Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 9

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 9
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ure Act of 1939, as amended. The statements made hereunder relating to the Indenture and the notes to be issued thereunder are summaries of certain provisions thereof, do not purport to be complete and are subject to, and are qualified in
their entirety by reference to, all provisions of the Indenture and the notes. You should carefully read the Indenture and the notes as they, and not this prospectus supplement and accompanying prospectus, govern your rights as a noteholder.

All capitalized terms used but not defined herein shall have the respective meanings set forth in the Indenture.

The notes initially will be limited to an aggregate principal amount of $500 million. We may re-open this series
of notes in the future to issue additional notes having the same terms and conditions, except for any difference in the issue date, issue price and, if applicable, the initial Interest Payment Date (as defined below), and with the same CUSIP number
as the notes offered hereby so long as such additional notes are fungible for U.S. federal income tax purposes with the notes offered hereby. The notes offered by this prospectus supplement and any additional notes would rank equally and ratably in
right of payment and would be treated as a single series of debt securities for all purposes under the Indenture.

The notes will be issued only in
fully registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Ranking

The notes will be our direct, senior unsecured obligations and will rank equally with all of our other unsubordinated indebtedness from time to time
outstanding. However, the notes will be effectively subordinated to our mortgage debt and other secured indebtedness (to the extent of the value of the assets securing such debt), if any, and will be structurally subordinated to the indebtedness and
other liabilities of our subsidiaries (to the extent of the value of the assets of those subsidiaries). Accordingly, such indebtedness must be satisfied in full before holders of the notes will be able to realize any value from encumbered or
indirectly-held properties.

As of March 31, 2025, on a pro forma basis after giving effect to this offering and the application of the
proceeds therefrom, we would have had approximately $4.8 billion of outstanding unsecured indebtedness. We may incur additional indebtedness, including secured indebtedness, subject to the provisions described below under “—Certain
C