Peakstone Realty Trust Reports 2023 Second Quarter Results
- None.
- None.
- Sold Five Properties for
- Continued Deleveraging of Balance Sheet
Second Quarter 2023 Highlights
-
Revenue of approximately
.$62.5 million -
Net loss of approximately
; net loss attributable to common shareholders of approximately$(452.4) million , or$(416.5) million per basic and diluted share. Net loss for the quarter was impacted primarily due to non-cash impairments, property dispositions, and non-recurring expenses.$(11.59) -
Funds from Operations (“FFO”) 1 of
per basic and diluted share/unit. FFO for the quarter was impacted primarily due to property dispositions and non-recurring expenses.$(0.27) -
Adjusted Funds from Operation ("AFFO")1 of
per basic and diluted share/unit.$0.73 -
Same Store Cash Net Operating Income (“Same Store Cash NOI”)2 of approximately
.$48.0 million -
Portfolio occupancy increased to
96% based on rentable square feet. -
Board of Trustees declared a dividend of
per common share for the second quarter.$0.22 5 -
Subsequent to quarter-end, the Board of Trustees approved a
ATM offering program.$200 million
“We continue to successfully execute our disposition and deleveraging strategy” stated Michael J. Escalante, PKST's Chief Executive Officer. “Due to our cycle-tested team’s experience and capital markets proficiency, we have enhanced our balance sheet through the sale of non-core assets. These sales have enabled us to further improve our leverage metrics, refine our asset composition, and strengthen the financial profile of the Company. Our high-quality, resilient portfolio is delivering consistent performance, and we remain focused on working towards achieving an investment-grade rating.”
Portfolio
As of June 30, 2023, the Company’s wholly-owned portfolio (i) consisted of 73 properties located in 24 states with a weighted average remaining lease term of approximately 6.5 years, (ii) was
Transaction Activity
During the second quarter, the Company sold five office properties for gross disposition proceeds of
Financial/Operating Results
Revenue
In the second quarter, total revenue was approximately
Net (Loss) Income Attributable to Common Shareholders
In the second quarter, net loss attributable to common shareholders was approximately
FFO
In the second quarter, FFO was approximately
AFFO
In the second quarter, AFFO was approximately
Same Store Cash NOI
In the second quarter, Same Store Cash NOI was approximately
Balance Sheet
As of June 30, 2023, the Company had
On April 10, 2023, the Company redeemed all 5,000,000 shares of Series A Preferred Cumulative Perpetual Convertible Preferred Stock (the “Series A Preferred Shares”) which were issued to and held by a third-party international investor) by making (i) a redemption payment of
ATM Offering Program
On August 2, 2023, the Board of Trustees approved a
Dividends
On June 20, 2023, the Board declared a distribution for the second quarter in the amount of
Second Quarter 2023 Earnings Webcast
PKST will host a webcast to present the second quarter results on Tuesday, August 8, 2023 at 5:00 p.m. Eastern Time. To access the webcast, please visit https://investors.pkst.com/investors/events-and-presentations/events/event-details/2023/Second-Quarter-2023-Earnings-Call/default.aspx at least ten minutes prior to the scheduled start time to register and install any necessary software. A replay of the webcast will be available on the Company’s website shortly after the initial presentation. To access by phone, please use the following dial-in numbers. For domestic callers, please dial 1-877-407-9716; for international callers, please dial 1-201-493-6779.
About Peakstone Realty Trust
Peakstone Realty Trust (NYSE: PKST) is an internally managed, real estate investment trust (REIT) that owns and operates a high-quality, newer-vintage portfolio of predominantly single-tenant industrial and office properties. These assets are generally leased to creditworthy tenants under long-term net lease agreements with contractual rent escalations. As of June 30, 2023, Peakstone’s wholly-owned portfolio consists of 18.2 million square feet across 24 states in primarily high-growth, strategic coastal and sunbelt markets.
Additional information is available at www.pkst.com.
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 Exchange Act of 1934, as amended (the “Exchange Act”). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.
