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

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 25
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 information in this section concerning DTC, Clearstream and
Euroclear and DTC’s book-entry system has been obtained from sources that we believe to be reliable, but we take no responsibility for the accuracy of this information.

Same-DaySettlement and Payment

All payments of principal and interest in respect of the notes will be made by us in immediately available funds.

The notes will trade in DTC’s Same-Day Funds Settlement System until maturity or until the notes are issued
in certificated form, and secondary market trading activity in the notes will therefore be required by DTC to settle in immediately available funds. No assurance can be given as to the effect, if any, of settlement in immediately available funds on
trading activity in the notes.

Governing Law

The
Indenture will be governed by and shall be construed in accordance with the laws of the State of New York.

No Personal Liability

No past, present or future stockholder, employee, officer or director of ours or any successor thereof shall have any liability for any obligation,
covenant or agreement of ours contained under the notes or the Indenture. Each Holder of notes by accepting such notes waives and releases all such liability. The waiver and release are part of the consideration for the issue of the notes.

S-16

ADDITIONAL MATERIAL FEDERAL INCOME TAX CONSIDERATIONS For a discussion of the material federal income tax issues that you may consider relevant relating to our taxation as a REIT, see “Material Federal Income Tax Considerations” beginning on page 37 of the accompanying prospectus, as supplemented by the discussions below. For a general discussion of the material U.S. federal income tax considerations applicable to the acquisition, ownership and disposition of the notes, see below under “—Taxation of Holders of the Notes.” These discussions apply only to initial beneficial owners of the notes who purchase notes in this offering at their issue price (as defined below) and who hold the notes as capital assets (generally property held for investment) within the meaning of Section 1221 of the Code. These discussions are based on the Code, income tax regulations promulgated thereunder, judicial decisions, published positions of the Internal Revenue Service (“IRS”) and other applicable authorities, all as in effect as of the date hereof and all of which are subject to change, possibly with retroactive effect. These discussions are general in nature and are not exhaustive of all possible tax considerations, nor do they address any state, local or foreign tax considerations or