Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 5

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 5
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 the extent we use a portion of the net proceeds from this offering to repay our outstanding indebtedness under our credit facility, certain of the underwriters or their affiliates may be 
 lenders and may receive a portion of the net proceeds for such indebtedness repayment. See “Underwriting” in this prospectus supplement.                                                                                                  |

| Sinking Fund | The notes will not have the benefit of a sinking fund. |

| Material Federal Income Tax Considerations | Prospective investors are urged to consult their tax advisors with respect to the federal, state, local and foreign tax consequences of the acquisition, ownership and disposition of the notes. See “Additional Material Federal Income Tax 
 Considerations” in this prospectus supplement and “Material Federal Income Tax Considerations” in the accompanying prospectus.                                                                                                               |

S-3

RISK FACTORS

In addition to the other information contained in or incorporated by reference into this prospectus supplement and the accompanying prospectus, including “Risk Factors” beginning on page 9 of our Annual Report on Form 10-Kfor the fiscal year ended December 31, 2024, you should carefully review the following risk factors in determining whether to purchase the notes.

Risks Related to this Offering and the Notes

We may incur additional debt and may not be able to repay our obligations under the notes.

It is our current policy to maintain a ratio of total indebtedness to total assets (before accumulated depreciation) of not more than 60%. However, this
policy is subject to reevaluation and modification by our board of directors without the approval of our security holders. If our board of directors modifies this policy to permit a higher degree of leverage and we incur additional indebtedness,
debt service requirements would increase accordingly. Such an increase could adversely affect our financial condition and results of operations, as well as our ability to pay principal and interest on the notes. In addition, increased leverage could
increase the risk that we may default on our other debt obligations.

We are subject to the risks associated with debt financing. These risks
include our possible inability to generate cash through our operating activities sufficient to meet our required payments of principal and interest and that rising interest rates may cause the rate on our variable rate indebtedness to rise. In
addition, we may not be able to repay or refinance existing indebtedness, which generally will not have been fully amortized at maturity, on favorable terms. In the event that we are unable to refinance our indebtedness on favorable terms, we may be
forced to resort to alternatives