UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  March 21, 2023

Peakstone Realty Trust
(Exact name of registrant as specified in its charter)

Commission File Number:  000-55605

Maryland
 
46-4654479
(State or other jurisdiction of incorporation)
 
(IRS Employer Identification No.)

1520 E. Grand Avenue, El Segundo, CA 90245
(Address of principal executive offices, including zip code)

(310) 606-3200
(Registrant's telephone number, including area code)

N/A
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities to be registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered

     

 
   
None
 
None
 
None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 1.01.
Entry into a Material Definitive Agreement.
 
On March 21, 2023, Peakstone Realty Trust (the “Company”), through PKST OP, L.P. (“PKST OP”), as borrower, certain subsidiaries of PKST OP party thereto as guarantors, various lending institutions and KeyBank National Association, as administrative agent, entered into the Seventh Amendment (the “Seventh Amendment”) to that certain Second Amended and Restated Credit Agreement dated as of April 30, 2019, as amended by that certain First Amendment to the Second Amended and Restated Credit Agreement dated as of October 1, 2020, the Second Amendment to the Second Amended and Restated Credit Agreement dated as of December 18, 2020, the Third Amendment to the Second Amended and Restated Credit Agreement dated as of July 14, 2021, the Fourth Amendment to the Second Amended and Restated Credit Agreement dated as of April 28, 2022, the Fifth Amendment to the Second Amended and Restated Credit Agreement dated as of September 28, 2022 and the Sixth Amendment to the Second Amended and Restated Credit Agreement dated as of November 30, 2022 (collectively, the “Existing Credit Agreement”).
 
Prior to the Seventh Amendment, the final Revolving Credit Maturity Date (as defined in the Existing Credit Agreement) was June 30, 2024. The Seventh Amendment amended the Existing Credit Agreement by, among other things: (i) permitting PKST OP to extend the Revolving Commitments (as defined in the Existing Credit Agreement) of each Revolving Lender (as defined in the Existing Credit Agreement) to January 31, 2026 (the “Subsequent Extension”); (ii) amending the covenant regarding Tangible Net Worth (as defined in the Existing Credit Agreement) to reduce the baseline calculation for the required Tangible Net Worth from $2,030,720,237 to $1,000,000,000; and (iii) adding a covenant that prohibits any special distributions from extraordinary non-recurring income.
 
The exercise of the Subsequent Extension by PKST OP is conditioned upon, among other things, (i) prior to June 30, 2024, the Company consummating a listing of its equity interests which results in such equity interests being traded on the New York Stock Exchange and (ii) the payment of an extension fee on the effective date of the Subsequent Extension in an amount equal to 20 basis points of the amount of Revolving Commitments being extended in connection with the Subsequent Extension.
 
In connection with the Seventh Amendment, and as a condition to the effectiveness thereof, PKST OP prepaid the outstanding principal balance ($400,000,000) of the 2024 Term Loan (as defined in the Existing Credit Agreement). The prepayment was funded through a draw on the revolving credit facility portion of the Existing Credit Agreement.
 
In connection with the Existing Credit Agreement, the Company and certain direct and indirect subsidiaries of PKST OP (the “Guarantor Subsidiaries”) were required to guaranty the obligations of PKST OP, as borrower, under the Existing Credit Agreement (the “Existing Guaranty”). In connection with the Seventh Amendment, the Company and the Guarantor Subsidiaries were required to reaffirm and confirm their respective obligations under the Existing Guaranty.
 
The foregoing summary is qualified in its entirety by reference to the terms of the Seventh Amendment, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
 
Item 2.02.
Results of Operations and Financial Condition.
 
On March 24, 2023, the Company issued a press release and supplemental information discussing the Company’s financial results and operations for the quarter and year ended December 31, 2022. Copies of the press release and supplemental information are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are each incorporated by reference herein.


Exhibits 99.1 and 99.2 are being furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information under this Item 2.02 in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of any general incorporation language in such filing.

Item 2.03.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference into this Item 2.03.

Item 7.01.
Regulation FD Disclosure.
 
On March 24, 2023, the Company posted to its website (www.pkst.com) an investor presentation and an investor frequently asked questions sheet (“FAQ”), and issued a press release, regarding the anticipated listing of the Company’s common shares on the New York Stock Exchange and the meeting date and record date for the Company’s 2023 annual meeting of shareholders. The investor presentation, FAQ and press release are furnished as Exhibits 99.3, 99.4 and 99.5, respectively, to this Current Report on Form 8-K and are each incorporated by reference herein.
 
Exhibits 99.3, 99.4 and 99.5 are being furnished pursuant to Item 7.01 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. The information under this Item 7.01 in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.
 
Item 9.01.
Financial Statements and Exhibits

(d) Exhibits

Exhibit No.
Description
   
Seventh Amendment to Second Amended and Restated Credit Agreement dated November March 21, 2023, by and among Peakstone Realty Trust, PKST OP, L.P., the subsidiary guarantors party thereto, the lending institutions party thereto as lenders and KeyBank National Association, as administrative agent
Press Release (Earnings), dated March 24, 2023
Supplemental Information, dated March 24, 2023
Investor Presentation, dated March 24, 2023
Frequently Asked Questions, dated March 24, 2023
Press Release (Listing and Annual Meeting), dated March 24, 2023
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


Cautionary Statement Regarding Forward-Looking Statements

This report forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. The forward-looking statements contained in this report reflect the Company’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause the Company’s actual results to differ significantly from those expressed in any forward-looking statement.

The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: general economic and financial conditions; market volatility; inflation; any potential recession or threat of recession; interest rates; the impact of the work-from-home trends; recent and ongoing disruption in the debt and banking markets; occupancy, rent deferrals and the financial condition of the Company’s tenants; whether easing of the pandemic, work-from-home trends or other factors will impact the attractiveness of industrial and/or office assets; whether we will be successful in renewing leases as they expire; future financial and operating results, plans, objectives, expectations and intentions; expected sources of financing and the availability and attractiveness of the terms of any such financing; legislative and regulatory changes that could adversely affect our business; our future capital expenditures, operating expenses, net income, operating income, cash flow and developments and trends of the real estate industry; whether a listing of the Company will be completed; whether any such listing will maximize shareholder value; whether we will be successful in the pursuit of our business plan, including any dispositions; whether we will succeed in our investment objectives; any relationship between the trading price of our common shares at listing and our published net asset value; any fluctuation and/or volatility of the trading price of our common shares once listed; risks associated with our dependence on key personnel whose continued service is not guaranteed; risks related to the disruption of management’s attention from ongoing business operations due to pursuit of requirements related to being a listed company; whether we will comply with Sarbanes-Oxley as required of listed companies; and other factors, including those risks disclosed in Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s most recent Annual Report on Form 10-K and Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. The Company cautions investors not to place undue reliance on these forward-looking statements and urges you to carefully review the disclosures it makes concerning risks. While forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. The forward-looking statements speak only as of the date of this report. Furthermore, the Company disclaims any obligation to publicly update or revise any forward- looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Our shareholders are cautioned not to place undue reliance on any forward-looking statement in this report. All forward-looking statements are made as of the date of this report, and the risk that actual results will differ materially from the expectations expressed in this report may increase with the passage of time. In light of the significant uncertainties inherent in the forward-looking statements in this report, the inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives and plans set forth in this report will be achieved.


Signature(s)
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
Peakstone Realty Trust

   
Date: March 24, 2023
By:
/s/ Javier F. Bitar

 
Javier F. Bitar

 
Chief Financial Officer and Treasurer




Exhibit 10.1

SEVENTH AMENDMENT TO SECOND AMENDED AND RESTATED
CREDIT AGREEMENT
 
This Seventh Amendment to Second Amended and Restated Credit Agreement (this “Amendment”) is made as of March 21, 2023, by and among PKST OP, L.P., a Delaware limited partnership f/k/a GRT OP, L.P., a Delaware limited partnership, having an address at Griffin Capital Plaza, 1520 E. Grand Avenue, El Segundo, California 90245 (“Borrower”), KEYBANK NATIONAL ASSOCIATION (“KeyBank”), the other lending institutions which are parties to this Amendment as “Lenders” (together with KeyBank, the “Lenders”) and KEYBANK NATIONAL ASSOCIATION, as Administrative Agent for the Lenders (the “Agent”).  Unless otherwise defined herein, terms defined in the Credit Agreement set forth below shall have the same meaning herein.
 
W I T N E S S E T H:
 
WHEREAS, the Borrower, the Agent, the Lenders and other financial institutions party thereto have entered into that certain Second Amended and Restated Credit Agreement as of April 30, 2019, as amended by that certain First Amendment to Second Amended and Restated Credit Agreement dated as of October 1, 2020, that certain Second Amendment to Second Amended and Restated Credit Agreement dated as of December 18, 2020, that certain Third Amendment to Second Amended and Restated Credit Agreement dated as of July 14, 2021, that certain Fourth Amendment to Second Amended and Restated Credit Agreement dated as of April 28, 2022, that certain Fifth Amendment to Second Amended and Restated Credit Agreement dated as of September 28, 2022 and that certain Sixth Amendment to Second Amended and Restated Credit Agreement dated as of November 30, 2022 (collectively, the “Existing Credit Agreement”; and the Existing Credit Agreement as amended by this Amendment, the “Credit Agreement”); and
 
WHEREAS, the Borrower, the Agent and the Lenders (which constitute the Majority Lenders and all Extending Revolving Lenders) have agreed to amend certain terms of the Existing Credit Agreement as set forth herein.
 
NOW, THEREFORE, in consideration of the mutual promises and agreements herein contained, the parties hereto hereby agree as follows:
 
 
1.
The Existing Credit Agreement is hereby amended as follows:
 

(a)
Section 1.01 of the Existing Credit Agreement is hereby amended by deleting therefrom the following defined terms:
 
2024 Term Commitment
 
2024 Term Lender
 
2024 Term Loan
 
2024 Term Loan Applicable Percentage
 
2024 Term Loan Maturity Date
 
1

SpinCo Transaction
 

(b)
Section 1.01 of the Existing Credit Agreement is hereby amended by adding thereto the following defined terms:
 
Extending Revolving Lenders” means each of the Revolving Lenders having an Extended Revolving Commitment as shown on Schedule 2.01 and their respective successors and assigns.
 
Extended Revolving Commitment” means the Revolving Commitment of each Extending Revolving Lender as of the Seventh Amendment Effective Date which is subject to the Fourth Extension pursuant to Section 2.19(a).  Notwithstanding anything to the contrary herein, the Extended Revolving Commitment is not a separate Class from the Revolving Commitment but is a subset of the Revolving Commitment.
 
First Extension” has the meaning set forth in Section 2.19(a).
 
Fourth Extension” has the meaning set forth in Section 2.19(a).
 
Non-Extending Revolving Lenders” means all of the Revolving Lenders other than the Extending Revolving Lenders.
 
Second Extension” has the meaning set forth in Section 2.19(a).
 
Seventh Amendment Effective Date” means March 21, 2023.
 
Third Extension” has the meaning set forth in Section 2.19(a).
 

(c)
The definition of “Applicable Rate” set forth in Section 1.01 of the Existing Credit Agreement is hereby amending by deleting the table set forth in subsection (a) thereof in its entirety and replacing it with the following:
 
2

Level
Consolidated
Leverage
Ratio
Applicable
Rate for
Revolving
Loans that
are SOFR
 Loans
Applicable
Rate for
Revolving
Loans of
the
Extending Revolving
Lenders
that are
SOFR
Loans
after June
30, 2024
Applicable
Rate for
Revolving
Loans that
are Base
Rate
Loans
Applicable
Rate for
Revolving
Loans of
the
Extending Revolving
Lenders
that are
Base Rate
Loans
after June
30, 2024
Applicable
Rate for
2025 and
2026
Term
Loans that
are SOFR
Loans
Applicable
Rate for
2025 and
2026Term
Loans that
are Base
Rate Loans
1
Less than 45%
1.30%
1.55%
.30%
.55%
1.25%
.25%
2
Greater than or equal to 45% but less than 50%
1.45%
1.70%
.45%
.70%
1.40%
.40%
3
Greater than or equal to 50% but less than 55%
1.60 %
1.85%
.60%
.85%
1.55 %
.55%
4
Greater than or equal to 55% but less than 60%
1.90%
2.15%
.90%
1.15%
1.85%
.85%
5
Greater than or equal to 60%
2.20%
2.45%
1.20%
1.45%
2.15%
1.15%


(d)
The definition of “Applicable Rate” set forth in Section 1.01 of the Existing Credit Agreement is hereby amending by deleting the table set forth in subsection (b) thereof in its entirety and replacing it with the following:
 
Investment
Grade Rating
Applicable
Rate for
Revolving
Loans that are
SOFR Loans
Applicable
Rate for
Revolving
Loans of
Extending Revolving
Lenders that
are SOFR
Loans after
June 30, 2024
Revolver
Facility Fee
Rate
Applicable
Rate for Revolving
Loans that
are Base
Rate Loans
Applicable
Rate for Revolving
Loans of the
Extending
Revolving
Lenders that
are Base
Rate Loans
after June
30, 2024
Applicable
Rate for 
2025 and
2026 Term
Loans that
are SOFR
Loans
Applicable
Rate for
2025 and
2026Term
Loans that
are Base
Rate Loans
Pricing Level 1
At least A- or A3
0.825%
1.075%
.125%
0.000%
0.250%
0.900%
0.000%
Pricing Level 2
At least BBB+ or Baa1
0.875%
1.125%
.150%
0.000%
0.250%
0.950%
0.000%
Pricing Level 3
At least BBB or Baa2
1.000%
1.250%
.200%
0.000%
0.250%
1.100%
0.100%
Pricing Level 4
At least BBB- or Baa3
1.200%
1.450%
.250%
0.200%
0.450%
1.350%
0.350%
Pricing Level 5
Below BBB-, Baa3 or unrated
1.550%
1.800%
.300%
0.550%
0.800%
1.750%
0.750%

3


(e)
The definition of “Borrowing Base Availability” set forth in Section 1.01 of the Existing Credit Agreement is hereby deleted and replaced in its entirety with the following:
 
Borrowing Base Availability” means, as adjusted from time to time pursuant to the terms hereof, the following:  the lesser of (a) a Loan amount such that the Unsecured Leverage Ratio would not exceed sixty percent (60%) (which ratio may increase to sixty-five percent (65%) for a maximum of four (4) consecutive calendar quarters following a Material Acquisition; provided, that without the prior written consent of the Administrative Agent, no more than two (2) such increases to 65% may occur); or (b) a Loan amount which would provide an Unsecured Interest Coverage Ratio of no less than 2.00:1.00.  In each case, the foregoing ratios shall be calculated on a pro forma basis to give effect to any acquisitions and dispositions made after the date of the financial statements with respect to the most recently delivered Compliance Certificate pursuant to Section 5.01(c) and any acquisitions to be made with the proceeds of any new borrowing under the Loans.
 

