026, at 10:30 a.m. ET to discuss these 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 United States ("U.S.") or 973-528-0011 for international callers and entering the participant code 423417 or referencing NNN REIT, Inc. A telephonic replay of the call will be available through February 25, 2026, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 53462.

ABOUT NNN REIT, INC.

NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of December 31, 2025, the Company owned 3,692 properties in all 50 states, the District of Columbia and Puerto Rico with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.2 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 Annual Report on Form 10-K. 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. The Company 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

Annualized Base Rent ("ABR") is a non-U.S. generally accepted accounting principles ("GAAP") measure which 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.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") as defined by the National Association of Real Estate Investment Trusts ("Nareit") 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.

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 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.

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, term loan 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.

NNN REIT, Inc.

Balance Sheet Summary

(dollars in thousands)

(unaudited)

December 31,

2025

December 31,

2024

Assets:

Real estate portfolio, net of accumulated depreciation and amortization

9,239,542

8,746,168

Cash and cash equivalents

5,046

8,731

Restricted cash and cash held in escrow

776

331

Receivables, net of allowance of $609 and $617, respectively

3,470

2,975

Accrued rental income, net of allowance of $3,393 and $4,156, respectively

34,914

34,005

Debt costs, net of accumulated amortization of $29,930 and $27,002, respectively

8,645

8,958

Other assets

86,962

71,560

Total assets

9,379,355

8,872,728

Liabilities:

Line of credit payable

348,100

—

Notes payable, net of unamortized discount and unamortized debt costs

4,472,324

4,373,803

Accrued interest payable

40,557

29,699

Other liabilities

110,072

106,951

Total liabilities

4,971,053

4,510,453

Total equity

4,408,302

4,362,275

Total liabilities and equity

9,379,355

8,872,728

Common shares outstanding

189,937,404

187,540,929

NNN REIT, Inc.

Income Statement Summary

(dollars in thousands, except per share data)

(unaudited)

Quarter Ended

Year Ended

December 31,

2025

2024

2025

2024

Revenues:

Rental income

237,535

218,348

924,380

867,468

Interest and other income from real estate transactions

863

134

1,833

1,798

238,398

218,482

926,213

869,266

Operating expenses:

General and administrative

11,642

8,705

46,923

44,287

Real estate

10,040

11,142

37,381

32,317

Depreciation and amortization

68,221

63,194

268,439

249,681

Leasing transaction costs

151

486

Impairment losses – real estate, net of recoveries

15,360

3,724

28,602

6,632

Retirement and severance costs

3,116

668

105,476

86,831

384,947

333,684

Gain on disposition of real estate

15,639

12,083

48,220

42,290

Earnings from operations

148,561

143,734

589,486

577,872

Other expenses (revenues):

Interest and other income

(962)

(1,040)

(4,246)

(2,980)

Interest expense

53,572

46,880

203,955

184,017

52,610

45,840

199,709

181,037

Net earnings

95,951

97,894

389,777

396,835

Weighted average shares outstanding:

Basic

188,832,131

186,449,345

187,611,451

183,688,562

Diluted

189,237,718

186,833,150

187,986,798

184,043,841

Net earnings per share:

Basic

0.51

0.52

2.07

2.16

Diluted

0.51

0.52

2.07

2.15

NNN REIT, Inc.

Other Information

(dollars in thousands)

(unaudited)

Quarter Ended

Year Ended

December 31,

2025

2024

2025

2024

Rental income from operating leases (1)(2)

231,546

212,565

902,369

846,653

Earned income from direct financing leases (1)

115

424

468

Percentage rent (1)

168

189

1,549

1,536

Real estate expenses reimbursed from tenants (1)

5,734

5,479

20,038

18,811

Real estate expenses

(10,040)

(11,142)

(37,381)

(32,317)

Real estate expenses, net of tenant reimbursements

(4,306)

(5,663)

(17,343)

(13,506)

Amortization of debt costs

1,644

1,455

6,218

5,993

Non-real estate depreciation expense

229

370

(1)

For the quarters ended December 31, 2025 and 2024, the aggregate of such amounts is $237,535 and $218,348, respectively, and $924,380 and $867,468, for the year ended December 31, 2025 and 2024, respectively, and is classified as rental income on the income statement summary.

(2)

Includes lease termination fees of $243 and $1,234 for the quarters ended December 31, 2025 and 2024, respectively, and $11,363 and $11,386 for the year ended December 31, 2025 and 2024, respectively.

