#Sustainability #Senior Notes #Mexico #Mexico City #NEXT Properties

Introduction

NEXT Properties (Trust 2401) has announced the commencement of exchange offers for any and all of its existing senior notes. This strategic move is primarily aimed at replacing older notes with new ones linked to sustainability, thereby enhancing the Trust's environmental and financial standing.

Details of the Exchange Offers

The offers encompass a range of senior notes that include:

1. 7.700% Senior Sustainability-Linked Notes due 2032
2. 7.375% Senior Green Notes due 2034
3. 6.950% Senior Notes due 2044
4. 6.390% Senior Notes due 2050

These notes are collectively referred to as the Old Notes. The Trust is offering new Senior Sustainability-Linked Notes due 2036 and 2056 in exchange for the Old Notes. This move reflects the Trust’s commitment to sustainability while providing financial adjustments in response to market conditions.

Financial Terms and Conditions

Here’s a brief overview of the exchange terms for the various offerings:

• - The NEXT Properties 2032 and 2034 Notes can be exchanged for the New 2036 Notes. The outstanding amounts are roughly:

- 2032 Notes - US$ 409.78 million
- 2034 Notes - US$ 299.90 million

• - The NEXT Properties 2044 and 2050 Notes will be exchanged for the New 2056 Notes, with outstanding amounts of:

- 2044 Notes - US$ 350 million
- 2050 Notes - US$ 437.5 million

The Total Consideration payable for each $1,000 principal amount of the Old Notes will be calculated based on a specified fixed spread plus the yield from a reference U.S. Treasury Security.

Important Dates

The Tender Deadline is set for October 15, 2026, at 5:00 PM (New York City time). All Old Notes must be validly tendered by this deadline to qualify for the Total Consideration. Once the tender is accepted, eligible holders will also receive accrued interest.

Investment and Market Impact

This initiative not only optimizes the Trust's debt profile but also strengthens its commitment to sustainability. By issuing sustainability-linked notes, NEXT Properties aligns itself with global investment trends focusing on environmentally friendly practices. This could potentially enhance investor confidence and attract new investments, particularly from funds dedicated to sustainable finance.

Procedure for Participation

Eligible holders interested in participating in the exchange offers must be either qualified institutional buyers or non-U.S. persons under applicable law. To participate, they must instruct their custodial entities, as the process involves specific guidelines outlined in the Exchange Offer Memorandum. No separate letter of transmittal is required for this exchange.

Contact and Additional Information

For further details, investors should reach out to Citigroup Global Markets Inc., the designated Dealer Manager for these offers, or Global Bondholder Services Corporation, acting as the Exchange and Information Agent. They offer assistance regarding the eligibility letters needed to participate and will provide relevant documentation upon request.

Conclusion

By initiating these exchange offers, NEXT Properties exhibits a proactive approach in managing its liabilities while embracing sustainable financial practices. Investors are encouraged to consider this opportunity carefully and gauge how it aligns with their investment strategies concerning sustainability and financial resilience.

The success of this strategy hinges on the market's response and the participation from eligible holders of the Old Notes. Given the current emphasis on environmental, social, and governance (ESG) factors in investment decisions, NEXT Properties is well-positioned to respond to both market expectations and investor interests.