Peakstone Realty Trust · NYSE:PKST
Peakstone Realty Trust — Griffin Capital Essential Asset REIT — Q3 2020 Earnings Presentation
21 slides from Peakstone Realty Trust's earnings presentation, Nov 10, 2020
Slide 1: America's Blue-Chip Landlord Third Quarter 2020 Investor Update
Exhibit 99.2 America’s Blue-Chip Landlord™ Third Quarter 2020 Investor Update
Slide 2: 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 3: 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
Slide 4: Table of Contents
Table of Contents PAGE Third Quarter 2020 Highlights 5 Portfolio Update 7 Financial Performance Review 14 4
Slide 5: Third Quarter 2020 Highlights
Third Quarter 2020 Highlights RESTORATION HARDWARE Patterson, CA
Slide 6: Key Highlights
Key Highlights Collected approximately 100% of contractual rent due during the quarter and approximately 100% of contractual rent due in October Achieved total revenue of approximately $100 million for the quarter, a 2.6% increase compared to the same quarter last year Achieved AFFO1 of $0.15 per ba
Slide 7: Portfolio Update
Portfolio Update NETGEAR San Jose, CA
Slide 8: Portfolio Characteristics
Portfolio Characteristics As of September 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) 27.1 million Occupied/Leased (Based on Portfolio Square Feet)2 88.5% / 88.6% Percentage of Cash Flow
Slide 9: Diversified National Portfolio
AS OF SEPTEMBER 30, 2020 Diversified National Portfolio 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. 9
Slide 10: Portfolio Concentration: Tenant Business Diversity
AS OF SEPTEMBER 30, 2020 Portfolio Concentration Tenant Business Diversity 1 (By % of Net Rent) Our management makes a conscious effort to achieve 2 Capital Goods, 13.7% diversification by tenant industry Retailing, 9.9% Health Care Equipment & Services, 9.5% as our portfolio grows. As of Insurance,
Slide 11: Portfolio Concentration: Geographic Distribution and Asset Allocation
AS OF SEPTEMBER 30, 2020 Portfolio Concentration (cont’d) Geographic Distribution Asset Allocation (By % of Net Rent) (By % of Net Rent) Texas 11.7% All Others1 24.4% California 10.1% Office 83.4% Florida 3.7% Ohio 8.9% North Carolina 4.6% Industrial/ Manufacturing/ Flex Colorado Arizona 16.6% 5.0%
Slide 12: Portfolio Concentration: Credit Characteristics
AS OF SEPTEMBER 30, 2020 Portfolio Concentration (cont’d) Credit Characteristics1 Public/Private Composition2 (By % of Net Rent) (By % of Net Rent) Investment Grade Public 59.4% 82.4% BBB WEIGHTED AVERAGE Unrated Credit CREDIT RATING 6.6% Private 17.6% Sub-Investment Grade 34.0% 1. Investment Grade
Slide 13: Strong Tenant Profile: Top Tenants
Strong Tenant Profile: Top 10 Tenants As of 9/30/20 As of 6/30/20 Top Tenants % of Portfolio1 Ratings2 Ratings2 3 1. Based on net rental payment 12-month period 3.5% BBB+ BBB+ subsequent to September 30, 2020. 2. Represents S&P ratings of tenants, guarantors, 3.4% 4 5 or non-guarantor parent entitie
Slide 14: Financial Performance Review
Financial Performance Review WASTE MANAGEMENT Phoenix, AZ
Slide 15: Capital Structure Overview
AS OF SEPTEMBER 30, 2020 Capital Structure Overview Enterprise Value Secured Debt 22.8% Common Equity $2.0 billion Unconsolidated Debt OP Units 0.3 billion (pro rata share) Total Equity 2.3 billion 1.6% Secured Debt 1.0 billion Unsecured Debt 1.2 billion Unsecured Debt, Net Unconsolidated Debt (Pro
Slide 16: Conservative Balance Sheet with Ample Liquidity
AS OF SEPTEMBER 30, 2020 Conservative Balance Sheet with Ample Liquidity Capitalization Consolidated Debt Composition (Including Effect of Interest Rate Swaps) 1.6% Common Equity & OP Units 46.3% Preferred Equity 82.0% Fixed Rate Debt Consolidated Debt Floating Rate Debt 49.4% 18.0% Unconsolidated D
Slide 17: Financial Performance
Financial Performance (in thousands, except per share amounts) Three Months Ended September 30, 2020 2019 Total Revenue $ 100,002 $ 97,435 Net income attributable to common stockholders per share, basic and diluted $ (0.04) $ 0.04 Adjusted EBITDA1 $ 64,552 $ 64,076 2 FFO attributed to common stockho
Slide 18: Determination of NAV
Determination of NAV (in thousands, except share and per share amounts) Set forth below are the components of our daily NAV as of September 30, 2020 and June 30, 2020, calculated in accordance with our valuation procedures: September 30, 2020 June 30, 2020 Gross Real Estate Asset Value $ 4,299,301 $
Slide 19: Share Performance
Share Performance Total Return as of September 30, 20201 Excluding Sales Load2 Including Sales Load Quarter Ended Since Inception Since Inception Share Class/ Index Ticker Inception Date3 September 30, 2020 (Annualized) (Annualized) Class T ZGEATX 9/20/2017 1.29% 3.16% 1.96% Class S ZGEASX 9/20/2017
Slide 20: Debt Maturity Schedule
AS OF SEPTEMBER 30, 2020 Debt Maturity Schedule (including effect of interest rate swaps) Weighted Average Debt Maturity: 4.9 years $900,000 $742,6941 $750,000 $600,000 $433,5992 $375,0005 $450,000 $250,0006 (Thousands) $300,000 $126,9703 $150,0004 $104,3527 $150,000 $0 $0 $0 $0 2020 2021 2022 2023
Slide 21: 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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