#1Investor Update MAY 2022 32 CONSECUTIVE ANNUAL DIVIDEND INCREASES N NATIONAL RETAIL PROPERTIES® NYSE:NNN#2Safe Harbor THE NNN REIT” (All data as of March 31, 2022) This presentation contains certain statements that are the Company's and Management's hopes, intentions, beliefs, expectations, or projections of the future and might be considered to be forward-looking statements under Federal Securities laws. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties. The Company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we may not release revisions to these forward-looking statements to reflect changes after we've made the statements. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the Company's filings with the SEC including, but not limited to, the Company's report on Form 10-K and Form 10-Q, as well as company press releases. 2#32021 Annual Report NATIONAL RETAIL PROPERTIES. NYSE:NNN ANNUAL REPORT | 2021 Consistent Reliable Dependable 32 CONSECUTIVE ANNUAL DIVIDEND INCREASES INCREASING DIVIDENDS YEAR AFTER YEAR Third longest streak of all public REITS and longer than 99% of all public companies $2.20 $2.10 $2.00 $1.90 $1.80 $1.70 $1.60 $1.50 $1.40 Sostenuta Cond $1.30 $1.20 $1.10 $1.00 '90 91 92 93 94 95 96 97 NATIONAL RETAIL PROPERTIES NYSE INNN 15 16 17 18 19 20 21 THE NNN REIT” 3#4First Quarter 2022 Highlights Dividend yield at March 31, 2022 of 4.7% ◉ Maintained high level of occupancy at 99.2% THE NNN REIT” ■ Invested $210.8 million in property investments @ average 6.2% cap rate (initial cash yield) ■ Sold 10 properties for $20.1 million ■ Maintained dividend payout ratio of 66.9% of AFFO ■ Maintained significant balance sheet capacity and liquidity ■ Ended the quarter with $53.7 million of cash, no amounts drawn on $1.1 billion bank credit line and no material debt maturities until 2024 4#5COVID-19 Update ■ NNN successfully continuing operations IT systems investment paying off; no layoffs/furloughs THE NNN REIT” Retail tenants challenged given prolonged continuation of business closures and social-distancing practices Collected approximately 99.6% of rent due in first quarter 2022 Conservative balance sheet management and strong liquidity ☐ Ended the first quarter with $53.7 million of cash, no amounts drawn on bank credit line and no material debt maturities due until 2024 Quality of Properties ☐ Good retail real estate locations; historically high occupancy 5#6NNN Through the Years THE NNN REIT Holding steadfast to conservative balance sheet and investing philosophies has enabled NNN to remain consistently well-positioned through various market disruptions 1984 Company Founded 1994 Listed on the NYSE 1990 1999 First Dividend Increase 10th Consecutive Annual Dividend Increase 1985 1990 1995 2000 Prime Interest Rate 13% 1984 2012 2009 Named S&P Dividend Aristocrat 20th Consecutive Annual Dividend Increase 2005 2010 32 CONSECUTIVE ANNUAL DIVIDEND INCREASES 2021 2015 2020 2025 9-11 Terrorist Attacks Recession (66 REITS cut or suspended dividend 2008-2010) Threat of E-Commerce 2001 2008 2017 COVID-19 2020 6#7Wendy's QUALITY IS OUR RECIPE QUALITY IS OUR RECIPE Wendy's Mister CAR WAS Mister Wendy's CIRCLE K K Regular CIRCLE K Car COBREAKFAST MELTS TACO BELL 7415 Little Caesars DIESEL TACO BELL Breakfast 囝囝 ELEVEN SLURPEE ELEVEN Car Wash#8Current Information ■ Real Estate Investment Trust (NYSE: NNN) ■ March 31, 2022 closing price: $44.94 ■ March 31, 2021 dividend yield: 4.7% 32 consecutive annual dividend increases ■ Dividend payout ratio: 66.9% of AFFO Healthy portfolio: 99.2% current occupancy ■ 25-Year average annual total return: 11.6% THE NNN REIT” 8#9Consistent and Simple Strategy Long-term investors of single-tenant, freestanding retail properties (no malls or strip centers) ■ Avoid retail categories most susceptible to ecommerce threat THE NNN REIT" ■ Sustain high occupancy and maximize value of existing real estate assets ■ Maintain fully diversified portfolio ■ Grow through internal portfolio growth and