Core Viewpoint - The article highlights seven companies known as Dividend Champions, which have consistently increased their dividends for at least 25 years, making them attractive options for investors seeking reliable income streams. Group 1: Chevron - Chevron is a leading integrated oil and gas producer with a break-even level of around $30 per barrel, allowing it to remain profitable even during downturns in oil prices [2][3] - The company has increased its dividend for 38 consecutive years, demonstrating resilience during oil market fluctuations [3] - Chevron anticipates adding $12.5 billion to its annual free cash flow starting next year, supported by a recent merger with Hess, which enhances its production and cash flow growth outlook [4] Group 2: Consolidated Edison - Consolidated Edison is an electric and gas utility focused on New York City, benefiting from stable demand and government-regulated rates, which support its dividend growth [5] - The company has delivered its 51st annual dividend increase, making it a Dividend King with over 50 years of dividend increases [6] - Consolidated Edison plans to invest $38 billion to maintain and grow its utility operations through the end of the decade, ensuring reliable earnings growth [7] Group 3: Enterprise Products Partners - Enterprise Products Partners is a master limited partnership (MLP) with energy midstream assets, providing predictable cash flow through long-term contracts [8] - The MLP has increased its distribution for 27 consecutive years and has $6 billion in organic capital projects expected to boost cash flow by 2026 [9] - Enterprise has a strong balance sheet, allowing it to continue growing its business and high-yielding distribution [10] Group 4: Enbridge - Enbridge is a North American energy infrastructure company with 98% of earnings from predictable revenue frameworks, ensuring visibility into its earnings [12] - The company has increased its dividend for 30 consecutive years and has a backlog of approximately $23 billion in capital projects to support future growth [13] Group 5: Genuine Parts - Genuine Parts is a provider of automotive and industrial replacement parts, with a history of growing sales in 91 of its 97 years [14] - The company has raised its dividend for 69 consecutive years, supported by strong cash flows and a disciplined acquisition strategy [15] Group 6: NNN REIT - NNN REIT focuses on single-tenant, net leased retail properties, generating stable rental income due to tenants covering operating costs [16] - The REIT has increased its dividend for 36 consecutive years and maintains a conservative financial profile to support future dividend growth [17] Group 7: PepsiCo - PepsiCo is a global beverage and snacking company with a strong cash flow supporting its nearly 4% dividend yield [18] - The company has raised its dividend for 53 consecutive years and invests heavily in product innovations and capacity expansions to drive growth [19] Conclusion - These companies exemplify resilience and financial strength, making them ideal choices for investors seeking durable and steadily rising passive dividend income [20]

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The service offers a free two-week trial for potential investors to explore top ideas across exclusive income-focused portfolios [1] Group 2 - Warren Buffett emphasizes the value of slow-moving dividend stocks, which can provide investors with steady returns over time [2] - The focus is on defensive stocks with a medium- to long-term investment horizon [2]

Group 1 - The article promotes a portfolio strategy that generates income without the need for selling assets, aiming to simplify retirement investing [1] - It emphasizes a community-oriented approach to investing, encouraging collaboration and education among investors [2] - The service offers various features including model portfolios, buy/sell alerts, and regular market updates to support investors [2] Group 2 - The article mentions the involvement of contributors who provide insights and recommendations, indicating a collaborative effort in investment strategies [4] - It highlights the importance of monitoring investment positions and issuing alerts to members, ensuring active management of portfolios [4]

Group 1: Dividend Kings Overview - Dividend Kings are companies that have increased their dividends annually for at least 50 consecutive years, showcasing resilience through multiple recessions [1] - Currently, there are only 55 companies classified as Dividend Kings, with more expected to join in the coming years [1] Group 2: ExxonMobil - ExxonMobil has increased its dividend for 42 consecutive years, the longest streak in the oil sector, with only 4% of S&P 500 companies achieving similar growth [2] - The company aims for $20 billion in earnings and $30 billion in cash flow by 2030, targeting compound annual growth rates of 10% for earnings and 8% for cash flow over the next five years [3] - ExxonMobil plans to invest $140 billion in high-return capital projects and its Permian Basin development, alongside achieving $7 billion in structural cost savings by 2030 [4] - The company is also investing in lower-carbon energy technologies, which could add $3 billion to earnings by 2030 and $13 billion by 2040, reinforcing its strong financial profile [5] Group 3: NNN REIT - NNN REIT achieved its 36th consecutive dividend increase, a milestone reached by only two other REITs and fewer than 80 publicly traded companies [6] - The REIT focuses on single-tenant net leased properties, generating reliable rental income through long-term leases in prime locations [7] - NNN REIT builds relationships with expanding retailers, facilitating new investment opportunities through sale-leaseback transactions, while maintaining a conservative financial profile [8] Group 4: Medtronic - Medtronic is close to becoming a Dividend King with 48 consecutive years of dividend growth, positioning itself well for future increases [9] - The company plans to separate its diabetes business within 18 months, allowing it to concentrate on its growing cardiovascular, neuroscience, and medical-surgical units [10] - Medtronic aims to capture a larger market share in these sectors through significant investments in research and development, supported by a strong balance sheet for potential acquisitions [11][12] Group 5: Conclusion - ExxonMobil, NNN REIT, and Medtronic are on track to become Dividend Kings, possessing the financial strength and growth potential to sustain dividend increases for years [13]

