Peakstone Realty Trust · NYSE:PKST
Peakstone Realty Trust — Q1 2025 Earnings Presentation
54 slides from Peakstone Realty Trust's earnings presentation, May 8, 2025
Slide 1: Supplemental Information First Quarter 2025
Supplemental Information First 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 - Entire Portfolio 6 Debt & Capitalization 17 Components of Net Asset Value 21 Portfolio Characteristics: Industrial 23 Portfolio Characteristics: Office 30 Portfolio Characteristics: All Segments 35 Operating Portfolio Summary 40 R
Slide 4: Portfolio Overview
Portfolio Overview 4
Slide 5: Portfolio Overview: Operating Portfolio
5 OPERATING PORTFOLIO Segment Number of Properties Occupancy Percentage (based on rentable square feet) Occupancy Percentage (based on usable acres) WALT (years)1 ABR ($ in thousands) % of ABR Investment Grade %1,2 Industrial 65 — — 5.4 $74,769 40.8% 53.4% Industrial Outdoor Storage (IOS)3 46 — 99.6
Slide 6: Financial Information - Entire Portfolio
Financial Information - Entire Portfolio 6
Slide 7: Selected Financial Data Notes
7 1 Calculated 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
Slide 8: Selected Financial Data by Segment
8 For the Quarter Ended (Unaudited, USD in thousands) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 REVENUE Industrial Segment IOS $ 8,975 $ 5,464 $ — $ — $ — Traditional Industrial 15,058 14,981 14,918 14,554 14,833 Total Industrial Segment 24,033 20,445 14,918 14,554 14,833 Office Segment 32,
Slide 9: Consolidated Statements of Operations
9 For the Quarter Ended (Unaudited, USD in thousands, except per share metrics) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 REVENUES Rental income $ 56,971 $ 57,934 $ 54,960 $ 55,952 $ 59,227 EXPENSES Property operating expense 4,644 6,138 6,815 6,017 7,090 Property tax expense 4,127 4,354 4,
Slide 10: Consolidated Balance Sheets - Assets
10 As of (Unaudited, USD in thousands) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 ASSETS Cash and cash equivalents $ 204,017 $ 146,514 $ 241,550 $ 446,800 $ 436,251 Restricted cash1 7,973 7,696 25,181 14,496 11,213 Real estate Land 434,618 450,217 212,312 225,330 227,138 Building and improve
Slide 11: Consolidated Balance Sheets - Liabilities and Equity
11 As of (Unaudited, USD in thousands) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 LIABILITIES AND EQUITY Debt, net $ 1,345,686 $ 1,344,619 $ 1,168,010 $ 1,408,517 $ 1,416,433 Interest rate swap liability 713 — 10,255 — — Distributions payable 8,565 8,477 8,436 8,486 8,422 Below-market lease
Slide 12: Reconciliation of Net Income (Loss) to Total NOI
12 For the Quarter Ended (Unaudited, USD in thousands) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Net (loss) income $ (53,401) $ 13,816 $ (26,549) $ (4,101) $ 5,470 General and administrative expenses 8,553 9,056 9,122 9,116 9,680 Corporate operating expenses to related parties 141 141 141 1
Slide 13: Reconciliation of NOI to Cash NOI
