NNN REIT, Inc. Announces 2025 Annual Results and Initial 2026 Guidance

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:

• Reported net earnings of $2.07 per diluted share
• Grew Core FFO and AFFO per diluted share by 2.7% over prior-year results to $3.41 and $3.44, respectively
• Increased ABR by 7.8% over prior-year results to $928.1 million
• Closed on $931.0 million of investments at an initial cash cap rate of 7.4%, with a weighted average remaining lease term of 17.6 years
• Sold 116 properties for $190.5 million, including $90.7 million of income-producing properties, at a weighted average cap rate of 6.4%
• Raised $85.4 million in gross proceeds from the issuance of 1,992,955 common shares at an average price per share of $42.86
• Issued $500 million principal amount of 4.600% senior unsecured notes due February 2031 (the „2031 Notes“)
• Redeemed $400 million principal amount of 4.000% senior unsecured notes due November 2025
• Closed on a $300 million senior unsecured delayed draw term loan facility due February 2029 (the „Term Loan“)
• Maintained balance sheet flexibility with a sector-leading weighted average debt maturity of 10.8 years, no encumbered assets and $1.2 billion of total available liquidity
• Paid an annual dividend per common share of $2.36 in 2025, representing a 3.1% increase over 2024, marking the 36^th consecutive year of annual dividend increases – the third longest record of consecutive annual dividend increases of all public REITs
• Delivered a 12.0% total average annual shareholder return over the past 25 years

Fourth Quarter 2025 and Additional Highlights: