NNN is exposed to interest rate risk primarily as a result of its variable rate Credit Facility and Term Loan and its fixed rate long-term debt which is used to finance NNN's Property acquisitions and construction commitments, as well as for general corporate purposes. NNN's interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows and to reduce overall borrowing costs. To achieve its objectives, NNN borrows at both fixed and variable rates on its long-term debt and periodically uses derivatives to hedge the interest rate risk of future borrowings. As of June 30, 2026, NNN's variable rate Credit Facility had $28,500,000 outstanding and a weighted average outstanding balance of $117,913,000 with a weighted average interest rate of 4.44% for the six months ended June 30, 2026 compared to a weighted average outstanding balance of $113,919,000 with a weighted average interest rate of 5.22% for the same period in 2025. As of June 30, 2026, the Term Loan had an outstanding balance of $500,000,000. NNN previously entered into forward starting swaps, each effective during the six months ended June 30, 2026, with a total notional value of $400,000,000. The swaps exchange the variable interest rate SOFR component on the Term Loan to a weighted average fixed interest rate of 3.30%. For the six months ended June 30, 2026, the Term Loan had a weighted average outstanding balance of $270,166,000 and a weighted average interest rate of 4.13%, inclusive of the swaps and the applicable margin. As of June 30, 2026, the interest rate swaps were valued as an asset of approximately $5,854,000. The table below summarizes NNN's market risks associated with its outstanding debt obligations as of June 30, 2026, detailing principal payments and related interest rates by maturity year. The table incorporates only debt obligations that existed as of June 30, 2026, and it does not account for future obligations and therefore has limited predictive value. Actual realized gains or losses from interest rate fluctuations will depend on future exposures, interest rates and NNN's hedging strategies. If interest rates on NNN's variable rate debt increased by one percent, NNN's interest expense would have increased by less than two percent for the six months ended June 30, 2026. Debt Obligations(1) (dollars in thousands) Credit Facility Term Loan(2) Unsecured Debt(3) Debt Obligation Weighted Average Interest Rate Debt Obligation Weighted Average Interest Rate Principal Debt Obligation Effective Interest Rate 2026 $ — — $ — — $ 350,000 3.73 % 2027 — — — — 400,000 3.55 % 2028 28,500 4.44 % — — 400,000 4.39 % 2029 — — 500,000 4.13 % (4) — — 2030 — — — — 400,000 2.54 % Thereafter — — — — 3,000,000 4.54 % (5) Total $ 28,500 4.44 % $ 500,000 4.13 % $ 4,550,000 4.20 % Fair Value: June 30, 2026 $ 28,500 $ 500,000 $ 4,086,492 December 31, 2025 $ 348,100 $ — $ 4,124,161 (1) NNN's unsecured debt obligations have a weighted average interest rate of 4.19% and a weighted average maturity of 10.1 years. (2) Principal only. Excludes unamortized debt costs of $3,165. (3) Includes NNN's notes payable, each exclude unamortized discounts and debt costs. The fair value is based upon quoted market prices as of the close of the period, which is a Level 1 valuation since NNN's notes payable are publicly traded on the over-the-counter market. (4) SOFR component swapped to a weighted average fixed rate of 3.30% on $400,000 notional. (5) Weighted average effective interest rate for years after 2030. 35