CEO Stephen Horn was paid $9,730,926 in fiscal year 2025, ↑ up 15.6% from fiscal year 2024, the 36th percentile of its disclosed peer group (SEC filing 0001193125-26-118585 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
$9,730,926 ↑ Stephen Horn total, FY2025 | 36th CEO pay percentile vs peers | 68:1 CEO-to-median pay ratio | 96.77% Say-on-pay support, latest vote |
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NNN's next annual pay disclosure, estimated March 26, 2027.est. Filing ↗
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Stephen Horn | $975,000 | $0 | $6,664,544 | $0 | $2,069,437 | $0 | $21,945 | $9,730,926 |
| President and Chief Executive Officer | ||||||||
| Kevin Habicht | 175,000 | 0 | 2,506,352 | 0 | 0 | 0 | 776,965 | 3,458,317 |
| Former Executive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer | ||||||||
| Vincent Chao | 489,041 | 93,750 | 1,918,838 | 0 | 790,625 | 0 | 15,089 | 3,307,343 |
| Executive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer | ||||||||
| Jonathan Adamo | 420,000 | 0 | 874,918 | 0 | 696,728 | 0 | 85,224 | 2,076,870 |
| Executive Vice President, Chief Portfolio Officer | ||||||||
| Gina Steffens | 450,000 | 0 | 820,248 | 0 | 644,625 | 0 | 19,088 | 1,933,961 |
| Executive Vice President, General Counsel and Secretary | ||||||||
| Michelle Miller | 400,000 | 0 | 729,125 | 0 | 578,000 | 0 | 21,637 | 1,728,762 |
| Executive Vice President, Chief Accounting Officer and Chief Technology Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Stephen Horn | $9,730,926 | $8,418,498 | $7,194,654 | ↑ +1,312,428 |
| Kevin Habicht | 3,458,317 | 3,960,527 | 3,835,163 | ↓ −502,210 |
| Vincent Chao | 3,307,343 | — | — | — |
| Jonathan Adamo | 2,076,870 | 1,545,614 | — | ↑ +531,256 |
| Gina Steffens | 1,933,961 | 1,617,508 | — | ↑ +316,453 |
| Michelle Miller | 1,728,762 | 1,338,957 | — | ↑ +389,805 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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$9,730,926 Stephen Horn total, FY2025
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Data as of August 3, 2026 · Source: 0001193125-26-118585 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).
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| Director | Role | FY2025 total |
|---|---|---|
| Betsy D. Holden | Independent Director | $262,500 |
| David M. Fick | Independent Director | $265,000 |
| Edward J. Fritsch | Chair of the Board | $260,000 |
| Elizabeth C. Gulacsy | Independent Director | $237,500 |
| Kamau O. Witherspoon | Independent Director | $247,500 |
| Pamela K. M. Beall | Independent Director | $247,500 |
| Steven D. Cosler | Independent Director | $345,000 |
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Elizabeth C. Gulacsy | Director | 2026-04-30 | A | 1,049 | $44 | $45,652 | Common | Form 4 ↗ |
| David M. Fick | Director | 2026-04-30 | A | 1,787 | 44 | 77,770 | Common | Form 4 ↗ |
| Kamau O. Witherspoon | Director | 2026-04-30 | A | 1,391 | 44 | 60,536 | Common | Form 4 ↗ |
| Edward J. Fritsch | Director | 2026-04-30 | A | 833 | 44 | 36,252 | Common | Form 4 ↗ |
