Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 133

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 133
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 income tax consequences of any transaction by which such non-U.S.stockholder exchanges our common stock received on a conversion of preferred stock for cash or other property. Information Reporting and Backup Withholding. We must report annually to the IRS and to each non-U.S.stockholder the amount of distributions paid to such holder and the tax withheld with respect to such distributions, regardless of whether withholding was required. Copies of the information returns reporting such distributions and withholding may also be made available to the tax authorities in the country in which the non-U.S.stockholder resides under the provisions of an applicable income tax treaty. Backup withholding (currently at the rate of 24%) and additional information reporting will generally not apply to distributions to a non-U.S.stockholder provided that the non-U.S.stockholder certifies under penalty of perjury that the stockholder is a non-U.S.stockholder, or otherwise establishes an exemption. Notwithstanding the foregoing, backup withholding may apply if either we or our paying agent has actual knowledge, or reason to know, that the holder is a United States person that is not an exempt recipient. As a general matter, backup withholding and information reporting will not apply to a payment of the proceeds of a sale of stock effected at a foreign office of a foreign broker. Information reporting (but not backup withholding) will apply, however, to a payment of the proceeds of a sale of stock by a foreign office of a broker that:

| • |     | is a United States person; |

| • |     | is a “controlled foreign corporation” (generally, a foreign corporation controlled by stockholders that 
 are United States persons) for U.S. tax purposes; or                                                    |

| • |     | that is a foreign partnership, if at any time during its tax year more than 50% of its income or capital                    
 interests are held by United States persons or if it is engaged in the conduct of a trade or business in the United States, |

unless the broker has documentary evidence in its records that the holder or beneficial owner is a non-U.S.stockholder and certain other conditions are met, or the stockholder otherwise establishes an exemption. Payment 57

of the proceeds of a sale of stock effected at a U.S. office of a broker is subject to both backup withholding and information reporting unless the stockholder certifies under penalty of perjury
that the stockholder is a non-U.S. stockholder, or otherwise establishes an exemption. Backup withholding is not an additional tax and may be credited against a non-U.S.