Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 31

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 31
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, the income is attributable to a permanent establishment maintained in the United States by such Non-U.S. Holder); or |

| • |     | the Non-U.S. Holder is entitled to the benefits of an applicable income tax treaty, 
 which provides for a lower rate of, or exemption from, withholding tax.             |

S-19

Except to the extent provided by an applicable tax treaty, interest on a note that is effectively connected with the conduct by a Non-U.S.Holder of a trade or business in the United States (and, if required by an applicable tax treaty, the interest is attributable to a permanent establishment maintained in the United States by such Non-U.S.Holder) generally will be subject to U.S. federal income tax on a net basis at the rates applicable to United States persons. A Non-U.S.Holder that is treated as a corporation for U.S. federal income tax purposes may also be subject to a branch profits tax, which is generally imposed on a foreign corporation on the actual or deemed repatriation from the United States of effectively connected earnings and profits, at a 30% rate (subject to reduction or elimination under an applicable tax treaty). If interest is subject to U.S. federal income tax on a net basis in accordance with the rules described in the second preceding sentence, payments of such interest will not be subject to U.S. federal income withholding tax so long as the Non-U.S.Holder provides us or the paying agent with an appropriate IRS Form (generally, IRS Form W-8ECI).To claim the benefit of a reduced rate of, or exemption from, the 30% withholding tax under an income tax treaty, the Non-U.S.Holder must timely provide the appropriate, properly executed IRS form (generally, IRS Form W-8BENin the case of an individual and IRS Form W-8BEN-Ein the case of an entity). These forms may be required to be periodically updated. Sale, Exchange, Redemption, or Other Taxable Disposition of the Notes. Subject to the rules described below under “—Information Reporting and Backup Withholding” and “—FATCA,” a Non-U.S.Holder generally will not be subject to U.S. federal income or withholding tax on gain from the sale, exchange, redemption or other taxable disposition of a note unless:

| • |     | such gain is effectively connected with the conduct by the Non-U.S. Holder of a                                                                                                                    
 trade or business within the United States (and, if required