diff --git a/docs/release-notes/version-2.9.md b/docs/release-notes/version-2.9.md
index cfa12a5dc..ebed19f20 100644
--- a/docs/release-notes/version-2.9.md
+++ b/docs/release-notes/version-2.9.md
@@ -8,6 +8,7 @@
 
 ### Bug Fixes
 
+* [#5235](https://github.com/netbox-community/netbox/issues/5235) - Fix exception when editing IP address with a NAT IP assigned to a non-racked device
 * [#5345](https://github.com/netbox-community/netbox/issues/5345) - Fix non-deterministic ordering of prefixes and IP addresses
 * [#5350](https://github.com/netbox-community/netbox/issues/5350) - Filter available racks by selected group when creating a rack reservation
 
diff --git a/netbox/ipam/forms.py b/netbox/ipam/forms.py
index ce7524dea..641f72a95 100644
--- a/netbox/ipam/forms.py
+++ b/netbox/ipam/forms.py
@@ -648,7 +648,8 @@ class IPAddressForm(BootstrapMixin, TenancyForm, ReturnURLForm, CustomFieldModel
                 nat_inside_parent = instance.nat_inside.assigned_object
                 if type(nat_inside_parent) is Interface:
                     initial['nat_site'] = nat_inside_parent.device.site.pk
-                    initial['nat_rack'] = nat_inside_parent.device.rack.pk
+                    if nat_inside_parent.device.rack:
+                        initial['nat_rack'] = nat_inside_parent.device.rack.pk
                     initial['nat_device'] = nat_inside_parent.device.pk
                 elif type(nat_inside_parent) is VMInterface:
                     initial['nat_cluster'] = nat_inside_parent.virtual_machine.cluster.pk