Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 20

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 20
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 and our Subsidiaries not subject to an Encumbrance for borrowed money determined on a consolidated basis in accordance with GAAP (but excluding accounts receivable, right-of-use assets relating to operating leases and intangibles); provided, however, that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured
Indebtedness for purposes

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of the covenant requiring us and our subsidiaries to maintain Total Unencumbered Assets equal to at least 150% of the aggregate outstanding principal amount of Unsecured Indebtedness on a consolidated basis, all investments in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other Persons that are not consolidated for financial reporting purposes in accordance with GAAP shall be excluded from Total Unencumbered Assets. “ Undepreciated Real Estate Assets” as of any date means the cost (original cost plus capital improvements) of real estate assets of us and our Subsidiaries on such date, before depreciation and amortization, determined on a consolidated basis in accordance with GAAP. “ Unsecured Indebtedness” means Indebtedness which is not secured by any Encumbrance upon any of our properties or those of any Subsidiary. See “Description of Debt Securities—Certain Covenants” in the accompanying prospectus for a description of additional covenants applicable to us. Events of Default The Indenture provides that the following events are “Events of Default” with respect to the notes:

| • |     | default in the payment of any interest on any such notes when such interest becomes due and payable that continues for a 
 period of 30 days;                                                                                                       |

| • |     | default in the payment of the principal of (or redemption price, if any, on) any such notes when due and payable; |

| • |     | our default in the performance, or breach, of any other covenant or warranty in the Indenture with respect to the notes and 
 continuance of such default or breach for a period of 60 days after written notice as provided in the Indenture;            |

| • |     | default under any bond, debenture, note, mortgage, indenture or instrument under which there may be issued or by which                                                                                                                                  
 there may be secured or evidenced any Indebtedness for money borrowed by us (or by any Subsidiary, the repayment of which we have guaranteed or