(f)
The definition of “Revolving Loan Maturity Date” set forth in Section 1.01 of the Existing Credit Agreement is hereby deleted and replaced in its entirety with the following:
 
““Revolving Loan Maturity Date” means September 30, 2023, as the same may be extended in accordance with Section 2.19 (including, solely with respect to the Extended Revolving Commitment, the Fourth Extension).”
 

(g)
Sections 2.01(b) and 2.09(c) of the Existing Credit Agreement and any and all references in the Existing Credit Agreement to the “2024 Term Commitment”, “2024 Term Lender”, “2024 Term Loan”, “2024 Term Loan Applicable Percentage”, and “2024 Term Loan Maturity Date” are hereby deleted in their entirety and, with respect to the deletion of Sections 2.01(b) and 2.09(c), replaced with “[Reserved]”.
 

(h)
Section 2.11(g) of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following:
 
4

“(g)    In the event that the Revolving Loan Maturity Date is extended in accordance with the terms of Section 2.19, the Borrower agrees to pay to the Administrative Agent (i) in connection with the First Extension, the Second Extension and the Third Extension, for the account of each Revolving Lender, an extension fee in connection with each such extension equal to 0.05% of the aggregate Revolving Commitments of the Revolving Lenders on the first effective day of each such extension and (ii) in connection with the Fourth Extension, for the account of each Extending Revolving Lender only, an extension fee in connection with such extension equal to 0.20% of the aggregate Extended Revolving Commitments of the Extending Revolving Lenders on the first effective day of such extension.”
 

(i)
Section 2.19(a) of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following:
 
“(a)   So long as no Event of Default or Default shall be in existence on the date on which notice is given in accordance with the following clause (i) and on the then-effective Revolving Loan Maturity Date, Borrower may extend the Revolving Loan Maturity Date, first, to December 30, 2023 (the “First Extension”), and following any such First Extension, second, to March 30, 2024 (the “Second Extension”), and following any such Second Extension, third, to June 30, 2024 (the “Third Extension”), and, finally, solely with respect to the Extended Revolving Commitments held by the Extending Revolving Lenders (all other Revolving Commitments to terminate in June 30, 2024 and be due and payable upon such expiration), to January 31, 2026 (the “Fourth Extension”), in each case upon satisfaction of the following: (i) delivery of a written request to Administrative Agent at least thirty (30) days, but no more than sixty (60) days, prior to the Revolving Loan Maturity Date then in effect; (ii) payment to Administrative Agent for the benefit of the Revolving Lenders or the Extending Revolving Lenders, as applicable, of the extension fee set forth in Section 2.11(g), which fee shall be payable on or before the then applicable Revolving Loan Maturity Date; (iii) payment by Borrower of all fees and expenses to Administrative Agent and the Lenders to the extent then due, (iv) with respect to the Fourth Extension, repayment in full of all Obligations owed to the Non-Extending Revolving Lenders, with each Extending Revolving Lender agreeing to such non-pro rata payment, and (v) with respect to the Fourth Extension, the Parent shall have consummated a direct listing of the Parent’s common Equity Interests, resulting in such common Equity Interests being traded on the New York Stock Exchange prior to June 30, 2024.  Such extension shall be evidenced by delivery of written confirmation of the same by Administrative Agent to Borrower, but Administrative Agent’s failure to timely deliver the notice shall not affect Borrower’s right to extend so long as the conditions contained herein are satisfied.”
 

(j)
Section 5.02(a) of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following:
 
5

“(a)    a Consolidated Leverage Ratio of not greater than sixty percent (60%) at all times, or for a maximum of four (4) consecutive calendar quarters following a Material Acquisition, sixty five percent (65%); provided, that without the prior written consent of the Administrative Agent, no more than two (2) such increases to 65% may occur;”
 

(k)
Section 5.02(b) of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following:
 
“(b)    Tangible Net Worth of not less than the sum of (i) $1,000,000,000.00, plus (ii) (A) seventy-five percent (75%) of the net proceeds (gross proceeds less reasonable and customary costs of sale and issuance paid to Persons not Affiliates of any Credit Party) received by the Parent or the Borrower at any time from the issuance of stock (whether common, preferred or otherwise) of the Parent or the Borrower after the Seventh Amendment Effective Date, plus (B) seventy-five percent (75%) of the amount of operating partnership units of the Borrower issued after the Seventh Amendment Effective Date, minus (iii) seventy-five percent (75%) of the amount of any payments that are used to redeem stock (whether common, preferred or otherwise) of the Parent or the Borrower or to redeem operating partnership units of the Parent after the Seventh Amendment Effective Date, minus (iv) any amounts paid for the redemption or retirement of, or any accrued return on, the preferred equity issued under the 2018 Preferred Documents;”
 

(l)
Section 5.02(d) of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following:
 
“a maximum Secured Debt Ratio of not greater than forty percent (40%) of Total Asset Value or, for a maximum of four (4) consecutive calendar quarters following a Material Acquisition financed principally with Secured Debt, forty five percent (45%); provided, that without the prior written consent of the Administrative Agent, no more than two (2) such increases to 45% may occur;”
 

(m)
Section 5.02(h) of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following:
 
“(h)    A maximum Unsecured Leverage Ratio of no greater than sixty percent (60%) or for a maximum of four (4) consecutive calendar quarters following a Material Acquisition, sixty five percent (65%); provided, that without the prior written consent of the Administrative Agent, no more than two (2) such increases to 65% may occur.”
 

(n)
Sections 6.05 of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following:
 
6

“SECTION 6.05     Restricted Payments.  The Parent will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, during any calendar month, any Restricted Payment, except that any of the following Restricted Payments are permitted: (a) Restricted Payments by the Parent required to comply with Section 5.15(e) and to otherwise avoid the payment of any income and/or excise taxes imposed under the Code, however there shall not be any implied requirement that the Parent utilize the dividend deferral options in Section 857(b)(9) or Section 858(a) of the Code, (b) provided no Default or Event of Default is then in existence, Restricted Payments made by the Borrower and/or Parent to its respective equity holders in the form of dividends or distributions, other than special distributions of extraordinary non-recurring income, (c) Restricted Payments declared and paid by Subsidiaries to Borrower, Parent and/or any other Subsidiary (and, in the case of a Subsidiary that is not a wholly owned Subsidiary, distributions to any Person entitled to such distributions made by such Subsidiary ratably in accordance with the interest held by such Person or otherwise as may be required pursuant to the organizational documents of such Subsidiary) with respect to their capital stock or equity interest, (d) Restricted Payments pursuant to any employee or director equity or stock option plan entered into in the ordinary course of business, (e) Restricted Payments of the type described in clause (a) declared and paid by any Subsidiary intended to be treated as a REIT under the Code with respect to such Subsidiary’s REIT status and taxation, and (f) Restricted Payments by the Parent for the redemption or retirement, in full or in part, of the preferred equity issued under the 2018 Preferred Documents”
 

(o)
Schedule 2.01 of the Existing Credit Agreement is hereby deleted in its entirety and replaced with Schedule 2.01 attached hereto and made a part hereof.
 

(p)
Exhibit B of the Existing Credit Agreement is hereby deleted in its entirety and replaced with Exhibit B attached hereto and made a part hereof.
 
 
2.
Representations and Warranties.
 
(a)          The Credit Parties hereby represent, warrant and covenant with Agent and Lenders that, as of the date hereof:
 
(i)          the representations and warranties of the Borrower and each other Credit Party contained in the Credit Agreement or any other Loan Document are true, correct and complete in all material respects on and as of the date hereof, except to the extent such representations and warranties (i) relate solely to an earlier date (in which case such representations and warranties shall have been true, correct and complete in all material respects on and as of such earlier date) or (ii) have been modified to reflect events occurring after the Amendment Effective Date (as defined below), as the same have been disclosed publicly or in writing to the Agent on or before the date hereof or are permitted or not prohibited under the Loan Documents;
 
7

(ii)         this Amendment constitutes the legal, valid and binding obligation of the Borrower and is enforceable against it in accordance with its terms, without defense, counterclaim or offset.  Except as hereby specifically amended or modified, the Existing Credit Agreement and the other Loan Documents are hereby confirmed and ratified in all respects and shall be and remain in full force and effect according with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law;
 
(iii)        the execution of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or the Lenders, and shall not be deemed to be a novation of the Obligations of the Credit Parties; and
 
(iv)          no event has occurred and is continuing which constitutes a Default or an Event of Default.
 
3.         Conditions to Effectiveness.  This Amendment shall not be effective until the date (the “Amendment Effective Date”) on which each of the following conditions precedent has been fulfilled to the reasonable satisfaction of the Agent on or prior to the date of this Amendment:
 

(a)
This Amendment shall have been duly executed and delivered by the Credit Parties, the Administrative Agent and the Lenders (which shall constitute Majority Lenders and all Extending Revolving Lenders).
 

(b)
All action on the part of the Credit Parties necessary for the valid execution, delivery and performance by the Credit Parties of this Amendment shall have been duly and effectively taken.
 

(c)
After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing.
 

(d)
Repayment in full of the 2024 Term Loan.
 
4.           Except as expressly amended hereby, the remaining terms and conditions of the Existing Credit Agreement shall continue in full force and effect.  All future references to the “Credit Agreement” shall be deemed to be references to the Existing Credit Agreement as amended by this Amendment and each reference to “hereof,” “hereunder,” “herein” or “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Credit Agreement shall from and after the date hereof refer to the Existing Credit Agreement as amended by this Amendment.  Each Credit Party hereby ratifies, confirms and reaffirms all of the terms and conditions of the Credit Agreement and each of the other Loan Documents, and further acknowledges and agrees that all of the terms and conditions of the Credit Agreement and the other Loan Documents shall remain in full force and effect, in each case, except as expressly provided in this Agreement.
 
8

5.           This Amendment shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto.
 
6.           This Amendment, which may be executed in multiple counterparts, constitutes the entire agreement of the parties regarding the matters contained herein and shall not be modified by any prior oral or written discussions.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic imaging transmission (e.g. PDF by email) shall be effective as delivery of a manually executed counterpart of this Amendment.  The Credit Parties hereby ratify, confirm and reaffirm all of the terms and conditions of the Existing Credit Agreement, and each of the other Loan Documents, and further acknowledge and agree that all of the terms and conditions of the Existing Credit Agreement shall remain in full force and effect except as expressly provided in this Amendment.  This Amendment constitutes a Loan Document for all purposes under the Credit Agreement.
 
7.          Any determination that any provision of this Amendment or any application hereof is invalid, illegal or unenforceable in any respect and in any instance shall not affect the validity, legality or enforceability of such provision in any other instance, or the validity, legality or enforceability of any other provisions of this Amendment.
 
8.           This Amendment shall be governed by and construed in accordance with the laws of the State of New York.
 
[SIGNATURES ON FOLLOWING PAGE]

9

IN WITNESS WHEREOF, the undersigned has executed and delivered this Amendment under seal as of the date first written above.
 
 
BORROWER:
   
 
PKST OP, L.P., a Delaware limited partnership
       
 
By:
PEAKSTONE REALTY TRUST,
   
a Maryland corporation, its General Partner
       
   
By:
/s/ Javier Bitar
 
   
Name:
Javier Bitar
   
Title:
Chief Financial Officer

[Signatures continued on next page.]
 
