Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 52

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 52
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 approximately 35.5 million square feet and a weighted average remaining lease term of 10.2 years. Approximately 99.4% of our properties were leased as of June 30, 2023.

We are a fully integrated REIT for U.S. federal tax purposes, formed in 1984.

Our corporate headquarters are located at 450 S. Orange Avenue, Suite 900, Orlando, Florida 32801, and our telephone number is (407) 265-7348.

5

RISK FACTORS

Investing in our securities involves a high degree of risk. Please see the risk factors described under the heading “Risk Factors”
in our (i) Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and (ii) Quarterly Report on Form 10-Q for the quarter ended
June 30, 2023, on file with the SEC, which are incorporated herein by reference, and in any subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q
or Current Reports on Form 8-K incorporated by reference in this prospectus and any accompanying prospectus supplement. Before making an investment decision, you should carefully consider these risks as well
as information we include or incorporate by reference in this prospectus and in any accompanying prospectus supplement. The risks and uncertainties we have described are those we believe to be the principal risks that could affect us, our business
or our industry, and which could result in a material adverse impact on our financial condition or results of operation or could cause the market price of our securities to fluctuate or decline. However, additional risks and uncertainties not
currently known to us or that we currently deem immaterial may affect our business operations and the market price of our securities.

6

USE OF PROCEEDS Unless otherwise specified in the applicable prospectus supplement, we will use the net proceeds from the sale of securities for one or more of the following:

| • |     | repayment of debt; |

| • |     | acquisition of additional properties; |

| • |     | facility improvements and expansion fundings; |

| • |     | redemption or repurchase of any securities or debt outstanding; and |

| • |     | working capital and general corporate purposes. |

7

DESCRIPTION OF DEBT SECURITIES The following is a general description of the debt securities that we may offer from time to time. The particular terms of the debt securities being offered and the extent to which such general provisions may apply