Peakstone Realty Trust · NYSE:PKST
Peakstone Realty Trust — Q3 2025 Earnings Presentation
46 slides from Peakstone Realty Trust's earnings presentation, Nov 5, 2025
Slide 1: Supplemental Information Third Quarter 2025
Supplemental Information Third Quarter 2025 1
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
2 Cautionary Statement Regarding Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Ex
Slide 3: Table of Contents
3 Table of Contents Page Portfolio Overview 4 Financial Information 8 Debt & Capitalization 20 Components of Net Asset Value 24 Portfolio Characteristics: Industrial Segment 26 Redevelopment Properties 32 Capital Expenditures 34 Portfolio Characteristics: Office Discontinued Operations Properties 36
Slide 4: Portfolio Overview
Portfolio Overview 4
Slide 5: Portfolio Overview
5 PORTFOLIO OVERVIEW Segment Number of Properties Occupancy Percentage (based on rentable square feet) Occupancy Percentage (based on usable acres) WALT (years)2 ABR ($ in thousands) % of ABR INDUSTRIAL 70 100.0% 99.6% 4.7 $74,632 50.9% Operating 66 — — 4.7 $74,632 50.9% Industrial Outdoor Storage (
Slide 6: 2025 Transactions Summary
6 2025 Transactions Summary (Unaudited, USD in thousands) 2025 DISPOSITIONS (Continuing Operations) Period Industrial Segment Dispositions Office Segment Dispositions Total Dispositions Square Feet Gross Sales Price Gain (Loss) Quarter Ended March 31, 2025 2 — 2 2 251,200 $34,031 $(479) Quarter Ende
Slide 7: Leasing Activity For the Quarter Ended September 30, 2025
7 Leasing Activity For the Quarter Ended September 30, 2025 TERMINATIONS/CONTRACTIONS Location Segment Property Type Previous Lease Expiration Date Termination Date Approx. Usable Acres Termination Income (Fee) Houston, TX3 Industrial IOS 8/31/2028 9/30/2025 10 $62 (Unaudited, USD in thousands, exce
Slide 8: Financial Information
4» | Peakstone Financial Information
Slide 9: Selected Financial Data
9 1Calculated based on weighted-average number of common shares outstanding - basic and diluted. 2 Calculated based on total weighted-average number of common shares outstanding - basic and diluted plus weighted-average number of outstanding OP Units. FFO, Core FFO, and AFFO are non-GAAP financial m
Slide 10: Select Financial Data - Industrial Segment
10 For the Quarter Ended (Unaudited, USD in thousands) 9/30/2025 REVENUE Industrial Segment IOS $ 11,484 Traditional Industrial 14,316 Total Industrial Segment 25,800 TOTAL INDUSTRIAL REVENUE $ 25,800 NOI1 Industrial Segment IOS $ 10,245 Traditional Industrial 12,275 Total Industrial Segment 22,520
Slide 11: Consolidated Statements of Operations
11 For the Quarter Ended (Unaudited, USD in thousands, except per share metrics) 9/30/2025 9/30/2024 REVENUE Rental income $ 25,800 $ 26,731 EXPENSES Property operating expense 1,250 3,383 Property tax expense 2,030 2,610 General and administrative expenses 8,122 9,122 Corporate operating expenses t
Slide 12: Net Income From Discontinued Operations
12 For the Quarter Ended (Unaudited, USD in thousands) 9/30/2025 9/30/2024 REVENUE Rental income $ 25,225 $ 28,229 EXPENSES Property operating expense 3,207 3,432 Property tax expense 1,384 1,676 Real estate impairment provision 25,604 — Depreciation and amortization 7,135 12,012 Total expenses 37,3
Slide 13: Consolidated Balance Sheet
13 As of (Unaudited, USD in thousands) 9/30/2025 12/31/2024 ASSETS Cash and cash equivalents $ 326,085 $ 146,514 Restricted cash1 8,105 7,696 Real estate Land 360,378 341,702 Building and improvements 794,891 1,009,286 In-place lease intangible assets 106,067 141,193 Construction in progress 2,601 9
