Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 33

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 33
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 that neither we nor our paying agent have actual knowledge or reason to know that the Non-U.S.Holder is a United States person or that the conditions of any other exemption are not, in fact, satisfied. S-20

As a general matter, backup withholding and information reporting will not apply to a payment of the proceeds of a sale of a note 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 a note by a foreign office of a broker that:

| • |     | is a United States person; |

| • |     | is a “controlled foreign corporation” (a foreign corporation more than 50% owned (by vote or value) by certain 
 U.S. shareholders) for U.S. federal income tax purposes;                                                       |

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

| • |     | is a U.S. branch of a foreign bank or insurance company that is treated as a United States person; |

unless the broker has documentary evidence in its records that the holder or beneficial owner is a Non-U.S.Holder and certain other conditions are met, or the holder otherwise establishes an exemption. Payment of the proceeds of a sale of a note effected at a U.S. office of a broker is subject to both backup withholding and information reporting unless the holder certifies under penalty of perjury that the holder is a Non-U.S.Holder, or otherwise establishes an exemption; provided that, in either case, neither we nor any withholding agent knows or has reason to know that the holder is a United States person or that the conditions of any other exemptions are in fact not satisfied. Any backup withholding is not an additional tax and may be refunded or credited against the Non-U.S.Holder’s U.S. federal income tax liability provided that the required information is timely provided to the IRS. FATCA. 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) interest on the notes and (ii) subject to the proposed Treasury regulations discussed below, gross proceeds from the sale or other disposition