NNN REIT, Inc.

NNN REIT, Inc., trading under the ticker symbol NNN on the New York Stock Exchange, operates as a fully integrated real estate investment trust formed in 1984. The company's website is located at www.nnnreit.com.

NNN acquires, owns, invests in and develops high-quality commercial properties leased primarily to tenants under long-term, net leases with minimal ongoing capital expenditures. The company's business model emphasizes single-tenant, freestanding properties across diverse retail and service sectors. As of December 31, 2025, NNN owned 3,692 properties located in all 50 states, the District of Columbia and Puerto Rico, encompassing approximately 39.6 million square feet of gross leasable area with a weighted average remaining lease term of 10.2 years. The portfolio maintains a 98.3 percent occupancy rate.

The property portfolio demonstrates significant diversification across multiple tenant categories. Approximately 63 percent of annual base rent derives from six lines of trade: automotive service, convenience stores, restaurants, entertainment, and dealerships. Major tenants include 7-Eleven, Mister Car Wash, Dave & Buster's, Camping World and Kent Distributors. Geographically, 40.9 percent of annual base rent originates from properties in five states: Texas, Florida, Illinois, Georgia and Ohio.

NNN's leases typically feature initial terms of ten to twenty years with triple-net lease structures, whereby tenants assume responsibility for operating expenses including utilities, real estate taxes, insurance, maintenance and capital expenditures. Most leases include negotiated rent increases tied to the Consumer Price Index or fixed escalations, and many provide tenants with multi-year renewal options.

The company maintains a disciplined financing strategy focused on managing its capital structure to support operations while maintaining investment-grade credit ratings and staggered debt maturities. As of December 31, 2025, NNN had total unsecured debt of approximately 4.5 billion dollars with a debt-to-total-gross-assets ratio of approximately 42 percent.

NNN employs 85 associates and has demonstrated a commitment to consecutive annual dividend increases for 36 consecutive years, representing the third longest record among publicly traded REITs. The company qualifies as an accelerated filer under Securities and Exchange Commission regulations.