Slide 14: Consolidated Balance Sheet (continued)
14 As of (Unaudited, USD in thousands) 9/30/2025 12/31/2024 LIABILITIES AND EQUITY Debt, net $ 1,037,637 $ 1,344,619 Interest rate swap liability 5,333 — Distributions payable 3,804 8,477 Below-market lease intangible liabilities, net 36,144 39,832 Right-of-use lease liabilities 1,486 744 Accrued ex
Slide 15: Reconciliation of Net Income (Loss) to Total NOI
15 For the Quarter Ended (Unaudited, USD in thousands) 9/30/2025 9/30/2024 Net income (loss) $ 3,780 $ (26,549) General and administrative expenses 8,122 9,122 Corporate operating expenses to related parties 144 141 Real estate impairment provision — 42,894 Depreciation and amortization 13,102 10,73
Slide 16: Non-GAAP Financial Measures: NOI and Cash NOI
16 For the Quarter Ended For the Quarter Ended 9/30/2025 9/30/2024 (Unaudited, USD in thousands) IOS Traditional Industrial Total Industrial Segment Office/Other Segment1 Entire Portfolio IOS Traditional Industrial Total Industrial Segment Office Segment1 Other Segment2 Entire Portfolio Revenue $ 11
Slide 17: Non-GAAP Financial Measures: Same Store Cash NOI
17 For the Quarter Ended (Unaudited, USD in thousands) 9/30/2025 9/30/2024 CASH NOI ALLOCATION1 IOS $ 5,179 $ — Traditional Industrial 12,488 11,131 Total Industrial Segment $ 17,667 $ 11,131 Office Segment1 — 4,289 Other Segment2 — 3,652 TOTAL CASH NOI $ 17,667 $ 19,072 SAME STORE CASH NOI ADJUSTME
Slide 18: Reconciliation of Net Income to FFO, Core FFO, and AFFO
18 For the Quarter Ended Sequential Quarters Ended (Unaudited, USD in thousands, except per share metrics) 9/30/2025 9/30/2024 9/30/2025 6/30/2025 Reconciliation of Net Income (Loss) to FFO, Core FFO, and AFFO 1: NET INCOME (LOSS) $ 3,780 $ (26,549) $ 3,780 $ (286,760) Depreciation of building and i
Slide 19: Reconciliation to EBITDA, EBITDAre, and Adjusted EBITDAre
19 For the Quarter Ended Sequential Quarters Ended (Unaudited, USD in thousands) 9/30/2025 9/30/2024 9/30/2025 6/30/2025 Reconciliation of Net income (loss) to EBITDA, EBITDare, and Adjusted EBITDAre 1: Net income (loss) $ 3,780 $ (26,549) $ 3,780 $ (286,760) Interest expense 17,831 14,140 17,831 15
Slide 20: Debt & Capitalization
Debt & Capitalization 20
Slide 21: Capitalization and Liquidity
21 (Unaudited, USD in thousands, except for shares) Capitalization Liquidity Contractual Interest Rate1 Effective Interest Rate2 Remaining Term MAXIMUM CREDIT FACILITY CAPACITY $ 1,082,000 SECURED DEBT Fixed-Rate Secured Debt 4.90% 4.94% 3.7 $ 250,766 Borrowing Base Availability (per credit facility
Slide 22: Consolidated Secured Debt Schedule
22 (Unaudited, USD in thousands) SECURED DEBT Fixed-Rate Secured Debt Contractual Interest Rate Maturity Date Outstanding Balance BOA II Loan1 4.32% May 2028 $ 140,440 Georgia Mortgage Loan2 5.31% Nov 2029 37,722 Illinois Mortgage Loan3 6.51% Nov 2029 23,000 Florida Mortgage Loan4 5.48% May 2032 49,
Slide 23: Consolidated Debt Maturity Schedule
23 1 Represents face value of debt outstanding (i.e., excludes debt premium/discount and debt financing costs). 2 Represents the 2026 Term Loan. 3 Represents the outstanding balance of the Revolving Loan. 4 Represents the 2028 Term Loan I and 2028 Term Loan II. 5 Represents the BOA II Loan. 6 Repres
Slide 24: Components of Net Asset Value
Components of Net Asset Value 24
Slide 25: Components of Net Asset Value
