# EDGAR Filing Document

**Accession Number:** 0000751364
**File Stem:** 0001193125-25-145787
**Filing Date:** 2025-6
**Character Count:** 6223
**Document Hash:** 5547e5bd6fc2c373177e67ed2baac23b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-145787.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001193125-25-145787

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NNN REIT, INC.
- **CENTRAL INDEX KEY:** 0000751364
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 561431377
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-273605
- **FILM NUMBER:** 251069824

**BUSINESS ADDRESS:**
- **STREET 1:** 450 S ORANGE AVE
- **STREET 2:** SUITE 900
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32801
- **BUSINESS PHONE:** 407-265-7348

**MAIL ADDRESS:**
- **STREET 1:** 450 SOUTH ORANGE AVE
- **STREET 2:** SUITE 900
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONAL RETAIL PROPERTIES, INC.
- **DATE OF NAME CHANGE:** 20060501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMMERCIAL NET LEASE REALTY INC
- **DATE OF NAME CHANGE:** 19930510

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CNL REALTY INVESTORS INC /DE/
- **DATE OF NAME CHANGE:** 19930429
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NNN REIT, INC.
- **CENTRAL INDEX KEY:** 0000751364
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 561431377
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 450 S ORANGE AVE
- **STREET 2:** SUITE 900
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32801
- **BUSINESS PHONE:** 407-265-7348

**MAIL ADDRESS:**
- **STREET 1:** 450 SOUTH ORANGE AVE
- **STREET 2:** SUITE 900
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONAL RETAIL PROPERTIES, INC.
- **DATE OF NAME CHANGE:** 20060501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMMERCIAL NET LEASE REALTY INC
- **DATE OF NAME CHANGE:** 19930510

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CNL REALTY INVESTORS INC /DE/
- **DATE OF NAME CHANGE:** 19930429

Dated June 24, 2025

Filed Pursuant to Rule 433

Registration Statement No. 333-273605

Supplementing the Preliminary Prospectus Supplement Dated

June 24, 2025 and Prospectus Dated August 2, 2023

**NNN REIT, INC.** 

**Final Term Sheet** 

**$500,000,000 of 4.600% Notes due 2031** 

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| | |
|:---|:---|
| Issuer: | NNN REIT, Inc. |
| Expected Ratings (Moody's / S&P):<sup>1</sup> | Baa1 / BBB+ |
| Trade Date: | June 24, 2025 |
| Settlement Date: (T+5):<sup>2</sup> | July 1, 2025 |
| Security Type: | Senior Unsecured Notes |
| Maturity Date: | February 15, 2031 |
| Principal Amount: | $500000000 |
| Benchmark Treasury: | 4.000% due May 31, 2030 |
| Benchmark Treasury Price / Yield: | 100-19 / 3.866% |
| Spread to Benchmark Treasury: | +90 basis points |
| Yield to Maturity: | 4.766% |
| Price to Public: | 99.182% of the principal amount, plus accrued and unpaid interest, if any, from July 1, 2025 |
| Coupon (Interest Rate): | 4.600% |
| Interest Payment Dates: | February 15 and August 15 of each year, commencing on February 15, 2026 |
| Optional Redemption Provisions: | Redeemable at a make-whole redemption price prior to January 15, 2031 based on the applicable Treasury Rate plus 0.15%. On or after January 15, 2031, the redemption price will equal 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest to the redemption date. |
| CUSIP / ISIN: | 637417 AU0 / US637417AU00 |
| Joint Book-Running Managers: | BofA Securities, Inc.<br> Wells Fargo Securities, LLC<br> PNC Capital Markets LLC<br> RBC Capital Markets, LLC<br> TD Securities (USA) LLC<br> U.S. Bancorp Investments, Inc.<br> Mizuho Securities USA LLC<br> Morgan Stanley & Co. LLC<br> SMBC Nikko Securities America, Inc.<br> Truist Securities, Inc. |
| Co-Managers: | Raymond James & Associates, Inc.<br> Stifel, Nicolaus & Company, Incorporated |

---

<sup>1</sup> A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

<sup>2</sup> *T+5 Settlement*. Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes before the business day before settlement will be required, by virtue of the fact that the notes initially settle in T+5, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement, and should consult their advisors. 

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**The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC's web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and accompanying prospectus if you request it by contacting BofA Securities, Inc., by telephone: 1-800-294-1322 or by email at dg.prospectus_requests@bofa.com; Wells Fargo Securities, LLC, by email wfscustomerservice@wellsfargo.com or by calling toll-free at 1-800-645-3751; PNC Capital Markets LLC, by email at pnccmprospectus@pnc.com or by calling toll-free at 855-881-0697; RBC Capital Markets, LLC, by calling toll-free at 866-375-6829; TD Securities (USA) LLC, by calling toll-free at 1-855-495-9846; or U.S. Bancorp Investments, Inc., by calling toll-free at 1-877-558-2607.**