Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 132

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 132
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 provisions of an applicable income tax treaty. Backup withholding (currently at the rate of 24%) and additional information reporting will generally not apply to distributions to a non-U.S.stockholder provided that the non-U.S.stockholder certifies under penalty of perjury that the stockholder is a non-U.S.stockholder, or otherwise establishes an exemption. Notwithstanding the foregoing, backup withholding may apply if either we or our paying agent has actual knowledge, or reason to know, that the holder is a United States person that is not an exempt recipient. As a general matter, backup withholding and information reporting will not apply to a payment of the proceeds of a sale of stock effected at a foreign office of a foreign broker. Information reporting (but not backup withholding) will apply, however, to a payment of the proceeds of a sale of stock by a foreign office of a broker that:

| • |     | is a United States person; |

| • |     | is a “controlled foreign corporation” (generally, a foreign corporation controlled by stockholders that 
 are United States persons) for U.S. tax purposes; or                                                    |

| • |     | that is a foreign partnership, if at any time during its tax year more than 50% of its income or capital                    
 interests are held by United States persons or if it is engaged in the conduct of a trade or business in the United States, |

unless the broker has documentary evidence in its records that the holder or beneficial owner is a non-U.S.stockholder and certain other conditions are met, or the stockholder otherwise establishes an exemption. Payment 57

of the proceeds of a sale of stock effected at a U.S. office of a broker is subject to both backup withholding and information reporting unless the stockholder certifies under penalty of perjury
that the stockholder is a non-U.S. stockholder, or otherwise establishes an exemption. Backup withholding is not an additional tax and may be credited against a non-U.S.
stockholder’s U.S. federal income tax liability or refunded to the extent excess amounts are withheld, provided that the required information is timely supplied to the IRS.

Reporting and Withholding on Foreign Financial Accounts.Under sections 1471 through 1474 of the Code, Treasury regulations and
related guidance (commonly referred to as “FATCA”), a 30% U.S. withholding tax will be imposed in certain circumstances on payments of (i) dividends on the shares and (ii) subject to the proposed Treasury regulations discussed
below, gross