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NNN REIT INC. 2024-2025 Proxy Voting Records

Compiled from SEC Form N-PX filings and NNN REIT INC.’s Form 8-K, filed 2025-05-13 (Item 5.07 on EDGAR). Page generated 02 October 2026.

13Reported items
482Asset managers
4,677Fund votes
2025-05-13Meeting date

Proxy season: 2023-2024 2024-2025 2025-2026

Explore NNN REIT INC. in the interactive database Compare manager voting policies

Official 2024-2025 meeting results reported by NNN REIT INC.

These tallies are NNN REIT INC.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed 2025-05-13 (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX.

NNN REIT INC. — official shareholder meeting results, meeting held 2025-05-13
Ballot item	For	Against	Abstain	Withheld	Broker non-votes	Outcome
Elect Director: Pamela K. M. Beall	156,398,748	1,779,706	514,124	--	13,444,112	Majority: yes
Elect Director: Steven D. Cosler	156,173,203	2,319,059	200,316	--	13,444,112	Majority: yes
Elect Director: David M. Fick	153,010,878	5,485,896	195,804	--	13,444,112	Majority: yes
Elect Director: Edward J. Fritsch	153,173,929	5,310,584	208,065	--	13,444,112	Majority: yes
Elect Director: Elizabeth C. Gulacsy	156,758,277	1,734,191	200,110	--	13,444,112	Majority: yes
Elect Director: Betsy D. Holden	153,984,431	4,512,729	195,418	--	13,444,112	Majority: yes
Elect Director: Stephen A. Horn, Jr.	156,177,909	2,298,627	216,042	--	13,444,112	Majority: yes
Elect Director: Kamau O. Witherspoon	156,151,520	2,016,820	524,238	--	13,444,112	Majority: yes
Proposal 2: An Advisory Vote on Executive Compensation The Company's stockholders approved, on an advisory basis, the compensation of the Company's named executive officers as set forth below:	152,393,276	5,930,358	368,944	--	13,444,112	Majority: yes
Proposal 3: Ratification of the Appointment of Ernst & Young LLP as the Company's Independent Registered Public Accounting Firm The appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending Decem	171,002,436	913,620	220,634	--	--	Majority: yes

Source: NNN REIT INC., Form 8-K, filed with the SEC on 2025-05-13 — read the filing on EDGAR.

How asset managers voted at the NNN REIT INC. 2024-2025 meeting

Each item below shows how the 482 asset managers that disclosed a NNN REIT INC. vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report. These are reported items, not a count of the ballot: fund filings describe one ballot item in different words. Two descriptions are shown as one item only on evidence — the same text (or one cut short of the other), the same director nominee, or a match to the same row of NNN REIT INC.’s own Form 8-K tally — never because they merely read alike. A description that could not be joined that way is listed on its own, so one ballot item can appear more than once.

1. Non-binding advisory approval of the compensation of our named executive officers as described in this Proxy Statement.

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

Meeting held 2025-05-13.

Combines 6 wordings of this item as funds reported it.

96% Majority: yes · of votes cast

FOR 96%

FOR: 152,393,276AGAINST: 5,930,358

NNN REIT INC.’s own tally for this item (“Proposal 2: An Advisory Vote on Executive Compensation The Company's stockholders approved, on an advisory basis, the compensation of the Company's named executive officers as set forth below:”): 152,393,276 for, 5,930,358 against, per its Form 8-K filed 2025-05-13 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 187,950,480 outstanding shares: 81% for, 3% against (84% of the company cast a for/against vote).

The 457 asset managers below cast 98% of the shares they voted on this item FOR. Fund share totals are not shown for this item: fund-reported shares overlap across filings (an adviser and the funds it manages can each report the same shares), and here their sum exceeds the total votes cast at the meeting.

