Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 1

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 1
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             |     |      | 19 |
| DESCRIPTION OF DEPOSITARY SHARES           |     |      | 24 |
| DESCRIPTION OF COMMON STOCK                |     |      | 27 |
| DESCRIPTION OF STOCK PURCHASE CONTRACTS    |     |      | 33 |
| DESCRIPTION OF RIGHTS                      |     |      | 34 |
| DESCRIPTION OF WARRANTS                    |     |      | 35 |
| DESCRIPTION OF UNITS                       |     |      | 36 |
| MATERIAL FEDERAL INCOME TAX CONSIDERATIONS |     |      | 37 |
| PLAN OF DISTRIBUTION                       |     |      | 60 |
| LEGAL MATTERS                              |     |      | 62 |
| EXPERTS                                    |     |      | 63 |
| WHERE YOU CAN FIND MORE INFORMATION        |     |      | 64 |

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ABOUT THIS PROSPECTUS SUPPLEMENT

You should rely only on the information contained in or incorporated by reference into this prospectus supplement, the accompanying prospectus and any
free writing prospectus we may authorize to be delivered to you. We have not, and the underwriters have not, authorized anyone to provide you with different or additional information. If anyone provides you with different or inconsistent
information, you should not rely on it. We and the underwriters are offering to sell, and seeking offers to buy, the securities only in jurisdictions where offers and sales are permitted. You should not assume that the information appearing in this
prospectus supplement, the accompanying prospectus, any free writing prospectus or the documents incorporated by reference is accurate as of any date other than their respective dates or on the date or dates that are specified in these documents.
Our business, financial condition, results of operations and prospects may have changed since those dates.

This document is in two parts. The first
part is this prospectus supplement, which describes the specific terms of this offering and adds to, updates and changes information contained in the accompanying prospectus and the documents incorporated by reference into the accompanying
prospectus. The second part is the accompanying prospectus, which gives more general information, some of which may not apply to this offering. To the extent the information contained in this prospectus supplement differs or varies from the
information contained in the accompanying prospectus or any document incorporated by reference filed with the Securities and Exchange Commission (the “SEC”) prior to the filing of this prospectus supplement, the information in this
prospectus supplement shall control. In addition,