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 ...

Financial Performance - Core FFO per diluted share grew by 1.2% year-over-year to $0.85[9] - AFFO per diluted share increased by 2.4% year-over-year to $0.86[9] - ABR increased by 7.2% compared to the prior year[9] - The company paid a quarterly dividend of $0.60, representing a 3.4% increase in the quarterly dividend rate, a 5.6% annualized dividend yield, and a 70% AFFO payout ratio[9] Investment and Disposition Activities - The company closed on $283.0 million of investments at an initial cash cap rate of 7.3% and a weighted average lease term of 17.8 years[9] - Total investments for the nine months ended September 30, 2025, reached $748.0 million[9] - The company sold 23 properties for $41.3 million, including $22.3 million of income-producing properties at a weighted average cap rate of 5.9%[9] Balance Sheet and Capital Structure - The company issued $500 million of 4.600% senior unsecured notes due 2031[9] - The company maintains balance sheet flexibility with $1.4 billion of total available liquidity[9] - The company's total capital is $13.0 billion, with gross debt at 38.0% and equity at 62.0%[29, 28] Portfolio Characteristics - The company has a well-diversified portfolio with 3,697 properties (39.2 million SF) in 50 states[14] - The portfolio is diversified across more than 400 national and regional tenants and over 35 lines of trade[14] - The company's occupancy never fell below 96.4% from 2005-2025[19] Dividend and Returns - The company has 36 consecutive years of annual dividend increases[10, 32] - The company's strategy generated 3.8% average annual Core FFO per share growth since 2019[13]

Financial Performance & Strategy - The company focuses on single-tenant, net leased (STNL) properties with a multi-year strategy focused on per-share results and aims for mid-single-digit percentage annual growth on a leverage-neutral basis [7] - The company has a track record of 35 consecutive annual dividend increases [7] - The company generated 3.8% average annual Core FFO per share growth since 2018 [9] - In Q1 2025, Core FFO and AFFO per diluted share grew by 3.6% year-over-year, reaching $0.86 and $0.87, respectively [40] Portfolio & Occupancy - The company's strategy results in higher occupancy and less volatility, with occupancy never falling below 96.4% from 2005-2025 [11] - The company has a high-quality, well-diversified portfolio with $11.1 billion in total gross assets, comprising 3,641 properties (37.3 million SF) across all 50 states [10] - The company maintained high occupancy levels of 97.7% in Q1 2025, near the company's 20-year occupancy average of 98.2% [40] Acquisitions & Dispositions - Relationship-based acquisitions account for 75% of the company's acquisition volume from 2010-2025, with an average cap rate of 7.4% ($7,424 million) [17] - Market/Auction acquisitions account for 25% of the company's acquisition volume from 2010-2025, with an average cap rate of 7.1% ($2,537 million) [17] - The company closed on $232.4 million of investments in Q1 2025, at an initial cash cap rate of 7.4% and a weighted average lease term of over 18 years [40] - Since 2005, the company has sold 887 properties, generating net proceeds over $2.4 billion [63] Balance Sheet & Capital Structure - The company maintains a strong investment-grade balance sheet (BBB+/Baa1) with industry-leading leverage ratios [23] - As of March 31, 2025, total capital was $12.6 billion, with debt at $4,566.3 million (36.3% of total capital) and equity at $8,016.1 million (63.7% of total capital) [26] - The company has a well-laddered debt maturity profile with an 11.6-year weighted average debt maturity and a 4.1% weighted average interest rate [23]