Peakstone Realty Trust · NYSE:PKST
Peakstone Realty Trust — Q2 2025 Earnings Presentation
44 slides from Peakstone Realty Trust's earnings presentation, Aug 7, 2025
Slide 1: Supplemental Information Second Quarter 2025
Supplemental Information Second 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 7 Debt & Capitalization 18 Components of Net Asset Value 22 Portfolio Characteristics: Industrial 24 Redevelopment Properties 30 Capital Expenditures 32 Portfolio Characteristics: Office 34 Notes & Definitions 38
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)1 ABR ($ in thousands) % of ABR Industrial 70 100.0% 99.6% 5.1 $74,898 44.6% Operating 65 — — 5.1 $74,898 44.6% Industrial Outdoor Storage (
Slide 6: 2025 Transactions Summary
6 2025 Transactions Summary $ in thousands 2025 DISPOSITIONS Period Office Segment Dispositions Square Feet Gross Sales Price Gain (Loss) Quarter Ended March 31, 2025 1 2 251,200 $34,031 $(479) Quarter Ended June 30, 2025 2 7 836,500 158,400 (1,066) Six Months Ended June 30, 2025 9 1,087,700 $192,43
Slide 7: Financial Information - Entire Portfolio
Financial Information - Entire Portfolio 7
Slide 8: Selected Financial Data
8 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 9: Revenue, NOI and Cash NOI by Segment
9 For the Quarter Ended (Unaudited, USD in thousands) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 REVENUE Industrial Segment IOS $ 9,372 $ 8,975 $ 5,464 $ — $ — Traditional Industrial 15,008 15,058 14,981 14,918 14,554 Total Industrial Segment 24,380 24,033 20,445 14,918 14,554 Office Segment
Slide 10: Consolidated Statements of Operations
10 For the Quarter Ended (Unaudited, USD in thousands, except per share metrics) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 REVENUES Rental income $ 54,026 $ 56,971 $ 57,934 $ 54,960 $ 55,952 EXPENSES Property operating expense 4,714 4,644 6,138 6,815 6,017 Property tax expense 3,920 4,127 4
Slide 11: Consolidated Balance Sheet
11 Consolidated Balance Sheet 1Restricted cash is presented on the consolidated balance sheet and consists primarily of reserves that the Company funded as required by the applicable agreements with certain lenders in conjunction with debt financing or transactions. As of (Unaudited, USD in thousand
Slide 12: Consolidated Balance Sheet (continued)
12 Consolidated Balance Sheet (continued) As of (Unaudited, USD in thousands) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 LIABILITIES AND EQUITY Debt, net $ 1,246,767 $ 1,345,686 $ 1,344,619 $ 1,168,010 $ 1,408,517 Interest rate swap liability, at fair value 4,625 713 — 10,255 — Distributions
Slide 13: Reconciliation of Net Income (Loss) to Total NOI
13 For the Quarter Ended (Unaudited, USD in thousands) 6/30/2025 6/30/2024 Net (loss) income $ (286,760) $ (4,101) General and administrative expenses 8,449 9,116 Corporate operating expenses to related parties 141 169 Real estate impairment provision 286,126 6,505 Depreciation and amortization 23,3
Slide 14: NOI to Cash NOI Reconciliation
14 For the Quarter Ended For the Quarter Ended 6/30/2025 6/30/2024 (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 $ 9,372 $ 15
Slide 15: Same Store Cash NOI
15 For the Quarter Ended (Unaudited, USD in thousands) 6/30/2025 6/30/2024 CASH NOI ALLOCATION IOS $ 5,722 $ — Traditional Industrial 12,549 11,481 Total Industrial Segment $ 18,271 $ 11,481 Office Segment 24,925 27,279 � Other Segment — 5,242 TOTAL CASH NOI $ 43,196 $ 44,002 SAME STORE CASH NOI ADJ
Slide 16: Reconciliation to FFO, Core FFO and AFFO
16 For the Quarter Ended (Unaudited, USD in thousands, except per share metrics) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 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 17: Reconciliation to Adjusted EBITDAre
17 For the Quarter Ended (Unaudited, USD in thousands) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Reconciliation of Net (loss) income to Adjusted EBITDAre Net (loss) income $ (286,760) $ (53,401) $ 13,816 $ (26,549) $ (4,101) Interest expense 15,135 15,978 15,916 14,140 15,845 Depreciation a
Slide 18: Debt & Capitalization
VX Peakstone Debt & Capitalization
Slide 19: Capitalization and Liquidity
19 (Unaudited, USD in thousands, except for shares) Capitalization Liquidity Contractual Interest Rate Effective Interest Rate1 Remaining Term MAXIMUM CREDIT FACILITY CAPACITY $ 1,082,000 SECURED DEBT Fixed-Rate Secured Debt 4.72% 4.77% 3.6 $ 360,326 Maximum Availability (per credit facility) $ 991,
Slide 20: Consolidated Secured Debt Schedule
20 (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 21: Consolidated Debt Maturity Schedule
21 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 22: Components of Net Asset Value
Components of Net Asset Value 22
Slide 23: Balance Sheet Components
