Peakstone Realty Trust redeems 5M Series A preferred shares for $125M; waives $1.875M fee

Peakstone Realty Trust

Redeemed all 5,000,000 Series A preferred shares from SH Global for $125M plus $2.375M accrued distributions.
Investor waived $1.875M redemption fee and terminated all rights under the 2018 purchase agreement.
Adopted Second Amended and Restated Employee and Trustee Long-Term Incentive Plan effective April 5, 2023.
New plan explicitly authorizes LTIP Units and updates entity names; material terms otherwise unchanged.
Listing of common stock on NYSE announced March 24; redemption precedes expected listing around April 13.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Peakstone Realty Trust terminated Series A Cumulative Perpetual Convertible Stock Purchase Agreement with SH Global Private Real Estate Trust No. 13(H) and Shinhan Asset Management Co., Ltd. (effective 2023-04-10).

Action: termination
Agreement: equity purchase
Counterparty: SH Global Private Real Estate Trust No. 13(H) and Shinhan Asset Management Co., Ltd.
Effective: 2023-04-10

Exact text from the filing

The Agreement also terminates the Series A Cumulative Perpetual Convertible Stock Purchase Agreement dated as of August 8, 2018, by and between the Company and the Investor (the “Purchase Agreement”), and provides that any rights and privileges afforded to the Investor under the Purchase Agreement are terminated and canceled and of no further force or effect

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Peakstone Realty Trust entered into Redemption Agreement with SH Global Private Real Estate Trust No. 13(H) and Shinhan Asset Management Co., Ltd. valued at $125 million, plus accumulated and unpaid distributions of $2,375,868.06 (effective 2023-04-10).

Action: entry
Counterparty: SH Global Private Real Estate Trust No. 13(H) and Shinhan Asset Management Co., Ltd.
Value: $125 million, plus accumulated and unpaid distributions of $2,375,868.06
Effective: 2023-04-10

Exact text from the filing

On April 10, 2023, Peakstone Realty Trust (the “Company”) entered into a Redemption Agreement (the “Agreement”) with SH Global Private Real Estate Trust No. 13(H) (the “Investor”) and Shinhan Asset Management Co., Ltd. Pursuant to the Agreement, the Company redeemed from the Investor all 5,000,000 shares of “Series A Cumulative Perpetual Convertible Preferred Stock” (the “Series A Preferred Shares”) held by the Investor in exchange for a redemption payment of $125 million, plus accumulated and unpaid distributions of $2,375,868.06 (the “Redemption Payment”)

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Peakstone Realty Trust filing history →

Source: SEC EDGAR

accession 0001140361-23-017619

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