The forward-looking statements contained in this document reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from those expressed in any forward-looking statement. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: general economic and financial conditions; market volatility; inflation; any potential recession or threat of recession; interest rates; recent and ongoing disruption in the debt and banking markets; occupancy, rent deferrals and the financial condition of our tenants; whether work-from-home trends or other factors will impact the attractiveness of industrial and/or office assets; whether we will be successful in renewing leases as they expire; future financial and operating results, plans, objectives, expectations and intentions; expected sources of financing, including the ability to maintain the commitments under our revolving credit facility, and the availability and attractiveness of the terms of any such financing; legislative and regulatory changes that could adversely affect our business; our future capital expenditures, operating expenses, net income, operating income, cash flow and developments and trends of the real estate industry; whether we will be successful in the pursuit of our business plan, including any dispositions; whether we will succeed in our investment objectives; any fluctuation and/or volatility of the trading price of our common shares; risks associated with our dependence on key personnel whose continued service is not guaranteed; and other factors, including those risks disclosed in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the
While forward-looking statements reflect our good faith beliefs, assumptions and expectations, they are not guarantees of future performance. The forward-looking statements speak only as of the date of this document. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes after the date of this document, except as required by applicable law. We caution investors not to place undue reliance on any forward-looking statements, which are based only on information currently available to us.
Notice Regarding Non-GAAP Financial Measures. In addition to
___________________________________
1 See below for the definitions of FFO and AFFO and for a reconciliation of FFO and AFFO to the most directly comparable GAAP financial measure.
2 Same Store Cash Net Operating Income is a non-GAAP financial measure. See below for the definition of Same Store Cash Net Operating Income and for a reconciliation of Same Store Cash Net Operating Income.
3 “Annualized base rent” or “ABR” means the contractual base rent excluding abatement periods and deducting base year operating expenses for gross and modified gross leases as of June 30, 2023, unless otherwise specified, multiplied by 12 months. For properties in the Company's portfolio that had rent abatement periods as of June 30, 2023, we used the monthly contractual base rent payable following expiration of the abatement.
4 “Investment grade” means an investment grade credit rating from a NRSRO approved by the
PEAKSTONE REALTY TRUST CONSOLIDATED BALANCE SHEETS (Unaudited; in thousands, except units and share amounts) |
|||||||
|
|
||||||
|
June 30, 2023 |
|
December 31, 2022 |
||||
ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
360,626 |
|
|
$ |
233,180 |
|
Restricted cash |
|
3,042 |
|
|
|
4,764 |
|
Real estate: |
|
|
|
||||
Land |
|
245,872 |
|
|
|
327,408 |
|
Building and improvements |
|
2,045,409 |
|
|
|
2,631,965 |
|
Tenant origination and absorption cost |
|
421,795 |
|
|
|
535,889 |
|
Construction in progress |
|
1,576 |
|
|
|
1,994 |
|
Total real estate |
|
2,714,652 |
|
|
|
3,497,256 |
|
Less: accumulated depreciation and amortization |
|
(526,085 |
) |
|
|
(644,639 |
) |
Total real estate, net |
|
2,188,567 |
|
|
|
2,852,617 |
|
Investments in unconsolidated entity |
|
146,395 |
|
|
|
178,647 |
|
Intangible assets, net |
|
31,315 |
|
|
|
33,861 |
|
Deferred rent receivable |
|
63,053 |
|
|
|
79,572 |
|
Deferred leasing costs, net |
|
17,432 |
|
|
|
26,507 |
|
Goodwill |
|
94,678 |
|
|
|
94,678 |
|
