Real Estate

NNN REIT, Inc. Executive Compensation (FY25)

Name: NNN REIT, Inc. (NNN) executive compensation
Creator: Velarion
License: https://intel.velarion.ai/terms

NNN · Orlando, FL · Executive and director compensation, fiscal 2022 to 2025

Chief executive, fiscal 2025

◇

Stephen Horn

Median of the other named officers

$2,076,870

5 officers, excluding the chief executive

Latest say-on-pay support

May 12, 2026

Chief executive pay ratio

◇

To the median employee

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Data as of October 22, 2026Latest filing (8-K): May 12, 2026

15 filings cited on this page

Method: intel.velarion.ai/methodology

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NNN REIT, Inc. brief$1,500Get the executive brief

Velarion Member, one year

259 figures on this page: 248 cited to the filing that reported them, 11 calculated from figures it prints. See the citations

What changed from fiscal 2024 to fiscal 2025

The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.

Chief executive total compensation — Stephen Horn: $8,418,498 → $9,730,926 (15.6% higher)

Say-on-pay support: 96.3% → 96.8% (0.5 points higher)

CEO pay ratio: 69:1 → 68:1 (1.4% lower)

Frequently asked questions

Answers drawn from the data on this page.

Who is NNN REIT, Inc.'s chief executive and what were they paid?

Stephen Horn, President and Chief Executive Officer, received $9,730,926 in total compensation for fiscal 2025. Compared with the $8,418,498 reported for fiscal 2024, Horn's total was 15.6% higher.

What was NNN REIT, Inc.'s say-on-pay result?

The say-on-pay proposal drew 96.8% of votes cast for or against in favor at the meeting held May 12, 2026 for fiscal 2025.

Which companies are in NNN REIT, Inc.'s peer group?

The disclosed peer group names Agree Realty Corporation, Brixmor Property Group, Inc., Camden Property Trust, EPR Properties and Essential Properties Realty Trust, Inc., among others.

What is NNN REIT, Inc.'s chief executive pay ratio?

The disclosed chief executive pay ratio for fiscal 2025 is 68:1, against median employee compensation of $143,733.

Executive compensation

Every element reported for each named executive officer, by fiscal year.

Fiscal 2022

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Stephen Horn Chief Executive Officer and President	◇	—	◇	—	◇	—	◇	◇
Julian Whitehurst Former President and Chief Executive Officer Departed during or after this year	◇	—	◇	—	—	—	◇	◇
Kevin Habicht Executive Vice President, Chief Financial Officer and Treasurer	◇	—	◇	—	◇	—	◇	◇
Christopher Tessitore Executive Vice President, General Counsel and Secretary	◇	—	◇	—	◇	—	◇	◇
Michelle Miller Executive Vice President and Chief Accounting Officer (3)	◇	—	◇	—	◇	—	◇	◇

Fiscal 2023

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Stephen Horn Chief Executive Officer and President	◇	—	◇	—	◇	—	◇	◇
Kevin Habicht Executive Vice President, Chief Financial Officer and Treasurer	◇	—	◇	—	◇	—	◇	◇

Fiscal 2024

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Stephen Horn President and Chief Executive Officer	◇	—	◇	—	◇	—	◇	◇
Kevin Habicht Executive Vice President, Chief Financial Officer, Asst. Secretary and Treasurer	◇	—	◇	—	◇	—	◇	◇
Gina Steffens Executive Vice President, General Counsel and Secretary	◇	—	◇	—	◇	—	◇	◇
Jonathan Adamo Executive Vice President, Portfolio Operations	◇	—	◇	—	◇	—	◇	◇
Michelle Miller Executive Vice President and Chief Accounting and Technology Officer	◇	—	◇	—	◇	—	◇	◇

Fiscal 2025

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Stephen Horn President and Chief Executive Officer	◇	—	◇	—	◇	—	◇	◇
Kevin Habicht Former Executive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer Departed during or after this year	◇	—	◇	—	—	—	◇	◇
Vincent Chao Executive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer	◇	◇	◇	—	◇	—	◇	◇
Jonathan Adamo Executive Vice President, Chief Portfolio Officer	◇	—	◇	—	◇	—	◇	◇
Gina Steffens Executive Vice President, General Counsel and Secretary	◇	—	◇	—	◇	—	◇	◇
Michelle Miller Executive Vice President, Chief Accounting Officer and Chief Technology Officer	◇	—	◇	—	◇	—	◇	◇

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.