| Betsy D. Holden | Director | 2026-04-30 | A | 1,243 | 44 | 54,095 | Common | Form 4 ↗ |
| Pamela K. M. Beall | Director | 2026-04-30 | A | 833 | 44 | 36,252 | Common | Form 4 ↗ |
| Kamau O. Witherspoon | Director | 2026-07-31 | A | 1,353 | 48 | 65,133 | Common | Form 4 ↗ |
| Pamela K. M. Beall | Director | 2026-07-31 | A | 831 | 48 | 40,004 | Common | Form 4 ↗ |
| Edward J. Fritsch | Director | 2026-07-31 | A | 1,118 | 48 | 53,821 | Common | Form 4 ↗ |
| David M. Fick | Director | 2026-07-31 | A | 1,715 | 48 | 82,560 | Common | Form 4 ↗ |
| Elizabeth C. Gulacsy | Director | 2026-07-31 | A | 1,039 | 48 | 50,017 | Common | Form 4 ↗ |
| Betsy D. Holden | Director | 2026-07-31 | A | 1,217 | 48 | 58,586 | Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Vincent Chao | RSU | 2025-01-09 | — | — | 10,000 | — | $389,000 |
| Vincent Chao | PSU | 2025-02-17 | 5,223 | 20,890 | — | 41,781 | 1,167,779 |
| Michelle Miller | RSU | 2025-02-17 | — | — | 4,267 | — | 172,557 |
| Vincent Chao | RSU | 2025-02-17 | — | — | 8,953 | — | 362,059 |
| Stephen Horn | RSU | 2025-02-17 | — | — | 39,003 | — | 1,577,281 |
| Gina Steffens | RSU | 2025-02-17 | — | — | 4,800 | — | 194,112 |
| Stephen Horn | PSU | 2025-02-17 | 22,752 | 91,007 | — | 182,014 | 5,087,263 |
| Kevin Habicht | RSU | 2025-02-17 | — | — | 14,668 | — | 593,174 |
| Kevin Habicht | PSU | 2025-02-17 | 8,556 | 34,225 | — | 68,450 | 1,913,178 |
| Gina Steffens | PSU | 2025-02-17 | 2,800 | 11,201 | — | 22,402 | 626,136 |
| Jonathan Adamo | RSU | 2025-02-17 | — | — | 5,120 | — | 207,053 |
| Jonathan Adamo | PSU | 2025-02-17 | 2,987 | 11,948 | — | 23,895 | 667,865 |
| Michelle Miller | PSU | 2025-02-17 | 2,489 | 9,956 | — | 19,913 | 556,568 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Vincent Chao | $751,059 | $1,167,779 | $0 | 60.9% |
| Michelle Miller | 172,557 | 556,568 | 0 | 76.3% |
| Stephen Horn | 1,577,281 | 5,087,263 | 0 | 76.3% |
| Gina Steffens | 194,112 | 626,136 | 0 | 76.3% |
| Kevin Habicht | 593,174 | 1,913,178 | 0 | 76.3% |
| Jonathan Adamo | 207,053 | 667,865 | 0 | 76.3% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Stephen Horn | RSU | 125,610 | — | $4,977,924 |
| Vincent Chao | PSU | 41,781 | — | 1,655,781 |
| Michelle Miller | RSU | 12,378 | — | 490,540 |
| Vincent Chao | RSU | 18,953 | — | 751,107 |
| Stephen Horn | PSU | 182,014 | — | 7,213,215 |
| Stephen Horn | PSU | 160,898 | — | 6,376,388 |
| Kevin Habicht | PSU | 64,576 | — | 2,559,147 |
| Jonathan Adamo | RSU | 25,990 | — | 1,029,984 |
| Jonathan Adamo | PSU | 23,895 | — | 946,959 |
| Gina Steffens | PSU | 22,402 | — | 887,791 |
| Michelle Miller | PSU | 19,913 | — | 789,152 |
| Gina Steffens | PSU | 18,481 | — | 732,402 |
| Kevin Habicht | RSU | 18,307 | — | 725,506 |
| Gina Steffens | RSU | 17,770 | — | 704,225 |
| Jonathan Adamo | PSU | 16,307 | — | 646,246 |
| Michelle Miller | PSU | 15,220 | — | 603,169 |
The Committee seeks to provide compensation that is competitive relative to the peer group and structured to align executives' short-term and long-term interests with stockholders, emphasizing pay-for-performance based on critical success factors.