[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


 
ADMINISTRATIVE AGENT AND LENDER:
     
 
KEYBANK, NATIONAL ASSOCIATION,
 
individually and as Administrative Agent, Swingline Lender and Issuing Bank
     
 
By:
Christopher T. Neil
 
 
Name:
Christopher T. Neil
 
Title:
Senior Banker

[Signatures continued on next page.]
 
[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


 
LENDER:
     
 
CAPITAL ONE, NATIONAL ASSOCIATION
     
 
By:
/s/ Dennis Haydel
 
 
Name:
Dennis Haydel
 
Title:
Vice President

[Signatures continued on next page.]
 
[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


 
LENDER:
     
 
TRUIST BANK, f/k/a Branch Banking and Trust Company, successor by merger to SunTrust Bank
     
 
By:
/s/ Ryan Almond
 
 
Name:
Ryan Almond
 
Title:
Director

[Signatures continued on next page.]
 
[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


 
LENDER:
     
 
WELLS FARGO BANK, NATIONAL ASSOCIATION
     
 
By:
/s/ Cristina Johnnie
 
 
Name:
Cristina Johnnie
 
Title:
Vice President

[Signatures continued on next page.]
 
[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


 
LENDER:
     
 
BANK OF AMERICA, N.A.
     
 
By:
/s/ Dennis Kwan
 
 
Name:
Dennis Kwan
 
Title:
Vice President

[Signatures continued on next page.]
 
[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


 
LENDER:
     
 
U.S. BANK NATIONAL ASSOCIATION
     
 
By:
/s/ Michael F. Diemer
 
 
Name:
Michael F. Diemer
 
Title:
Vice President

[Signatures continued on next page.]
 
[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


 
LENDER:
     
 
FIFTH THIRD BANK, NATIONAL ASSOCIATION
     
 
By:
/s/ Michael Glandt
 
 
Name:
Michael Glandt
 
Title:
Senior Vice President

[Signatures continued on next page.]
 
[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


 
LENDER:
     
 
ASSOCIATED BANK, NATIONAL ASSOCIATION
     
 
By:
/s/ Mitchell Vega
 
 
Name:
Mitchell Vega
 
Title:
Vice President

[Signatures continued on next page.]
 
[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


 
LENDER:
     
 
REGIONS BANK
     
 
By:
/s/ Walter E. Rivadeneira
 
 
Name:
Walter E. Rivadeneira
 
Title:
Vice President

[Signatures continued on next page.]
 
[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


 
LENDER:
     
 
BMO HARRIS BANK N.A.
     
 
By:
/s/ Darin Mainquist
 
 
Name:
Darin Mainquist
 
Title:
Managing Director

[Signatures continued on next page.]
 
[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


 
LENDER:
     
 
PNC BANK, NATIONAL ASSOCIATION
     
 
By:
/s/ David C. Drouillard
 
 
Name:
David C. Drouillard
 
Title:
Senior Vice President

[Signatures continued on next page]
 
[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


 
LENDER:
     
 
GOLDMAN SACHS BANK USA
     
 
By:
/s/ Jonathan Dworkin
 
 
Name:
Jonathan Dworkin
 
Title:
Authorized Signatory

[Signatures continued on next page.]
 
[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


 
LENDER:
     
 
COMERICA BANK
     
 
By:
/s/ Charles Waddell
 
 
Name:
Charles Waddell
 
Title:
Vice President

[Signatures continued on next page.]
 
[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


 
LENDER:
     
 
SYNOVUS BANK
     
 
By:
/s/ Zach Braun
 
 
Name:
Zach Braun
 
Title:
Director

[Signatures continued on next page.]
 
[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


 
LENDER:
     
 
FIRST HORIZON BANK (f/k/a First Tennessee Bank national Association)
     
 
By:
/s/ Jean M. Brennan
 
 
Name:
Jean M. Brennan
 
Title:
Senior Vice President

[Signatures continued on next page.]
 
[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


GUARANTOR CONFIRMATION

The undersigned hereby acknowledge and agree to the foregoing Seventh Amendment to Second Amended and Restated Credit Agreement and acknowledge and agree that they remain obligated for the various obligations and liabilities, as applicable, set forth in that certain Guaranty (as supplemented, the "Guaranty") dated April 30, 2019, executed by each of the undersigned in favor of the Agent, which Guaranty remains in full force and effect.
 
 
GUARANTOR:
   
 
PEAKSTONE REALTY TRUST
   
 
By:
/s/ Javier F. Bitar
 
 
Name:
Javier F. Bitar
 
Title:
Chief Financial Officer and Treasurer

 
GRIFFIN (DURHAM) ESSENTIAL ASSET REIT II, L.P., a Delaware limited partnership
       
 
By:
GRIFFIN (DURHAM) ESSENTIAL ASSET REIT II GP, LLC, a Delaware limited liability company
       
   
By:
PKST OP, L.P., a Delaware limited partnership
       
     
By:
PEAKSTONE REALTY TRUST,
       
its General Partner
         
       
By:
/s/ Javier F. Bitar
 
       
Name:
Javier F. Bitar
       
Title:
Chief Financial Officer and Treasurer

[Signatures Continue on the Following Page]

[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


GRIFFIN (GROVEPORT) ESSENTIAL ASSET REIT II, LLC
GRIFFIN (ANDOVER) ESSENTIAL ASSET REIT II, LLC
GRIFFIN (PARSIPPANY 14) ESSENTIAL ASSET REIT II, LLC
GRIFFIN (HAMPTON 300) ESSENTIAL ASSET REIT II, LLC
GRIFFIN (HAMPTON 500) ESSENTIAL ASSET REIT II, LLC
GRIFFIN (AUBURN HILLS) ESSENTIAL ASSET REIT II, LLC
GRIFFIN (NORTH CHARLESTON) ESSENTIAL ASSET REIT II, LLC,
GRIFFIN (PARSIPPANY 10) ESSENTIAL ASSET REIT II, LLC
GRIFFIN (LONE TREE) ESSENTIAL ASSET REIT II, LLC
GRIFFIN (CARMEL) ESSENTIAL ASSET REIT II, LLC
THE GC NET LEASE (GV QUEBEC COURT) INVESTORS, LLC
THE GC NET LEASE (ARLINGTON HEIGHTS) INVESTORS, LLC
THE GC NET LEASE (ALLEN PARK) INVESTORS, LLC
THE GC NET LEASE (WESTMINSTER) INVESTORS, LLC
THE GC NET LEASE (PHOENIX BEARDSLEY) INVESTORS, LLC
THE GC NET LEASE (HOUSTON WESTGATE III) INVESTORS, LLC
THE GC NET LEASE (LONE TREE) INVESTORS, LLC
THE GC NET LEASE (FORT MILL) INVESTORS, LLC,
THE GC NET LEASE (FORT MILL II) INVESTORS, LLC,
THE GC NET LEASE (LAKELAND) INVESTORS, LLC,
THE GC NET LEASE (SCOTTSDALE) INVESTORS, LLC,
THE GC NET LEASE (SCOTTSDALE II) INVESTORS, LLC,
THE GC NET LEASE (SAVANNAH) INVESTORS, LLC,
THE GC NET LEASE (HERITAGE III) INVESTORS, LLC,
THE GC NET LEASE (CRANBERRY) INVESTORS, LLC,
THE GC NET LEASE (GREENWOOD VILLAGE) INVESTORS, LLC,
each a Delaware limited liability company

 
By:
PKST OP, L.P., a Delaware limited partnership
     
   
By:
PEAKSTONE REALTY TRUST,
     
its General Partner
     
     
By:
/s/ Javier Bitar
 
     
Name:
Javier Bitar
     
Title:
Chief Financial Officer

[Signatures Continue on the Following Page]

[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]
 

THE GC NET LEASE (COLUMBIA) INVESTORS, LLC,
a Delaware limited liability company


By:
THE POINT AT CLARK STREET REIT, LLC, a Delaware limited liability company


By:
FRANKLIN CENTER MEMBER, LLC, a Delaware limited liability company


By:
SOR OPERATING PARTNERSHIP, LLC, a Delaware limited liability company


By:
PKST OP, L.P., a Delaware limited partnership


By:
PEAKSTONE REALTY TRUST,
its General Partner

 
By:
/s/ Javier F. Bitar
 
 
Name:
Javier F. Bitar
 
Title:
Chief Financial Officer and Treasurer

[Signatures Continue on the Following Page]

[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


ARCP OFC BURLINGTON MA, LLC,
ARCP OFC HUNTSVILLE AL, LLC,
ARCP ID BELLEVUE OH, LLC,
ARCP OFC SAN ANTONIO TX, LLC,
ARCP OFC PHOENIX (CENTRAL) AZ, LLC,
ARCP OFC JOHNSTON IA (PHASE II), LLC,
ARCP OFC BURLINGTON MA (PHASE 2), LLC,
VEREIT OFC LINCOLN HILL PA, LLC,
VEREIT OFC PHOENIX AZ, LLC,
VEREIT OFC TYLER TX, LLC,
CIM OFC PLATTEVILLE CO, LLC,
CIM OFC ANDOVER MA, LLC,
CIM OFC SPARKS MD, LLC,
CIM OFC MEMPHIS TN, LLC,
CIM OFC ANDOVER (TECH) MA, LLC,
CIM OFC HUNT VALLEY MD, LLC,
each a Delaware limited liability company


By:
COLE CORPORATE INCOME OPERATING PARTNERSHIP II, LP, a Delaware limited partnership, its sole member


By:
GRT OP (CARDINAL NEW GP SUB), LLC, a Delaware limited liability company, its General Partner


By:
PKST OP, L.P., a Delaware limited partnership, its sole member


By:
PEAKSTONE REALTY TRUST,
its General Partner

  By:
/s/ Javier F. Bitar
 
  Name:
Javier F. Bitar
  Title:
Chief Financial Officer, Treasurer and Interim Chief Investment Officer

[Signatures Continue on the Following Page]

[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


CIM OFC SAN DIEGO CA, LP,
a Delaware limited partnership


By:
CIM GP OFC San Diego CA, LLC, a Delaware limited liability company, its General Partner


By:
COLE CORPORATE INCOME OPERATING PARTNERSHIP II, LP, a Delaware limited partnership, its sole member


By:
GRT OP (CARDINAL NEW GP SUB), LLC, a Delaware limited liability company, its General Partner


By:
PKST OP, L.P., a Delaware limited partnership, its sole member


By:
PEAKSTONE REALTY TRUST,
its General Partner

  By:
/s/ Javier F. Bitar 
 
  Name:
 Javier F. Bitar
  Title:
Chief Financial Officer, Treasurer and  Interim Chief Investment Officer

[Signatures Continue on the Following Page]

[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]


THE GC NET LEASE (WAKE FOREST) INVESTORS, L.P., a
Delaware limited partnership


By:
The GC Net Lease (Wake Forest) GP, LLC, a Delaware limited liability company, its General Partner


By:
Cole Corporate Income Operating Partnership II, LP, a Delaware limited partnership, its sole member


By:
GRT OP (Cardinal New GP Sub), LLC, a Delaware limited liability company, its General Partner


By:
PKST OP, L.P., a Delaware limited partnership, its sole member


By:
PEAKSTONE REALTY TRUST,
its General Partner

  By:
/s/ Javier F. Bitar
 
  Name:
Javier F. Bitar
  Title:
Chief Financial Officer, Treasurer and  Interim Chief Investment Officer

[Signature Page to Seventh Amendment to Second Amended and Restated Credit Agreement]




EXHIBIT 99.1

Peakstone Realty Trust Reports
2022 Fourth Quarter and Full Year Results
 
For the Year Ended December 31, 2022:
          Leased 1.3 Million Square Feet
          Sold Over $1.4 Billion of Office Assets
          Reduced Outstanding Debt by Approximately $1.1 Billion

El Segundo, Calif. (March 24, 2023) - Peakstone Realty Trust ("PKST" or the "Company"), formerly known as Griffin Realty Trust, announced its results for the quarter and full year ended December 31, 2022.

"Throughout 2022 and the start of 2023, we executed important steps to strengthen and de-risk the Company amidst continued macroeconomic pressures and the lingering impact of hybrid work patterns that have challenged office building leasing volume and valuations,” stated Michael J. Escalante, PKST's Chief Executive Officer. “As part of these efforts, we leased over 1.3 million square feet and sold over $1.57 billion of assets ($1.4 billion in 2022 and $170 million to date in 2023). Our asset sales generated proceeds which were primarily used to pay down more than $1.0 billion of debt. In addition, subsequent to year-end, we amended our credit facility to extend the maturity of our revolver through January 2026. Moving ahead with a weighted average lease term in excess of 7.1 years, a strong balance sheet,  and no significant near-term debt maturities, we are confident that the Company is well-positioned to execute on its plan to list its common shares on the New York Stock Exchange and enable value creation over the long-term for all shareholders."

Highlights for the Quarter and Year Ended December 31, 2022


Revenue of approximately $75.9 million for the quarter and approximately $416.5 million for the year.


Net (loss) income attributable to common shareholders of $(228.6) million for the quarter and $(411.9) million for the year.


