NNN REIT Inc 2025年度报告

2025HIGHLIGHTS Closed on$930 million of investments,arecordyearly total Properties acquired were at an initialcash cap rate of 7.4%with a weighted average remaininglease term of 17.6 years Increased annual base rent by7.8% to $928 million Occupancy rate of98.3%,matching our20-year average Ended year with$1.2 billion of total liquidity IT’S THE LITTLE THINGS Oftentimes, the greatest accomplishments are achievedby focusing on the little things. Our attention to detailshas resulted in 36 consecutive annual dividend increases.Each part of the NNN story, from our people and propertiesto our disciplined approach, come together to reflectlong-term strength and consistency. This mosaic representswhat shareholders are investingin: NNN’s discipline,durability, flexibility and proven performance; as well aswhat they are investingfor: the moments in life thatmatter most. TABLE OF CONTENTS LETTER TO SHAREHOLDERSВ3CORPORATE SUSTAINABILITY|19OFFICERS AND DIRECTORS|20SHAREHOLDER INFORMATION|INSIDE BACK COVER TOTAL SHAREHOLDER RETURN COMPARISON (As of December 31, 2025) VALUE OF $1,000 INVESTMENT (As of December 31, 2025) NNN’S STRATEGY RESULTS IN HIGHER OCCUPANCY,LESS VOLATILIT Y (Source: S&P Capital IQ) Dear Fellow Shareholders, Over more than four decades, NNN has built a team and culture that is laser-focused on generating durable,ŔŪşı͉ƤĘƐŝͩĉíƘĹͩǜŪDŽͩıƐŪDŽƤĹ̬ͩ¸ĹĘͩƐĘƘƬŔƤͩĹíƘͩĈĘĘşͩĉŪşƘľƘƤĘşƤŔNJͩƘƤƐŪşıͩƍĘƐİŪƐŝíşĉĘ̭ͩľşĉŔƬĐľşıͩ˕˘ͩĉŪşƘĘĉƬƤľǃĘͩíşşƬíŔ ĐľǃľĐĘşĐͩľşĉƐĘíƘĘƘͩíşĐͩíͩ˔˗͉NJĘíƐͩíǃĘƐíıĘͩíşşƬíŔͩƤŪƤíŔͩƐĘƤƬƐşͩŪİͩ˓˔̬˒ζ̬ SşͩŝíşNJͩDŽíNJƘ̭ͩ˔˒˔˗ͩƐĘǜĘĉƤĘĐͩƤĹĘͩĉŪƐĘͩƘƤƐĘşıƤĹƘͩƤĹíƤͩĹíǃĘͩĐĘǛşĘĐͩrrrͩƤĹƐŪƬıĹŪƬƤͩľƤƘͩ˖˓ͩNJĘíƐͩĹľƘƤŪƐNJ̬ͩ}ƬƐ ƘƬƘƤíľşíĈŔĘͩıƐŪDŽƤĹͩƘƤƐíƤĘıNJ̭ͩĐľƘĉľƍŔľşĘĐͩĉíƍľƤíŔͩíŔŔŪĉíƤľŪş̭ͩŪƍĘƐíƤľŪşíŔͩĘljĉĘŔŔĘşĉĘ̭ͩíşĐͩǜĘljľĈŔĘͩĈíŔíşĉĘͩƘĹĘĘƤͩŝíşíıĘŝĘşƤͩíŔŔŪDŽĘĐͩƬƘͩƤŪͩşíǃľıíƤĘͩǃŪŔíƤľŔĘͩŝíƐőĘƤͩĉŪşĐľƤľŪşƘͩíşĐͩíͩƍŔíşşĘĐͩŔĘíĐĘƐƘĹľƍͩƤƐíşƘľƤľŪş̭ͩDŽĹľŔĘ ĉŪşƤľşƬľşıͩƤŪͩĉƐĘíƤĘͩƘĹíƐĘĹŪŔĐĘƐͩǃíŔƬĘ̬ ANOT HER SUCCE SSF UL Y E AR rrr͗ƘͩƘľşıŔĘͩƤĘşíşƤͩƤƐľƍŔĘͩşĘƤͩŔĘíƘĘͩƍŔíƤİŪƐŝͩŪşĉĘͩíıíľşͩĐĘŔľǃĘƐĘĐͩƘŪŔľĐͩƐĘƘƬŔƤƘͩľşͩ˔˒˔˗̬ͩ×ĘͩĉŪŝƍŔĘƤĘĐͩŝŪƐĘͩƤĹíşͩͲ˛˕˒ͩŝľŔŔľŪşͩŪİͩíĉƏƬľƘľƤľŪşƘ̭ͩƤĹĘͩĹľıĹĘƘƤͩíşşƬíŔͩľşǃĘƘƤŝĘşƤͩǃŪŔƬŝĘͩľşͩƤĹĘͩĉŪŝƍíşNJ͗ƘͩĹľƘƤŪƐNJ̭ͩDŽĹľŔĘͩıĘşĘƐíƤľşıͩ˔̬˙ζͩıƐŪDŽƤĹͩľşͩ
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ƘͩíŔDŽíNJƘ̭ͩDŽĘͩƐĘŝíľşͩĐľƘĉľƍŔľşĘĐͩľşͩŪƬƐͩƬşĐĘƐDŽƐľƤľşıͩíşĐͩİŪĉƬƘĘĐͩŪşͩŔŪşıͩƤĘƐŝͩǃíŔƬĘͩĉƐĘíƤľŪşͩƐíƤĹĘƐͩƤĹíşͩƘĹŪƐƤͩƤĘƐŝͩŝíƐőĘƤͩŝŪǃĘŝĘşƤƘ̬ (As of December 31, 2025) PROV EN PORT FOL IO DUR ABIL I T Y SşͩƬşĉĘƐƤíľşͩƤľŝĘƘ̭ͩrrr͗ƘͩƘƤíĈŔĘͩíşĐͩƍƐĘĐľĉƤíĈŔĘͩĉíƘĹͩǜŪDŽƘͩƐĘŝíľşͩíͩőĘNJͩĐľİİĘƐĘşƤľíƤŪƐ̬ͩ}ƬƐͩĉNJĉŔĘ͉ƤĘƘƤĘĐͩƍŪƐƤİŪŔľŪͩíşĐͩƍƐŪǃĘşͩƤƐíĉőͩƐĘĉŪƐĐͩŪİͩƘƬĉĉĘƘƘͩŪǃĘƐͩĐĘĉíĐĘƘͩŪİͩŪƍĘƐíƤľŪşͩƘĘƤͩƬƘͩíƍíƐƤͩİƐŪŝͩŪƬƐͩĉŪŝƍĘƤľƤľŪşͩDŽĹľŔĘͩŪƬƐͩŔŪşı͉ƤĘƐŝͩíǃĘƐíıĘͩŪĉĉƬƍíşĉNJͩƐíƤĘͩŪİͩ˛˚̬˕ζͩƐĘǜĘĉƤƘͩƤĹĘͩƏƬíŔľƤNJͩŪİͩŪƬƐͩƐĘíŔͩĘƘƤíƤĘ̭ͩíͩőĘNJͩĉŪŝƍŪşĘşƤͩŪİͩŪƬƐͩşĘƤ ŔĘíƘĘ ƘƤƐíƤĘıNJ̬ }ƍĘƐíƤľŪşíŔŔNJ̭ͩDŽĘͩƍĘƐİŪƐŝĘĐͩíƤͩíͩĹľıĹͩŔĘǃĘŔͩľşͩ˔˒˔˗̬ͩ×ĘͩƐĘşĘDŽĘĐͩŪƐͩƐĘŔĘíƘĘĐͩ˔˓˕ͩƍƐŪƍĘƐƤľĘƘͩíƤͩíͩĈŔĘşĐĘĐͩƐĘşƤͩƐĘĉŪǃĘƐNJͩƐíƤĘͩŪİͩ˓˒˘ζͩíşĐͩĘşĐĘĐͩƤĹĘͩNJĘíƐͩíƤͩŪƬƐͩŔŪşı͉ƤĘƐŝͩíǃĘƐíıĘͩŪĉĉƬƍíşĉNJͩŔĘǃĘŔ̬ͩÖíĉíşƤͩƍƐŪƍĘƐƤNJͩƘíŔĘƘͩDŽĘƐĘͩíͩőĘNJͩĉŪşƤƐľĈƬƤŪƐͩƤŪͩŪƬƐͩƘƬĉĉĘƘƘͩľşͩŝíľşƤíľşľşıͩĹľıĹͩŪĉĉƬƍíşĉNJͩľşͩ˔˒˔˗̭ͩíƘͩDŽĘͩƏƬľĉőŔNJͩíĐĐƐĘƘƘĘĐͩǃíĉíşĉľĘƘ̭ͩDŽĹľŔĘ ĈíŔíşĉľşıͩşĘíƐͩíşĐͩŔŪşı͉ƤĘƐŝͩĉíƘĹͩǜŪDŽƘ̬ͩ}ƬƐͩƘƤƐŪşıͩƍĘƐİŪƐŝíşĉĘͩľƘͩíͩƤĘƘƤíŝĘşƤͩƤŪͩƤĹĘͩĐƬƐíĈľŔľƤNJͩŪİͩŪƬƐͩƍŪƐƤİŪŔľŪͩíşĐͩƤĹĘͩƘŪŔľĐͩĘljĘĉƬƤľŪşͩŪİͩŪƬƐͩ
ƘƘĘƤͩpíşíıĘŝĘşƤͩíşĐͩfĘíƘľşıͩƤĘíŝƘ̬ͩ BAL A NCE SHEE T FLE X IBIL IT Y }ƬƐͩĉŪşƘĘƐǃíƤľǃĘͩĈíŔíşĉĘͩƘĹĘĘƤͩƍĹľŔŪƘŪƍĹNJͩƐĘŝíľşƘͩƬşĉĹíşıĘĐͩíşĐͩİŪĉƬƘĘĐͩŪşͩĹľıĹͩŔľƏƬľĐľƤNJ̭ͩŔŪDŽͩŔĘǃĘƐíı