| CEO STI target (% of salary) | 150% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Pearl Meyer |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-12 | 151,646,947 | 5,056,586 | 405,960 | 96.77% | Passed |
| 2025 | 2025-05-13 | 152,393,276 | 5,930,358 | 368,944 | 96.25% | Passed |
| 2024 | 2024-05-15 | 149,398,785 | 4,972,847 | 420,269 | 96.78% | Passed |
| 2023 | 2023-05-16 | 147,724,008 | 3,519,650 | 353,071 | 97.67% | Passed |
| 2022 | 2022-05-12 | 138,845,123 | 9,299,777 | 364,878 | 93.72% | Passed |
| 2021 | 2021-05-12 | 136,260,243 | 13,199,214 | 403,505 | 91.17% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-05-12 | 96.77%a |
| 2025 | 2025-05-13 | 96.25%b |
| 2024 | 2024-05-15 | 96.78%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Voting standard not stated in the filing.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Ratio (CEO : median employee) | 68 : 1 |
|---|---|
| CEO total compensation | $9,730,926 |
| Median employee compensation | $143,733 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Steven D. CoslerIndependent | $200,000 | $145,000 | — | — | — | $345,000 |
| David M. FickIndependent · Audit · Nominating/Governance · Compensation | 120,000 | 145,000 | 0 | 0 | 0 | 265,000 |
| Betsy D. HoldenIndependent · Audit · Nominating/Governance · Compensation | 117,500 | 145,000 | 0 | 0 | 0 | 262,500 |
| Edward J. FritschIndependent · Board Chair · Audit · Nominating/Governance · Compensation | 115,000 | 145,000 | 0 | 0 | 0 | 260,000 |
| Pamela K. M. BeallIndependent · Audit · Compensation · Nominating/Governance | 102,500 | 145,000 | 0 | 0 | 0 | 247,500 |
| Kamau O. WitherspoonIndependent · Audit · Nominating/Governance | 51,250 | 196,250 | 0 | 0 | 0 | 247,500 |
| Elizabeth C. GulacsyIndependent · Audit · Compensation | 92,500 | 145,000 | 0 | 0 | 0 | 237,500 |
| Stephen A. Horn JrEmployee director · Audit | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $80,000 |
|---|---|
| Annual equity retainer | $145,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 30,000 / 25,000 / 25,000 |
| Stock ownership guideline | $3 |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $798,750 |
| Equity awards (grant-date value) | $1,066,250 |
| All other compensation | $0 |
| Total cost of the board | $1,865,000 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies NNN REIT, INC. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including NNN REIT, INC..
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Medical Properties Trust, Inc. | 2025 | Edward Aldag | $1,250,000 | $10,745,109 | $0 | $3,125,000 | $15,898,816 |
| 2 | Gaming and Leisure Properties, Inc. | 2025 | Peter Carlino | 1,808,468 | 8,600,900 | 0 | 3,089,466 | 14,054,918 |
| 3 | Omega Healthcare Investors, Inc. | 2025 | C. Taylor Pickett | 967,000 | 11,248,498 | 0 | 1,297,593 | 14,020,475 |
| 4 | Kimco Realty Corporation | 2025 | Conor Flynn | 1,000,000 | 7,080,401 | 0 | 3,398,400 | 11,581,750 |
| 5 | Regency Centers Corporation | 2025 | Lisa Palmer | 1,050,000 | 7,099,098 | 0 | 2,925,000 | 11,092,432 |
| 6 | Agree Realty Corporation | 2025 | Joel Agree | 921,808 | 6,923,608 | 0 | 3,053,253 | 10,957,876 |
| 7 | EPR Properties | 2025 | Gregory Silvers | 933,400 | 7,266,155 | 0 | 0 | 10,901,683 |
| 8 | W. P. Carey Inc. | 2025 | Jason Fox | 1,000,000 | 7,986,686 | 0 | 1,770,000 | 10,786,686 |
| 9 | Federal Realty Investment Trust | 2025 | Donald Wood | 1,000,000 | 7,554,434 | 0 | 1,350,000 | 9,929,147 |
| 10 | NNN REIT, INC. | 2025 | Stephen Horn | 975,000 | 6,664,544 | 0 | 2,069,437 | 9,730,926 |
| 11 | Essential Properties Realty Trust, Inc. | 2025 | Peter Mavoides | 800,000 | 6,853,000 | 0 | 1,950,000 | 9,634,000 |
| 12 | Kite Realty Group Trust | 2025 | John Kite | 1,000,000 | 3,931,061 | 0 | 2,912,500 | 7,882,883 |
| 13 | Tanger Inc. | 2025 | Stephen Yalof | 900,000 | 4,150,036 | 0 | 1,809,375 | 7,113,515 |
