Supplemental Information Third Quarter 2024 1
2 Table of Contents Page Portfolio Highlights 4 Financial Information 7 Debt & Capitalization 21 Leasing Activity & Asset Management 25 Components of Net Asset Value 28 Property Information 30 Portfolio Characteristics 35 Notes & Definitions 55
3 Cautionary Note Regarding Forward-Looking Statements Cautionary Note Regarding Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, 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”). We intend 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 document reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause our 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; disruption in the debt and banking markets; tenant, geographic concentration, and the financial condition of our tenants; competition for tenants and competition with sellers of similar properties if we elect to dispose of our properties; our access to, and the availability of capital; whether we will be able to refinance or repay debt; whether 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; whether we will re-lease available space above or at current market rental rates; future financial and operating results; our ability to manage cash flows; dilution resulting from equity issuances; expected sources of financing, including the ability to maintain the commitments under our revolving credit facility, and the availability and attractiveness of the terms of any such financing; legislative and regulatory changes that could adversely affect our business; cybersecurity incidents or disruptions to our or our third party information technology systems; our ability to maintain our status as a REIT and our Operating Partnership as a partnership for U.S. federal income tax purposes; our future capital expenditures, operating expenses, net income, operating income, cash flow and developments and trends of the real estate industry; whether we will be successful in the pursuit of our business plans, objectives, expectations and intentions, including any acquisitions, investments, or dispositions; whether we will succeed in our investment objectives; 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; and other factors, including those risks disclosed in “Risk Factors" and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. While forward-looking statements reflect our 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 document. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this document, except as required by applicable law. We caution investors not to place undue reliance on any forward-looking statements, which are based only on information currently available to us. Notice Regarding Non-GAAP Financial Measures: In addition to U.S. GAAP financial measures, this document contains and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the “Notes & Definitions” of this document if the reconciliation is not presented on the page in which the measures are published.
Portfolio Highlights 4
5 High-Quality Portfolio of Industrial & Office Properties Net-Leased to a Diversified Pool of Creditworthy Tenants4 62 Properties 16.2M Square Feet 22 States 95.6%3 Leased 27.5%/61.8%/10.7%1 Industrial/Office/Other 6.6 Years1 WALT 57.4%1,2 Investment Grade 1.9%1 Avg. Annual Rent Escalations 1 Weighted average based on ABR. 2 Represents ratings of tenants, guarantors or non-guarantor parent entities. There can be no assurance that such guarantors or parent entities will satisfy the tenant’s lease obligations. For more information, see definition of investment grade in "Notes and Definitions." 3 Based on rentable square feet. 4 Peakstone Realty Trust (the "Company") has no affiliation, connection or association with and is not sponsored or approved by the tenants of its properties. Peakstone Realty Trust has not approved or sponsored its tenants or their products and services. All product and company names, logos and slogans are the trademarks or service marks of their respective owners. Industrial Office Wholly-Owned Portfolio Snapshot As of September 30, 2024 Unaudited Unaudited
6 (Unaudited, USD in thousands) Number of Properties Economic Occupancy1 Total Rentable Square Feet WALT (years)2 Annualized Base Rent Investment Grade by Segment3 Industrial4 19 100.0 % 9,001,800 6.3 $ 50,017 58.0 % Office5 33 98.7 5,360,700 7.2 112,313 60.0 TOTAL / WEIGHTED AVERAGE INDUSTRIAL AND OFFICE 52 99.5 % 14,362,500 6.9 $ 162,330 59.4 % Other6 10 65.4 1,878,300 3.8 19,504 41.4 TOTAL / WEIGHTED AVERAGE PORTFOLIO 62 95.6 % 16,240,800 6.6 $ 181,834 57.4 % 1 Based on rentable square feet. 2 Weighted average based on ABR. 3 Weighted average based on ABR. Represents ratings of tenants, guarantors or non-guarantor parent entities. There can be no assurance that such guarantors or parent entities will satisfy the tenant’s lease obligations. For more information, see definition of ininvestment grade in "Notes and Definitions." 4 The Industrial segment consists of high-quality, well-located industrial properties with modern specifications. 5 The Office segment consists of newer, high-quality office properties. 6 The Other segment consists of vacant and non-core properties, together with other properties in the same cross-collateralized loan pools. Wholly-Owned Portfolio As of September 30, 2024
Financial Information 7
8 1 Calculated based on weighted-average number of common shares outstanding - basic and diluted of 36,374,407. 2 Calculated based on weighted-average number of common shares outstanding - basic and diluted of 36,374,407 and weighted-average number of outstanding OP Units of 3,211,894 for a total of 39,586,301 shares. FFO and AFFO are non-GAAP financial measures. See slide 18 for reconciliation. 3 Normalized EBITDAre is non-GAAP financial measure. See slide 19 for reconciliation. For the Quarter Ended (Unaudited, USD in thousands, except per share metrics) 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 SELECTED FINANCIAL DATA Net (loss) income attributable to common shareholders per share - basic and diluted $ (0.67) 1 $ (0.11) $ 0.14 $ (0.55) $ (3.55) FFO per share/unit - basic and diluted $ 0.58 2 $ 0.65 $ 0.54 $ 0.29 $ (2.79) AFFO per share/unit - basic and diluted $ 0.65 2 $ 0.70 $ 0.70 $ 0.80 $ 0.78 Interest expense $ 14,140 $ 15,845 $ 16,148 $ 16,415 $ 16,126 Operating margin 79.8 % 81.2 % 80.4 % 79.8 % 78.4 % Normalized EBITDAre3 $ 37,940 $ 41,051 $ 39,473 $ 42,085 $ 58,297 WHOLLY-OWNED PORTFOLIO STATISTICS Rentable Square Feet 16,240,800 16,579,200 16,635,800 17,868,900 18,100,000 Economic Occupancy (based on rentable square feet) 95.6 % 96.3 % 95.8 % 95.4 % 95.9 % Leased (based on rentable square feet) 95.6 % 96.3 % 96.3 % 96.4 % 96.4 % CAPITALIZATION Common shares outstanding 36,377,254 36,370,740 36,346,608 36,304,145 35,997,549 Weighted-average common shares outstanding - basic and diluted 36,374,407 36,349,950 36,309,019 36,054,940 35,975,483 Weighted-average OP Units outstanding 3,211,894 3,215,665 3,218,826 3,404,247 3,482,977 Total Consolidated Debt $ 1,183,018 $ 1,413,999 $ 1,421,083 $ 1,441,545 $ 1,448,224 Total Cash, Cash Equivalents and Restricted Cash $ 266,731 $ 461,296 $ 447,464 $ 401,010 $ 370,097 Select Financial Data
9 For the Quarter Ended (Unaudited, USD in thousands) 9/30/2024 6/30/2024 3/31/2023 12/31/2023 9/30/2023 REVENUE BY SEGMENT Industrial $ 14,918 $ 14,554 $ 14,833 $ 14,796 $ 13,934 Office 33,234 32,991 32,999 34,525 34,022 Industrial and Office Total 48,152 47,545 47,832 49,321 47,956 Other 6,808 8,407 11,395 13,737 13,757 Total Revenue $ 54,960 $ 55,952 $ 59,227 $ 63,058 $ 61,713 NOI BY SEGMENT1 Industrial $ 12,698 $ 12,854 $ 12,517 $ 12,651 $ 12,050 Office 27,447 27,328 27,514 28,748 27,920 Industrial and Office Total 40,145 40,182 40,031 41,399 39,970 Other 3,714 5,240 7,596 8,927 8,397 Total NOI $ 43,859 $ 45,422 $ 47,627 $ 50,326 $ 48,367 CASH NOI BY SEGMENT1 Industrial $ 11,131 $ 11,481 $ 11,817 $ 12,485 $ 11,901 Office 27,410 27,279 27,504 28,763 27,430 Industrial and Office Total 38,541 38,760 39,321 41,248 39,331 Other 3,652 5,242 8,009 9,274 8,598 Total Cash NOI $ 42,193 $ 44,002 $ 47,330 $ 50,522 $ 47,929 Select Financial Data (continued) 1 NOI and Cash NOI are non-GAAP financial measures. See slide 15 for reconciliations of NOI and Cash NOI for the quarters ending 9/30/2024 and 9/30/2023 and slide 61 for reconciliations of NOI and Cash NOI for the interim periods ending 6/30/2024 , 3/31/2024, and 12/31/2023.
10 For the Quarter Ended (Unaudited, USD in thousands, except per share metrics) 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 REVENUES Rental income $ 54,960 $ 55,952 $ 59,227 $ 63,058 $ 61,713 EXPENSES Property operating expense 6,400 5,658 6,679 7,232 7,829 Property tax expense 4,286 4,513 4,510 5,079 5,077 Property management fees 415 359 411 421 440 General and administrative expenses 9,122 9,116 9,680 11,551 1 9,653 Corporate operating expenses to related parties 141 169 166 178 257 Depreciation and amortization 22,742 22,998 23,415 25,373 25,003 Real estate impairment provision 42,894 6,505 1,376 12,138 — Total expenses 86,000 49,318 46,237 61,972 48,259 (Loss) income before other income (expenses) (31,040) 6,634 12,990 1,086 13,454 OTHER INCOME (EXPENSES) Interest expense (14,140) (15,845) (16,148) (16,415) (16,126) Extinguishment of debt (508) — — — — Other income (expense), net 3,592 5,167 4,045 5,498 3,654 Net loss from investment in unconsolidated entity1 — — — — (144,598) Gain (loss) from disposition of assets, net 16,125 (57) 9,177 4,507 3,748 Goodwill impairment provision — — (4,594) (16,031) — Transaction expenses (578) — — (412) (80) NET (LOSS) INCOME (26,549) (4,101) 5,470 (21,767) (139,948) Net loss (income) attributable to noncontrolling interests 2,154 333 (445) 1,878 12,353 Net (loss) income attributable to controlling interests (24,395) (3,768) 5,025 (19,889) (127,595) NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (24,395) $ (3,768) $ 5,025 $ (19,889) $ (127,595) NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS PER BASIC & DILUTED SHARE $ (0.67) $ (0.11) $ 0.14 $ (0.55) $ (3.55) WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC & DILUTED 36,374,407 36,349,950 36,309,019 36,054,940 35,975,483 Consolidated Statement of Operations 1Includes approximately $1.9 million of employee severance expenses (including legal fees) for 12/31/2023. 2On August 28, 2024, the Company transferred its interest in its office joint venture. As a result, the Company no longer holds an interest in an unconsolidated entity.