FOR 98%

FOR: 97.6%AGAINST: 2.4%ABSTAIN: 0.0%NOT VOTED: 0.0%

Largest asset managers voting on “Non-binding advisory approval of the compensation of our named executive officers as described in this Proxy S” at NNN REIT INC., 2024-2025
Asset manager	For	Against	Abstain	Vote
Fidelity	29,840,140	0	0	For
Vanguard	26,716,572	1,284	0	For
BlackRock	20,761,954	1,230	0	For
Victory Capital	17,740,529	0	0	For
State Street	14,290,633	0	0	For
Federated Hermes	5,370,980	0	0	For
Charles Schwab	5,249,819	0	0	For
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	2,908,258	1,769,612	0	For
GEODE CAPITAL MANAGEMENT, LLC	3,636,698	0	0	For
Dimensional	2,649,925	0	0	For
RUSH ISLAND MANAGEMENT, LP	2,437,151	0	0	For
T. Rowe Price	2,162,157	0	0	For
Northern Trust	1,926,682	0	0	For
CENTERSQUARE INVESTMENT MANAGEMENT LLC	1,698,921	0	0	For
Nuveen	1,577,515	0	0	For
MFS	1,560,929	0	0	For
Artisan	1,406,418	0	0	For
MELLON INVESTMENTS Corp	1,379,972	0	0	For
VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P.	1,367,686	0	0	For
EQUITY INVESTMENT CORP	1,259,098	330	0	For
Long Pond Capital, LP	1,107,474	0	0	For
Principal	1,010,646	0	0	For
Natixis	938,187	0	0	For
Brighthouse	782,709	0	34,445	For
ProShares	771,649	0	0	For

Showing the 25 largest of 457 asset managers. See all 457 in the interactive database.

2. To elect eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their successors are duly elected and qualified: Steven D. Cosler

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-13.

Combines 6 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 156,173,203AGAINST: 2,319,059

NNN REIT INC.’s own tally for this item (“Elect Director: Steven D. Cosler”): 156,173,203 for, 2,319,059 against, per its Form 8-K filed 2025-05-13 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 187,950,480 outstanding shares: 83% for, 1% against (84% of the company cast a for/against vote).

The 112 asset managers below cast 99.9% of the shares they voted on this item FOR (84,805,578 for, 2,282 against).

FOR 99.9%

FOR: 84,805,578 (100.0%)AGAINST: 2,282 (0.0%)ABSTAIN: 34,445 (0.0%)

Largest asset managers voting on “To elect eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their” at NNN REIT INC., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	26,119,073	1,284	0	For
Fidelity	12,997,964	0	0	For
BlackRock	11,038,197	0	0	For
Victory Capital	7,736,588	0	0	For
State Street	3,956,551	0	0	For
Federated Hermes	2,640,957	0	0	For
Charles Schwab	2,615,353	0	0	For
Dimensional	2,245,193	0	0	For
MFS	1,560,929	0	0	For
Principal	1,010,646	0	0	For
Brighthouse	782,709	0	34,445	For
ProShares	771,649	0	0	For
Legg Mason	671,379	0	0	For
WisdomTree	575,802	0	0	For
Natixis	544,061	0	0	For
Nuveen	541,414	0	0	For
Artisan	522,743	0	0	For
AIG/SunAmerica	471,239	0	0	For
JPMorgan	443,989	0	0	For
Jackson National	430,560	0	0	For
Columbia Threadneedle	423,625	0	0	For
Apollo Diversified Real Estate Fund	394,805	0	0	For
Northern Trust	381,499	0	0	For
T. Rowe Price	352,520	0	0	For
TIAA	348,117	0	0	For

Showing the 25 largest of 112 asset managers. See all 112 in the interactive database.

3. RATIFICATION OF THE SELECTION OF OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE YEAR ENDING DECEMBER 31, 2025.

AUDIT-RELATEDMajority of the votes cast: yes

Meeting held 2025-05-13.

Combines 3 wordings of this item as funds reported it.

99.4% Majority: yes · of votes cast

FOR 99.4%

FOR: 171,002,436AGAINST: 913,620

NNN REIT INC.’s own tally for this item (“Proposal 3: Ratification of the Appointment of Ernst & Young LLP as the Company's Independent Registered Public Accounting Firm The appointment of Ernst & Young LLP as the Company's independent registered public accounti”): 171,002,436 for, 913,620 against, per its Form 8-K filed 2025-05-13 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 187,950,480 outstanding shares: 91% for, 0.5% against (91% of the company cast a for/against vote).

The 112 asset managers below cast 99.9% of the shares they voted on this item FOR (84,795,581 for, 11,813 against).