| 14 | Camden Property Trust | 2025 | Alexander Jessett | 646,596 | 3,010,548 | 0 | 1,491,031 | 5,151,175 |
| 15 | Brixmor Property Group, Inc. | 2025 | Brian T. Finnegan | 650,000 | 1,777,134 | — | 830,944 | 3,735,474 |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| NNN REIT, INC. | 212.25% | PSU 70 · RSU 30 | Yes — Three-year relative TSR compared to FTSE Nareit All Equity REITs Index | Pearl Meyer |
| Agree Realty Corporation | 329% | PSU 70 · RSU 30 | No | Meridian Compensation Partners, LLC |
| Brixmor Property Group, Inc. | not disclosed | PSU 60 · RSU 40 | Yes — Relative Total Stockholder Return (TSR) | Pay Governance |
| Camden Property Trust | not disclosed | PSU 100 | Yes — Total Shareholder Return (TSR) | CBIZ Talent and Compensation Solutions |
| EPR Properties | 276.2% | PSU 70 · RSU 30 | Yes — TSR vs. TSR of Triple-Net Peer Group | Ferguson Partners Consulting L.P. |
| Essential Properties Realty Trust, Inc. | 163% | PRSU 60 · RSU 40 | Yes — Relative TSR | Ferguson Partners Consulting L.P. |
| Federal Realty Investment Trust | 120% | not disclosed | No | Semler Brossy Consulting Group |
| Gaming and Leisure Properties, Inc. | 171% | not disclosed | Yes — TSR measured against the US MSCI Index and triple-net REIT peers | Ferguson Partners Consulting, L.P. |
| Kimco Realty Corporation | 189% | PSU 67 · RSU 33 | Yes — Total Stockholder Return (TSR) | Pay Governance LLC |
| Kite Realty Group Trust | not disclosed | PSU 60 · RSU 40 | Yes — relative TSR performance versus shopping center REITs | Ferguson Partners Consulting |
| Medical Properties Trust, Inc. | 300% | RSU 50 · PSU 50 | Yes — TSR | Gressle & McGinley, LLC |
| Omega Healthcare Investors, Inc. | 149.0% | PSU 60 · RSU 40 | Yes — Relative TSR vs. FTSE Nareit Equity Health Care Index | FPC |
| Regency Centers Corporation | not disclosed | PSU 80 · RSU 20 | Yes — Relative Total Shareholder Return (TSR) | Semler Brossy |
| Tanger Inc. | 134.0% | PSU 60 · RSU 40 | Yes — Absolute TSR | Ferguson Partners |
| W. P. Carey Inc. | 118.0% | PSU 60 · RSU 40 | Yes — TSR relative to the constituents of the MSCI US REIT Index | Frederic W. Cook & Co., Inc. |
Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Stephen Horn | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Summary Compensation Table” · page 39. As printed: 9,730,926. Filing ↗machine: t26 · r3 · c14 · span 998777–998786 |
| 2 | Section 01, Kevin Habicht | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Summary Compensation Table” · page 39. As printed: 3,458,317. Filing ↗machine: t26 · r9 · c14 · span 1033850–1033859 |
| 3 | Section 01, Vincent Chao | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Summary Compensation Table” · page 39. As printed: 3,307,343. Filing ↗machine: t26 · r7 · c14 · span 1022219–1022228 |
| 4 | Section 01, Jonathan Adamo | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Summary Compensation Table” · page 39. As printed: 2,076,870. Filing ↗machine: t26 · r16 · c14 · span 1074734–1074743 |
| 5 | Section 01, Gina Steffens | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Summary Compensation Table” · page 39. As printed: 1,933,961. Filing ↗machine: t26 · r13 · c14 · span 1057241–1057250 |
| 6 | Section 01, Michelle Miller | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Summary Compensation Table” · page 39. As printed: 1,728,762. Filing ↗machine: t26 · r20 · c14 · span 1098003–1098012 |
| 7 | Section 03, Vincent Chao RSU | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r7 · c10 · span 1161735–1161741 |
| 8 | Section 03, Vincent Chao PSU | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r9 · c6 · span 1170925–1170931 |
| 9 | Section 03, Michelle Miller RSU | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r20 · c10 · span 1229951–1229956 |
| 10 | Section 03, Vincent Chao RSU | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r8 · c10 · span 1167112–1167117 |
