Peakstone Realty Trust · NYSE:PKST
Peakstone Realty Trust — Griffin Capital Essential Asset REIT II — Q1 2019 Earnings Presentation
21 slides from Peakstone Realty Trust's earnings presentation, May 22, 2019
Slide 1: Summary of Earnings Results First Quarter 2019
SUMMARY OF EARNINGS RESULTS First Quarter 2019 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 OFFERING. NO OFFERING IS MADE TO NEW YORK
Slide 2: Conference Call Agenda
Conference Call Agenda TOPIC SPEAKER Introduction Michael Escalante | Chief Executive Officer & President Financial Performance Review Javier Bitar | Chief Financial Officer Portfolio Characteristics/Update- Combined Michael Escalante | Chief Executive Officer & President Questions & Answers Michael
Slide 3: Introduction
Introduction Michael Escalante I Chief Executive Officer & President
Slide 4: Financial Performance Review
Financial Performance Review Javier Bitar I Chief Financial Officer
Slide 5: Financial Performance
Financial Performance (dollars in thousands, except per share amounts) Three Months Ended March 31, 2019 2018 Total Revenue $ 26,400 $ 26,789 Net (Loss) Income Attributable to Common Stockholders $ (1,640) $ 803 Net (Loss) Income Attributable to Common Stockholders Per Share, Basic and Diluted $ (0.
Slide 6: Financial Performance
Financial Performance March 31, 2019 December 31, 2018 Total Market Capitalization $1.3 billion $1.2 billion Total Real Estate Acquisition Value $1.1 billion $1.1 billion Total Real Estate, Net of depreciation and amortization $1.0 billion $1.1 billion Total Assets (per balance sheet) $1.1 billion $
Slide 7: Performance Report
Performance Report As of March 31, 2019 Cumulative Total Return as of March 31, 2019(%)(1) Share Class/ Since Commencement of Follow-On Offering Index Ticker Quarter Ended March 31, 2019 September 20, 2017 Class T(2) ZGEATX 1.36% 10.14% Class S(2) ZGEASX 1.26 10.03 Class D ZGEADX 1.55 11.18 Class I
Slide 8: Net Asset Value - Post Merger
Net Asset Value- Post Merger As of April 30, 2019 Set forth below are the components of our daily NAV as of April 30, 2019, calculated in accordance with our valuation procedures (in thousands, except share and per share amounts)(1): Combined (2) As of April 30, 2019 Gross Real Estate Asset Value $
Slide 9: Portfolio Characteristics/Update - Combined
Portfolio Characteristics/Update- Combined Michael Escalante I Chief Executive Officer & President
Slide 10: Portfolio Characteristics - Combined
Portfolio Characteristics- Combined Combined April 30, 2019 Total Market Capitalization (1) $4.7 billion Total Real Estate Acquisition Value $4.1 billion Number of Properties 101 Number of Buildings 124 Size of Portfolio (square feet) 27.2 million Occupied/Leased (based on portfolio square feet) 93.
Slide 11: Portfolio Characteristics - National Diversification
Portfolio Characteristics- Combined National Diversification as of April 30, 2019 18 21 5 13 14 4 12 8 17 6 18 7 13 16 19 *Logos shown are those of tenants, lease guarantors, or non-guarantor parent companies at our properties. • 25 States • 101 Properties • 124 buildings * Logos shown are those of
Slide 12: Portfolio Characteristics - National Diversification
Portfolio Characteristics- Combined National Diversification as of April 30, 2019 GRIFFIN CAPITAL 12
Slide 13: Portfolio Concentration - Tenant Business Diversity
Portfolio Concentration- Combined As of April 30, 2019 Tenant Business Diversity Griffin Capital management makes a Capital Goods: 14.2% conscious effort to achieve diversification by tenant industry as Insurance: 8.7% (2) Griffin Capital Essential Asset REIT II’s All Others: 9.2% portfolio grows. A
Slide 14: Portfolio Concentration - Geographic Distribution and Asset Allocation
Portfolio Concentration- Combined As of April 30, 2019 GEOGRAPHIC DISTRIBUTION ASSET ALLOCATION (By % of Net Rent) (By % of Net Rent) California: 11.5% Office: 83.2% Ohio: 10.6% (1) All Others: 16.5% Texas: 10.5% Alabama: 3.1% Florida: 3.7% North Carolina: Arizona : 8.6% 4.0% South Carolina: 4.0% Il
Slide 15: Portfolio Concentration - Credit Concentration
Portfolio Concentration- Combined As of April 30, 2019 CREDIT CONCENTRATION (By % of Net Rent) (1) Investment Grade: 65.2% Sub-Investment Grade: 31.0% Unrated: 3.8% (1) Investment grade descriptions are those of either tenants, guarantors, and/or non-guarantor parents with investment grade ratings o
Slide 16: Tenant Profile - Top Tenants
Tenant Profile – Top 10 Tenants Combined As of April 30, 2019 Top Tenants % of Portfolio(1) Ratings (2) (3) 3.9% BBB+ 3.4% IG10(4) 3.1% A- 3.0% A2(5) 2.9% BB 2.5% AA 2.5% B1(5) 2.5% HY1(4) (1) Based on net rental payment 12-months subsequent to April 30, 2019. (2) Represents S&P ratings of tenants,
Slide 17: Asset Management Activity
Asset Management Activity Property Name/ Acquisition Prior Lease New Expiration or Tenant Location Date Square Feet Expiration Termination Date Comments New Lease Activity: Greensource Brand 500 Rivertech, Renton, Apparel WA February 2013 12,600 N/A 12/31/2029 New tenant for recently renovated prope
Slide 18: Asset Management Activity
Asset Management Activity Property Name/ Acquisition Prior Lease New Expiration or Tenant Location Date Square Feet Expiration Termination Date Comments Post Quarter End Lease Activity: Tenant consolidating into owned property. Lease terminated effective 30 Independence Blvd, 12/31/18, including pay
Slide 19: Combined Debt Maturity Schedule
Combined Debt Maturity Schedule (including effect of interest rate swap) As of April 30, 2019 (dollars in thousands) Statistics(1) Fixed Floating Total Amount $ 1,446,988 $ 420,939 $ 1,867,927 Percentage 77% 23% 100% W.A. Term Remaining (Yrs) 7.00 5.01 6.55 W.A. Interest Rate (%) 3.84% 3.80% 3.84% E
Slide 20: Questions & Answers
Questions & Answers Michael Escalante I Chief Executive Officer & President Javier Bitar I Chief Financial Officer
Slide 21: Thank you for your participation
for your participation. Raed §=6wWww.gcear.com THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN.
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