Highest-materiality recent filing
Brookfield completes $1.2B acquisition of Peakstone Realty Trust at $21.00/share
Peakstone shareholders received $21.00 per share in cash; total transaction value ~$1.2 billion.
Peakstone shareholders approve Brookfield merger; special meeting passes all proposals
Merger proposal approved: 21,848,801 for, 304,887 against, 288,066 abstain.
Peakstone Realty Trust agrees to $21/share cash merger with Brookfield; Q4 Core FFO $0.28
Merger with Brookfield at $21.00/share all cash, ~$1.2B enterprise value; 34% premium to Jan 30 close; expected close Q2 2026.
Brookfield to acquire Peakstone Realty Trust for $21/share, $1.2B enterprise value
All-cash transaction at $21.00/share; 34% premium to Jan 30 close, 46%/51% premiums to 30/90-day VWAP.
Peakstone Q3 2025: core FFO $0.48 vs $0.61 YoY; industrial ABR reaches 60% post-quarter
Revenue from continuing ops $25.8M (down 3.3% YoY); net income $3.5M vs loss $24.4M YoY.
Peakstone Realty Trust sells three properties for $177M; industrial ABR exceeds 50%
Sold two office properties and one flex industrial for ~$177M at a blended cap rate of 7.6%.
Peakstone Q2 net loss $265M on $286M office impairment; dividend cut to $0.10
Revenue $54.0M; net loss attributable to common shareholders $(265.3)M ($7.22/share) from $286.1M office impairment.
PKST shareholders approve 2M share increase in LTIP reserve at annual meeting
Shareholders approved amendment to increase LTIP share reserve by 2M to 4,063,478 shares.
Peakstone Realty Trust Q1 2025 net loss $49.4M; advances shift to industrial REIT
Net loss attributable to common shareholders of $49.4M ($1.35/sh) vs net income $5.0M ($0.14) in Q1 2024.
Peakstone Q4 AFFO $0.65; acquires $490M IOS portfolio; divests $317M non-core in 2024
Q4 2024 revenue $57.9M; net income attributable to common shareholders $12.7M ($0.35/share).
Filed 8-K/A to correct pro forma depreciation: nine months ended Sep 30, 2024 updated from $80.8M to $87.4M; year ended Dec 31, 2023 from $128.0M to $137.2M.
Peakstone Realty Trust secures $175M term loan, appoints new CAO, closes $110M in mortgage loans
Entered $175M senior unsecured term loan (2027 Term Loan) maturing Oct 31, 2027, with one-year extension option, interest at SOFR+1.75% initially.
Peakstone Realty Trust acquires 51 IOS properties for $490M from Alterra/J.P. Morgan
Acquired 51 industrial outdoor storage properties on 440 usable acres across 14 states for $490M, funded via credit facility and cash.
Peakstone Q3 2024 rev $55M, net loss $24.4M ($0.67/sh), AFFO $0.65/sh, leasing spreads 47%/29%
Revenue $55.0M vs $61.7M YoY; Same Store Cash NOI $42.0M (-0.9%).
Peakstone Realty Trust Q2 2024: Net loss $(0.11)/sh, AFFO $0.70, credit facility extended
Revenue $56.0M vs $62.5M YoY; net loss $(3.8)M or $(0.11)/sh vs $(416.5)M loss prior year.
Peakstone Amends Credit Facility: $907M unsecured, extends maturities to 2028
Term loan reduced from $400M to $210M, maturity extended to July 2028.
Peakstone Realty Trust shareholders approve 1.29M share increase in long-term incentive plan
Plan amended to increase total issuable shares to 2,063,478 from prior pool (increase of 1,285,700).
Peakstone Realty Trust Q1: Revenue $59.2M (down 12%), AFFO $0.70, dividend $0.225
Revenue $59.2M (down from $67.0M YoY) due to strategic dispositions.
Peakstone Realty Trust sets 2024 annual meeting for June 18, record date April 16
Annual meeting of shareholders scheduled for June 18, 2024.
Peakstone Realty Trust Q4 AFFO $0.80, revenue $63.1M; full-year net loss $557.9M
Q4 2023 revenue $63.1M (down 17% YoY); net loss $(19.9)M or $(0.55)/share.
Peakstone Realty Trust terminates EVP Louis K. Sohn without cause; severance package disclosed
Louis K. Sohn, EVP, terminated without cause effective December 31, 2023.
PKST Q3 net loss $127.6M on $129.3M office JV impairment; AFFO $0.78
Net loss attributable to common shareholders $(127.6)M ($(3.55)/share) vs $(111.2)M loss a year ago; includes $129.3M non-cash impairment of office JV interest.
