Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 72

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 72
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 if dividends are cumulative) for a series of preferred stock, we will not declare dividends (other than in common stock or preferred stock ranking junior to the preferred stock of such series as to dividends and upon liquidation), or pay or set aside for payment or declare or make any other distribution, upon shares of the common stock, junior stock 20

or parity stock as to dividends or upon liquidation. Additionally, we shall not redeem, purchase or otherwise acquire for any consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any such shares) any shares of common stock, junior stock or parity stock as to dividends or upon liquidation. However, we may convert or exchange those shares into junior stock as to dividends and upon liquidation. Redemption If so provided in the applicable prospectus supplement, any series of our preferred stock will be subject to mandatory redemption or redemption at our option, in whole or in part, in each case upon the terms, at the times and at the redemption prices set forth in such prospectus supplement. The prospectus supplement relating to a series of our preferred stock that is subject to mandatory redemption will specify:

| • |     | the number of shares of such preferred stock that we will redeem in each year; |

| • |     | the year the redemption will commence; |

| • |     | the redemption price per share, together with an amount equal to all accrued and unpaid dividends to the date of 
 redemption; and                                                                                                  |

| • |     | whether the redemption price may be payable in cash or other property |

If the redemption price for our preferred stock of any series is payable only from the net proceeds of the issuance of our capital stock, the terms of such preferred stock may provide that, if we have not issued capital stock or to the extent the net proceeds from any issuance are insufficient to pay in full the aggregate redemption price then due, such preferred stock shall automatically and mandatorily be converted into the applicable class or series of our capital stock pursuant to conversion provisions specified in the applicable prospectus supplement. We cannot redeem, purchase or otherwise acquire shares of a series of preferred stock unless:

| • |     | for preferred stock with cumulative dividends, we have declared and paid, or declared and set apart a sum        
 sufficient to pay, full cumulative dividends on the preferred stock through the then-current dividend period; or |

| • |     | for preferred stock lacking cumulative dividends, we have declared and paid, or declared and set apart a sum 
 sufficient