11 As of (Unaudited, USD in thousands) 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 ASSETS Cash and cash equivalents $ 241,550 $ 446,800 $ 436,251 $ 391,802 $ 364,446 Restricted cash1 25,181 14,496 11,213 9,208 5,651 Real estate Land 212,312 225,330 227,138 231,175 244,369 Building and improvements 1,836,900 1,942,591 1,942,064 1,968,314 2,042,347 Tenant origination and absorption cost 370,946 394,728 397,872 402,251 418,896 Construction in progress 1,017 1,069 8,998 8,371 2,197 TOTAL REAL ESTATE 2,421,175 2,563,718 2,576,072 2,610,111 2,707,809 Less accumulated depreciation and amortization (554,820) (581,421) (564,208) (550,552) (546,732) Total real estate, net 1,866,355 1,982,297 2,011,864 2,059,559 2,161,077 Intangible assets, net 27,603 28,281 28,918 29,690 30,572 Deferred rent receivable 65,511 65,289 63,481 63,272 63,874 Deferred leasing costs, net 16,842 18,117 18,185 19,112 17,087 Goodwill 74,052 74,052 74,052 78,647 94,678 Right of use asset 33,369 33,771 34,172 33,736 34,175 Interest rate swap asset 12,042 22,710 27,042 26,942 39,687 Other assets 45,373 42,172 40,987 27,446 28,962 Real estate assets and other assets held for sale, net 36,456 2,730 7,595 50,211 — TOTAL ASSETS $ 2,444,334 $ 2,730,715 $ 2,753,760 $ 2,789,625 $ 2,840,209 Consolidated Balance Sheet 1Restricted cash is presented on the consolidated balance sheet and consists primarily of reserves that the Company assumed or funded as required by the applicable governing documents with certain lenders in conjunction with debt financing or transactions.
12 As of (Unaudited, USD in thousands) 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 LIABILITIES AND EQUITY Debt, net $ 1,168,010 $ 1,408,517 $ 1,416,433 $ 1,435,923 $ 1,442,003 Distributions payable 8,436 8,486 8,422 8,344 8,296 Interest rate swap liablity 10,255 — — — — Due to related parties 589 573 573 573 706 Intangible liabilities, net 13,884 14,552 15,289 16,023 17,104 Lease liability 46,860 46,934 46,932 46,281 46,368 Liabilities held for sale 1,267 92 159 539 — Accrued expenses and other liabilities 62,862 64,970 64,132 78,229 80,452 TOTAL LIABILITIES 1,312,163 1,544,124 1,551,940 1,551,940 1,585,912 1,594,929 SHAREHOLDERS’ EQUITY Common Shares 37 37 36 36 36 Additional paid-in capital 2,996,900 2,994,303 2,992,071 2,990,085 2,967,635 Cumulative distributions (1,100,893) (1,092,609) (1,084,273) (1,076,000) (1,067,807) Accumulated deficit (850,992) (826,597) (822,829) (827,854) (807,965) Accumulated other comprehensive income 2,791 21,986 25,938 25,817 37,434 TOTAL SHAREHOLDERS’ EQUITY 1,047,843 1,097,120 1,110,943 1,110,943 1,112,084 1,129,333 Noncontrolling interests 84,328 89,471 90,877 91,629 115,947 TOTAL EQUITY 1,132,171 1,186,591 1,201,820 1,203,713 1,245,280 TOTAL LIABILITIES AND EQUITY $ 2,444,334 $ 2,730,715 $ 2,753,760 $ 2,789,625 $ 2,840,209 Consolidated Balance Sheet (continued)
13 For the Quarter Ended (Unaudited, USD in thousands) 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 Net (loss) income $ (26,549) $ (4,101) $ 5,470 $ (21,767) $ (139,948) General and administrative 9,122 9,116 9,680 11,551 1 9,653 Corporate operating expenses to related parties 141 169 166 178 257 Real estate impairment provision 42,894 6,505 1,376 12,138 — Depreciation and amortization 22,742 22,998 23,415 25,373 25,003 Interest expense 14,140 15,845 16,148 16,415 16,126 Other (income) expense, net (3,592) (5,167) (4,045) (5,498) (3,654) Extinguishment of debt 508 — — — — Net loss from investment in unconsolidated entity — — — — 144,598 Gain (loss) from disposition of assets (16,125) 57 (9,177) (4,507) (3,748) Goodwill impairment provision — — 4,594 16,031 — Transaction expenses 578 — — 412 80 Total NOI $ 43,859 $ 45,422 $ 47,627 $ 50,326 $ 48,367 Non-GAAP Financial Measures Reconciliation of Net Income to Total NOI Quarter Ended 1Includes approximately $1.9 million of employee severance expenses (including legal fees) for 12/31/2023.
14 For the Nine Months Ended (Unaudited, USD in thousands) 9/30/2024 9/30/2023 Net loss $ (25,180) $ (583,332) General and administrative 27,918 31,411 Corporate operating expenses to related parties 476 975 Real estate impairment provision 50,774 397,373 Depreciation and amortization 69,155 86,830 Interest expense 46,134 49,208 Other (income) expense, net (12,802) (7,613) Net loss from investment in unconsolidated entity — 176,767 Extinguishment of debt 508 — Gain from disposition of assets (25,245) (24,657) Goodwill impairment provision 4,594 — Transaction expenses 578 24,570 Total NOI $ 136,910 $ 151,532 Non-GAAP Financial Measures (continued) Reconciliation of Net Loss to Total NOI Nine Months Ended
15 For the Quarter Ended For the Quarter Ended 9/30/2024 9/30/2023 (Unaudited, USD in thousands) Industrial Office Total Industrial and Office Other Total Portfolio Industrial Office Total Industrial and Office Other Total Portfolio Revenue $ 14,918 $ 33,234 $ 48,152 $ 6,808 $ 54,960 $ 13,934 $ 34,022 $ 47,956 $ 13,757 $ 61,713 Operating Property Expense (779) (3,750) (4,529) (1,871) (6,400) (835) (3,627) (4,462) (3,367) (7,829) Property Tax Expense (1,366) (1,859) (3,225) (1,061) (4,286) (985) (2,298) (3,283) (1,794) (5,077) Property Management Fees (75) (178) (253) (162) (415) (64) (177) (241) (199) (440) TOTAL NOI 12,698 27,447 40,145 3,714 43,859 12,050 27,920 39,970 8,397 48,367 NON-CASH ADJUSTMENTS: Straight Line Rent (1,473) (706) (2,179) (18) (2,197) (52) (1,163) (1,215) 393 (822) In-Place Lease Amortization (94) (129) (223) (46) (269) (97) (137) (234) (187) (421) Deferred Ground/Office Lease — 421 421 2 423 — 433 433 (5) 428 Other Intangible Amortization — 377 377 — 377 — 377 377 — 377 TOTAL CASH NOI $ 11,131 1 $ 27,410 $ 38,541 $ 3,652 $ 42,193 $ 11,901 $ 27,430 $ 39,331 $ 8,598 $ 47,929 Non-GAAP Financial Measures (continued) NOI and Cash NOI Quarter Ended 1The decrease in Industrial Cash NOI was primarily due to a continuing rent abatement in the 11th year of a pre-existing lease. The abatement period for this lease continues through November 2024.
16 For the Nine Months Ended For the Nine Months Ended 9/30/2024 9/30/2023 (Unaudited, USD in thousands) Industrial Office Total Industrial and Office Other Total Portfolio Industrial Office Total Industrial and Office Other Total Portfolio Revenue $ 44,305 $ 99,224 $ 143,529 $ 26,611 $ 170,140 $ 42,508 $ 108,210 $ 150,718 $ 40,508 $ 191,226 Operating Property Expense (2,529) (10,205) (12,734) (6,003) (18,737) (2,262) (10,469) (12,731) (9,127) (21,858) Property Tax Expense (3,496) (6,224) (9,720) (3,589) (13,309) (3,057) (7,486) (10,543) (5,901) (16,444) Property Management Fees (213) (505) (718) (466) (1,184) (191) (563) (754) (638) (1,392) TOTAL NOI 38,067 82,290 120,357 16,553 136,910 36,998 89,692 126,690 24,842 151,532 NON-CASH ADJUSTMENTS: Straight Line Rent (3,354) (2,111) (5,465) 622 (4,843) (276) (8,450) (8,726) 1,001 (7,725) In-Place Lease Amortization (285) (386) (671) (229) (900) (287) (106) (393) (441) (834) Deferred Termination Income — — — — — (24) — (24) — (24) Deferred Ground/Office Lease — 1,280 1,280 (42) 1,238 — 1,305 1,305 (9) 1,296 Other Intangible Amortization — 1,122 1,122 — 1,122 — 1,117 1,117 — 1,117 Inducement Amortization — — — — — — 150 150 — 150 TOTAL CASH NOI $ 34,428 1 $ 82,195 $ 116,623 $ 16,904 $ 133,527 $ 36,411 $ 83,708 $ 120,119 $ 25,393 $ 145,512 Non-GAAP Financial Measures (continued) NOI and Cash NOI Nine Months Ended 1The decrease in Industrial Cash NOI was primarily due to a continuing rent abatement in the 11th year of a pre-existing lease. The abatement period for this lease continues through November 2024.
17 For the Quarter Ended For the Nine Months Ended (Unaudited, USD in thousands) 9/30/2024 9/30/2023 9/30/2024 9/30/2023 CASH NOI ALLOCATION � Industrial1 $ 11,131 $ 11,901 $ 34,428 $ 36,411 Office 27,410 27,430 82,195 83,708 Industrial and Office Total $ 38,541 $ 39,331 $ 116,623 $ 120,119 � Other 3,652 8,598 16,904 25,393 TOTAL CASH NOI $ 42,193 $ 47,929 $ 133,527 $ 145,512 SAME STORE CASH NOI ADJUSTMENTS � Recently disposed properties (221) (5,597) (4,008) (17,961) Inducement adjustment — — — (150) TOTAL SAME STORE CASH NOI ADJUSTMENTS (221) (5,597) (4,008) (18,111) TOTAL SAME STORE CASH NOI $ 41,972 $ 42,332 $ 129,519 $ 127,401 SAME STORE CASH NOI � Industrial1 $ 11,131 $ 11,901 $ 34,428 $ 36,105 Office 27,429 26,086 81,450 78,150 Industrial and Office Total $ 38,560 $ 37,987 $ 115,878 $ 114,255 Other 3,412 4,345 13,641 13,146 TOTAL SAME STORE CASH NOI $ 41,972 $ 42,332 $ 129,519 $ 127,401 Change in Same Store Cash NOI ($) $ (360) $ 2,118 Change in Same Store Cash NOI (%) (0.9) % 1.7 % NUMBER OF SAME STORE PROPERTIES 62 62 TOTAL SAME STORE SQUARE FEET 16,240,800 16,240,800 SAME STORE ECONOMIC OCCUPANCY 95.6 % 95.6 % Non-GAAP Financial Measures (continued) Cash NOI and Same Store Cash NOI 1The decrease in Industrial Cash NOI was primarily due to a continuing rent abatement in the 11th year of a pre-existing lease. The abatement period for this lease continues through November 2024.
