NNN REIT, INC. Enters Material Definitive Agreement

TL;DR

NNN REIT just signed a big deal, check the 8-K for details.

AI Summary

On April 16, 2024, NNN REIT, INC. entered into a material definitive agreement related to a financial obligation. The filing also includes financial statements and exhibits. NNN REIT, INC., formerly known as National Retail Properties, Inc., is incorporated in Maryland and headquartered in Orlando, Florida.

Why It Matters

This filing indicates NNN REIT, INC. has entered into a significant agreement that could impact its financial obligations and future operations.

Risk Assessment

Risk Level: medium — Material definitive agreements and financial obligations can introduce financial risks and operational changes for a company.

Key Numbers

• 001-11290 — SEC File Number (Identifies the company's filing with the SEC)
• 56-1431377 — IRS Number (Company's Employer Identification Number)

Key Players & Entities

• NNN REIT, INC. (company) — Registrant
• National Retail Properties, Inc. (company) — Former name of NNN REIT, INC.
• April 16, 2024 (date) — Date of earliest event reported
• Maryland (jurisdiction) — State of incorporation
• 450 South Orange Ave, Suite 900, Orlando, FL 32801 (address) — Business and mailing address

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value NNN New York Stock Exchan
• $1.2 billion — i) increasing the borrowing capacity to $1.2 billion from $1.1 billion; (ii) extending the t
• $1.1 billion — borrowing capacity to $1.2 billion from $1.1 billion; (ii) extending the termination date fr
• $60 million — e letter of credit sublimit amount from $60 million to $10 million. No other material terms
• $10 million — dit sublimit amount from $60 million to $10 million. No other material terms of the Existin

Filing Documents

• nnn-20240416.htm (8-K) — 51KB
• nnn-ex10_1.htm (EX-10.1) — 13582KB
• img123315638_0.jpg (GRAPHIC) — 2KB
• img228297832_0.jpg (GRAPHIC) — 45KB
• 0000950170-24-045141.txt ( ) — 14434KB
• nnn-20240416.xsd (EX-101.SCH) — 31KB
• nnn-20240416_htm.xml (XML) — 5KB

01

Item 1.01. Entry into a Material Definitive Agreement. NNN REIT, Inc. (the "Company") entered into that certain Third Amended and Restated Credit Agreement, dated as of April 16, 2024 (the "Credit Agreement"), with Wells Fargo Bank, National Association, as Joint Lead Arranger, Joint Bookrunner and Administrative Agent, Bank of America, N.A., as Joint Lead Arranger, Joint Bookrunner and Syndication Agent, and a syndicate of lenders named therein. The Credit Agreement amends and restates that certain Second Amended and Restated Credit Agreement, dated as of June 23, 2021 (as amended, the "Existing Credit Agreement"), by and among the Company, Wells Fargo Bank, as Administrative Agent, and a syndicate of lenders named therein. The Credit Agreement amended the terms under the Existing Credit Agreement by: (i) increasing the borrowing capacity to $1.2 billion from $1.1 billion; (ii) extending the termination date from June 23, 2025 to April 16, 2028; and (iii) reducing the letter of credit sublimit amount from $60 million to $10 million. No other material terms of the Existing Credit Agreement were modified as a result of the execution of the Credit Amendment. The termination date of the Credit Agreement remains subject to extensions exercisable at the option of the Company. Based on the Company's current credit ratings, borrowings under the Credit Agreement will bear interest at an effective rate of SOFR plus a credit spread adjustment of 10 basis points plus a margin of 77.5 basis points, however such interest rate may change pursuant to the Company's credit ratings. The Credit Agreement contains certain (a) restrictive covenants, including, but not limited to, restrictions on the incurrence of additional indebtedness and liens, the ability to make certain payments and investments and the ability to enter into certain merger, consolidation, asset sale and affiliate transactions, and (b) financial maintenance covenants, including, but not limited to, a maximum

03

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The disclosure required by this Item 2.03 is included in Item 1.01 above and is incorporated herein by reference.

01

Item 9.01.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. 10.1 Third Amended and Restated Credit Agreement, dated as of April 16, 2024, by and among NNN REIT, Inc., Wells Fargo Bank, National Association, as Administrative Agent, and a syndicate of lenders named therein. 104.1 Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document) Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NNN REIT, Inc. Dated: April 17, 2024 By: /s/ Kevin B. Habicht Kevin B. Habicht Executive Vice President and Chief Financial Officer