Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 102

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 102
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 file annual and periodic reports with the Securities and Exchange Commission under the Securities Exchange Act of 1934) that qualify as real estate assets solely for that reason, and dividends or other distributions on and gain from the 
 sale of shares in other REITs; and                                                                                                                                                                                                                       |

| • |     | At least 95% of our gross income (excluding gross income from prohibited transactions, cancellation of                                                                                                                                                  
 indebtedness, certain real estate liability hedges, and certain foreign currency hedges entered into, and certain recognized passive foreign exchange gains) for each taxable year must consist of income that is qualifying income for purposes of the 
 75% gross income test, dividends, other types of interest, gain from the sale or disposition of stock or securities, or any combination of the foregoing (the “95% gross income test”).                                                                 |

The following paragraphs discuss the specific application of these tests to us. Rental Income. Our primary source of income derives from leasing properties. There are various limitations on whether rent that we receive from real property that we own and lease to tenants will qualify as “rents from real property” (which is qualifying income for purposes of the 75% and 95% gross income tests) under the REIT tax rules.

| • |     | If the rent is based, in whole or in part, on the income or profits of any person although, generally, rent may                                                                                                                                          
 be based on a fixed percentage or percentages of gross receipts or sales, the rent will not qualify as “rents from real property.” Our leases provide for either fixed rent, sometimes with scheduled escalations, or a fixed minimum rent and           
 a percentage of gross receipts in excess of some threshold. We have not entered into any lease based in whole or part on the net income of any person and on an ongoing basis will use our best efforts to avoid entering into such arrangements unless, 
 in either instance, we have determined or we determine in our discretion that such arrangements will not jeopardize our status as a REIT.                                                                                                                |

| • |     | Except in certain limited circumstances involving taxable REIT subsidiaries, if we or someone who owns 10% or                                                                                                                                             
 more of our stock owns 10% or more of a tenant from whom we receive rent, the tenant is deemed a “related party tenant,” and the rent paid by the related party tenant will not qualify as “rents from real property.” Our ownership                      
 and the ownership of a tenant is determined based on direct, indirect and constructive ownership. The constructive ownership