Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 72

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 72
---
 the terms of which specifically provide that such equity 
 securities rank on a parity with the preferred stock; and                                                       |

| • |     | junior to all preferred stock of a different series that we have issued, the terms of which specifically provide 
 that such equity securities rank senior to preferred stock of another series.                                    |

The term “equity securities” does not include convertible debt securities. Dividends Holders of preferred stock of each series will be entitled to receive, when, as and if declared by our Board of Directors, out of our assets legally available for payment, cash dividends (or dividends in kind or in other property if expressly permitted and described in the applicable prospectus supplement) at such rates and on such dates as will be set forth in the applicable prospectus supplement. Each such dividend shall be payable to holders of record as they appear on our share transfer books on such record dates as shall be fixed by our Board of Directors. Dividends on any series of preferred stock may be cumulative or non-cumulative,as provided in the applicable prospectus supplement. Dividends, if cumulative, will be cumulative from and after the date set forth in the applicable prospectus supplement. If our Board of Directors fails to declare a dividend payable on a dividend payment date on any series of preferred stock for which dividends are noncumulative, then the holders of such series of preferred stock will have no right to receive a dividend in respect of the dividend period ending on such dividend payment date. We will have no obligation to pay the dividend accrued for such period, whether or not dividends on such series are declared payable on any future dividend payment date. If preferred stock of any series is outstanding, we will not pay or declare a full dividend on a series of parity or junior preferred stock or common 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 to pay, full dividends for the then-current dividend period.                                      |

If dividends are not paid in full (or if a sum sufficient has not been set aside for full payment), then dividends for both that series and any parity series will be declared pro rata. Therefore, the amount of dividends declared per share of both series will maintain the same ratio that accrued dividends per share