Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 30

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 30
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 the notes. |

In addition, “backup withholding” at the applicable statutory rate may apply to such amounts if a U.S. Holder fails to provide a correct taxpayer identification number certified under penalties of perjury or otherwise comply with applicable requirements of the backup withholding rules. A U.S. Holder that does not provide its correct taxpayer identification number also may be subject to penalties imposed by the IRS. Any backup withholding is not an additional tax and may be refunded or credited against the U.S. Holder’s U.S. federal income tax liability, provided that the required information is timely provided to the IRS. Non-U.S.Holders The rules governing the U.S. federal income taxation of Non-U.S.Holders are complex and no attempt will be made herein to provide more than a summary of such rules. Prospective Non-U.S.Holders should consult their tax advisors to determine the impact of federal, state, local and other tax laws with regard to an investment in the notes. Interest on the Notes. Subject to the rules described below under “—Information Reporting and Backup Withholding” and “—FATCA,” a Non-U.S.Holder generally will not be subject to U.S. federal income or withholding tax on payments of interest on a note provided that:

| • |     | the Non-U.S. Holder is not |

| ○ |     | a direct, indirect or constructive owner of 10% or more of our voting stock; |

| ○ |     | a controlled foreign corporation related 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