Company: NNN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000950170-25-017472
Chunk: 141

Company: NNN REIT, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 6
Chunk 141
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 (ii) debt service coverage, (iii) cash flow coverage, and (iv) investment limitations. At December 31, 2024, NNN was in compliance with those covenants. In the event that NNN violates any of these restrictive financial covenants, it could cause the debt under the Credit Facility to be accelerated and may impair NNN's access to the debt and equity markets and limit NNN's ability to pay dividends to its stockholders, each of which would likely have a material adverse impact on NNN's financial condition and results of operations.

Universal Shelf Registration Statement. In August 2023, NNN filed a shelf registration statement with the Commission which became automatically effective (“Universal Shelf”). The Universal Shelf permits the issuance by NNN of an indeterminate amount of debt and equity securities, including preferred stock, depositary shares, common stock, stock purchase contracts, rights, warrants and units. NNN may periodically offer one of more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplements, or other offering materials, at the time of any offering.

40

Debt Securities – Notes Payable. Each of NNN's outstanding series of unsecured notes is summarized in the table below (dollars in thousands):

    Notes(1)
     
    Issue Date
     
    Principal

    Discount(2)

    NetPrice

    StatedRate
     
    EffectiveRate(3)
     
    Maturity Date

    2025
     
    October 2015
     
    $
    400,000

    $
    964

    $
    399,036

    4.000%
     
    4.029%
     
    November 2025(4)(5)

    2026
     
    December 2016

    350,000

    3,860

    346,140

    3.600%
     
    3.733%
     
    December 2026(4)

    2027
     
    September 2017

    400,000

    1,628

    398,372

    3.500%
     
    3.548%
     
    October 2027(4)

    2028