23 (Unaudited, USD in thousands) Annualized Base Rent Balance Sheet Components (cont'd) ABR Percentage of ABR LIABILITIES TOTAL Industrial � � Credit facility2 $ 900,000 IOS $ 24,453 14.6 % Mortgages payable2 360,326 Traditional Industrial 50,445 30.0 % Distributions payable 8,560 74,898 44.6 % Inte
Slide 24: Portfolio Characteristics: Industrial Segment
24 Portfolio Characteristics: Industrial Segment
Slide 25: Industrial National Footprint - Operating Portfolio
25 65 Properties 19 States 32 Markets 5.1 Years WALT1 1 Weighted average based on ABR for Industrial segment. Industrial National Footprint - Operating Portfolio As of June 30, 2025 46 IOS 19 Traditional Industrial
Slide 26: Tenant Concentration: Industrial Segment
26 Top 10 Tenants Tenant/Major Tenant % of ABR1 WALT (years)2 1 Amazon2 13.4% 6.1 2 RH 10.2 5.2 3 3M Company 6.8 1.3 4 Samsonite 6.0 4.4 5 PepsiCo 4.5 3.1 6 Shaw Industries 4.5 7.8 7 Amcor 3.7 7.3 8 Huntington Ingalls 3.6 2.5 9 United Rentals 3.0 3.3 10 Maxim Crane 2.7 6.2 Top 10 Total/Average Lease
Slide 27: Industry Concentration: Industrial Segment
27 Industry Concentration: Industrial Segment As of June 30, 2025 Top 8 Industries Top 20 Sub-Industries Industry % of ABR1 Sub-Industry % of ABR1 1 Capital Goods 29.5 % 1 Broadline Retail 13.4 % 2 Consumer Discretionary Distribution & Retail 26.5 2 Trading Companies & Distributors 11.1 3 Consumer D
Slide 28: Market Concentration: Industrial Segment
28 Geographic Distribution by State (% of ABR1) Market Concentration: Industrial Segment As of June 30, 2025 (USD in thousands) Top 10 Markets (% of ABR)1 Markets ABR % of ABR1 1 Chicago $ 9,430 12.6 % 2 Columbus 7,816 10.4 3 Stockton/Modesto 7,637 10.2 4 Savannah 5,088 6.8 5 Philadelphia 5,080 6.8
Slide 29: Lease Data: Industrial Segment
29 Lease Data: Industrial Segment As of June 30, 2025 (USD in thousands) Lease Expiration Schedule (by ABR%)1 6.8% 10.4% 8.1% 10.2% 11.7% 6.3% 8.1% 5.9% 3.2% 5.9% 5.9% 2.8% 2.3% 5.1% 3.0% 1.6% 2.3% IOS Traditional Industrial 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 >2034 —% 20% Lease Expira
Slide 30: Redevelopment Properties
Redevelopment Properties 30
Slide 31: Redevelopment Properties
31 Redevelopment Properties As of June 30, 2025 CURRENT REDEVELOPMENT Property Name Segment Location Projected Usable Acres1 Leased Percentage as of Quarter-End Occupancy Percentage as of Quarter-End 1 175 Container Road Industrial Savannah, GA 8 - - 2 2687-2691 McCollum Parkway Industrial Kennesaw,
Slide 32: Capital Expenditures
Peakstone Capital Expenditures
Slide 33: Capital Expenditures (Cash Basis)
33 For the Quarter Ended INDUSTRIAL SEGMENT - OPERATING PORTFOLIO 6/30/20251 % of NOI2 3/31/20251 % of NOI2 12/31/20241 % of NOI2 9/30/20241 % of NOI2 IOS Value Enhancing Capital Expenditures $ 275 0.6 % $ — — % $ — — % $ — — % Maintenance Capital Expenditures — — — — — — — — Total IOS Capital Expen
Slide 34: Portfolio Characteristics: Office Segment
34 Portfolio Characteristics: Office Segment
Slide 35: Tenant Concentration: Office Segment
35 Top 10 Tenants Tenant/Major Tenant % of ABR1 WALT (years)2 1 Keurig Dr. Pepper 12.8% 4.4 2 Southern Company Services 10.3 18.7 3 Maxar 8.5 5.0 4 Freeport McMoRan 8.5 1.9 5 McKesson 6.9 3.3 6 Travel & Leisure, Co. 6.5 4.2 7 IGT 5.7 5.5 8 International Paper Company 5.6 4.7 9 Guild Mortgage Company
Slide 36: Market Concentration: Office Segment
36 Geographic Distribution by State (% of ABR1) Market Concentration: Office Segment As of June 30, 2025 (USD in thousands) Top 10 Markets (% of ABR) Markets ABR % of ABR1 1 Phoenix $ 20,458 22.0 % 2 Boston 12,865 13.8 3 Denver 11,086 11.9 4 Birmingham 9,597 10.3 5 Northern New Jersey 9,273 10.0 6 L
Slide 37: Lease Expirations: Office Segment
37 Lease Expirations: Office Segment As of June 30, 2025 (USD in thousands) Lease Maturity Schedule (by ABR%)1 0.1% 2.9% 15.2% 6.4% 26.2% 19.7% 5.7% 4.9% 2.6% —% 16.3% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 >2034 —% 25% Expiring Leases Year Leases Approx. Square Feet ABR % of ABR1 2025 1
Slide 38: Notes & Definitions
Peakstone Notes & Definitions
Slide 39: Notes & Definitions
39 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 40: Notes & Definitions (continued)
40 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 41: Notes & Definitions (continued)
41 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 42: Notes & Definitions (continued)
42 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 43: Notes & Definitions (continued)
43 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
Slide 44: Notes & Definitions (continued)
44 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 9. For the Quarter Ended 3/31/2025 12/31/2024 9/30/2024 (Unaudited, USD in thousands) IOS Traditional Industrial Total Industr
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