NNN REIT Names Edward Fritsch Chair After Cosler Retirement

NNN REIT names Edward Fritsch as board chair after Cosler retires

Board succession underscores governance continuity

NNN REIT announces that Steven D. Cosler retires from its board effective Feb. 18, 2026, and that independent director Edward J. Fritsch is appointed to succeed him as chair. Cosler has served on the board since August 2016 and as chair since May 2021. Chief Executive Officer Steve Horn thanks Cosler for steady leadership during a period of significant market disruption and says he looks forward to partnering with Fritsch to continue executing the company’s strategy to drive long‑term shareholder value.

The appointment is designed to maintain continuity at the top of the governance structure. Fritsch has been a director at NNN since February 2012 and brings deep REIT operating experience as former president and CEO of Highwoods Properties, from which he retired in 2019. He also holds extensive industry leadership credentials, including past roles on the Nareit Board of Governors and service as Nareit national chair for 2015–2016, and he received Nareit’s Industry Leadership Award in 2023.

Company executives frame the change as a smooth handoff that preserves management momentum. Cosler expresses confidence in Fritsch and Horn as a cohesive leadership duo to deliver on the company’s strategic objectives, while the board signals that Fritsch’s sector expertise will aid oversight of a large, geographically diversified triple‑net lease portfolio that emphasizes long‑term cash flow stability.

Portfolio scale and lease durability

NNN continues to emphasize its portfolio of long‑term net‑leased properties. As of Dec. 31, 2025, the company owns 3,692 properties across all 50 states, the District of Columbia and Puerto Rico, comprising roughly 39.6 million square feet of gross leasable area and a weighted average remaining lease term of about 10.2 years. The firm highlights its model of minimal ongoing capital expenditures tied to long leases as central to its operating approach.

Industry position and strategic signal

NNN is one of only three publicly traded REITs to increase annual dividends for 36 or more consecutive years, a track record the board and management cite as reflective of disciplined portfolio management. The elevation of an experienced industry executive to chair signals a continued emphasis on steady governance, sector expertise and the long‑term execution of the company’s net‑lease strategy.