Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 35

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 35
---
                 |  50,000,000 |
| RBC Capital Markets, LLC                 |     |                 |  50,000,000 |
| TD Securities (USA) LLC                  |     |                 |  50,000,000 |
| U.S. Bancorp Investments, Inc.           |     |                 |  50,000,000 |
| Mizuho Securities USA LLC                |     |                 |  40,000,000 |
| Morgan Stanley & Co. LLC                 |     |                 |  40,000,000 |
| SMBC Nikko Securities America, Inc.      |     |                 |  40,000,000 |
| Truist Securities, Inc.                  |     |                 |  40,000,000 |
| Raymond James & Associates, Inc.         |     |                 |  15,000,000 |
| Stifel, Nicolaus & Company, Incorporated |     |                 |   5,000,000 |
| Total                                    |     | $               | 500,000,000 |

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 0.350% of the principal amount of the notes. The underwriters may allow, and dealers may reallow, a discount not to exceed 0.250% 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 (expressed as a percentage of the principal amount of the notes).

| Per note |     | Paid by NNN 
 REIT, Inc.  |     0.600 | % |
|:---------|:----|:------------|----------:|:--|
| Total    |     | $           | 3,000,000 |   |

In connection with the offering, the representatives may purchase and sell notes in the open market. These transactions may include over-allot