NEXT Properties Adds Minimum Issuance Conditions to Debt Exchange Offers

The amended terms apply to the exchange of existing sustainability-linked and green notes due between 2032 and 2050. Under the new requirements, the trust has established a 2036 Minimum Issuance Condition for the 2032 and 2034 notes, and a 2056 Minimum Issuance Condition for the 2044 and 2050 notes. If these thresholds are not met, the trust reserves the right to terminate the offers, though it maintains the discretion to waive the conditions if necessary.

Should the trust choose to waive a requirement, it must extend the expiration date and withdrawal deadline by at least two business days to remain in compliance with applicable regulations. All other terms outlined in the October 8, 2026, Exchange Offer Memorandum remain in effect. The offers are scheduled to expire at 5:00 p.m. New York City time on October 15, 2026. Participation is strictly limited to qualified institutional buyers and non-U.S. persons acting in offshore transactions. Citigroup Global Markets Inc. is serving as the dealer manager, with Global Bondholder Services Corporation managing the exchange process.