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
- Q4 net loss attributable to common shareholders $228.6M ($6.34 per share); full year net loss $411.9M ($11.41 per share).
- Q4 AFFO $0.75 per share; full year AFFO $4.81 per share; revenue Q4 $75.9M, full year $416.5M.
- Reduced total debt by ~$1.1B in 2022; sold $1.4B of office assets during the year.
- After year-end: amended credit facility to extend revolver maturity to Jan 2026, subject to NYSE listing; sold three properties for ~$170M.
- Portfolio 95.5% leased, WALT 7.1 years; 61.5% of annualized base rent from investment-grade tenants.
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.
View on SEC.gov
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”);
View on SEC.gov
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
View on SEC.gov
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.
View on SEC.gov
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
View on SEC.gov
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