Peakstone Realty Trust · NYSE:PKST
Peakstone Realty Trust — Griffin Capital Essential Asset REIT — Merger or Acquisition (November 2020)
17 slides from Peakstone Realty Trust's merger presentation, Nov 2, 2020
Slide 1: Griffin Capital Essential Asset REIT to Acquire CCIT II
Exhibit 99.2 America’s Blue-Chip LandlordTM November 2020 Griffin Capital Essential Asset REIT to Acquire CCIT II
Slide 2: Table of Contents
Table of Contents I.I Transaction Overview II.II Market Opportunity V.III Combined Company Value Proposition 2
Slide 3: I. Transaction Overview
I. Transaction Overview NETGEAR San Jose, CA
Slide 4: Details of Transaction
Details of Transaction n Griffin Capital Essential Asset REIT, Inc. (“GCEAR”) to acquire Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”) to form the “Combined Proposed Company” in a 100% stock-for-stock transaction Transaction n Exchange ratio of 1.392 GCEAR shares for each CCIT II share,
Slide 5: Benefits of the Combined Company
Benefits of the Combined Company High-Quality n GCEAR and CCIT II both own high-quality mission critical corporate office and industrial assets with long-term, net leases to creditworthy Complementary corporate tenants Portfolios n Both companies have national portfolios with similar investment stra
Slide 6: Combination of GCEAR and CCIT II Forms a Market Leading Corporate Net-Lease REIT
Combination of GCEAR and CCIT II Forms a Market Leading Corporate Net-Lease REIT GCEAR CCIT II Combined Company Total Asset Value ($ bn) $ 4.7 $ 1.1 $ 5.8 Size Net Asset Value ($ bn) $ 2.3 $ 0.7 $ 3.0 # Properties (units) 99 26 125 % Leased1 89 % 100 % 90 % Sq Ft (mm) 27.0 3.9 30.9 WALT (Years)1 7.2
Slide 7: Diversification Across Tenants, Tenant Industries and Geographic Locations
Diversification Across Tenants, Tenant Industries and Geographic Locations CCIT II Properties Closely Align with GCEAR’s Target Markets Diversified Portfolio of Credit-Worthy Tenants GCEAR Properties CCIT II Properties Top % of 2 Tenants Portfolio1 Ratings 3.3 % BBB 3.2 % BBB+ 2.7 % B+ 2.5 % A- 2.5
Slide 8: II. Market Opportunity
II. Market Opportunity RESTORATION HARDWARE Patterson, CA
Slide 9: GCEAR will Become One of the Largest Office and Industrial Net-Lease REITs
GCEAR will Become One of the Largest Office and Industrial Net-Lease REITs …Whereas the Combined Company Has a Large Net-Lease REITs Generally Have Significant Retail Concentration… Focused Corporate Net-Lease Strategy1 Green Street Net-Lease Average Combined Company 8 % 6 % 14 % 19 % 18 % 16 % 20 %
Slide 10: High-Quality Tenant Base Results in Durable Income, as Evidenced by the Current Pandemic
High-Quality Tenant Base Results in Durable Income, as Evidenced by the Current Pandemic Combined Company Investment Grade Tenancy Superior Tenant Credit Quality Insulated is More than Double the Net-Lease REIT GCEAR’s Revenue Stream Compared to the Average Average Net-Lease REIT 58% Q2 Rent Collect
Slide 11: Secular Shift in Market Dynamics Provides Runway for Continued Growth
Secular Shift in Market Dynamics Provides Runway for Continued Growth Current Market Observations Opportunities for GCEAR n Demographic shift towards suburban markets (led by millennials) spurred by lower üSuburban Office cost of living and greater quality of life provides tail-wind to suburban offi
Slide 12: III. Combined Company Value Proposition
III. Combined Company Value Proposition WASTE MANAGEMENT Phoenix, AZ
Slide 13: Transaction Represents a Continuation of GCEAR's 11+ Year Track Record of Strategic Growth
Transaction Represents a Continuation of GCEAR's 11+ Year Track Record of Strategic Growth Our PriorOrigins to the merger, GCEAR had The merger represents GCEAR’s fourth large Significant value creation with acquired 113 properties portfolio transaction and third 14 full-cycle properties with a $4.8
Slide 14: GCEAR's Hands-On Asset Management Platform Provides Opportunity for Internal Growth
GCEAR’s Hands-On Asset Management Platform Provides Combined Company Opportunity for Internal Growth While Maintaining Stability Best-in-Class Asset Management Team Focused on Minimizing Risk & Maximizing Value Minimizing Downtime Diligent Risk Monitoring n Pre-identifying vacancy n Continual credit
Slide 15: Combined Company Value Proposition
Combined Company Value Proposition 1 One of the Largest Publicly Registered, Internally-Managed, Office and Industrial Net-Lease REITs ü Internal management results in superior alignment of interests with shareholders and lower overhead costs ü Scale and flexible balance sheet allows for opportunity
Slide 16: Disclaimer: Additional Information About the Merger
Disclaimer ADDITIONAL INFORMATION ABOUT THE MERGER In connection with the proposed merger, GCEAR intends to file a registration statement on Form S-4 with the SEC that will include a proxy statement of CCIT II and will also constitute a prospectus of GCEAR. This communication is not a substitute for
Slide 17: Disclaimer on Forward-Looking Statements
Disclaimer on Forward-Looking Statements This presentation contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements can generally be ident
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