Right of use asset |
|
34,615 |
|
|
|
35,453 |
|
Interest rate swap asset |
|
41,046 |
|
|
|
41,404 |
|
Other assets |
|
29,457 |
|
|
|
31,877 |
|
Real estate assets and other assets held for sale, net |
|
— |
|
|
|
20,816 |
|
Total assets |
$ |
3,010,226 |
|
|
$ |
3,633,376 |
|
LIABILITIES AND EQUITY |
|
|
|
||||
Debt, net |
|
1,460,536 |
|
|
|
1,485,402 |
|
Restricted reserves |
|
627 |
|
|
|
627 |
|
Distributions payable |
|
8,295 |
|
|
|
12,402 |
|
Due to related parties |
|
1,043 |
|
|
|
1,458 |
|
Intangible liabilities, net |
|
17,989 |
|
|
|
20,658 |
|
Lease liability |
|
46,368 |
|
|
|
46,519 |
|
Accrued expenses and other liabilities |
|
80,542 |
|
|
|
80,175 |
|
Total liabilities |
|
1,615,400 |
|
|
|
1,647,241 |
|
|
|
|
|
||||
Commitments and contingencies (Note 13) |
|
|
|
||||
|
|
|
|
||||
Perpetual convertible preferred shares |
|
— |
|
|
|
125,000 |
|
Noncontrolling interests subject to redemption; zero and 61,788 units as of June 30, 2023 and December 31, 2022 |
|
— |
|
|
|
3,812 |
|
Shareholders’ equity: |
|
|
|
||||
Common shares, |
|
36 |
|
|
|
36 |
|
Additional paid-in capital |
|
2,959,011 |
|
|
|
2,948,600 |
|
Cumulative distributions |
|
(1,059,668 |
) |
|
|
(1,036,678 |
) |
Accumulated (loss) income |
|
(680,369 |
) |
|
|
(269,926 |
) |
Accumulated other comprehensive income (loss) |
|
40,282 |
|
|
|
40,636 |
|
Total shareholders’ equity |
|
1,259,292 |
|
|
|
1,682,668 |
|
Noncontrolling interests |
|
135,534 |
|
|
|
174,655 |
|
Total equity |
|
1,394,826 |
|
|
|
1,857,323 |
|
Total liabilities and equity |
$ |
3,010,226 |
|
|
$ |
3,633,376 |
|
PEAKSTONE REALTY TRUST CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; in thousands, except share and per share amounts) |
|||||||
|
|
|
|
||||
|
Three Months Ended June 30, |
||||||
|
|
2023 |
|
|
|
2022 |
|
Revenue: |
|
|
|
||||
Rental income |
$ |
62,540 |
|
|
$ |
123,073 |
|
Expenses: |
|
|
|
||||
Property operating expense |
|
6,919 |
|
|
|
14,335 |
|
Property tax expense |
|
5,545 |
|
|
|
11,482 |
|
Property management fees |
|
430 |
|
|
|
1,045 |
|
General and administrative expenses |
|
12,030 |
|
|
|
8,750 |
|
Corporate operating expenses to related parties |
|
341 |
|
|
|
416 |
|
Depreciation and amortization |
|
30,472 |
|
|
|
59,980 |
|
Real estate impairment provision |
|
397,373 |
|
|
|
75,557 |
|
Total expenses |
|
453,110 |
|
|
|
171,565 |
|
Income before other income and (expenses) |
|
(390,570 |
) |
|
|
(48,492 |
) |
Other income (expenses): |
|
|
|
||||
Interest expense |
|
(16,068 |
) |
|
|
(22,366 |
) |
Other income (loss), net |
|
2,747 |
|
|
|
(196 |
) |
Net loss from investment in unconsolidated entity |
|
(17,508 |
) |
|
|
— |
|
Gain (loss) from disposition of assets |
|
(9,701 |
) |
|
|
— |
|
Transaction expenses |
|
(21,303 |
) |
|
|
(5,545 |
) |
Net (loss) income |
|
(452,403 |
) |
|
|
(76,599 |
) |
Distributions to redeemable preferred shareholders |
|
— |
|
|
|
(2,516 |
) |
Preferred units redemption |
|
(4,970 |
) |
|
|
— |
|
Net (income) loss attributable to noncontrolling interests |
|
40,909 |
|
|
|
6,952 |
|
Net income (loss) attributable to controlling interest |
|
(416,464 |
) |
|
|
(72,163 |
) |
Distributions to redeemable noncontrolling interests attributable to common shareholders |
|
(13 |
) |
|
|
(44 |
) |
Net (loss) income attributable to common shareholders |
$ |
(416,477 |
) |
|
$ |
(72,207 |
) |
Net (loss) income attributable to common shareholders per share, basic and diluted |
$ |
(11.59 |
) |
|
$ |
(2.00 |
) |
Weighted average number of common shares outstanding, basic and diluted |
|
35,922,706 |
|
|
|
36,079,905 |
|
Cash distributions declared per common share |
$ |
0.23 |
|
|
$ |
0.79 |
|
PEAKSTONE REALTY TRUST
Funds from Operations and Adjusted Funds from Operations
(Unaudited; in thousands except share and per share amounts)
