Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 58

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 58
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 of business on the day of mailing of the relevant notice of redemption; |

| • |     | to exchange or register the transfer of any debt security, or portion of the security, called for redemption, 
 except the unredeemed portion of any debt security being redeemed in part; or                                 |

| • |     | to issue, exchange or register the transfer of any debt security which has been surrendered for repayment at the 
 option of the holder, except the portion, if any, of such debt security not to be so repaid.                     |

Merger, Consolidation or Sale The Indenture provides that we may consolidate with, or sell, lease or convey all or substantially all of our assets to, or merge with or into, any other corporation. Those transactions are permitted if:

| • |     | we are the continuing corporation, or, if not, the resulting or acquiring entity assumes all of our                                                                                               
 responsibilities and liabilities under the Indenture, including the payment of all amounts due on the debt securities and performance of the covenants and conditions contained in the Indenture; |

| • |     | immediately after giving effect to such transaction and treating any indebtedness which becomes our obligation or                                                                                                                                       
 an obligation of any of our subsidiaries as a result thereof as having been incurred by us or such subsidiary at the time of such transaction, no event of default under the Indenture, and no event which, after notice or the lapse of time, or both, 
 would become such an event of default, shall have occurred and be continuing; and                                                                                                                                                                       |

| • |     | an officer’s certificate and legal opinion covering these conditions are delivered to the trustee. |

Certain Covenants Existence.Except as permitted under “— Merger, Consolidation or Sale,” the Indenture requires that we do or cause to be done all things necessary to preserve and keep in full force and effect our corporate existence, rights (by articles of incorporation, bylaws or statute) and franchises. We may, however, dispose of any right or franchise if we determine that the right or franchise is no longer desirable in the conduct of our business. Maintenance of Properties.As required in the Indenture, we will maintain, keep in good condition and make all necessary repairs, renewals, replacements, betterments and improvements of our, or our subsidiaries’ properties that we deem necessary so that the business carried on in connection with those properties may be properly and advantageously conducted at all times. We, or our subsidiaries