- Sold Three Properties for Approximately $170
Million
- Continued Deleveraging of Balance Sheet
Peakstone Realty Trust ("PKST" or the "Company") (NYSE: PKST), a
real estate investment trust focused on owning and operating a
high-quality, newer-vintage portfolio of predominantly
single-tenant industrial and office properties, today announced its
financial results for the quarter ended March 31, 2023.
First Quarter 2023
Highlights
- Revenue of approximately $67.0 million.
- Net income of approximately $9.0 million; net income
attributable to common shareholders of approximately $6.0 million,
or $0.17 per basic and diluted share.
- Funds from Operations (“FFO”) 1 of $0.37 per basic and diluted
share/unit.
- Adjusted Funds from Operation ("AFFO")1 of $0.68 per basic and
diluted share/unit.
- Same Store Cash Net Operating Income (“Same Store Cash NOI”) of
approximately $48.4 million.
- Sold three properties for $169.6 million of gross disposition
proceeds.
- Amended existing corporate credit facility (the "Facility") to
add an additional extension option to the revolving credit facility
(the "Revolver") through January 2026.
- Paid off the $400 million 2024 Facility term loan using
capacity from the Revolver.
- Paid off a $19.1 million secured loan.
- Board of Trustees declared a dividend of $0.075 per common
share for March 2023.
Subsequent Events
- On April 10, 2023, redeemed all preferred shares (being 5
million Series A Preferred Shares which were issued to and held by
a third-party international investor).
- On April 13, 2023, listed common shares on the New York Stock
Exchange (“NYSE”) under the ticker “PKST”.
“We have successfully executed on several key items in our
business plan, including amending our revolving credit facility to
add an additional extension option, redeeming all of our preferred
shares, and listing the Company’s common shares on the New York
Stock Exchange,” stated Michael J. Escalante, PKST's Chief
Executive Officer. “Going forward, we are focused on achieving an
investment grade rating by continuing to improve our balance sheet.
We are well-positioned in this regard as our high-quality,
resilient portfolio generates ample free cash flow, and we have no
significant debt maturities. We are excited about the future and
committed to maximizing value for all our shareholders.”
Financial Results
Revenue
In the first quarter, total revenue was approximately $67.0
million which represents a $49.2 million decrease in rental income
compared to the same quarter last year primarily due to the
disposition of 48 properties in 2022 and three properties in the
first quarter of 2023.
Net (Loss) Income Attributable to Common Shareholders
In the first quarter, net income attributable to common
shareholders was approximately $6.0 million, or $0.17 per basic and
diluted share, compared to net income attributable to common
shareholders of approximately $0.2 million, or zero per basic and
diluted share, for the same quarter last year, primarily due to the
net gain of $30.6 million recognized as a result of the sale of the
three properties in the first quarter of 2023, partially offset by
the net (loss) from investment in unconsolidated entities of
$(14.7) million.
FFO and AFFO
In the first quarter, FFO was approximately $14.7 million, or
$0.37 per basic and diluted share, compared to $53.2 million, or
$1.34 per basic and diluted share, for the same quarter last year.
In the first quarter of 2023, AFFO was approximately $26.8 million,
or $0.68 per basic and diluted share, compared to $56.0 million or
$1.41 per basic and diluted share, for the same quarter last year.
The change in both FFO and AFFO is primarily due to the decrease in
rental income of $49.2 million as a result of the disposition of 48
properties in 2022 and three properties in the first quarter of
2023.
Same Store Cash NOI
In the first quarter, Same Store Cash NOI was approximately
$48.4 million, which is a $2.5 million decrease compared to the
same quarter last year primarily due to a $2.2 million rent
concession related to a lease renewal.
Operating Results
As of March 31, 2023, the Company’s wholly-owned portfolio (i)
consisted of 78 properties located in 24 states with a weighted
average remaining lease term of approximately 6.9 years, (ii) was
95.3% leased with an average economic occupancy of 94.6% comprised
of Industrial (100%), Office (98.2%), and Other (75.6%), and (iii)
generated approximately 61.5% of annualized base rent2 pursuant to
leases with respect to which the tenant, the guarantor or a
non-guarantor parent of the tenant has an investment grade credit
rating or what management believes is a generally equivalent
rating3.