Adjusted Funds from Operation ("AFFO")1 of $0.75 per basic and diluted share for the quarter and $4.81 for the year.


Closed on the sale of 46 office properties in two stages for approximately $1.3 billion (the “Office Portfolio Sale”) and as part of the Office Portfolio Sale, entered into a joint venture (the "Office Joint Venture"), retaining a 49% interest therein for a total capital contribution of $184.2 million.


Closed on the sale of two additional office properties for $126.3 million.

Consolidated Portfolio Overview as of December 31, 2022


81 properties located in 24 states.


Weighted average remaining lease term of approximately 7.1 years.


Portfolio is 95.5% leased with an average economic occupancy of 94.8% comprised of Industrial (100%), Office (98.3%), and Other (75.4%).

1


Over 98.5% of annualized base rent2 is subject to periodic increases, of which 86.3% is subject to annual escalations that average approximately 2.1%.


Approximately 61.5% of annualized base rent is generated by investment grade companies.3

Operating Highlights

Leasing Activity


For the quarter, executed one new 15-year lease for approximately 98,000 square feet and one seven-year renewal lease for approximately 226,000 square feet.


For the year, executed 17 new and renewal leases totaling approximately 1.3 million square feet.

Dispositions/Joint Ventures


For the year:


Completed the Office Portfolio Sale and entered into the Office Joint Venture. The Company's obligation to the Office Joint Venture is generally limited to its initial capital contribution of $184.2 million.


Sold two additional office properties for $126.3 million.


Subsequent to year-end, sold three properties for approximately $170 million.

Financial Metrics

Revenue


For the quarter, total revenue was approximately $75.9 million, which represents a $43.2 million decrease in rental income compared to the same quarter last year primarily due to the Office Portfolio Sale.


For the year, total revenue was approximately $416.5 million, which represents a $43.4 million decrease in rental income compared to the prior year primarily due to the Office Portfolio Sale.

Net (Loss) Income


For the quarter, net (loss) attributable to common shareholders was approximately $(228.6) million, or $(6.34) per basic and diluted share, compared to net income attributable to common shareholders of approximately $1.0 million, or $0.03 per basic and diluted share, for the same quarter last year, primarily due to the net loss on the disposition of office assets of $(43.8) million and non-cash impairments of real estate of $(41.3) million and goodwill of $(135.3) million.


For the year, net (loss) attributable to common shareholders was approximately $(411.9) million, or $(11.41) per basic and diluted share, compared to net income attributable to common shareholders of approximately $1.6 million, or $0.04 per basic and diluted share, for the prior year, primarily due to the net loss on the disposition of assets of $(139.3) million as a result of the Office Portfolio Sale, non-cash impairment of real estate of $($127.6) million, non-cash impairment of goodwill of $(135.3) million, and transaction expenses of $(22.4) million.

2

AFFO


For the quarter, AFFO was approximately $29.6 million, or $0.75 per basic and diluted share, compared to $60.2 million, or $1.52 per basic and diluted share, for the same quarter last year, primarily due to a $43.2 million decrease in rental income primarily due to the Office Portfolio Sale.


For the year, AFFO was approximately $190.7 million, or $4.81 per basic and diluted share, compared to $219.2 million, or $5.79 per basic and diluted share, for the prior year, primarily attributable to a $43.4 million decrease in rental income due to the Office Portfolio Sale.

Debt Highlights


For the year, reduced debt by approximately $1.1 billion primarily utilizing proceeds from sales.


For the year, extended the maturity date of the $750.0 million revolving credit facility (the "Revolving Credit Facility") to June 2024 (including three three-month extensions).


Subsequent to year-end, further extended the maturity date of the Revolving Credit Facility to January 2026, subject to, among other things, the Company completing a listing of its common shares on the New York Stock Exchange.

About Peakstone Realty Trust
Peakstone Realty Trust is an internally managed, publicly registered real estate investment trust (REIT) that owns and operates a high-quality, newer-vintage portfolio of predominantly single-tenant industrial and office properties. These assets are generally leased to creditworthy tenants under long-term net lease agreements with contractual rent escalations. As of March 24, 2023, Peakstone’s portfolio consists of 19 million square feet across 24 states in primarily high growth, strategic coastal and sunbelt markets.

Additional information is available at www.pkst.com.

Investor Contact:
ir@pkst.com

Advisors Contact:
advisorservices@pkst.com

Media Contact:
Joele Frank, Wilkinson Brimmer Katcher
Meaghan Repko/Jack Kelleher/Kara Sperry
212-355-4449

3

Cautionary Statement Regarding Forward-Looking Statements
 
Certain statements contained in this press release of Peakstone Realty Trust, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.
 
The forward-looking statements contained in this press release reflect the Company's current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause the Company's actual results to differ significantly from those expressed in any forward-looking statement. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: general economic and financial conditions; market volatility; inflation; any potential recession or threat of recession; interest rates; the impact of the work-from-home trends; recent and ongoing disruption in the debt and banking markets; occupancy, rent deferrals and the financial condition of the Company’s tenants; whether easing of the pandemic, work-from-home trends or other factors will impact the attractiveness of industrial and/or office assets; whether we will be successful in renewing leases as they expire; future financial and operating results, plans, objectives, expectations and intentions; expected sources of financing and the availability and attractiveness of the terms of any such financing; legislative and regulatory changes that could adversely affect our business; our future capital expenditures, operating expenses, net income, operating income, cash flow and developments and trends of the real estate industry; whether a listing of the Company will be completed; whether any such listing will maximize shareholder value; whether we will be successful in the pursuit of our business plan, including any dispositions; whether we will succeed in our investment objectives; any relationship between the trading price of our common shares at listing and our published net asset value; any fluctuation and/or volatility of the trading price of our common shares once listed; risks associated with our dependence on key personnel whose continued service is not guaranteed; risks related to the disruption of management’s attention from ongoing business operations due to pursuit of requirements related to being a listed company; whether we will comply with Sarbanes-Oxley as required of listed companies; and other factors, including those risks disclosed in Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s most recent Annual Report on Form 10-K and Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission.
 
4

While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. The forward-looking statements speak only as of the date of this press release. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Moreover, because the Company operates in a very competitive and rapidly changing environment, new risk factors are likely to emerge from time to time. The Company cautions investors not to place undue reliance on these forward-looking statements and urge you to carefully review the disclosures the Company makes concerning risks in Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A. “Risk Factors” of the Company's Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission.
 

1 FFO, as described by the National Association of Real Estate Investment Trusts ("NAREIT"), is adjusted for redeemable preferred distributions. Additionally, the Company uses AFFO as a non-GAAP financial measure to evaluate its operating performance. FFO and AFFO have been revised to include amounts available to both common shareholders and limited partners for all periods presented. See below for a reconciliation of FFO and AFFO to the most directly comparable GAAP financial measure.
2 Annualized base rent or “ABR” means the contractual base rent before abatements and deducting base year operating expenses for gross and modified gross leases as of December 31, 2022, unless otherwise specified, multiplied by 12 months. For properties in the Company's portfolio that had rent abatements as of December 31, 2022, the Company used the monthly contractual base rent payable following expiration of the abatement.
3 Investment grade companies means companies (e.g., a tenant or a guarantor or non-guarantor parent of a tenant) that have received an investment grade credit rating from a Nationally Recognized Statistical Rating Organization (“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 company with 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; moreover, because PKST provides credit ratings for some companies that are non-guarantor parents of Company's tenants, such credit ratings may not be indicative of the creditworthiness of the relevant tenants. Approximately 61.5% of the portfolio's ABR was generated by investment grade companies, with 57.1% generated from companies with a NRSRO credit rating and the remaining 4.4% from companies with a non-NRSRO credit rating that the Company believes is generally equivalent to an NRSRO investment grade rating. Bloomberg’s default risk rating is an example of a non-NRSRO rating.

5

PEAKSTONE REALTY TRUST
CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands, except units and share amounts)

   
December 31, 2022
   
December 31, 2021
 
ASSETS
           
Cash and cash equivalents
 
$
233,180
   
$
168,618
 
Restricted cash
   
4,764
     
17,522
 
Real estate:
               
Land
   
327,408
     
584,291
 
Building and improvements
   
2,631,965
     
4,104,782
 
Tenant origination and absorption cost
   
535,889
     
876,324
 
Construction in progress
   
1,994
     
4,763
 
Total real estate
   
3,497,256
     
5,570,160
 
Less: accumulated depreciation and amortization
   
(644,639
)
   
(993,323
)
Total real estate, net
   
2,852,617
     
4,576,837
 
Investments in unconsolidated entities
 
$
178,647
     
 
Intangible assets, net
   
33,861
     
43,100
 
Deferred rent receivable
   
79,572
     
108,896
 
Deferred leasing costs, net
   
26,507
     
44,505
 
Goodwill
   
94,678
     
229,948
 
Due from affiliates
   
     
271
 
Right of use asset
   
35,453
     
39,482
 
Interest rate swap asset
   
41,404
     
3,456
 
Other assets
   
31,877
     
40,382
 
Real estate assets and other assets held for sale, net
   
20,816
   
$
 
Total assets
 
$
3,633,376
   
$
5,273,017
 
LIABILITIES AND EQUITY
               
Debt, net
 
$
1,485,402
   
$
2,532,377
 
Restricted reserves
   
627
     
8,644
 
Interest rate swap liability
   
     
25,108
 
Distributions payable
   
12,402
     
12,396
 
Due to affiliates
   
1,458
     
2,418
 
Intangible liabilities, net
   
20,658
     
30,626
 
Lease liability
   
46,519
     
50,896
 
Accrued expenses and other liabilities
   
80,175
     
109,121
 
Total liabilities
   
1,647,241
     
2,771,586
 
Perpetual convertible preferred shares
   
125,000
     
125,000
 
Noncontrolling interests subject to redemption; 556,099 and 556,099 units as of December 31, 2022 and December 31, 2021, respectively
   
3,812
     
4,768
 
Shareholders' equity:
               
Common stock, $0.001 par value; 800,000,000 shares authorized; 35,999,898 and 36,070,902 shares outstanding in the aggregate as of December 31, 2022 and December 31, 2021, respectively
   
36
     
36
 
Additional paid-in capital
   
2,948,600
     
2,952,261
 
Cumulative distributions
   
(1,036,678
)
   
(922,562
)
Accumulated (loss) income
   
(269,926
)
   
141,983
 
Accumulated other comprehensive income (loss)
   
40,636
     
(18,708
)
Total shareholders' equity
   
1,682,668
     
2,153,010
 
Noncontrolling interests
   
174,655
     
218,653
 
Total equity
   
1,857,323
     
2,371,663
 
Total liabilities and equity
 
$
3,633,376
   
$
5,273,017
 

6

PEAKSTONE REALTY TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except share and per share amounts)

   
Three Months Ended December 31,
   
Year Ended December 31,
 
   
2022
   
2021
   
2022
   
2021
 
Revenue:
                       
Rental income
 
$
75,893
   
$
119,125
   
$
416,485
   
$
459,872
 
Expenses:
                               
Property operating expense
   
9,357
     
16,687
     
52,451
     
61,259
 
Property tax expense
   
6,065
     
10,708
     
37,317
     
41,248
 
Property management fees to non-affiliates
   
589
     
1,051
     
3,496
     
4,066
 
General and administrative expenses
   
11,706
     
10,350
     
39,893
     
40,479
 
Corporate operating expenses to affiliates
   
284
     
630
     
1,349
     
2,520
 
Real estate impairment provision
   
41,323
     
     
127,577
     
4,242
 
Depreciation and amortization
   
35,275
     
54,922
     
190,745
     
209,638
 
Total expenses
   
104,599
     
94,348
     
452,828
     
363,452
 
Income before other income and (expenses)
   
(28,706
)
   
24,777
     
(36,343
)
   
96,420
 
Other income (expenses):
                               
Interest expense
   
(16,501
)
   
(21,425
)
   
(84,816
)
   
(85,087
)
Extinguishment of debt
   
     
     
(13,249
)
   
 
Other income, net
   
(181
)
   
1,289
     
(45
)
   
1,521
 
Net loss from investment in unconsolidated entities
   
(9,993
)
   
     
(9,993
)
   
8
 
(Loss) gain from disposition of assets
   
(43,767
)
   
     
(139,280
)
   
(326
)
Impairment provision, goodwill
   
(135,270
)
   
     
(135,270
)
   
 
Transaction expenses
   
(13,724
)
   
(966
)
   
(22,386
)
   
(966
)
Net (loss) income
   
(248,142
)
   
3,675
     
(441,382
)
   
11,570
 
Distributions to redeemable preferred shareholders
   
(2,516
)
   
(2,516
)
   
(10,063
)
   
(9,698
)
Net (income) loss attributable to noncontrolling interests
   
22,071
     
(102
)
   
39,714
     
(66
)
Net income (loss) attributable to controlling interest
   
(228,587
)
   
1,057
     
(411,731
)
   
1,806
 
Distributions to redeemable noncontrolling interests attributable to common shareholders
   
(45
)
   
(45
)
   
(178
)
   
(177
)
Net (loss) income attributable to common shareholders
 
$
(228,632
)
 
$
1,012
   
$
(411,909
)
 
$
1,629
 
Net (loss) income attributable to common shareholders per share, basic and diluted
 
$
(6.34
)
 
$
0.03
   
$
(11.41
)
 
$
0.04
 
Weighted average number of common shares outstanding, basic and diluted
   
35,999,203
     
36,022,888
     
36,057,825
     
34,361,208
 
Cash distributions declared per common share
   
0.80
     
0.80
     
3.16
     
3.16
 

7

PEAKSTONE REALTY TRUST
Funds from Operations and Adjusted Funds from Operations
(Unaudited; in thousands except share and per share amounts)
 
Funds from Operations and Adjusted Funds from Operations
 
Our reported results are presented in accordance with GAAP. We also disclose FFO and AFFO both of which are non-GAAP financial measures. We believe these two non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.
 
