Peakstone Realty Trust filed SEC Form 8-K: Entry into a Material Definitive Agreement, Completion of Acquisition or Disposition of Assets, Regulation FD Disclosure, Other Events, Financial Statements and Exhibits
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(State or other jurisdiction of incorporation)
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(IRS Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Item 1.01. |
Entry into a Material Definitive Agreement.
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Item 2.01. |
Completion of Acquisition or Disposition of Assets.
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Item 7.01. |
Regulation FD Disclosure.
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Item 8.01. |
Other Events.
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Type of Property
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Number of
Properties
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Usable Acres
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Percentage Leased
(based on usable acres)
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Weighted
Average
Lease Term
(WALT)
(in years
based on
ABR) (1)
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Investment
Grade %
(Wtd. Avg.
Based on
ABR)(1)(2)
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Annualized
Base Rent
(in thousands) (1)
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Operating Properties
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45
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358
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99.6
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%
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4.5
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47.0
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%
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$
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22,086
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Redevelopment Properties
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6
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82
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—
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—
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—
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—
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Total
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51
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440
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99.6
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%
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4.5
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47.0
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%
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$
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22,086
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(1) |
“Annualized Base Rent” or “ABR” means in-place monthly contractual base rent excluding rent abatements under leases as of November 4, 2024, multiplied by 12 months. For leases
that have a rent abatement period in effect as of November 4, 2024, the Company used the monthly contractual base rent payable following expiration of the abatement period.
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(2) |
“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 the Company’s portfolio, references to
“investment grade” include, and credit ratings provided by the Company may refer to, tenants, guarantors, and non-guarantor parent entities. There can be no assurance that such guarantors or parent entities will satisfy the tenant’s lease
obligations, and accordingly, any such credit rating may not be indicative of the creditworthiness of the Company's tenants.
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Market
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Number of
Properties
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Percentage of Annualized
Base Rent(2)
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Usable Acres
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Philadelphia
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8
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22.7
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%
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76
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Atlanta
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8
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13.1
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65
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Houston
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4
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8.0
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34
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Savannah
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1
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7.7
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14
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Dallas/Fort Worth
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2
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5.3
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15
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Nashville
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3
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5.2
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12
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Northern New Jersey
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2
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4.3
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6
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Hampton Roads
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2
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3.7
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25
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Charleston
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3
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3.6
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10
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Orlando
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2
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3.2
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11
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Subtotal
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35
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76.9
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268
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All Others (1)
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10
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23.1
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90
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Total
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45
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100.0
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%
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358
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(1) |
All others account for 2.7% or less of total Annualized Base Rent on an individual market basis.
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(2) |
“Annualized Base Rent” or “ABR” means in-place monthly contractual base rent for the operating Properties as of November
4, 2024, multiplied by 12 months. For leases that have a rent abatement period in effect as of November 4, 2024, the Company used the monthly contractual base rent payable following expiration of the
abatement period.
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Item 9.01. |
Financial Statements and Exhibits.
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Exhibit No.
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Description
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Purchase and Sale Agreement, dated as of November 4, 2024, by and among the Buyer Parties and the Seller Parties.
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Consent of Marcum LLP.
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Press Release, dated November 4, 2024.
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Investor Presentation, dated November 4, 2024.
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Statements of Revenues and Certain Expenses of an Industrial Outdoor Storage Portfolio of Properties of IOS JV, LLC Required by Item 9.01(a).
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Pro Forma Financial Information Required by Item 9.01(b).
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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Peakstone Realty Trust
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Date: November 4, 2024
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By:
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/s/ Javier F. Bitar
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Javier F. Bitar
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Chief Financial Officer and Treasurer
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