NEXT Properties Launches Debt Exchange for Sustainability-Linked Notes

The exchange program allows holders of notes due between 2032 and 2050 to tender their holdings in favor of new debt instruments. Specifically, the trust is offering to exchange its 7.700% 2032 and 7.375% 2034 notes for new senior sustainability-linked notes due 2036. Simultaneously, holders of the 6.950% 2044 and 6.390% 2050 notes are invited to exchange their positions for new senior sustainability-linked notes due 2056.

The final consideration for the exchange will be determined on October 15, 2026, based on the yield of specific U.S. Treasury securities plus a fixed spread. The trust has set the expiration date for the offer at 5:00 p.m. New York City time on that same day. Citigroup Global Markets Inc. is serving as the dealer manager for the transaction, with Global Bondholder Services Corporation acting as the exchange and information agent.

Participation is restricted to eligible holders, defined as qualified institutional buyers under Rule 144A or non-U.S. persons in offshore transactions compliant with Regulation S. The trust noted that the exchange is not conditioned on a minimum principal amount being tendered, though it reserves the right to terminate or amend the offers at any time before acceptance. New notes issued through this process will not be registered under the U.S. Securities Act, limiting their transferability to exempt transactions.