Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 123

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 123
---
” is the same as the capital gains rate, and is substantially lower than the maximum rate on ordinary income. Because, as a REIT, we are not generally subject to tax on the portion of our REIT taxable income or capital gains distributed to our stockholders, our distributions are not generally eligible for the tax rate on qualified dividend income. As a result, our ordinary REIT distributions are taxed at the higher tax rates applicable to ordinary income. However, for taxable years prior to 2026, generally non-corporatestockholders are allowed to deduct 20% of the aggregate amount of ordinary dividends distributed by us for purposes of determining their U.S. federal income tax (but not for purposes of the 3.8% Medicare tax), subject to certain limitations, including a requirement that the taxable U.S. stockholder receiving such dividends hold the dividend-paying REIT stock for at least 46 days (taking into account certain special holding period rules) of the 91-dayperiod beginning 45 days before the stock becomes ex-dividendand not be under an obligation to make related payments with respect to a position in substantially similar or related property. Further, with respect to non-corporatetaxpayers, the lower qualified dividend income/capital gains tax rate (at a maximum of 20%) does generally apply to:

| • |     | a stockholder’s long-term capital gain, if any, recognized on the disposition of our common or preferred 
 stock;                                                                                                   |

| • |     | distributions we designate as long-term capital gain dividends (except to the extent attributable to real estate 
 depreciation, in which case the 25% tax rate applies);                                                           |

| • |     | distributions attributable to dividends we receive from non-REIT 
 corporations (including any taxable REIT subsidiaries); and      |

| • |     | distributions to the extent attributable to income upon which we have paid corporate tax (for example, the tax we 
 would pay if we distributed less than all of our taxable REIT income).                                            |

In general, to qualify for the reduced tax rate on qualified dividend income, a stockholder must hold our stock for more than 60 days during the 121-dayperiod beginning on the date that is 60 days before the date on which our stock becomes ex-dividend. Information Reporting and Backup Withholding. Taxable U.S. stockholders that are “exempt recipients” (such as corporations) generally will not be subject to U.S. backup withholding and related information reporting on payments