We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). FFO is defined as net income or loss computed in accordance with GAAP, excluding extraordinary items, as defined by GAAP, and gains and losses from sales of depreciable real estate assets, adding back impairment write-downs of depreciable real estate assets, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustment for unconsolidated partnerships, joint ventures and preferred distributions. Because FFO calculations exclude such items as depreciation and amortization of depreciable real estate assets and gains and losses from sales of depreciable real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), they facilitate comparisons of operating performance between periods and between other REITs. As a result, the Company believes that the use of FFO, together with the required GAAP presentations, provides a more complete understanding of the Company's performance relative to its competitors and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. It should be noted, however, that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than the Company does, making comparisons less meaningful.
 
Additionally, the Company uses AFFO as a non-GAAP financial measure to evaluate the Company's operating performance. AFFO excludes non-routine and certain non-cash items such as revenues in excess of cash received, amortization of share-based compensation net, deferred rent, amortization of in-place lease valuation, acquisition-related costs, financed termination fee, net of payments received, gain or loss from the extinguishment of debt, unrealized gains (losses) on derivative instruments, write-off transaction costs and other one-time transactions. FFO and AFFO have been revised to include amounts available to both common shareholders and limited partners for all periods presented.
 
AFFO is a measure used among the Company's peer group.  The Company also believes that AFFO is a recognized measure of sustainable operating performance by the REIT industry. Further, the Company believes AFFO is useful in comparing the sustainability of its operating performance with the sustainability of the operating performance of other real estate companies.
 
Management believes that AFFO is a beneficial indicator of its ongoing portfolio performance and ability to sustain its current distribution level. More specifically, AFFO isolates the financial results of the Company's operations. AFFO, however, is not considered an appropriate measure of historical earnings as it excludes certain significant costs that are otherwise included in reported earnings. Further, since the measure is based on historical financial information, AFFO for the period presented may not be indicative of future results or the Company's future ability to make or sustain distributions. By providing FFO and AFFO, the Company presents information that assists investors in aligning their analysis with management’s analysis of long-term operating activities.
 
8

For all of these reasons, the Company believes the non-GAAP measures of FFO and AFFO, in addition to net income (loss) are helpful supplemental performance measures and useful to investors in evaluating the performance of the Company's real estate portfolio. However, a material limitation associated with FFO and AFFO is that they are not indicative of the Company's cash available to fund distributions since other uses of cash, such as capital expenditures at the Company's properties and principal payments of debt, are not deducted when calculating FFO and AFFO. The use of AFFO as a measure of long-term operating performance on value is also limited if the Company does not continue to operate under its current business plan as noted above. FFO and AFFO should not be viewed as a more prominent measure of performance than net income (loss) and each should be reviewed in connection with GAAP measurements.
 
Neither the SEC, NAREIT, nor any other applicable regulatory body has opined on the acceptability of the adjustments contemplated to adjust FFO in order to calculate AFFO and its use as a non-GAAP performance measure. In the future, NAREIT may decide to standardize the allowable exclusions across the REIT industry, and the Company may have to adjust the calculation and characterization of this non-GAAP measure.
 
9

   
Three Months Ended December 31,
   
Year Ended December 31,
 
   
2022
   
2021
   
2022
   
2021
 
Net income
 
$
(248,142
)
 
$
3,675
   
$
(441,382
)
 
$
11,570
 
Adjustments:
                               
Depreciation of building and improvements
   
22,336
     
33,035
     
113,191
     
125,388
 
Amortization of leasing costs and intangibles
   
13,037
     
21,977
     
77,926
     
84,598
 
Impairment provision, real estate
   
41,323
     
     
127,577
     
4,242
 
Loss from disposition of assets, net
   
43,767
     
     
139,280
     
326
 
Company's share of amortization of intangible assets- unconsolidated entity
   
4,643
     
     
4,643
     
 
Company's share of loss on sale of unconsolidated entity
   
3,558
     
     
3,558
     
(8
)
FFO
   
(119,478
)
   
58,687
     
24,793
     
226,116
 
Distribution to redeemable preferred shareholders
   
(2,515
)
   
(2,516
)
   
(10,063
)
   
(9,698
)
FFO attributable to common shareholders and limited partners
 
$
(121,993
)
 
$
56,171
   
$
14,730
   
$
216,418
 
Reconciliation of FFO to AFFO:
                               
FFO attributable to common shareholders and limited partners
 
$
(121,993
)
 
$
56,171
   
$
14,730
   
$
216,418
 
Adjustments:
                               
Revenues in excess of cash received, net
   
(5,199
)
   
639
     
(15,407
)
   
(10,780
)
Amortization of share-based compensation
   
3,433
     
1,752
     
9,573
     
7,470
 
Deferred rent - ground lease
   
433
     
516
     
1,951
     
2,064
 
Unrealized loss (gain) on investments
   
15
     
(5
)
   
195
     
(15
)
Loss on debt breakage costs — write-off of deferred financing costs
   
     
     
1,771
     
 
Amortization of deferred financing costs
   
993
     
809
     
3,544
     
3,184
 
Company's share of amortization of deferred financing costs- unconsolidated entity
   
3,740
     
     
3,740
     
 
Company's share of revenues in excess of cash received (straight-line rents) - unconsolidated entity
   
(257
)
   
     
(257
)
   
 
Company's share of amortization of above market rent  - unconsolidated entity
   
(58
)
   
     
(58
)
   
 
 Amortization of lease inducements
   
79
     
69
     
537
     
278
 
Amortization of above/(below) market rent, net
   
(923
)
   
(691
)
   
(2,205
)
   
(1,323
)
Amortization of debt premium/(discount), net
   
103
     
103
     
409
     
409
 
Amortization of ground leasehold interests
   
(98
)
   
(91
)
   
(372
)
   
(350
)
Amortization of below tax benefit amortization
   
377
     
377
     
1,494
     
1,252
 
Employee separation expense
   
     
777
     
72
     
777
 
Write-off of transaction costs
   
     
3
     
28
     
65
 
Write-off of reserve liability
   
     
(1,166
)
           
(1,166
)
Goodwill impairment provision
   
135,270
     
     
135,270
     
 
Transaction expenses
   
13,724
     
966
     
22,386
     
966
 
Debt breakage costs
   
     
     
13,249
     
 
AFFO available to common shareholders and limited partners
 
$
29,639
   
$
60,229
   
$
190,650
   
$
219,249
 
FFO per share, basic and diluted
 
$
(3.09
)
 
$
1.42
   
$
0.37
   
$
5.71
 
AFFO per share, basic and diluted
 
$
0.75
   
$
1.52
   
$
4.81
   
$
5.79
 
                                 
Weighted-average common shares outstanding - basic EPS
   
35,999,203
     
36,022,888
     
36,057,825
     
34,361,208
 
Weighted-average OP Units
   
3,537,654
     
3,537,654
     
3,537,654
     
3,537,654
 
Weighted-average common shares and OP Units outstanding - basic and diluted FFO/AFFO
   
39,536,857
     
39,560,542
     
39,595,479
     
37,898,862
 
 

10


Exhibit 99.2

 Supplemental Information  Fourth Quarter 2022 
 

 Table of Contents  Page  Company Highlights  4  Financial Information  9  Debt & Capitalization  21  Leasing Activity & Asset Management  26  NAV Component Summary  29  Property Information  31  Portfolio Characteristics  36  Notes & Definitions  56  2 
 

 Company Highlights 
 

 High-Quality Portfolio of Office & Industrial Properties  Net-Leased to a Diversified Pool of Creditworthy Tenants6  $4.5B  Enterprise Value  81  Properties  19.9M  Square Feet  24  States  23%/59%/18%  Industrial/Office/ Other1  95.5%  Leased  7.1 Years  WALT2  61.5%  Investment Grade3  BBB-  Avg. Credit Rating4  2.0%  Avg. Annual Rent Escalations5  1 Based on annualized base rents. | 2 Leased percentage and WALT (Weighted Average Lease Term) calculations are based on annualized base rents. | 3 Ratings are of those tenants, guarantors and/or non-guarantor parents of tenants that have received ratings from a Nationally Recognized Statistical Rating Organization (“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., a Bloomberg’s default risk rating) that management believes is generally equivalent to an NRSRO rating. | 4 Average credit rating of tenants, guarantors or non-guarantor parents that are rated by a third party. | 5 Weighted average rental increase is based on the remaining term of each lease, excluding leases that expire within one year. | 6 Peakstone Realty Trust has no affiliation, connection or association with and is not sponsored or approved by the tenants of its properties. Peakstone Realty Trust has not approved or sponsored its tenants or their products and services. All product and company names, logos and slogans are the trademarks or service marks of their respective owners.  Office Industrial  Company Snapshot  As of December 31, 2022  4 
 

 (Unaudited, USD in thousands)  Number of Properties  Economic Occupancy  Total Rentable Square Feet  WALT (years)  Annualized Base Rents  Investment Grade Credit  (% of Annualized  Base Rents)4  Industrial1  21  100.0 %  9,650,000  6.7 $  52,553  53.8 %  Office2   39 98.3 6,452,400 8.5 131,387 69.1   TOTAL / WEIGHTED AVERAGE INDUSTRIAL AND OFFICE   60 99.3 % 16,102,400 8.0 183,940 64.7 %  Other3   21 75.4 3,787,300 3.1 40,002 46.7   TOTAL / WEIGHTED AVERAGE PORTFOLIO5  81  94.8 %  19,889,700  7.1 $  223,942  61.5 %  4  1 The Industrial segment consists of high-quality, well-located industrial properties with modern specifications.  2 The Office segment consists of newer, high-quality, and business-essential office properties.  3 The Other segment consists of vacant and non-core properties, together with other properties in the same cross-collateralized loan pools. This segment includes properties that are either non-stabilized, leased to tenants with shorter lease terms or are being evaluated for repositioning, re-leasing or potential sale.  4 Ratings are of those tenants, guarantors and/or non-guarantor parents of tenants that have received ratings 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., a Bloomberg’s default risk rating) that management believes is generally equivalent to an NRSRO rating.  5 Includes approximately 9K of square feet occupied by building amenities that do not generate net rents (e.g., health clubs and management offices).  Wholly Owned Portfolio  As of December 31, 2022 
 

 Leverage3  4  Leasing Activity  39.2%  Net Debt (Pro Rata Share) to Enterprise Value  $0.75  AFFO Per Share1, 3  ~100%  Rent Collections  $75.9 million  Total Revenues3  Liquidity2, 3  The Company signed one new lease totaling 98,000 square feet and one early seven year lease renewal for 226,000 square feet.  94.8%  Average Economic  Occupancy  Transaction Activity3  On December 22, 2022, the Company sold one property located in Birmingham, Alabama for total proceeds of approximately $33.3 million, less transaction costs and other credits, and recorded a loss of approximately $0.8 million.  On December 27, 2022, the Company sold a majority interest in five properties for a total proceeds of approximately $170.4 million, less transaction costs and other credits, and recorded a loss of approximately $43.0 million. In connection with the sale, the Company purchased additional interest in the unconsolidated joint venture.  1 Per share data represents basic and diluted, including the impact of the Company's one-for-nine reverse stock split.  2 See section "Debt & Capitalization" for liquidity calculation.  3 Unaudited.  4th Quarter 2022 Highlights  Net (Loss) Income Per  Share1, 3  $(6.34)  Leased  $436.0 million 95.5% 
 

 Subsequent Events Highlights  Subsequent to Year-Ended December 31, 2022 (Unaudited)  4  On January 6, 2023, the Company sold one property located in Irvine, California for a total proceeds of approximately $40.0 million, less closing costs and other credits, and recorded a gain of approximately $18.7 million.  On February 16, 2023, the Company sold one property located in Clinton, South Carolina for approximately $19.3 million, less closing costs and other credits, and recorded a gain of approximately $7.1 million.  On March 2, 2023, the Company sold one property located in Herndon, Virginia for approximately $110.3 million, less closing costs and other credits, and recorded a gain of approximately $4.8 million.  On March 6, 2023, the Company repaid the outstanding balance of $19.1 million related to the HealthSpring mortgage loan that was maturing in April 2023.  On March 21, 2023, the Company extended the maturity date, including extension options, of its revolving credit facility to January 2026, subject to, among other things, the Company completing a listing of its common shares on the New York Stock Exchange. In connection with the extension, the Company prepaid the outstanding principal balance ($400,000,000) of its 2024 Term Loan. 
 

