Insider Sale: NNN EVP Disposes 10,000 Shares, Retains 81,750

Rhea-AI Filing Summary

Michelle Lynn Miller, identified as EVP, Chief Accounting & Technology Officer of NNN REIT, Inc. (NNN), reported on Form 4 that she sold 10,000 shares of the company's common stock on 08/21/2025 at a price of $42.20 per share. After the sale she beneficially owned 81,750 shares. The filing is a standard Section 16 Form 4 reporting an individual insider disposition.

Positive

• Timely disclosure of the insider sale via Form 4, supporting regulatory transparency
• Clear identification of reporting person and her officer role (EVP, Chief Accounting & Technology Officer)

Negative

• Executive disposition of 10,000 shares reduces direct insider ownership
• No indication in this filing of any Rule 10b5-1 trading plan or reason for the sale

Insights

Securities Analyst

TL;DR: Routine insider sale disclosed; transaction reduces an executive's direct holdings but does not by itself signal material company change.

The Form 4 documents a single open-market sale of 10,000 common shares by the EVP, Chief Accounting & Technology Officer at $42.20 on 08/21/2025, leaving 81,750 shares beneficially owned. This is a straightforward Section 16 disclosure of an executive disposition with no derivative activity reported. Absent other filings or material events, this transaction appears routine and consistent with personal liquidity or portfolio management rather than a corporate development.

Corporate Governance Expert

TL;DR: Timely Form 4 filing meets disclosure requirements; transaction shows direct sale by a named officer.

The report is properly executed and signed, indicating compliance with reporting obligations under Section 16. It specifies the reporting persons officer role and direct beneficial ownership before and after the disposition. There are no indications of Rule 10b5-1 plan reliance or related amendments in the filing. From a governance perspective, the disclosure provides transparency into executive share movements but contains no information about changes to management or governance structure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Miller Michelle Lynn

(Last) (First) (Middle)

450 SOUTH ORANGE AVE

SUITE 900

(Street)

ORLANDO FL 32801

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NNN REIT, INC. [ NNN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP,Chief Acctg & Tech Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/21/2025	08/21/2025	S		10,000	D	$42.2	81,750	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Michelle Lynn Miller	08/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Michelle Lynn Miller report on Form 4 for NNN?

The filing reports a sale of 10,000 shares of NNN common stock on 08/21/2025 at $42.20 per share, leaving 81,750 shares beneficially owned.

What is Michelle Miller's role at NNN (ticker NNN)?

She is reported as EVP, Chief Accounting & Technology Officer and filed the Form 4 as an officer.

Was any derivative or option activity reported in this Form 4?

No. The filing contains only a non-derivative sale of common stock and no derivative securities were reported.

Does the Form 4 indicate a trading plan or amendment under Rule 10b5-1?

The filing does not indicate reliance on a Rule 10b5-1 plan nor does it show any amendment date related to such a plan.

How much cash did the reported sale generate at the reported price?

The sale of 10,000 shares at $42.20 per share generated $422,000 in gross proceeds (price multiplied by shares).