Exhibit 99.2 ANNUAL SUPPLEMENTAL DATA As of December 31, 2025 TABLE OF CONTENTS | | PAGE | | --- | --- | | Financial Summary | | | Balance Sheet Summary | 4 | | Income Statement Summary | 5 | | Funds From Operations (FFO) | 6 | | Core Funds From Operations (Core FFO) | 6 | | Adjusted Funds From Operations (AFFO) | 7 | | Other Information | 8 | | EBITDAre | 8 | | Debt Summary | 9 | | Credit Metrics | 10 | | Credit Facility and Note Covenants | 10 | | Long-Term Dividend History | 11 | | Transaction Summary | ...

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 ma ...

Dividend Forensics Bureau is an independent market researcher specializing in quantitative credit risk assessment and regulatory framework analysis. My approach prioritizes objective data over traditional institutional narratives, focusing on how structural shifts—like the 2025 NAIC regulatory changes—impact market liquidity and forced selling mechanics. I specialize in identifying "mechanical triggers" in the fixed-income market, particularly the transition of$BBB- rated securities. By utilizing advanced d ...

NNN REIT, Inc. (NYSE:NNN) is included among the 14 High Yield Dividend Stocks with Sustainable Payouts. Deutsche Bank Sees Relative Opportunity at NNN REIT Despite Weak REIT Backdrop Photo by Dan Dennis on Unsplash On January 20, Deutsche Bank upgraded NNN REIT, Inc. (NYSE:NNN) to Buy from Hold and set a $47 price objective as part of its 2026 outlook. The move came against a tough backdrop for the broader REIT sector. The group has lagged the S&P 500 in each of the past four years and in nine of the la ...

Investment Strategy - The primary financial goal is to generate sufficient passive income to cover basic living expenses, with a focus on investments that alleviate concerns about the impact of AI on income [1] - Investing in high-quality dividend stocks is the foundation of the investment strategy, with NNN REIT recently added to the portfolio to help achieve financial freedom through passive income [2] Company Overview - NNN REIT is a straightforward investment focused on single-tenant properties secured by long-term triple-net leases, primarily in retail and service sectors [4] - The properties owned by NNN REIT produce a reliable income stream with low volatility, as tenants cover operating expenses, taxes, and routine capital expenditures [5] Portfolio Diversification - NNN REIT maintains a well-diversified portfolio, owning nearly 3,700 properties across 50 states, leased to over 400 national and regional tenants in more than 35 lines of trade [6] - Major tenants include 7-Eleven (4.3% of rent), Mister Car Wash (3.9%), and Dave & Buster's (3.7%), with properties located in main street areas to ensure a strong market for replacement tenants [6] Dividend Performance - NNN REIT currently offers a dividend yield of over 5.5%, surpassing the REIT sector average of around 4.4% and the S&P 500's yield of approximately 1.1% [7] - The dividend payout ratio is around 70% of adjusted funds from operations (FFO), which is lower than many other net lease REITs, indicating a solid foundation for the high-yielding payout [8]

Group 1: Company Overview - NNN REIT, Inc. is recognized as one of the 15 Best High Yield Stocks to Buy [1] - The company invests in single-tenant, net-leased retail properties, including automotive service centers, convenience stores, and restaurants, typically backed by long-term leases of 10 to 20 years structured as triple net leases [4] - NNN REIT maintains a conservative financial approach, distributing a reasonable portion of its cash flow through dividends while keeping a strong balance sheet, allowing for portfolio expansion without excessive risk [5] Group 2: Financial Performance and Dividends - On January 15, NNN REIT's Board of Directors announced a quarterly dividend of $0.60 per share, to be paid on February 13, 2026, to shareholders on record as of January 30, 2026 [3] - NNN REIT is one of only three publicly traded REITs that have increased their annual dividend for at least 36 consecutive years, indicating a strong and steady dividend track record [3] Group 3: Market Outlook - UBS has lowered its price target for NNN REIT to $43 from $44 while maintaining a Neutral rating, suggesting that 2026 could be a significant turning point for REITs with expected total returns in the 9%–11% range [2] - The outlook from UBS is based on improving macro conditions, more attractive valuations, easing supply pressures, and a calmer political backdrop, with expectations of a defensive investment phase in the first half of 2026 followed by stronger catalysts in the second half [2]

Core Insights - The real estate sector has been underperforming compared to the broader market for several consecutive years, despite the presence of high-quality Real Estate Investment Trusts (REITs) within the sector [1]. Group 1: Market Performance - The real estate sector continues to lag behind the rest of the market, indicating a persistent trend of underperformance [1]. Group 2: Investment Strategy - A hybrid investment strategy that combines classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds can enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1].

Core Viewpoint - NNN REIT is currently trading at attractive levels, offering a strong dividend yield of approximately 5.7%, which has been increased for 36 consecutive years [1] Group 1: Company Overview - NNN REIT is highlighted as a good investment opportunity despite recent price increases [1] - The company has a consistent history of increasing dividends, indicating strong financial health and commitment to returning value to shareholders [1] Group 2: Analyst Background - The analyst has over a decade of experience in researching various industries, including commodities and technology, which supports the credibility of the analysis [1] - The analyst has transitioned from writing a blog to a value investing-focused YouTube channel, indicating a shift towards more interactive content delivery [1]

Core Viewpoint - NNN REIT, Inc. announced that 95.3188% of the dividends paid to common shareholders in 2025 are classified as taxable distributions for federal income tax purposes, with a total dividend of $2.36 per share, marking the company's 36th consecutive annual increase in dividends [1][2]. Dividend Tax Classification - In 2025, 95.3188% of the total dividends were ordinary dividends, while 4.6812% were non-taxable distributions [2]. - The total dividend per share was $2.36, with ordinary dividends amounting to $2.249524 and non-taxable distributions at $0.110476 [2]. Company Performance and Strategy - The company has demonstrated consistent dividend growth through various economic cycles, reflecting its disciplined investment strategy and prudent balance sheet management [2]. - NNN REIT owns 3,697 properties across 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 as of September 30, 2025 [3].

Core Insights - REITs are often overlooked as investments despite their potential, creating opportunities for investors [1] - The current environment features income-producing real estate companies offering yields around 5% backed by tangible assets and inflation-indexed leases [2] - Interest rates are projected to decline by 2026, alleviating previous headwinds for REITs and allowing for growth in rents and distributions [3] Group 1: REIT Advantages - REITs are required to distribute 90% of taxable income to shareholders, ensuring consistent cash payouts and elevated yields [4] - Many REIT leases include rent escalators tied to CPI, providing built-in inflation protection for investors [5] Group 2: Company Highlights - Vici Properties focuses on gaming and experiential real estate, currently yielding 6.53% with a $1.80 annual dividend and a 4.13% growth rate over the past eight years [6][7] - NNN REIT has raised its dividend for 37 consecutive years, yielding 5.93% with a $2.40 annual dividend and a diversified tenant base across necessity-based retail [9][12] - Realty Income Corporation offers a monthly dividend yield of 5.65% with a $3.24 annual distribution, having increased dividends for 22 consecutive years [13][14][15] - Simon Property Group operates premium malls and outlet centers, currently yielding around 4.78% with an $8.80 annual dividend and a 5.56% growth rate [16][17][18]