13 For the Quarter Ended For the Quarter Ended 3/31/2025 3/31/2024 (Unaudited, USD in thousands) IOS Traditional Industrial Total Industrial Segment Office Segment Entire Portfolio IOS Traditional Industrial Total Industrial Segment Office Segment Other Segment1 Entire Portfolio Revenue $ 8,975 $ 15
Slide 14: Same Store Cash NOI
14 For the Quarter Ended (Unaudited, USD in thousands) 3/31/2025 3/31/2024 CASH NOI ALLOCATION IOS $ 5,924 $ — Traditional Industrial 12,499 11,817 Total Industrial Segment $ 18,423 $ 11,817 Office Segment 27,181 27,504 � Other Segment — 8,009 TOTAL CASH NOI $ 45,604 $ 47,330 SAME STORE CASH NOI ADJ
Slide 15: Reconciliation to FFO, Core FFO and AFFO
15 For the Quarter Ended (Unaudited, USD in thousands, except per share metrics) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Reconciliation of Net (Loss) Income to Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO) NET (LOSS) INCOME $
Slide 16: Reconciliation to Adjusted EBITDAre
16 For the Quarter Ended (Unaudited, USD in thousands) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Reconciliation of Net (loss) income to Adjusted EBITDAre Net (loss) income $ (53,401) $ 13,816 $ (26,549) $ (4,101) $ 5,470 Interest expense 15,978 15,916 14,140 15,845 16,148 Depreciation and a
Slide 17: Debt & Capitalization
Me) Peakstone Debt & Capitalization
Slide 18: Capitalization and Liquidity
18 (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 4.72% 4.77% 3.9 $ 360,326 Maximum Availability (per credit facility) $ 1,0
Slide 19: Consolidated Secured Debt Schedule
19 (Unaudited, USD in thousands) SECURED DEBT Fixed-Rate Secured Debt Contractual Interest Rate Maturity Date Outstanding Balance BOA II Loan1 4.32% May 2028 $ 250,000 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 20: Consolidated Debt Maturity Schedule
20 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 21: Components of Net Asset Value
Components of Net Asset Value 21
Slide 22: Balance Sheet Components
22 (Unaudited, USD in thousands) Annualized Base Rent Balance Sheet Components (cont'd) ABR Percentage of ABR LIABILITIES Industrial � � Credit facility2 $ 1,000,000 Investment grade1 $ 39,915 21.8 % Mortgages payable2 360,326 � Sub-investment grade1 22,370 12.2 Distributions payable 8,565 Unrated c
Slide 23: Portfolio Characteristics: Industrial Segment
23 Portfolio Characteristics: Industrial Segment
Slide 24: Industrial National Footprint
24 70 Properties 19 States 32 Markets 5.4 Years WALT1 1 Weighted average based on ABR for Industrial segment. Industrial National Footprint As of March 31, 2025 PROPERTIES 46 IOS 19 Traditional Industrial 5 IOS Redevelopment
Slide 25: Tenant Concentration: Industrial Segment
25 Top 10 Tenants Tenant/Major Tenant Rating1 % of ABR2 WALT (years)2 1 Amazon3 AA 13.3% 6.3 2 RH B1 4 10.2 5.4 3 3M Company A3 4 6.8 1.6 4 Samsonite BB+ 6.0 4.7 5 PepsiCo A+ 4.5 3.3 6 Shaw Industries AA 4.5 8.0 7 Amcor BBB+ 5 3.7 7.6 8 Huntington Ingalls BBB 5 3.6 2.8 9 United Rentals BBB- 6 3.0 3.
