Peakstone Realty Trust (PKST) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

are at pqst.com with any questions. The company will be making forward-looking statements, which include any statements that are not historical facts on today's webcast. Such forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. For a further discussion of risks related to our business, please see our annual report on Form 10-K and subsequent filings with the SEC. On this call, the company may refer to certain non-GAAP financial measures, such as funds from operations, core funds from operations, adjusted funds from operations, EBITDA RE, and adjusted EBITDA RE. You can find a tabular reconciliation of these non-GAAP financial measures to the most currently comparable GAAP numbers in the company's earnings release and filings with the SEC. On the call today are Mike Escalante, CEO of Presidents, and Javier Bitter, CFO. With that, I'll hand the call over to Mike. Good afternoon. Thank you for joining our call today. We continue to advance our strategic transformation into an industrial RE. Growth in the industrial outdoor storage, or iOS subsector, remains central to this strategy. Our focus is on scaling our iOS platform through acquisitions and leasing, divesting our remaining office assets, and reducing leverage. During and subsequent to quarter end, we made meaningful progress across each of these focus areas. Let me start with the recent activity across our iOS platform, where we continue to drive both external and internal growth. We expanded our iOS portfolio with two acquisitions, totaling approximately $52 million. First, we acquired a 27 usable acre property in an infill sub-market in Atlanta for approximately $42 million. This site is located along one of Atlanta's mos...