Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 46

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 46
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 or sell shares of our common or preferred stock; |

| • |     | rights to purchase shares of our common stock or preferred stock or debt securities; |

| • |     | warrants to purchase shares of our common stock, preferred stock or our preferred stock represented by depositary 
 shares; and/or                                                                                                    |

| • |     | units, consisting of two or more securities described in this prospectus. |

Our common stock is listed on the New York Stock Exchange, or the NYSE, under the trading symbol “NNN.” On July 31, 2023, the last reported sale price of our common shares on the NYSE was $42.68 per share. We will offer our securities in amounts, at prices and on terms to be determined at the time we offer such securities. When we sell a particular series of securities, we will prepare a prospectus supplement describing the offering and the terms of that series of securities. Such terms may include limitations on direct or beneficial ownership and restrictions on transfer of our securities being offered that we believe are appropriate to preserve our status as a real estate investment trust, or REIT, for federal income tax purposes. You should carefully read this prospectus and the applicable prospectus supplement, as well as any other offering materials we provide you in connection with any offering of securities, before you invest in any of our securities. The applicable prospectus supplement will also contain information, where applicable, about certain U.S. federal income tax considerations relating to the securities covered by such prospectus supplement. We may offer our securities directly, through agents we may designate from time to time, or to or through underwriters or dealers. See the sections of this prospectus entitled “Plan of Distribution” for more information. If any agents or underwriters are involved in the sale of any of our securities, their names and any applicable purchase price, fee, commission or discount arrangement between or among them will be set forth, or will be calculable from the information set forth, in the applicable prospectus supplement. None of our securities may be sold without delivery of the applicable prospectus supplement describing the method and terms of the offering of such class or series of the securities. Investing in our securities involves risks. You should carefully consider the risks described under “ Risk Factors” on page 6 of this prospectus, as well as the other information contained or incorporated by reference in this prospectus and the applicable prospectus supplement, before making a decision to invest in our securities. Neither the Securities and Exchange Commission nor any state