Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 37

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 37
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 can be given as to the liquidity of the trading market for the notes or that an active public market for the notes will develop. If an
active public market for the notes does not develop, the market price and liquidity of the notes may be adversely affected.

The underwriters are
full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, principal investment, 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