Slide 26: Industry Concentration: Industrial Segment
26 Industry Concentration: Industrial Segment As of March 31, 20252021 Top 9 Industries Top 20 Sub-Industries Industry % of ABR1 Sub-Industry % of ABR1 1 Capital Goods 29.6 % 1 Internet & Direct Marketing Retail 13.3 % 2 E-Commerce 13.3 2 Trading Companies & Distributors 11.2 3 Retailing 13.1 3 Home
Slide 27: Market Concentration: Industrial Segment
27 Geographic Distribution by State (% of ABR1) Market Concentration: Industrial Segment As of March 31, 2025 (USD in thousands) Top 10 Markets (% of ABR)1 Markets ABR % of ABR1 1 Chicago $ 9,422 12.6 % 2 Columbus 7,816 10.5 3 Stockton/Modesto 7,637 10.2 4 Savannah 5,088 6.8 5 Philadelphia 5,024 6.7
Slide 28: Lease Expiration: Industrial Segment
28 Lease Expiration: Industrial Segment As of March 31, 2025 (USD in thousands) Lease Maturity Schedule (by ABR%)1 0.4% 3.2% 5.9% 5.9% 2.8% 2.3% 5.1% 3.0% 1.6% 2.3% 6.8% 10.5% 8.1% 10.2% 11.6% 6.3% 8.1% 5.9% IOS Traditional Industrial 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 >2034 Expiring
Slide 29: Rent Growth: Industrial Segment
29 1 Based on ABR for Industrial segment. Rent Growth: Industrial Segment As of March 31, 2025 TRADITIONAL INDUSTRIAL Annually 93.4% 2.2% Other Frequencies — — Subtotal - Annually and Other Frequencies 93.4 2.2 No Escalations 6.6 — TRADITIONAL INDUSTRIAL TOTAL / WEIGHTED AVERAGE 100.0% 2.0% Lease Es
Slide 30: Portfolio Characteristics: Office Segment
30 Portfolio Characteristics: Office Segment
Slide 31: Tenant Concentration: Office Segment
31 Top 10 Tenants Tenant/Major Tenant Rating1 % of ABR2 WALT (years)3 1 Keurig Dr. Pepper Baa1 4 11.0% 4.6 2 Southern Company A- 8.9 19.0 3 LPL BBB- 8.2 11.6 4 Maxar NR 6 7.3 5.3 5 Freeport McMoRan Baa1 4 7.3 2.1 6 McKesson A3 4 5.9 3.5 7 Travel & Leisure BB- 5.5 4.4 8 IGT BB+ 4.9 5.8 9 Internationa
Slide 32: Market Concentration: Office Segment
32 Geographic Distribution by State (% of ABR1) Market Concentration: Office Segment As of March 31, 2025 (USD in thousands) Top 10 Markets (% of ABR)1 Markets ABR % of ABR1 1 Phoenix $ 20,366 18.8 % 2 Boston 12,839 11.9 3 Denver 11,086 10.2 4 Birmingham 9,597 8.9 5 Northern New Jersey 9,169 8.5 6 C
Slide 33: Lease Expiration: Office Segment
33 Lease Expiration: Office Segment As of March 31, 2025 (USD in thousands) Lease Maturity Schedule (by ABR%)1 1.4% 2.5% 13.4% 7.5% 22.4% 17.2% 7.1% 4.2% 2.3% —% 22.0% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 >2034 Expiring Leases Year Leases Approx. Square Feet ABR % of ABR1 2025 2 73,000
Slide 34: Rent Growth: Office Segment
34 1 Based on ABR for Office segment. Rent Growth: Office Segment As of March 31, 2025 Lease Escalations - Office Segment % of ABR1 Average Annual Rent Escalations Annually 79.0% 2.3% Other Frequencies 21.0 0.5 Subtotal - Annually and Other Frequencies 100.0 1.9 No Escalations — — OFFICE SEGMENT TOT
Slide 35: Portfolio Characteristics: All Segments
35 Portfolio Characteristics: All Segments
Slide 36: 2025 Transaction Activity
36 Acquisitions Segment Market Acquisition Date Square Feet/Usable Acres WALT1 Purchase Price ($ in thousands) N/A Total / Wtd. Avg. — — — 2025 Transaction Activity Dispositions Segment Market Disposition Date Square Feet WALT1 Gross Sales Price ($ in thousands) Office Baltimore 2/7/2025 132,200 7.6
Slide 37: Tenant Concentration: All Segments
37 Top 10 Tenants Tenant/Major Tenant Rating1 % of ABR2 WALT (years)3 1 Keurig Dr. Pepper Baa1 4 6.5% 4.6 2 Amazon5 AA 5.5 6.3 3 Southern Company A- 5.2 19.0 4 LPL BBB- 4.8 11.6 5 Maxar NR 6 4.3 5.3 6 Freeport McMoRan Baa1 4 4.3 2.1 7 RH B1 4 4.2 5.4 8 McKesson A3 4 3.5 3.5 9 Travel & Leisure BB- 3.
