Peakstone Realty Trust · NYSE:PKST
Peakstone Realty Trust — Griffin Capital Essential Asset REIT — Q2 2020 Earnings Presentation
23 slides from Peakstone Realty Trust's earnings presentation, Aug 12, 2020
Slide 1: Second Quarter 2020 Investor Update
Exhibit 99.2 SECOND QUARTER 2020 Griffin Capital Essential Asset® REIT Investor Update THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. AN OFFERING IS MADE ONLY BY A PROSPECTUS. A PROSPECTUS MUST BE MADE AVAILABLE TO YOU IN CONNECTION WITH AN OFF
Slide 2: Forward-Looking Statements
CERTAIN INFORMATION INCLUDING, WITHOUT LIMITATION, PROJECTIONS, FORECASTS AND ESTIMATES, CONTAINED IN THIS QUARTERLY UPDATE, MAY CONSTITUTE “FORWARD-LOOKING STATEMENTS” WHICH CAN BE IDENTIFIED BY THE USE OF FORWARD- LOOKING TERMINOLOGY SUCH AS “MAY,” “SHOULD,” “WOULD,” “EXPECT,” “ANTICIPATE,” “PROJE
Slide 3: Table of Contents
Table of Contents PAGE Second Quarter 2020 Highlights 4 Portfolio Update 6 Financial Performance Review 16 3
Slide 4: Second Quarter 2020 Highlights
Second Quarter 2020 Highlights
Slide 5: Key Highlights
Key Highlights Collected approximately 99% of contractual rent during the quarter and approximately 100% of contractual rent for the month of July. Achieved AFFO per share of $0.19, an increase of $0.02 per share compared to the same period last year. Signed 191,300 square feet of new and expansion
Slide 6: Portfolio Update
Portfolio Update
Slide 7: Portfolio Characteristics
Portfolio Characteristics As of June 30, 2020 Total Enterprise Value1 $4.5 billion Acquisition Value $4.2 billion Number of Properties 99 Number of Buildings 122 Size of Portfolio (Square Feet) 27.0 million Occupied/Leased (Based on Portfolio Square Feet)2 87.7% / 88.6% Percentage of Cash Flow from
Slide 8: Diversified National Portfolio
AS OF JUNE 30, 2020 Diversified National Portfolio Freight The portfolio is comprised of 99 properties located in 25 states and 114 tenants throughout the U.S. Note: Logos shown are those of tenants, lease guarantors, or non-guarantor parent companies at our properties. 8
Slide 9: Portfolio Concentration
AS OF JUNE 30, 2020 Portfolio Concentration Tenant Business Diversity 1 (By % of Net Rent) 2 Our management makes a Capital Goods, 14.2% Health Care Equipment & Services, 9.6% conscious effort to achieve Retailing, 8.9% diversification by tenant industry Insurance, 8.6% Consumer Services, 7.8% as ou
Slide 10: Portfolio Concentration (cont'd): Geographic Distribution and Asset Allocation
AS OF JUNE 30, 2020 Portfolio Concentration (cont’d) Geographic Distribution Asset Allocation (By % of Net Rent) (By % of Net Rent) Texas 11.4% All Others1 24.3% California 10.1% Office 83.3% Florida 3.7% Ohio 9.4% North Carolina 4.6% Industrial/ Manufacturing/ Colorado Arizona Flex 5.0% 8.9% 16.7%
Slide 11: Portfolio Concentration (cont'd): Credit Characteristics
AS OF JUNE 30, 2020 Portfolio Concentration (cont’d) Credit Characteristics1 Public/Private Composition2 (By % of Net Rent) (By % of Net Rent) Investment Grade 59.0% Public 84.5% BBB WEIGHTED AVERAGE Unrated Credit 6.3% CREDIT RATING Sub-investment Grade Private 15.5% 34.7% 1. Investment Grade are t
Slide 12: Strong Tenant Profile: Top Tenants
Strong Tenant Profile: Top 10 Tenants As of 6/30/20 As of 3/31/20 Top Tenants % of Portfolio1 Ratings 2 Ratings2 3 4.0% BBB+ BBB+ 3.4% B+4 B+4 3.1% A- A- 3.1% BBB+ BBB+ 2.9% BB+ BB+ 1. Based on net rental payment 12-month period subsequent to June 30, 2020. 2. Represents S&P ratings of tenants, guar
Slide 13: Asset Management: Second Quarter 2020 New Lease Activity
Asset Management: Second Quarter 2020 New Lease Activity Tenant Name Fortune 100 E-Commerce Company Location Arlington Heights, IL Sq. Ft. 182,863 Lease Commencement July 15, 2020 Lease Term 123 months (10.25 years) Comments Replaced the prior tenant with a leading Fortune 100 E-Commerce Company. Pr
Slide 14: Asset Management: Renewal/Expansion Lease Activity
Asset Management: Second Quarter 2020 (cont’d) Renewal/Expansion Lease Activity Lease Tenant Property Address Square Feet Comments Commencement • Expansion of existing lease. Altium now leases a collective 58,812 square feet at 2500 Windy Ridge Parkway 7/1/2020 the property (18.2% of the property’s
Slide 15: Asset Management: Property Sale
Asset Management: Second Quarter 2020 (cont’d) Property Sale Tenant Property Location Square Feet Comments • Property sold on June 30, 2020 for a sale price of $24.5 million. • The sale generated a gain of $4.3 million on the property’s carrying value. Simi Valley, CA 273,241 • Bank of America, N.A.
Slide 16: Financial Performance Review
Financial Performance Review
Slide 17: Capital Structure Overview
AS OF JUNE 30, 2020 Capital Structure Overview Enterprise Value Common Equity $2.0 billion OP Units 0.3 billion Secured Debt 21.8% Total Equity 2.3 billion Unconsolidated Debt Secured Debt 1.0 billion (pro rata share) Unsecured Net Debt 1.2 billion 1.8% Unconsolidated Debt (Pro Rata Share) 0.1 billi
Slide 18: Conservative Balance Sheet with Ample Liquidity
AS OF JUNE 30, 2020 Conservative Balance Sheet with Ample Liquidity Capitalization Consolidated Debt Composition (Including Effect of Interest Rate Swaps) Unconsolidated Debt 2.0% (Pro Rata Share) 46.0% Common Equity & OP Units 82.0% Fixed Rate Debt Floating Rate Debt Preferred Equity 49.0% 18.0% 3.
Slide 19: Financial Performance
Financial Performance (in thousands, except per share amounts) Three Months Ended June 30, 2020 2019 Total Revenue $ 105,427 $ 103,356 Net income attributable to common stockholders per share, basic and diluted $ 0.01 $ 0.06 Adjusted EBITDA (Per Loan Agreement)1 $ 69,573 $ 68,679 2 FFO attributed to
Slide 20: Determination of NAV
Determination of NAV (in thousands, except per share amounts) Set forth below are the components of our daily NAV as of June 30, 2020 and March 31, 2020, calculated in accordance with our valuation procedures (in thousands, except share and per share amounts): June 30, 2020 March 31, 2020 Gross Real
Slide 21: Share Performance
Share Performance Total Retur n as of June 30, 2020(%)1 Excluding Sales Load2 Including Sales Load Quarter Ended Since Inception Since Inception Share Class/ Index Ticker Inception Date3 June 30, 2020 (Annualized) (Annualized) Class T ZGEATX 9/20/2017 -4.00% 2.99% 1.63% Class S ZGEASX 9/20/2017 -3.8
Slide 22: Debt Maturity Schedule
AS OF JUNE 30, 2020 Debt Maturity Schedule (including effect of interest rate swap) (Dollars in Thousands) Weighted Average Debt Maturity: 5.2 years $900,000 $743,7171 $750,000 $600,000 $433,9302 $375,0005 $450,000 $250,0006 (Thousands) $300,000 $126,9703 $150,0004 $104,8287 $150,000 $0 $0 $0 $0 202
Slide 23: Contact Information
1520 E. Grand Avenue 949.270.9300 El Segundo, CA 90245 www.gcear.com For more information visit www.gcear.com
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