 Financial Information 
 

 1 Includes shares of common stock and limited partnership units.  2 Includes approximately 9K of square feet occupied by building amenities (e.g., health clubs and management offices).  3 Includes impact of the Company's one-for-nine reverse stock split.  10  Selected Financial Data  (Unaudited, USD in thousands, except per share metrics)  12/31/2022  9/30/2022  For the Quarter Ended 6/30/2022  3/31/2022  12/31/2021  SELECTED FINANCIAL DATA  Net income per share  $  (6.34)  $  (3.08)  $  (2.00)  $  —  $  0.03  FFO per share - basic and diluted1  $  (3.09)  $  0.68  $  1.43  $  1.34  $  1.42  AFFO per share - basic and diluted1  $  0.75  $  1.08  $  1.57  $  1.41  $  1.52  Interest expense  $  16,501  $  24,283  $  22,366  $  21,666  $  21,425  Operating margin  78.9 %  76.0  %  78.2  %  77.5  %  76.1 %  Normalized EBITDAre  $  57,924  $  64,350  $  86,861  $  80,230  $  80,602  Adjusted EBITDA  $  42,553  $  67,968  $  84,151  $  77,046  $  81,706  WHOLLY OWNED PORTFOLIO STATISTICS  Rentable Square Feet 2  19,889,700  21,058,200  29,159,400  29,157,000  29,157,000  Economic Occupancy  94.8  %  95.1  %  92.7  %  93.4  %  93.8  %  Leased (based on portfolio square feet)  95.5  %  95.6  %  93.0  %  93.9  %  94.5  %  CAPITALIZATION  Outstanding Common Shares3  35,999,898  36,007,433  36,082,283  36,079,527  36,070,902  Weighted average number of common shares outstanding - basic and diluted3  35,999,203  36,081,363  36,079,905  36,071,465  36,022,888  Outstanding OP Units3  3,537,654  3,537,654  3,537,654  3,537,654  3,537,654  Series A Preferred Shares  5,000,000  5,000,000  5,000,000  5,000,000  5,000,000  Total Consolidated Debt  $ 1,489,803  $ 1,491,689  $ 2,536,910  $ 2,539,316  $ 2,541,515  Total Cash, Cash Equivalents and Restricted Cash  $ 237,944  $ 87,883  $ 222,293  $ 203,303  $ 186,140 
 

 Selected Financial Data (continued)  (Unaudited, USD in thousands, except per share metrics)  12/31/20221  9/30/20222  For the Quarter Ended 6/30/20222  3/31/20222  12/31/20211  REVENUES BY SEGMENT  Industrial  $  15,945  $  15,095  $  14,807  $  15,500  $  14,997  Office   45,643    72,128    93,494    85,846    88,307   Industrial and Office Total   61,588    87,223    108,301    101,346    103,304   Other   14,305    14,107    14,772    14,843    15,821   Total Revenues   $ 75,893    $ 101,330    $ 123,073    $ 116,189    $ 119,125   NOI BY SEGMENT  Industrial  $  13,564  $  13,389  $  13,111  $  13,413  $  13,173  Office   37,320    54,374    72,793    66,493    66,983   Industrial and Office Total   50,884    67,763    85,904    79,906    80,156   Other   8,998    9,291    10,307    10,168    10,523   Total NOI   $ 59,882    $ 77,054    $ 96,211    $ 90,074    $ 90,679   CASH NOI BY SEGMENT  Industrial  $  13,300  $  12,846  $  12,798  $  13,112  $  12,946  Office   32,723    52,782    70,903    64,537    65,604   Industrial and Office Total   46,023    65,628    83,701    77,649    78,550   Other   8,626    8,336    9,678    9,490    13,038   Total Cash NOI   $ 54,649    $ 73,964    $ 93,379    $ 87,139    $ 91,588   10  1See "Non-GAAP Financial Measures " on page 13 for reconciliations of NOI to Cash NOI for the periods 12/31/2022 and 12/31/2021.  2See "Notes and Definitions" on page 60 for reconciliations of NOI to Cash NOI for the interim periods 9/30/2022, 6/30/2022, and 12/31/2021. 
 

 Operating income  (28,706)  13,817  (48,634)  27,178  24,777  OTHER INCOME (EXPENSES)  Interest expense  (16,501)  (24,283)  (22,366)  (21,666)  (21,425)  Other income (loss), net  (181)  89  (54)  101  1,289  Extinguishment of debt  —  (13,249)  —  —  Net loss from investment in unconsolidated entities  (9,993)  —  —  —  —  Loss from disposition of assets, net  (43,767)  (95,513)  —  —  —  Goodwill impairment provision  (135,270)  —  —  —  —  Transaction expenses   (13,724)   (234)   (5,545)   (2,883)   (966)  NET (LOSS) INCOME  (248,142)  (119,373)  (76,599)  2,730  3,675  Distributions to redeemable preferred shareholders  (2,516)  (2,516)  (2,516)  (2,516)  (2,516)  Net loss (income) attributable to noncontrolling interests   22,071    10,710    6,952    (19)   (102)  Net (loss) income attributable to controlling interests  (228,587)  (111,179)  (72,163)  195  1,057  Distributions to redeemable noncontrolling interests attributable to common stockholders   (45)   (45)   (44)   (44)   (45)  NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS   $ (228,632)   $ (111,224)   $ (72,207)   $ 151    $ 1,012   NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS PER BASIC & DILUTED SHARE   $ (6.34)   $ (3.08)   $ (2.00)   $ —    $ 0.03   WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC & DILUTED   35,999,203    36,081,363    36,079,905    36,071,465    36,022,888   Consolidated Statement of Operations  (Unaudited, USD in thousands, except per share metrics)  12/31/2022  9/30/2022  For the Quarter Ended 6/30/2022  3/31/2022  12/31/2021  REVENUES  Rental income  $  75,893  $  101,330  $  123,073  $  116,189  $  119,125  OPERATING EXPENSES  Property operating expense  9,357  13,716  14,335  15,043  16,687  Property tax expense  6,065  9,737  11,482  10,033  10,708  Property management fees to non-affiliates  589  823  1,045  1,039  1,051  General and administrative expenses  11,706  9,772  8,892  9,523  10,350  Corporate operating expenses to affiliates  284  140  416  510  630  Depreciation and amortization  35,275  42,628  59,980  52,863  54,922  Real estate impairment provision   41,323    10,697    75,557    —    —   Total operating expenses   104,599    87,513    171,707    89,011    94,348   10 
 

 Consolidated Balance Sheet  (Unaudited, USD in thousands)  12/31/2022  9/30/2022  As of 6/30/2022  3/31/2022  12/31/2021  ASSETS  Cash and cash equivalents  $  233,180  $  75,838  $  202,655  $  184,209  $  168,618  Restricted cash  4,764  12,045  19,638  19,094  17,522  Real estate  Land  327,408  380,998  573,306  584,291  584,291  Building and improvements  2,631,965  2,865,548  4,029,828  4,107,554  4,104,782  Tenant origination and absorption cost  535,889  598,662  853,542  876,324  876,324  Construction in progress   1,994    2,795    4,581    3,081    4,763   TOTAL REAL ESTATE  3,497,256  3,848,003  5,461,257  5,571,250  5,570,160  Less accumulated depreciation and amortization   (644,639)   (682,814)   (1,066,176)   (1,044,790)   (993,323)  Total Real estate, net  2,852,617  3,165,189  4,395,081  4,526,460  4,576,837  Investments in unconsolidated entities  178,647  194,485  —  —  —  Intangible assets, net  33,861  35,281  40,179  41,784  43,100  Deferred rent  79,572  81,156  111,507  112,195  108,896  Deferred leasing costs, net  26,507  26,268  48,835  43,422  44,505  Goodwill  94,678  229,948  229,948  229,948  229,948  Due from affiliates  —  226  226  276  271  Right of use asset  35,453  35,894  39,997  40,362  39,482  Interest rate swap asset  41,404  42,724  21,905  17,133  3,456  Other assets  31,877  35,347  39,045  35,435  40,382  Real estate assets and other assets held for sale, net   20,816    —    —    —    —   TOTAL ASSETS   $ 3,633,376    $ 3,934,401    $ 5,149,016    $ 5,250,318    $ 5,273,017   10 
 

 Consolidated Balance Sheet (continued)  (Unaudited, USD in thousands)  12/31/2022  9/30/2022  As of 6/30/2022  3/31/2022  12/31/2021  LIABILITIES AND EQUITY  Debt, net  $  1,485,402  $  1,486,783  $  2,529,228  $  2,531,067  $  2,532,377  Restricted reserves  627  7,150  8,417  8,465  8,644  Interest rate swap liability  —  —  —  4,926  25,108  Distributions payable  12,402  12,111  12,078  12,393  12,396  Due to affiliates  1,458  1,636  1,690  2,532  2,418  Intangible liabilities, net  20,658  22,989  27,420  29,175  30,626  Lease liability  46,519  46,598  52,244  52,088  50,896  Accrued expenses and other liabilities   80,175    85,096    110,815    103,669    109,121   TOTAL LIABILITIES  1,647,241  1,662,363  2,741,892  2,744,315  2,771,586  Perpetual convertible preferred shares  125,000  125,000  125,000  125,000  125,000  Noncontrolling interests subject to redemption  3,812  3,812  4,671  4,671  4,768  STOCKHOLDERS’ EQUITY  Common Stock  36  325  325  325  36  Additional paid-in capital  2,948,600  2,952,618  2,954,932  2,953,256  2,952,261  Cumulative distributions  (1,036,678)  (1,007,957)  (979,028)  (950,635)  (922,562)  Accumulated earnings  (269,926)  (41,293)  69,927  142,134  141,983  Accumulated other comprehensive loss   40,636    40,097    21,078    12,204    (18,708)  TOTAL STOCKHOLDERS’ EQUITY  1,682,668  1,943,790  2,067,234  2,157,284  2,153,010  Noncontrolling interests   174,655    199,436    210,219    219,048    218,653   TOTAL EQUITY   1,857,323    2,143,226    2,277,453    2,376,332    2,371,663   TOTAL LIABILITIES AND EQUITY   $ 3,633,376    $ 3,934,401    $ 5,149,016    $ 5,250,318    $ 5,273,017   10 
 

 For the Quarter Ended 12/31/2022  For the Quarter Ended 12/31/2021  (Unaudited, USD in thousands)  Industrial  Office  Industrial and Office Total  Other  Total Portfolio  Industrial  Office  Industrial and Other Total  Other  Total Portfolio  Revenue  $  15,945 $  45,643  $ 61,588  $ 14,305  $ 75,893  Operating Property Expense  (1,083)  (5,071)  (6,154)  (3,203)  (9,357)  Property Tax Expense  (1,235)  (2,940)  (4,175)  (1,890)  (6,065)  Management Fees (Non-Affiliate)   (63)   (312)  (375)   (214)  (589)  TOTAL NOI  13,564  37,320  50,884  8,998  59,882  NON-CASH ADJUSTMENTS:  Straight Line Rent  (135)  (4,784)  (4,919)  264  (4,655)  In-Place Lease Amortization  (93)  (702)  (795)  (128)  (923)  Deferred Termination Income  (36)  —  (36)  (508)  (544)  Deferred Ground Lease  —  433  433  —  433  Other Intangible Amortization  —  377  377  —  377  Inducement Amortization   —    79   79   —   79  TOTAL CASH NOI   $ 13,300    $ 32,723   $ 46,023   $   8,626   $ 54,649  $ 14,997  $ 88,307  $ 103,304  $ 15,821  $ 119,125  (716)  (12,752)  (13,468)  (3,219)  (16,687)  (1,045)  (7,819)  (8,864)  (1,844)  (10,708)   (63) (753)  (816)   (235)  (1,051)  13,173  66,983  80,156  10,523  90,679  (139)  (2,640)  (2,779)  141  (2,638)  (88)  (199)  (287)  (404)  (691)  —  498  498  2,779  3,277  —  516  516  (1)  515  —  377  377  —  377   —    69   69   —   69   $ 12,946    $ 65,604   $ 78,550   $   13,038   $ 91,588  Non-GAAP Financial Measures  10  NOI and Cash NOI Quarter Ended 
 

