Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 92

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 92
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 extent to which the rights are transferable; |

| • |     | any other terms of the rights, including the terms, procedures and limitations relating to the exchange and 
 exercise of the rights;                                                                                     |

| • |     | the respective dates on which the holder’s ability to exercise the rights will commence and will expire; |

| • |     | the number of rights outstanding, if any; |

| • |     | a discussion of any material U.S. federal income tax considerations applicable to the rights; |

| • |     | the extent to which the rights may include an over-subscription privilege with respect to unsubscribed 
 securities; and                                                                                        |

| • |     | if applicable, the material terms of any standby underwriting or purchase arrangement entered into in connection 
 with the offering of such rights.                                                                                |

34

DESCRIPTION OF WARRANTS The following description contains general terms and provisions of warrants to which any prospectus supplement may relate. The particular terms of the warrants offered by any prospectus supplement and the extent, if any, to which such general provisions may not apply to the warrants so offered will be described in the prospectus supplement relating to such warrants. For more information, please refer to the provisions of the warrant agreement and warrant, forms of which we will file with the SEC at or prior to the time of the sale of the warrant. We may offer by means of this prospectus warrants for the purchase of shares of our common stock, preferred stock or depositary shares representing our preferred stock. If we offer warrants, we will describe the terms in a prospectus supplement. Warrants may be offered independently, together with other securities offered by any prospectus supplement, or through a dividend or other distribution to stockholders and may be attached to or separate from other securities. We will issue the warrants under warrant agreements to be entered into between us and a bank or trust company, as warrant agent, all as shall be set forth in the applicable prospectus supplement. A warrant agent would act solely as our agent in connection with the warrants of a particular series, and would not assume any obligation or relationship of agency or trust for or with any holders or beneficial owners of such warrants. The following are some of the warrant terms that could be described in a prospectus supplement:

| • |     | the title of the warrant; |

| • |     | the aggregate number of warrants; |

| • |     | price or prices at which the warrant will be issued; |

| • |     | the currencies in which the