FFO and AFFO are non-GAAP financial measures that we believe are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"). FFO is defined as net income or loss computed in accordance with GAAP, excluding extraordinary items, as defined by GAAP, and gains and losses from sales of depreciable real estate assets, adding back impairment write-downs of depreciable real estate assets, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustment for unconsolidated partnerships, joint ventures and preferred distributions. Because FFO calculations exclude such items as depreciation and amortization of depreciable real estate assets and gains and losses from sales of depreciable real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), they facilitate comparisons of operating performance between periods and between other REITs. As a result, the Company believes that the use of FFO, together with the required GAAP presentations, provides a more complete understanding of the Company's performance relative to its competitors and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. It should be noted, however, that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than the Company does, making comparisons less meaningful.
Additionally, the Company uses AFFO as a non-GAAP financial measure to evaluate the Company's operating performance. AFFO excludes non-routine and certain non-cash items such as revenues in excess of cash received, amortization of share-based compensation net, deferred rent, amortization of in-place lease valuation, acquisition-related costs, financed termination fee, net of payments received, gain or loss from the extinguishment of debt, unrealized gains (losses) on derivative instruments, write-off transaction costs and other one-time transactions. FFO and AFFO have been revised to include amounts available to both common shareholders and limited partners for all periods presented.
AFFO is a measure used among the Company's peer group. The Company also believes that AFFO is a recognized measure of sustainable operating performance by the REIT industry. Further, the Company believes AFFO is useful in comparing the sustainability of its operating performance with the sustainability of the operating performance of other real estate companies.
Management believes that AFFO is a beneficial indicator of its ongoing portfolio performance and ability to sustain its current distribution level. More specifically, AFFO isolates the financial results of the Company's operations. AFFO, however, is not considered an appropriate measure of historical earnings as it excludes certain significant costs that are otherwise included in reported earnings. Further, since the measure is based on historical financial information, AFFO for the period presented may not be indicative of future results or the Company's future ability to make or sustain distributions. By providing FFO and AFFO, the Company presents information that assists investors in aligning their analysis with management’s analysis of long-term operating activities.
For all of these reasons, the Company believes the non-GAAP measures of FFO and AFFO, in addition to net income (loss) are helpful supplemental performance measures and useful to investors in evaluating the performance of the Company's real estate portfolio. However, a material limitation associated with FFO and AFFO is that they are not indicative of the Company's cash available to fund distributions since other uses of cash, such as capital expenditures at the Company's properties and principal payments of debt, are not deducted when calculating FFO and AFFO. The use of AFFO as a measure of long-term operating performance on value is also limited if the Company does not continue to operate under its current business plan as noted above. FFO and AFFO should not be viewed as a more prominent measure of performance than net income (loss) and each should be reviewed in connection with GAAP measurements.
Neither the SEC, NAREIT, nor any other applicable regulatory body has opined on the acceptability of the adjustments contemplated to adjust FFO in order to calculate AFFO and its use as a non-GAAP performance measure. In the future, NAREIT may decide to standardize the allowable exclusions across the REIT industry, and the Company may have to adjust the calculation and characterization of this non-GAAP measure.
