NNN REIT names Edward J. Fritsch chair following Steven Cosler’s retirement

NNN REIT elevates veteran REIT executive to board chair after Cosler retires

Boardroom change emphasizes continuity of strategy

NNN REIT, Inc. announces that Steven D. Cosler has retired from its board effective Feb. 18, 2026, and that independent director Edward J. Fritsch is appointed to succeed him as chair. The move follows Cosler’s decade on the board and five years as chair, and the company frames the transition as an orderly succession designed to preserve continuity in governance and strategic execution.

Chief Executive Officer Steve Horn says the board change comes after a period of significant market disruption and that he looks forward to partnering with Fritsch to continue executing NNN’s long‑term strategy. The company emphasizes that the leadership shift is internal and planned, with the new chair drawn from existing independent directors to maintain institutional knowledge and oversight continuity.

The appointment foregrounds board experience and REIT industry credentials rather than a change in corporate direction. Fritsch, who has served on NNN’s board since 2012, is a former president and CEO of Highwoods Properties and a past national chair of Nareit. The company signals that his industry leadership and governance background are expected to support stewardship of NNN’s net‑lease portfolio and ongoing capital allocation decisions.

NNN’s portfolio profile and operational focus

NNN REIT continues to describe itself as a net‑lease specialist owning high‑quality properties with minimal ongoing capital expenditures. As of Dec. 31, 2025, the company reports ownership of 3,692 properties across all 50 states, the District of Columbia and Puerto Rico, comprising about 39.6 million square feet of gross leasable area and a weighted average remaining lease term of 10.2 years.

Outgoing chair’s remarks and industry recognition

Cosler says it is a privilege to have served and expresses confidence in Fritsch and Horn to lead the company forward. Fritsch’s industry accolades include serving on the Nareit Board of Governors, holding the Nareit national chair post in 2015–2016 and receiving Nareit’s Industry Leadership Award in 2023, credentials the company highlights as reinforcing governance strength amid its multi‑decade dividend growth record.