 For the Year Ended 12/31/2022  For the Year Ended 12/31/2021  (Unaudited, USD in thousands)  Industrial  Office  Industrial and Office Total  Other  Total Portfolio  Industrial  Office  Industrial and Office Total  Other  Total Portfolio  Revenue  $  61,347 $  297,110  $ 358,457  $ 58,028  $ 416,485  Operating Property Expense  (3,319) (38,200)  (41,519)  (10,932)  (52,451)  Property Tax Expense  (4,299) (25,593)  (29,892)  (7,425)  (37,317)  Management Fees (Non-Affiliate)   (252) (2,350)  (2,602)   (894)  (3,496)  TOTAL NOI  53,477 230,967  284,444  38,777  323,221  NON-CASH ADJUSTMENTS:  Straight Line Rent  (1,018) (12,207)  (13,225)  634  (12,591)  In-Place Lease Amortization  (369) (1,346)  (1,715)  (490)  (2,205)  Deferred Termination Income  (39) —  (39)  (2,779)  (2,818)  Deferred Ground Lease  — 1,945  1,945  6  1,951  Other Intangible Amortization  — 1,495  1,495  —  1,495  Inducement Amortization   — 537   537   —   537  TOTAL CASH NOI   $ 52,051 $ 221,391   $ 273,442   $   36,148   $ 309,590  $ 59,320  $ 340,265  $ 399,585  $ 60,287  $ 459,872  (3,197)  (47,027)  (50,224)  (11,035)  (61,259)  (3,734)  (30,073)  (33,807)  (7,441)  (41,248)   (266) (2,910)  (3,176)   (890)  (4,066)  52,123  260,255  312,378  40,921  353,299  (1,700)  (12,171)  (13,871)  312  (13,559)  (343)  (231)  (574)  (749)  (1,323)  —  —  —  2,779  2,779  —  2,066  2,066  (5)  2,061  —  1,252  1,252  1  1,253   —    278   278   —   278   $ 50,080    $ 251,449   $ 301,529   $   43,259   $ 344,788  Non-GAAP Financial Measures (continued)  10  NOI and Cash NOI Year Ended 
 

 1 The decrease in same store quarter-to-date Cash NOI of $5.7 million is primarily driven by a $3.2 million decrease in cash termination income quarter over quarter.  Non-GAAP Financial Measures (continued)  For the Quarter Ended For the Year Ended  (Unaudited, USD in thousands)  12/31/2022  12/31/2021  12/31/2022  12/31/2021  CASH NOI ALLOCATION  Industrial  $  13,300  $  12,946  $  52,051  $  50,080  Office   32,723    65,604    221,391    251,449   Industrial and Office Total   $ 46,023    $ 78,550    $ 273,442    $ 301,529   Other   8,626    13,038    36,148    43,259   TOTAL CASH NOI   $ 54,649    $ 91,588    $ 309,590    $ 344,788   SAME STORE CASH NOI ADJUSTMENTS  Recently acquired properties  —  —  (56,044)  (45,360)  Recently disposed properties  (3,960)  (35,117)  (93,296)  (140,269)  Operating Partnership   10    5    32    27   TOTAL SAME STORE CASH NOI ADJUSTMENTS   (3,950)    (35,112)   (149,308)    (185,602)  TOTAL SAME STORE CASH NOI   $ 50,699    $ 56,476    $ 160,282    $ 159,186   SAME STORE CASH NOI  Industrial  $  13,298  $  12,982  $  48,734  $  47,648  Office   28,763    30,443    77,743    70,028   Industrial and Office Total   $ 42,061    $ 43,425    $ 126,477    $ 117,676   Other   8,638    13,051    33,805    41,510   TOTAL SAME STORE CASH NOI   $ 50,699    $ 56,476    $ 160,282    $ 159,186   Change in Same Store Cash NOI ($)1  $ (5,777)  $ 1,096  Change in Same Store Cash NOI (%)1  (10.2)%  0.7 %  NUMBER OF SAME STORE PROPERTIES  81  63  TOTAL SAME STORE SQUARE FEET  19,889,600  16,853,900  SAME STORE ECONOMIC OCCUPANCY  94.8 %  93.9 %  10  Same Store NOI and Cash NOI 
 

 FFO  $  (119,478)  $  29,561  $  59,027  $  55,681  $  58,687  Distribution to redeemable preferred shareholders   (2,515)   (2,516)   (2,516)   (2,516)   (2,516)  FFO attributable to common stockholders and limited partners   $ (121,993)   $ 27,045    $ 56,511    $ 53,165    $ 56,171   Reconciliation of FFO to AFFO:  FFO attributable to common stockholders and limited partners  $  (121,993)  $  27,045  $  56,511  $  53,165  $  56,171  Revenues in excess of cash received, net  (5,199)  (3,521)  (3,389)  (3,298)  639  Amortization of share-based compensation  3,433  2,698  1,685  1,757  1,752  Deferred rent - ground lease  433  490  511  517  516  Amortization of above/(below) market rent, net  (923)  (436)  (432)  (414)  (691)  Unrealized loss (gain) on investments  15  22  68  90  (5)  Amortization of debt premium/(discount), net  103  103  102  101  103  Amortization of below tax benefit amortization  377  377  372  368  377  Amortization of ground leasehold interests  (98)  (95)  (90)  (89)  (91)  Amortization of deferred financing costs  993  920  840  791  809  Company's share of amortization of deferred financing costs- unconsolidated entity  3,740  —  —  —  —  Amortization of lease inducements  79  105  284  69  69  Company's share of revenues in excess of cash received (straight-line rents) - unconsolidated entity  (257)  —  —  —  —  Company's share of amortization of above market rent - unconsolidated entity  (58)  —  —  —  —  Write-off of transaction costs  —  —  10  18  3  Write-off of reserve liability  —  —  —  —  (1,166)  Employee separation expense  —  —  2  70  777  Loss on debt breakage costs — write-off of deferred financing costs  —  1,771  —  —  —  Transaction expenses  13,724  234  5,545  2,883  966  Impairment provision, goodwill  135,270  —  —  —  —  Debt breakage costs   —    13,249    —    —    —   AFFO available to common stockholders and limited partners   $ 29,639    $ 42,962    $ 62,019    $ 56,029    $ 60,229   FFO per share, basic and diluted   $ (3.09)   $ 0.68    $ 1.43    $ 1.34    $ 1.42   AFFO per share, basic and diluted   $ 0.75    $ 1.08    $ 1.57    $ 1.41    $ 1.52   10  Non-GAAP Financial Measures (continued)  FFO and AFFO  (Unaudited, USD in thousands, except per share metrics)  12/31/2022  9/30/2022  For the Quarter Ended  6/30/2022  3/31/2022  12/31/2021  Reconciliation of Net Income to Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO)  GAAP NET (LOSS) INCOME  $  (248,142)  $  (119,373)  $  (76,599)  $  2,730  $  3,675  Depreciation of building and improvements  22,336  26,268  32,494  32,093  33,035  Amortization of leasing costs and intangibles  13,037  16,456  27,575  20,858  21,977  Impairment provision, real estate  41,323  10,697  75,557  —  —  Equity interest of depreciation of building and improvements - unconsolidated entities  4,643  —  —  —  —  Loss from disposition of assets, net  43,767  95,513  —  —  —  Company's share of loss on sale of unconsolidated entity   3,558    —    —    —    —  
 

 Non-GAAP Financial Measures (continued)  EBITDA, EBITDAre, Normalized EBITDAre & Adjusted EBITDA (per the credit facility)  (Unaudited, USD in thousands)  12/31/2022  9/30/2022  For the Quarter Ended  6/30/2022  3/31/2022  12/31/2021  Reconciliation of Net (loss) income to EBITDAre  Net (loss) income  $  (248,142)  $  (119,373)  $  (76,599)  $  2,730  $  3,675  Interest  16,501  24,283  22,366  21,666  21,425  Depreciation and amortization   35,275    42,628    59,980    52,863    54,922   EBITDA  (196,366)  (52,462)  5,747  77,259  80,022  Loss on sales of real estate, net  43,767  95,513  —  —  —  Extinguishment of debt  —  13,249  —  —  —  (Gain)/loss on investment in unconsolidated entity  9,993  —  —  —  —  Impairment provision, real estate  41,323  10,697  75,557  —  —  Proportion share of adjustments for unconsolidated entities   5,121    —    —    —    —   EBITDAre  (96,162)  66,997  81,304  77,259  80,022  Adjustment for acquisitions and dispositions  (2,578)  (2,881)  —  —  —  Write-off of transaction costs  —  —  10  18  3  Employee separation expense  —  —  2  70  777  Write-off of reserve liability  —  —  —  —  (1,166)  Adjustment for joint venture acquisition  7,670  —  —  —  —  Impairment provision, goodwill  135,270  —  —  —  —  Transaction expenses   13,724    234    5,545    2,883    966   Normalized EBITDAre  57,924  64,350  86,861  80,230  80,602  Reconciliation of Normalized EBITDAre to Adjusted EBITDA (per the credit facility)  Amortization of deferred financing costs  993  2,691  840  791  809  Amortization of debt premium/(discount), net  103  103  102  101  103  Amortization of above/(below) market rent, net  (923)  (436)  (432)  (414)  (690)  Amortization of other Intangibles  377  377  372  331  377  Income taxes  174  251  142  368  338  Property management fees to non-affiliates  589  823  1,045  1,039  1,051  Deferred rent  (4,765)  (3,031)  (2,879)  (2,782)  1,154  Adjustment to Interest  (1,096)  613  (932)  (1,636)  (1,071)  Adjustment for write-off of transaction costs  —  —  (10)  (18)  (3)  Adjustment for unconsolidated joint venture  (12,791)  —  —  —  —  Reversal of adjustment for acquisitions and dispositions  2,578  2,881  —  —  —  Less: Capital reserves   (610)   (654)   (958)   (964)   (964)  Adjusted EBITDA (per the credit facility)   $ 42,553    $ 67,968    $ 84,151    $ 77,046    $ 81,706   10 
 

 Industrial  $  358  0.6 %  $  —  — %  $  —  — %  $  —  — %  $  52  0.1 %  Office   776 1.3    409 0.6    882 0.9    1,082 1.2    1,230 1.4   Total Industrial and Office   $ 1,134 1.9 %   $ 409 0.6 %   $ 882 0.9 %   $ 1,082 1.2 %   $ 1,282 1.5 %  Other   12 —    2 —    — —    1 —    450 0.4   Total Maintenance Capital Expenditures   $ 1,147 1.9 %   $ 411 0.6 %   $ 882 0.9 %   $ 1,083 1.2 %   $ 1,732 1.9 %  Value Enhancing Expenditures by segment:  Industrial  $  —  — %  $  5,879  7.9 %  $  8  — %  $  2  — %  $  —  — %  Office   1,799 3.0    — —    2,714 2.8    414 0.5    286 0.3   Total Industrial and Office   $ 1,799 3.0 %   $ 5,879 7.9 %   $ 2,722 2.8 %   $ 416 0.5 %   $ 286 0.3 %  Other   548 0.9    1,926 2.6    — —    781 0.9    106 0.1   Total Value Enhancing Expenditures   $ 2,347 3.9 %   $ 7,727 10.5 %   $ 2,722 2.8 %   $ 1,197 1.4 %   $ 391 0.4 %  Total Capital Expenditures   $ 3,494 5.8 %   $ 8,138 11.1 %   $ 3,604 3.7 %   $ 2,280 2.6 %   $ 2,123 2.3 %  10  Capital Expenditures Summary (Cash Basis)  (Unaudited, USD in thousands)  12/31/2022  % of NOI1  9/30/2022  % of NOI1  For the Quarter Ended 6/30/2022 % of NOI1  3/31/2022  % of NOI1  12/31/2021  % of NOI1  Maintenance Capital Expenditures by segment:  1 Represents percentage of capital expenditures compared to segment NOI 
 

 Debt & Capitalization 
 

 1 Excludes the impact of fixed-rate swaps. | 2 Represents the SOF rate as of 12/31/22, plus spread of 1.40% (Term Loans) or 1.45% and 0.1% index. (Revolver Loan). The SOF rate as of December 31, 2022 (effective date) was 4.30%, which is included in the rates. As of 9/28/22, the Secured Overnight Financing Rate ("SOFR") replaced LIBOR as the applicable reference rate for our variable rate debt. | 3 The revolving loan has a maturity date of September 30, 2023 and can be extended by a series of additional three month extension options (December 30, 2023, March 30, 2024 and June 30, 2024, respectively) which can be utilized if certain conditions are met and upon payment of an extension fee. | 4 Common equity: 35,999,898 shares and OP Units: 3,537,654 @ $66.78 NAV per share (reflects the Company's one-for-nine reverse stock split). | 5 Percentage of floating-rate debt includes impact of fixed-rate swaps. | 6 Total outstanding balance Includes one letter of credit for approximately $2.4 million. | 7 Net debt is presented since PKST has no obligation to contribute capital to the unconsolidated joint venture and has no guarantee requirement related to the debt of the unconsolidated joint venture.  Net Debt (pro rata share) + Series A Preferred Equity  / TEV  41.9 %  Consolidated Debt less cash and cash equivalents /  Total  Gross Real  Estate  35.6 %  Net Debt / Adjusted EBITDA 7.4x  Net Debt + Series A Preferred Equity / Adjusted EBITDA 8.1x  Net Debt (pro rata share) / Normalized EBITDAre 7.7x  Net Debt (pro rata share) + Series A Preferred Equity / Normalized EBITDAre 8.2x  Unsecured Debt / TEV 20.9 %  Unsecured properties / Total properties (based on net rents) 58.3 %  Unsecured properties / Total properties (based on acquisition price) 64.9 %  Percentage of Floating-Rate Debt  5  13.4 %  Total Enterprise Value Debt Ratios  Rate1 Term1 Net Debt (pro rata share) / TEV  39.2 %  Liquidity  TOTAL REVOLVER BORROWING BASE COMMITMENTS $ 1,155,208  SECURED DEBT  Fixed-Rate Mortgages  4.48%  4.37  $ 539,803  Total Secured Debt  539,803  UNSECURED DEBT 2  2024 Term Loan  5.80%  1.3  400,000  2025 Term Loan  5.80%  3.0  400,000  2026 Term Loan  5.80%  3.3  150,000  Revolver Loan 3  5.85%  1.8  —  Total Unsecured Debt  950,000  TOTAL CONSOLIDATED DEBT  1,489,803  Less: Cash & cash equivalents - excl. restricted (233,180)  NET DEBT7  1,256,621  Unconsolidated Debt - pro rata share  525,704  NET DEBT (PRO RATA SHARE)  1,782,325  Series A Preferred Equity  125,000  Common Equity & OP Units 4  2,640,318  TOTAL ENTERPRISE VALUE (TEV)   $ 4,547,643   Borrowing base availability (60% leverage)  $ 1,155,208  Outstanding - term loan 6  (950,000)  Outstanding - letters of credit 6  (2,358)  REVOLVER REMAINING AVAILABLE CAPACITY   $ 202,850   Cash and cash equivalents (excl. restricted)  $ 233,180  Revolver remaining capacity  202,850  TOTAL LIQUIDITY   $ 436,030   Market Capitalization & Liquidity Overview  21  As of December 31, 2022  (Unaudited, USD in thousands) 
 

