Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 8

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 8
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 provided under an applicable income tax treaty, on interest payable under the notes to certain individuals and entities resident in, or owned by residents of, countries that have enacted any “unfair foreign tax,” as defined in the
bill (such persons, “applicable persons”). Among other things, the House Bill provides for escalating rates of federal income and withholding tax on payments to applicable persons, including applicable persons that claim a reduced rate of
withholding tax under an applicable income tax treaty, up to 20% above the current statutory rates of tax (determined without regard to any rate provided under an applicable income tax treaty in lieu of such statutory rate). Based on the Report of
the Committee on the Budget of the House of Representatives, H. Rept. 119-106, such increased rates of tax are not intended to apply to holders that claim the portfolio interest exemption with respect to
interest payments under the notes. Following the release of the House Bill, on June 16, 2025, the Committee on Finance of the United States Senate released a draft bill (the “Senate Bill”) that, among other things, incorporates the
House Bill’s proposed tax increases for applicable persons. However, instead of the 20% cap on rate increase described above, the Senate Bill proposes to cap the rate increase at a maximum of 15% above the current rate applicable to such
applicable person (statutory or treaty). The likelihood of the House Bill, the Senate Bill or other similar legislation being enacted is uncertain, and the provisions of the House Bill, the Senate Bill or other similar legislation may change prior
to enactment. Prospective noteholders should consult their legal and tax advisors regarding the likelihood of the bill becoming law and 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 $ 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