Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 49

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 49
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) is subject to assumptions, estimates and other uncertainties, and we have not independently verified any of this information and cannot guarantee its accuracy or completeness.

In this prospectus, the words “we,” “NNN,” “our,” “ours” and “us” refer to NNN REIT, Inc.
and all of its consolidated subsidiaries, unless the context indicates otherwise. The term “you” refers to a prospective investor.

2

FORWARD-LOOKING STATEMENTS Statements contained in this prospectus and any applicable prospectus supplement, including the documents that are incorporated by reference, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Also, when we use any of the words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend” or similar expressions, we are making forward-looking statements. These forward-looking statements are not guaranteed and are based on our present intentions and on our present expectations and assumptions. These statements, intentions, expectations and assumptions involve risks and uncertainties, some of which are beyond our control, that could cause actual results or events to differ materially from those we anticipate or project, such as:

| • |     | Changes in financial and economic conditions, including inflation, may have an adverse impact on us, our tenants, 
 and commercial real estate in general;                                                                            |

| • |     | Loss of rent from tenants would reduce our cash flow; |

| • |     | A significant portion of our annual base rent is concentrated in specific industry classifications, tenants and 
 geographic locations;                                                                                           |

| • |     | We may not be able to successfully execute our acquisition or development strategies; |

| • |     | We may not be able to dispose of properties consistent with our operating strategy; |

| • |     | Certain provisions of our leases or loan agreements may be unenforceable; |

| • |     | Competition from numerous other real estate investment trusts (“REIT”), commercial developers, real 
 estate limited partnerships and other investors may impede our ability to grow;                     |

| • |     | A natural disaster or impacts of weather or other event resulting in an uninsured loss may adversely affect the                         
 operations of our tenants and therefore the ability of our tenants to pay rent, our operating results and the values of our properties; |

| • |     | Our ability to fully control the management