25 (Unaudited, USD in thousands) Annualized Base Rent Balance Sheet Components ABR Percentage of ABR NON-COMMERCIAL REAL ESTATE ASSETS TOTAL INDUSTRIAL � � Cash and cash equivalents $ 326,085 IOS $ 28,692 19.6 % Restricted cash 8,105 Traditional Industrial 45,940 31.3 % Goodwill 68,373 TOTAL INDUSTR
Slide 26: Portfolio Characteristics: Industrial Segment
26 Portfolio Characteristics: Industrial Segment
Slide 27: Industrial National Footprint - Operating Portfolio
27 661 Properties 18 States 32 Markets 4.7 Years WALT2 1 Excludes 4 IOS Redevelopment Properties. 2 Weighted average based on ABR for Industrial segment. Industrial National Footprint - Operating Portfolio As of September 30, 2025 50 IOS1 16 Traditional Industrial
Slide 28: Tenant Concentration: Industrial Segment
28 Top 10 Tenants Tenant/Major Tenant % of ABR1 WALT (years)2 1 Amazon 3 13.5% 5.8 2 RH 10.4 4.9 3 3M Company 6.8 1.1 4 Samsonite 6.0 4.2 5 PepsiCo 4.5 2.8 6 Shaw 4.5 7.5 7 Huntington Ingalls 3.6 2.3 8 United Rentals 3.0 3.1 9 Maxim Crane 2.7 5.9 10 Pepsi Bottling Ventures 2.7 6.8 Top 10 Total/Avera
Slide 29: Industry Concentration: Industrial Segment
29 Industry Concentration: Industrial Segment As of September 30, 2025 Top Industries Top Sub-Industries Industry % of ABR1 Sub-Industry % of ABR1 1 Capital Goods 31.4 % 1 Internet & Direct Marketing Retail 13.5 % 2 Consumer Discretionary Distribution & Retail 26.9 2 Trading Companies & Distributors
Slide 30: Market Concentration: Industrial Segment
30 Geographic Distribution by State (% of ABR1) Market Concentration: Industrial Segment As of September 30, 2025 (USD in thousands) Top Markets (% of ABR1) Markets ABR1 % of ABR1 1 Chicago $ 9,430 12.6 % 2 Columbus 7,949 10.7 3 Stockton/Modesto 7,789 10.4 4 Atlanta 5,743 7.7 5 Savannah 5,628 7.5 6
Slide 31: Lease Data: Industrial Segment
31 Lease Data: Industrial Segment As of September 30, 2025 (USD in thousands) Lease Expiration Schedule (by ABR%)1 0.5% 3.5% 6.4% 6.2% 2.8% 5.7% 5.3% 3.0% 1.7% 2.3% 1.0% 6.8% 10.5% 8.2% 10.5% 11.8% 2.7% 8.1% 3.0% IOS Traditional Industrial 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 >2034 —% 1
Slide 32: Redevelopment Properties
Redevelopment Properties 32
Slide 33: Redevelopment Properties
33 Redevelopment Properties As of September 30, 2025 CURRENT REDEVELOPMENT Property Name Segment Location Projected Usable Acres1 Leased Percentage as of Quarter-End Occupancy Percentage as of Quarter-End 1 2687-2691 McCollum Parkway Industrial Kennesaw, GA 4 — — 2 1922 River Road Industrial Burling
Slide 34: Capital Expenditures
Peakstone Capital Expenditures
Slide 35: Capital Expenditures (Cash Basis)
35 (Unaudited, USD in thousands) For the Quarter Ended INDUSTRIAL SEGMENT - OPERATING PORTFOLIO 9/30/2025 6/30/2025 3/31/2025 12/31/2024 IOS Value Enhancing Capital Expenditures $ 318 $ 275 $ — $ — Maintenance Capital Expenditures 64 — — — Total IOS Capital Expenditures $ 382 $ 275 $ — $ — TRADITION
Slide 36: Portfolio Characteristics: Office Discontinued Operations Properties
36 Portfolio Characteristics: Office Discontinued Operations Properties
Slide 37: Tenant Concentration: Office Discontinued Operations Properties
37 Top 10 Tenants Tenant/Major Tenant % of ABR1 WALT (years)2 1 Keurig Dr. Pepper 16.5% 4.1 2 Maxar 11.3 4.8 3 Freeport McMoRan 10.9 1.6 4 McKesson 8.9 3.0 5 Travel & Leisure, Co. 8.4 3.9 6 IGT — 3 — 3 7 International Paper Company — 3 — 3 8 Guild Mortgage Company 7.2 5.2 9 ON Semiconductors 4.9 11.