18 For the Quarter Ended (Unaudited, USD in thousands, except per share metrics) 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 Reconciliation of Net (Loss) Income to Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) NET (LOSS) INCOME $ (26,549) $ (4,101) $ 5,470 $ (21,767) $ (139,948) Depreciation of building and improvements 15,504 15,424 15,564 16,330 16,351 Amortization of leasing costs and intangibles 7,336 7,671 7,947 9,140 8,750 Impairment provision, real estate 42,894 6,505 1,376 12,138 — Equity interest of depreciation of building and improvements - unconsolidated entity — — — — 8,365 (Gain)/Loss from disposition of assets, net (16,125) 57 (9,177) (4,507) (3,748) FFO $ 23,060 $ 25,556 $ 21,180 $ 11,334 $ (110,230) FFO attributable to common shareholders and limited partners $ 23,060 $ 25,556 $ 21,180 $ 11,334 $ (110,230) Reconciliation of FFO to AFFO: FFO attributable to common shareholders and limited partners $ 23,060 $ 25,556 $ 21,180 $ 11,334 $ (110,230) Revenues in excess of cash received, net (2,197) (1,819) (826) (204) (822) Amortization of share-based compensation 2,025 2,379 1,432 2,437 2,444 Deferred rent - ground lease 423 399 416 428 428 Unrealized loss (gain) on investments (230) (47) (189) (35) 89 Amortization of above/(below) market rent, net (269) (372) (259) (406) (421) Amortization of debt premium/(discount), net 12 20 107 133 101 Amortization of ground leasehold interests (98) (97) (97) (98) (98) Amortization of below tax benefit amortization 377 372 372 377 377 Amortization of deferred financing costs 1,457 1,044 1,050 1,041 662 Company's share of amortization of deferred financing costs- unconsolidated entity — — — — 10,774 Company's share of revenues in excess of cash received (straight-line rent) - unconsolidated entity — — — — (631) Company's share of amortization of above market rent - unconsolidated entity — — — — (218) Write-off of transaction costs 43 69 — — 83 Employee separation expense — 59 — 1,855 — Extinguishment of debt 508 — — — — Transaction expenses 578 — — 412 2 80 2 Impairment provision, goodwill — — 4,594 16,031 — Debt breakage costs — — — — — Other income - proration adjustments for dispositions — — — (1,587) — Impairment provision, investment in unconsolidated entity — — — — 129,334 Write-off of Company's share of accumulated other comprehensive income - unconsolidated entity — — — — (1,226) AFFO available to common shareholders and limited partners 1 $ 25,689 $ 27,563 $ 27,780 $ 31,718 $ 30,726 FFO per share/unit, basic and diluted $ 0.58 $ 0.65 $ 0.54 $ 0.29 $ (2.79) AFFO per share/unit, basic and diluted $ 0.65 $ 0.70 $ 0.70 $ 0.80 $ 0.78 Weighted-average common shares outstanding - basic and diluted shares 36,374,407 36,349,950 36,309,019 36,054,940 35,975,483 Weighted-average OP Units outstanding 3,211,894 3,215,665 3,218,826 3,404,247 3,482,977 Weighted-average common shares and OP Units outstanding - basic and diluted FFO/AFFO 39,586,301 39,565,615 39,527,845 39,459,187 39,458,460 Non-GAAP Financial Measures (continued) FFO and AFFO 1Reflects any adjustments in the comparative periods presented. 2Primarily represents transaction expenses related to the Company's Listing.
19 For the Quarter Ended (Unaudited, USD in thousands) 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 Reconciliation of Net income (loss) to EBITDAre Net (loss) income $ (26,549) $ (4,101) $ 5,470 $ (21,767) $ (139,948) Interest expense 14,140 15,845 16,148 16,415 16,126 Depreciation and amortization 22,742 22,998 23,415 25,373 25,003 EBITDA 10,333 34,742 45,033 20,021 (98,819) (Gain) loss on sales of real estate, net (16,125) 57 (9,177) (4,507) (3,748) Loss on investment in unconsolidated entity — — — — 144,598 Impairment provision, real estate 42,894 6,505 1,376 12,138 — Proportion share of adjustments for unconsolidated entities — — — — 15,993 EBITDAre 37,102 41,304 37,232 27,652 58,024 Adjustment for acquisitions and dispositions (248) 200 (2,353) (1,360) 193 Employee separation expense — 59 — 1,855 — Impairment provision, goodwill — — 4,594 16,031 — Extinguishment of debt 508 — — — — Termination income — — — (918) — Transaction expenses 578 — — 412 80 Adjustment to exclude other non-recurring activity1 — (512) — (1,587) — Normalized EBITDAre $ 37,940 $ 41,051 $ 39,473 $ 42,085 $ 58,297 Non-GAAP Financial Measures (continued) EBITDA, EBITDAre, Normalized EBITDAre 1Amount includes $0.5 million for a state tax refund received for the quarter ended 6/30/2024 and $1.6 million received as a result of proration adjustments from prior dispositions of assets for the quarter ended 12/31/2023.
20 For the Quarter Ended (Unaudited, USD in thousands) 9/30/2024 % of NOI1 6/30/2024 % of NOI1 3/31/2024 % of NOI1 12/31/2023 % of NOI1 9/30/2023 % of NOI1 Maintenance Capital Expenditures by segment: Industrial $ — — % $ — — % $ 89 0.2 % $ 651 1.3 % $ 30 0.1 % Office — — — — — — — — — — Total Industrial and Office $ — — % $ — — % $ 89 0.2 % $ 651 1.3 % $ 30 0.1 % Other 13 — 183 0.4 — — 183 0.4 10 — Total Maintenance Capital Expenditures $ 13 — % $ 183 0.4 % $ 89 0.2 % $ 834 1.7 % $ 40 $ — 0.1 % Value Enhancing Expenditures by segment: Industrial $ — — % $ — — % $ — — % $ 200 0.4 % $ — — % Office 1,542 3.5 — — 1,757 3.7 6,169 12.3 6,353 13.1 Total Industrial and Office $ 1,542 3.5 % $ — — % $ 1,757 3.7 % $ 6,369 12.7 % $ 6,353 13.1 % Other — — — — — — 17 — 658 1.4 Total Value Enhancing Expenditures $ 1,542 3.5 % $ — — % $ 1,757 3.7 % $ 6,386 12.7 % $ 7,011 14.5 % Total Capital Expenditures $ 1,555 3.5 % $ 183 0.4 % $ 1,846 3.9 % $ 7,220 14.4 % $ 7,051 14.6 % 1 Represents percentage of capital expenditures compared to consolidated NOI. Capital Expenditures Summary (Cash Basis)
Debt & Capitalization 21
22 (Unaudited, USD in thousands, except for shares) Capitalization Liquidity Contractual Interest Rate1 Effective Interest Rate2 Term MAXIMUM CREDIT FACILITY CAPACITY $ 907,000 SECURED DEBT Fixed-Rate Mortgages 4.40% 4.43% 3.1 $ 433,018 Maximum Availability (per credit facility) $ 907,000 TOTAL SECURED DEBT 433,018 Outstanding revolving loan and term loans (750,000) UNSECURED DEBT CREDIT FACILITY CAPACITY $ 157,000 2026 Term Loan 6.18% 3.36% 1.6 150,000 Cash and cash equivalents (excl. restricted) $ 241,550 2028 Term Loan 6.53% 3.72% 3.8 210,000 Available credit facility capacity 157,000 Revolving Loan 6.58% 3.77% 3.8 3 390,000 TOTAL LIQUIDITY $ 398,550 Total Unsecured Debt 6.49% 3.67% 3.4 750,000 Debt Metrics TOTAL CONSOLIDATED DEBT 3.95% 3.3 1,183,018 Net Debt / Total Gross Real Estate 38.9% Less: Cash and cash equivalents (excl. restricted cash) (241,550) Net Debt / Normalized EBITDAre 6.2x NET DEBT $ 941,468 Unsecured Debt / Total Gross Real Estate 31.0% Unsecured properties / Total properties (based on ABR) 70.2% COMMON SHARES & OP UNITS OUTSTANDING Percentage of Floating-Rate Debt4 —% Common Shares Outstanding 36,377,254 Percentage of Fixed-Rate Debt4 100.0% OP Units Outstanding 3,209,153 COMMON SHARES & OP UNITS OUTSTANDING 39,586,407 Key Debt Covenants5 Required Covenant Actual Maximum Consolidated Leverage Ratio No greater than 60% 42.40% Minimum Consolidated Fixed Charge Coverage Ratio No less than 1.50 2.50 Maximum Total Secured Debt Ratio No greater than 40% 10.57% Minimum Unsecured Interest Coverage Ratio No less than 2.00 4.16 Maximum Unsecured Leverage Ratio No greater than 60% 38.25% Capitalization, Liquidity & Debt Overview As of September 30, 2024 4 Includes impact of $750.0 million floating to fixed interest rate swaps maturing on July 1, 2025. 5 Represents a summary of the key financial covenants for our unsecured debt as of September 30, 2024. The covenants are required by our credit facility and tested on a quarterly basis. Our actual performance for each covenant is calculated based on the definitions set forth in the credit facility agreement. 1The Contractual Interest Rate for the Company's unsecured debt uses the applicable Secured Overnight Financing Rate ("SOFR" or SOF rate"). As of September 30, 2024, The applicable rates were 4.83% (SOFR, as calculated per the credit facility), plus spreads of 1.25% (2026 Term Loan), 1.60% (2028 Term Loan) and 1.65% (Revolving Loan) and a 0.1% index. 2 The Effective Interest Rate is calculated on a weighted average basis and is inclusive of the Company's $750.0 million floating to fixed interest rate swaps maturing on July 1, 2025. The Effective Interest Rate does not include the effect of amortization of discounts/premiums and deferred financing costs. 3 As of September 30, 2024, the Revolving Loan had a maturity date of July 25, 2028.
