Core Viewpoint - NNN REIT, Inc. announces the retirement of Board Chair Steven D. Cosler and the appointment of Edward J. Fritsch as the new Chair, effective February 18, 2026, highlighting a transition in leadership during a period of significant market disruption [1]. Group 1: Leadership Transition - Steven D. Cosler has retired from the Board after serving since August 2016 and as Chair since May 2021 [1]. - Edward J. Fritsch, an independent director since February 2012, has been appointed as the new Chair, bringing extensive REIT experience from his previous role as President and CEO of Highwoods Properties, Inc. [1]. - The CEO, Steve Horn, expressed gratitude for Cosler's contributions and emphasized the importance of cohesive leadership moving forward [1]. Group 2: Company Overview - NNN REIT, Inc. invests in high-quality properties under long-term net leases with minimal ongoing capital expenditures [1]. - As of December 31, 2025, the company owned 3,692 properties across all 50 states, the District of Columbia, and Puerto Rico, with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.2 years [1]. - NNN is recognized as one of only three publicly traded REITs that have increased annual dividends for 36 or more consecutive years [1].

Core Insights - The article emphasizes the importance of identifying high-quality dividend-growing and undervalued investment opportunities to achieve strong total returns through cash dividends and capital gains [1]. Group 1: Analyst Background - Scott Kaufman, known as Treading Softly, has over a decade of experience in the financial sector and serves as the lead analyst for Dividend Kings [1]. - The focus of the analysis is on providing actionable insights that lead to a bountiful harvest of cash dividends and strong capital gains [1].

Financial Data and Key Metrics Changes - NNN REIT reported a 2.7% growth in AFFO per share for 2025, reaching $3.44, and core FFO per share also increased by 6.1% year-over-year to $0.87 [10][11] - The company maintained a high occupancy rate of 98.3%, up 80 basis points from the previous quarter, aligning with its long-term average [12] - Annualized base rent increased by approximately 8% year-over-year to $928 million, driven by strong acquisition activity [12] Business Line Data and Key Metrics Changes - The company completed over $900 million in acquisitions, marking the highest annual volume in its history [3] - During the fourth quarter, NNN invested over $180 million across 55 properties at an initial cash cap rate of 7.4% [6] - The company sold 18 income-producing and 42 vacant properties in the fourth quarter, generating $82 million in proceeds [9] Market Data and Key Metrics Changes - The initial cap rates stabilized in the fourth quarter, remaining in line with the third quarter, with slight compression anticipated as the year progresses [5][6] - The company expects to fund its 2026 strategy through $210 million of retained free cash flow and $130 million of planned dispositions, maintaining leverage neutral [5] Company Strategy and Development Direction - NNN's strategy focuses on a disciplined bottom-up investment approach, aiming for mid-single-digit AFFO per share growth over the long term while aligning acquisitions and balance sheet management to support these objectives [4] - The company emphasizes proactive portfolio management to maintain high occupancy and renewal rates, with a goal of improving future performance [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a more uncertain macroeconomic environment in 2026, supported by a solid financial footing and a self-funding business model [4][5] - The company anticipates a slight increase in occupancy and a continued focus on resolving vacancies throughout 2026 [52][74] Other Important Information - NNN maintained a highly flexible balance sheet with no encumbered assets and $1.2 billion in total available liquidity [4][15] - The company announced a quarterly dividend of $0.60, representing a 3.4% year-over-year increase [15] Q&A Session Summary Question: Can you provide an update on proactive portfolio management and occupancy levels? - Management indicated that proactive portfolio management involves monitoring tenant renewals and addressing potential issues early, with an ideal occupancy slightly above 98% [20] Question: Why is the bad debt assumption set at 75 basis points? - The company explained that 75 basis points is a prudent starting point, reflecting no significant changes in the watchlist and historical performance [24] Question: What segments of clients are looking to grow more aggressively? - Management noted that auto services and convenience stores are currently the biggest opportunities for growth [33] Question: What is the expected trend for lease termination fees in 2026? - Management anticipates a return to more normalized levels of lease termination fees, estimating around $3 million to $4 million for the year [37] Question: How does the company view competition in the acquisition market? - Management stated that while competition exists, it has not seen significant changes, and it continues to rely on strong relationships to secure deals [39] Question: What is the expected trend for occupancy throughout the year? - Management expects occupancy to trend slightly higher, with ongoing efforts to resolve vacancies [52] Question: Can you discuss the anticipated cap rate compression? - Management believes slight cap rate compression is likely due to competitive pressures in the market [81]