Transaction Activity
During the first quarter, the Company completed sales of the
following three properties for gross disposition proceeds of $169.6
million: (i) a property located in Irvine, CA for a $40 million
gross disposition price; (ii) a property located in Clinton, SC for
a $19.3 million gross disposition price; and (iii) a property
located in Herndon, VA for a $110.3 million gross disposition
price. The Company recognized a net gain of $30.6 million as a
result of these sales.
Balance Sheet
As of March 31, 2023, the Company had $368.2 million in cash on
hand and $132.3 million of available capacity on the Revolver, for
total liquidity of $500.5 million. The Company’s total consolidated
debt was $1.5 billion. Including the effect of the Company’s
interest rate swap agreements with a total notional amount of
$750.0 million, the Company’s weighted average interest rate as of
March 31, 2023 was 4.2% for both the Company’s fixed-rate and
variable-rate debt combined.
During the first quarter, the Company amended its Facility to
allow it, subject to customary conditions, to extend the maturity
date of the $750.0 million Revolver from June 2024 through January
2026. Additionally, the Company prepaid the full outstanding
principal balance of its $400 million 2024 Facility term loan,
which was maturing in April 2024, with proceeds from a $400 million
draw on the Revolver. The Company also repaid the $19.1 million
outstanding principal balance related to a mortgage loan that was
maturing in April 2023.
During the first quarter, the Company completed a one-for-nine
reverse share split with respect to each class of its common
shares, converting every nine shares of each class of the Company’s
issued and outstanding common shares into one share of such class,
with no change to the $0.001 par value per share.
Subsequent to quarter-end, the Company redeemed all preferred
shares (being 5 million Series A Preferred Shares which were issued
to and held by a third-party international investor) by making (i)
a redemption payment of $125 million (with a redemption fee of
approximately $1.9 million being waived) and (ii) paying accrued
preferred distributions of approximately $2.4 million.
Dividends
On February 1, 2023 the Company paid an all-cash distribution
for the period of January 1, 2023 to January 31, 2023, of
$0.008630136 per share per day to each class of common share.
On February 24, 2023, the Company paid an all-cash distribution
for the period of February 1, 2023 to February 28, 2023, of
$0.002465753 per share per day to each class of common share.
On March 14, 2023, the Board declared an all-cash monthly
distribution for the month of March in the amount of $0.075 per
common share. The dividend is payable on or about May 12, 2023 to
shareholders of record as of May 2, 2023.
First Quarter 2023 Earnings
Webcast
PKST will host a webcast to present the first quarter results on
Tuesday, May 9, 2023 at 5:00 p.m. Eastern Time. To listen to the
webcast, please visit the “Investors” section of the Company’s
website at www.pkst.com 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.
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 March 31, 2023,
Peakstone’s wholly-owned portfolio consists of 19 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
Certain statements contained in this press release of Peakstone
Realty Trust, other than historical facts, may be considered
forward-looking statements within the meaning of 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”). The Company intends 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 press release
reflect the Company's current views about future events and are
subject to numerous known and unknown risks, uncertainties,
assumptions and changes in circumstances that may cause the
Company's 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; the impact of the
work-from-home trends; recent and ongoing disruption in the debt
and banking markets; occupancy, rent deferrals and the financial
condition of the Company’s tenants; whether easing of the pandemic,
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 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 the listing of our common shares on the
New York Stock Exchange will maximize shareholder value; whether we
will be successful in the pursuit of our business plan, including
any dispositions; whether we will succeed in our investment
objectives; any relationship between the trading price of our
common shares and our previously published net asset value; 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; risks related to the
disruption of management’s attention from ongoing business
operations due to pursuit of requirements related to being a listed
company; and other factors, including those risks disclosed in Part
I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” of the Company’s most recent Annual Report on Form 10-K
and Part I, Item 2. “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” of the Company’s
Quarterly Reports on Form 10-Q filed with the U.S. Securities and
Exchange Commission.
While forward-looking statements reflect the Company's 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 press release. Furthermore, the
Company disclaims 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. Moreover, because the Company operates in
a very competitive and rapidly changing environment, new risk
factors are likely to emerge from time to time. The Company
cautions investors not to place undue reliance on these
forward-looking statements and urge you to carefully review the
disclosures the Company makes concerning risks in Part I, Item 1A.
“Risk Factors” and Part II, Item 7. “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in the
Company’s most recent Annual Report on Form 10-K and Part I, Item
2. “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and Part II, Item 1A. “Risk Factors” of the
Company's Quarterly Reports on Form 10-Q filed with the U.S.
Securities and Exchange Commission.
