Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 7

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 7
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 times and prices or at
all. If any of the notes are traded after their purchase, they may trade at a discount, which could be substantial, from their purchase price.

The
liquidity of the trading market, if any, and future trading prices of the notes will depend on many factors, including, among other things, the market price of our common stock, prevailing interest rates, our financial condition, results of
operations, business, prospects and credit quality relative to our competitors, the market for similar securities and the overall securities market, and may be adversely affected by unfavorable changes in any of these factors, some of which are
beyond our control. In addition, market volatility or events or developments in the credit markets could materially and adversely affect the market value of the notes, regardless of our financial condition, results of operations, business, prospects
or credit quality.

An adverse credit rating of the notes may cause their trading price to fall.

A rating assigned to the notes reflects the applicable rating agency’s assessment of the likelihood that the holders of the notes will receive the
payments of interest and principal required to be made. A rating reflects only the view of a rating agency and is not a recommendation to buy, sell or hold the notes. Any rating can be revised upward or downward or withdrawn at any time by a rating
agency if it decides the circumstances warrant that change. A rating agency rating the notes may assign a rating that is lower than the ratings assigned to our other debt. If rating agencies assign a lower-than-expected rating or reduce, or indicate
that they may reduce, their ratings in the future, the trading price of the notes could significantly decline.

An increase in interest rates could result in a decrease in the market 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