|
Three Months Ended June 30, |
||||||
|
|
2023 |
|
|
|
2022 |
|
Net (loss) income |
$ |
(452,403 |
) |
|
$ |
(76,599 |
) |
Adjustments: |
|
|
|
||||
Depreciation of building and improvements |
|
19,538 |
|
|
|
32,494 |
|
Amortization of leasing costs and intangibles |
|
11,031 |
|
|
|
27,575 |
|
Impairment provision, real estate |
|
397,373 |
|
|
|
75,557 |
|
Equity interest of depreciation of building and improvements - unconsolidated entities |
|
9,020 |
|
|
|
— |
|
Gain from disposition of assets, net |
|
9,701 |
|
|
|
— |
|
FFO |
|
(5,740 |
) |
|
|
59,027 |
|
Distribution to redeemable preferred shareholders |
|
— |
|
|
|
(2,516 |
) |
Preferred units redemption charge |
|
(4,970 |
) |
|
|
— |
|
FFO attributable to common shareholders and limited partners |
$ |
(10,710 |
) |
|
$ |
56,511 |
|
Reconciliation of FFO to AFFO: |
|
|
|
||||
FFO attributable to common shareholders and limited partners |
$ |
(10,710 |
) |
|
$ |
56,511 |
|
Adjustments: |
|
|
|
||||
Revenues in excess of cash received, net |
|
(2,644 |
) |
|
|
(3,389 |
) |
Amortization of share-based compensation |
|
2,626 |
|
|
|
1,685 |
|
Deferred rent - ground lease |
|
435 |
|
|
|
511 |
|
Unrealized loss (gain) on investments |
|
(5 |
) |
|
|
68 |
|
Amortization of above/(below) market rent, net |
|
(291 |
) |
|
|
(432 |
) |
Amortization of debt premium/(discount), net |
|
83 |
|
|
|
102 |
|
Amortization of ground leasehold interests |
|
(97 |
) |
|
|
(90 |
) |
Amortization of below tax benefit amortization |
|
372 |
|
|
|
372 |
|
Amortization of deferred financing costs |
|
655 |
|
|
|
840 |
|
Company's share of amortization of deferred financing costs- unconsolidated entity |
|
10,655 |
|
|
|
— |
|
Company's share of revenues in excess of cash received (straight-line rents) - unconsolidated entity |
|
(750 |
) |
|
|
— |
|
Company's share of amortization of above market rent - unconsolidated entity |
|
(26 |
) |
|
|
— |
|
Write-off of transaction costs |
|
— |
|
|
|
10 |
|
Employee separation expense |
|
2,042 |
|
|
|
2 |
|
Transaction expenses |
|
21,303 |
|
|
|
5,545 |
|
Amortization of lease inducements |
|
49 |
|
|
|
284 |
|
Preferred units redemption charge |
|
4,970 |
|
|
|
— |
|
AFFO available to common shareholders and limited partners |
$ |
28,667 |
|
|
$ |
62,019 |
|
FFO per share, basic and diluted |
$ |
(0.27 |
) |
|
$ |
1.43 |
|
AFFO per share, basic and diluted |
$ |
0.73 |
|
|
$ |
1.57 |
|
|
|
|
|
||||
Weighted-average common shares outstanding - basic and diluted EPS |
|
35,922,706 |
|
|
|
36,079,905 |
|
Weighted-average OP Units |
|
3,528,666 |
|
|
|
3,537,654 |
|
Weighted-average common shares and OP Units outstanding - basic and diluted FFO/AFFO |
|
39,451,372 |
|
|
|
39,617,559 |
|
PEAKSTONE REALTY TRUST
Net Operating Income, including Cash and Same Store Cash NOI
(Unaudited; in thousands)
Net operating income ("NOI”) is a non-GAAP financial measure calculated as net (loss) income, the most directly comparable financial measure calculated and presented in accordance with GAAP, excluding equity in the earnings of our unconsolidated real estate joint ventures, general and administrative expenses, interest expense, depreciation and amortization, impairment of real estate, gains or losses on early extinguishment of debt, gains or losses on sales of real estate, investment income or loss and termination income. Net operating income on a cash basis (“Cash NOI”) is net operating income adjusted to exclude the effect of straight-line rent and amortization of acquired above- and below market lease intangibles adjustments required by GAAP. Net operating income on a cash basis for our Same Store portfolio (“Same Store Cash NOI”) is Cash NOI for properties held for the entirety of all periods presented. We believe that NOI, Cash NOI and Same-Store Cash NOI are helpful to investors as additional measures of operating performance because we believe they help both investors and management to understand the core operations of our properties excluding corporate and financing-related costs and non-cash depreciation and amortization. NOI, Cash NOI and Same Store Cash NOI are unlevered operating performance metrics of our properties and allow for a useful comparison of the operating performance of individual assets or groups of assets. These measures thereby provide an operating perspective not immediately apparent from GAAP income from operations or net income (loss). In addition, NOI, Cash NOI and Same Store Cash NOI are considered by many in the real estate industry to be useful starting points for determining the value of a real estate asset or group of assets. Because NOI, Cash NOI and Same Store Cash NOI exclude depreciation and amortization and capture neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of NOI, Cash NOI and Same Store Cash NOI as measures of our performance is limited. Therefore, NOI, Cash NOI and Same Store Cash NOI should not be considered as alternatives to net (loss) income, as computed in accordance with GAAP. NOI, Cash NOI and Same Store Cash NOI may not be comparable to similarly titled measures of other companies.
