Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 47

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 47
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us or the documents incorporated by reference is accurate as of any date other than the date on the front of this prospectus or those documents.

ABOUT THIS PROSPECTUS This prospectus is part of an automatic shelf registration statement that we filed with the U.S. Securities and Exchange Commission, or the SEC, as a “well-known seasoned issuer” as defined in Rule 405 under the Securities Act of 1933, as amended, or the Securities Act, using a “shelf” registration process for the delayed offering and sale of securities pursuant to Rule 415 under the Securities Act. Under this shelf registration process, we may, from time to time in one or more offerings, offer and sell:

| • |     | our debt securities, which may be either senior debt securities or subordinated debt securities; |

| • |     | shares of our preferred stock; |

| • |     | shares of our preferred stock represented by depositary shares; |

| • |     | shares of our common stock; |

| • |     | stock purchase contracts to purchase or sell shares of our common or preferred stock; |

| • |     | rights to purchase shares of our common stock or preferred stock or debt securities; |

| • |     | warrants to purchase shares of our common stock, preferred stock or our preferred stock represented by depositary 
 shares; and/or                                                                                                    |

| • |     | units, consisting of two or more securities described in this prospectus. |

This prospectus provides you with a general description of those securities. We will offer our securities in amounts, at prices and on terms to be determined at the time we offer such securities. Each time we sell securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus. Before purchasing any securities, you should carefully read this prospectus and the applicable prospectus supplement and any applicable free writing prospectus together with the additional information described under the heading “Where You Can Find More Information.” As allowed by SEC rules, this prospectus does not contain all the information you can find in the registration statement or the exhibits to the registration statement. For further information, we refer you to the registration statement, including its exhibits and any schedules. Statements contained or incorporated by reference in this prospectus about the provisions or contents of any contract, agreement or any other document referred to are not complete. For each of these contracts, agreements or documents filed as an