NNN REIT launches up to ATM offering of 25M shares at market prices through 2029

Filed August 6, 2026 · ~2 min read

Key Changes

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  NNN REIT is offering up to 25 million shares through an at-the-market program that runs through August 2029, with shares sold at prevailing market prices (recent close: $47.36/share on Aug 5, 2026). The offering includes both direct sales and forward sale agreements.

  The Offering verify on EDGAR →
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  Proceeds will repay debt (the company has $5.0 billion outstanding as of June 30, 2026, including $28.5M on its revolving credit facility and $500M on its term loan), fund property acquisitions, or serve general corporate purposes.

  Use of Proceeds verify on EDGAR →
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  Forward sale agreements allow counterparties to force early settlement under multiple triggers—including inability to maintain hedge positions, increased stock borrow costs, or dividends exceeding specified quarterly amounts—potentially causing dilution at inopportune times independent of the company's capital needs.

  The Offering verify on EDGAR →