Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 37

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 37
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, hedging, financing and brokerage activities. The underwriters and their respective
affiliates have in the past performed commercial banking, investment banking and advisory services for us from time to time for which they have received customary fees and reimbursement of expenses and may, from time to time, engage in transactions
with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. U.S. Bancorp Investments, Inc. one of the underwriters, is an affiliate of the Trustee. In the
ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial
instruments (which may include bank loans and/or credit default swaps) for their own account and for the accounts of their customers. Such investment and securities activities may involve our securities and instruments. The underwriters and their
affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in
such securities and instruments. Certain of the underwriters or their affiliates that have a lending relationship with us routinely hedge their credit exposure to us consistent with their customary risk management policies. Typically, such
underwriters and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including potentially the notes offered
hereby. Any such credit default swaps or short positions could adversely affect future trading prices of the notes offered hereby.

As described in
“Use of Proceeds” in this prospectus supplement, some of the net proceeds of this offering may be used to repay amounts outstanding under our credit facility. BofA Securities, Inc., Wells Fargo Securities, LLC, PNC Capital Markets LLC, RBC
Capital Markets, LLC, TD Securities (USA) LLC, and U.S. Bancorp Investments, Inc. and certain of the other underwriters in this offering or their affiliates are lenders, and in some cases agents or managers for the lenders, under our credit facility
and will receive their proportionate share of any amount repaid under the credit facility with the net proceeds from this offering.

S-24

We expect that delivery of the notes will be made to investors on or about the fifth business day
following the date of this prospectus supplement (such settlement being