NNN REIT, INC. SETS OFFERING PRICE AT $500 MILLION FOR 5.500% SENIOR UNSECURED NOTES DUE 2034

NNN REIT, Inc. (NYSE: NNN), a specialized real estate fund, reports on the results of its recent initiative to issue debt securities. The company has set the price for its new senior unsecured notes totaling $500 million, which have a fixed interest rate of 5.500% and a maturity date in 2034. The interest rate on these notes was offered at 5.662% of the face value, and the yield to maturity was 98.768%.

These financial instruments will generate interest income twice a year – in mid-June and December, starting from December 15, 2024. The expected maturity date for these notes is June 15, 2034. The closing of the placement is scheduled for around May 29, 2024, subject to standard closing conditions.

Key investment banks

Key investment banks, includingBofA Securities, Inc.,Wells Fargo Securities, LLCand alsoPNC Capital Markets LLC,TD Securities (USA) LLCand others act as co-managers. They are also assisted by senior co-managers, such asMizuho Securities USA LLCandMorgan Stanley & Co. LLCand also a whole range of co-managers, includingRaymond James & Associates, Inc..

According to the company's statement, all net proceeds from the placement will be used to pay off all existing debts on credit lines, as well as for future real estate acquisitions and general corporate needs. This may also include possible repayment of other debts or the buyback of securities, such as3.900%bonds maturing on June 15, 2024.

It is important to note that the placement will be carried out solely through a prospectus, which is part of an already filed registration statement with the Securities and Exchange Commission (SEC).

This press release is not an offer to sell or a solicitation to buy securities, and its content should not be construed as such in jurisdictions where these actions may be illegal prior to fulfilling registration or qualification obligations under local law.

NNN REIT actively invests in high-quality retail real estate, which is typically leased under long-term net leases. As of March 31, 2024, the organization owned 3,546 properties across 49 states, with a total leasable area of approximately 36.1 million square feet and an average remaining lease term of 10 years.

Promising statements

Statements contained in this press release that do not relate directly to the past are consideredpromisingThey are accompanied by terms such as "we assume," "we expect," "we are in a state of," and other similar expressions. These forward-looking statements may contain known and unknown risks that could significantly impact the company's final results.

For example, the fact that this placement has already received a price does not guarantee that it will take place, as the closing may be subject to standard conditions, and the process may be delayed or not carried out at all. No guarantees are provided regarding the successful completion of the company within the timelines described in the press release.

The completion of this issuance and the use of its net proceeds will depend on a variety of factors, conditions, and events, many of which are beyond the company's control or are unknown to it. Other risk factors include:

• general economic conditions, including inflation;
• the state of the local real estate market;
• fluctuations in interest rates;
• increase in operating expenses;
• tenant preferences;
• availability of capital.

Other risks may affect the company's operations, including its status as a real estate fund and the consequences of epidemics or pandemics that could impact the business, financial results, and market position. Additional information about the aforementioned factors and other circumstances that may affect actual profits is available in periodic reports filed with the SEC, including annual and quarterly reports.

NNN REIT, Inc. emphasizes that the forecasts provided should be considered only as reflections of the company's current plans and estimates. Actual results may differ significantly from those mentioned in this press release. It is also stated that the company is not obligated to publicly update these forward-looking statements in light of subsequent events.