• It's like **American Tower (AMT)**, but for retail store buildings instead of cell towers.
• It's like the real estate arm of **McDonald's (MCD)**, but for thousands of different retail businesses across various sectors, not just restaurants.

• Commercial Real Estate Leasing: Providing retail property space to businesses through long-term net leases.
• Real Estate Investment: Acquiring and investing in a diversified portfolio of single-tenant retail commercial real estate properties across the United States.

NNN REIT Major Customers

• 7-Eleven, Inc. (Parent company: Seven & I Holdings Co., Ltd., TYO: 3382)
• Mister Car Wash, Inc. (NYSE: MCW)
• Camping World Holdings, Inc. (NYSE: CWH)
• TravelCenters of America LLC (Now a subsidiary of BP p.l.c., NYSE: BP)
• LA Fitness (Private company)

• PricewaterhouseCoopers LLP
• KeyCorp (KEY)
• Bank of America Corporation (BAC)
• Wells Fargo & Company (WFC)
• JPMorgan Chase & Co. (JPM)
• The PNC Financial Services Group, Inc. (PNC)
• U.S. Bancorp (USB)
• Truist Financial Corporation (TFC)

Stephen A. Horn, Jr. President & Chief Executive Officer

Mr. Horn has served as Chief Executive Officer and President of NNN REIT since April 2022. He joined the company in 2003 and previously served as Executive Vice President and Chief Operating Officer from August 2020, and as Executive Vice President and Chief Acquisition Officer from January 2014 to August 2020. His career spans over two decades, beginning with a foundation in financial analysis as an M&A Analyst at A.G. Edwards & Sons. He also has military service as a Sergeant in the U.S. Marines.

Vincent H. Chao Executive Vice President, Chief Financial Officer, Assistant Secretary, and Treasurer

Mr. Chao joined NNN REIT as Executive Vice President in January 2025 and assumed the positions of Chief Financial Officer, Assistant Secretary, and Treasurer on April 1, 2025. Previously, Mr. Chao served as Managing Director, Finance at RPT Realty, a publicly-traded retail real estate investment trust that was acquired by Kimco Realty in 2024. At RPT Realty, he was responsible for capital markets, corporate finance, investor relations, portfolio management, and data analytics. Prior to that, he was the Head of U.S. REIT Research at Deutsche Bank Securities, Inc. His experience also includes operational and project management roles at Procter & Gamble.

Gina M. Steffens Executive Vice President, General Counsel

Ms. Steffens joined NNN REIT in 2023. Before joining NNN, she served as the Chief Executive Officer and Chief Legal Officer of a privately held food and agricultural company. Her prior leadership roles include General Counsel at Real Capital Solutions, Assistant General Counsel and Senior Director at Vail Resorts Management Company, and Senior Counsel and Director at Regency Centers Corporation.

Joshua P. Lewis Executive Vice President, Chief Investment Officer

Mr. Lewis is responsible for leading NNN REIT's real estate investments, including structuring, negotiation, and deal execution. He joined the company in 2008 and has held various roles of increasing responsibility within the Acquisitions team, serving as Senior Vice President, Head of Acquisitions since August 2022.

Michelle L. Miller Executive Vice President, Chief Accounting & Technology Officer

Ms. Miller has served as Executive Vice President and Chief Accounting Officer since March 2016 and was appointed Chief Technology Officer on January 1, 2024. She joined NNN REIT in 1999 and oversees the accounting department, financial reporting, forecasting, lease administration, and information technology. Prior to 1999, Ms. Miller worked as a Senior Manager with KPMG, specializing in real estate and financial institutions. She is a Certified Public Accountant.

The rise and expansion of ghost kitchens and dark stores, enabled by advanced logistics and delivery platforms, poses a clear emerging threat. This new model for the distribution of food and goods challenges the traditional tenant model of NNN (National Retail Properties), which primarily leases to restaurants, convenience stores, and other retailers. As consumers increasingly opt for delivery from these dedicated fulfillment centers, it could reduce the need for prominent, customer-facing physical footprints for traditional retail and restaurant concepts, potentially impacting foot traffic, tenant demand, and rental rates for NNN's properties in the long term.

NNN REIT (symbol: NNN) specializes in owning and leasing a diversified portfolio of high-quality retail properties through long-term, triple-net leases across the United States. As of June 30, 2025, the company owned 3,663 properties in 50 states, leased to approximately 400 tenants operating in 37 different retail categories.