FOR 99.9%

FOR: 84,795,581 (99.9%)AGAINST: 11,813 (0.0%)ABSTAIN: 34,445 (0.0%)

Largest asset managers voting on “RATIFICATION OF THE SELECTION OF OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE YEAR ENDING DECEMBE” at NNN REIT INC., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	26,120,357	0	0	For
Fidelity	12,997,964	0	0	For
BlackRock	11,038,197	0	0	For
Victory Capital	7,736,588	0	0	For
State Street	3,956,210	341	0	For
Federated Hermes	2,640,957	0	0	For
Charles Schwab	2,615,353	0	0	For
Dimensional	2,245,193	0	0	For
MFS	1,560,929	0	0	For
Principal	1,010,646	0	0	For
Brighthouse	782,709	0	34,445	For
ProShares	771,649	0	0	For
Legg Mason	671,379	0	0	For
WisdomTree	575,802	0	0	For
Natixis	544,061	0	0	For
Nuveen	541,414	0	0	For
Artisan	522,743	0	0	For
AIG/SunAmerica	471,239	0	0	For
JPMorgan	443,989	0	0	For
Jackson National	430,560	0	0	For
Columbia Threadneedle	423,625	0	0	For
Apollo Diversified Real Estate Fund	394,805	0	0	For
Northern Trust	381,499	0	0	For
T. Rowe Price	352,520	0	0	For
TIAA	348,117	0	0	For

Showing the 25 largest of 112 asset managers. See all 112 in the interactive database.

4. To elect eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their successors are duly elected and qualified: Betsy D. Holden

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-13.

Combines 5 wordings of this item as funds reported it.

97% Majority: yes · of votes cast

FOR 97%

FOR: 153,984,431AGAINST: 4,512,729

NNN REIT INC.’s own tally for this item (“Elect Director: Betsy D. Holden”): 153,984,431 for, 4,512,729 against, per its Form 8-K filed 2025-05-13 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 187,950,480 outstanding shares: 82% for, 2% against (84% of the company cast a for/against vote).

The 111 asset managers below cast 99.9% of the shares they voted on this item FOR (84,709,930 for, 5 against).

FOR 99.9%

FOR: 84,709,930 (100.0%)AGAINST: 5 (0.0%)ABSTAIN: 34,445 (0.0%)

Largest asset managers voting on “To elect eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their” at NNN REIT INC., 2024-2025
Asset manager	For	Abstain	Vote
Vanguard	26,120,357	0	For
Fidelity	12,997,964	0	For
BlackRock	11,038,197	0	For
Victory Capital	7,736,588	0	For
State Street	3,956,551	0	For
Federated Hermes	2,640,957	0	For
Charles Schwab	2,615,353	0	For
Dimensional	2,245,193	0	For
MFS	1,560,929	0	For
Principal	1,010,646	0	For
Brighthouse	782,709	34,445	For
ProShares	771,649	0	For
Legg Mason	671,379	0	For
WisdomTree	575,802	0	For
Natixis	544,061	0	For
Nuveen	541,414	0	For
Artisan	522,743	0	For
AIG/SunAmerica	471,239	0	For
JPMorgan	443,989	0	For
Jackson National	430,560	0	For
Columbia Threadneedle	423,625	0	For
Apollo Diversified Real Estate Fund	394,805	0	For
Northern Trust	381,499	0	For
T. Rowe Price	352,520	0	For
TIAA	348,117	0	For

Showing the 25 largest of 111 asset managers. See all 111 in the interactive database.

5. To elect eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their successors are duly elected and qualified: David M. Fick

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-13.

Combines 5 wordings of this item as funds reported it.

97% Majority: yes · of votes cast

FOR 97%

FOR: 153,010,878AGAINST: 5,485,896

NNN REIT INC.’s own tally for this item (“Elect Director: David M. Fick”): 153,010,878 for, 5,485,896 against, per its Form 8-K filed 2025-05-13 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 187,950,480 outstanding shares: 81% for, 3% against (84% of the company cast a for/against vote).

The 111 asset managers below cast 99.9% of the shares they voted on this item FOR (84,698,117 for, 11,818 against).

