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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