Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 2

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 2
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 to the extent that any information in a document incorporated by reference that is filed with the SEC after the filing of this prospectus supplement differs or varies from the information contained
in this prospectus supplement, the accompanying prospectus or any document incorporated by reference herein or therein that was filed with the SEC prior to the filing of this prospectus supplement, the information in such later filed document shall
control.

In this prospectus supplement, the words “we,” “our,” “ours” and “us” refer to NNN REIT, Inc. and
its subsidiaries and joint ventures, unless the context indicates otherwise.

S-ii

FORWARD-LOOKING STATEMENTS Statements contained in this prospectus supplement and the accompanying prospectus, including the documents that are incorporated by reference, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Also, when we use any of the words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend,” or similar expressions, we are making forward-looking statements. These forward-looking statements are not guaranteed and are based on our present intentions and on our present expectations and assumptions. These statements, intentions, expectations and assumptions involve risks and uncertainties, some of which are beyond our control, and could cause our actual results or events to differ materially from those we anticipate or project, such as:

| • |     | Changes in financial and economic conditions, including inflation and tariffs impacting international trade, may have an 
 adverse impact on us, our tenants, and commercial real estate in general;                                                |

| • |     | Loss of rent from tenants would reduce our cash flow; |

| • |     | A significant portion of the source of our annual base rent is concentrated in specific industry classifications, tenants 
 and geographic locations;                                                                                                 |

| • |     | We may not be able to successfully execute our acquisition or development strategies; |

| • |     | We may not be able to dispose of properties consistent with our operating strategy; |

| • |     | Certain provisions of our leases or loan agreements may be unenforceable; |

| • |     | Competition from numerous other real estate investment trusts (“REITs”), commercial developers, real estate 
 limited partnerships and other investors or a lack of properties for sale may impede