Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 9

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 9
---

facility matures in April 2028, unless we exercise our option to extend the termination date by one year. BofA Securities, Inc., Wells Fargo Securities, LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC, TD Securities (USA) LLC, and U.S.
Bancorp Investments, Inc. and certain of the other underwriters in this offering or their affiliates are lenders and/or agents under our credit facility and will receive their proportionate share of the amount repaid under the credit facility with
the net proceeds from this offering.

S-6

DESCRIPTION OF NOTES

The following description of the particular terms of the notes offered hereby supplements, and to the extent inconsistent therewith replaces, the description of the general terms and provisions of the debt securities set forth in the accompanying prospectus under “Description of Debt Securities,” to which reference is hereby made.

General

The notes constitute a series of debt securities
(which are more fully described in the accompanying prospectus) to be issued under an Indenture, dated as of March 25, 1998 (the “Original Indenture”), as supplemented by a Twenty-third Supplemental Indenture (the “Supplemental
Indenture” and together with the Original Indenture, the “Indenture”), between us and U.S. Bank Trust Company, National Association, as successor trustee (the “Trustee”). The Original Indenture has been filed with the SEC as
an exhibit to the Registration Statement of which this prospectus supplement is a part and is available for inspection at our offices or at the SEC’s website at http://www.sec.gov. The Indenture is subject to, and governed by, the Trust
Indenture 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 $ million. We may
re-open this series of notes in the future to issue additional notes having the same terms and conditions,