Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 97

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 97
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 taxable year, but nonetheless continue to qualify as a REIT because we qualify under certain relief provisions, we may be required to pay a tax of the greater of $50,000 or a tax computed at the highest corporate rate on the amount of net income 
 generated by the assets causing the failure from the date of failure until the assets are disposed of or we otherwise return to compliance with the asset test;                                                                                       |

| • |     | if we fail to satisfy one or more of the requirements for REIT qualification (other than the income tests or the                                                                                                                                          
 asset tests), we nevertheless may avoid termination of our REIT election in such year if the failure is due to reasonable cause and not due to willful neglect, but we would also be required to pay a penalty of $50,000 for each failure to satisfy the 
 REIT qualification requirements;                                                                                                                                                                                                                          |

| • |     | if we fail to distribute during a calendar year at least the sum of (i) 85% of our REIT ordinary income for such                                                                                                                              
 year, (ii) 95% of our REIT capital gain net income for such year, and (iii) any undistributed taxable income from prior periods, we will pay a nondeductible 4% excise tax on the excess of such required distribution over (A) the amount we 
 actually distributed, plus (B) retained amounts on which corporate-level tax was paid by us;                                                                                                                                                  |

| • |     | we may be required to pay monetary penalties to the IRS in certain circumstances, including if we fail to meet                      
 record-keeping requirements intended to monitor our compliance with the rules relating to the composition of a REIT’s stockholders; |

| • |     | we may elect to retain and pay income tax on our net long-term capital gain; or |

Requirements for REIT Qualification .To qualify as a REIT, we must meet the following requirements:

| 1. | we are managed by one or more trustees or directors; |

| 2. | our beneficial ownership is evidenced by transferable shares, or by transferable certificates of beneficial 
 interest;                                                                                                   |

| 3. | we would be taxable as a domestic corporation, but for Sections 856 through 860 of the Code; |

| 4. | we are neither a financial institution nor an insurance company subject to certain provisions of the Code; |

| 5. | at least 100 persons are beneficial owners of our stock or ownership certificates; |

|