Financial Data and Key Metrics Changes - Core FFO per share was reported at $0.84, and AFFO per share at $0.85, each up 1.2% year over year [15] - Annualized base rent reached $894 million, an increase of almost 7% year over year [15] - The company announced a 3.4% increase in its common stock dividend, marking the thirty-sixth consecutive year of annual dividend increases [4][20] Business Line Data and Key Metrics Changes - The company renewed 17 out of 20 leases, achieving rental rates 108% above prior rents [8] - Seven properties were leased to new tenants at rates 105% above prior rents, indicating strong demand for assets [8] - Acquisitions during the quarter totaled over $230 million across 45 new properties, with an initial cap rate of 7.4% and an average lease term of over 17 years [9] Market Data and Key Metrics Changes - The company has a portfolio of approximately 3,663 freestanding single-tenant properties across all 50 states [7] - The average debt maturity is reported at 11 years, positioning the company strongly in the capital markets [3][12] Company Strategy and Development Direction - The company is committed to a disciplined underwriting approach while emphasizing acquisition volume through sale-leaseback transactions [10] - The company plans to increase its acquisition volume guidance to a range of $650 million to $700 million for the year [21] - The focus remains on optimizing the portfolio by disposing of underperforming assets while maintaining strong tenant relationships [11][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall health of the portfolio, with no significant tenant concerns [8] - The company is taking a conservative approach to future acquisitions due to heightened competition and market conditions [27] - Management remains optimistic about the long-term prospects for properties associated with At Home, which filed for bankruptcy [9][51] Other Important Information - The company successfully completed a $500 million five-year unsecured bond offering with a 4.6% coupon [6][19] - The balance sheet is described as one of the strongest in the sector, with nearly $1.5 billion in available liquidity [12][19] Q&A Session Summary Question: What is driving the implied deceleration in investment guidance? - Management indicated that the deceleration is likely due to a conservative outlook, despite robust market opportunities and heightened competition [27] Question: Can you discuss the new relationships in acquisitions? - Management noted that new relationships are developed through long-term calling efforts, but specific details on new relationships were not disclosed [28] Question: Update on available assets for sale or retenanting? - Management reported strong demand for certain assets, with 28 out of 64 assets currently being worked on for re-leasing [35] Question: What is the timeline for releasing vacant properties? - Management stated that while initial marketing activity occurs within 30-40 days, the full release process may take 9-12 months depending on redevelopment needs [45] Question: How is the company managing bad debt? - Management maintains a conservative approach, embedding 60 basis points of bad debt in guidance, primarily due to uncertainties surrounding At Home [50][52] Question: What is the strategy regarding lease termination fees? - Management indicated that lease termination fees have been higher than historical averages due to proactive portfolio management [106] Question: How does the company plan to use shorter-term debt? - Management explained that shorter-term debt is being utilized to balance asset and liability durations, providing flexibility for future financing needs [70][104]

Core Insights - NNN REIT reported revenue of $226.5 million for the quarter ended June 2025, reflecting a year-over-year increase of 4.8% and surpassing the Zacks Consensus Estimate of $225.55 million by 0.42% [1] - The company's EPS for the quarter was $0.85, compared to $0.58 in the same quarter last year, indicating a significant improvement and an EPS surprise of 1.19% over the consensus estimate of $0.84 [1] Revenue Breakdown - Rental income was reported at $226.5 million, exceeding the four-analyst average estimate of $225.07 million, with a year-over-year change of +4.8% [4] - Interest and other income from real estate transactions was reported at $0.3 million, which fell short of the three-analyst average estimate of $0.59 million, representing a year-over-year decline of 54.8% [4] Stock Performance - Over the past month, shares of NNN REIT have returned -0.7%, while the Zacks S&P 500 composite has increased by 1% [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for outperformance against the broader market in the near term [3]

Financial Data and Key Metrics Changes - Core FFO per share was reported at $0.84, and AFFO per share was $0.85, each up 1.2% year-over-year [14] - Annualized base rent reached $894 million at the end of the quarter, reflecting an increase of almost 7% year-over-year [14] - The company announced a 3.4% increase in its common stock dividend, marking the thirty-sixth consecutive year of annual dividend increases [3][19] Business Line Data and Key Metrics Changes - The company renewed 17 out of 20 leases during the quarter, achieving rental rates 8% above prior rents [6] - Seven properties were leased to new tenants at rates 5% above prior rents, indicating strong demand for assets [7] - Acquisitions during the quarter totaled over $230 million across 45 new properties, with an initial cap rate of 7.4% and an average lease term of over 17 years [8][9] Market Data and Key Metrics Changes - The company has a portfolio of approximately 3,663 freestanding single-tenant properties across all 50 states [6] - The average debt maturity is reported at 11 years, positioning the company favorably in the capital markets [12][18] - The company has nearly $1.5 billion in available liquidity, providing flexibility for acquisitions and other opportunities [12][19] Company Strategy and Development Direction - The company is committed to a disciplined and thoughtful underwriting approach while emphasizing acquisition volume through sale-leaseback transactions [10] - The company plans to increase its full-year acquisition