Slide 38: Market Concentration: Office Discontinued Operations Properties
38 Geographic Distribution by State (% of ABR1) Market Concentration: Office Discontinued Operations Properties As of September 30, 2025 (USD in thousands) Top Markets (% of ABR1) Markets ABR % of ABR1 1 Phoenix $ 20,492 28.5 % 2 Boston 11,897 16.5 3 Northern New Jersey 9,273 12.9 4 Denver 8,114 11.
Slide 39: Lease Expirations: Office Discontinued Operations Properties
39 Lease Expirations: Office Discontinued Operations Properties As of September 30, 2025 (USD in thousands) Lease Maturity Schedule (by ABR%)1 —% 3.7% 13.1% 8.3% 33.9% 25.7% 7.4% —% —% —% 7.9% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 >2034 —% 50% Expiring Leases Year Leases Approx. Square F
Slide 40: Notes & Definitions
Peakstone Notes & Definitions
Slide 41: Notes & Definitions
41 Notes & Definitions ABR (Annualized Base Rent) “Annualized Base Rent” or “ABR” is calculated as the monthly contractual base rent for leases that have commenced as of the end of the quarter, excluding rent abatements, multiplied by 12 months and deducting base year operating expenses for gross an
Slide 42: Notes & Definitions (continued)
42 Notes & Definitions (continued) EBITDA, EBITDAre and Adjusted EBITDAre (Cont.) There are a number of limitations related to our non-GAAP measures. Some of these limitations are that these measures, to the extent applicable, exclude: (i) historical or future cash requirements for maintenance capit
Slide 43: Notes & Definitions (continued)
43 Notes & Definitions (continued) Funds from Operations ("FFO"), Core Funds from Operations ("Core FFO"), and Adjusted Funds from Operations ("AFFO") We use Funds from Operations (“FFO”), Core Funds from Operation (“Core FFO”) and Adjusted Funds from Operations (“AFFO”) as supplemental financial me
Slide 44: Notes & Definitions (continued)
44 Notes & Definitions (continued) GAAP Rent Change “GAAP Rent Change” is calculated as the percentage change between GAAP rents for new/renewal leases and the expiring GAAP rents of comparable leases for the same space. We do not calculate GAAP Rent Change for lease comparisons if either lease invo
Slide 45: Notes & Definitions (continued)
45 Notes & Definitions (continued) Net Operating Income (NOI), Cash NOI, and Same Store Cash NOI Net operating income (“NOI”) is a non-GAAP financial measure calculated as net income or loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, excluding (
Slide 46: Notes & Definitions (continued)
46 Notes & Definitions (continued) Occupancy or Occupancy Percentage “Occupancy" is the leased square footage or usable acres, as applicable, under leases that have commenced as of the end of the quarter. "Occupancy Percentage" is total applicable Occupancy divided by the total applicable leasable s
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