Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 10

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 10
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 except for any difference in the issue date, issue price and, if applicable, the initial Interest
Payment Date (as defined below), and with the same CUSIP number as the notes offered hereby so long as such additional notes are fungible for U.S. federal income tax purposes with the notes offered hereby. The notes offered by this prospectus
supplement and any additional notes would rank equally and ratably in right of payment and would be treated as a single series of debt securities for all purposes under the Indenture.

The notes will be issued only in fully registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Ranking

The notes will be our direct, senior unsecured
obligations and will rank equally with all of our other unsubordinated 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, and will be structurally subordinated to the indebtedness and other liabilities of our subsidiaries (to the extent of the value of the assets of those subsidiaries). Accordingly, such indebtedness must be
satisfied in full before holders of the notes will be able to realize any value from encumbered or indirectly-held properties.

As of March 31,
2025, on a pro forma basis after giving effect to this offering and the application of the proceeds therefrom, we would have had approximately $ billion of outstanding unsecured indebtedness. We may incur additional indebtedness,
including secured indebtedness, subject to the provisions described below under “—Certain Covenants—Limitations on Incurrence of Indebtedness.”

S-7

Principal and Interest

The notes will bear interest at % per annum and will mature on , . The notes will bear
interest from, and including, , 2025 or from, and including, the immediately preceding Interest Payment Date to which interest has been paid, payable semi-annually in arrears
on and of each year, commencing , 2026 (each, an “Interest Payment Date”), to the persons in whose name the notes are registered in the Security Register on
the preceding or (whether or not a Business Day, as defined below), as the case may be (each, a “Regular Record Date”). Interest on the notes will be computed on the basis of a 360-day year of twelve 30-day months. The notes