23 (Unaudited, USD in thousands) SECURED DEBT Collateral Contractual Interest Rate Maturity Date Outstanding Balance INDUSTRIAL AND OFFICE BOA II Loan 1 4.32% 5/1/2028 $ 250,000 Total Industrial and Office 250,000 OTHER AIG Loan II 2 4.15% 11/1/2025 101,836 AIG Loan 3 4.96% 2/1/2029 81,182 Total Other 183,018 Weighted-Average 4.40% Total Consolidated Secured Debt $ 433,018 1 The BOA II portfolio includes the following properties: IGT, 3M, Amazon (Etna), and Southern Company. 2 The AIG II Loan is secured by: Wyndham Hotels & Resorts, MGM Corporate Center (880 Grier Drive, and 840 Grier Drive), Cirque du Soleil (950 Grier Drive), and Hitachi Astemo. 3 The AIG Loan is secured by: Raytheon Technologies, Avnet (Chandler), and 30 Independence. Consolidated Secured Debt Schedule As of September 30, 2024
24 1 Excludes amounts related to deferred financing costs and net debt premiums/discounts. 2 Represents the AIG II Loan. 3 Represents the 2026 Term Loan. 4 Represents the Revolving Loan. 5 Represents the BOA II Loan. 6 Represents the 2028 Term Loan. 7 Represents the AIG loan. $141,194(1) $200,000(3) $400,000(5) Consolidated Debt Maturities $101,836 $150,000 $0 $81,182 2026 and 2028 Term loans Mortgage loans (Industrial and Office) Mortgage loans (Other) Revolving Loan 2025 2026 2027 2028 2029 (1) $250,000 5 7 2 3 Consolidated Debt Maturity Schedule As of September 30, 2024 $210,0006 $210,0005 $390,0004 1
Leasing Activity & Asset Management 25
26 NEW AND RENEWAL LEASES Cash Rent GAAP Rent Tenant / Property Segment Property Type Location New Lease Start Date New Lease Expiration Date Term (Yrs) Square Feet Leasing Commissions $/SF Tenant Improvement $/SF Starting Rent/SF Prior Rent/ SF Rent Change Starting Rent/SF Prior Rent/SF Rent Change NEW LEASES Cirque du Soleil (950 Grier Drive) Other Office Las Vegas, NV 9/1/2024 8/31/2026 2.0 26,800 $ 1.87 $ — $ 19.20 $ 11.24 71 % $ 18.69 $ 10.66 75 % RENEWAL LEASES Atlas Copco Industrial Industrial Auburn Hills, MI 10/1/2025 9/30/2035 10.0 120,600 $ 7.18 $ 1.00 $ 14.25 $ 11.88 20 % $ 15.87 $ 11.25 41 % Total / weighted average 8.5 147,400 $ 6.22 $ 0.82 $ 15.15 $ 11.76 29 % $ 16.38 $ 11.14 47 % TERMINATIONS/CONTRACTIONS Tenant Location Previous Lease Expiration Date Termination Date Square Feet Termination Income None Leasing Activity For the Quarter Ended September 30, 2024
27 1 Occupancy changes reflect leases with commencements during the quarter. 2 Expiring with renewal square footage includes expirations accelerated due to early renewal. 3 Retention is Renewal leases divided by Total expirations. For the Quarter Ended 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 PORTFOLIO SQUARE FOOTAGE CHANGES Total square feet at beginning of period 16,579,200 16,635,800 17,869,000 18,100,000 18,245,900 Acquisitions — — — — — Dispositions (338,400) (56,600) (1,233,200) (230,600) (145,900) Remeasurements / other — — — (400) — Total square feet at end of period 16,240,800 16,579,200 16,635,800 17,869,000 18,100,000 OCCUPANCY CHANGES 1 Occupied square feet beginning of period / Occupancy Rate 15,966,400 / 96.3 % 15,940,200 / 95.8 % 17,042,800 / 95.4 % 17,354,600 / 95.9 % 17,408,600 / 95.4 % Expirations: Expiring without renewal (254,000) — (60,000) — (60,000) Expiring with renewal2 (120,000) (304,600) (241,400) (932,000) (116,000) Lease terminations and exercised contraction options — — — (83,200) — Total expirations (374,000) (304,600) (301,400) (1,015,200) (176,000) Leases commencing: Renewal leases 120,000 304,600 241,400 932,000 116,600 New leases 26,800 82,800 100,200 — 10,700 Expansion leases — — — — — Total leasing activity 146,800 387,400 341,600 932,000 127,300 Occupied acquired square feet — — — — — Occupied disposed square feet (218,500) (56,600) (1,142,800) (228,600) (4,700) Total occupancy activity from acquisitions & dispositions (218,500) / 64.6 % (56,600) / 100.0 % (1,142,800) / 92.7 % (228,600) / 99.1 % (4,700) / 3.2 % Other occupancy activity — — — — — Total occupancy activity (445,700) 26,200 (1,102,600) (311,800) (54,000) Occupied square feet at end of period / Occupancy Rate 15,520,700 / 95.6 % 15,966,400 / 96.3 % 15,940,200 / 95.8 % 17,042,800 / 95.4 % 17,354,600 / 95.9 % Retention3 32% 100% 80% 92% 66% Economic Occupancy Summary
Components of Net Asset Value 28
29 (Unaudited, USD in thousands) Annualized Base Rent Balance Sheet Components (cont'd) ABR Percentage of ABR LIABILITIES Industrial � � Credit facility2 $ 750,000 Investment grade1 $ 29,005 16.0 % Mortgages payable2 433,018 � Sub-investment grade1 14,770 8.1 % Distributions payable 8,436 Unrated credit 6,242 3.4 % Due to related parties 589 50,017 27.5 Interest payable 15,522 Office Prepaid tenant rent 7,762 Investment grade1 67,356 37.0 Deferred compensation 10,111 Sub-Investment grade1 24,582 13.5 Real estate taxes payable 4,942 Unrated credit 20,375 11.2 Property operating expense payable 2,371 112,313 61.7 Accrued construction in progress — Other Accrued tenant improvements 1,245 Investment grade1 8,071 4.4 Other liabilities 20,909 Sub-investment grade1 9,958 5.5 Interest rate swap liability 10,255 Unrated credit 1,475 0.8 Liabilities of real estate assets held for sale 1,267 19,504 10.7 TOTAL LIABILITIES $ 1,266,427 WHOLLY-OWNED PORTFOLIO $ 181,834 100 % COMMON SHARES + OP UNITS OUTSTANDING3 39,586,407 Balance Sheet Components Real Estate Value NON-OPERATING, NON-COMMERCIAL REAL ESTATE ASSETS REAL ESTATE GROSS BOOK VALUE � Cash and cash equivalents $ 241,550 Industrial $ 741,717 Restricted cash 25,181 Office 1,505,580 � Goodwill/operating company 74,052 Other 173,878 Interest rate swap asset 12,042 WHOLLY-OWNED PORTFOLIO - GROSS BOOK VALUE 2,421,175 � Tenant rent receivable 1,131 Cash - surrender value (DCP) 15,327 ACCUMULATED DEPRECIATION Prepaid insurance 2,625 Industrial (170,962) Other assets 31,292 Office (326,189) TOTAL NON-OPERATING, NON-COMMERCIAL REAL ESTATE ASSETS $ 403,200 Other (57,669) TOTAL ACCUMULATED DEPRECIATION (554,820) REAL ESTATE NET BOOK VALUE $ 1,866,355 REAL ESTATE AND OTHER ASSETS HELD FOR SALE, NET $ 36,456 Components of Net Asset Value As of September 30, 2024 1 Weighted average based on ABR. Represents ratings of tenants, guarantors or non guarantor parent entities. There can be no assurance that such guarantors or parent entities will satisfy the tenant’s lease obligations. For more information, see definition of investment grade in "Notes and Definitions." 2 Represents face value of debt (i.e., excludes debt premium/discount and debt financing costs). 3 Represents outstanding OP Units that are owned by unitholders other than the Peakstone Realty Trust. Represents the noncontrolling interest in the Operating Partnership.
