Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 131

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 131
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 of our common or preferred stock avoids a taxable distribution of gain recognized from the sale or exchange of U.S. real property interests by selling our stock before the ex-dividenddate of the distribution and then, within a designated period, enters into an option or contract to acquire shares of the same or a substantially identical class of our stock. If a wash sale occurs, then the seller/repurchaser will be treated as having gain recognized from the sale or exchange of U.S. real property interests in the same amount as if the avoided distribution had actually been received. Non-U.S.stockholders should consult their own tax advisors on the special wash sale rules that apply to non-U.S.stockholders. Conversion of Preferred Stock to Common Stock.The conversion of preferred stock into our common stock may be a taxable exchange for a non-U.S.stockholder if our preferred stock constitutes a U.S. real property interest under FIRPTA. Even if our preferred stock constitutes a U.S. real property interest, provided our common stock also constitutes a U.S. real property interest, a non-U.S.stockholder generally will not recognize gain or loss upon a conversion of preferred stock into our common stock so long as certain FIRPTA-related reporting requirements are satisfied. If our preferred stock constitutes a U.S. real property interest and such requirements are not satisfied, however, a conversion will be treated as a taxable exchange of preferred stock for our common stock. Such a deemed taxable exchange will be subject to tax under FIRPTA at the rate of tax, including any applicable capital gains rates, that would apply to a taxable U.S. stockholder of the same type (e.g., a corporate or a non-corporatestockholder, as the case may be) on the excess, if any, of the fair market value of such non-U.S.stockholder’s common stock received over such non-U.S.stockholder’s adjusted basis in its preferred stock. Non-U.S.stockholders should consult with their tax advisors regarding the federal income tax consequences of any transaction by which such non-U.S.stockholder exchanges our common stock received on a conversion of preferred stock for cash or other property. Information Reporting and Backup Withholding. We must report annually to the IRS and to each non-U.S.stockholder the amount of distributions paid to such holder and the tax withheld with respect to such distributions, regardless of whether withholding was required. Copies of the information returns reporting such distributions and withholding may also be made available to the tax authorities in the country in which the non-U.S.stockholder resides under the