Peakstone Realty Trust (PKST) investor relations material

Executive summary

• Completed strategic transformation to an industrial-only REIT, eliminating the Office segment by December 31, 2025; portfolio now consists of 77 industrial properties, including 61 IOS and 16 Traditional Industrial assets.

• Entered into a definitive merger agreement on February 2, 2026, with shareholders approving the transaction on April 29, 2026; each common share to be converted into $21.00 in cash upon closing.

• Net loss for Q1 2026 was $18.8 million, a significant improvement from a $53.4 million net loss in Q1 2025, primarily due to the absence of real estate impairments and discontinued operations losses.

Financial highlights

• Q1 2026 total revenue was $25.7 million, up from $24.0 million in Q1 2025, driven by acquisitions and leasing activity.

• Net operating income (NOI) for Q1 2026 was $22.4 million, down from $25.1 million in Q1 2025, reflecting the elimination of the Office segment.

• Adjusted Funds from Operations (AFFO) for Q1 2026 was $6.6 million ($0.16 per share/unit), down from $24.8 million ($0.62 per share/unit) in Q1 2025.

• Cash and cash equivalents as of March 31, 2026, were $109.7 million; total debt, net, was $475.1 million with a weighted average effective interest rate of 5.24%.

• Same Store NOI increased 6% year-over-year, primarily due to leasing activity.

Outlook and guidance

• The merger is expected to close around May 6, 2026, subject to remaining conditions.

• Regular quarterly dividends have been suspended until the earlier of the merger closing or termination.

• Management expects continued strong demand for industrial assets, especially IOS, supported by structural trends in supply chains and e-commerce.