volume guidance to $650 million, reflecting strong transaction activity [10][20] - The focus remains on optimizing the portfolio by disposing of underperforming assets while maintaining a strong balance sheet [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall health of the portfolio, with no significant concerns regarding current tenants [7][16] - The company is optimistic about the long-term prospects for properties associated with At Home, which filed for bankruptcy but remains current on rent [7][16] - Management noted that while competition has increased, the market remains robust, and they are taking a conservative approach to future guidance [25] Other Important Information - The company successfully completed a $500 million unsecured bond offering with a 4.6% coupon, enhancing liquidity and capital flexibility [5][17] - The company has raised its guidance for core FFO per share to a range of $3.34 to $3.39, reflecting strong performance year-to-date [20] - Lease termination fees for the quarter totaled $2.2 million, which was in line with expectations [15][21] Q&A Session Summary Question: What is driving the implied deceleration in investment guidance? - Management indicated that while the market appears robust, the implied deceleration is more about conservatism and lack of visibility into the fourth quarter [25] Question: Can you discuss the new relationships in acquisitions? - Management noted that new relationships are developed through long-term calling efforts, but they do not disclose specifics about non-relationship acquisitions [27][29] Question: Update on available assets for sale or retenanting? - Management reported strong demand for certain assets, with 28 out of 64 assets currently being worked on for re-leasing [34] Question: What is the expected timing for vacant properties to be released? - Management stated that while initial marketing activity occurs within 30-40 days, the full release process may take 9-12 months depending on redevelopment needs [44] Question: How is the company managing bad debt? - Management explained that they are maintaining a conservative approach to bad debt, embedding 60 basis points in guidance due to uncertainties, particularly with At Home [50][52] Question: What is the outlook for cap rates? - Management indicated that cap rates are expected to remain stable, with potential minor fluctuations depending on the mix of closings [38] Question: How does the company plan to handle upcoming debt maturities? - Management confirmed that the recent bond issuance has prefunded refinancing needs, and they may return to the market for additional debt later in the year [42] Question: What sectors are being targeted for acquisitions and dispositions? - Management highlighted the auto service sector as a robust area for acquisitions, while dispositions are focused on underperforming assets [62]

Core Viewpoint - NNN REIT reported quarterly funds from operations (FFO) of $0.85 per share, exceeding the Zacks Consensus Estimate of $0.84 per share, and showing a year-over-year increase from $0.84 per share [1] Financial Performance - The company posted revenues of $226.5 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.42%, compared to $216.14 million in the same quarter last year [2] - Over the last four quarters, NNN REIT has exceeded consensus FFO estimates two times and topped consensus revenue estimates four times [2] Stock Performance - NNN REIT shares have increased approximately 5.4% since the beginning of the year, while the S&P 500 has gained 7.6% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.85 on revenues of $228.22 million, and for the current fiscal year, it is $3.42 on revenues of $913.85 million [7] - The estimate revisions trend for NNN REIT was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The REIT and Equity Trust - Other industry is currently in the top 40% of over 250 Zacks industries, suggesting that stocks in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8]

Financial Performance & Growth - Core FFO and AFFO per diluted share grew by 1.2% year-over-year, reaching $0.84 and $0.85 respectively[10] - Increased ABR (Annual Base Rent) by 6.7% compared to the previous year[10] - The company announced a 3.4% increase in the third quarter 2025 quarterly dividend to $0.60 per share[10] - Strategy generated 3.8% average annual Core FFO per share growth since 2019[16] Investment & Acquisition - Closed $232.5 million in investments with an initial cash cap rate of 7.4% and a weighted average lease term of 17.8 years[10] - Sold 23 properties for $51.2 million, including $24.7 million of income-producing properties at a weighted average cap rate of 6.2%[10] - Relationship acquisitions accounted for 74% ($7.493 billion) of the acquisition volume from 2010-Q2 2025, with an average cap rate of 7.4%[35] - Market/Auction acquisitions accounted for 26% ($2.701 billion) of the acquisition volume from 2010-Q2 2025, with an average cap rate of 7.1%[34] Portfolio & Lease Management - Only 6.1% of leases expire through YE 2026[17] - The portfolio consists of 3,663 properties (38.3 million SF) across 50 states, with over 400 national and regional tenants[17] - Top 20 tenants account for 46.8% of the rent and average 1,729 stores each[17] Balance Sheet & Debt - The company has $1.4 billion of total available liquidity[10] - The company's gross debt is $4.7 billion, representing 36.7% of the total capital, with a weighted average maturity of 11.1 years and a weighted average effective interest rate of 4.2%[23] - Equity accounts for 63.3% of the total capital, amounting to $8.1 billion[22, 23]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) NNN REIT, Inc.'s unaudited condensed consolidated financial statements for Q2 and H1 2025, covering balance sheets, income, equity, cash flows, and notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) NNN REIT, Inc.'s Condensed Consolidated Balance Sheets show increased total assets, driven by real estate, and changes in liabilities and equity as of June 30, 2025 Assets, Liabilities, and Equity | ASSETS (in thousands) | June 30, 2025 (unaudited) | December 31, 2024 | | :------------------------------------------------ | :------------------------ | :------------------ | | Real estate portfolio, net | $9,023,171 | $8,746,168 | | Cash and cash equivalents | $5,973 | $8,731 | | Restricted cash and cash held in escrow | $775 | $331 | | Total assets | $9,148,677 | $8,872,728 | | LIABILITIES AND EQUITY (in thousands) | | | | Line of credit payable | $267,700 | $— | | Notes payable, net | $4,376,893 | $4,373,803 | | Total liabilities | $4,786,272 | $4,510,453 | | Total equity | $4,362,405 | $4,362,275 | | Total liabilities and equity | $9,148,677 | $8,872,728 | [Condensed Consolidated Statements of Income and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) The Condensed Consolidated Statements of Income and Comprehensive Income show a decrease in net earnings for both the quarter and six months ended June 30, 2025, compared to the prior year, despite an increase in rental income, primarily due to higher operating expenses and interest expense Income and Comprehensive Income Summary | (dollars in thousands, except per share data) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Rental income | $226,498 | $216,140 | $457,072 | $430,965 | | Total revenues | $226,802 | $216,813 | $457,656 | $432,220 | | Total operating expenses | $93,204 | $82,167 | $184,019 | $164,074 | | Gain on disposition of real estate | $16,198 | $17,621 | $20,011 | $22,442 | | Net earnings | $100,529 | $106,666 | $196,987 | $201,037 | | Basic Net earnings per share | $0.54 | $0.58 | $1.05 | $1.10 | | Diluted Net earnings per share | $0.54 | $0.58 | $1.05 | $1.10 | - Net earnings decreased by **5.76%** for the quarter ended June 30, 2025, compared to the same period in 2024, and by **2.01%** for the six months ended June 30, 2025, compared to the same period in 2024[11](index=11&type=chunk) [Condensed Consolidated Statements of Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) The Condensed Consolidated Statements of Equity detail the changes in stockholders' equity for the quarter and six months ended June 30, 2025 and 2024 Changes in Stockholders' Equity | (dollars in thousands) | Balances at March 31, 2025 | Net earnings | Dividends declared and paid | Issuance of common stock (ATM) | Balances at June 30, 2025 | | :--------------------- | :------------------------- | :----------- | :-------------------------- | :----------------------------- | :------------------------ | | Common Stock | $1,881 | — | $1 | $2 | $1,884 | | Capital in Excess of Par Value | $5,203,561 | — | $637 | $10,228 | $5,217,161 | | Accumulated Deficit | $(841,164) | $100,529 | $(108,566) | — | $(849,201) | | Total Equity | $4,356,487 | $100,529 | $(107,928) | $10,230 | $4,362,405 | - Total equity increased from **$4,356,487** thousand at March 31, 2025, to **$4,362,405** thousand at June 30, 2025, driven by net earnings and common stock issuances, partially offset by dividends[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The Condensed Consolidated Statements of Cash Flows highlight the company's cash generation and usage across operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Cash Flow Summary | (dollars in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $322,702 | $311,194 | | Net cash used in investing activities | $(386,969) | $(139,348) | | Net cash provided by (used in) financing activities | $61,953 | $(160,199) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $(2,314) | $11,647 | | Cash, cash equivalents and restricted cash at end of period | $6,748 | $16,802 | - Cash used in investing activities significantly increased from **$(139,348)** thousand in 2024 to **$(386,969)** thousand in 2025, primarily due to higher additions to real estate[25](index=25&type=chunk) - Financing activities provided **$61,953** thousand in cash in 2025, a substantial shift from using **$(160,199)** thousand in 2024, mainly due to increased proceeds from line of credit payable and reduced repayments[28](index=28&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed disclosures and explanations for the condensed consolidated financial statements, covering significant accounting policies, specifics of the real estate portfolio, debt instruments, equity transactions, fair value measurements, segment information, and subsequent events [Note 1 – Organization and Summary of Significant Accounting Policies](index=11&type=section&id=Note%201%20%E2%80%93%20Organization%20and%20Summary%20of%20Significant%20Accounting%20Policies) NNN REIT, Inc. is a fully integrated REIT primarily focused on acquiring, owning, investing in, and developing high-quality properties leased under long-term, net leases - NNN REIT, Inc operates as a single reportable segment, primarily deriving revenues from real estate leased under long-term, net leases[30](index=30&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk) Property Portfolio Overview | Property Portfolio as of June 30, 2025 | | :------------------------------------- | | Total Properties: **3,663** | | Gross leasable area (square feet): **38,322,000** | | States: **50** | | Weighted average remaining lease term (years): **10** | - NNN adopted ASC **842**, classifying most leases as operating leases where tenants are responsible for operating expenses Rental income is recognized on a straight-line basis[42](index=42&type=chunk)[43](index=43&type=chunk) - For the six months ended June 30, 2025, NNN recorded a write-off of **$2,099,000** in outstanding receivables and related accrued rent, reclassifying **12** tenants as cash basis for accounting purposes[46](index=46&type=chunk) [Note 2 – Real Estate](index=17&type=section&id=Note%202%20%E2%80%93%20Real%20Estate) This note provides a detailed breakdown of NNN's real estate portfolio, including its composition, lease structures, intangible assets and liabilities, dispositions, construction commitments, and impairment losses Real Estate Portfolio Details | Real Estate Portfolio (dollars in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------------- | :------------ | :---------------- | | Land and improvements | $2,977,752 | $2,919,976 | | Buildings and improvements | $8,159,894 | $7,805,939 | | Less accumulated depreciation and amortization | $(2,170,211) | $(2,065,316) | | Work in progress and improvements | $43,778 | $82,411 | | Classified as held for sale | $9,205 | $283 | | Total Real Estate Portfolio | $9,023,171 | $8,746,168 | Rental Revenues | Rental Revenues (dollars in thousands) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Rental income from operating leases | $221,714 | $211,557 | $445,770 | $420,641 | | Real estate expenses reimbursed from tenants | $4,388 | $4,206 | $9,906 | $8,940 | | Total Rental income | $226,498 | $216,140 | $457,072 | $430,965 | - Real estate held for sale increased significantly from **$283,000** (two properties) at December 31, 2024, to **$9,205,000** (seven properties) at June 30, 2025[48](index=48&type=chunk)[70](index=70&type=chunk) Real Estate Impairments | Real Estate Impairments (dollars in thousands) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Total real estate impairments, net of recoveries | $4,535 | $944 | $6,047 | $2,148 | | Number of Properties (Vacant) | **6** | **2** | **8** | **2** | [Note 3 – Line of Credit Payable](index=20&type=section&id=Note%203%20%E2%80%93%20Line%20of%20Credit%20Payable) This note details the terms of NNN's unsecured revolving credit facility, which was increased to $1.2 billion in April 2024 - NNN's unsecured revolving credit facility increased to **$1,200,000,000** in April 2024[78](index=78&type=chunk) - As of June 30, 2025, **$267,700,000** was outstanding on the Credit Facility, with **$932,300,000** available for future borrowings[78](index=78&type=chunk) - The Credit Facility bears interest at Adjusted SOFR plus **77.5** basis points, with potential ESG-linked pricing reductions[78](index=78&type=chunk) [Note 4 – Notes Payable and Derivatives](index=20&type=section&id=Note%204%20%E2%80%93%20Notes%20Payable%20and%20Derivatives) This note discusses NNN's notes payable and derivative activities, specifically the termination of forward starting swaps in connection with a $500 million senior unsecured notes offering - NNN terminated two forward starting swaps with a notional amount of **$200,000,000**, resulting in a net liability of **$409,000** deferred in accumulated other comprehensive income (loss)[80](index=80&type=chunk) - The deferred liability from terminated swaps will be amortized as an increase in interest expense over **10** years[80](index=80&type=chunk) - NNN reclassified **$929,000** and **$1,242,000** from accumulated other comprehensive income (loss) to interest expense for the six months ended June 30, 2025 and 2024, respectively[81](index=81&type=chunk) [Note 5 – Stockholders' Equity](index=20&type=section&id=Note%205%20%E2%80%93%20Stockholders%27%20Equity) This note details NNN's equity activities, including the Universal Shelf Registration Statement for future debt and equity issuances, and common stock issuances through the At-The-Market (ATM) equity program and the Dividend Reinvestment and Stock Purchase Plan (DRIP) - NNN has a Universal Shelf Registration Statement effective August 2023, allowing issuance of indeterminate amounts of debt and equity securities until August 2026[83](index=83&type=chunk)[84](index=84&type=chunk) Common Stock Issuances (ATM) | Common Stock Issuances (ATM) (dollars in thousands, except per share data) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Shares of common stock | **236,906** | **303,443** | **236,906** | **803,443** | | Average price per share (net) | **$42.48** | **$41.81** | **$42.12** | **$41.69** | | Net proceeds | **$10,063** | **$12,687** | **$9,978** | **$33,493** | Dividends Declared and Paid | Dividends Declared and Paid (dollars in thousands, except per share data) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Dividends | **$108,566** | **$103,159** | **$216,901** | **$205,843** | | Per share | **$0.5800** | **$0.5650** | **$1.1600** | **$1.1300** | [Note 6 – Fair Value of Financial Instruments](index=21&type=section&id=Note%206%20%E2%80%93%20Fair%20Value%20of%20Financial%20Instruments) This note addresses the fair value measurement of NNN's financial instruments - The carrying value of NNN's Credit Facility approximates fair value due to its variable interest rate[87](index=87&type=chunk) Fair Value of Notes Payable | Fair Value of Notes Payable (dollars in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------------------- | :------------ | :---------------- | | Fair value of notes payable | $3,974,301 | $3,894,030 | - Fair value of notes payable is determined using Level **1** valuation inputs (quoted market prices) as they are publicly traded[88](index=88&type=chunk) [Note 7 – Segment Information](index=22&type=section&id=Note%207%20%E2%80%93%20Segment%20Information) NNN operates as a single reportable segment, with its Chief Executive Officer serving as the Chief Operating Decision Maker (CODM) - NNN's operations are reported within one reportable segment, deriving revenues primarily from real estate leased under long-term net leases[90](index=90&type=chunk) - The Chief Executive Officer acts as the Chief Operating Decision Maker (CODM), assessing performance and allocating resources based on net earnings and total assets[91](index=91&type=chunk)[92](index=92&type=chunk) [Note 8 – Subsequent Events](index=22&type=section&id=Note%208%20%E2%80%93%20Subsequent%20Events) This note discloses a significant subsequent event: the closing of a public offering on July 1, 2025, for $500 million principal amount of 4.600% senior unsecured notes due February 15, 2031 - On July 1, 2025, NNN closed a public offering of **$500,000,000** principal amount of **4.600%** senior unsecured notes due February 15, 2031[93](index=93&type=chunk) - The public offering price was **99.182%** of the principal amount, yielding **4.766%** to maturity[93](index=93&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on NNN's financial condition and operating performance, including forward-looking statements, an overview of the business, detailed analysis of revenues and expenses, liquidity and capital resources, capital structure, and critical accounting estimates [Forward-Looking Statements](index=23&type=section&id=Forward-Looking%20Statements) This section outlines the inherent risks and uncertainties that could cause NNN's actual results to differ materially from its forward-looking statements - Forward-looking statements are subject to risks including changes in financial/economic conditions, loss of rent from tenants, concentration in specific industries/geographies, and inability to execute acquisition/disposition strategies[95](index=95&type=chunk) - Other risks include natural disasters, cybersecurity incidents, inability to obtain capital on favorable terms, debt restrictions, and compliance with REIT tax requirements[95](index=95&type=chunk)[102](index=102&type=chunk) [Overview](index=24&type=section&id=Overview) NNN REIT, Inc is a fully integrated REIT