Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 98

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 98
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6. | not more than 50% in value of our outstanding stock or ownership certificates is owned, directly or indirectly,                               
 by five or fewer individuals (as defined in the Code to include certain entities) during the last half of any taxable year (the “5/50 Rule”); |

| 7. | we elect to be a REIT (or have made such election for a previous taxable year) and satisfy all relevant filing   
 and other administrative requirements established by the IRS that must be met to elect and maintain REIT status; |

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| 8. | we use a calendar year for federal income tax purposes and comply with the record keeping requirements of the 
 Code and the related regulations of the Treasury; and                                                         |

| 9. | we meet certain other qualification tests, described below, regarding the nature of our income and assets and 
 the amount of our distributions to stockholders.                                                              |

We must meet requirements 1 through 4 during our entire taxable year and must meet requirement 5 during at least 335 days of a taxable year of 12 months, or during a proportionate part of a taxable year of less than 12 months. If we comply with all the requirements for ascertaining the ownership of our outstanding stock in a taxable year and have no reason to know that we violated the 5/50 Rule, we will be deemed to have satisfied the 5/50 Rule for such taxable year. For purposes of determining share ownership under the 5/50 Rule, an “individual” generally includes a supplemental unemployment compensation benefits plan, a private foundation, or a portion of a trust permanently set aside or used exclusively for charitable purposes. An “individual,” however, generally does not include a trust that is a qualified employee pension or profit-sharing trust under Code Section 401(a), and beneficiaries of such a trust will be treated as holding our stock in proportion to their actuarial interests in the trust for purposes of the 5/50 Rule. We believe we have issued sufficient stock with sufficient diversity of ownership to satisfy requirements 5 and 6 set forth above. In addition, our Articles of Incorporation restricts the ownership and transfer of our equity securities so that we should continue to satisfy requirements 5 and 6. The provisions of our Articles of Incorporation restricting the ownership and transfer of our equity securities are described in “Description of Common Stock — Restrictions on Ownership.” We currently have several direct corporate subsidiaries and may have additional corporate subsidiaries in the future. A corporation that is a “