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NNN REIT, Inc. Executive Compensation (FY25)

NNN · Orlando, FL · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): May 12, 2026
242 figures on this page: 231 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Stephen Horn, President and Chief Executive Officer, received $9,730,926 in total compensation for fiscal 2025, and compared with the $8,418,498 reported for fiscal 2024, Horn's total was 15.6% higher. The disclosed chief executive pay ratio for fiscal 2025 is 68:1, against median employee compensation of $143,733. 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. 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.
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
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stephen Horn
Chief Executive Officer and President
◇—◇—◇—◇◇
Kevin Habicht
Executive Vice President, Chief Financial Officer and Treasurer
◇—◇—◇—◇◇
Christopher Tessaro
Executive Vice President, General Counsel and Secretary
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stephen Horn
Chief Executive Officer and President
◇—◇—◇—◇◇
Kevin Habicht
Executive Vice President, Chief Financial Officer and Treasurer
◇—◇—◇—◇◇
Christopher Tessaro
Executive Vice President, General Counsel and Secretary
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Gina M. SteffensRSU◇——◇——◇
Gina M. SteffensPSU◇◇◇—◇—◇
Jonathan A. AdamoRSU◇——◇——◇
Jonathan A. AdamoPSU◇◇◇—◇—◇
Kevin B. HabichtPSU◇◇◇—◇—◇
Kevin B. HabichtRSU◇——◇——◇
Michelle L. MillerRSU◇——◇——◇
Michelle L. MillerPSU◇◇◇—◇—◇
Stephen A. Horn JrPSU◇◇◇—◇—◇
Stephen A. Horn JrRSU◇——◇——◇
Vincent H. ChaoRSU◇——◇——◇
Vincent H. ChaoPSU◇◇◇—◇—◇
Vincent H. ChaoRSU◇——◇——◇
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
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Vincent ChaoRSU◇◇——
PSU◇◇——
Jonathan AdamoPSU◇◇——
PSU◇◇——
RSU◇◇——
Stephen HornPSU◇◇——
RSU◇◇——
PSU◇◇——
Kevin HabichtPSU◇◇——
RSU◇◇——
Gina SteffensRSU◇◇——
PSU◇◇——
PSU◇◇——
Michelle MillerPSU◇◇——
PSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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◇
Nominating and governance chair◇
Nominating and governance member◇

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.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 12, 2026=◇◇◇
2024May 13, 2025=◇◇◇
2023May 15, 2024=◇◇◇
2022May 16, 2023=◇◇◇
2021May 12, 2022=◇◇◇
2020May 12, 2021=◇◇◇
2019May 12, 2020=◇◇◇
2018May 14, 2019=◇◇◇
2017May 17, 2018=◇◇◇
2016May 25, 2017=◇◇◇
2015May 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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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.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
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.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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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.
242 figures on this page: 231 cited to the filing that reported them, 11 calculated from figures it prints.
231 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001193125-26-219553
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-118585
    Director Compensation · Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year End · Summary Compensation Table
  3. 0000950170-25-070341
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0000950170-25-042337
    Summary Compensation Table
  5. 0000950170-24-060795
  6. 0000950170-24-035048
    Summary Compensation Table
  7. 0000950170-23-022531
  8. 0000950170-23-009520
    Summary Compensation Table
  9. 0000950170-22-009749
  10. 0000751364-21-000068
  11. 0000751364-20-000084
  12. 0000751364-19-000084
  13. 0000751364-18-000070
  14. 0000751364-17-000097
  15. 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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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers NNN REIT, Inc. discloses

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

Agree Realty CorporationBrixmor Property Group, Inc.Camden Property TrustEPR PropertiesEssential Properties Realty Trust, Inc.Federal Realty Investment TrustGaming and Leisure Properties, Inc.Kimco Realty CorporationKite Realty Group TrustMedical Properties Trust, Inc.Omega Healthcare Investors, Inc.Regency Centers CorporationTanger Inc.W. P. Carey Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
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}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy