Bitcoin price today: dips below $112k, near 6-wk low despite Fed cut bets
NNN REIT, Inc. (NYSE:NNN), an $8.19 billion market cap real estate investment trust, completed a public offering of $500 million aggregate principal amount of 4.600% senior unsecured notes due 2031, according to a statement released Tuesday. The offering closed on the same day. According to InvestingPro analysis, the company maintains a GREAT financial health score.
The company entered into an underwriting agreement on June 24 with BofA Securities, Wells Fargo (NYSE:WFC) Securities, PNC Capital Markets, RBC Capital Markets, TD Securities (USA), and U.S. Bancorp (BVMF:USBC34) Investments, acting as representatives of the underwriters. The notes are registered under the Securities Act of 1933 pursuant to a previously filed registration statement.
The notes, which mature on February 15, 2031, carry an annual interest rate of 4.600%. Interest payments are scheduled to be made semi-annually on February 15 and August 15, starting February 15, 2026. The notes are senior unsecured obligations and will rank equally with NNN REIT’s other existing and future senior debt.
Net proceeds from the offering were approximately $491.7 million after deducting underwriting discounts and estimated expenses. NNN REIT stated it intends to use the proceeds to repay all outstanding indebtedness under its credit facility, fund future property acquisitions, and for general corporate purposes. With total debt of $4.49 billion and a current ratio of 0.63, this debt management appears timely. Pending these uses, the company may invest the proceeds in short-term, income-producing investments.
The issuance was completed in conjunction with a supplemental indenture to the company’s existing base indenture with U.S. Bank Trust Company, National Association, as successor trustee.
This information is based on a statement filed with the Securities and Exchange Commission. The company has demonstrated strong dividend performance, having raised its dividend for 35 consecutive years. For deeper insights into NNN REIT’s financial health and more exclusive ProTips, visit InvestingPro, where you’ll find comprehensive analysis and expert research reports.
In other recent news, NNN REIT Inc. reported strong financial results for the first quarter of 2025, with earnings per share (EPS) of $0.51, surpassing analyst forecasts of $0.48. The company’s revenue also exceeded expectations, totaling $230.85 million compared to the anticipated $218.67 million. Additionally, NNN REIT acquired 82 new properties and maintained a high occupancy rate of 97.7%. In a move to restructure its debt, National Retail Properties priced $500 million in unsecured bonds at a 4.6% interest rate, with plans to repay outstanding debt and fund future acquisitions. Stifel maintained its Buy rating on National Retail Properties following this announcement. Analysts at Stifel highlighted the company’s proactive measures to address its credit facility debt. These developments reflect NNN REIT’s ongoing efforts to strengthen its financial position and expand its property portfolio.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.