Slide 38: Market Concentration: All Segments
38 Geographic Distribution by State (% of ABR1) Market Concentration: All Segments As of March 31, 2025 (USD in thousands) Top 10 Markets (% of ABR)1 Markets ABR % of ABR1 1 Phoenix $ 20,366 11.1 % 2 Boston 12,839 7.0 3 Denver 11,653 6.4 4 Northern New Jersey 11,293 6.2 5 Birmingham 9,597 5.2 6 Chic
Slide 39: Lease Expirations: All Segments
39 Lease Expirations: All Segments As of March 31, 2025 (USD in thousands) Lease Maturity Schedule (by ABR%)1 1 Based on ABR for all segments. 2 Represents unleased space at Redevelopment Properties. 4.1% 2.4% 6.7% 4.5% 5.1% 6.8% 3.8% 4.0% 1.0% 2.4% 0.8% 1.5% 7.9% 4.4% 13.2% 10.2% 4.2% 2.5% 1.3% 13.
Slide 40: Operating Portfolio Summary
40 Operating Portfolio Summary
Slide 41: Operating Portfolio
41 Operating Portfolio As of March 31, 2025 OPERATING PORTFOLIO Segment Number of Properties Occupancy Percentage (based on rentable square feet) Occupancy Percentage (based on usable acres) WALT (years)1 ABR ($ in thousands) % of ABR Investment Grade %1,2 Industrial 65 —% $— 5.4 $74,769 40.8% 53.4%
Slide 42: Leasing Activity - Operating Portfolio
42 NEW AND RENEWAL LEASES - RENTABLE SQUARE FEET Cash Rent Change1 GAAP Rent Change1 Location Segment Property Type New Lease Start Date New Lease Expiration Date Term (Yrs) Approx. Square Feet Leasing Commissions $/SF Tenant Improvement $/SF Starting Rent/ SF Prior Rent/ SF Rent Change Starting Ren
Slide 43: Redevelopment Properties
Redevelopment Properties 43
Slide 44: Redevelopment Properties
44 Redevelopment Properties As of March 31, 2025 Property Name Location Projected Usable Acres1 Leased Percentage as of Quarter-End Occupancy Percentage as of Quarter-End CURRENT REDEVELOPMENT 1 175 Container Road Savannah, GA 8 - - 2 2687-2691 McCollum Parkway Kennesaw, GA 4 - - 3 1922 River Road B
Slide 45: Capital Expenditures
Peakstone Capital Expenditures
Slide 46: Capital Expenditures
46 For the Quarter Ended (Unaudited, USD in thousands) 3/31/2025 % of NOI1 12/31/2024 % of NOI1 9/30/2024 % of NOI1 6/30/2024 % of NOI1 OPERATING PORTFOLIO Industrial Segment IOS2 Value Enhancing Capital Expenditures $ — — % $ — — % $ — — % $ — — % Maintenance Capital Expenditures — — — — — — — — To
Slide 47: Notes & Definitions
Peakstone Notes & Definitions
Slide 48: Notes & Definitions
48 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 49: Notes & Definitions (continued)
49 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 50: Notes & Definitions (continued)
50 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 51: Notes & Definitions (continued)
51 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 52: Notes & Definitions (continued)
52 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 g
Slide 53: Notes & Definitions (continued)
53 Notes & Definitions (continued) The table below represents a reconciliation of NOI to Cash NOI for the interim periods presented in the "Selected Financial Data" on slide 8. For the Quarter Ended 12/31/2024 9/30/2024 6/30/2024 (Unaudited, USD in thousands) IOS Traditional Industrial Total Industr
Slide 54: Notes & Definitions (continued)
54 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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