Peakstone Realty Trust · NYSE:PKST
Peakstone Realty Trust — Griffin Realty Trust — Corporate Update (August 2022)
20 slides from Peakstone Realty Trust's corporate update, Aug 5, 2022
Slide 1: GRT Strategic Update August 5, 2022
GRT Strategic Update August 5, 2022
Slide 2: Disclosures: Forward-Looking Statements
Disclosures 2 Forward-Looking Statements This presentation contains forw ard-looking statements w ithin the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes a
Slide 3: Disclosures (continued)
Disclosures (continued) 2 Our stockholders are cautioned not to place undue reliance on any forw ard-looking statement in this presentation. All forw ard-looking statements are made as of the date of this presentation, and the risk that actual results will differ materially from the expectations exp
Slide 4: Participants
Participants Michael Escalante Chief Executive Officer, President and Director Javier Bitar Chief Financial Officer and Treasurer 2
Slide 5: Agenda
Agenda 2 GRT Overview Real Estate and Capital Markets NAV SRP Strategic Monetization Process
Slide 6: GRT Overview
GRIFFIN REALTY a ee Se Gt GRT Overview
Slide 7: GRT Overview
GRT Overview Internally managed, publicly registered, non-traded REIT GRT Portfolio Composition* Office 84% of portfolio 98 assets GRT Key Metrics* 88% leased Enterprise Value $5.1 billion Number of Properties 121 Number of States 26 % Occupancy 92.7% WALT 6.1 66.2% Investment Grade** 66.2% Industri
Slide 8: Real Estate and Capital Markets
Real Estate and Capital Markets 10
Slide 9: Real Estate Market
Real Estate Market Strengths Strong fundamentals; demand exceeds supply Benefits from rising e-commerce and on- shoring trends Rental rates / values rising Strong investor interest Pressures Higher construction costs due to inflation High prices / low cap rates for acquisitions Strengths Recent posi
Slide 10: Capital Markets
Capital Markets 10 Commercial real estate transactions and debt & equity capital markets continue to face challenges due to economic uncertainty, rising concern about inflation and higher interest rates and reluctance to transact Public market REIT pricing reflects more pronounced reductions in COVI
Slide 11: NAV Update
NAV Update 10
Slide 12: NAV Update
NAV Update The decrease in GRT’s NAV was primarily driven by changes in fair value of office assets1 Office property values were negatively impacted by, among other things, pandemic-related work-from-home trends Industrial property values generally improved due to, among other things, increased dema
Slide 13: SRP Update
SRP Update 20
Slide 14: SRP Update
SRP Update 20 Effective August 5, 2022, GRT adopted a Second Amended and Restated Share Redemption Plan (“SRP”) Redemptions under the SRP will be limited to those in connection with stockholder death, qualifying disability or determination of incompetence or incapacitation (DD&I) Commencing this qua
Slide 15: Strategic Monetization Process
Strategic Monetization Process 20
Slide 16: IndustrialCo Separation
IndustrialCo Spin off new public company, “IndustrialCo,” which will own a curated portfolio of primarily industrial assets, as well as certain office assets IndustrialCo's common shares to be listed (via direct listing with or without capital raise) Stockholders to receive liquidity through receipt
Slide 17: Why the Separation?
Why the Separation? 20 GRT’s Management, Board, and its financial advisors believe that placing a curated selection of primarily industrial assets, as well as certain office assets (which are generally valued favorably by the public market relative to its other assets) into a publicly traded vehicle
Slide 18: Why the Conversion?
Why the Conversion? 20 GRT seeks stockholder approval to convert from a Maryland corporation to a Maryland real estate investment trust (the “Conversion”) The Conversion is important because it: Enables GRT’s Board to pursue the Separation in a manner that does not result in substantial adverse tax
Slide 19: Timing / Next Steps
August 5: File Preliminary Proxy/NAV Update/Second Amended and Restated SRP August-Mid Oct: Proxy Solicitation Period GRT operates Company consistent with strategic monetization process, including: Intended sale of targeted assets General preparation for Separation Mid October: GRT Annual Stockholde
Slide 20: Additional Resources
Ad ditional Resources Griffin Realty Trust Website grtreit.com Either click the button labeled “GRT Strategic Update” or click INVESTORS button in upper right corner to access numerous documents, including: Presentation from GRT’s Management Publicly filed documents including GRT’s Form 8-K SRP-rela
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