Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 53

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 53
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 issue of debt securities in the prospectus supplement relating to that series or issue. General Our debt securities will be secured or unsecured direct obligations and may be senior or subordinated to our other indebtedness. Our debt securities will be issued under the Indenture, dated March 25, 1998, between us and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association (formerly Wachovia Bank, National Association (formerly First Union National Bank))), as trustee (the “Indenture”). The Indenture is filed as an exhibit to the registration statement of which this prospectus is a part. The Indenture is, and any supplement thereto will be, subject to, and governed by, the Trust Indenture Act of 1939, as amended. Any statements made in this prospectus that relate to the Indenture and our debt securities are only summaries of those provisions and are not meant to replace or modify those provisions. Capitalized terms used but not defined in this prospectus shall have the respective meanings set forth in the Indenture. The Indenture permits:

| • |     | the debt securities to be issued without limits as to aggregate principal amount; |

| • |     | the debt securities to be issued in one or more series, in each case as established from time to time by our 
 Board of Directors or as set forth in the Indenture or one or more indentures supplemental to the Indenture; |

| • |     | debt securities of one series to be issued at varying times; and |

| • |     | a series to be reopened, without the consent of the holders of the debt securities of such series, for issuance 
 of additional debt securities of such series.                                                                   |

We may, but need not, designate more than one trustee in connection with the Indenture, each with respect to one or more series of debt securities. Any trustee under the Indenture may resign or be removed with respect to one or more series of debt securities, and a successor trustee may be appointed to act with respect to such series. If two or more persons are acting as trustee with respect to different series of debt securities, each of those trustees will be considered a trustee of a trust under the Indenture separate and apart from the trust administered by any other trustee. Unless this prospectus states otherwise, a trustee will only be permitted to take action with respect to the one or more series of debt securities for which it