Fiscal 2025

Officer	Award	Grant date	Threshold units	Target units	Units granted	Maximum units	Exercise price	Grant date fair value
Gina M. Steffens	RSU	◇	—	—	◇	—	—	◇
Gina M. Steffens	PSU	◇	◇	◇	—	◇	—	◇
Jonathan A. Adamo	RSU	◇	—	—	◇	—	—	◇
Jonathan A. Adamo	PSU	◇	◇	◇	—	◇	—	◇
Kevin B. Habicht	RSU	◇	—	—	◇	—	—	◇
Kevin B. Habicht	PSU	◇	◇	◇	—	◇	—	◇
Michelle L. Miller	RSU	◇	—	—	◇	—	—	◇
Michelle L. Miller	PSU	◇	◇	◇	—	◇	—	◇
Stephen A. Horn Jr	RSU	◇	—	—	◇	—	—	◇
Stephen A. Horn Jr	PSU	◇	◇	◇	—	◇	—	◇
Vincent H. Chao	RSU	◇	—	—	◇	—	—	◇
Vincent H. Chao	PSU	◇	◇	◇	—	◇	—	◇
Vincent H. Chao	RSU	◇	—	—	◇	—	—	◇

Fiscal 2022, 2024 are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.

As disclosed at fiscal 2025 year end

Officer	Award	Unvested units	Market value of unvested units	Exercise price	Expires
Stephen Horn	RSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
Vincent Chao	PSU	◇	◇	—	—
	RSU	◇	◇	—	—
Michelle Miller	RSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
Kevin Habicht	PSU	◇	◇	—	—
	RSU	◇	◇	—	—
Jonathan Adamo	RSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
Gina Steffens	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
	RSU	◇	◇	—	—

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.

Gina Steffens

Executive Vice President, General Counsel and Secretary · Terms as described in the company’s compensation discussion · citing a 2026 filing

Severance multiple	◇
Change-in-control multiple	◇
Benefits continuation on change in control	◇
Benefits continuation	◇

Kevin Habicht

Former Executive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer · Terms as described in the company’s compensation discussion · citing a 2026 filing

Benefits continuation

◇

Michelle Miller

Executive Vice President, Chief Accounting Officer and Chief Technology Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing

Severance multiple	◇
Change-in-control multiple	◇
Benefits continuation on change in control	◇
Benefits continuation	◇

Director compensation

What each non-employee director was paid.

Fiscal 2025

Director	Fees earned in cash	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Steven D. Cosler	◇	◇	—	—	—	—	◇
David M. Fick	◇	◇	—	—	—	—	◇
Betsy D. Holden	◇	◇	—	—	—	—	◇
Edward J. Fritsch Board chair	◇	◇	—	—	—	—	◇
Kamau O. Witherspoon	◇	◇	—	—	—	—	◇
Pamela K. M. Beall	◇	◇	—	—	—	—	◇
Elizabeth C. Gulacsy	◇	◇	—	—	—	—	◇

Stephen A. Horn Jr served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.

Earlier years are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.

Board cash retainer	◇
Board equity retainer	◇
Total board retainer	◇
Board chair premium	◇
Audit committee chair	◇
Audit committee member	◇
Compensation committee chair	◇
Compensation committee member	◇
Nominating and governance chair	◇
Nominating and governance member	◇

Equity is delivered as Common Stock.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.

Fiscal 2025

Agree Realty Corporation ADC
Brixmor Property Group, Inc. BRX
Camden Property Trust CPT
EPR Properties EPR
Essential Properties Realty Trust, Inc. EPRT
Federal Realty Investment Trust FRT
Gaming and Leisure Properties, Inc. GLPI
Kimco Realty Corporation KIM
Kite Realty Group Trust KRG
Medical Properties Trust, Inc. MPT
Omega Healthcare Investors, Inc. OHI
Regency Centers Corporation REG
Tanger Inc. SKT
W. P. Carey Inc. WPC

Say-on-pay history

Shareholder support for the compensation program, by year.

Year	Meeting	Support	Votes for	Votes against	Abstentions
2025	May 12, 2026	=	◇	◇	◇
2024	May 13, 2025	=	◇	◇	◇
2023	May 15, 2024	=	◇	◇	◇
2022	May 16, 2023	=	◇	◇	◇
2021	May 12, 2022	=	◇	◇	◇
2020	May 12, 2021	=	◇	◇	◇
2019	May 12, 2020	=	◇	◇	◇
2018	May 14, 2019	=	◇	◇	◇
2017	May 17, 2018	=	◇	◇	◇
2016	May 25, 2017	=	◇	◇	◇
2015	May 19, 2016	=	◇	◇	◇

Chief executive pay ratio

As calculated and reported by the company.

Ratio

◇

Median employee compensation

◇

Chief executive total compensation

◇

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Sample answer — “What is the CEO’s total compensation?”

- Stephen Horn (President and Chief Executive Officer), FY2025 total compensation $9,730,926 (base salary $975,000) [exec_comp, SEC accession 0001193125-26-118585, filed 2026-03-23]

What this page does not include

Everything above is a fact NNN REIT, Inc. disclosed, and it is free. Everything below is our analysis of those facts, and it is not.

Peer benchmarking

Where NNN REIT, Inc. sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.

Executive Compensation Report — $1,500

Written compensation analysis

A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.

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Board and governance analysis

Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.

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Realizable pay

What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.

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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.

259 figures on this page: 248 cited to the filing that reported them, 11 calculated from figures it prints.

248 cited to the filing

11 calculated from the filing

Documents cited

8-K, filed May 12, 2026
0001193125-26-219553
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed March 23, 2026
0001193125-26-118585
CD&A Potential Payments · Director Compensation · Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year End · and 1 more section
8-K, filed May 13, 2025
0000950170-25-070341
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed March 20, 2025
0000950170-25-042337
Summary Compensation Table
8-K, filed May 16, 2024
0000950170-24-060795
DEF 14A, filed March 22, 2024
0000950170-24-035048
Summary Compensation Table
8-K, filed May 16, 2023
0000950170-23-022531
DEF 14A, filed March 23, 2023
0000950170-23-009520
Summary Compensation Table
8-K, filed May 12, 2022
0000950170-22-009749
8-K, filed May 12, 2021
0000751364-21-000068
8-K, filed May 12, 2020
0000751364-20-000084
8-K, filed May 15, 2019
0000751364-19-000084
8-K, filed May 18, 2018
0000751364-18-000070
8-K, filed May 31, 2017
0000751364-17-000097
8-K, filed May 20, 2016
0000751364-16-000162

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Velarion, “NNN REIT, Inc. executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/NNN (accessed 2026).

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15 filings cited on this page

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Real Estate rankings

Chief executive pay — Real Estate CEO pay ratio — Real Estate Say-on-pay support — Real Estate

Peers NNN REIT, Inc. discloses

The companies named in NNN's own disclosed peer group.

Agree Realty Corporation Brixmor Property Group, Inc.Camden Property Trust EPR Properties Essential Properties Realty Trust, Inc.Federal Realty Investment Trust Gaming and Leisure Properties, Inc.Kimco Realty Corporation Kite Realty Group Trust Medical Properties Trust, Inc.Omega Healthcare Investors, Inc.Regency Centers Corporation Tanger Inc.W. P. Carey Inc.

Terms on this page

Say-on-Pay Vote CEO Pay Ratio Median Employee Compensation All companies

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Cite this data

APA

Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854

BibTeX

@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}