well underwritten acquisitions ■ Utilize asset sales to manage risk, enhance value and partially finance new property acquisitions ■ Preserve conservative balance sheet and financial flexibility through access to multiple sources of capital and unsecured debt ■ Produce safe and growing dividends 9#10Consistent and Simple Strategy High quality, broadly diversified portfolio: $9.1 billion total assets (gross book basis) 3,271 properties (33.5 million SF) in 48 states ■ 370+ national and regional retail tenants Top 25 tenants (55% of annual rent) average 1,091 stores each Maintaining this strategy has resulted in: ☐ ☐ 32 consecutive annual dividend increases THE NNN REIT” Total shareholder returns exceeding REIT and general equity averages. over 15-, 20- and 25-year periods Generation of 4.3% average annual Core FFO growth per share since 2016 10 10#11Core Competency Focus: Single Tenant Retail Properties Net Lease Strategy Generates Reliable Income Stream w/Low Volatility Tenants pay taxes, maintenance and insurance THE NNN REIT” Why Selective Non-Investment Grade Tenants (vs. investment grade focus) ☐ ☐ Better pricing higher cap rate, lower investment - Better rent growth over lease term Durability of tenant credit can be fleeting Opportunity for tenant credit improvement (through operator M&A) Long-Term Approach ☐ Initial lease terms are 15-20 years (renewal options) Don't overreact to short-term market fluctuations ☐ Multi-year perspective to running our portfolio 11#12Core Competency Focus: Single Tenant Retail Properties THE NNN REIT" Buy Smart with Extensive Underwriting Process Up Front Look for strong retail real estate locations. For existing tenant AND any future alternative retail tenant Lower Initial Investment in Property ◉ ☐ ◉ Less money invested allows us to offer lower rent to retailer Lower rent = lower occupancy costs for retailer ☐ As a result, retailer more likely to succeed at that location. Lower rent = easier to re-lease property without reduction in rent We have contractual rent increases built into the lease 12#13Conservative Balance Sheet Management ■Secured Debt 0.1% $10.5 million Investment-grade debt rating (BBB+ / Baa1) supported by industry leading leverage ratios Well Laddered Debt Maturities THE NNN REIT $500 Weighted average debt maturity of 14.5 years (as of March 31, 2022) 3.5% 3.0% Unsecured Debt $450 40.4% $3,683.0 million $400 3.9% $350 4.0% 3.5% 4.3% 3.6% 2.5% ■Common Equity 59.5% $5,419.1 million Total Capitalization: $9.1 billion (gross book) Interest coverage ratio: 4.7x Fixed-Charge coverage ratio: 4.7x Debt/ EBITDA: 5.3x 1 Weighted average maturity 14.5 years; weighted average effective interest rate 3.7% Millions $300 $250 $200 $150 $100 4.8% 3.1% $50 5.2% 5.2% -$ w 2022 2023 2024 2025 2026 2027 2028 2029 2030 2048 2050 2051 2052 13#14Diversification Reduces Risk (As a percentage of annual base rent) Top 20 Lines of Trade THE NNN REIT 3,271 Properties | 370+ Tenants | 30+ Lines of Trade HercRentals RV dealers, parts and accessories, 4.1 CAMPING WORLD Equipment rental, 3.1 Automotive parts, 3.0% Theaters, 4.4_ Health and. fitness, 5.0 Family entertainment centers, 6.2% DAVE& BUSTER'S Convenience stores, 17.5 CIRCLE K SUNOCO 7-ELEVEN Restaurants - limited service, 9.2 TACO BELL Arby's Wendy's Restaurants - full service, 9.7 BLOOMIN BRANDS! Bob Evans DARDEN Denny's Automotive service, 12.6 Mister GOOD YEAR CAR WASH MAVIS DISCOUNT TIRE Top 5 States by Number of Properties Texas 501 Florida 250 Ohio 191 Georgia 165 N. Carolina 165 ROCKY MTN 177 MID Properties WEST NORTH EAST 391 WEST Properties 116 6.1% Properties 873 Properties 25.2% 14.1% 4.5% SOUTH EAST SOUTH 758 Properties 956 Properties 27.2% 22.9% 14#15NNN's Strategy Results in Higher Occupancy and Less Volatility From 2003 THE NNN REIT" Q1 2022, NNN's occupancy never fell below 96.4% while the REIT industry average never rose above 93.7%. 