NNN REIT, Inc. Announces Second Quarter 2025 Results and Increased 2025 Guidance

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NNN REIT, Inc. (NYSE: NNN) today announced Q2 2025 results. Core FFO was $0.84/share and AFFO was $0.85/share. Closed on $232.5 million of investments at an initial cash cap rate of 7.4% with a weighted average lease term of 17.8 years. Acquisition guidance for 2025 was increased to a range of $600-$700 million. Pro forma for the 2031 Notes, the Company had a sector leading weighted average debt maturity of 11.0 years, no encumbered assets, no floating rate debt and $1.4 billion of total available liquidity. NNN’s 3.4% increase in the third quarter 2025 quarterly dividend to $0.60 per share marked the Company's 36th consecutive annual dividend increase.

Total Shareholder Return Comparison

	1 Year	5 Years	10 Years	15 Years	20 Years	25 Years	30 Years
NNN REIT	7.0%	9. 6%	7.0%	10.0%	9.5%	12.3%	11.0%
Indices
* NAREIT Equity REIT Index (FNERTR)	9.2%	6.7%	6.6%	9.1%	6.8%	9.4%	9.4%
* Morgan Stanley REIT Index (RMS G)	8.9%	8.6%	6.3%	8.9%	6.6%	9.2%	9.3%
S&P 500 Index (SPX)	15.1%	16.6%	13.6%	14.8%	10.7%	8.0%	10.5%
* S&P 400 Index (MID)	7.5%	13.4%	9.2%	12.0%	9.5%	9.3%	11.2%

1 Year

5 Years

10 Years

15 Years

20 Years

25 Years

30 Years

NNN REIT

7.0%

9. 6%

7.0%

10.0%

9.5%

12.3%

11.0%

Indices

* NAREIT Equity REIT Index (FNERTR)

9.2%

6.7%

6.6%

9.1%

6.8%

9.4%

* Morgan Stanley REIT Index (RMS G)

8.9%

8.6%

6.3%

8.9%

6.6%

9.2%

9.3%

S&P 500 Index (SPX)

15.1%

16.6%

13.6%

14.8%

10.7%

8.0%

10.5%

* S&P 400 Index (MID)

7.5%

13.4%

9.2%

12.0%

9.5%

9.3%

11.2%

For Periods Ending June 30, 2025. Total Return comprised of stock price appreciation plus dividends paid.

* NNN is a member of this index. Source: Bloomberg

NNN REIT, Inc. Announces Second Quarter 2025 Results and Increased 2025 Guidance

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Dividend Yield

Total Shareholder Return Comparison