Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 26

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 26
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 any U.S. tax considerations (e.g., estate, generation-skipping, or gift tax) other than U.S. federal income tax considerations, that may be applicable to particular holders. These discussions do not address all the tax consequences that may be relevant to specific holders in light of their particular circumstances (including holders that are directly or indirectly related to us) or to holders subject to special treatment under the Code, such as financial institutions, brokers, dealers in securities and commodities, insurance companies, certain former U.S. citizens or long-term residents, regulated investment companies, REITs, tax-exemptorganizations, controlled foreign corporations, passive foreign investment companies, persons subject to the alternative minimum tax, beneficial owners of notes subject to the special tax accounting rules under Section 451(b) of the Code, U.S. Holders (as defined below) whose functional currency is not the U.S. dollar or that hold notes through a foreign account or foreign intermediary, persons that are, or that hold their notes through, partnerships or other pass-through entities, and persons (other than U.S. citizens or residents) that are resident in any country (or a governmental instrumentality or controlled entity thereof) that has been determined by the United States to impose discriminatory or extraterritorial taxes with respect to U.S. citizens or U.S. corporations and foreign corporations directly or indirectly controlled by such persons or persons that hold notes as part of a straddle, hedge, conversion, synthetic security or constructive sale transaction for U.S. federal income tax purposes. Except as specifically provided below with respect to Non-U.S.Holders (as defined below), these discussions are limited to beneficial owners of notes that are U.S. Holders (as defined below). PROSPECTIVE INVESTORS SHOULD CONSULT THEIR TAX ADVISORS REGARDING THE U.S. FEDERAL, STATE, LOCAL, FOREIGN AND OTHER TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF THE NOTES. Taxation of Holders of the Notes For purposes of this discussion, a “U.S. Holder” means a beneficial owner of a note that, for U.S. federal income tax purposes, is:

| • |     | a citizen or individual resident of the United States; |

| • |     | a corporation (including an entity treated as a corporation for U.S. federal income tax purposes) created or organized in 
 or under the laws of the United States, any state thereof or the District of Columbia;                                    |

| • |