100% 95% 90% 85% 97.0% 92.1% 98.3% 98.2% 98.3% 97.4% NNN ■REIT Industry (Excludes Hotels & Health Care) 99.1% 99.0% 99.1% 99.2 % 99.0% 99.0 % 98.6% 98.5 % 98.2% 98.2% 97.9% -97.4% 96.9% 96.7% 96.4% 93.5% 93.5% 93.0% 92.8% 92.0% 90.8% 90.5% 90.7% 90.1% 93.5% 93.7% 93.6% 93.3% 92.7% 92.5% 92.0% 87.1% *90.4% 90.1% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: SNL Financial 98.1% NNN Avg. Q1 2022 *REIT Industry Average as of Q4 2021 15#162007 - 2021 Acquisitions Volume in $ Millions by Source $900 Relationship @ 7.6% Average Cap Rate ($6,099 million = 71%) ■Market / Auction @ 7.4% Average Cap Rate ($2,485 million = 29%) THE NNN REIT” $850 $800 $750 $697 $700 $650 $772 $726 $707 $630 $618 $847 $755 $752 $716 $600 $550 $357 $500 $555 $552 $513 $337 $285 $617 $598 $567 $610 $648 $450 $400 $355 $367 $350 $300 $250 $238 $233 $200 $180 $150 $340 $221 $220 $194 $293 $333 $249 $188 $158 $100 $188 $122 $109 $50 $36 $106 $104 $17 $22 $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 16#170% 2022 10% 2023 20% 2024 30% 2025 Lease Expirations (As a percentage of annual base rent - March 31, 2022) 60% 50% 40% ■ Weighted average remaining lease term of 10.6 years Only 3.7% of leases expire through 2023 2026 2027 2028 2029 2030 2031 Thereafter 17 THE NNN REIT”#18Great People in a Supportive Culture THE NNN REIT” 11 years is the average tenure of an NNN employee Average tenure of Senior Leadership is 21 years Bloomberg Gender-Equality Index 2021 36% 17% 47% <5 yrs 5-10 yrs >10 yrs • Learning & Development Degreed learning platform available 24/7 to associates with endless content from leading sources • Virtual conferences • Professional webinars • Cross training / job shadowing Educational Seminars • Cyber Security • Women Talk Money & Financial Planning • Vitality Health and Wellness . Emotional Wellbeing . Healthcare Consumerism Proud to be a member of the 2021 GEI, committed to driving accountability through data transparency. Community Engagement w 350+ service hours annually Ronald McDonald House ORLANDO BOYS & GIRLS CLUBS OF CENTRAL FLORIDA THE SALVATION ARMY ELEVATE ORLANDO 18#19Corporate Responsibility THE NNN REIT™ NNN is focused on achieving success for our shareholders, providing a world class working environment for our associates, enriching our community and maximizing the preservation of environmental resources. • • Our People We promote a healthy work-life balance and wellness We offer competitive market-based pay, bonuses and long-term incentives We encourage continued professional and personal development through hundreds of hours of training • Our Ethics We operate with the highest ethical standards and best-in-class corporate governance standards We've adopted a set of Guiding Principles, which include our Corporate Governance Guidelines, Code of Business Conduct Policy and Whistleblower Policy. All associates are required to annually acknowledge they have read and will comply with these policies. • • Our Community We encourage associate volunteerism and philanthropy We partner with leading area charities providing mentoring, monetary donations and associate volunteer days • Our Environment We are committed to good stewardship of the environment both at our headquarters and at our properties across the country Our headquarters building is EPA Energy Star certified We utilize environmentally friendly and energy efficient lighting, water usage and single stream recycling 19#20Dividends Per Share $2.00 $1.90 $1.80 $1.70 $1.60 $1.50 $1.40 $1.30 $1.20 $1.10 $1.00 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Long-Term Dividend History $2.20 $2.10 32 consecutive annual dividend increases Third longest of all public REITs and 99% of all public companies 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20 20 THE NNN REIT"#21Wendy's QUALITY IS OUR RECIPE QUALITY IS OUR RECIPE Wendy's Wendy's NN 32 CONSECUTIVE ANNUAL DIVIDEND INCREASES NATIONAL RETAIL PROPERTIESⓇ NYSE:NNN 800-NNN-REIT www.nnnreit.com Mister CAR WAS Mister Car COBREAKFAST MELTS TACO BELL 7415 TACO BELL Breakfast 囝囝 ELEVEN SLURPEE ELEVEN Car Wash