Note 4 – Term Loan:

In December 2025, NNN entered into a senior unsecured term loan with a $300,000,000 capacity (the "Term Loan"). The Term Loan has a six-month delayed draw commitment period and an accordion option to increase the facility size up to $500,000,000. The Term Loan matures in February 2029, unless the Company exercises its options to extend maturity to February 2031. Based on NNN's current credit ratings, the Term Loan will bear interest at an effective rate of SOFR plus the applicable margin of 85 basis points. In connection with the Term Loan, NNN incurred loan costs of $2,429,000 which are included in debt costs on the Consolidated Balance Sheet. As of December 31, 2025, no funds had been drawn on the Term Loan.

In December 2025, NNN entered into two forward starting swaps to hedge the risk of changes in forecasted interest payments on the Term Loan (see "Note 8 – Derivatives").

On January 15, 2026, NNN drew $200,000,000 on the Term Loan. The previously entered into swaps fix SOFR for the $200,000,000 at 3.22% through January 15, 2029.

In accordance with the terms of the Term Loan, NNN is required to meet certain restrictive financial covenants which, among other things, require NNN to maintain certain (i) leverage ratios, (ii) debt service coverage, (iii) cash flow coverage, and (iv) investment and dividend limitations. At December 31, 2025, NNN was in compliance with each of the Term Loan financial covenants.