Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 3

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 3
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, future events or otherwise, except as required by law. S-iv

SUMMARY

The following summary is qualified in its entirety by the more detailed information and consolidated financial statements (including the notes thereto) contained in or incorporated by reference into this prospectus supplement and the accompanying prospectus.

The Company

We acquire, own, invest in and develop high-quality properties that are leased primarily to tenants under long-term, net leases and are primarily held
for investment. As of March 31, 2025, we owned 3,641 properties in 50 states with an aggregate gross leasable area of approximately 37.3 million square feet and a weighted average remaining lease term of approximately 9.9 years.
Approximately 98% of our properties were leased as of March 31, 2025.

We are a fully integrated REIT for U.S. federal tax purposes, formed in
1984.

Our corporate headquarters are located at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801, and our telephone number is (407) 265-7348.

S-1

The Offering The following is a brief summary of certain terms of this offering. For a more complete description of the terms of the notes, see “Description of Notes” in this prospectus supplement and “Description of Debt Securities” in the accompanying prospectus.

| Issuer | NNN REIT, Inc. |

| Notes Offered | $500,000,000 aggregate principal amount of 4.600% notes due 2031. |

| Ranking of Notes | The notes will be our senior unsecured obligations and will rank equally with all of our other senior unsecured indebtedness from time to time outstanding. However, the notes will be effectively subordinated to our mortgage debt and other           
 secured indebtedness (to the extent of the value of the assets securing such debt) , if any. The notes will also be structurally subordinated to the indebtedness and other liabilities of our subsidiaries (to the extent of the value of the assets of 
 those subsidiaries).                                                                                                                                                                                                                                     |

| Indebtedness | As of March 31, 2025, we had approximately $4.5 billion of outstanding indebtedness, none of which was secured indebtedness. |

| Covenants | We will issue the notes under an indenture, as supplemented, with U.S. Bank Trust Company, National Association, as successor trustee. The indenture will, among other things, restrict our ability