NNN REIT expands term loan, trims SOFR margins

NNN REIT, Inc. expanded its senior unsecured term loan facility by exercising a $200 million incremental option, increasing the total term loan to $500 million.

Rhea-AI Filing Summary

NNN REIT, Inc. expanded its senior unsecured term loan facility by exercising a $200 million incremental option, increasing the total term loan to $500 million. The term loan now matures on February 15, 2029 and includes two one-year extension options.

The company also entered into a $100 million forward starting swap that effectively fixes SOFR at 3.43% through February 15, 2029. Amendments to the term loan and revolving credit facility reduced SOFR-based margins to 0.800% from 0.850% on term loan borrowings and to 0.725% from 0.775% on revolving credit facility borrowings. NNN REIT expects to use the incremental term loan proceeds for general corporate purposes.

Insights

Credit and REIT capital structure analyst

NNN REIT locks in more fixed-term debt and slightly lower margins.

NNN REIT increased its unsecured term loan to $500 million by drawing an additional $200 million. The maturity is set for February 15, 2029, with two one-year extension options, which lengthens the company’s access to this funding.

The company entered a $100 million forward starting swap that fixes SOFR at 3.43% through February 15, 2029, and reduced SOFR-based margins to 0.800% on term loan borrowings and 0.725% on revolving borrowings. This combination modestly lowers borrowing spreads while adding interest rate visibility.

Actual impact will depend on how much of the expanded term loan and revolving credit facility NNN REIT draws over time and future interest rate movements relative to the fixed swap rate.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Incremental term loan: $200 million Total term loan facility size: $500 million Term loan maturity: February 15, 2029 +4 more

7 metrics

Incremental term loan $200 million Exercised incremental option under senior unsecured term loan facility

Total term loan facility size $500 million Aggregate facility size after incremental borrowing

Term loan maturity February 15, 2029 Stated maturity date with two one-year extension options

Forward starting swap notional $100 million Swap fixing SOFR at 3.43% through February 15, 2029

Fixed SOFR rate via swap 3.43% Effective SOFR rate on $100 million swap through February 15, 2029

Term loan SOFR margin 0.800% Reduced from 0.850% for all outstanding term loan borrowings

Revolver SOFR margin 0.725% Reduced from 0.775% for all revolving credit facility borrowings

Key Terms

Term Loan Amendment, Revolving Credit Facility Amendment, Revolving Credit Facility, SOFR-based margin, +2 more

6 terms

Term Loan Amendment financial

"The Term Loan Amendment reflects the Company’s exercise of its $200 million incremental term loan option"

Revolving Credit Facility Amendment financial

"the Company entered into that certain Second Amendment to Third Amended and Restated Credit Agreement"

Revolving Credit Facility financial

"amend the pricing grid on its revolving credit facility (the “Revolving Credit Facility”)"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

SOFR-based margin financial

"the applicable SOFR-based margin was lowered to 0.800% from 0.850%"

forward starting swap financial

"the Company entered into a $100 million forward starting swap that effectively fixes SOFR at 3.43%"

A forward starting swap is a contract made today that promises two parties will exchange a series of future interest payments starting at a set date, with the payment terms agreed in advance. Investors use it to lock in borrowing or lending rates or to hedge the risk that interest costs or returns will move before the swap begins—think of it like agreeing now on the terms of a loan payment plan that only kicks in later, which helps stabilize future cash flows and valuations.

senior unsecured term loan facility financial

"incremental term loan option under its senior unsecured term loan facility"

A senior unsecured term loan facility is a formal loan that a company borrows for a fixed period and repays according to an agreed schedule, where the lender has priority over most other creditors but the loan is not backed by specific assets as collateral. It matters to investors because it increases a company’s debt burden and affects financial risk and interest costs, while its senior status offers relative protection in the event of default, even though recovery may be lower than for secured debt.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What change did NNN (NNN REIT, Inc.) make to its term loan facility?

NNN REIT exercised a $200 million incremental option under its senior unsecured term loan, increasing the aggregate facility size to $500 million. The term loan now matures on February 15, 2029 and includes two one-year extension options, extending access to this debt capital.

How did NNN REIT’s June 2026 amendments affect its borrowing costs?

The amendments lowered SOFR-based margins to 0.800% from 0.850% on term loan borrowings and to 0.725% from 0.775% on revolving credit facility borrowings. These changes slightly reduce the spread NNN REIT pays over SOFR on these facilities.