Financial Data and Key Metrics Changes - NNN REIT reported a 2.7% growth in AFFO per share for 2025, reaching $3.44, and core FFO per share increased by 6.1% year-over-year to $0.87 [10][11] - The company maintained a high occupancy rate of 98.3%, up 80 basis points from the previous quarter, aligning with its long-term average [12] - Annualized base rent increased by nearly 8% year-over-year to $928 million, driven by strong acquisition activity [12] Business Line Data and Key Metrics Changes - The company completed over $900 million in acquisitions, marking the highest annual volume in its history [3] - During the fourth quarter, NNN invested over $180 million across 55 properties at an initial cash cap rate of 7.4% [6] - The company sold 18 income-producing and 42 vacant properties in the fourth quarter, generating $82 million in proceeds [9] Market Data and Key Metrics Changes - The initial cap rates stabilized in the fourth quarter, remaining in line with the third quarter, with slight compression anticipated as the year progresses [5][6] - The company reported that its portfolio of 3,692 freestanding single-tenant properties is performing well, with no concerns raised by tenants regarding their ability to meet rent obligations [7] Company Strategy and Development Direction - NNN's strategy focuses on a disciplined bottom-up investment approach, aiming for mid-single-digit AFFO per share growth over the long term while maintaining a top-tier payout ratio [4] - The company plans to fund its 2026 strategy through retained free cash flow and planned dispositions, maintaining leverage neutrality [5][16] - NNN aims to continue its proactive portfolio management to enhance renewal rates and address potential future issues [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a more uncertain macroeconomic environment in 2026, supported by a solid financial footing and a flexible balance sheet [4][16] - The company anticipates a slight increase in occupancy and a continued focus on resolving vacancies throughout 2026 [52][74] - Management noted that the bad debt assumption for 2026 is set at 75 basis points, reflecting a prudent approach given the current economic conditions [24][53] Other Important Information - NNN's balance sheet remains strong, with no encumbered assets and $1.2 billion in available liquidity [15] - The company announced a quarterly dividend of $0.60, representing a 3.4% year-over-year increase [15] Q&A Session Summary Question: Can you provide an update on proactive portfolio management and occupancy levels? - Management indicated that proactive portfolio management involves monitoring tenant renewals and addressing potential issues early, with an ideal occupancy slightly above 98% [20] Question: Why is the bad debt assumption set at 75 basis points? - The management explained that this figure is a conservative approach based on historical performance and current tenant stability, with no significant changes on the watchlist [24] Question: What are the current tenant rent coverage levels? - Management stated that the overall rent coverage is stable, with most tenants reporting strong financials, although it varies by industry [29][30] Question: What segments of clients are looking to grow aggressively? - Management noted that auto services and convenience stores are currently the biggest opportunities in their pipeline [33] Question: What is the expected trend for lease termination fees in 2026? - Management anticipates a return to more normalized levels of lease termination fees, consistent with historical averages [37] Question: How does the company view competition in the acquisition market? - Management acknowledged ongoing competition but emphasized their strong relationships and ability to source deals effectively without being significantly impacted by market changes [39][70] Question: What is the expected cap rate trend for 2026? - Management expects slight cap rate compression due to competitive pressures in the market [81] Question: How does the company plan to manage its debt structure? - Management highlighted the importance of matching debt duration with lease duration, allowing for flexibility in financing options [68]

Financial Data and Key Metrics Changes - NNN REIT reported a 2.7% growth in AFFO per share for 2025, with core FFO and AFFO both at $0.87 per share, up 6.1% year-over-year [9][10] - The total available liquidity at year-end was $1.2 billion, with a weighted average debt maturity of 10.8 years [3][13] - Annualized base rent increased to $928 million, reflecting an 8% year-over-year growth [11] Business Line Data and Key Metrics Changes - The portfolio consists of 3,692 freestanding single-tenant properties, with occupancy rising to 98.3%, an increase of 80 basis points from the previous quarter [5][11] - 55 out of 64 lease renewals were completed ahead of the average renewal rate of 85%, with rental rates at 104% above prior levels [6] Market Data and Key Metrics Changes - The company completed over $900 million in acquisitions, marking the highest annual volume in its history [2] - The fourth quarter initial cap rate was stable compared to the third quarter, with expectations of slight compression as the year progresses [4][14] Company Strategy and Development Direction - The company maintains a disciplined bottom-up investment approach, focusing on annual dividend growth while managing a top-tier payout ratio [3] - NNN's strategy includes a self-funding business model that can deliver consistent growth in various economic conditions [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a more uncertain macroeconomic environment in 2026, supported by solid financial footing and proactive portfolio management [2][3] - The company anticipates a 3.2% year-over-year growth in AFFO per share for 2026, with a guidance range of $3.52-$3.58 [14] Other Important Information - The company sold 18 income-producing and 42 vacant properties in the fourth quarter, generating $82 million in proceeds [8] - G&A expenses as a percentage of total revenue were 4.9% for the quarter, with a slight increase attributed to promotions and new hires [10][61] Q&A Session Summary Question: Can you provide an update on proactive portfolio management and occupancy levels? - Management indicated that proactive portfolio management involves monitoring tenant renewals and addressing potential issues early, with an ideal occupancy slightly above 98% [18][19] Question: Why is the bad debt assumption set at 75 basis points? - The company explained that 75 basis points is a prudent starting point, reflecting no significant changes in the watchlist and historical performance [21][23] Question: What segments of existing clients are looking to grow more aggressively? - Management noted that auto services and convenience stores are currently the biggest opportunities in the pipeline [32] Question: What is the expected trend for lease termination fees in 2026? - The company anticipates a return to more normalized levels of lease termination fees, estimating around $3 million to $4 million for the year [37] Question: How does the company view competition in the acquisition market? - Management stated that while competition exists, it has not seen significant changes, and it relies on strong relationships to secure deals [39][70] Question: What is the expected trend for occupancy throughout the year? - Management expects occupancy to trend slightly higher, with ongoing sales of vacant assets contributing to this improvement [51] Question: What is the average lease escalator in the portfolio? - The average lease escalator remains at 1.5% for modeling purposes, unaffected by recent acquisition activity [88] Question: How does the company plan to manage refinancing risks? - The company has embedded refinancing assumptions in its guidance, with expectations for a 10-year bond rate around 5.25% [82]

