Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 7

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 7
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 value of the notes.

In general, as market interest rates rise, notes bearing interest at a fixed rate generally
decline in value. Consequently, if you purchase these notes and market interest rates increase, the market value of your notes may decline. We cannot predict the future level of market interest rates.

Certain proposed changes in tax law may have adverse tax consequences to the Company and certain non-U.S.holders of the notes.

On May 22, 2025, the United States House of Representatives passed a bill (the “House Bill”) that, if enacted into
law, may affect the U.S. federal income tax considerations applicable to certain non-U.S. holders of the notes. In particular, the House Bill proposes to increase the current U.S. tax rates, including reduced
rates provided under an applicable income tax treaty, on interest payable under the notes to certain individuals and entities resident in, or owned by residents of, countries that have enacted any “unfair foreign tax,” as defined in the
bill (such persons, “applicable persons”). Among other things, the House Bill provides for escalating rates of federal income and withholding tax on payments to applicable persons, including applicable persons that claim a reduced rate of
withholding tax under an applicable income tax treaty, up to 20% above the current statutory rates of tax (determined without regard to any rate provided under an applicable income tax treaty in lieu of such statutory rate). Based on the Report of
the Committee on the Budget of the House of Representatives, H. Rept. 119-106, such increased rates of tax are not intended to apply to holders that claim the portfolio interest exemption with respect to
interest payments under the notes. Following the release of the House Bill, on June 16, 2025, the Committee on Finance of the United States Senate released a draft bill (the “Senate Bill”) that, among other things, incorporates the
House Bill’s proposed tax increases for applicable persons. However, instead of the 20% cap on rate increase described above, the Senate Bill proposes to cap the rate increase at a maximum of 15% above the current rate applicable to such
applicable person (statutory or treaty). The likelihood of the House Bill, the Senate Bill or other similar legislation being enacted is uncertain, and the provisions of the House Bill, the Senate Bill or other similar legislation may change prior
to enactment. Prospective noteholders should consult their legal and tax advisors regarding the likelihood of the bill becoming law and