Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 57

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 57
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 for when due with respect to a debt security will not be payable to the holder in whose name the debt security is registered on the date we have specified as the date a registered holder of the debt security as of that date would be entitled to receive the interest payment due (the record date). Instead, the interest may be paid to the person in whose name such debt security is registered at the close of business on the date the trustee has set as the date on which a registered holder as of that date would be entitled to receive the defaulted interest payment (the special record date). Notice of the payment will be given to the holder of that debt security not less than 10 days before the special record date. Interest may also be paid at any time in any other lawful manner, all as more completely described in the Indenture. If interest is not paid within 30 days of the due date, the trustee or holders of not less than 25% of the principal amount of the outstanding debt securities of that series may accelerate the securities. See “—Events of Default, Notice and Waiver.” Subject to certain limitations applicable to debt securities issued in book-entry form, our debt securities of any series:

| • |     | will be exchangeable for other debt securities of the same series and of a like aggregate principal amount and                                  
 tenor of different authorized denominations upon surrender of such debt securities at the corporate trust office of the applicable trustee; and |

10

| • |     | may be surrendered for conversion or registration of transfer at the corporate trust office of the applicable 
 trustee.                                                                                                      |

Every debt security surrendered for conversion, registration of transfer or exchange must be duly endorsed or accompanied by a written instrument of transfer. No service charge will be made for any registration of transfer or exchange of any debt securities, but we may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the registration or exchange. We may at any time change transfer agents or approve a change in the location through which any transfer agent acts. However, we will be required to maintain a transfer agent in each place of payment for such series. We may at any time designate additional transfer agents with respect to any series of debt securities. Neither we nor any trustee will be required:

| • |     | to issue, exchange or register the transfer of any debt securities of any series during a period beginning at the                                                                                 
 opening of business 15 days before any selection of debt securities of that series to be redeemed and ending at the close