Property Information 30
31 USD in thousands, except Annualized Base Rent / SF metrics Segment Property/Tenant Name Address Property Market Property State Building Square Feet Tenancy Type % Leased1 Property Sub Type Year Built/ Renovated2 3 Property WALT3 % of Total ABR3 1 Industrial RH 825 Rogers Road Stockton/Modesto CA 1,501,400 Single Tenant 100.0 % Warehouse 2015 5.9 4.2 % 2 Industrial Amazon - Etna 11999 National Road Columbus OH 856,300 Single Tenant 100.0 % Warehouse 2016 — 4 3.4 % 3 Industrial 3M 1650 Macom Drive Chicago IL 978,100 Single Tenant 100.0 % Warehouse 2016 2.1 2.7 % 4 Industrial Samsonite 10480 Yeager Road Jacksonville FL 817,700 Single Tenant 100.0 % Warehouse 2008 5.2 2.5 % 5 Industrial Shaw Industries 445 Northport Parkway Savannah GA 1,001,500 Single Tenant 100.0 % Warehouse 2018 8.5 1.8 % 6 Industrial PepsiCo 8060 State Road 33 North Tampa FL 605,400 Single Tenant 100.0 % Warehouse 2018 3.8 1.8 % 7 Industrial Amcor 975 West Main Street Cleveland OH 586,700 Single Tenant 100.0 % Manufacturing 1997 8.1 1.5 % 8 Industrial Amazon - Arlington Heights 1455 West Cellular Drive Chicago IL 182,900 Single Tenant 100.0 % Warehouse 2020 — 4 1.3 % 9 Industrial Pepsi Bottling Ventures 390 Business Park Drive Winston-Salem NC 526,300 Single Tenant 100.0 % Warehouse 2008 7.8 1.1 % 10 Industrial Roush Industries 333/777 Republic Drive Detroit MI 169,200 Single Tenant 100.0 % Industrial/R&D 2000 4.2 1.0 % 11 Industrial OceanX 6390 Commerce Court Columbus OH 312,000 Single Tenant 100.0 % Warehouse 2015 4.8 0.9 % 12 Industrial Berry Global 1515 Franklin Boulevard Chicago IL 193,700 Single Tenant 100.0 % Manufacturing 2003 8.3 0.8 % 13 Industrial Atlas Copco 3301 Cross Creek Parkway Detroit MI 120,000 Single Tenant 100.0 % Industrial/R&D 2014 11.0 0.8 % 14 Industrial Huntington Ingalls (500 West Park Lane) 500 West Park Lane Hampton Roads VA 258,300 Single Tenant 100.0 % Warehouse 1999 3.3 0.7 % 15 Industrial Huntington Ingalls (300 West Park Lane) 300 West Park Lane Hampton Roads VA 257,200 Single Tenant 100.0 % Warehouse 2000 3.3 0.7 % 16 Industrial ZF Wabco 8225 Patriot Boulevard Charleston SC 145,200 Single Tenant 100.0 % Warehouse 2016 8.9 0.6 % 17 Industrial TransDigm 110 Algonquin Parkway Northern New Jersey NJ 114,300 Single Tenant 100.0 % Manufacturing 1986 13.5 0.6 % 18 Industrial Hopkins 428 Peyton Street Emporia KS 320,800 Single Tenant 100.0 % Manufacturing 2000 12.3 0.6 % 19 Industrial Fidelity Building Services 25 Loveton Circle Baltimore MD 54,800 Single Tenant 100.0 % Industrial/R&D 1981 10.3 0.4 % TOTAL INDUSTRIAL SEGMENT 19 Properties 9,001,800 100.0 % 2011 6.3 $ 50,017 (1) Total calculated as a weighted average based on rentable square feet. (2) Year shown is either the year built or year substantially renovated. (3) Total calculated as a weighted average based on ABR. (4) Lease restricts certain disclosures. Property List As of September 30, 2024
32 USD in thousands, except Annualized Base Rent / SF metrics Segment Property / Tenant Name Address Property Market Property State Building Square Feet Tenancy Type % Leased1 Property Sub Type Year Built/ Renovated2 3 Property WALT3 % of Total ABR3 20 Office Southern Company 3525 & 3535 Colonnade Parkway Birmingham AL 669,400 Single-Tenant 100.0 % Office 2018 19.5 5.2 % 21 Office Keurig Dr. Pepper (53 South Avenue) 53 South Avenue Boston MA 280,600 Single-Tenant 100.0 % Office 2014 5.1 5.0 % 22 Office Freeport McMoRan 333 N. Central Ave Phoenix AZ 249,000 Single-Tenant 100.0 % Office 2010 2.6 4.4 % 23 Office Maxar Technologies 1300 West 120th Avenue Denver CO 430,000 Single-Tenant 100.0 % Office 2002 5.8 4.4 % 24 Office Travel & Leisure, Co. 14 Sylvan Way Northern New Jersey NJ 203,500 Single-Tenant 100.0 % Office 2013 4.9 3.3 % 25 Office LPL (1055 & 1060 LPL Way) 1055 & 1060 LPL Way Charlotte SC 307,200 Single-Tenant 100.0 % Office 2016 12.1 3.3 % 26 Office IGT 6355 South Buffalo Drive Las Vegas NV 222,300 Single-Tenant 100.0 % Office 2008 6.3 2.9 % 27 Office International Paper 1740 International Drive Memphis TN 238,600 Single-Tenant 100.0 % Office 2015 — 4 2.8 % 28 Office Terraces at Copley Point 5887 Copley Drive San Diego CA 201,700 Multi-Tenant 70.3 % Office 2009 6.2 2.7 % 29 Office onsemi (5701 N. Pima Road) 5701 N. Pima Road Phoenix AZ 133,400 Single-Tenant 100.0 % Office 2017 — 4 1.9 % 30 Office Zoetis 10 Sylvan Way Northern New Jersey NJ 125,700 Single-Tenant 100.0 % Office 2016 — 4 1.7 % 31 Office Mckesson (5801 N. Pima Road) 5801 North Pima Road Phoenix AZ 124,900 Single-Tenant 100.0 % Office 2019 — 4 1.7 % 32 Office McKesson (5601 N. Pima Road) 5601 N. Pima Road Phoenix AZ 138,200 Single-Tenant 100.0 % Office 2017 — 4 1.7 % 33 Office York Space Systems (East Village) 6060 South Willow Drive Denver CO 138,100 Single-Tenant 100.0 % Office/R&D 2020 7.3 1.7 % 34 Office 40 Wight 40 Wight Avenue Baltimore MD 132,200 Multi-Tenant 93.2 % Office 2017 8.0 1.7 % 35 Office Keurig Dr. Pepper (63 South Avenue) 63 South Avenue Boston MA 150,700 Single-Tenant 100.0 % Office/Lab/R&D 2013 5.1 1.6 % 36 Office LPL (1040 LPL Way) 1040 LPL Way Charlotte SC 144,400 Single-Tenant 100.0 % Office 2016 12.1 1.5 % 37 Office Toshiba TEC 3901 South Miami Boulevard Raleigh/Durham NC 200,800 Single-Tenant 100.0 % Office 2016 3.6 1.5 % 38 Office Avnet (Phoenix) 2211 S 47th Street Phoenix AZ 176,400 Single-Tenant 100.0 % Office 1997 1.9 1.5 % Property List (continued) As of September 30, 2024 (1) Total calculated as a weighted average based on rentable square feet. (2) Year shown is either the year built or year substantially renovated. (3) Total calculated as a weighted average based on ABR. (4) Lease restricts certain disclosures.
33 USD in thousands, except Annualized Base Rent / SF metrics Segment Property/Tenant Name Address Property Market Property State Building Square Feet Tenancy Type % Leased1 Property Sub Type Year Built/ Renovated2 3 Property WALT3 % of Total ABR3 39 Office Occidental Petroleum 501 North Division Street Platteville CO 114,500 Single-Tenant 100.0 % Office 2013 9.0 1.3 % 40 Office PPG 400 Bertha Lamme Drive Pittsburgh PA 118,000 Single-Tenant 100.0 % Office 2010 6.3 1.3 % 41 Office 530 Great Circle Road 530 Great Circle Road Nashville TN 100,200 Single-Tenant 100.0 % Office/Lab 2011 — 4 1.2 % 42 Office MISO 720 City Center Drive Indianapolis IN 133,400 Single-Tenant 100.0 % Office 2016 3.6 1.2 % 43 Office Amentum (Heritage III) 13500 Heritage Parkway Dallas/Fort Worth TX 119,000 Single-Tenant 100.0 % Office 2006 — 4 1.1 % 44 Office Cigna (500 Great Circle Road) 500 Great Circle Road Nashville TN 72,200 Single-Tenant 100.0 % Office 2012 2.7 0.8 % 45 Office AT&T (14500 NE 87th Street) 14500 NE 87th Street Seattle/Puget Sound WA 60,000 Single-Tenant 100.0 % Office/Data Center 1995 2.9 0.8 % 46 Office AT&T (14520 NE 87th Street) 14520 NE 87th Street Seattle/Puget Sound WA 59,800 Single-Tenant 100.0 % Office/Data Center 1995 2.9 0.8 % 47 Office Cigna (Express Scripts) 501 Ronda Court Pittsburgh PA 70,500 Single-Tenant 100.0 % Office/Data Center 2015 0.8 0.8 % 48 Office Spectrum 6451 126th Avenue North Tampa FL 82,800 Single-Tenant 100.0 % Office 2013 7.3 0.7 % 49 Office Rapiscan Systems 23 Frontage Road Boston MA 64,200 Single-Tenant 100.0 % Office/Lab 2014 2.7 0.5 % 50 Office AT&T (14560 NE 87th Street) 14560 NE 87th Street Seattle/Puget Sound WA 36,000 Single-Tenant 100.0 % Office/Data Center 1995 2.9 0.5 % 51 Office 136 Capcom 136 Capcom Avenue Raleigh/Durham NC 31,000 Single-Tenant 100.0 % Office/R&D 2014 0.3 0.3 % 52 Office 204 Capcom 204 Capcom Avenue Raleigh/Durham NC 32,000 Single-Tenant 100.0 % Office/R&D 2010 2.7 0.2 % TOTAL OFFICE SEGMENT 33 Properties 5,360,700 98.7 % 2012 7.2 $ 112,313 Property List (continued) As of September 30, 2024 (1) Total calculated as a weighted average based on rentable square feet. (2) Year shown is either the year built or year substantially renovated. (3) Total calculated as a weighted average based on ABR. (4) Lease restricts certain disclosures.
34 Property List (continued) As of September 30, 2024 USD in thousands, except Annualized Base Rent / SF metrics Segment Property / Tenant Name Address Property Market Property State Building Square Feet Tenancy Type % Leased1 Property Sub-Type Year Built/ Renovated2 3 Property WALT3 % of Total ABR3 53 Other Wyndham Hotels & Resorts 22 Sylvan Way Northern New Jersey NJ 249,400 Single-Tenant 100.0 % Office 2009 4.9 4.1 % 54 Other RTX Technologies 2730 West Tyvola Road Charlotte NC 198,900 Single-Tenant 100.0 % Office 1999 — 4 1.8 % 55 Other Avnet (Chandler) 6700 West Morelos Place Phoenix AZ 231,500 Single-Tenant 100.0 % Industrial/R&D 2008 — 4 1.5 % 56 Other 30 Independence 30 Independence Boulevard Northern New Jersey NJ 207,300 Multi-Tenant 52.0 % Office 2020 6.2 1.2 % 57 Other MGM Corporate Center (880 Grier Drive) 880 Grier Drive Las Vegas NV 81,000 Single-Tenant 100.0 % Office 1988 4.9 0.9 % 58 Other Hitachi Astemo 9296 Intermodal North Court Columbus OH 304,600 Single-Tenant 100.0 % Warehouse 2014 1.5 0.7 % 59 Other Crosspoint 20022 North 31st Avenue Phoenix AZ 351,600 Multi-Tenant 7.8 % Office 2021 4.2 0.3 % 60 Other Cirque du Soleil (950 Grier Drive) 950 Grier Drive Las Vegas NV 26,800 Single-Tenant 100.0 % Office 1989 1.9 0.3 % 61 Other ParkRidge One 10475 Park Meadows Drive Denver CO 166,700 Single-Tenant — % Office 1999 — — % 62 Other 840 Grier Drive 840 Grier Drive Las Vegas NV 60,500 Single-Tenant — % Office 1997 — — % TOTAL OTHER SEGMENT 10 Properties 1,878,300 65.4 % 2007 3.8 $ 19,504 TOTAL CONSOLIDATED PORTFOLIO 62 Properties 16,240,800 95.6 % 2011 6.6 $ 181,834 (1) Total calculated as a weighted average based on rentable square feet. (2) Year shown is either the year built or year substantially renovated. (3) Total calculated as a weighted average based on ABR. (4) Lease restricts certain disclosures.