FOR 99.9%

FOR: 84,698,117 (99.9%)AGAINST: 11,818 (0.0%)ABSTAIN: 34,445 (0.0%)

Largest asset managers voting on “To elect eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their” at NNN REIT INC., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	26,120,357	0	0	For
Fidelity	12,997,964	0	0	For
BlackRock	11,038,197	0	0	For
Victory Capital	7,736,588	0	0	For
State Street	3,956,210	341	0	For
Federated Hermes	2,640,957	0	0	For
Charles Schwab	2,615,353	0	0	For
Dimensional	2,245,193	0	0	For
MFS	1,560,929	0	0	For
Principal	1,010,646	0	0	For
Brighthouse	782,709	0	34,445	For
ProShares	771,649	0	0	For
Legg Mason	671,379	0	0	For
WisdomTree	575,802	0	0	For
Natixis	544,061	0	0	For
Nuveen	541,414	0	0	For
Artisan	522,743	0	0	For
AIG/SunAmerica	471,239	0	0	For
JPMorgan	443,989	0	0	For
Jackson National	430,560	0	0	For
Columbia Threadneedle	423,625	0	0	For
Apollo Diversified Real Estate Fund	394,805	0	0	For
Northern Trust	381,499	0	0	For
T. Rowe Price	352,520	0	0	For
TIAA	348,117	0	0	For

Showing the 25 largest of 111 asset managers. See all 111 in the interactive database.

6. To elect eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their successors are duly elected and qualified: Edward J. Fritsch

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-13.

Combines 5 wordings of this item as funds reported it.

97% Majority: yes · of votes cast

FOR 97%

FOR: 153,173,929AGAINST: 5,310,584

NNN REIT INC.’s own tally for this item (“Elect Director: Edward J. Fritsch”): 153,173,929 for, 5,310,584 against, per its Form 8-K filed 2025-05-13 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 187,950,480 outstanding shares: 81% for, 3% against (84% of the company cast a for/against vote).

The 111 asset managers below cast 99.8% of the shares they voted on this item FOR (84,586,391 for, 123,544 against).

FOR 99.8%

FOR: 84,586,391 (99.8%)AGAINST: 123,544 (0.1%)ABSTAIN: 34,445 (0.0%)

Largest asset managers voting on “To elect eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their” at NNN REIT INC., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	26,120,357	0	0	For
Fidelity	12,997,964	0	0	For
BlackRock	11,038,197	0	0	For
Victory Capital	7,736,588	0	0	For
State Street	3,956,210	341	0	For
Federated Hermes	2,640,957	0	0	For
Charles Schwab	2,615,353	0	0	For
Dimensional	2,245,193	0	0	For
MFS	1,560,929	0	0	For
Principal	1,010,646	0	0	For
Brighthouse	782,709	0	34,445	For
ProShares	771,649	0	0	For
Legg Mason	671,379	0	0	For
WisdomTree	575,802	0	0	For
Natixis	544,061	0	0	For
Nuveen	541,414	0	0	For
Artisan	522,743	0	0	For
AIG/SunAmerica	471,239	0	0	For
JPMorgan	443,989	0	0	For
Jackson National	430,560	0	0	For
Columbia Threadneedle	423,625	0	0	For
Apollo Diversified Real Estate Fund	394,805	0	0	For
Northern Trust	381,499	0	0	For
T. Rowe Price	352,520	0	0	For
TIAA	348,117	0	0	For

Showing the 25 largest of 111 asset managers. See all 111 in the interactive database.

7. To elect eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their successors are duly elected and qualified: Elizabeth C. Gulacsy

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-13.

Combines 5 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 156,758,277AGAINST: 1,734,191

NNN REIT INC.’s own tally for this item (“Elect Director: Elizabeth C. Gulacsy”): 156,758,277 for, 1,734,191 against, per its Form 8-K filed 2025-05-13 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 187,950,480 outstanding shares: 83% for, 1.0% against (84% of the company cast a for/against vote).

The 111 asset managers below cast 99.9% of the shares they voted on this item FOR (84,709,933 for, 2 against).

