Company: NNN
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000950170-25-042337
Chunk: 36

Company: NNN REIT, INC.
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 36
---
 individual performance component, our NEOs were evaluated based on their contributions towards a series of shared corporate strategic objectives as well as individual performance goals related to their respective functions. Award determinations were based on holistic assessments by the Committee (along with input from the President & Chief Executive Officer for his direct reports) of performance relative to pre-established corporate and individual objectives. Corporate strategic objectives for 2024 were as follows:

Core FFO (excluding any impairments and executive retirement costs) of at least $3.30 per share;

Acquisitions of $450.0 million at prudent risk-adjusted yields;

General & Administrative ("G&A") expense (assuming target incentive compensation, excluding leasing transaction costs and executive retirement costs) at or below $48.0 million;

Leverage ratio (total liabilities divided by gross book assets) below 45%; and

Maintain portfolio occupancy above 98.0%.

Each of these strategic objectives were fully met or exceeded in 2024. Our Core FFO was $3.32 per share (excluding any impairments and executive retirement costs), acquisitions totaled $565.4 million, G&A expense was $43.6 million based on target incentive compensation and excluding leasing transaction costs and executive retirements costs, our leverage ratio was 40.5% and portfolio occupancy was 98.5%.

<div align='center'>36</div>

| Our NEOs also generally met or exceeded individual performance objectives tied to their respective functions. |                       |                                                                                                      |
|                                                                                                               | Stephen A. Horn, Jr.: |                                                                                                      |
|                                                                                                               |                       | ●   Set the strategic plan for the Company                                                           |
|                                                                                                               |                       | ●   Handled all Board of Directors relations                                                         |
|                                                                                                               |                       | ●   Oversaw the expanded use of data analytics and artificial intelligence within company            
 operations                                                                                           |
|                                                                                                               |                       | ●   Established the corporate sustainability strategy for investors                                  |
|                                                                                                               |                       | ●   Oversaw the acquisition of 75 properties for $565.4 million at an initial cash yield of 7.7% and 
 disposition of 41 properties for net sale proceeds of $148.7 million                                 |
|                                                                                                               | Kevin B. Habicht:     |                                                                                                      |
|                                                                                                               |                       | ●   Successfully raised $214.3 million of common equity at an average price of $45.42 per share      |
|                                                                                                               |                       | ●   Executed a public offering of $500 million of 5.