The following is a summary of the Peakstone Realty Trust (PKST) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Peakstone Realty Trust reported Q1 revenue of $59.2 million and NOI of $47.6 million.

• The company reported net income attributable to common shareholders to be approximately $5 million or $0.14 per share.

• Same-store cash NOI increased slightly by 0.7% compared to the same quarter last year, standing at approximately $44.8 million.

• The FFO and AFFO were approximately $21.2 million or $0.54 per share and $27.8 million or $0.70 per share on a fully diluted basis respectively.

Business Progress:

• Peakstone completed the dispositions of four assets for nearly $80 million, thereby improving portfolio metrics.

• The company succeeded in securing lease extensions for three assets in their Other segment, amassing around 241,000 square feet.

• At the end of Q1, Peakstone managed to reduce their consolidated portfolio's leverage to 6.2 times net debt to normalized EBITDA RE.

• The completion of a rent abatement marked the 11th year of an existing lease.

• Peakstone intends to pursue their strategic plan aimed at bolstering their balance sheet and optimizing their portfolio to meet their long-term growth objectives.

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