FOR 99.9%

FOR: 84,709,933 (100.0%)AGAINST: 2 (0.0%)ABSTAIN: 34,445 (0.0%)

Largest asset managers voting on “To elect eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their” at NNN REIT INC., 2024-2025
Asset manager	For	Abstain	Vote
Vanguard	26,120,357	0	For
Fidelity	12,997,964	0	For
BlackRock	11,038,197	0	For
Victory Capital	7,736,588	0	For
State Street	3,956,551	0	For
Federated Hermes	2,640,957	0	For
Charles Schwab	2,615,353	0	For
Dimensional	2,245,193	0	For
MFS	1,560,929	0	For
Principal	1,010,646	0	For
Brighthouse	782,709	34,445	For
ProShares	771,649	0	For
Legg Mason	671,379	0	For
WisdomTree	575,802	0	For
Natixis	544,061	0	For
Nuveen	541,414	0	For
Artisan	522,743	0	For
AIG/SunAmerica	471,239	0	For
JPMorgan	443,989	0	For
Jackson National	430,560	0	For
Columbia Threadneedle	423,625	0	For
Apollo Diversified Real Estate Fund	394,805	0	For
Northern Trust	381,499	0	For
T. Rowe Price	352,520	0	For
TIAA	348,117	0	For

Showing the 25 largest of 111 asset managers. See all 111 in the interactive database.

8. To elect eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their successors are duly elected and qualified: Kamau O. Witherspoon

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-13.

Combines 5 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 156,151,520AGAINST: 2,016,820

NNN REIT INC.’s own tally for this item (“Elect Director: Kamau O. Witherspoon”): 156,151,520 for, 2,016,820 against, per its Form 8-K filed 2025-05-13 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 187,950,480 outstanding shares: 83% for, 1% against (84% of the company cast a for/against vote).

The 111 asset managers below cast 99.9% of the shares they voted on this item FOR (84,709,932 for, 3 against).

FOR 99.9%

FOR: 84,709,932 (100.0%)AGAINST: 3 (0.0%)ABSTAIN: 34,446 (0.0%)

Largest asset managers voting on “To elect eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their” at NNN REIT INC., 2024-2025
Asset manager	For	Abstain	Vote
Vanguard	26,120,357	0	For
Fidelity	12,997,964	0	For
BlackRock	11,038,197	0	For
Victory Capital	7,736,588	0	For
State Street	3,956,551	0	For
Federated Hermes	2,640,957	0	For
Charles Schwab	2,615,353	0	For
Dimensional	2,245,193	0	For
MFS	1,560,929	0	For
Principal	1,010,646	0	For
Brighthouse	782,709	34,445	For
ProShares	771,649	0	For
Legg Mason	671,379	0	For
WisdomTree	575,802	0	For
Natixis	544,061	0	For
Nuveen	541,414	0	For
Artisan	522,743	0	For
AIG/SunAmerica	471,239	0	For
JPMorgan	443,989	0	For
Jackson National	430,560	0	For
Columbia Threadneedle	423,625	0	For
Apollo Diversified Real Estate Fund	394,805	0	For
Northern Trust	381,499	0	For
T. Rowe Price	352,520	0	For
TIAA	348,117	0	For

Showing the 25 largest of 111 asset managers. See all 111 in the interactive database.

9. To elect eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their successors are duly elected and qualified: Pamela K. M. Beall

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-13.

Combines 5 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 156,398,748AGAINST: 1,779,706

NNN REIT INC.’s own tally for this item (“Elect Director: Pamela K. M. Beall”): 156,398,748 for, 1,779,706 against, per its Form 8-K filed 2025-05-13 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 187,950,480 outstanding shares: 83% for, 1.0% against (84% of the company cast a for/against vote).

The 111 asset managers below cast 99.9% of the shares they voted on this item FOR (84,709,932 for, 2 against).

FOR 99.9%

FOR: 84,709,932 (100.0%)AGAINST: 2 (0.0%)ABSTAIN: 34,446 (0.0%)

Largest asset managers voting on “To elect eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their” at NNN REIT INC., 2024-2025
Asset manager	For	Abstain	Vote
Vanguard	26,120,357	0	For
Fidelity	12,997,964	0	For
BlackRock	11,038,197	0	For
Victory Capital	7,736,588	0	For
State Street	3,956,551	0	For
Federated Hermes	2,640,957	0	For
Charles Schwab	2,615,353	0	For
Dimensional	2,245,193	0	For
MFS	1,560,929	0	For
Principal	1,010,646	0	For
Brighthouse	782,709	34,445	For
ProShares	771,649	0	For
Legg Mason	671,379	0	For
WisdomTree	575,802	0	For
Natixis	544,061	0	For
Nuveen	541,414	0	For
Artisan	522,743	0	For
AIG/SunAmerica	471,239	0	For
JPMorgan	443,989	0	For
Jackson National	430,560	0	For
Columbia Threadneedle	423,625	0	For
Apollo Diversified Real Estate Fund	394,805	0	For
Northern Trust	381,499	0	For
T. Rowe Price	352,520	0	For
TIAA	348,117	0	For

Showing the 25 largest of 111 asset managers. See all 111 in the interactive database.

