Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 3

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 3
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 Even if we remain qualified as a REIT, we face other tax liabilities that reduce operating results and cash flow; and |

| • |     | Adverse legislative or regulatory tax changes could reduce our earnings and cash flow and the market value of our 
 securities.                                                                                                       |

You should not place undue reliance on these forward-looking statements, as events described or implied in such statements may not occur. We undertake no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, except as required by law. S-iv

SUMMARY

The following summary is qualified in its entirety by the more detailed information and consolidated financial statements (including the notes thereto) contained in or incorporated by reference into this prospectus supplement and the accompanying prospectus.

The Company

We acquire, own, invest in and develop properties that are leased primarily to retail tenants under long-term, net leases and are primarily held for
investment. As of March 31, 2025, we owned 3,641 properties in 50 states with an aggregate gross leasable area of approximately 37.3 million square feet and a weighted average remaining lease term of approximately 9.9 years. Approximately
98% of our properties were leased as of March 31, 2025.

We are a fully integrated REIT for U.S. federal tax purposes, formed in 1984.

Our corporate headquarters are located at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801, and our telephone number is (407) 265-7348.

S-1

The Offering The following is a brief summary of certain terms of this offering. For a more complete description of the terms of the notes, see “Description of Notes” in this prospectus supplement and “Description of Debt Securities” in the accompanying prospectus.

| Issuer | NNN REIT, Inc. |

| Notes Offered | $   aggregate principal amount of  % notes due    . |

| Maturity | The notes will mature on    ,    , unless previously redeemed in accordance with their terms prior to such date. |

| Interest Rate and Payment Dates | The notes will bear interest at a rate of  % per year. Interest will be payable semi-annually on    and    , commencing