Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 132

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 132
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 a corporation for U.S. federal income tax purposes and has effectively connected income (as described in the first point
above) may also, under certain circumstances, be subject to an additional branch profits tax, which is generally imposed on a foreign corporation on the deemed repatriation from the United States of effectively connected earnings and profits, at a
30% rate, unless the rate is reduced or eliminated by an applicable income tax treaty.

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Wash Sales. In general, special wash sale rules apply if a stockholder owning more than 5% of our common or preferred stock avoids a taxable distribution of gain recognized from the sale or exchange of U.S. real property interests by selling our stock before the ex-dividenddate of the distribution and then, within a designated period, enters into an option or contract to acquire shares of the same or a substantially identical class of our stock. If a wash sale occurs, then the seller/repurchaser will be treated as having gain recognized from the sale or exchange of U.S. real property interests in the same amount as if the avoided distribution had actually been received. Non-U.S.stockholders should consult their own tax advisors on the special wash sale rules that apply to non-U.S.stockholders. Conversion of Preferred Stock to Common Stock.The conversion of preferred stock into our common stock may be a taxable exchange for a non-U.S.stockholder if our preferred stock constitutes a U.S. real property interest under FIRPTA. Even if our preferred stock constitutes a U.S. real property interest, provided our common stock also constitutes a U.S. real property interest, a non-U.S.stockholder generally will not recognize gain or loss upon a conversion of preferred stock into our common stock so long as certain FIRPTA-related reporting requirements are satisfied. If our preferred stock constitutes a U.S. real property interest and such requirements are not satisfied, however, a conversion will be treated as a taxable exchange of preferred stock for our common stock. Such a deemed taxable exchange will be subject to tax under FIRPTA at the rate of tax, including any applicable capital gains rates, that would apply to a taxable U.S. stockholder of the same type (e.g., a corporate or a non-corporatestockholder, as the case may be) on the excess, if any, of the fair market value of such non-U.S.stockholder’s common stock received over such non-U.S.stockholder’s adjusted basis in its preferred stock. Non-U.S.stockholders should consult with their tax advisors regarding the federal