10. To elect eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their successors are duly elected and qualified: Stephen A. Horn, Jr.

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-13.

Combines 5 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 156,177,909AGAINST: 2,298,627

NNN REIT INC.’s own tally for this item (“Elect Director: Stephen A. Horn, Jr.”): 156,177,909 for, 2,298,627 against, per its Form 8-K filed 2025-05-13 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 187,950,480 outstanding shares: 83% for, 1% against (84% of the company cast a for/against vote).

The 111 asset managers below cast 99.9% of the shares they voted on this item FOR (84,709,797 for, 138 against).

FOR 99.9%

FOR: 84,709,797 (100.0%)AGAINST: 138 (0.0%)ABSTAIN: 34,445 (0.0%)

Largest asset managers voting on “To elect eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their” at NNN REIT INC., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	26,120,357	0	0	For
Fidelity	12,997,964	0	0	For
BlackRock	11,038,197	0	0	For
Victory Capital	7,736,588	0	0	For
State Street	3,956,416	135	0	For
Federated Hermes	2,640,957	0	0	For
Charles Schwab	2,615,353	0	0	For
Dimensional	2,245,193	0	0	For
MFS	1,560,929	0	0	For
Principal	1,010,646	0	0	For
Brighthouse	782,709	0	34,445	For
ProShares	771,649	0	0	For
Legg Mason	671,379	0	0	For
WisdomTree	575,802	0	0	For
Natixis	544,061	0	0	For
Nuveen	541,414	0	0	For
Artisan	522,743	0	0	For
AIG/SunAmerica	471,239	0	0	For
JPMorgan	443,989	0	0	For
Jackson National	430,560	0	0	For
Columbia Threadneedle	423,625	0	0	For
Apollo Diversified Real Estate Fund	394,805	0	0	For
Northern Trust	381,499	0	0	For
T. Rowe Price	352,520	0	0	For
TIAA	348,117	0	0	For

Showing the 25 largest of 111 asset managers. See all 111 in the interactive database.

11. Advisory Vote to Ratify Named Executive Officers' Compensation

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

Meeting held 2025-05-13.

Combines 4 wordings of this item as funds reported it.

96% Majority: yes · of votes cast

FOR 96%

FOR: 152,393,276AGAINST: 5,930,358

The 18 asset managers below cast 88% of the shares they voted on this item FOR (2,796,576 for, 373,875 against).

FOR 88%12%

FOR: 2,796,576 (88.2%)AGAINST: 373,875 (11.8%)

Largest asset managers voting on “Advisory Vote to Ratify Named Executive Officers' Compensation” at NNN REIT INC., 2024-2025
Asset manager	For	Against	Vote
JPMorgan	2,043,056	0	For
Desjardins Global Asset Management Inc.	0	368,786	Against
Empower	347,909	0	For
HEITMAN REAL ESTATE SECURITIES LLC	187,333	0	For
CAMBIAR INVESTORS LLC	182,078	0	For
GuideStone	33,583	0	For
Campion Asset Management	0	4,665	Against
GAMMA Investing LLC	772	0	For
Convergence Investment Partners, LLC	589	0	For
Virtus	466	0	For
Athena Investment Management	0	398	Against
Focus Partners Wealth	241	4	For
BIRCHBROOK, INC.	240	0	For
COURIER CAPITAL LLC	184	0	For
Moisand Fitzgerald Tamayo, LLC	87	0	For
Colony Family Offices, LLC	23	0	For
WOODARD & CO ASSET MANAGEMENT GROUP INC /ADV	0	22	Against
TD Waterhouse Canada Inc.	15	0	For

12. Section 14A say-on-pay votes

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

Meeting held 2025-05-13.

96% Majority: yes · of votes cast

FOR 96%

FOR: 152,393,276AGAINST: 5,930,358

The 2 asset managers below cast 100% of the shares they voted on this item FOR (7,387 for, 0 against).