Our calculation of each of NOI, Cash NOI and Same Store Cash NOI is presented in the following table for three months ended June 30, 2023 and June 30, 2022 (dollars in thousands):
|
|
Three Months Ended June 30, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
Reconciliation of Net Income to Total NOI |
|
|
|
|
||||
Net income |
|
$ |
(452,403 |
) |
|
$ |
(76,599 |
) |
General and administrative expenses |
|
|
12,030 |
|
|
|
8,750 |
|
Corporate operating expenses to related parties |
|
|
341 |
|
|
|
416 |
|
Impairment provision, real estate |
|
|
397,373 |
|
|
|
75,557 |
|
Depreciation and amortization |
|
|
30,472 |
|
|
|
59,980 |
|
Interest expense |
|
|
16,068 |
|
|
|
22,366 |
|
Other loss (income), net |
|
|
(2,747 |
) |
|
|
196 |
|
Loss from investment in unconsolidated entities |
|
|
17,508 |
|
|
|
— |
|
Gain from disposition of assets |
|
|
9,701 |
|
|
|
— |
|
Transaction expense |
|
|
21,303 |
|
|
|
5,545 |
|
Total NOI |
|
$ |
49,646 |
|
|
$ |
96,211 |
|
|
|
|
|
|
||||
Non-Cash Adjustments: |
|
|
|
|
||||
Straight line rent |
|
|
(2,645 |
) |
|
|
(2,632 |
) |
In-place lease amortization |
|
|
(291 |
) |
|
|
(432 |
) |
Deferred termination income |
|
|
— |
|
|
|
(758 |
) |
Deferred ground lease |
|
|
435 |
|
|
|
511 |
|
Other intangible amortization |
|
|
372 |
|
|
|
372 |
|
Inducement amortization |
|
|
49 |
|
|
|
284 |
|
Total Cash NOI |
|
$ |
47,566 |
|
|
$ |
93,556 |
|
|
|
|
|
|
||||
Same Store Cash NOI Adjustments |
|
|
|
|
||||
Recently acquired properties |
|
|
— |
|
|
|
— |
|
Recently disposed properties |
|
|
529 |
|
|
|
(38,249 |
) |
Same store inducement amortization adjustment |
|
|
(49 |
) |
|
|
(284 |
) |
Total Same Store Cash NOI Adjustments |
|
|
480 |
|
|
|
(38,533 |
) |
Total Same Store Cash NOI |
|
$ |
48,046 |
|
|
$ |
55,023 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230808039171/en/
Investor Relations:
ir@pkst.com
Media:
Joele Frank, Wilkinson Brimmer Katcher
peakstone@joelefrank.com
Source: Peakstone Realty Trust
FAQ
What are the financial results of Peakstone Realty Trust for Q2 2023?
How much did Peakstone Realty Trust sell its properties for in Q2 2023?