Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 96

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 96
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 income that we distribute to our stockholders as a result of a deduction we receive for such distributions (the “dividends paid deduction”). The benefit of that tax treatment is that it avoids the “double taxation” (i.e., at both the corporate and stockholder levels) that generally results from owning stock in a subchapter C corporation. However, we will be subject to federal tax in the following circumstances:

| • |     | we will pay federal income tax on taxable income (including net capital gain) that we do not distribute to our 
 stockholders during, or within a specified time period after, the calendar year in which the income is earned; |

| • |     | we will pay income tax at the highest corporate rate on (i) net income from the sale or other disposition of                                                                                                                       
 property acquired through foreclosure or after a default on a loan secured by the property or a lease of the property (“foreclosure property”) that we hold primarily for sale to customers in the ordinary course of business and 
 (ii) other non-qualifying income from foreclosure property;                                                                                                                                                                        |

| • |     | we will pay a 100% tax on net income from certain sales or other dispositions of property (other than foreclosure      
 property) that we hold primarily for sale to customers in the ordinary course of business (“prohibited transactions”); |

| • |     | any “taxable REIT subsidiaries” we form or acquire, generally will be required to pay federal corporate 
 income tax on their earnings;                                                                           |

| • |     | we will pay a 100% excise tax on transactions with a “taxable REIT subsidiary” that are not conducted 
 on an arm’s-length basis;                                                                             |

| • |     | if we fail to satisfy the 75% gross income test or the 95% gross income test (as described below under                                                                               
 “— Requirements for REIT Qualification — Income Tests”), but nonetheless continue to qualify as a REIT because we meet certain other requirements, we will pay a 100% tax on (i) the |

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| gross income attributable to the greater of the amount by which we fail, respectively, the 75% or 95% gross income test, multiplied, in either case, by (ii) a fraction intended to reflect 
 our profitability;                                                                                                                                                                          |

| • |     | if we fail, in more than a de minimis fashion, to satisfy one or more of the asset tests for any quarter of a