Portfolio Characteristics 35
36 1 Weighted average rental increase is based on the remaining term of each lease as of September 30, 2024. Excludes leases with remaining term less than one year. 2 Based on % of ABR for Industrial and Office segments. Lease Escalations - Consolidated % of ABR Wtd. Avg. Annual Growth Rate 1 Annually 85.3% 2.2% Other Frequencies 12.8 0.4 Subtotal - Annually and Other Frequencies 98.1 1.9 No Escalations 1.9 — PORTFOLIO TOTAL / WEIGHTED AVERAGE 100.0% 1.9% Rent Growth As of September 30, 2024 Annually and Other Frequencies 97.9% No Escalations 2.1% Annually and Other Frequencies 93.3% No Escalations 6.7% Annually and Other Frequencies 100.0% Industrial Industrial and OfficeOffice Lease Escalations - Industrial and Office Segments2
37 Top 10 Tenants Tenant/Major Tenant Rating1 % of ABR2 WALT (years)3 1 Keurig Dr. Pepper Baa1 4 6.5% 5.1 2 Southern Company A- 5.2 19.5 3 LPL BBB- 4.8 12.1 4 Amazon5 AA 4.8 6.8 5 Maxar Technologies NR 6 4.4 5.8 6 Freeport McMoran Baa1 4 4.3 2.6 7 RH B1 4 4.2 5.9 8 Wyndham Hotels & Resorts BB- 4.1 4.9 9 McKesson A3 4 3.5 4.0 10 Travel & Leisure, Co. BB- 3.3 4.9 Top 10 Total/Average Lease Term 45.1% 7.5 Investment Grade Calculation2: Tenant Profile Tenant 31.4 % Number of Tenants 60 Guarantor 7.8 Average Square Footage Leased per Tenant 258,683 Tenant/Guarantor 39.2 Average ABR per Sq Ft - Industrial $5.56 Non-Guarantor Parent 18.2 Average ABR per Sq Ft - Office $20.95 Total Investment Grade 57.4 % Average ABR per Sq Ft - Other $10.38 WALT3 6.6 Tenant Concentration: All Segments As of September 30, 2024 1 Represents S&P ratings of tenants, guarantors, or non-guarantor parent entities, issued at http://www.spgglobal.com, unless otherwise noted. 2 Based on ABR by tenant for the portfolio. 3 Weighted average based on ABR. 4 Represents a rating issued by Moody's at http://www.moodys.com. 5 Represents the combined base rental revenue for two properties leased to this tenant. 6 Indicates that the tenant is not rated by the major credit agencies used.
38 Top 10 Tenants Tenant/Major Tenant Rating1 % of ABR2 WALT (years)3 1 Keurig Dr. Pepper Baa1 4 7.3% 5.1 2 Southern Company A- 5.8 19.5 3 LPL BBB- 5.4 12.1 4 Amazon5 AA 5.3 6.8 5 Maxar Technologies NR 6 4.9 5.8 6 Freeport McMoran Baa1 4 4.8 2.6 7 RH B1 4 4.7 5.9 8 McKesson A3 4 3.9 4.0 9 Travel & Leisure BB- 3.7 4.9 10 IGT BB+ 3.2 6.3 Top 10 Total/Average Lease Term 49.0% 7.6 Investment Grade Calculation2: Tenant Profile Tenant 31.4 % Number of Tenants 46 Guarantor 8.7 Average Square Footage Leased per Tenant 310,728 Tenant/Guarantor 40.1 Average ABR per Sq Ft: Industrial and Office $11.30 Non-Guarantor Parent 19.3 WALT3 6.9 Total Investment Grade 59.4 % Tenant Concentration: Industrial and Office As of September 30, 2024 1 Represents S&P ratings of tenants, guarantors, or non-guarantor parent entities, issued at http://www.spgglobal.com, unless otherwise noted. 2 Based on ABR by tenant for Industrial and Office segments. 3 Weighted average based on ABR. 4 Represents a rating issued by Moody's at http://www.moodys.com. 5 Represents the combined base rental revenue for two properties leased to this tenant. 6 Indicates that the tenant is not rated by the major credit agencies used.
39 Top 10 Tenants Tenant/Major Tenant Rating1 % of ABR2 WALT (years)3 1 Amazon6 AA 17.4% 6.8 2 RH B1 4 15.3 5.9 3 3M Company A3 4 10.0 2.1 4 Samsonite BB+ 9.0 5.2 5 Shaw Industries AA 6.7 8.5 6 Pepsi A+ 6.6 3.8 7 Amcor Rigid Plastics USA BBB 5.4 8.1 8 Huntington Ingalls BBB 5 5.2 3.3 9 Pepsi Bottling Ventures A2 4 3.9 7.8 10 Roush Industries NR 7 3.5 4.2 Top 10 Total/Average Lease Term 83.0% 5.6 Investment Grade Calculation2: Tenant Profile Tenant 10.0 % Number of Tenants 17 Guarantor 20.2 Average Square Footage Leased per Tenant 529,518 Tenant/Guarantor 30.2 Average ABR per Sq Ft: Industrial $5.56 Non-Guarantor Parent 27.8 WALT3 6.3 Total Investment Grade 58.0 % Tenant Concentration: Industrial As of September 30, 2024 1 Represents S&P ratings of tenants, guarantors, or non-guarantor parent entities, issued at http://www.spgglobal.com, unless otherwise noted. 2 Based on ABR by tenant for Industrial segment. 3 Weighted average based on ABR. 4 Represents a rating issued by Moody's at http://www.moodys.com. 5 Represents a rating issued by Fitch at http://www.fitchratings.com 6 Represents the combined base rental revenue for two properties leased to this tenant. 7 Indicates that the tenant is not rated by the major credit agencies used.
40 Top 10 Tenants Tenant/Major Tenant Rating1 % of ABR2 WALT (years)3 1 Keurig Dr. Pepper Baa1 4 10.6% 5.1 2 Southern Company A- 8.4 19.5 3 LPL BBB- 7.7 12.1 4 Maxar Technologies NR 6 7.0 5.8 5 Freeport McMoRan Baa1 4 7.0 2.6 6 McKesson A3 4 5.6 4.0 7 Travel & Leisure BB- 5.3 4.9 8 IGT BB+ 4.6 6.3 9 International Paper Company BBB 4.6 5.4 10 Guild Mortgage Company HY2 5 4.4 6.2 Top 10 Total/Average Lease Term 65.2% 7.7 Investment Grade Calculation2: Tenant Profile Tenant 40.9 % Number of Tenants 29 Guarantor 3.7 Average Square Footage Leased per Tenant 182,472 Tenant/Guarantor 44.6 Average ABR per Sq Ft: Office $20.95 Non-Guarantor Parent 15.4 WALT3 7.2 Total Investment Grade 60.0 % Tenant Concentration: Office As of September 30, 2024 1 Represents S&P ratings of tenants, guarantors, or non-guarantor parent entities, issued at http://www.spgglobal.com, unless otherwise noted. 2 Based on ABR by tenant for Office segment. 3 Weighted average based on ABR. 4 Represents a rating issued by Moody's at http://www.moodys.com. 5 Represents a rating issued by Bloomberg's services. 6 Indicates that the tenant is not rated by the major credit agencies used.
41 Industry Concentration: All Segments As of September 30, 2024 Top 10 Industries Top 20 Sub-Industries Industry % of ABR1 Sub-Industry % of ABR1 1 Capital Goods 15.5 % 1 Aerospace & Defense 10.9 % 2 Consumer Services 11.1 2 Soft Drinks 9.4 3 Materials 9.5 3 Hotels, Resorts & Cruise Lines 7.4 4 Food, Beverage & Tobacco 9.4 4 Health Care Services 5.4 5 Utilities 6.3 5 Renewable Electricity 5.2 6 Health Care Equipment & Services 6.3 6 Investment Banking & Brokerage 4.8 7 Commercial & Professional Services 6.0 7 Internet & Direct Marketing Retail 4.8 8 Retailing 5.5 8 Commercial & Professional Services 4.3 9 Diversified Financials 5.0 9 Copper 4.3 10 E-Commerce 4.8 10 Paper Packaging 4.3 � Top 10 total 79.4 % 11 Homefurnishing Retail 4.2 All others 20.6 % 12 Casinos & Gaming 3.7 � � � 13 Technology Distributors 3.0 14 Industrial Conglomerates 2.7 � ������ � 15 Apparel, Accessories & Luxury Goods 2.5 16 Semiconductors 2.1 � � � 17 Integrated Telecommunication Services 2.1 18 Textiles 1.8 � � � 19 Pharmaceuticals 1.7 20 Technology Hardware, Storage & Peripherals 1.5 � � � � Top 20 total 86.1 % All others 13.9 % 1 Based on ABR for the portfolio.
42 Industry Concentration: Industrial and Office As of September 30, 2024 Top 10 Industries Top 20 Sub-Industries Industry % of ABR1 Sub-Industry % of ABR1 1 Capital Goods 14.9 % 1 Soft Drinks 10.6 % 2 Materials 10.6 2 Aerospace & Defense 10.2 3 Food, Beverage & Tobacco 10.6 3 Health Care Services 6.1 4 Utilities 7.1 4 Renewable Electricity 5.8 5 Health Care Equipment & Services 7.0 5 Investment Banking & Brokerage 5.4 6 Consumer Services 6.9 6 Internet & Direct Marketing Retail 5.3 7 Commercial & Professional Services 6.3 7 Commercial & Professional Services 4.9 8 Retailing 6.1 8 Copper 4.8 9 Diversified Financials 5.4 9 Paper Packaging 4.8 10 E-Commerce 5.3 10 Homefurnishing Retail 4.7 � Top 10 total 80.2 % 11 Hotels, Resorts & Cruise Lines 3.7 All others 19.8 % 12 Casinos & Gaming 3.2 � � � 13 Industrial Conglomerates 3.1 14 Apparel, Accessories & Luxury Goods 2.8 � � � 15 Integrated Telecommunication Services 2.3 16 Semiconductors 2.1 � � � 17 Textiles 2.1 18 Pharmaceuticals 2.0 � � � 19 Technology Hardware, Storage & Peripherals 1.7 20 Technology Distributors 1.7 � � � � Top 20 total 87.3 % All others 12.7 % 1 Based on ABR for the Industrial and Office segments.