NNN REIT, Inc.

Reconciliation of Non-GAAP Financial Measures

(dollars in thousands, except per share data)

(unaudited)

Quarter Ended

Year Ended

December 31,

2025

2024

2025

2024

Net earnings

95,951

97,894

389,777

396,835

Real estate depreciation and amortization

68,125

63,154

268,223

249,324

Gain on disposition of real estate

(15,639)

(12,083)

(48,220)

(42,290)

Impairment losses – depreciable real estate, net of recoveries

15,360

3,724

28,602

6,632

FFO

163,797

152,689

638,382

610,501

Retirement and severance costs

3,116

668

Core FFO

163,859

152,731

641,498

611,169

Straight-line accrued rent, net of reserves

(1,206)

(302)

(1,921)

(294)

Net capital lease rent adjustment

233

222

Below-market rent amortization

(117)

(144)

(1,898)

(495)

Stock based compensation expense

2,831

2,775

12,025

11,816

Capitalized interest expense

(439)

(1,061)

(2,359)

(5,805)

AFFO

164,977

154,057

647,578

616,613

FFO per share:

Basic

0.87

0.82

3.40

3.32

Diluted

0.87

0.82

3.40

3.32

Core FFO per share:

Basic

0.87

0.82

3.42

3.33

Diluted

0.87

0.82

3.41

3.32

AFFO per share:

Basic

0.87

0.83

3.45

3.36

Diluted

0.87

0.82

3.44

3.35

Dividend per share

0.60

0.58

2.36

2.29

AFFO payout ratio (1)

68.8

70.3

68.4

68.2

(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

Year Ended

December 31,

2025

2024

2025

2024

Net earnings

95,951

97,894

389,777

396,835

Interest expense

53,572

46,880

203,955

184,017

Depreciation and amortization

68,221

63,194

268,439

249,681

Gain on disposition of real estate

(15,639)

(12,083)

(48,220)

(42,290)

Impairment losses – real estate, net of

recoveries

15,360

3,724

28,602

6,632

EBITDAre

217,465

199,609

842,553

794,875

Interest expense

53,572

46,880

203,955

184,017

Add back: capitalized interest

439

1,061

2,359

5,805

Fixed charges

54,011

47,941

206,314

189,822

December 31,

2025

December 31,

2024

Total assets

9,379,355

8,872,728

Accumulated depreciation & amortization

2,259,469

2,065,520

Amortization of direct financing leases

2,546

2,655

Gross Assets

11,641,370

10,940,903

Debt outstanding:

Line of credit

348,100

—

Notes payable, net of unamortized discount and

unamortized debt costs

4,472,324

4,373,803

Total Debt

4,820,424

4,373,803

Unamortized note discount

47,005

46,437

Unamortized debt costs

30,670

29,760

Gross Debt

4,898,099

4,450,000

Total Cash

(5,822)

(9,062)

Net Debt

4,892,277

4,440,938

NNN REIT, Inc.

Debt Summary

As of December 31, 2025

(dollars in thousands)

(unaudited)

Unsecured Debt

Principal

Principal,

Net of

Unamortized

Discount

Stated

Rate

Effective

Rate

Maturity

Date

Line of credit payable

348,100

SOFR +

77.5bps

4.435

April 2028

Term loan payable (1)

—

SOFR + 85 bps

—

February 2029

Notes payable:

2026

350,000

349,566

3.600

3.733

December 2026

2027

400,000

399,667

3.500

3.548

October 2027

2028

400,000

399,081

4.300

4.388

October 2028

2030

400,000

399,413

2.500

2.536

April 2030

2031

500,000

496,224

4.600

4.766

February 2031

2033

500,000

490,514

5.600

5.905

October 2033

2034

500,000

494,598

5.500

5.662

June 2034

2048

300,000

296,305

4.800

4.890

October 2048

2050

300,000

294,703

3.100

3.205

April 2050

2051

450,000

442,410

3.500

3.602

April 2051

2052

450,000

440,513

3.000

3.118

April 2052

Total

4,550,000

4,502,994

Total unsecured debt (2)

4,898,100

4,851,094

Debt costs

(44,420)

Accumulated amortization

13,750

Debt costs, net of accumulated amortization

(30,670)

Notes payable, net of unamortized discount and

unamortized debt costs

4,472,324

(1)

On January 15, 2026, the Company drew $200 million on the Term Loan and previously entered into swaps with a notional value of $200 million that fix SOFR at 3.22% through January 15, 2029.

