Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 51

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 51
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 with Title III of the Americans with Disabilities Act of  
 1990 could have an adverse effect on our business and operating results; |

| • |     | Our loss of key management personnel could adversely affect performance and the value of our securities; |

| • |     | Our failure to maintain effective internal control over financial reporting could have a material adverse effect 
 on our business, operating results and the market value of our securities;                                       |

| • |     | An epidemic or pandemic (such as the outbreak and worldwide spread of a novel strain of coronavirus, and its                                                                                                                                        
 variants (“COVID-19”)), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it, may precipitate or                                                  
 materially exacerbate one or more of the other risks, and may significantly disrupt our tenants’ ability to operate their businesses and/or pay rent to us or prevent us from operating our business in the ordinary course for an extended period; |

| • |     | Acts of violence, terrorist attacks or war may affect our properties, the markets in which we operate and our 
 results of operations;                                                                                        |

| • |     | Changes in accounting pronouncements could adversely impact our or our tenants’ reported financial 
 performance;                                                                                       |

| • |     | The market value of our equity and debt securities is subject to various factors that may cause significant 
 fluctuations or volatility;                                                                                 |

| • |     | 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. Except as required by law, 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. 4

PROSPECTUS SUMMARY

The following summary is qualified in its entirety by the more detailed information and consolidated financial statements and notes thereto appearing elsewhere in or incorporated by reference into, this prospectus.

NNN REIT, Inc.

We invest primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2023, we owned 3,479
properties in 49 states with an aggregate gross leasable area of