Core Insights - NNN REIT reported revenue of $237.54 million for the quarter ended December 2025, reflecting an 8.8% increase year-over-year and a surprise of +1.44% over the Zacks Consensus Estimate of $234.17 million [1] - The earnings per share (EPS) for the quarter was $0.87, compared to $0.52 in the same quarter last year, resulting in an EPS surprise of +0.69% against the consensus estimate of $0.86 [1] Financial Performance Metrics - Interest and other income from real estate transactions reached $0.86 million, exceeding the estimated $0.4 million by three analysts, marking a significant increase of +544% compared to the year-ago quarter [4] - Rental income was reported at $237.54 million, surpassing the estimated $232.73 million by three analysts, and showing an 8.8% increase year-over-year [4] - Net earnings per share (diluted) were $0.51, slightly above the two-analyst average estimate of $0.50 [4] Stock Performance - Over the past month, shares of NNN REIT have returned +4.1%, contrasting with a -0.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

分组1 - NNN REIT reported quarterly funds from operations (FFO) of $0.87 per share, exceeding the Zacks Consensus Estimate of $0.86 per share, and up from $0.82 per share a year ago, representing an FFO surprise of +0.69% [1] - The company posted revenues of $237.54 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.44%, compared to year-ago revenues of $218.35 million [2] - NNN REIT shares have increased approximately 9.3% since the beginning of the year, outperforming the S&P 500's gain of 1.4% [3] 分组2 - The current consensus FFO estimate for the coming quarter is $0.87 on revenues of $237.59 million, and for the current fiscal year, it is $3.54 on revenues of $967.55 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 29% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8]

Investor Update Single Tenant Net Lease REIT with 36 consecutive annual dividend increases February 2026 Safe Harbor (All data as of December 31, 2025) This presentation contains certain statements that are the Company's and Management's hopes, intentions, beliefs, expectations, or projections of the future and might be considered to be forward-looking statements under Federal Securities laws. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performan ...

