Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 103

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 103
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 no more than 15% of total rent from that lease, unless, in either instance, we have determined or we determine in our discretion that the    
 amount of disqualified rent attributable to the personal property will not jeopardize our status as a REIT.                                                                                                                                              |

| • |     | In general, if we furnish or render services to our tenants, other than through a taxable REIT subsidiary or an                                                                                                                     
 “independent contractor” who is adequately compensated and from whom we do not derive revenue, the income received from the tenants may not be deemed “rents from real property.” In general, we may provide services directly, if  
 the services are “usually or customarily rendered” in connection with the rental of space for occupancy only and are not otherwise considered to be provided for the tenant’s convenience. In addition, we may render directly a de 
 minimis amount of “non-customary” services to the tenants of a property without disqualifying the income as “rents from real property,” as long as our income from the services does not                                            
 exceed 1% of our income from the related property.                                                                                                                                                                                  |

| • |     | We believe that we have not provided services to leased properties that have caused rents to be disqualified as                                                                                                                                          
 rents from real property, and on an ongoing basis in the future, we will use our best efforts to determine in our discretion that any services provided will not cause rents to be disqualified as rents from real property, unless, in either instance, 
 we have determined or we determine in our discretion that the amount of disqualified rent resulting from such services will not jeopardize our status as a REIT.                                                                                         |

42

Based on, and subject to, the foregoing, we believe that rent from our leases should
generally qualify as “rents from real property” for purposes of the 75% and 95% gross income tests, except in amounts that should not jeopardize our status as a REIT. As described above, however, the IRS may assert successfully a contrary
position and, therefore, prevent us from qualifying as a REIT.

Interest. For purposes of the gross income tests, the term
“interest” generally does not include any amount received or accrued, directly or indirectly, if the determination of all or some of the amount depends in any way on the income or profits of any person. However, an amount received or
accrued generally will not be excluded from the term “interest” solely by reason of being based on a fixed