FOR 100%

FOR: 7,387 (100.0%)

Largest asset managers voting on “Section 14A say-on-pay votes” at NNN REIT INC., 2024-2025
Asset manager	For	Against	Abstain	Withheld	Vote
Waterfront Capital Partners, LLC	6,572	0	0	0	For
Pinnacle Family Advisors, LLC	815	0	0	0	For

13. Non-binding advisory approval of the compensation of our named executive officers as described in this Proxy Statement.

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

Meeting held 2024-05-15 (outside the 2024-2025 season's 1 July to 30 June window; reported in this season's filings).

97% Majority: yes · of votes cast

FOR 97%

FOR: 149,398,785AGAINST: 4,972,847

NNN REIT INC.’s own tally for this item (“Proposal 2: An Advisory Vote on Executive Compensation The Company's stockholders approved, on an advisory basis, the compensation of the Company's named executive officers as set forth below:”): 149,398,785 for, 4,972,847 against, per its Form 8-K filed 2024-05-16 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 187,950,480 outstanding shares: 79% for, 3% against (82% of the company cast a for/against vote).

The 2 asset managers below cast 100% of the shares they voted on this item FOR (3,598 for, 0 against).

FOR 100%

FOR: 3,598 (100.0%)

Largest asset managers voting on “Non-binding advisory approval of the compensation of our named executive officers as described in this Proxy S” at NNN REIT INC., 2024-2025
Asset manager	For	Against	Abstain	Withheld	Vote
COLDSTREAM CAPITAL MANAGEMENT INC	3,598	0	0	0	For
Echo45 Advisors LLC	0	0	0	0	--

Largest NNN REIT INC. shareholders voting in 2024-2025

Ranked by the number of NNN REIT INC. shares each manager voted on the most widely held ballot item of the 2024-2025 meeting, shown as a share of the 187,950,480 shares outstanding at the time of that meeting.

Top NNN REIT INC. shareholders by shares voted, 2024-2025
#	Asset manager	% of shares outstanding
1	Fidelity	15.88%
2	Vanguard	14.22%
3	BlackRock	11.05%
4	Victory Capital	9.44%
5	State Street	7.60%
6	Federated Hermes	2.86%
7	Charles Schwab	2.79%
8	MASSACHUSETTS FINANCIAL SERVICES CO /MA/	2.49%
9	GEODE CAPITAL MANAGEMENT, LLC	1.93%
10	Dimensional	1.41%

Reported NNN REIT INC. ownership

Positions disclosed to the SEC on Schedules 13D and 13G, Form 13F and the company’s own proxy statement (DEF 14A).

NNN REIT INC. beneficial owners on record for the 2024-2025 proxy season
Holder	% outstanding	Disclosure
Vanguard Group	14.02%	13F
BlackRock	12.21%	13F
FMR (Fidelity)	9.15%	13F
Vanguard Portfolio Management	8.85%	13G
State Street	6.39%	13F
Geode Capital	2.00%	13F
Dimensional Fund Advisors	1.47%	13F
Charles Schwab	1.41%	13F
Norges Bank	1.26%	13F
Morgan Stanley	1.20%	13F

Percentages above are of 187,950,480 shares outstanding, as reported by NNN REIT INC. on its Form 10-Q dated 2025-03-31 (see the filing on EDGAR). This is the count contemporaneous with the 2024-2025 meeting, so the percentages are the ones that were true then, not ones restated against today’s share count.

About this page

Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered investment companies and institutional managers disclose how they voted every proxy, and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from NNN REIT INC.’s 10-Q dated 2025-03-31. This page is a static snapshot rebuilt weekly on 02 October 2026; a live search always shows the current data.

At NNN REIT INC.'s shareholder meeting held 2025-05-13, in the 2024-2025 proxy season, 482 asset managers reported how they voted in their SEC Form N-PX filings, covering 4,677 separate fund positions. Their filings are grouped here into 13 reported items; because filers word the same ballot item differently, that can be more than the number of items on the ballot. On the most widely held item on that ballot — Non-binding advisory approval of the compensation of our named executive officers as described… — FOR was 96% of the votes cast (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side), which is more than half. Whether the item was approved is for the filing to say; that statement has not been read for this item. Source: NNN REIT INC.'s Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on 2025-05-13.

NNN REIT INC. proxy season coverage: 2023-2024 · 2024-2025 (this page) · 2025-2026.