that acquires, owns, invests in, and develops high-quality properties leased under long-term, net leases - As of June 30, 2025, NNN owned **3,663** properties in **50** states, with approximately **38,322,000** square feet of gross leasable area[99](index=99&type=chunk) - The Property Portfolio maintained approximately **98%** occupancy and a weighted average remaining lease term of **10** years as of June 30, 2025[99](index=99&type=chunk)[104](index=104&type=chunk) - Top line of trade concentrations include automotive service (**18.2%**), convenience stores (**16.5%**), and restaurants (**15.2%**)[103](index=103&type=chunk)[107](index=107&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) This section analyzes NNN's operating performance, detailing changes in its property portfolio, revenues, and expenses [Property Analysis](index=25&type=section&id=Property%20Analysis) NNN's property portfolio grew to 3,663 properties by June 30, 2025, with an increased Annualized Base Rent (ABR) Property Portfolio Summary | Property Portfolio Summary | June 30, 2025 | December 31, 2024 | June 30, 2024 | | :------------------------- | :------------ | :---------------- | :------------ | | Properties Owned (Number) | **3,663** | **3,568** | **3,548** | | Total gross leasable area (sq ft) | **38,322,000** | **36,557,000** | **36,095,000** | | Total Annualized Base Rent (ABR) | **$893,782,000** | **$860,562,000** | **$837,568,000** | Property Acquisitions | Property Acquisitions (dollars in thousands) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Number of Properties | **45** | **16** | **127** | **36** | | Total dollars invested | **$232,536** | **$110,542** | **$464,929** | **$235,034** | | Weighted average cap rate | **7.4%** | **7.9%** | **7.4%** | **8.0%** | Property Dispositions | Property Dispositions (dollars in thousands) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Number of properties | **23** | **14** | **33** | **20** | | Net sales proceeds | **$51,248** | **$67,274** | **$67,087** | **$85,805** | | Net gain on disposition of real estate | **$16,198** | **$17,621** | **$20,011** | **$22,442** | | Weighted average cap rate | **6.2%** | **7.7%** | **5.7%** | **7.4%** | [Analysis of Revenues](index=27&type=section&id=Analysis%20of%20Revenues) NNN's total revenues increased by **4.6%** for the quarter and **5.9%** for the six months ended June 30, 2025, primarily driven by a rise in rental income from recent property acquisitions Revenues by Category | Revenues (dollars in thousands) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Percent Increase (Decrease) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Percent Increase (Decrease) | | :------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | :-------------------------- | | Rental Revenues | **$222,110** | **$211,934** | **4.8%** | **$447,166** | **$422,025** | **6.0%** | | Real estate expenses reimbursed from tenants | **$4,388** | **$4,206** | **4.3%** | **$9,906** | **$8,940** | **10.8%** | | Interest and other income from real estate transactions | **$304** | **$673** | (**54.8%**) | **$584** | **$1,255** | (**53.5%**) | | Total revenues | **$226,802** | **$216,813** | **4.6%** | **$457,656** | **$432,220** | **5.9%** | - Rental income increased due to revenues from recent Property acquisitions[111](index=111&type=chunk) [Analysis of Expenses](index=28&type=section&id=Analysis%20of%20Expenses) NNN's total operating expenses increased by **13.4%** for the quarter and **12.2%** for the six months ended June 30, 2025 Operating Expenses and Interest Expense | Expenses (dollars in thousands) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Percent Increase (Decrease) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Percent Increase (Decrease) | | :------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | :-------------------------- | | General and administrative | **$11,217** | **$11,789** | (**4.9%**) | **$24,225** | **$24,373** | (**0.6%**) | | Non-reimbursed real estate | **$4,450** | **$2,552** | **74.4%** | **$8,307** | **$4,972** | **67.1%** | | Depreciation and amortization | **$68,349** | **$62,503** | **9.4%** | **$132,966** | **$123,118** | **8.0%** | | Impairment losses – real estate, net of recoveries | **$4,535** | **$944** | **380.4%** | **$6,047** | **$2,148** | **181.5%** | | Retirement and severance costs | **$191** | **$153** | **24.8%** | **$2,364** | **$470** | **403.0%** | | Total operating expenses | **$93,204** | **$82,167** | **13.4%** | **$184,019** | **$164,074** | **12.2%** | | Interest expense | **$49,282** | **$46,577** | **5.8%** | **$97,005** | **$90,646** | **7.0%** | - Non-reimbursed real estate expenses increased significantly due to an increase in the number of vacant properties[112](index=112&type=chunk) - Retirement and severance costs increased primarily due to costs associated with the retirement and transition agreement of the former Executive Vice President and Chief Financial Officer[115](index=115&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) NNN's liquidity strategy focuses on funding operating expenses, dividends, property acquisitions, and debt obligations through a combination of cash from operations, its Credit Facility, debt/equity issuances, and property sales [Financing Strategy](index=29&type=section&id=Financing%20Strategy) NNN's financing objective is to effectively manage its capital structure to support operating and investing strategies, service debt, maintain an investment-grade credit rating, and provide stockholder value - NNN's financing objective is to manage its capital structure to fund operations, service debt, maintain investment-grade credit rating, and provide stockholder value[118](index=118&type=chunk) - Sources of capital include debt/equity issuances, borrowings from banks, property sales, and internally generated funds[118](index=118&type=chunk) [Cash Flows](index=29&type=section&id=Cash%20Flows) For the six months ended June 30, 2025, cash provided by operating activities increased to **$322.7** million, sufficient to cover distributions Cash Flow Summary | Cash Flows (dollars in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Provided by operating activities | $322,702 | $311,194 | | Used in investing activities | $(386,969) | $(139,348) | | Provided by (used in) financing activities | $61,953 | $(160,199) | | Net cash at end of period | $6,748 | $16,802 | - Cash provided by operating activities increased by **$11.5** million (**3.7%**) for the six months ended June 30, 2025, compared to the same period in 2024[120](index=120&type=chunk)[121](index=121&type=chunk) - Financing activities for the six months ended June 30, 2025, included **$267.7** million in net borrowings from the Credit Facility and **$11.6** million from common stock issuances, while paying **$216.9** million in dividends[127](index=127&type=chunk) [Material Cash Requirements](index=30&type=section&id=Material%20Cash%20Requirements) NNN's material cash requirements include long-term debt maturities, interest payments, common stock dividends, and property construction costs Contractual Cash Obligations | Material Cash Requirements (dollars in thousands) | Total 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | | :------------------------------------------------ | :--------- | :--- | :--- | :--- | :--- | :--------- | | Long-term debt (principal) | $4,450,000 | $400,000 | $350,000 | $400,000 | $400,000 | $— | $2,900,000 | | Long-term debt – interest | $1,973,381 | $87,125 | $161,725 | $146,733 | $132,067 | $118,450 | $1,327,281 | | Credit Facility | $267,700 | $— | $— | $— | $267,700 | $— | $— | | Total contractual cash obligations | $6,691,081 | $487,125 | $511,725 | $546,733 | $799,767 | $118,450 | $4,227,281 | Property Construction Commitments | Property Construction Commitments (dollars in thousands) | | :------------------------------------------------------- | | Total commitment: **$103,177** |\n| Less amount funded: **$(64,352)** |\n| Remaining commitment: **$38,825** | - Management expects to meet these obligations using cash from operations, current capital resources, the Credit Facility, debt/equity financings, and property dispositions[126](index=126&type=chunk) [Properties](index=31&type=section&id=Properties) NNN's properties are primarily under triple-net leases, where tenants cover operating expenses, minimizing capital demands for the company - NNN's Property leases are typically triple-net, with tenants responsible for operating expenses, leading to modest capital demands for NNN[128](index=128&type=chunk) - As of June 30, 2025, NNN owned **73** vacant, un-leased Properties, representing **2%** of total Properties and gross leasable area[129](index=129&type=chunk) - As of July 31, 2025, approximately **1%** of total annualized base rent was leased to two tenants in Chapter **11** bankruptcy, which could adversely affect liquidity[130](index=130&type=chunk) [Dividends](index=31&type=section&id=Dividends) NNN's primary objective is to distribute a substantial portion of its funds from operations as dividends while maintaining REIT status and sufficient cash reserves - NNN aims to distribute a substantial portion of funds from operations as dividends to stockholders[131](index=131&type=chunk) Dividends Declared and Paid | Dividends Declared and Paid (dollars in thousands, except per share data) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Dividends | **$108,566** | **$103,159** | **$216,901** | **$205,843** | | Per share | **$0.5800** | **$0.5650** | **$1.1600** | **$1.1300** | - In July 2025, NNN declared a dividend of **$0.6000** per share, payable in August 2025[131](index=131&type=chunk) [Capital Structure](index=31&type=section&id=Capital%20Structure) NNN's capital structure primarily consists of notes payable and a line of credit, used to fund acquisitions, construction, and debt refinancing Total Debt Outstanding | Total Debt Outstanding (dollars in thousands) | June 30, 2025 | Percentage of Total | December 31, 2024 | Percentage of Total | | :-------------------------------------------- | :------------ | :------------------ | :---------------- | :------------------ | | Line of credit payable | $267,700 | **5.8%** | $— | — | | Notes payable | $4,376,893 | **94.2%** | $4,373,803 | **100.0%** | | Total debt outstanding | $4,644,593 | **100.0%** | $4,373,803 | **100.0%** | [Line of Credit Payable](index=32&type=section&id=Line%20of%20Credit%20Payable) NNN's unsecured revolving credit facility was increased to **$1.2** billion in April 2024, maturing in April 2028 (extendable to April 2029) - The Credit Facility's borrowing capacity was increased to **$1,200,000,000** in April 2024[133](index=133&type=chunk) - As of June 30, 2025, **$267,700,000** was outstanding and **$932,300,000** was available under the Credit Facility[133](index=133&type=chunk) - The Credit Facility matures in April 2028, with options to extend to April 2029, and includes an accordion feature up to **$2,000,000,000**[133](index=133&type=chunk) [Universal Shelf Registration Statement](index=32&type=section&id=Universal%20Shelf%20Registration%20Statement) In August 2023, NNN filed a Universal Shelf Registration Statement, allowing for the issuance of an indeterminate amount of debt and equity securities, including common stock, preferred stock, and other instruments - NNN filed a Universal Shelf Registration Statement in August 2023, permitting the issuance of an indeterminate amount of debt and equity securities[134](index=134&type=chunk) [Debt Securities – Notes Payable](index=32&type=section&id=Debt%20Securities%20%E2%80%93%20Notes%20Payable) NNN's notes payable consist of various unsecured series with maturities ranging from 2025 to 2052, totaling **$4.45** billion in principal Notes Payable Details | Notes Payable (dollars in thousands) | Principal | Stated Rate | Effective Rate | Maturity Date | | :----------------------------------- | :-------- | :---------- | :------------- | :------------ | | 2025 Notes | $400,000 | **4.000%** | **4.029%** | November 2025 | | 2026 Notes | $350,000 | **3.600%** | **3.733%** | December 2026 | | 2027 Notes | $400,000 | **3.500%** | **3.548%** | October 2027 | | 2028 Notes | $400,000 | **4.300%** | **4.388%** | October 2028 | | 2030 Notes | $400,000 | **2.500%** | **2.536%** | April 2030 | | 2033 Notes | $500,000 | **5.600%** | **5.905%** | October 2033 | | 2034 Notes | $500,000 | **5.500%** | **5.662%** | June 2034 | | 2048 Notes | $300,000 | **4.800%** | **4.890%** | October 2048 | | 2050 Notes | $300,000 | **3.100%** | **3.205%** | April 2050 | | 2051 Notes | $450,000 | **3.500%** | **3.602%** | April 2051 | | 2052 Notes | $450,000 | **3.000%** | **3.118%** | April 2052 | - In July 2025, NNN issued **$500,000,000** of **4.600%** notes due February 2031, with net proceeds