Property Portfolio - As of December 31, 2025, NNN owned 3,692 properties with a total gross leasable area of approximately 39,578,000 square feet and a weighted average remaining lease term of 10.2 years[32]. - 98.3% of NNN's properties were leased as of December 31, 2025[32]. - The average annual base rental payment for NNN's leases was $256,000, with payments ranging from $11,000 to $4,085,000[34]. - 63.0% of the Property Portfolio annual base rent is generated from tenants in six lines of trade: automotive service (18.6%), convenience stores (16.3%), restaurants (14.3%), entertainment (7.2%), and dealerships (6.6%)[58]. - 40.9% of the Property Portfolio annual base rent is generated from properties located in five states: Texas (18.4%), Florida (8.7%), Illinois (5.1%), Georgia (4.5%), and Ohio (4.2%)[58]. - The total annualized base rent (ABR) for the properties as of December 31, 2025, was $928,081,000, an increase from $860,562,000 in 2024[148]. - The property portfolio is geographically concentrated in regions with above-average population growth, particularly in the southeastern (25.3%) and southern (24.6%) United States[133]. - The occupancy rate of the property portfolio remained at least 98% leased as of December 31, 2025, ensuring consistent operating results[134]. - NNN owned 64 vacant, un-leased properties, accounting for less than 2% of total properties and aggregate gross leasable area[173]. Financial Performance - NNN's total debt to total gross assets ratio was approximately 42% as of December 31, 2025[165]. - Rental revenues for 2025 increased to $904,342,000 from $848,657,000 in 2024, representing a growth of 6.6%[152]. - Total revenues for 2025 reached $926,213,000, up from $869,266,000 in 2024, marking an increase of 6.5%[152]. - Total operating expenses rose to $384,947,000 in 2025, compared to $333,684,000 in 2024, reflecting a 15.4% increase[155]. - Depreciation and amortization expenses increased to $268,439,000 in 2025 from $249,681,000 in 2024, a rise of 7.5%[155]. - Impairment losses on real estate increased significantly to $28,602,000 in 2025 from $6,632,000 in 2024[157]. - Interest expense for 2025 was $203,955,000, up from $184,017,000 in 2024, indicating an increase of 10.9%[159]. - Cash provided by operating activities was $667,131,000 in 2025, compared to $635,504,000 in 2024, an increase of 4.9%[166]. Debt and Financing - NNN had outstanding debt totaling $4,820,424,000, with no secured debt[73]. - NNN's total unsecured notes payable amounted to $4,472,324,000, and $348,100,000 was outstanding on the Credit Facility[69]. - NNN's line of credit was amended in April 2024 to increase borrowing capacity from $1,100,000,000 to $1,200,000,000, with a weighted average interest rate of 5.04% for 2025[177]. - In December 2025, NNN entered into a senior unsecured term loan with a capacity of $300,000,000, maturing in February 2029[178]. - NNN incurred debt issuance costs totaling $44,420,000 related to outstanding note offerings, which are being amortized over the term of the respective notes[186]. - NNN's variable rate Credit Facility had an outstanding balance of $348,100,000 with a weighted average interest rate of 5.04%[193]. - The weighted average interest rate for NNN's unsecured debt obligations is 4.20% with a weighted average maturity of 10.8 years[196]. - NNN's total fixed rate debt obligations amount to $4,550,000,000 with varying interest rates, the lowest being 2.54% for 2030[196]. Dividends and Shareholder Information - NNN has increased its annual dividend per common share for 36 consecutive years, marking it as one of the public REITs with the longest record of consecutive annual dividend increases[21]. - NNN declared dividends of $113,502,000, or $0.600 per share, payable to stockholders in January 2026[120]. - NNN declared dividends of $443,202,000 in 2025, an increase from $420,239,000 in 2024, with a per share dividend of $2.360 in 2025 compared to $2.290 in 2024[175]. - As of January 30, 2026, NNN had 1,364 registered holders of record of its common stock[121]. - NNN's Dividend Reinvestment and Stock Purchase Plan allowed for the issuance of 65,062 shares in 2025, yielding net proceeds of $2,628,000, compared to 64,654 shares and $2,634,000 in 2024[191]. Risk Factors - NNN's business is significantly dependent on single-tenant properties, which increases the risk of revenue loss if a tenant defaults[55]. - The occurrence of tenant bankruptcies could materially adversely affect NNN's cash flow and results of operations[52]. - Changes in financial and economic conditions, including inflation and tariffs, may adversely impact NNN and its tenants[46]. - A significant portion of Properties are leased to unrated tenants, which may increase investment-related credit risk[62]. - NNN's investments are generally illiquid, which could significantly impede its ability to respond to market conditions or adverse changes in tenant performance[59]. - NNN may not be able to successfully execute its acquisition strategies, affecting its ability to expand its Property Portfolio[57]. - Environmental liabilities associated with properties owned by NNN could significantly impact its financial results and operational capabilities[87]. - Compliance with new governmental laws and regulations may require significant expenditures and could adversely affect NNN's results of operations[89]. - NNN's cybersecurity risks include potential breaches that could lead to significant liabilities and reputational harm[92][94]. - The company faces risks associated with the adoption of AI, including potential inaccuracies and data privacy concerns[98]. - Changes in accounting standards could materially impact NNN's reported financial performance and that of its tenants[102]. Management and Operations - As of January 30, 2026, NNN employed 85 associates, with nearly 40% having been with the company for over 10 years[28]. - NNN's executive team and senior managers average over 19 years of experience with the company[99]. - NNN's ability to maintain effective internal control over financial reporting is crucial for preventing financial fraud and ensuring reliable financial reports[100]. - NNN's management evaluates tenant creditworthiness through financial statements, payment history, and industry news, which is crucial for maintaining rental income[132]. - NNN's management is committed to protecting its information systems through various cybersecurity measures and risk management strategies[109]. - NNN's ability to pay dividends is contingent upon its earnings, financial condition, and compliance with REIT status[75]. - The company is obligated to comply with financial covenants that could restrict its operating activities and lead to defaults if not met[74]. - NNN's organizational documents do not limit the level of debt it may incur, potentially increasing financial risk[69]. - NNN's ability to obtain favorable capital for business objectives may be adversely affected by its existing debt obligations[68].

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 | ...