Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 93

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 93
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 price or prices of such warrants may be payable; |

| • |     | the designation, number and terms of the shares of common stock, preferred stock or our preferred stock 
 represented by depositary shares that may be purchased on exercise of the warrant;                      |

| • |     | the date, if any, on and after which the warrant and the related securities will be separately transferable; |

| • |     | the price at which each security purchasable on exercise of the warrant may be purchased; |

| • |     | the dates on which the right to purchase the securities purchasable on exercise of the warrant will begin and 
 end;                                                                                                          |

| • |     | the minimum or maximum number of securities that may be purchased at any one time; |

| • |     | any anti-dilution protection; |

| • |     | information with respect to book-entry procedures, if any; |

| • |     | a discussion of the material federal income tax considerations applicable to the warrants; and |

| • |     | any other warrant terms, including terms relating to transferability, exchange or exercise of the warrant. |

35

DESCRIPTION OF UNITS The following description contains general terms and provisions of units to which any prospectus supplement may relate. The particular terms of the units offered by any prospectus supplement and the extent, if any, to which such general provisions may not apply to the units so offered will be described in the prospectus supplement relating to such units. For more information, please refer to the provisions of the unit agreement and unit certificate, forms of which we will file with the SEC at or prior to the time of the sale of the units. We may issue units from time to time in such amounts and in as many distinct series as we determine. We will issue each series of units under a unit agreement to be entered into between us and a unit agent to be designated in the applicable prospectus supplement. When we refer to a series of units, we mean all units issued as part of the same series under the applicable unit agreement. We may issue units consisting of any combination of two or more securities described in this prospectus. Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security. These units may be issuable as, and for a specified period of time may be transferable as, a single security only,