Company: NNN
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000950170-25-042337
Chunk: 9

Company: NNN REIT, INC.
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 9
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4 Performance and Business Highlights

Our business strategy delivers consistent, sustainable growth in support of long-term value creation while maintaining a conservative balance sheet. In fiscal year 2024, we continued to grow operationally and deliver value to stockholders as highlighted below.

| Dividend Growth |                                                        |                          | Net Earnings and Core FFO Per Share                      |
| ▪               | Increased 2.7% to $2.29 per share                      | ▪                        | Consistent net earnings per share of $2.15 per share     |
| ▪               | 35 consecutive years of annual dividend increases      
 (1 of only 3 publicly traded REITs to accomplish this) | ▪                        
 ▪                        | Increased FFO per share 2.5% to $3.32 per share(1)       
 Increased Core FFO per share 1.8% to $3.32 per share (1) |
|                 | Acquisition Volume                                     | Total Shareholder Return |                                                          |
| ▪               | $565.4 million                                         | ▪                        | Outperformed 69% of Equity REITs for the 3-year          
 period ending December 31, 2024                          |
| ▪               | Initial cash yield of 7.7%                             | ▪                        | 12.5% 25-yr annual TSR growth                            |

(1)For calculations of FFO and Core FFO per share, see our Annual Supplemental Data furnished as Exhibit 99.2 to the SEC on February 11, 2025 which also includes a GAAP reconciliation of these non-GAAP measures.

Corporate Governance

General. We are currently managed by a nine-member Board of Directors that consists of Mses. Beall, Gulacsy and Holden and Messrs. Cosler, Fick, Fritsch, Horn, Witherspoon and Kevin B. Habicht, with Mr. Cosler serving as Chairperson of the Board from May 1, 2021 to present.

Mr. Habicht is not standing for re-election as a director and will retire from his roles as Executive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer of the Company and as a member of the Board effective as of March 31, 2025 as was previously announced by the Company in January of this year.

The Board of Directors has adopted a set of corporate governance guidelines, which, along with the written charters for the Board committees described below, provide the framework for the