Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 35

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 35
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 or payments in retirement
or redemption of the notes, we will withhold tax at the applicable statutory rate, and we will not pay any additional amounts in respect of such withholding. Under certain circumstances, a holder may be eligible for refunds or credits of such
withheld taxes. Prospective investors are urged to consult with their own tax advisors regarding the possible implications of FATCA on their investment in the notes.

S-22

UNDERWRITING 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. are acting as joint book-running managers of this offering and as representatives of the underwriters named below. Subject to the terms and conditions stated in the underwriting agreement, dated the date of this prospectus supplement, we have agreed to sell to each of the underwriters named below and each underwriter has severally, and not jointly, agreed to purchase from us, the principal amount of the notes set forth opposite the underwriter’s name.

| Underwriter                    |     | Principal       
 Amount of Notes |
|:-------------------------------|:----|:----------------|
| BofA Securities, Inc.          |     | $               |
| Wells Fargo Securities, LLC    |     |                 |
| PNC Capital Markets LLC        |     |                 |
| RBC Capital Markets, LLC       |     |                 |
| TD Securities (USA) LLC        |     |                 |
| U.S. Bancorp Investments, Inc. |     |                 |
| Total                          |     | $               |

The underwriting agreement provides that the obligations of the underwriters to purchase the notes included in this offering are subject to approval of legal matters by counsel and other conditions. The underwriters are obligated to purchase all of the notes if they purchase any of the notes. The underwriters have advised us that they initially propose to offer the notes to the public at the public offering price appearing on the cover page of this prospectus supplement and to certain dealers at the public offering price less a concession not to exceed % of the principal amount of the notes. The underwriters may allow, and dealers may reallow, a discount not to exceed % of the principal amount of the notes on sales to other dealers. After the initial public offering, the public offering price and other selling terms may be changed. The following table shows the underwriting discount that we are to pay to the underwriters in connection with this offering