Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 83

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 83
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 our designee determines to exercise its 
 repurchase right.                                                                                             |

If the foregoing transfer restrictions are determined to be void or invalid by virtue of any legal decision, statute, rule or regulation, then the purported transferee of any excess stock may be deemed, at our option, to have acted as an agent on our behalf in acquiring such excess stock and to hold such excess stock on our behalf. For purposes of our Articles of Incorporation, the term “person” shall mean:

| • |     | an individual; |

| • |     | a corporation; |

| • |     | a partnership; |

| • |     | an estate; |

| • |     | a trust (including a trust qualified under Section 401(a) or 501(c)(17) of the Code); |

| • |     | a portion of a trust permanently set aside to be used exclusively for the purposes described in 
 Section 642(c) of the Code;                                                                     |

| • |     | an association; |

| • |     | a private foundation within the meaning of Section 509(a) of the Code; |

| • |     | a joint stock company or other entity; or |

| • |     | a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934. |

The term “person” shall not include an underwriter which participated in a public offering of our capital stock for a period of sixty (60) days following the purchase by such underwriter of capital stock therein, provided that the foregoing exclusions shall apply only if the ownership of such capital stock by such underwriter would not cause us to fail to qualify as a REIT by reason of being “closely held” within the meaning of Section 856(a) of the Code or otherwise cause us to fail to qualify as a REIT. All certificates representing capital stock will bear a legend referring to the restrictions described above. 28

Our Articles of Incorporation provide that all persons who own, directly or by virtue of the attribution provisions of the Code, more than 5.0% of the outstanding capital stock, or such lower percentage as may be required pursuant to regulations under the Code or as may be requested by our Board of Directors, must file a written notice with us no later than January 31 of each year with respect to the prior year containing:

| • |     | the name and address of such owner, |

| • |     | the number