| 11 | Section 03, Stephen Horn RSU | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r4 · c12 · span 1146862–1146871 |
| 12 | Section 03, Gina Steffens RSU | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r14 · c10 · span 1198632–1198637 |
| 13 | Section 03, Stephen Horn PSU | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r5 · c12 · span 1152326–1152335 |
| 14 | Section 03, Kevin Habicht RSU | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r11 · c10 · span 1182952–1182958 |
| 15 | Section 03, Kevin Habicht PSU | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r12 · c6 · span 1186783–1186789 |
| 16 | Section 03, Gina Steffens PSU | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r15 · c6 · span 1202445–1202451 |
| 17 | Section 03, Jonathan Adamo RSU | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r17 · c10 · span 1214289–1214294 |
| 18 | Section 03, Jonathan Adamo PSU | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r18 · c6 · span 1218102–1218108 |
| 19 | Section 03, Michelle Miller PSU | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r21 · c6 · span 1233764–1233769 |
| 20 | Section 07, pay ratio | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “CEO Pay Ratio”. As printed: 68 : 1. Filing ↗machine: span 1514644–1514646 |
| 21 | Section 08, Steven D. Cosler | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Director Compensation”. As printed: 345,000. Filing ↗machine: span 542171–542413 |
| 22 | Section 08, David M. Fick | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Director Compensation”. As printed: 265,000. Filing ↗machine: span 545205–545447 |
| 23 | Section 08, Betsy D. Holden | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Director Compensation”. As printed: 262,500. Filing ↗machine: span 554055–554297 |
| 24 | Section 08, Edward J. Fritsch | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Director Compensation”. As printed: 260,000. Filing ↗machine: span 548033–548275 |
| 25 | Section 08, Pamela K. M. Beall | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Director Compensation”. As printed: 247,500. Filing ↗machine: span 539199–539441 |
| 26 | Section 08, Kamau O. Witherspoon | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Director Compensation”. As printed: 247,500. Filing ↗machine: span 557065–557307 |
| 27 | Section 08, Elizabeth C. Gulacsy | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Director Compensation”. As printed: 237,500. Filing ↗machine: span 551050–551292 |
| 28 | Section 08, Stephen A. Horn Jr | DEF 14A | 2026-03-23 | 0001193125-26-118585 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 29 | Section 02, Elizabeth C. Gulacsy 2026-04-30 | Form 4 | 2026-05-01 | 0001193125-26-201441 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 30 | Section 02, David M. Fick 2026-04-30 | Form 4 | 2026-05-01 | 0001193125-26-201476 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 31 | Section 02, Kamau O. Witherspoon 2026-04-30 | Form 4 | 2026-05-01 | 0001193125-26-201429 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 32 | Section 02, Edward J. Fritsch 2026-04-30 | Form 4 | 2026-05-01 | 0001193125-26-201450 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 33 | Section 02, Betsy D. Holden 2026-04-30 | Form 4 | 2026-05-01 | 0001193125-26-201460 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 34 | Section 02, Pamela K. M. Beall 2026-04-30 | Form 4 | 2026-05-01 | 0001193125-26-201491 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 35 | Section 02, Kamau O. Witherspoon 2026-07-31 | Form 4 | 2026-08-03 | 0001193125-26-330609 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 36 | Section 02, Pamela K. M. Beall 2026-07-31 | Form 4 | 2026-08-03 | 0001193125-26-330567 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 37 | Section 02, Edward J. Fritsch 2026-07-31 | Form 4 | 2026-08-03 | 0001193125-26-330578 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 38 | Section 02, David M. Fick 2026-07-31 | Form 4 | 2026-08-03 | 0001193125-26-330573 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 39 | Section 02, Elizabeth C. Gulacsy 2026-07-31 | Form 4 | 2026-08-03 | 0001193125-26-330584 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 40 | Section 02, Betsy D. Holden 2026-07-31 | Form 4 | 2026-08-03 | 0001193125-26-330594 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 41 | Section 06, 2026 vote | Form 8-K | 2026-05-12 | 0001193125-26-219553 | Item 5.07 · say-on-pay result. As reported: 96.77% (votes for as printed: 151,646,947). Filing ↗ |
| 42 | Section 06, 2025 vote | Form 8-K | 2025-05-13 | 0000950170-25-070341 | Item 5.07 · say-on-pay result. As reported: 96.25% (votes for as printed: 152,393,276). Filing ↗ |
| 43 | Section 06, 2024 vote | Form 8-K | 2024-05-16 | 0000950170-24-060795 | Item 5.07 · say-on-pay result. As reported: 96.78% (votes for as printed: 149,398,785). Filing ↗ |
| 44 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 45 | Section 03b vehicle mix (computed) | Computed | — | — | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 46 | Section 09b board cost (computed) | Computed | — | — | Cash 798,750 + equity 1,066,250 + all other 0 = 1,865,000, summed across the director compensation table rows.machine: formula: Σ = 1,865,000 |
| 47 | Medical Properties Trust, Inc., Section 10b CEO total | DEF 14A | 2026-04-13 | 0001193125-26-152971 | CEO total compensation as printed in Medical Properties Trust, Inc.'s own proxy. As printed: 15,898,816. Filing ↗machine: span 1825546–1825556 |
| 48 | Gaming and Leisure Properties, Inc., Section 10b CEO total | DEF 14A | 2026-04-24 | 0001193125-26-177324 | CEO total compensation as printed in Gaming and Leisure Properties, Inc.'s own proxy. As printed: 14,054,918. Filing ↗machine: r4 · c34 · span 870873–870883 |
| 49 | Omega Healthcare Investors, Inc., Section 10b CEO total | DEF 14A | 2026-04-21 | 0001104659-26-045753 | CEO total compensation as printed in Omega Healthcare Investors, Inc.'s own proxy. As printed: 14,020,475. Filing ↗machine: t146 · r7 · c16 · span 1713701–1713711 |
| 50 | Kimco Realty Corporation, Section 10b CEO total | DEF 14A | 2026-04-08 | 0001206774-26-000197 | CEO total compensation as printed in Kimco Realty Corporation's own proxy. As printed: 11,581,750. Filing ↗machine: t133 · r4 · c7 · span 542175–542185 |
| 51 | Regency Centers Corporation, Section 10b CEO total | DEF 14A | 2026-03-25 | 0001193125-26-122880 | CEO total compensation as printed in Regency Centers Corporation's own proxy. As printed: 11,092,432. Filing ↗machine: r7 · c23 · span 803410–803421 |
| 52 | Agree Realty Corporation, Section 10b CEO total | DEF 14A | 2026-04-02 | 0000917251-26-000031 | CEO total compensation as printed in Agree Realty Corporation's own proxy. As printed: 10,957,876. Filing ↗machine: t90 · r2 · c21 · span 720296–720306 |
| 53 | EPR Properties, Section 10b CEO total | DEF 14A | 2026-03-26 | 0001045450-26-000016 | CEO total compensation as printed in EPR Properties's own proxy. As printed: 10,901,683. Filing ↗machine: r3 · c45 · span 794198–794208 |
| 54 | W. P. Carey Inc., Section 10b CEO total | DEF 14A | 2026-03-27 | 0001025378-26-000063 | CEO total compensation as printed in W. P. Carey Inc.'s own proxy. As printed: 10,786,686. Filing ↗machine: r4 · c21 · span 810394–810404 |
| 55 | Federal Realty Investment Trust, Section 10b CEO total | DEF 14A | 2026-03-27 | 0001193125-26-127642 | CEO total compensation as printed in Federal Realty Investment Trust's own proxy. As printed: 9,929,147. Filing ↗machine: t136 · r3 · c27 · span 657645–657654 |
| 56 | NNN REIT, INC. (subject), Section 10b CEO total | DEF 14A | 2026-03-23 | 0001193125-26-118585 | CEO total compensation as printed in NNN REIT, INC.'s own proxy. As printed: 9,730,926. Filing ↗machine: t26 · r3 · c14 · span 998777–998786 |