43 Industry Concentration: Industrial As of September 30, 20242021 Top 8 Industries Top 14 Sub-Industries Industry % of ABR1 Sub-Industry % of ABR1 1 Capital Goods 22.7 % 1 Internet & Direct Marketing Retail 17.4 % 2 E-Commerce 17.4 2 Homefurnishing Retail 15.3 3 Consumer Durables & Apparel 15.7 3 Soft Drinks 10.5 4 Retailing 15.3 4 Industrial Conglomerates 10.0 5 Food, Beverage & Tobacco 10.5 5 Apparel, Accessories & Luxury Goods 9.0 6 Materials 8.4 6 Aerospace & Defense 7.5 7 Automobiles & Components 5.6 7 Textiles 6.7 8 Commercial & Professional Services 4.4 8 Paper Packaging 5.4 � Top 8 total 100.0 % 9 Diversified Support Services 4.6 All others — % 10 Auto Components 3.5 � � � 11 Metal & Glass Containers 3.0 12 Industrial Machinery 2.8 � � � 13 Construction Machinery & Heavy Trucks 2.3 14 Auto Parts & Equipment 2.0 Top 14 total 100.0 % � � � All others — % 1 Based on ABR for Industrial segment.
44 Industry Concentration: Office As of September 30, 2024 2021 Top 10 Industries Top 20 Sub-Industries Industry % of ABR1 Sub-Industry % of ABR1 1 Materials 11.6 % 1 Aerospace & Defense 11.4 % 2 Capital Goods 11.4 2 Soft Drinks 10.6 3 Food, Beverage & Tobacco 10.6 3 Health Care Services 8.8 4 Utilities 10.3 4 Renewable Electricity 8.4 5 Health Care Equipment & Services 10.1 5 Investment Banking & Brokerage 7.7 6 Consumer Services 9.9 6 Commercial & Professional Services 7.0 7 Diversified Financials 7.9 7 Copper 7.0 8 Commercial & Professional Services 7.0 8 Hotels, Resorts & Cruise Lines 5.3 9 Technology Hardware & Equipment 4.8 9 Casinos & Gaming 4.6 10 Telecommunication Services 3.4 10 Paper Packaging 4.6 Top 10 total 87.0 % 11 Integrated Telecommunication Services 3.4 All others 13.0 % 12 Semiconductors 3.0 13 Pharmaceuticals 2.8 14 Technology Hardware, Storage & Peripherals 2.4 15 Technology Distributors 2.4 16 Oil & Gas Exploration & Production 2.1 17 Home Improvement Retail 2.0 18 Electric Utilities 1.9 19 IT Consulting & Other Services 1.8 20 Managed Health Care 1.3 � � Top 20 total 98.5 % All others 1.5 % 1 Based on ABR for Office segment.
45 Geographic Distribution by State (% of ABR1) Market Concentration: All Segments As of September 30, 2024 (USD in thousands) Top 10 Markets (% of ABR)1 Markets ABR % of ABR1 1 Phoenix $ 23,605 13.0 % 2 Northern New Jersey 19,884 10.9 3 Boston 12,839 7.1 4 Charlotte 11,925 6.6 5 Denver 10,993 6.0 6 Birmingham 9,409 5.2 7 Columbus 9,035 5.0 8 Chicago 8,901 4.9 9 Stockton/Modesto 7,637 4.2 10 Las Vegas 7,324 4.0 Top 10 total $ 121,552 66.9 % 13.0% 10.9% 7.3% 7.1% 6.9% 6.5% 5.4% 5.2% 5.0% 4.9% 27.8% Arizona New Jersey Colorado Massachusetts California Ohio South Carolina Alabama Florida Illinois All Others 1 Based on ABR for the portfolio.
46 Geographic Distribution (% of ABR1) Market Concentration: Industrial and Office As of September 30, 2024 (USD in thousands) Top 10 Markets (% of ABR)1 Markets ABR % of ABR1 1 Phoenix $ 20,287 12.5 % 2 Boston 12,839 7.9 3 Denver 10,993 6.8 4 Northern New Jersey 10,264 6.3 5 Birmingham 9,409 5.8 6 Chicago 8,901 5.5 7 Charlotte 8,701 5.4 8 Columbus 7,816 4.8 9 Stockton/Modesto 7,637 4.7 10 Las Vegas 5,201 3.2 Top 10 total $ 102,048 62.9 % 12.5% 8.2% 7.9% 7.8% 6.5% 6.3% 6.1% 5.8% 5.6% 5.5% 27.8% Arizona Colorado Massachusetts California Ohio New Jersey South Carolina Alabama Florida Illinois All Others 1 Based on ABR for the Industrial and Office segments.
47 Geographic Distribution (% of ABR1) Market Concentration: Industrial As of September 30, 2024 (USD in thousands) Top 10 Markets (% of ABR)1 Markets ABR % of ABR1 1 Chicago $ 8,901 17.8 % 2 Columbus 7,816 15.6 3 Stockton/Modesto 7,637 15.3 4 Jacksonville 4,497 9.0 5 Savannah 3,335 6.7 6 Tampa 3,286 6.6 7 Detroit 3,167 6.3 8 Cleveland 2,716 5.4 9 Hampton Roads 2,615 5.2 10 Winston-Salem 1,969 3.9 Top 10 total $ 45,939 91.8 % 21.1% 17.8% 15.6% 15.3% 6.7% 6.3% 5.2% 3.9% 2.3% 2.3% 3.5% Ohio Illinois Florida California Georgia Michigan Virginia North Carolina South Carolina New Jersey All Others 1 Based on ABR for Industrial segment.
48 Geographic Distribution (% of ABR1) Market Concentration: Office As of September 30, 2024 (USD in thousands) Top 10 Markets (% of ABR)1 Markets ABR % of ABR1 1 Phoenix $ 20,287 18.1 % 2 Boston 12,839 11.4 3 Denver 10,993 9.8 4 Birmingham 9,409 8.4 5 Northern New Jersey 9,105 8.1 6 Charlotte 8,701 7.7 7 Las Vegas 5,201 4.6 8 Memphis 5,131 4.6 9 San Diego 4,973 4.4 10 Seattle/Puget Sound 3,794 3.4 Top 10 total $ 90,433 80.5 % 18.1% 11.9% 11.4% 8.4% 8.1% 7.8% 7.7% 4.6% 4.4% 3.4% 14.2% Arizona Colorado Massachusetts Alabama New Jersey Tennessee South Carolina Nevada California Washington All Others 1 Based on ABR for Office segment.
49 Geographic Distribution (% of ABR1) Market Concentrations: Other As of September 30, 2024 (USD in thousands) Top 10 Markets (% of ABR)1 Markets ABR % of ABR1 1 Northern New Jersey $ 9,620 49.3 % 2 Phoenix 3,318 17.0 3 Charlotte 3,224 16.5 4 Las Vegas 2,123 10.9 5 Columbus 1,219 6.3 Top 5 total $ 19,504 100.0 % 49.3% 17.0% 16.5% 10.9% 6.3% New Jersey Arizona North Carolina Nevada Ohio 1 Based on ABR for Other segment.
50 Lease Expirations: All Segments As of September 30, 2024 (USD in thousands) Lease Maturity Schedule (by ABR1) 1 Based on ABR for the portfolio. $— $5,212 $9,423 $14,524 $19,028 $41,564 $27,132 $16,169 $12,141 $8,671 $27,970 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 >2033 Expiring Leases Year Industrial Office Other Total Approx. Square Feet ABR % of ABR1 2024 — — — — — $ — — % 2025 — 3 1 4 302,900 5,212 2.9 2026 1 1 2 4 1,485,900 9,423 5.2 2027 — 7 — 7 570,700 14,524 8.0 2028 4 3 4 11 2,027,200 19,028 10.5 2029 2 6 3 11 2,475,100 41,564 22.9 2030 1 3 3 7 2,385,100 27,132 14.9 2031 2 2 — 4 1,379,500 16,169 8.9 2032 2 4 — 6 1,457,100 12,141 6.7 2033 3 1 1 5 1,473,000 8,671 4.8 >2033 4 5 — 9 1,964,500 27,970 15.3 Vacant — — — — 719,800 — — Totals 19 35 14 68 16,240,800 $ 181,834 100 %
51 Lease Expirations: Industrial and Office As of September 30, 2024 (USD in thousands) Lease Maturity Schedule (by ABR1) $— $1,988 $7,690 $14,524 $15,607 $32,226 $25,657 $16,169 $12,141 $8,358 $27,970 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 >2033 Expiring Leases Year Industrial Office Approx. Square Feet ABR % of ABR1 2024 — — — $ — — % 2025 — 3 104,000 1,988 1.2 2026 1 1 1,154,500 7,690 4.7 2027 — 7 570,700 14,524 8.9 2028 4 3 1,762,500 15,607 9.6 2029 2 6 2,134,100 32,226 19.9 2030 1 3 2,311,700 25,657 15.8 2031 2 2 1,379,500 16,169 10.0 2032 2 4 1,457,100 12,141 7.5 2033 3 1 1,454,900 8,358 5.1 >2033 4 5 1,964,500 27,970 17.2 Vacant — — 69,100 — — Totals 19 35 14,362,600 $ 162,330 100 % 1 Based on ABR for the Industrial and Office segments.
52 Lease Expirations: Industrial As of September 30, 2024 (USD in thousands) Lease Maturity Schedule (by ABR1) $— $— $5,000 $— $7,667 $6,054 $7,637 $8,683 $4,685 $5,987 $4,304 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 >2033 Expiring Leases Year Leases Approx. Square Feet ABR % of ABR1 2024 — — $ — — % 2025 — — — — 2026 1 978,100 5,000 10.0 2027 — — — — 2028 4 1,290,100 7,667 15.3 2029 2 1,129,700 6,054 12.1 2030 1 1,501,400 7,637 15.3 2031 2 1,039,200 8,683 17.4 2032 2 1,113,000 4,685 9.4 2033 3 1,340,400 5,987 12.0 >2033 4 609,900 4,304 8.5 Vacant — — — — Totals 19 9,001,800 $ 50,017 100.0 % 1 Based on ABR for Industrial segment.
53 Lease Expirations: Office As of September 30, 2024 (USD in thousands) Lease Maturity Schedule (by ABR1) $— $1,988 $2,690 $14,524 $7,940 $26,172 $18,020 $7,486 $7,456 $2,371 $23,666 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 >2033 Expiring Leases Year Leases Approx. Square Feet ABR % of ABR1 2024 — — $ — — % 2025 3 104,000 1,988 1.8 2026 1 176,400 2,690 2.4 2027 7 570,700 14,524 12.9 2028 3 472,400 7,940 7.1 2029 6 1,004,400 26,172 23.3 2030 3 810,300 18,020 16.0 2031 2 340,300 7,486 6.7 2032 4 344,100 7,456 6.6 2033 1 114,500 2,371 2.1 >2033 5 1,354,600 23,666 21.1 Vacant — 69,000 — — Totals 35 5,360,700 $ 112,313 100.0 % 1 Based on ABR for Office segment.
