On August 6, 2026, NNN REIT, Inc. (the "Company") entered into an equity distribution agreement (the "Equity Distribution Agreement") with each of Wells Fargo Securities, LLC, BofA Securities, Inc., BTIG, LLC, Citigroup Global Markets Inc., Jefferies LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., RBC Capital Markets, LLC, TD Securities (USA) LLC and Truist Securities, Inc., each in its capacity as sales agent (the "agents") and, together with Nomura Securities International Inc. (acting through BTIG, LLC as agent) and except in the case of BTIG, LLC, a forward seller and as applicable, their respective affiliates or agents acting as forward purchasers. The Equity Distribution Agreement replaces the Company’s existing equity distribution agreement dated August 3, 2023, and no further issuances or sales may be made thereunder.

Under the Equity Distribution Agreement, from time to time the Company may issue and sell up to 25,000,000 shares of common stock, par value $0.01 per share, through the agents acting as sales agents, or directly to the agents acting as principals for their own account, in each case at a price agreed upon at the time of sale.