THIRD QUARTER 2023 OPERATING RESULTS AND INCREASED 2023 GUIDANCE ANNOUNCED BY NNN REIT, INC.

ORLANDO, Fla., Nov. 1, 2023

Operating Results:

• Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:

		Quarter Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023 ARIVA.DE Börsen-Geflüster Kurse NNN Reit Inc. 38,72 € +0,05%				2022
		(dollars in thousands, except per share data)
Revenues		$	205,132			$	193,471			$	611,880			$	574,533
Net earnings available to common stockholders		$	106,787			$	88,421			$	295,658			$	243,964
Net earnings per common share		$	0.59			$	0.50			$	1.63			$	1.38
FFO available to common stockholders		$	147,223			$	139,760			$	437,362			$	406,706
FFO per common share		$	0.81			$	0.79			$	2.41			$	2.31
Core FFO available to common stockholders		$	147,376			$	140,316			$	438,247			$	413,511
Core FFO per common share		$	0.81			$	0.79			$	2.42			$	2.35
AFFO available to common stockholders		$	148,281			$	142,987			$	442,526			$	423,811
AFFO per common share		$	0.82			$	0.81			$	2.44			$	2.41

Third Quarter 2023 Highlights:

• FFO and Core FFO per common share increased 2.5% over prior period results
• AFFO per common share increased 1.2% over prior period results
• Maintained high occupancy levels at 99.2%, with a weighted average remaining lease term of 10.1 years, at September 30, 2023 as compared to 99.4% at June 30, 2023 and December 31, 2022
• $212.5 million in property investments, including the acquisition of 46 properties with an aggregate gross leasable area of approximately 449,000 square feet at an initial cash cap rate of 7.4%
• Sold 13 properties for $49.0 million, producing $20.0 million of gains on sales at a cap rate of 6.0%
• Issued $500 million principal amount of 5.600% senior unsecured notes due 2033
• Ended the quarter with $98.3 million of cash and no amounts drawn on the $1.1 billion bank credit facility
• Maintained sector leading 12.6 year weighted average debt maturity

Highlights for the nine months ended September 30, 2023:

• FFO per common share increased 4.3% over prior period results
• Core FFO per common share increased 3.0% over prior period results
• AFFO per common share increased 1.2% over prior year results
• $550.0 million in property investments, including the acquisition of 125 properties with an aggregate gross leasable area of approximately 1,003,000 square feet at an initial cash cap rate of 7.2%
• Sold 26 properties for $89.2 million, producing $40.2 million of gains on sales at a cap rate of 5.8%
• Raised $30.6 million net proceeds from the issuance of 705,396 common shares
• Issued $500 million principal amount of 5.600% senior unsecured notes due 2033

Core FFO guidance for 2023 was increased from a range of $3.17 to $3.22 per share to a range of $3.19 to $3.23 per share. The 2023 AFFO is estimated to be $3.22 to $3.26 per share. The Core FFO guidance equates to net earnings of $1.88 to $1.92 per share, plus $1.31 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate, charges for impairments and executive retirement costs. The guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company's reports filed with the Securities and Exchange Commission.

Steve Horn, Chief Executive Officer, commented: "The recent $500 million 10-year unsecured note offering puts NNN in a great position to continue to execute our multi-year strategy.  As macroeconomic headwinds continue to create challenging capital market conditions, our free cash flow generation and $1.1 billion line of credit position NNN to finish 2023 and begin 2024 strong."

NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of September 30, 2023, the company owned 3,511 properties in 49 states with a gross leasable area of approximately 35.8 million square feet and with a weighted average remaining lease term of 10.1 years.  NNN is one of only three publicly traded REITs to have increased annual dividends for 34 or more consecutive years. For more information on the company, visit www.nnnreit.com.

Management will hold a conference call on November 1, 2023, at 10:30 a.m. ET to review its results of operations. The call can be accessed on the NNN REIT website live at http://www.nnnreit.com.  For those unable to listen to the live broadcast, a replay will be available on the company's website.  In addition, a summary of any earnings guidance given on the call will be posted to the company's website.

Statements in this press release that are not strictly historical are "forward-looking" statements.  These statements generally are characterized by the use of terms such as "believe," "expect," "intend," "may," "estimated," or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the company's actual future results to differ materially from expected results.  These risks include, among others, general economic conditions, including inflation, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the company's tenants, the availability of capital, risks related to the company's status as a REIT, and the potential impacts of an epidemic or pandemic (such as the outbreak and worldwide spread of a novel strain of coronavirus, and its variants ("COVID-19")) on the company's business operations, financial results, and financial position on the world economy.  Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the company's Securities and Exchange Commission (the "Commission") filings, including, but not limited to, the company's (i) Annual Report on Form 10-K for the year ended December 31, 2022 and (ii) Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023.  Copies of each filing may be obtained from the company or the Commission.  Such forward-looking statements should be regarded solely as reflections of the company's current operating plans and estimates.  Actual operating results may differ materially from what is expressed or forecast in this press release.  NNN REIT, Inc. undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

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