Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 67

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 67
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 based upon a ruling of the Internal Revenue Service or a change in applicable U.S. federal income tax law occurring after the date of the Indenture. In the event of such defeasance, the holders of such debt securities would thereafter be able to look only to such trust fund for payment of principal (and premium, if any) and interest. “Government Obligations” means securities that are:

| • |     | of the same government that issued the currency in which the series of debt securities are denominated and in 
 which interest is payable; or                                                                                 |

| • |     | of government agencies backed by the full faith and credit of such government. |

Unless otherwise provided in the applicable prospectus supplement, if after we have deposited funds and/or Government Obligations to effect defeasance or covenant defeasance with respect to debt securities of any series:

| • |     | the holder of a debt security of such series is entitled to and does elect, pursuant to the Indenture or the                                                                                
 terms of such debt security, to receive payment in a currency, currency unit or composite currency other than that in which such deposit has been made in respect of such debt security; or |

| • |     | a conversion event (as described below) occurs in respect of the currency, currency unit or composite currency in                                                                                                                                       
 which such deposit has been made, the indebtedness represented by such debt security shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and premium, if any) and interest on such debt  
 security, as they become due, out of the proceeds yielded by converting the amount so deposited in respect of such debt security into the currency, currency unit or composite currency in which such debt security becomes payable as a result of such 
 election or such cessation of usage based on the applicable market exchange rate.                                                                                                                                                                       |

A conversion event is the cessation of use of:

| • |     | a currency, currency unit or composite currency both by the government of the country which issued such currency                  
 and for the settlement of actions by a central bank or other public institution of or within the international banking community; |

| • |     | the European currency unit (the “ECU”) both within the European Monetary System and for the settlement 
 of transactions by public institutions of or within the European Communities; or                       |

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| • |     | any currency unit or composite currency other than the ECU for the purposes for which it was established