Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 93

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 93
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 of the securities comprising the units;             |

| • |     | the date, if any, on and after which the constituent securities comprising the units will be separately 
 transferable;                                                                                           |

| • |     | whether the units will be issued in fully registered or global form; |

| • |     | a description of the terms of any unit agreement to be entered into between us and a bank or trust company, as 
 unit agent, governing the units;                                                                               |

| • |     | a discussion of the material U.S. federal income tax considerations applicable to the units; |

| • |     | whether the units will be listed on any securities exchange; and |

| • |     | any other terms of the units and their constituent securities |

36

MATERIAL FEDERAL INCOME TAX CONSIDERATIONS

Introduction

The following section
summarizes the material federal income tax issues that you may consider relevant relating to our taxation as a REIT under the Code, and the acquisition, ownership, and disposition of our stock. Because this section is a summary, it does not address
all of the tax issues that may be important to you. For example, the discussion of the tax treatment of our stockholders addresses only common or preferred stock held as a capital asset (generally property held for investment) within the meaning of
Section 1221 of the Code. This summary also does not address the consequences of an investment in debt securities, stock purchase contracts, warrants, rights or units. The tax considerations of such an investment will be discussed in the
applicable prospectus supplement. This discussion is based on current law and does not purport to deal with all aspects of U.S. federal income taxation that may be relevant to a prospective stockholder in light of its particular circumstances. In
addition, this section does not address the tax issues that may be important to certain types of stockholders that are subject to special treatment under the federal income tax laws, such as financial institutions, brokers, dealers in securities and
commodities, insurance companies, former U.S. citizens or long-term residents, regulated investment companies, real estate investment trusts, tax-exempt organizations (except to the extent discussed in
“–Taxation of Tax-Exempt U.S. Stockholders” below), controlled foreign corporations, passive foreign investment companies, persons that acquire stock in connection with employment or other
performance of personal services, persons subject to the alternative minimum tax, beneficial owners of shares subject to the special tax accounting