Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 4

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 4
---
, and the ability of our subsidiaries, to: |

| • |     | incur debt without meeting certain financial tests; and |

| • |     | secure debt with our assets and the assets of our subsidiaries. |

| For more details, see “Description of Notes—Certain Covenants” in this prospectus supplement. |

| Use of Proceeds | 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.                                                                                                                                    |

S-2

| Conflicts of Interests | As described above under “Use of Proceeds,” to the extent we use a portion of the net proceeds from this offering to repay our outstanding indebtedness under our credit facility, certain of the underwriters or their affiliates may be 
 lenders and may receive a portion of the net proceeds for such indebtedness repayment. See “Underwriting” in this prospectus supplement.                                                                                                  |

| Sinking Fund | The notes will not have the benefit of a sinking fund. |

| Material Federal Income Tax Considerations | Prospective investors are urged to consult their tax advisors with respect to the federal, state, local and foreign tax consequences of the acquisition, ownership and disposition of the notes. See “Additional Material Federal Income Tax 
 Considerations” in this prospectus supplement and “Material Federal Income Tax Considerations” in the accompanying prospectus.                                                                                                               |

S-3

RISK FACTORS

In addition to the other information contained in or incorporated by reference into this prospectus supplement and the accompanying prospectus, including “Risk Factors” beginning on page 9 of our Annual Report on Form 10-Kfor the fiscal year ended December 31, 2024, you should carefully review the following risk factors in determining whether to purchase the notes.

Risks Related to this Offering and the Notes

We may incur additional debt and may not be able to repay our obligations under the notes.

It is our current policy to maintain a ratio of total indebtedness to total assets (before accumulated depreciation) of not more than 60%. However, this
policy is subject to reevaluation and modification by our board of directors without the approval of our security holders. If our board of directors modifies this policy to permit a higher degree of leverage and we incur additional indebtedness,
debt service requirements would increase accordingly. Such