What interest rate hedge did NNN REIT enter with the term loan amendment?

NNN REIT entered a $100 million forward starting swap that effectively fixes SOFR at 3.43% through February 15, 2029. This hedge provides more predictable interest costs on a portion of its variable-rate borrowings over that period.

What is the maturity of NNN REIT’s amended term loan after the June 2026 filing?

The term loan under the amended agreement matures on February 15, 2029, with two one-year extension options. Those options, if exercised under agreement terms, could extend the loan’s final maturity beyond 2029 while keeping it unsecured.

How does NNN REIT plan to use the incremental $200 million term loan proceeds?

NNN REIT expects to use proceeds from the $200 million incremental term loan for general corporate purposes. This broad category can include funding investments, refinancing other obligations, or supporting ongoing operations, as determined by the company’s capital needs.

What changes were made to NNN REIT’s revolving credit facility in June 2026?

The Second Amendment to the Third Amended and Restated Credit Agreement primarily amended the pricing grid for the revolving credit facility. Based on NNN REIT’s credit ratings, the SOFR-based margin on revolver borrowings decreased to 0.725% from 0.775%.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/23/2026 - 04:34 PM EDT Learn about SEC filing dates

false000075136400007513642026-06-232026-06-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 23, 2026

NNN REIT, INC.

(exact name of registrant as specified in its charter)

Maryland		001-11290		56-1431377
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

450 South Orange Avenue, Suite 900, Orlando, Florida 32801

(Address of principal executive offices, including zip code)

(407) 265-7348

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Stock, $0.01 par value	NNN	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

NNN REIT, Inc. (the “Company”) entered into that the certain First Amendment to Term Loan Agreement and Agreement Regarding Additional Term Loans dated June 23, 2026 (the “Term Loan Amendment”), with a syndicate of lenders from time to time party thereto and with Wells Fargo Bank, National Association, as the Administrative Agent (the “Administrative Agent”). The Term Loan Amendment amends that certain Term Loan Agreement dated as of December 17, 2025 by and among the Company, the lenders from time to time party thereto and the Administrative Agent.

The Term Loan Amendment reflects the Company’s exercise of its $200 million incremental term loan option under its senior unsecured term loan facility, increasing the aggregate facility size to $500 million (the “Term Loan”), and amendments to the pricing grid. The incremental borrowings carry identical terms to the existing $300 million term loan (after giving effect to the amendments described below). The Term Loan matures on February 15, 2029, with two one-year extension options.

In anticipation of the Term Loan Amendment, the Company entered into a $100 million forward starting swap that effectively fixes SOFR at 3.43% through February 15, 2029.

The Company expects to use proceeds from the incremental term loan for general corporate purposes.

Additionally, the Company entered into that certain Second Amendment to Third Amended and Restated Credit Agreement dated as of June 23, 2026 (the “Revolving Credit Facility Amendment”), with a syndicate of lenders from time to time party thereto and the Administrative Agent, to, among other things, amend the pricing grid on its revolving credit facility (the “Revolving Credit Facility”).

Based on the Company’s current credit ratings, the applicable SOFR-based margin was lowered to 0.800% from 0.850% for all outstanding Term Loan borrowings and 0.725% from 0.775% for all Revolving Credit Facility borrowings.

The foregoing summary of the Term Loan Amendment and the Revolving Credit Facility Amendment are not an exhaustive description of the respective terms of each amendment, which are attached hereto as Exhibit 10.1 and Exhibit 10.2, respectively, and such summary is qualified in its entirety by reference to the attached amendments.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under and 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.

Item 9.01.		Financial Statements and Exhibits.
(d) Exhibits.
10.1		First Amendment to Term Loan Agreement and Agreement Regarding Additional Term Loans, dated as of June 23, 2026, by and among NNN REIT, Inc., Wells Fargo Bank, National Association as Administrative Agent, and a syndicate of lenders named therein.
10.2		Second Amendment to Third Amended and Restated Credit Agreement, dated as of June 23, 2026, 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: June 23, 2026		By:		/s/ Vincent H. Chao
				Vincent H. Chao
				Executive Vice President and Chief Financial Officer

Filing Exhibits & Attachments

3 documents

Agreements & Contracts

• EX-10.1 EX-10.1 213.7 KB
• EX-10.2 EX-10.2 213.4 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 50.1 KB