Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 75

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 75
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 shares into such shares, or create, 
 authorize or issue any obligation or security convertible into or evidencing the right to purchase any such shares; or                                                                                                                              |

22

| • |     | amend, alter or repeal the provisions of our Articles of Incorporation or the designating amendment for such                                                                                                                               
 series of preferred stock, whether by merger, consolidation or otherwise (an “Event”), so as to materially and adversely affect any right, preference, privilege or voting power of such series of preferred stock or the holders thereof. |

However, with respect to the occurrence of any of the Events set forth above, so long as the preferred stock remains outstanding with the terms materially unchanged, taking into account that upon the occurrence of an Event, we may not be the surviving entity, the occurrence of any such Event shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting power of holders of preferred stock. Further, any increase in the amount of:

| • |     | the authorized preferred stock or the creation or issuance of any other series of preferred stock; or |

| • |     | the authorized shares of such series or any other series of preferred stock, in each case ranking on a parity                                                        
 with or junior to the preferred stock of such series with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up; |

shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers. The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be effected, all outstanding shares of preferred stock of such series shall have been redeemed or called for redemption and sufficient funds shall have been deposited in trust to effect such redemption. Conversion Rights The terms and conditions, if any, upon which any series of preferred stock is convertible into shares of our common stock will be set forth in the applicable prospectus supplement. Such terms will include:

| • |     | the number of shares of common stock into which the shares of preferred stock are convertible; |

| • |     | the conversion price (or manner of calculation); |

| • |     | the conversion period; |

| • |     | provisions as to whether conversion will be at the option of the holders of preferred stock or us; |

| • |     | the events requiring an adjustment of the conversion price; and |

| • |     | provisions affecting conversion in the event of the redemption of such series of preferred stock