Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 107

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 107
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 gross income test), less expenses directly connected to the production of such income. However, gross income from foreclosure property will qualify under the 75% and 95% gross income tests. “Foreclosure property” is any real property (including interests in real property) and any personal property incident to such real property:

| • |     | that is acquired by a REIT at a foreclosure sale, or having otherwise become the owner or in possession of the                                                    
 property by agreement or process of law, after a default (or imminent default) on a lease of such property or on a debt owed to the REIT secured by the property; |

| • |     | for which the related loan was acquired by the REIT at a time when default was not imminent or anticipated; and |

| • |     | for which the REIT makes a proper election to treat the property as foreclosure property. |

A REIT will not be considered to have foreclosed on a property where it takes control of the property as a mortgagee-in-possessionand cannot receive any profit or sustain any loss except as a creditor of the mortgagor. Generally, property acquired as described above ceases to be foreclosure property on the earlier of:

| • |     | the last day of the third taxable year following the taxable year in which the REIT acquired the property (or 
 longer if an extension is granted by the Secretary of the Treasury);                                          |

| • |     | the first day on which a lease is entered into with respect to such property that, by its terms, will give rise                                                                                                                                       
 to income that does not qualify under the 75% gross income test or any amount is received or accrued, directly or indirectly, pursuant to a lease entered into on or after such day that will give rise to income that does not qualify under the 75% 
 gross income test;                                                                                                                                                                                                                                    |

| • |     | the first day on which any construction takes place on such property (other than completion of a building, or any                                  
 other improvement, where more than 10% of the construction of such building or other improvement was completed before default became imminent); or |

| • |     | the first day that is more than 90 days after the day on which such property was acquired by the REIT and the                                                                                                              
 property is used in a trade or business that is conducted by the REIT (other than through an independent contractor from whom the REIT itself does not derive or receive any income or through a taxable