Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 50

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 50
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 of our net-leased properties 
 may be limited;                                                          |

| • |     | Vacant properties or bankrupt tenants could adversely affect our business or financial condition; |

| • |     | Cybersecurity risks and cyber incidents as well as other significant disruptions of our information technology                                                                                     
 networks and related systems and resources could adversely affect our business, disrupt operations and expose us to liabilities to tenants, employees, capital providers, and other third parties; |

| • |     | Future investment in international markets could subject us to additional risks; |

| • |     | We may suffer a loss in the event of a default or bankruptcy of a borrower; |

| • |     | Property ownership through joint ventures and partnerships could limit our control of those investments; |

| • |     | We may be unable to obtain debt or equity capital on favorable terms, if at all; |

| • |     | The amount of debt we have and the restrictions imposed by that debt could adversely affect our business and 
 financial condition;                                                                                         |

| • |     | We are obligated to comply with financial and other covenants in our debt instruments that could restrict our                          
 operating activities, and the failure to comply with such covenants could result in defaults that accelerate the payment of such debt; |

| • |     | Our ability to pay dividends in the future is subject to many factors; |

| • |     | Owning real estate and indirect interests in real estate carries inherent risks; |

| • |     | Our real estate investments are illiquid; |

| • |     | We may be subject to known or unknown environmental liabilities and risks, including but not limited to       
 liabilities and risks resulting from the existence of hazardous materials on or under properties owned by us; |

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| • |     | Our failure to qualify as a REIT for federal income tax purposes could result in significant tax liability; |

| • |     | Compliance with REIT requirements, including distribution requirements, may limit our flexibility and may 
 negatively affect our operating decisions;                                                                |

| • |     | The share ownership restrictions of the Internal Revenue Code of 1986, as amended (the “Code”), for                                                             
 REITs and the 9.8% share ownership limit in our charter may inhibit market activity in our shares of stock and restrict our business combination opportunities; |

| • |     | The cost of complying with changes in governmental laws and regulations may adversely affect our results of 
 operations;                                                                                                 |

| • |     | Non-compliance