Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 125

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 125
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 they receive from us as UBTI unless the organization is able to properly claim a deduction for amounts set aside or placed in reserve for specific purposes so as to offset the income generated by its investment in our stock. Finally, in certain circumstances, a qualified employee pension or profit-sharing trust that owns more than 10% of our stock is required to treat a percentage of the dividends that it receives from us as UBTI (the “UBTI Percentage”). The UBTI Percentage is equal to the gross income we derive from an unrelated trade or business (determined as if we were a pension trust) divided by our total gross income for the year in which we pay the dividends. The UBTI rule applies to a pension trust holding more than 10% of our stock only if:

| • |     | the UBTI Percentage is at least 5%; |

| • |     | we qualify as a REIT by reason of the modification of the 5/50 Rule that allows the beneficiaries of the pension 
 trust to be treated as holding our stock in proportion to their actuarial interests in the pension trust; and    |

| • |     | we are a “pension-held REIT” (i.e., either (1) one pension trust owns more than 25% of the value                                                                       
 of our stock or (2) a group of pension trusts individually holding more than 10% of the value of our stock collectively owns more than 50% of the value of our stock). |

Tax-exemptentities will be subject to the rules described above, under the heading “— Taxation of Taxable U.S. Stockholders” concerning the inclusion of our designated undistributed net capital gains in the income of our stockholders. Thus, such entities will, after satisfying filing requirements, be allowed a credit or refund of the tax deemed paid by such entities in respect of such includible gains. Taxation of Non-U.S.Stockholders The rules governing U.S. federal income taxation of non-U.S.stockholders (defined below) are complex. This section is only a summary of such rules. We urge non-U.S.stockholders to consult their tax advisors to determine the impact of U.S. federal, state, and local income tax laws on ownership of our common or preferred stock, including any reporting requirements. As used herein, the term “non-U.S.stockholder” means any taxable beneficial owner of our common or preferred stock (other than a partnership or entity that is treated as a partnership for