secwatch / observer
8-K filed March 24, 2023, 7:59 PM ET ticker PKST CIK 0001600626
earnings confidence high sentiment negative materiality 0.80

Peakstone Realty Trust (PKST): debt financing — Peakstone Q4 net loss $228.6M; full year AFFO $4.81; extends revolver to 2026

Peakstone Realty Trust

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Peakstone Realty Trust incurred revolving credit of $400,000,000 with KeyBank National Association, as administrative agent, and various lending institutions.

Instrument
revolving credit
Principal
$400,000,000
Counterparty
KeyBank National Association, as administrative agent, and various lending institutions
Event
incurrence
Exact text from the filing
In connection with the Seventh Amendment, and as a condition to the effectiveness thereof, PKST OP prepaid the outstanding principal balance ($400,000,000) of the 2024 Term Loan (as defined in the Existing Credit Agreement). The prepayment was funded through a draw on the revolving credit facility portion of the Existing Credit Agreement.
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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Peakstone Realty Trust amended revolving credit with KeyBank National Association, as administrative agent, and various lending institutions maturing January 31, 2026.

Instrument
revolving credit
Counterparty
KeyBank National Association, as administrative agent, and various lending institutions
Maturity
January 31, 2026
Event
amendment
Exact text from the filing
The Seventh Amendment amended the Existing Credit Agreement by, among other things: (i) permitting PKST OP to extend the Revolving Commitments (as defined in the Existing Credit Agreement) of each Revolving Lender (as defined in the Existing Credit Agreement) to January 31, 2026 (the “Subsequent Extension”);
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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Peakstone Realty Trust reported the year ended December 31, 2022 results: revenue $416.5 million, net income $(411.9) million, EPS $(11.41) per basic and diluted share.

Period
the year ended December 31, 2022
Revenue
$416.5 million
Net income
$(411.9) million
EPS
$(11.41) per basic and diluted share
Result
reported results
Exact text from the filing
• For the year, total revenue was approximately $ 416.5 million, which represents a $43.4 million decrease in rental income compared to the prior year primarily due to the Office Portfolio Sale. Net (Loss) Income • For the quarter, net (loss) attributable to common shareholders was approximately $(228.6) million, or $ (6.34) per basic and diluted share, compared to net income attributable to common shareholders of approximately $1.0 million, or $0.03 per basic and diluted share, for the same quarter last year, primarily due to the net loss on the disposition of office assets of $ (43.8) million and non-cash impairments of real estate of $( 41.3 ) million and goodwill of $(135.3) million. • For the year, net (loss) attributable to common shareholders was approximately $(411.9) million, or $(11.41) per basic and diluted share, compared to net income attributable to common shareholders of approximately $1.6 million, or $ 0.04 per basic and diluted share, for the prior year, primarily due
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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Peakstone Realty Trust reported the quarter ended December 31, 2022 results: revenue $75.9 million, net income $(228.6) million, EPS $(6.34) per basic and diluted share.

Period
the quarter ended December 31, 2022
Revenue
$75.9 million
Net income
$(228.6) million
EPS
$(6.34) per basic and diluted share
Result
reported results
Exact text from the filing
• For the quarter, total revenue was approximately $ 75.9 million, which represents a $43.2 million decrease in rental income compared to the same quarter last year primarily due to the Office Portfolio Sale. • For the year, total revenue was approximately $ 416.5 million, which represents a $43.4 million decrease in rental income compared to the prior year primarily due to the Office Portfolio Sale. Net (Loss) Income • For the quarter, net (loss) attributable to common shareholders was approximately $(228.6) million, or $ (6.34) per basic and diluted share, compared to net income attributable to common shareholders of approximately $1.0 million, or $0.03 per basic and diluted share, for the same quarter last year, primarily due to the net loss on the disposition of office assets of $ (43.8) million and non-cash impairments of real estate of $( 41.3 ) million and goodwill of $(135.3) million.
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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Peakstone Realty Trust entered into Seventh Amendment to the Second Amended and Restated Credit Agreement with various lending institutions and KeyBank National Association, as administrative agent valued at Amendment extended revolving commitments to January 31, 2026, reduced tangible net worth covenant fr (effective 2023-03-21).

Action
entry
Agreement
credit facility
Counterparty
various lending institutions and KeyBank National Association, as administrative agent
Value
Amendment extended revolving commitments to January 31, 2026, reduced tangible net worth covenant fr
Effective
2023-03-21
Exact text from the filing
On March 21, 2023, Peakstone Realty Trust (the “Company”), through PKST OP, L.P. (“PKST OP”), as borrower, certain subsidiaries of PKST OP party thereto as guarantors, various lending institutions and KeyBank National Association, as administrative agent, entered into the Seventh Amendment (the “Seventh Amendment”) to that certain Second Amended and Restated Credit Agreement dated as of April 30, 2019
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Peakstone Realty Trust filing history →

Source: SEC EDGAR
accession 0001140361-23-013757
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