| 57 | Essential Properties Realty Trust, Inc., Section 10b CEO total | DEF 14A | 2026-03-31 | 0001193125-26-134683 | CEO total compensation as printed in Essential Properties Realty Trust, Inc.'s own proxy. As printed: 9,634,000. Filing ↗machine: span 537248–537253 |
| 58 | Kite Realty Group Trust, Section 10b CEO total | DEF 14A | 2026-04-01 | 0001286043-26-000024 | CEO total compensation as printed in Kite Realty Group Trust's own proxy. As printed: 7,882,883. Filing ↗machine: r2 · c6 · span 1509426–1509435 |
| 59 | Tanger Inc., Section 10b CEO total | DEF 14A | 2026-03-26 | 0001628280-26-021249 | CEO total compensation as printed in Tanger Inc.'s own proxy. As printed: 7,113,515. Filing ↗machine: r5 · c33 · span 922980–922989 |
| 60 | Camden Property Trust, Section 10b CEO total | DEF 14A | 2026-03-27 | 0001628280-26-021581 | CEO total compensation as printed in Camden Property Trust's own proxy. As printed: 5,151,175. Filing ↗machine: span 767748–767757 |
| 61 | Brixmor Property Group, Inc., Section 10b CEO total | DEF 14A | 2026-03-11 | 0001104659-26-026381 | CEO total compensation as printed in Brixmor Property Group, Inc.'s own proxy. As printed: 3,735,474. Filing ↗machine: r4 · c27 · span 957466–957475 |
| 62 | Section 10a, Gaming and Leisure Properties, Inc. reciprocity | DEF 14A | — | 0001193125-26-177324 | Gaming and Leisure Properties, Inc. names NNN REIT, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 63 | Section 10a, Omega Healthcare Investors, Inc. reciprocity | DEF 14A | — | 0001104659-26-045753 | Omega Healthcare Investors, Inc. names NNN REIT, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 64 | Section 10a, W. P. Carey Inc. reciprocity | DEF 14A | — | 0001025378-26-000063 | W. P. Carey Inc. names NNN REIT, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 65 | Section 10a, Agree Realty Corporation reciprocity | DEF 14A | — | 0000917251-26-000031 | Agree Realty Corporation names NNN REIT, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 66 | Section 10a, Brixmor Property Group, Inc. reciprocity | DEF 14A | — | 0001104659-26-026381 | Brixmor Property Group, Inc. names NNN REIT, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 67 | Section 10a, Camden Property Trust reciprocity | DEF 14A | — | 0000906345-25-000014 | Camden Property Trust names NNN REIT, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 68 | Section 10a, EPR Properties reciprocity | DEF 14A | — | 0001045450-26-000016 | EPR Properties names NNN REIT, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 69 | Section 10a, Regency Centers Corporation reciprocity | DEF 14A | — | 0001193125-26-122880 | Regency Centers Corporation names NNN REIT, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 70 | Section 10a, Tanger Inc. reciprocity | DEF 14A | — | 0001628280-26-021249 | Tanger Inc. names NNN REIT, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 71 | Section 10a, Medical Properties Trust, Inc. reciprocity | DEF 14A | — | 0001193125-26-152971 | Medical Properties Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include NNN REIT, INC.. Filing ↗ |
| 72 | Section 10a, Kite Realty Group Trust reciprocity | DEF 14A | — | 0001286043-26-000024 | Kite Realty Group Trust names NNN REIT, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 73 | Section 10a, Essential Properties Realty Trust, Inc. reciprocity | DEF 14A | — | 0001193125-26-134683 | Essential Properties Realty Trust, Inc. names NNN REIT, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 74 | Section 10a, Federal Realty Investment Trust reciprocity | DEF 14A | — | 0001193125-25-066328 | Federal Realty Investment Trust's most recent proxy was read; its disclosed peer group does not include NNN REIT, INC.. Filing ↗ |
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