Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 4

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 4
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    , 2026. |

| 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. |

| Optional Redemption | We may redeem the notes prior to     ,    (which is the date that is one month prior to their maturity) (the “Par Call Date”), at any time in whole or from time to time in part, at the                                                   
 redemption price set forth in the section of this prospectus supplement entitled “Description of Notes—Optional Redemption;” provided, however, that if we redeem the notes on or after the Par Call Date, the redemption price will equal 
 100% of the principal amount of the notes to be redeemed, plus accrued interest and unpaid interest thereon to, but not including, the redemption date.                                                                                    |

| 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, and the ability of our subsidiaries, to: |

| • |     | incur debt without meeting certain financial tests; and |

| • |     | secure debt with our assets and the assets of our subsidiaries. |

| For more details, see “Description of Notes—Certain Covenants” in this prospectus supplement. |

| Use of Proceeds | We intend to use the net proceeds from the offering to repay all of the outstanding indebtedness under our credit facility, to fund future property acquisitions and for general corporate purposes, or a combination of the foregoing. Pending 
 application of the net proceeds, we may invest the net proceeds in short-term, income-producing investments.                                                                                                                                    |

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| Conflicts of Interests | As described above under “Use of Proceeds,” to