Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 10

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 10
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ovenants—Limitations on Incurrence of Indebtedness.”

S-7

Principal and Interest

The notes will bear interest at 4.600% per annum and will mature on February 15, 2031. The notes will bear interest from, and including, July 1, 2025 or
from, and including, the immediately preceding Interest Payment Date to which interest has been paid, payable semi-annually in arrears on February 15 and August 15 of each year, commencing February 15, 2026 (each, an “Interest Payment
Date”), to the persons in whose name the notes are registered in the Security Register on the preceding February 1 or August 1 (whether or not a Business Day, as defined below), as the case may be (each, a “Regular Record Date”).
Interest on the notes will be computed on the basis of a 360-day year of twelve 30-day months. The notes will not be entitled to the benefit of any sinking fund payments
or subject to repayment or repurchase by us at the option of the person(s) in whose name a note is registered in the Security Register.

If any
Interest Payment Date or Stated Maturity falls on a day that is not a Business Day, the required payment shall be made on the next Business Day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable
for the period from and after such Interest Payment Date or Stated Maturity, as the case may be. “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banks in the City of New
York, New York or in the City of St. Paul, Minnesota are authorized or required by law, regulation or executive order to close.

The principal of
and interest on the notes will be payable at the corporate trust office of the agent of the Trustee (the “Paying Agent”), currently located at 111 Fillmore Avenue East, St. Paul, MN 55107, providedthat, at our option, subject to
certain conditions, payment of principal and interest may be made by check mailed to the address of the Person entitled thereto as it appears in the Security Register or by wire transfer of funds to such Person at an account maintained within the
United States.

Optional Redemption

Prior to January 15,
2031 (the “Par Call Date”), we may