Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 27

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 27
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     | an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; 
 or                                                                                                                         |

| • |     | a trust if (a) a court within the United States is able to exercise primary supervision over the administration of the                                                                                                              
 trust and one or more United States persons within the meaning of Section 7701(a)(30) of the Code (“United States persons”) have the authority to control all substantial decisions of the trust, or (b) it has a valid election in 
 place to be treated as a United States person.                                                                                                                                                                                      |

S-17

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes is a holder
of a note, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships that hold notes (and partners in such partnerships) should consult their tax
advisors as to the particular U.S. federal income tax consequences applicable to them of the acquisition, ownership and disposition of notes.

A “Non-U.S. Holder” means any beneficial owner of a note that is neither a U.S. Holder nor an entity or arrangement treated as a partnership for U.S. federal income tax purposes.

U.S. Holders

Stated Interest on the Notes. A
U.S. Holder generally will be required to include stated interest payable on the notes as ordinary income when received or accrued in accordance with the U.S. Holder’s regular method of tax accounting to the extent such interest is
“qualified stated interest.” In general, stated interest is qualified stated interest if it is unconditionally payable in cash at least annually at a single fixed rate or one or more qualified floating rates. The stated interest on the
notes will be qualified stated interest.

OID and Issue Price of the Notes. A debt instrument generally has original issue discount,
or OID, if its “stated redemption price at maturity” exceeds its “issue price” by an amount that is equal to or greater than a statutory de minimisamount. A debt instrument’s stated redemption price at maturity
includes all principal and interest payable over the term of the debt instrument, other than qualified stated interest. The issue price of the notes will be the first price at which a substantial amount of the notes are sold to the public (excluding
bond houses, brokers, or similar persons or organizations acting in the capacity of underwriters, placement agents, or wholesalers).