Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 27

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 27
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, and persons (other than U.S. citizens or residents) that are resident in any country (or a governmental instrumentality or controlled entity thereof) that has been determined by the United States to impose discriminatory or extraterritorial taxes with respect to U.S. citizens or U.S. corporations and foreign corporations directly or indirectly controlled by such persons or persons that hold notes as part of a straddle, hedge, conversion, synthetic security or constructive sale transaction for U.S. federal income tax purposes. Except as specifically provided below with respect to Non-U.S.Holders (as defined below), these discussions are limited to beneficial owners of notes that are U.S. Holders (as defined below). PROSPECTIVE INVESTORS SHOULD CONSULT THEIR TAX ADVISORS REGARDING THE U.S. FEDERAL, STATE, LOCAL, FOREIGN AND OTHER TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF THE NOTES. Taxation of Holders of the Notes For purposes of this discussion, a “U.S. Holder” means a beneficial owner of a note that, for U.S. federal income tax purposes, is:

| • |     | a citizen or individual resident of the United States; |

| • |     | a corporation (including an entity treated as a corporation for U.S. federal income tax purposes) created or organized in 
 or under the laws of the United States, any state thereof or the District of Columbia;                                    |

| • |     | an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; 
 or                                                                                                                         |

| • |     | a trust if (a) a court within the United States is able to exercise primary supervision over the administration of the                                                                                                              
 trust and one or more United States persons within the meaning of Section 7701(a)(30) of the Code (“United States persons”) have the authority to control all substantial decisions of the trust, or (b) it has a valid election in 
 place to be treated as a United States person.                                                                                                                                                                                      |

S-17

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes is a holder
of a note, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships that hold notes (and partners in such partnerships) should consult their tax
advisors as to the particular U.S.