Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 30

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 30
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 to us through stock ownership; or |

| ○ |     | a bank whose receipt of interest on a note is pursuant to a loan agreement entered into in the ordinary course of business; |

| • |     | such interest payments are not effectively connected with the conduct by the 
 Non-U.S. Holder of a trade or business within the United States; and         |

| • |     | we or our paying agent receives certain information from the Non-U.S. Holder (or a                                                                                     
 financial institution that holds the notes on behalf of the Non-U.S. Holder in the ordinary course of its trade or business) certifying that such holder is a Non-U.S. 
 Holder.                                                                                                                                                                |

A Non-U.S.Holder that is not exempt from tax under these rules generally will be subject to U.S. federal income tax withholding at a rate of 30% unless:

| • |     | the income is effectively connected with the conduct of a U.S. trade or business (and, if required by an applicable tax      
 treaty, the income is attributable to a permanent establishment maintained in the United States by such Non-U.S. Holder); or |

| • |     | the Non-U.S. Holder is entitled to the benefits of an applicable income tax treaty, 
 which provides for a lower rate of, or exemption from, withholding tax.             |

S-19

Except to the extent provided by an applicable tax treaty, interest on a note that is effectively connected with the conduct by a Non-U.S.Holder of a trade or business in the United States (and, if required by an applicable tax treaty, the interest is attributable to a permanent establishment maintained in the United States by such Non-U.S.Holder) generally will be subject to U.S. federal income tax on a net basis at the rates applicable to United States persons. A Non-U.S.Holder that is treated as a corporation for U.S. federal income tax purposes may also be subject to a branch profits tax, which is generally imposed on a foreign corporation on the actual or deemed repatriation from the United States of effectively connected earnings and profits, at a 30% rate (subject to reduction or elimination under an applicable tax treaty). If interest is subject to U.S. federal income tax on a net basis in accordance with the rules described in the second preceding sentence, payments of such interest will not be subject to U.S. federal income withholding tax so long as the Non-U.S.Holder provides us or the paying agent with an appropriate IRS Form (