54 Lease Expirations: Other As of September 30, 2024 (USD in thousands) Lease Maturity Schedule (by ABR1) $— $3,224 $1,733 $— $3,421 $9,338 $1,475 $— $— $313 $— 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 >2033 Expiring Leases Year Total Approx. Square Feet ABR % of ABR1 2024 — — $ — — % 2025 1 198,900 3,224 16.5 2026 2 331,400 1,733 8.9 2027 — — — — 2028 4 264,700 3,421 17.5 2029 3 341,000 9,338 47.9 2030 3 73,400 1,475 7.6 2031 — — — — 2032 — — — — 2033 1 18,100 313 1.6 >2033 — — — — Vacant — 650,700 — — Totals 14 1,878,200 $ 19,504 100.0 % 1 Based on ABR for Other segment.
Notes & Definitions 55
56 Notes & Definitions ABR (Annualized Base Rent) “Annualized Base Rent” or “ABR” means the contractual base rent excluding rent abatements and deducting base year operating expenses for gross and modified gross leases as of September 30, 2024, unless otherwise specified, multiplied by 12 months. For leases in effect at the end of any quarter that provide for rent abatement during the last month of that quarter, the Company used the monthly contractual base rent payable following expiration of the abatement period. Average Annual Rent Escalations "Average Annual Rent Escalations" is defined as weighted average rental increase is based on the remaining term of each lease, excluding leases that expire within one year. Cash and cash equivalents "Cash and cash equivalents" represent all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. EBITDA “EBITDA” is earnings before interest, tax, depreciation and amortization. We use EBITDA as a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. We believe this measure is helpful to investors because it is a direct measure of the actual operating results of our properties. However, because EBITDA is calculated before recurring cash charges, including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our liquidity is limited. Accordingly, EBITDA should not be considered an alternative to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity or as an alternative to net income, as computed in accordance with GAAP. EBITDA may not be comparable to similarly titled measures of other companies. EBITDAre “EBITDAre” is defined by The National Association of Real Estate Investment Trusts ("NAREIT") as follows: (a) GAAP Net Income plus (b) interest expense plus (c) income tax expense plus (d) depreciation and amortization plus/minus (e) losses and gains on the disposition of depreciated property, including losses/ gains on change of control plus (f) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, plus (g) adjustments to reflect the entity's share of EBITDAre of consolidated affiliates. We use EBITDAre as a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. We believe this measure is helpful to investors because it is a direct measure of the actual operating results of our properties. However, because EBITDAre is calculated before recurring cash charges, including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our liquidity is limited. Accordingly, EBITDAre should not be considered an alternative to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity or as an alternative to net income, as computed in accordance with GAAP. EBITDAre may not be comparable to similarly titled measures of other companies. Economic Occupancy "Economic Occupancy" means leases effective as of the reporting date.
57 Notes & Definitions (continued) Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO") "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 dividends. 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, we believe that the use of FFO, together with the required GAAP presentations, provides a more complete understanding of our performance relative to our 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 we do, making comparisons less meaningful. Additionally, we use AFFO as a non-GAAP financial measure to evaluate our 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 or investment-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. We believe that AFFO is a recognized measure of sustainable operating performance by the REIT industry and is useful in comparing the sustainability of our operating performance with the sustainability of the operating performance of other real estate companies. Management believes that AFFO is a beneficial indicator of our ongoing portfolio performance and isolates the financial results of our 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.
58 Notes & Definitions (continued) FFO and AFFO - cont. By providing FFO and AFFO, we present information that assists investors in aligning their analysis with management’s analysis of long-term operating activities. FFO and AFFO have been revised to include amounts available to both common shareholders and limited partners for all periods presented. For all of these reasons, we believe 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 our real estate portfolio. However, a material limitation associated with FFO and AFFO is that they are not indicative of our cash available to fund the payment of dividends since other uses of cash, such as capital expenditures at our 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 we do not continue to operate under our current business plan. 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 we may have to adjust the calculation and characterization of this non-GAAP measure. Investment Grade “Investment grade” means an investment grade credit rating from a 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. In the context of Peakstone’s portfolio, references to “investment grade” include, and credit ratings provided by Peakstone may refer to, tenants, guarantors, and non-guarantor parent entities. There can be no assurance that such guarantors or non- guarantor parent entities will satisfy the tenant’s lease obligations, and accordingly, any such credit ratings may not be indicative of the creditworthiness of the Company's tenants. Net Debt “Net Debt” is total consolidated debt less cash and cash equivalents (excluding restricted cash).
59 Notes & Definitions (continued) Net Operating Income (NOI), Cash NOI, and Same Store Cash NOI 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 general and administrative expenses, interest expense, depreciation and amortization, impairment of real estate, impairment of goodwill, gains or losses on early extinguishment of debt, gains or losses on sales of real estate, investment income or loss, termination income and equity in earnings of any unconsolidated real estate joint ventures. NOI on a cash basis (“Cash NOI”) is NOI adjusted to exclude the effect of straight-line rent and amortization of acquired above- and below-market lease intangibles adjustments required by GAAP. Cash NOI for our Same Store portfolio (“Same Store Cash NOI”) is Cash NOI for properties held for the entirety of all periods presented, with an adjustment for lease termination fees to provide a better measure of actual cash basis rental growth for our Same Store portfolio. 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 (loss). 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. Because NOI, Cash NOI and Same Store Cash NOI exclude depreciation and amortization and capture neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of NOI, Cash NOI and Same Store Cash NOI as measures of our performance is limited. Therefore, NOI, Cash NOI and Same Store Cash NOI should not be considered as alternatives to net income (loss), as computed in accordance with GAAP. NOI, Cash NOI and Same Store Cash NOI may not be comparable to similarly titled measures of other companies.
60 Notes & Definitions (continued) The table below represents a reconciliation of NOI to Cash NOI for the interim periods presented in the "Selected Financial Data" on slide 9. For the Quarter Ended 6/30/2024 3/31/2024 12/31/2023 (Unaudited, USD in thousands) Industrial Office Other Total Portfolio Industrial Office Other Total Portfolio Industrial Office Other Total Portfolio Revenue $ 14,554 $ 32,991 $ 8,407 $ 55,952 $ 14,833 $ 32,999 $ 11,395 $ 59,227 $ 14,796 $ 34,525 $ 13,737 $ 63,058 Operating Property Expense (612) (3,284) (1,762) (5,658) (1,138) (3,172) (2,369) (6,679) (909) (3,189) (3,134) (7,232) Property Tax Expense (1,015) (2,221) (1,277) (4,513) (1,115) (2,144) (1,251) (4,510) (1,174) (2,415) (1,490) (5,079) Property Management Fees (73) (158) (128) (359) (63) (169) (179) (411) (62) (173) (186) (421) TOTAL NOI 12,854 27,328 5,240 45,422 12,517 27,514 7,596 47,627 12,651 28,748 8,927 50,326 NON-CASH ADJUSTMENTS: Straight Line Rent (1,277) (716) 174 (1,819) (604) (689) 467 (826) (69) (595) 460 (204) In-Place Lease Amortization (96) (130) (146) (372) (96) (126) (37) (259) (97) (200) (108) (405) Deferred Ground/Office Lease — 425 (26) 399 — 433 (17) 416 — 433 (5) 428 Other Intangible Amortization — 372 — 372 — 372 — 372 — 377 — 377 TOTAL CASH NOI $ 11,481 $ 27,279 $ 5,242 $ 44,002 $ 11,817 $ 27,504 $ 8,009 $ 47,330 $ 12,485 $ 28,763 $ 9,274 50,522
61 Notes & Definitions Normalized EBITDAre “Normalized EBITDAre” is a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. Normalized EBITDAre, as defined by the Company, represents EBITDAre(as defined by NAREIT), modified to exclude items such as acquisition-related expenses, employee separation expenses and other items that we believe are not indicative of the performance of our portfolio. Normalized EBITDAre also excludes the Normalized EBITDAre impact of properties sold during the period and extrapolate the operations of acquired properties to estimate a full quarter of ownership (in each case, as if such disposition or acquisition had occurred on the first day of the quarter). We may also exclude the annualizing of other large transaction items such as termination income recognized during the quarter. Management believes these adjustments to reconcile to Normalized EBITDAre provides investors with supplemental performance information that is consistent with the performance models and analysis used by management and provides investors a view of the performance of our portfolio over time. However, because Normalized EBITDAre is calculated before recurring cash charges, including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our liquidity is limited. Therefore, Normalized EBITDAre should not be considered as an alternative to net income, as computed in accordance with GAAP. Normalized EBITDAre may not be comparable to similarly titled measures of other companies. Normalized EBITDAre (Consolidated) "Normalized EBITDAre (Consolidated)" represents Normalized EBITDAre adjusted to exclude items related to any unconsolidated entities. We calculated Normalized EBITDAre (Consolidated) as follows: Management believes these adjustments to reconcile to Normalized EBITDAre (Consolidated) provides investors a view of the performance of our consolidated portfolio over time. However, because Normalized EBITDAre (Consolidated) is calculated before recurring cash charges, including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our liquidity is limited. Therefore, Normalized EBITDAre (Consolidated) should not be considered as an alternative to net income, as computed in accordance with GAAP. Normalized EBITDAre (Consolidated) may not be comparable to similarly titled measures of other companies. For the Quarter Ended (Unaudited, USD in thousands) 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 Normalized EBITDAre $ 37,940 $ 41,051 $ 39,473 $ 42,085 $ 58,297 Adjustment for unconsolidated joint venture — — — — (15,993) Normalized EBITDAre (Consolidated) $ 37,940 $ 41,051 $ 39,473 $ 42,085 $ 42,304
62 Notes & Definitions (continued) Operating Margin "Operating Margin" is NOI/Revenue. Operating Partnership "Operating Partnership" refers to our operating partnership, PKST OP, L.P., which owns directly and indirectly all of the Company's assets. OP Units "OP Units" represents outstanding common units owned by unitholders other than Peakstone Realty Trust and represents the noncontrolling interest in the Operating Partnership. Per Share "Per Share" data represents amounts calculated based on the weighted-average number of basic and diluted common shares outstanding. Per Share/Unit "Per Share/Unit" data represents amounts calculated based on (i) the weighted-average number of basic and diluted common shares outstanding plus (ii) the weighted-average number of OP Units outstanding. This metric is used in FFO and AFFO calculations. Same Store "Same store" portfolio means properties which were held for a full period compared to the same period in the prior year. WALT “WALT” is weighted average lease term (in years). This is the average remaining lease term for all leases combined, weighted based on Annualized Base Rent.