of approximately **$491,710,000**[138](index=138&type=chunk)[140](index=140&type=chunk) - The proceeds from the 2031 Notes are intended to repay the Credit Facility, fund future property acquisitions, and for general corporate purposes[140](index=140&type=chunk) [Equity Securities](index=33&type=section&id=Equity%20Securities) NNN utilizes an At-The-Market (ATM) equity program and a Dividend Reinvestment and Stock Purchase Plan (DRIP) to issue common stock ATM Offerings | ATM Offerings (dollars in thousands, except per share data) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Shares of common stock | **236,906** | **303,443** | **236,906** | **803,443** | | Average price per share (net) | **$42.48** | **$41.81** | **$42.12** | **$41.69** | | Net proceeds | **$10,063** | **$12,687** | **$9,978** | **$33,493** | DRIP Issuances | DRIP Issuances (dollars in thousands) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Shares of common stock | **17,316** | **14,815** | **34,092** | **34,309** | | Net proceeds | **$707** | **$604** | **$1,363** | **$1,313** | - As of June 30, 2025, **4,889,006** shares had been issued under the 2023 ATM program, out of **17,500,000** allowable shares[143](index=143&type=chunk) [Critical Accounting Estimates](index=34&type=section&id=Critical%20Accounting%20Estimates) NNN's financial statements rely on management's estimates and assumptions, particularly concerning real estate acquisition accounting, the recoverability of long-lived assets, and the collectability of lease payments - Significant accounting policies include management's estimates for real estate acquisition accounting, recoverability of long-lived assets, and probability of lease payment collections[65](index=65&type=chunk)[145](index=145&type=chunk) - Estimates are sensitive to current and future market and economic conditions, and actual results may differ materially[65](index=65&type=chunk)[145](index=145&type=chunk) - No material changes were made to critical accounting policies during the periods covered by this report[145](index=145&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) NNN is exposed to interest rate risk primarily from its variable rate Credit Facility and fixed rate long-term debt - NNN is exposed to interest rate risk from its variable rate Credit Facility and fixed rate long-term debt[146](index=146&type=chunk) - As of June 30, 2025, NNN had no outstanding derivative financial instruments[146](index=146&type=chunk) Debt Obligations | Debt Obligations (dollars in thousands) | Variable Rate Debt (Credit Facility) | Fixed Rate Debt (Unsecured Debt) | | :-------------------------------------- | :----------------------------------- | :------------------------------- | | Total Debt Obligation | $267,700 | $4,450,000 | | Weighted Average Interest Rate | **5.22%** | **4.12%** | | Fair Value (June 30, 2025) | $267,700 | $3,974,301 | - If interest rates on NNN's variable rate debt increased by one percent, interest expense would have increased by less than one percent for the six months ended June 30, 2025[148](index=148&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) NNN's management, including its Chief Executive Officer, Chief Financial Officer, and Chief Accounting and Technology Officer, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025 - NNN's Chief Officers concluded that disclosure controls and procedures were effective as of June 30, 2025[151](index=151&type=chunk) - No material changes in internal control over financial reporting occurred during the most recent fiscal quarter[152](index=152&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) This section states that there are no applicable legal proceedings to report - No legal proceedings are applicable for this reporting period[154](index=154&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) This section indicates that there were no material changes to the risk factors previously disclosed in NNN's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes in risk factors were disclosed compared to the 2024 Annual Report on Form 10-K[154](index=154&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section states that there are no applicable unregistered sales of equity securities or use of proceeds to report - No unregistered sales of equity securities and use of proceeds are applicable for this reporting period[156](index=156&type=chunk) [Item 3. Defaults Upon Senior Securities](index=37&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section states that there are no applicable defaults upon senior securities to report - No defaults upon senior securities are applicable for this reporting period[156](index=156&type=chunk) [Item 4. Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section states that there are no applicable mine safety disclosures to report - No mine safety disclosures are applicable for this reporting period[156](index=156&type=chunk) [Item 5. Other Information](index=37&type=section&id=Item%205.%20Other%20Information) This section states that there is no other information to report - No other information is applicable for this reporting period[156](index=156&type=chunk) [Item 6. Exhibits](index=37&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Securities and Exchange Commission as part of this report, including supplemental indentures, employment letters, Section 302 and 906 certifications, and Interactive Data Files (Inline XBRL) - Exhibits include the Twenty-third Supplemental Indenture for **4.600%** Notes due 2031 and the form of these notes[156](index=156&type=chunk) - An Employment Letter for Joshua P Lewis, dated August 1, 2025, is filed as Exhibit **10.1**[156](index=156&type=chunk) - Section **302** and **906** Certifications from the Chief Executive Officer and Chief Financial Officer are filed herewith[156](index=156&type=chunk) [Signatures](index=39&type=section&id=Signatures) This section contains the signatures of NNN REIT, Inc.'s authorized officers, Stephen A Horn, Jr (President, Chief Executive Officer and Director) and Vincent H Chao (Executive Vice President and Chief Financial Officer), certifying the filing of the report on August 5, 2025 - The report was signed by Stephen A Horn, Jr, President, Chief Executive Officer and Director, and Vincent H Chao, Executive Vice President and Chief Financial Officer, on August 5, 2025[160](index=160&type=chunk)[161](index=161&type=chunk)