Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 69

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 69
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 | a currency, currency unit or composite currency both by the government of the country which issued such currency                  
 and for the settlement of actions by a central bank or other public institution of or within the international banking community; |

| • |     | the European currency unit (the “ECU”) both within the European Monetary System and for the settlement 
 of transactions by public institutions of or within the European Communities; or                       |

17

| • |     | any currency unit or composite currency other than the ECU for the purposes for which it was established. |

Unless otherwise described in the applicable prospectus supplement, all payments of principal of (and premium, if any) and interest on any debt security that is payable in a foreign currency that ceases to be used by its government of issuance shall be made in U.S. dollars. In the event we effect covenant defeasance with respect to any debt securities and such debt securities are declared due and payable because of the occurrence of any event of default, other than the event of default described in the fourth clause under “— Events of Default, Notice and Waiver” with respect to the specified sections in the Indenture (which sections would no longer be applicable to such debt securities) or the ninth clause with respect to any other covenants as to which there has been covenant defeasance, the amount in such currency, currency unit or composite currency in which such debt securities are payable and Government Obligations on deposit with the applicable trustee, will be sufficient to pay amounts due on such debt securities at the time of their stated maturity but may not be sufficient to pay amounts due on such debt securities at the time of the acceleration resulting from such event of default. In any such event, we would remain liable to make payments of such amounts due at the time of acceleration. The applicable prospectus supplement may further describe the provisions, if any, permitting such defeasance or covenant defeasance, including any modifications to the provisions described above, with respect to the debt securities of or within a particular series. Convertible Debt Securities The terms and conditions, if any, upon which the debt securities are convertible into shares of our common stock will be set forth in the applicable prospectus supplement. Such terms will include:

| • |     | whether such debt securities are convertible into shares of common stock; |

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

| • |     | the conversion period; |

| • |     | provisions as to whether conversion will be