Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 94

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 94
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 rather than as the separate constituent securities comprising such units. The applicable prospectus supplement will describe the terms of the units offered pursuant to it, including one or more of the following:

| • |     | the title of any series of units; |

| • |     | the designation and terms of the units and of the securities comprising the units; |

| • |     | the aggregate number of, and the price at which we will issue, the units and any provisions for the issuance, 
 payment, settlement, transfer or exchange of the units or of the securities comprising the units;             |

| • |     | the date, if any, on and after which the constituent securities comprising the units will be separately 
 transferable;                                                                                           |

| • |     | whether the units will be issued in fully registered or global form; |

| • |     | a description of the terms of any unit agreement to be entered into between us and a bank or trust company, as 
 unit agent, governing the units;                                                                               |

| • |     | a discussion of the material U.S. federal income tax considerations applicable to the units; |

| • |     | whether the units will be listed on any securities exchange; and |

| • |     | any other terms of the units and their constituent securities |

36

MATERIAL FEDERAL INCOME TAX CONSIDERATIONS

Introduction

The following section
summarizes the material federal income tax issues that you may consider relevant relating to our taxation as a REIT under the Code, and the acquisition, ownership, and disposition of our stock. Because this section is a summary, it does not address
all of the tax issues that may be important to you. For example, the discussion of the tax treatment of our stockholders addresses only common or preferred stock held as a capital asset (generally property held for investment) within the meaning of
Section 1221 of the Code. This summary also does not address the consequences of an investment in debt securities, stock purchase contracts, warrants, rights or units. The tax considerations of such an investment will be discussed in the
applicable prospectus supplement. This discussion is based on current law and does not purport to deal with all aspects of U.S. federal income taxation that may be relevant to a prospective stockholder in light of its particular circumstances. In
addition, this section does not address the tax issues that may be important to certain types of stockholders that are subject to special treatment under the federal income tax laws