Peakstone Realty Trust terminates administrative services agreement with Griffin entities
Termination notice delivered September 6, 2023 for Administrative Services Agreement dated December 14, 2018.
Peakstone Realty Trust enters into $200M ATM equity offering program
Entered into ATM Equity Offering Sales Agreement with 10 agents to sell up to $200M of common shares.
Peakstone Realty Trust posts $452.4M net loss in Q2, impairment $397.4M, AFFO $0.73
Revenue $62.5M, down 49% YoY; net loss attributable to common $(416.5M), $(11.59)/share.
Peakstone Realty Trust promotes Sitzer to COO/CLO; EVP Tausk to depart with $1.02M severance
Nina Momtazee Sitzer promoted to COO and Chief Legal Officer effective June 23, 2023.
Peakstone Realty Trust shareholders elect trustees, ratify EY, approve exec pay
Five trustee nominees elected: Escalante, Cazel, DeWees, Tang, Wold all received >6.3M votes for.
Peakstone Realty Trust posts updated investor presentation, details not available in filing excerpt
The 8-K states an updated investor presentation was posted on June 5, 2023 on the company's website (www.pkst.com) and furnished as Exhibit 99.1.
Peakstone Q1: Net income $0.17/sh, AFFO $0.68; sold $170M properties, paid $400M term loan
Revenue $67.0M; net income attributable to common shareholders $6.0M ($0.17 per share).
Peakstone Realty Trust terminates Distribution Reinvestment Plan, effective May 15, 2023
DRP termination effective May 15, 2023; plan has been suspended since October 2021.
Peakstone Realty Trust to host webcast on April 20 to discuss NYSE listing
Webcast on Thursday, April 20, 2023 at 4:30 p.m. EST to discuss recent NYSE listing.
Peakstone Realty Trust amends LPA, converts to single share class, redeems Series A Preferred
Eighth Amended and Restated LPA executed Apr 13, 2023; authorizes LTIP units, converts to single class of common units.
Peakstone Realty Trust redeems 5M Series A preferred shares for $125M; waives $1.875M fee
Redeemed all 5,000,000 Series A preferred shares from SH Global for $125M plus $2.375M accrued distributions.
Peakstone Q4 net loss $228.6M; full year AFFO $4.81; extends revolver to 2026
Q4 net loss attributable to common shareholders $228.6M ($6.34 per share); full year net loss $411.9M ($11.41 per share).
Peakstone Realty Trust appoints Casey Wold and Carrie DeWees to board ahead of NYSE listing
Five trustees (Shields, Briscoe, Kripalani, Risoleo, Sanders) resign effective immediately before NYSE listing.
Effective March 10, 2023, name changed from Griffin Realty Trust to Peakstone Realty Trust.
Griffin Realty Trust completes restructuring to restore pre-November 2022 operating structure
On Feb 23, 2023, completed restructuring merging GRT OP LLC into GRT OP, L.P., with the operating partnership surviving.
Griffin Realty Trust plans NYSE listing, suspends redemption, cuts distribution to $0.10 annualized
Plan to list common shares on NYSE; Board and management unanimously determined it's best path for liquidity and value.
Griffin Realty Trust converts to Maryland REIT, changes name
Effective Jan 19, 2023, converted from Maryland corporation to Maryland REIT; name changed to Griffin Realty Trust (dropped 'Inc.').
Griffin Realty Trust remains neutral on unsolicited $3.40/sh tender offer by CMG Partners
Unsolicited offer from CMG Partners to buy up to 500,000 Class A/AA shares at $3.40/sh, ~54% below $7.37 NAV.
Griffin Realty Trust completes second phase of office property sale; $170.4M portfolio sold
Sold majority interest in five-property portfolio (six buildings, ~1.1M sq ft) valued at ~$170.4M.
Shareholders approve REIT conversion; credit agreement amended for industrial property spin-off
Conversion from Maryland corporation to Maryland REIT approved: ~168.3M for, ~9.1M against.
Griffin Realty Trust Q3 net loss $111.2M; revenue down 15.9% to $101.3M
Q3 revenue $101.3M vs $120.6M YoY; net loss $(111.2)M vs income $2.5M.
Griffin Realty Trust postpones annual meeting to Nov 30 for more voting on conversion to REIT
Annual meeting moved from Nov 2 to Nov 30, 2022 at 9:30 am PT; record date unchanged at Aug 25, 2022.
