Financial Data and Key Metrics Changes - The company reported quarterly core FFO results of $0.80 per share for Q2 2023, an increase of $0.03 or 1.3% over the previous year [11] - Year-to-date core FFO results were $1.60 per share, representing a 2.6% increase over the prior year [11] - The AFFO for the first half of 2023 was $1.62 per share, a 1.3% increase over the previous year [11] - The AFFO dividend payout ratio for the first half of 2023 was approximately 68%, resulting in about $95 million of free cash flow [12] Business Line Data and Key Metrics Changes - The portfolio consists of 3,479 freestanding single-tenant properties with a high occupancy level of 99.4%, maintained for four consecutive quarters [3] - Nearly 90% of leases up for renewal during the quarter were extended at 105% of the prior rent [3] - The company sold 7 properties during the quarter, raising $28 million at a 5.1% cap rate, with year-to-date proceeds from property sales totaling $40 million at a 5.6% cap rate [8] Market Data and Key Metrics Changes - The initial cash cap rate for the first half of 2023 was 7.1%, which is 90 basis points higher year-over-year [4] - The company observed a 20 basis point increase in cap rates from Q1 to Q2 2023, with expectations of a slight increase of 10 to 20 basis points in the second half of the year [4][74] Company Strategy and Development Direction - The company announced an increase in its 2023 core FFO guidance to a range of $3.17 to $3.22 per share, reflecting a long-standing strategy aimed at consistent per share growth [6][13] - NNN has increased its acquisition guidance to $600 million to $700 million for the year, focusing on long-term lease deals with durations of 15 to 20 years [7] - The company maintains a strong balance sheet with over $750 million of liquidity and no material debt maturities until mid-2024 [14][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current economic and capital market uncertainties, with a focus on maintaining high occupancy and strong lease renewals [40] - The company anticipates a return to a more normal growth cadence in 2024, with expectations of mid-single-digit per share growth [80] - Management noted that the credit watch list remains largely unchanged, with no significant concerns regarding tenant health [72] Other Important Information - The company has a disciplined approach to acquisitions, emphasizing relationship-based business models and targeting sale-leaseback transactions [32] - The company has begun to utilize its bank line more frequently in response to the current interest rate environment, with a weighted average debt maturity of over 12 years [39] Q&A Session All Questions and Answers Question: Can you talk about the new AFFO guidance and what kept the high end of guidance from moving higher? - The capitalized interest from increased split-funded acquisitions is a drag on AFFO for this year relative to prior years [44] Question: What are the bad debt assumptions in your guidance? - The company typically assumes a 1% rent loss annually, but current trends suggest it will be closer to 0.5% this year [46][84] Question: Can you provide an update on the credit watch list and any exposures? - The company has seen no significant changes in the credit watch list, with recent bankruptcies having minimal impact on revenue [72][86] Question: How is the acquisition pipeline evolving compared to 3 to 6 months ago? - The acquisition pipeline is stronger now than it was 3 to 6 months ago, with a robust sale-leaseback market [88]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission file number 001-11290 NNN REIT, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission file number 001-11290 NNN REIT, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizatio ...

National Retail Properties, Inc. (NYSE:NNN) Q4 2022 Earnings Conference Call February 9, 2023 10:30 AM ET Company Participants Steve Horn - President and Chief Executive Officer Kevin Habicht - Chief Financial Officer Conference Call Participants Brad Heffern - RBC Capital Markets Spenser Allaway - Green Street Joshua Dennerlein - Bank of America Ronald Kamdem - Morgan Stanley Nick Joseph - Citi Linda Tsai - Jefferies John Massocca - Ladenburg Wes Golladay - Baird Tayo Okusanya - Credit Suisse Operator Good ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to . Commission file number 001-11290 NATIONAL RETAIL PROPERTIES, INC. (Exact name of registrant as specified in its charter) Maryland 56-1431377 (State or ot ...

National Retail Properties, Inc. (NYSE:NNN) Q3 2022 Earnings Conference Call November 2, 2022 10:30 AM ET Company Participants Steve Horn - Chief Executive Officer Kevin Habicht - Chief Financial Officer Conference Call Participants Nick Joseph - Citi Spenser Allaway - Green Street Wes Golladay - Baird Joshua Dennerlein - Bank of America Ronald Kamdem - Morgan Stanley John Massocca - Ladenburg Linda Tsai - Jefferies Operator Good morning, ladies and gentlemen and welcome to the National Retail Properties Th ...

National Retail Properties, Inc. (NYSE:NNN) Q2 2022 Results Conference Call August 3, 2022 10:30 AM ET Company Participants Steve Horn - President and Chief Executive Officer Kevin Habicht - Chief Financial Officer Conference Call Participants Brad Heffern - RBC Capital Markets Spenser Allaway - Green Street Nicholas Joseph - Citigroup Wes Golladay - Baird Ronald Kamdem - Morgan Stanley Tayo Okusanya - Credit Suise John Massocca - Ladenburg Linda Tsai - Jefferies Chris Lucas - Capital One Securities Operato ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission file number 001-11290 NATIONAL RETAIL PROPERTIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporati ...

National Retail Properties, Inc. (NYSE:NNN) Q1 2022 Results Conference Call May 3, 2022 10:30 AM ET Company Participants Steve Horn - President and Chief Executive Officer Kevin Habicht - Chief Financial Officer Conference Call Participants Nicholas Joseph - Citi Spenser Allaway - Green Street Wes Golladay - Baird Pedro Cardoso - TCW John Massocca - Ladenburg Thalmann Linda Tsai - Jefferies Operator Good morning ladies and gentlemen, and welcome to the National Retail Properties First Quarter 2022 Earnings ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF FORM 10-Q 1934. ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2022 OR For the transition period from to Commission file number 001-11290 NATIONAL RETAIL PROPERTIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporat ...