Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 104

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 104
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 or less of the total rent received under the lease, then the rent attributable to personal property will qualify as rents from real property. In general, we have not leased a significant amount of personal property under our current 
 leases. If any incidental personal property has been leased, we believe that rent under each lease from the personal property has been no more than 15% of total rent from that lease, and on an ongoing basis we will use our best efforts to avoid     
 leasing personal property in connection with a future lease except where rent from the personal property is no more than 15% of total rent from that lease, unless, in either instance, we have determined or we determine in our discretion that the    
 amount of disqualified rent attributable to the personal property will not jeopardize our status as a REIT.                                                                                                                                              |

| • |     | In general, if we furnish or render services to our tenants, other than through a taxable REIT subsidiary or an                                                                                                                     
 “independent contractor” who is adequately compensated and from whom we do not derive revenue, the income received from the tenants may not be deemed “rents from real property.” In general, we may provide services directly, if  
 the services are “usually or customarily rendered” in connection with the rental of space for occupancy only and are not otherwise considered to be provided for the tenant’s convenience. In addition, we may render directly a de 
 minimis amount of “non-customary” services to the tenants of a property without disqualifying the income as “rents from real property,” as long as our income from the services does not                                            
 exceed 1% of our income from the related property.                                                                                                                                                                                  |

| • |     | We believe that we have not provided services to leased properties that have caused rents to be disqualified as                                                                                                                                          
 rents from real property, and on an ongoing basis in the future, we will use our best efforts to determine in our discretion that any services provided will not cause rents to be disqualified as rents from real property, unless, in either instance, 
 we have determined or we determine in our discretion that the amount of disqualified rent resulting from such services will not jeopardize our status as a REIT.                                                                                         |

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Based on, and subject to, the foregoing, we believe that rent from our leases should
generally qualify as “rents from real property” for purposes of the 75% and 95% gross income tests, except in amounts that should not jeopardize our status as a REIT.