Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 64

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 64
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 increase the required percentage to effect such action or to provide that certain other provisions may not be modified or waived without the consent of the holder of such debt security. |

The holders of a majority in aggregate principal amount of outstanding debt securities of each series may, on behalf of all holders of debt securities of that series, waive, insofar as that series is concerned, our compliance with certain of our covenants in the Indenture, including those described in “— Certain Covenants.” 14

We and the trustee may modify or amend the Indenture without the consent of any holder of debt securities for any of the following purposes:

| • |     | to evidence the succession of another person to us as obligor under the Indenture; |

| • |     | to add to our covenants for the benefit of the holders of all or any series of debt securities issued, or to 
 surrender any right or power conferred upon us in the Indenture;                                             |

| • |     | to add events of default for the benefit of the holders of all or any series of debt securities issued; |

| • |     | to add or change any provisions of the Indenture to facilitate the issuance of, or to liberalize certain terms                                                                                                                                           
 of, debt securities issued in bearer form, or to permit or facilitate the issuance of debt securities in uncertificated form, provided that such action shall not adversely affect the interests of the holders of such debt securities of any series in 
 any material respect;                                                                                                                                                                                                                                    |

| • |     | to change or eliminate any provision of the Indenture, provided that any such change or elimination shall become                                          
 effective only when there are no debt securities outstanding of any previously created series issued which are entitled to the benefit of such provision; |

| • |     | to secure the debt securities issued; |

| • |     | to establish the form or terms of debt securities of any series issued, including the provisions and procedures, 
 if applicable, for the conversion of such debt securities into shares of our common stock;                       |

| • |     | to provide for the acceptance of appointment by a successor trustee or facilitate the administration of the 
 trusts under the Indenture by more than one trustee;                                                        |

| • |     | to cure any ambiguity, defect or inconsistency in the Indenture, provided that such action shall not adversely 
 affect in any material respect the interests of holders of debt securities of any series issued; or            |

| •