The following is a summary of the Peakstone Realty Trust (PKST) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 2024 revenue reached approximately $55 million with a net operating income (NOI) of $44 million.

• Net loss of $24.4 million, including a $43 million non-cash impairment charge related to asset sales.

• FFO and AFFO were $23.1 million and $25.7 million, respectively, reflecting per-share amounts of $0.58 and $0.65.

• Same-store cash NOI decreased by 0.9% year over year, but would have grown 1.6% excluding specific rent abatements.

Business Progress:

• Successfully exited office joint venture and sold multiple office segment assets, further reducing office portfolio exposure.

• Continued strategic transition towards industrial expansion, evident in leasing activities and asset disposition.

• Amended unsecured credit facility, reducing borrowing costs and extending debt maturities.

Opportunities:

• Intends to capitalize on the long-term favorable market conditions in the industrial real estate sector.

• Created substantial liquidity to support industrial growth initiatives.

Risks:

• Still exposed to challenges in managing office segment valuation and sales in a complex market environment.

• The re-leasing success may face hurdles due to broader economic or market fluctuations.

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