Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 21

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 21
---
 without any declaration or other act on the part of the Trustee or of the Holders. Discharge, Defeasance and Covenant Defeasance The provisions of Article XIV of the Indenture relating to defeasance and covenant defeasance, which are described under “Description of Debt Securities—Discharge, Defeasance and Covenant Defeasance” in the S-13

accompanying prospectus, will apply to the notes. Each of the covenants described under “—Certain Covenants” in this prospectus supplement and “Description of Debt
Securities—Certain Covenants” in the accompanying prospectus will be subject to covenant defeasance.

The Trustee

U.S. Bank Trust Company, National Association is the trustee under the Indenture and is a lender under our credit facility. Certain of its affiliates
have engaged and in the future may engage in joint investments, investment banking transactions and in general financing and commercial banking transactions with, and the provision of services to, us and our affiliates in the ordinary course of
business.

Book-Entry System

The notes will be issued in
the form of one or more fully registered global notes (“Global Securities”) which will be deposited with, or on behalf of, The Depository Trust Company (“DTC”), and registered in the name of DTC’s nominee, Cede &
Co. Except under the circumstances described below, the notes will not be issuable in definitive form. Unless and until it is exchanged in whole or in part for the individual notes represented thereby, a Global Security may not be transferred except
as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any nominee of DTC to a successor depositary or any nominee of such successor.

DTC has advised us of the following information regarding DTC: DTC is a limited-purpose trust company organized under the New York Banking Law, a
“banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code and a “clearing agency”
registered pursuant to the provisions of Section 17A of the Exchange Act. DTC holds securities that its participants (“Participants”) deposit with DTC. DTC also facilitates the settlement among its Participants of securities
transactions, such as transfers and pledges, in deposited securities through electronic computer