Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 21

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 21
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 for which we are directly responsible or liable as obligor or guarantor), having an aggregate principal 
 amount outstanding of at least $50,000,000, whether such Indebtedness now exists or shall hereafter be created, which default shall have resulted in such Indebtedness becoming or being declared due and payable prior to the date on which it would   
 otherwise have become due and payable, without such Indebtedness having been discharged, or such acceleration having been rescinded or annulled, within a period of 10 days after written notice to us as provided in the Indenture; provided, however, 
 that for so long as any of the securities issued pursuant to any supplemental indenture to the Original Indenture that preceded the Eighteenth Supplemental Indenture are outstanding, the reference to $50,000,000 in this paragraph is replaced by    
 $25,000,000; and                                                                                                                                                                                                                                        |

| • |     | certain events of bankruptcy, insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of us                                    
 or any Significant Subsidiary. The Term “Significant Subsidiary” has the meaning ascribed to such term in Regulation S-X promulgated under the Securities Act. |

If an Event of Default specified in the last bullet point above, relating to us or any Significant Subsidiary occurs, the principal amount of and accrued and unpaid interest on all outstanding notes shall become due and payable 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,