(2)

Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 10.8 years.

NNN REIT, Inc.

Debt Summary – Continued

As of December 31, 2025

(unaudited)

Credit Metrics

December 31,

2025

December 31,

2024

Gross Debt / Gross Assets

42.1 %

40.7 %

Net Debt / EBITDAre (last quarter annualized)

5.6x

EBITDAre / fixed charges

4.1x

4.2x

Credit Facility, Term Loan and Notes Covenants

The following is a summary of key financial covenants for the Company's unsecured credit facility, Term Loan and notes, as defined and calculated per the terms of agreements and indentures governing such debt, which are included in the Company's filings with the Commission. These calculations, which are not based on 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

Minimum 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 %

NNN REIT, Inc.

Property Portfolio

As of December 31, 2025

Top 20 Lines of Trade

% of ABR

As of December 31,

Lines of Trade

2025

2024

Automotive service

18.6 %

17.1 %

Convenience stores

16.3 %

17.0 %

Restaurants – limited service

7.9 %

8.4 %

Entertainment

7.2 %

Dealerships

6.6 %

5.8 %

Restaurants – full service

6.4 %

7.8 %

Health and fitness

3.9 %

Theaters

3.7 %

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

1.8 %

15.

Pet supplies and services

1.7 %

1.3 %

16.

Early childhood education

1.4 %

1.1 %

17.

Discount retail

1.4 %

1.6 %

18.

Furniture

1.2 %

1.3 %

19.

Travel plazas

1.2 %

20.

Consumer electronics

1.1 %

1.3 %

Other

7.1 %

6.9 %

Total

100.0 %

NNN REIT, Inc.

Property Portfolio – Continued

As of December 31, 2025

Top 20 States

State

# of

Properties

% of

ABR

Texas

594

18.4 %

Florida

270

8.7 %

Illinois

179

5.1 %

Georgia

172

4.5 %

Ohio

215

4.2 %

Michigan

136

3.8 %

Indiana

165

3.7 %

Tennessee

156

3.7 %

Arizona

3.5 %

10.

North Carolina

158

3.5 %

11.

Virginia

119

3.3 %

12.

Alabama

155

2.9 %

13.

California

2.9 %

14.

Pennsylvania

2.3 %

15.

New Jersey

2.3 %

16.

Missouri

102

2.2 %

17.

Colorado

2.0 %

18.

Maryland

2.0 %

19.

South Carolina

2.0 %

20.

Louisiana

1.8 %

Other

753

17.2 %

Total

3,692

100.0 %

NNN REIT, Inc.

Property Portfolio – Continued

As of December 31, 2025

Top 20 Tenants

Tenant

# of

Properties

% of

ABR

7-Eleven

145

4.3 %

Mister Car Wash

120

3.8 %

Dave & Buster's

3.6 %

Camping World

3.5 %

Kent Distributors

2.6 %

Flynn Restaurant Group

204

2.5 %

GPM Investments

143

2.5 %

AMC Theatres

2.4 %

BJ's Wholesale Club

2.3 %

10.

LA Fitness

2.2 %

11.

Mavis Tire Express Services

140

2.1 %

12.

Couche-Tard

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

1.6 %

18.

Tidal Wave Auto Spa

1.4 %

19.

Super Star Car Wash

1.3 %

20.

BMW Kar Wash LLC

1.2 %

Other

2,274

54.0 %

Total

3,692

100.0 %

Lease Expirations (1)

# of

Properties

Gross

Leasable

Area (2)

% of

ABR

# of

Properties

Gross

Leasable

Area (2)

% of

ABR

2026

117

1,019,000

2.1 %

2032

188

1,840,000

4.9 %

2027

203

2,714,000

6.3 %

2033

134

1,401,000

4.3 %

2028

221

1,970,000

4.9 %

2034

194

2,838,000

5.9 %

2029

137

2,043,000

4.2 %

2035

135

1,794,000

4.2 %

2030

184

2,417,000

4.7 %

Thereafter

1,853

17,833,000

50.6 %

2031

261

3,086,000

7.9 %

(1)

As of December 31, 2025, the weighted average remaining lease term is 10.2 years.

(2)

Square feet.

SOURCE NNN REIT, Inc.