Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 66

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 66
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 Unless otherwise indicated in the applicable prospectus supplement, we may elect either:

| • |     | to defease and be discharged from any and all obligations (except for the obligation to pay additional amounts,                                                                                                                                    
 if any, upon the occurrence of certain events of tax, assessment or governmental charge with respect to payments on such debt securities and the obligations to register the transfer or exchange of such debt securities, to replace temporary or 
 mutilated, destroyed, lost or stolen debt securities, to maintain an office or agency in respect of such debt securities and to hold moneys for payment in trust) with respect to such debt securities (“defeasance”); or                          |

| • |     | to be released from our obligations with respect to those debt securities under the Indenture (being the 
 restrictions described under the heading “— Certain Covenants”) or if provided in the applicable         |

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| prospectus supplement, our obligations with respect to any other covenant, and any omission to comply with such obligations shall not constitute a default or an event of default with respect to                                                      
 such debt securities (“covenant defeasance”), in either case, upon our irrevocable deposit with the applicable trustee, in trust, of an amount, in such currency or currencies, currency unit or units or composite currency or currencies in          
 which such debt securities are payable at stated maturity, or Government Obligations (as defined below), or both, applicable to such debt securities which through the scheduled payment of principal and interest in accordance with their terms will 
 provide money in an amount sufficient to pay the principal of (and premium, if any) and interest on such debt securities, and any mandatory sinking fund or analogous payments thereon, on the scheduled due dates.                                    |

Such a trust may only be established if, among other things, we have delivered to the applicable trustee an opinion of counsel (as specified in the Indenture) confirming that:

| • |     | the holders of such debt securities will not recognize income, gain or loss for U.S. federal income tax purposes 
 as a result of such defeasance or covenant defeasance; and                                                       |

| • |     | the holders will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same 
 times as would have been the case if such defeasance or covenant defeasance had not occurred.                  |

The opinion of counsel, in the case of defeasance, must refer to and be