Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 91

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 91
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 performance or level of shares of our common stock or preferred stock;                                       |

| • |     | a discussion of any material U.S. federal income tax considerations applicable to the stock purchase contracts; |

| • |     | any acceleration, cancellation, termination or other provisions relating to the settlement of the stock purchase 
 contracts; and                                                                                                   |

| • |     | whether the stock purchase contracts will be issued in fully registered or global form |

33

DESCRIPTION OF RIGHTS The following description contains general terms and provisions of rights to which any prospectus supplement may relate. The particular terms of the rights offered by any prospectus supplement and the extent, if any, to which such general provisions may not apply to the rights so offered will be described in the prospectus supplement relating to such rights. For more information, please refer to the provisions of the rights agreement and rights certificate, forms of which we will file with the SEC at or prior to the time of the sale of the rights. We may issue rights which consist of rights to purchase shares of our common stock or preferred stock or debt securities in one or more series. Each series of rights will be issued under a separate rights agreement to be entered into between us and a bank or trust company, as rights agent, all as set forth in the prospectus supplement relating to the particular issue of rights. The rights agent will act solely as our agent in connection with the certificates relating to the rights of such series and will not assume any obligation or relationship of agency or trust for or with any holders of rights certificates or beneficial owners of rights. The rights agreement and the rights certificates relating to each series of rights will be filed with the SEC and incorporated by reference as an exhibit to the registration statement of which this prospectus is a part. The applicable prospectus supplement will describe the terms of the rights to be issued, including the following, where applicable:

| • |     | the date for determining the persons entitled to participate in the rights distribution; |

| • |     | the price, if any, per right; |

| • |     | the exercise price payable for each share of our common stock, share of our preferred stock or debt security upon 
 the exercise of the rights;                                                                                       |

| • |     | the number of rights issued or to be issued to each holder; |

| • |     | the number and terms of the shares of our common stock, shares of our preferred stock or debt securities that may 
 be purchased per each right;                                                                                      |

| • |     | the