______________________________
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
"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 March 31, 2023, unless otherwise specified, multiplied by 12
months. For properties in the Company's portfolio that had rent
abatement periods as of March 31, 2023, the Company used the
monthly contractual base rent payable following expiration of the
abatement.
3
Investment grade rating means an
investment grade credit rating from a Nationally Recognized
Statistical Rating Organization (“NRSRO”) approved by the U.S.
Securities and Exchange Commission (e.g., Moody’s Investors
Service, Inc., S&P Global Ratings and/or Fitch Ratings Inc.) or
a non-NRSRO credit rating (e.g., Bloomberg’s default risk rating)
that management believes is generally equivalent to an NRSRO
investment grade rating; management can provide no assurance as to
the comparability of these ratings methodologies or that any
particular rating for a company is indicative of the rating that a
single NRSRO would provide in the event that it rated all companies
for which the Company provides credit ratings; to the extent such
companies are rated only by non-NRSRO ratings providers, such
ratings providers may use methodologies that are different and less
rigorous than those applied by NRSROs; moreover, because PKST
provides credit ratings for some companies that are non-guarantor
parents of Company's tenants, such credit ratings may not be
indicative of the creditworthiness of such tenants.
PEAKSTONE REALTY TRUST
CONSOLIDATED BALANCE
SHEETS
(Unaudited; in thousands,
except units and share amounts)
March 31, 2023
December 31, 2022
ASSETS
Cash and cash equivalents
$
368,210
$
233,180
Restricted cash
1,999
4,764
Real estate:
Land
316,341
327,408
Building and improvements
2,523,243
2,631,965
Tenant origination and absorption cost
524,750
535,889
Construction in progress
8,223
1,994
Total real estate
3,372,557
3,497,256
Less: accumulated depreciation and
amortization
(638,428
)
(644,639
)
Total real estate, net
2,734,129
2,852,617
Investments in unconsolidated entity
164,876
178,647
Intangible assets, net
32,870
33,861
Deferred rent receivable
69,677
79,572
Deferred leasing costs, net
20,262
26,507
Goodwill
94,678
94,678
Right of use asset
35,013
35,453
Interest rate swap asset
33,038
41,404
Other assets
29,854
31,877
Real estate assets and other assets held
for sale, net
—
20,816
Total assets
$
3,584,606
$
3,633,376
LIABILITIES AND EQUITY
Debt, net
1,461,584
1,485,402
Restricted reserves
627
627
Distributions payable
5,164
12,402
Due to affiliates
876
1,458
Intangible liabilities, net
19,818
20,658
Lease liability
46,320
46,519
Accrued expenses and other liabilities
79,114
80,175
Total liabilities
1,613,503
1,647,241
Commitments and contingencies (Note
13)
Perpetual convertible preferred shares
125,000
125,000
Noncontrolling interests subject to
redemption; 61,788 units as of March 31, 2023 and December 31,
2022
3,801
3,812
Shareholders’ equity:
Common shares, $0.001 par value;
800,000,000 shares authorized; 36,006,922 and 35,999,898 shares
outstanding in the aggregate as of March 31, 2023 and December 31,
2022, respectively
36
36
Additional paid-in capital
2,950,706
2,948,600
Cumulative distributions
(1,051,551
)
(1,036,678
)
Accumulated (loss) income
(263,893
)
(269,926
)
Accumulated other comprehensive income
(loss)
33,847
40,636
Total shareholders’ equity
1,669,145
1,682,668
Noncontrolling interests
173,157
174,655
Total equity
1,842,302
1,857,323
Total liabilities and equity
$
3,584,606
$
3,633,376
PEAKSTONE REALTY TRUST
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited; in thousands,
except share and per share amounts)
Three Months Ended March
31,
2023
2022
Revenue:
Rental income
$
66,973
$
116,189
Expenses:
Property operating expense
7,110
15,043
Property tax expense
5,822
10,033
Property management fees to
non-affiliates
522
1,039
General and administrative expenses
9,912
9,523
Corporate operating expenses to
affiliates
378
510
Depreciation and amortization
31,356
52,863
Total expenses
55,100
89,011
Income before other income and
(expenses)
11,873
27,178
Other income (expenses):
Interest expense
(17,014
)
(21,666
)
Other income, net
1,396
101
Net loss from investment in unconsolidated
entity
(14,661
)
—
Gain from disposition of assets
30,610
—
Transaction expense
(3,187
)
(2,883
)