Griffin Realty Trust extends $750M credit facility maturity to Sept 2023, adopts SOFR
Extended maturity of $750M senior unsecured revolver from Sept 28, 2022 to Sept 30, 2023.
Griffin Realty Trust neutral on MacKenzie unsolicited tender offer at $4.09/share
MacKenzie offers up to 1M shares at $4.09/share, a 45% discount to June 30 NAV of $7.42.
Griffin Realty Trust board neutral on unsolicited $3.76/share tender offer from CMG Partners
CMG Partners offers $3.76/share for up to 500,000 Class E shares, 49% below June 30 NAV of $7.43.
Griffin Realty Trust sells majority interest in $1.132B office portfolio, retains 49%
Sale of 41-property office portfolio (53 buildings) for $1.132B in cash to Galaxy REIT LLC and affiliate.
Griffin Realty Trust sells majority interest in 41-property office portfolio valued at $1.132B
Portfolio of 53 buildings + one land parcel valued at $1.132B; buyer is institutional with operating partner.
Griffin Realty Trust Q2 net loss of $72.2M; revenue up 3.6% to $123.1M
Net loss attributable to common stockholders of $(72.2)M ($0.22 per share) vs income of $3.0M a year ago, driven by $75.6M impairment provision.
On November 4, 2024, the Company appointed Cindy (Qiyan) Mai as the Company’s Chief Accounting Officer.
Effective November 4, 2024, Bryan Yamasawa will cease serving as the Company’s Chief Accounting Officer but will remain an at-will employee to provide such transition and advisory services as requested by the Company through November 15, 2024
On November 16, 2023, Peakstone Realty Trust (the “Company”) terminated the employment of Louis K. Sohn, Executive Vice President of the Company, without cause, effective as of December 31, 2023
On June 20, 2023, the Board of Trustees (the “Board”) of Peakstone Realty Trust (the “Company”) promoted Ms. Nina Momtazee Sitzer, the Company’s Chief Legal and Administrative Officer, Executive Vice President – Operations, and Secretary, to Chief Operating Officer and Chief Legal Officer, effective June 23, 2023.
Mr. Tausk’s employment with the Company will terminate effective as of June 30, 2023
On March 14, 2023, the Board approved the appointments of Casey Wold and Carrie DeWees as trustees of the Company to fill two of the vacancies on the Board resulting from the Board resignations described above, subject to and effective immediately following the effectiveness of the above-described Board resignations and prior to the Listing.
Kevin A. Shields, Kathleen S. Briscoe, Ranjit M. Kripalani, James F. Risoleo and J. Grayson Sanders each communicated his or her intention to resign from the Board of Trustees (the “Board”) of Peakstone Realty Trust (the “Company”), subject to, and effective immediately prior to, the listing of the Company’s common shares on the New York Stock Exchange (the “Listing”).
Kevin A. Shields, Kathleen S. Briscoe, Ranjit M. Kripalani, James F. Risoleo and J. Grayson Sanders each communicated his or her intention to resign from the Board of Trustees (the “Board”) of Peakstone Realty Trust (the “Company”), subject to, and effective immediately prior to, the listing of the Company’s common shares on the New York Stock Exchange (the “Listing”).
Kevin A. Shields, Kathleen S. Briscoe, Ranjit M. Kripalani, James F. Risoleo and J. Grayson Sanders each communicated his or her intention to resign from the Board of Trustees (the “Board”) of Peakstone Realty Trust (the “Company”), subject to, and effective immediately prior to, the listing of the Company’s common shares on the New York Stock Exchange (the “Listing”).
On March 14, 2023, the Board approved the appointments of Casey Wold and Carrie DeWees as trustees of the Company to fill two of the vacancies on the Board resulting from the Board resignations described above, subject to and effective immediately following the effectiveness of the above-described Board resignations and prior to the Listing.
Kevin A. Shields, Kathleen S. Briscoe, Ranjit M. Kripalani, James F. Risoleo and J. Grayson Sanders each communicated his or her intention to resign from the Board of Trustees (the “Board”) of Peakstone Realty Trust (the “Company”), subject to, and effective immediately prior to, the listing of the Company’s common shares on the New York Stock Exchange (the “Listing”).
Kevin A. Shields, Kathleen S. Briscoe, Ranjit M. Kripalani, James F. Risoleo and J. Grayson Sanders each communicated his or her intention to resign from the Board of Trustees (the “Board”) of Peakstone Realty Trust (the “Company”), subject to, and effective immediately prior to, the listing of the Company’s common shares on the New York Stock Exchange (the “Listing”).
Max materiality 1.00 · Median 0.62 · Most common event other_material