The following is a summary of the Peakstone Realty Trust (PKST) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 total revenue was approximately $56 million with a Net Operating Income (NOI) of approximately $45.4 million.

• Net loss was approximately $3.8 million, or $0.11 per share, including a $6.5 million non-cash impairment related to an asset sale.

• Funds From Operations (FFO) were approximately $25.6 million, or $0.65 per share.

• Adjusted Funds From Operations (AFFO) was approximately $27.6 million, or $0.70 per share.

Business Progress:

• Successfully amended and extended an unsecured credit facility, boosting financial flexibility for further industrial investments.

• Demonstrated ongoing portfolio optimization by disposing of non-core assets, such as the sale of a property in Mechanicsburg.

• Positive leasing activity noted, including a significant lease extension at the Samsonite property in Jacksonville with favorable terms.

• Plan continued disposition of other segment assets throughout the year to focus portfolio on core industrial and office segments.

Opportunities:

• The strategic shift towards industrial investments supported by an amended credit facility creates long-term shareholder value.

• Positive market rental rate adjustments and extended lease terms contribute to portfolio stability and growth.

Risks:

• Net loss including a significant non-cash impairment points to possible valuation adjustments or underperforming assets that could affect profitability.

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