Net (loss) income
9,017
2,730
Distributions to redeemable preferred
shareholders
(2,376
)
(2,516
)
Net (income) loss attributable to
noncontrolling interests
(585
)
(19
)
Net income (loss) attributable to
controlling interest
6,056
195
Distributions to redeemable noncontrolling
interests attributable to common shareholders
(23
)
(44
)
Net (loss) income attributable to common
shareholders
$
6,033
$
151
Net (loss) income attributable to common
shareholders per share, basic and diluted
$
0.17
$
—
Weighted average number of common shares
outstanding, basic and diluted
35,999,325
36,071,465
Cash distributions declared per common
share
$
0.41
$
0.78
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 March
31,
2023
2022
Net (loss) income
$
9,017
$
2,730
Adjustments:
Depreciation of building and
improvements
20,054
32,093
Amortization of leasing costs and
intangibles
11,397
20,858
Equity interest of depreciation of
building and improvements - unconsolidated entities
7,238
—
Gain from disposition of assets, net
(30,610
)
—
FFO
17,096
55,681
Distribution to redeemable preferred
shareholders
(2,376
)
(2,516
)
FFO attributable to common shareholders
and limited partners
$
14,720
$
53,165
Reconciliation of FFO to AFFO:
FFO attributable to common shareholders
and limited partners
$
14,720
$
53,165
Adjustments:
Revenues in excess of cash received,
net
(4,283
)
(3,298
)
Amortization of share-based
compensation
2,556
1,757
Deferred rent - ground lease
433
517
Unrealized loss (gain) on investments
(32
)
90
Amortization of above/(below) market rent,
net
(122
)
(414
)
Amortization of debt premium/(discount),
net
102
101
Amortization of ground leasehold
interests
(96
)
(89
)
Amortization of below tax benefit
amortization
368
368
Amortization of deferred financing
costs
1,274
791
Company's share of amortization of
deferred financing costs- unconsolidated entity
9,632
—
Company's share of revenues in excess of
cash received (straight-line rents) - unconsolidated entity
(826
)
—
Company's share of amortization of above
market rent - unconsolidated entity
(288
)
—
Write-off of transaction costs
32
18
Employee separation expense
—
70
Transaction expenses
3,187
2,883
Amortization of lease inducements
101
69
AFFO available to common shareholders and
limited partners
$
26,758
$
56,028
FFO per share, basic and diluted
$
0.37
$
1.34
AFFO per share, basic and diluted
$
0.68
$
1.41
Weighted-average common shares outstanding
- basic and diluted EPS
35,999,325
36,071,465
Weighted-average OP Units
3,537,654
3,537,654
Weighted-average common shares and OP
Units outstanding - basic and diluted FFO/AFFO
39,536,979
39,609,119
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. 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. 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.
Our calculation of each of NOI, Cash NOI and Same Store Cash NOI
is presented in the following table for three months ended March
31, 2023 and March 31, 2022 (dollars in thousands):
Three Months Ended March
31,
2023
2022
Reconciliation of Net Income to Total
NOI
Net income
$
9,017
$
2,730
General and administrative expenses
9,912
9,523
Corporate operating expenses to
affiliates
378
510
Depreciation and amortization
31,356
52,863
Interest expense
17,014
21,666
Other loss (income), net
(1,396
)
(101
)
Loss from investment in unconsolidated
entities
14,661
—
Gain from disposition of assets
(30,610
)
—
Transaction expense
3,187
2,883
Total NOI
$
53,519
$
90,074
Non-Cash Adjustments:
Straight line rent
(4,259
)
(2,541
)
In-place lease amortization
(122
)
(413
)
Deferred termination income
(24
)
(758
)
Deferred ground lease
433
517
Other intangible amortization
368
368
Inducement amortization
101
69
Total Cash NOI
$
50,016
$
87,316
Same Store Cash NOI Adjustments
Recently acquired properties
—
—
Recently disposed properties
(1,571
)
(36,448
)
Operating Partnership
1
25
Total Same Store Cash NOI
Adjustments
(1,570
)
(36,423
)
Total Same Store Cash NOI
$
48,446
$
50,893
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230509006166/en/
Investor Contact: ir@pkst.com
Financial Advisors Contact: advisorservices@pkst.com
Media Contact: Joele Frank, Wilkinson Brimmer Katcher
peakstone@joelefrank.com
Peakstone Realty (NYSE:PKST)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Peakstone Realty (NYSE:PKST)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024