The addressable markets for NNN REIT's main products and services, primarily categorized by the types of properties they invest in, are as follows within the U.S. region:

• Triple Net Lease Market: The overall net lease market in the U.S. is estimated to range from $4 trillion to $8 trillion.
• Single-Tenant Net-Lease Retail Market: The U.S. single-tenant net-lease retail sector recorded $5.7 billion in sales volume during the first half of 2025.
• Convenience Store Real Estate: There are approximately 152,255 convenience stores operating in the United States as of December 31, 2024. The market size of Convenience Stores in the U.S. is projected to be $45.9 billion in 2025. Sales volume for convenience store properties reached $796 million in the first half of 2025.
• Restaurant Real Estate (Quick-Service and Full-Service): Full-service restaurants generated $1.07 billion in sales volume during the first half of 2025 in the U.S. Approximately 2,400 new quick-service and fast-casual restaurant openings were announced in 2024.
• Automotive Service Real Estate: The U.S. automotive service market size was valued at $83.71 billion in 2023 and is expected to reach $134.67 billion by 2033, growing at a CAGR of 4.87% from 2023 to 2033. Another estimate indicates the U.S. automotive after-sales services market size is $199.38 billion in 2025. The U.S. automotive repair & maintenance service market size was valued at $183.4 billion in 2023 and is projected to grow to $367.7 billion by 2035, at a CAGR of 6.21% from 2025 to 2035.
• Entertainment Buildings: The market size of the Arts, Entertainment and Recreation in the U.S. is $518.5 billion in 2025. The U.S. location-based entertainment market generated a revenue of $1,369.4 million in 2024 and is expected to reach $5,506.6 million by 2030. The global entertainment buildings market size was $110.83 billion in 2024 and is projected to reach $114.29 billion in 2025. For North America, the entertainment buildings market is valued at $105.8 billion in 2025 and is projected to grow to $143.9 billion by 2034.

Here are 3-5 expected drivers of future revenue growth for NNN REIT (NNN) over the next 2-3 years:

1. Acquisition Volume and Portfolio Expansion: NNN REIT has consistently demonstrated a commitment to expanding its property portfolio through strategic acquisitions. The company has raised its 2025 acquisition volume guidance to a range of $850-$950 million, which would represent an all-time high for the company. This expansion directly contributes to increased rental income from newly acquired properties.
2. Rent Growth and Lease Renewals: The company has reported robust annualized base rent increases. For example, in Q3 2025, annualized base rent saw a 7.2% increase compared to the previous year, and a nearly 7% year-over-year increase in Q2 2025. Furthermore, NNN REIT renewed 85% of its leases in Q2 2025 at significantly higher rental rates, indicating a strong ability to capture market rent growth.
3. High Occupancy Rates: Maintaining high occupancy is a key driver for stable and growing revenue. NNN REIT anticipates its occupancy to surpass 98% by the end of 2025, ensuring a consistent income stream from its existing properties. The company has a track record of efficiently resolving vacant properties, supporting high occupancy levels.
4. Disciplined Capital Allocation and Strong Balance Sheet: NNN REIT's ability to leverage its strong balance sheet and liquidity is crucial for funding future growth. The company aims to utilize its competitive advantage in its balance sheet to support accretive acquisitions. This disciplined approach to capital management allows for effective investment in new properties that contribute to revenue growth.
5. Proactive Asset Management and Re-tenanting: Management emphasizes proactive asset management and resolution capabilities to convert short-term challenges into long-term value. This includes effectively re-tenanting previously vacant properties, which is indicative of its effective re-tenanting strategy. This focus helps ensure that properties continue to generate income and contribute to the company's revenue.

Share Repurchases

• No significant share repurchases were identified or authorized over the last 3-5 years.

Share Issuance

• In the third quarter of 2025, NNN REIT issued 1,670,737 common shares, raising $71.7 million in gross proceeds, primarily through its at-the-market (ATM) equity program.
• During the second quarter of 2025, the company issued 254,222 common shares, generating $10.9 million in gross proceeds.
• In 2023, NNN raised $31.4 million in net proceeds from the issuance of 726,364 common shares.

Outbound Investments

• NNN REIT has increased its 2025 acquisition volume guidance to a range of $850 to $950 million, having already invested $748.0 million in the nine months ended September 30, 2025.
• In 2024, NNN invested $565.4 million in real estate, including 75 properties, and its acquisition guidance midpoint was raised to $550 million.
• The company strategically added nearly $820 million of real estate to its property portfolio in 2023.

Capital Expenditures

• NNN REIT's business model relies on long-term net leases, which generally obligate tenants to pay for property operating expenses, including maintenance, taxes, insurance, and utilities.
• Due to this triple-net lease structure, NNN REIT typically has minimal ongoing capital expenditure requirements for its properties.