Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 11

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 11
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 will not be entitled to the benefit of any sinking fund payments or subject to repayment or repurchase by us at the option of
the person(s) in whose name a note is registered in the Security Register.

If any Interest Payment Date or Stated Maturity falls on a day that is
not a Business Day, the required payment shall be made on the next Business Day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or
Stated Maturity, as the case may be. “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banks in the City of New York, New York or in the City of St. Paul, Minnesota are
authorized or required by law, regulation or executive order to close.

The principal of and interest on the notes will be payable at the corporate
trust office of the agent of the Trustee (the “Paying Agent”), currently located at 111 Fillmore Avenue East, St. Paul, MN 55107, providedthat, at our option, subject to certain conditions, payment of principal and interest may be
made by check mailed to the address of the Person entitled thereto as it appears in the Security Register or by wire transfer of funds to such Person at an account maintained within the United States.

Optional Redemption

Prior to
, (the “Par Call Date”), we may redeem the notes at our option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three
decimal places) equal to the greater of:

(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon
discounted to the redemption date (assuming the notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate plus basis points less (b) interest accrued to the date of redemption, and

(2) 100% of the
principal amount of the notes to be redeemed,

plus, in either case, accrued and unpaid interest thereon to the redemption date.

On or after the Par Call Date, we may redeem the notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100%