Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 20

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 20
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 that the following events are “Events of Default” with respect to the notes:

| • |     | default in the payment of any interest on any such notes when such interest becomes due and payable that continues for a 
 period of 30 days;                                                                                                       |

| • |     | default in the payment of the principal of (or redemption price, if any, on) any such notes when due and payable; |

| • |     | our default in the performance, or breach, of any other covenant or warranty in the Indenture with respect to the notes and 
 continuance of such default or breach for a period of 60 days after written notice as provided in the Indenture;            |

| • |     | default under any bond, debenture, note, mortgage, indenture or instrument under which there may be issued or by which                                                                                                                                  
 there may be secured or evidenced any Indebtedness for money borrowed by us (or by any Subsidiary, the repayment of which we have guaranteed or for which we are directly responsible or liable as obligor or guarantor), having an aggregate principal 
 amount outstanding of at least $50,000,000, whether such Indebtedness now exists or shall hereafter be created, which default shall have resulted in such Indebtedness becoming or being declared due and payable prior to the date on which it would   
 otherwise have become due and payable, without such Indebtedness having been discharged, or such acceleration having been rescinded or annulled, within a period of 10 days after written notice to us as provided in the Indenture; provided, however, 
 that for so long as any of the securities issued pursuant to any supplemental indenture to the Original Indenture that preceded the Eighteenth Supplemental Indenture are outstanding, the reference to $50,000,000 in this paragraph is replaced by    
 $25,000,000; and                                                                                                                                                                                                                                        |

| • |     | certain events of bankruptcy, insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of us                                    
 or any Significant Subsidiary. The Term “Significant Subsidiary” has the meaning ascribed to such term in Regulation S-X promulgated under the Securities Act. |

If an Event of Default specified in the last bullet point above, relating to us or any Significant Subsidiary occurs, the principal amount of and accrued and unpaid interest on all outstanding notes shall become due and payable