Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 8

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 8
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 the potential effects of the bill to them of investing in the notes.

S-5

USE OF PROCEEDS

We estimate that the net proceeds from this offering will be approximately $491.7 million, after deducting the underwriting discount and other estimated
expenses of this offering payable by us. We intend to use the net proceeds from the offering to repay all of the outstanding indebtedness under our credit facility, to fund future property acquisitions and for general corporate purposes, or a
combination of the foregoing. Pending application of the net proceeds, we may invest the net proceeds in short-term, income-producing investments.

Borrowings under our credit facility were $265.2 million as of June 23, 2025, and currently accrue interest at a rate of 5.155%. The credit
facility matures in April 2028, unless we exercise our option to extend the termination date by one year. 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/or agents under our credit facility and will receive their proportionate share of the amount repaid under the credit facility with
the net proceeds from this offering.

S-6

DESCRIPTION OF NOTES

The following description of the particular terms of the notes offered hereby supplements, and to the extent inconsistent therewith replaces, the description of the general terms and provisions of the debt securities set forth in the accompanying prospectus under “Description of Debt Securities,” to which reference is hereby made.

General

The notes constitute a series of debt securities
(which are more fully described in the accompanying prospectus) to be issued under an Indenture, dated as of March 25, 1998 (the “Original Indenture”), as supplemented by a Twenty-third Supplemental Indenture (the “Supplemental
Indenture” and together with the Original Indenture, the “Indenture”), between us and U.S. Bank Trust Company, National Association, as successor trustee (the “Trustee”). The Original Indenture has been filed with the SEC as
an exhibit to the Registration Statement of which this prospectus supplement is a part and is available for inspection at our offices or at the SEC’s website at http://www.sec.gov. The Indenture is subject to, and governed by, the Trust
Indent