 12/31/2022  9/30/2022  As of 6/30/2022  3/31/2022  12/31/2021  (Unaudited, USD in thousands)  SECURED FIXED-RATE DEBT  Mortgage borrowings on wholly owned portfolio $ 539,803 $ 541,689 $ 1,013,410 $ 1,015,816 $ 1,018,015   Total Secured Fixed-Rate Debt 539,803 541,689 1,013,410 1,015,816 1,018,015  UNSECURED FLOATING-RATE DEBT  Revolving Credit Facility:  Revolver Loan  —  —  373,500  373,500  373,500  2023 Term Loan  —  —  200,000  200,000  200,000  2024 Term Loan  400,000  400,000  400,000  400,000  400,000  2025 Term Loan  400,000  400,000  400,000  400,000  400,000  2026 Term Loan   150,000 150,000 150,000 150,000 150,000   Total Unsecured Floating-Rate Debt   950,000 950,000 1,523,500 1,523,500 1,523,500   TOTAL CONSOLIDATED DEBT   $ 1,489,803 $ 1,491,689 $ 2,536,910 $ 2,539,316 $ 2,541,515   Net Debt (pro rata share) to Enterprise Value ratio  39.2 %  40.4 %  45.7 %  41.1 %  41.3 %  Fixed charge coverage (pro rata share)1  2.0x  2.2x  3.4x  3.3x  3.1x  Fixed charge coverage (consolidated)  2.2x  2.2x  3.4x  3.3x  3.1x  Unsecured leverage ratio  20.9 %  21.0 %  30.0 %  26.6 %  26.5 %  Interest coverage ratio (pro rata share)1  2.2x  2.7x  3.9x  3.9x  4.0x  Interest coverage ratio (consolidated)  2.8x  2.7x  3.9x  3.9x  4.0x  21  1Joint venture reporting commenced in Q4'22 due to Office Joint Venture forming in Q3'22 and one quarter reporting lag.  Debt Summary 
 

 (Unaudited, USD in thousands)  Collateral  SECURED DEBT  Interest Rate  Maturity Date  Outstanding Balance  INDUSTRIAL AND OFFICE  HealthSpring4  4.18%  4/6/2023  $  19,107  Samsonite  6.08%  9/1/2023  17,998  Pepsi Bottling Ventures Loan  3.69%  10/1/2024  17,836  BOA/KeyBank Loan 1  4.32%  5/1/2028   250,000   Total Industrial and Office 304,941   OTHER  Highway 94 Loan  3.75%  8/1/2024  $  12,740  AIG Loan II 2  4.15%  11/1/2025  122,328  AIG Loan 3  4.96%  2/1/2029   99,794   Total Other 234,862   Total Consolidated Secured Debt $ 539,803   1 The BOA KeyBank portfolio includes the following properties: IGT, 3M, Amazon, and Southern Company.  2 The AIG II portfolio includes the following properties: Owens Corning, Westgate II (Wood Group), Administrative Offices of the Pennsylvania Courts, Wyndham Worldwide, MGM Corporate Center, and Hitachi Astemo  3 The AIG portfolio includes the following properties: Northrop Grumman, Schlumberger, Raytheon Technologies, Avnet, and 30 Independence.  4 On March 6, 2023, the Company repaid the outstanding balance of $19.1 million related to the HealthSpring mortgage loan that was maturing in April 2023.  21  Secured Debt Schedule  As of December 31, 2022 
 

 $37,105  $—  $430,576  $522,328  $99,794  2023  2024  2025  2026  2027  2028  2029  (Unaudited, USD in thousands)  Statistics (Including Effect of Swaps)  Fixed  Floating  Total  Amount  $1,289,803  $200,000  $1,489,803  Percentage of Total Debt  87%  13%  100%  W.A. Term Remaining (Yrs)  3.1  3.0  3.1  W.A. Interest Rate (%)  4.0%  5.9%  4.1%  7  $250,000  8  $122,3284  $400,0005  $400,000(A)  1  12,740 2  17,836 3  Debt Maturity Schedule (Including Effect of Interest Rate Swaps) As of December 31, 2022  $150,0006  (A)  9 9  2024 Term Loan 2025 and 2026 Term loans Mortgage loans (Industrial and Office) Mortgage loans (Other) Revolver  1 Represents the Samsonite and HealthSpring (paid off subsequent to year-end) mortgage loans. | 2 Represents the Highway 94 loan. | 3 Represents the Pepsi Bottling Ventures mortgage loan. | 4 Represents the AIG II mortgage loan. | 5 Represents the 2025 Term Loan.  | 6 Represents the 2026 Term Loan. | 7 Represents the BOA/KeyBank Loan. | 8 Represents the AIG Loan. | 9 Principal repayments on the individual mortgages do not include the net debt premium/(discount) of $0.24 million and deferred financing costs of $(4.6) million.  (A): Subsequent to year-end, the Company extended the maturity date, including extension options, of its revolving credit facility to January 2026 and prepaid its $400 million 2024 Term Loan by drawing on the revolving credit facility.  21 
 

 Leasing Activity & Asset Management 
 

 NEW LEASES  530 Great Circle Road  Nashville, TN  1/1/2024  12/31/2038   — 2   98,352    $ 21.59 $ 76.97 $ 21.50 $ 18.22 18 %  New leases total / weighted average   —    98,352    $ 21.59 $ 76.97 $ 21.50 $ 18.22 18 %  RENEWAL LEASES  Wood Group  Houston, TX  1/1/2027  12/31/2033   7.0    226,287    $ 10.39 $ 40.00 $ 26.50 $ 26.55 — %  Total renewal (office) - leases/weighted average   7.0    226,287    $ 10.39 $ 40.00 $ 26.50 $ 26.55 — %  NEW AND RENEWAL LEASES  Tenant / Property  Location  New Lease Start New Lease Date Expiration Date  Term (Yrs)  Square Feet  Leasing Commissions $/ SF  Tenant Improvement  $/SF  Starting Net Rent/ SF  Prior Net Rent/  SF1  Net Rent Change From Prior Lease  OFFICE LEASING  INDUSTRIAL LEASING  NEW LEASES  None  New leases total / weighted average  RENEWAL LEASES  None  Total renewal (industrial) - leases/weighted average   Total / weighted average 9.4 324,639 $ 13.78 $ 51.20 $ 24.99 $ 24.03 4 %  Tenant  26  Location  TERMINATIONS/CONTRACTIONS  Previous Lease Expiration Date Termination Date  Square Feet  Termination Income  None  1 Prior Net Rents/SF from new leases represent the rents of the previous in place tenant.  2 Lease restricts certain disclosures.  Leasing Activity - Executed Leases  For the Quarter-Ended December 31, 2022 
 

 1 Occupancy changes reflect leasing activity commencing during the quarter.  2 Expiring square footage includes square footage for tenants who have signed renewal leases.  3 Retention rate: Renewal leases divided by expiring square footage.  26  For the Quarter-Ended  12/31/2022  9/30/2022  6/30/2022  3/31/2022  12/31/2021  PORTFOLIO SQUARE FOOTAGE CHANGES  Total square feet at beginning of period  21,057,700  29,159,000  29,157,000  29,157,000  29,157,000  Acquisitions  —  —  —  —  —  Dispositions  (1,168,700)  (8,101,300)  —  —  —  Remeasurements / other   700    —    2,000    —    —   Total square feet at end of period   19,889,700    21,057,700    29,159,000    29,157,000    29,157,000   OCCUPANCY CHANGES 1  Occupied square feet beginning of period / Occupancy Rate 20,030,200  /  95.1 %  27,023,400 /  92.7 %  27,223,000  /  93.4 %  27,340,800 /  93.8 %  27,525,200  /  94.4 %  Expirations:  Expiring square footage —  (453,200)  (335,200)  (83,600)  (184,400)  2  Lease terminations   (70,300)   (32,000)   (135,030)   (124,400)   (7,500)  Total expirations  (70,300)  (485,200)  (470,230)  (208,000)  (191,900)  Leases commencing:  Renewal leases  —  —  72,200  6,100  —  2  New leases  58,800  362,100  190,900  84,100  —  Expansion leases  —  —  7,500  —  7,500  Other   —    —    —    —    —   Total leasing activity  58,800  362,100  270,600  90,200  7,500  Occupied acquired square feet  —  —  —  —  —  Occupied disposed square feet   (1,169,400)   (6,870,100)   —    —    —   Total occupancy activity from acquisitions & dispositions  (1,169,400)  /  100 %  (6,870,100)  —  —  —  Other occupancy activity   700    —    —    —    —   Total occupancy activity   (1,180,200)   (6,993,200)   (199,630)   (117,800)   (184,400)  Occupied square feet at end of period / Occupancy Rate   18,850,000   /  94.8 %   20,030,200 /  95.1 % 27,023,400 /  92.7 % 27,223,000 /  93.4 % 27,340,800   /  93.8 %  Retention3  —%  —%  22%  7%  —%  Leasing Activity – Economic Occupancy Summary 
 

 NAV Component Summary 
 

 29  Annualized Base Rents  Balance Sheet Components (cont'd)  ABR  Percentage of Leased Square Feet  LIABILITIES  Industrial  Revolving credit facility and term loans1  $  950,000  Investment grade $ 28,253 27.0 %  Mortgages payable1  540,000  WHOLLY OWNED PORTFOLIO   $ 223,942    95.5 %  Balance Sheet Components  Real Estate Net Book Value  NON-OPERATING, NON-COMMERCIAL REAL ESTATE ASSETS  REAL ESTATE NET BOOK VALUE  Sub-investment grade  17,302  14.4  Accrued tenant improvements  620  Unrated credit   6,998    7.2   Prepaid tenant rent  12,399   52,553    48.6   Real estate taxes payable  6,296  Office  Restricted reserves  627  Investment grade  90,848  22.0  Deferred compensation  8,913  Sub-Investment grade  34,444  9.0  Distributions payable  12,402  Unrated credit   6,095    1.5   Interest payable  13,654  131,387  32.4  Other liabilities   25,950         TOTAL LIABILITIES   $ 1,570,861   Industrial and Office Total   $ 183,940    81.0 %  SERIES A PREFERRED SHARES  $ 125,000  Other  Investment grade  $ 18,698  9.6 %  COMMON SHARES + OP UNITS OUTSTANDING  39,538,000  Sub-investment grade  19,922  4.6  Unrated credit   1,382    0.3    $ 40,002    14.5 %  Cash and cash equivalents  $ 233,180  Industrial  $ 637,298  Restricted cash  4,764  Office   1,735,181   Construction in progress  1,994  Industrial and Office Total   2,372,479   Investments in unconsolidated entities  178,647  Other   512,873   Goodwill/operating company  94,678  WHOLLY OWNED PORTFOLIO   $ 2,885,352   Cash - surrender value (DCP)  12,442  Tenant rent receivable  1,814  Prepaid insurance  2,744  Swap assets  41,404  Other assets   14,877   TOTAL NON-OPERATING, NON-COMMERCIAL REAL ESTATE ASSETS   $ 586,544   1 Excludes debt premium and deferred financing costs.  NAV Components  As of December 31, 2022  (Unaudited, USD in thousands) 
 

 Property Information 
 

 3  Industrial  3M  1650 Macom Drive  Chicago  IL  978,100  Single Tenant  100.0 %  Warehouse  2016  3.8  2.2 %  4  Industrial  Samsonite  10480 Yeager Road  Jacksonville  FL  817,700  Single Tenant  100.0 %  Warehouse  2008  1.9  1.8 %  5  Industrial  Shaw Industries  445 Northport Parkway  Savannah  GA  1,001,500  Single Tenant  100.0 %  Warehouse  2018  10.3  1.5 %  6  Industrial  PepsiCo  8060 State Road 33 North  Tampa  FL  605,400  Single Tenant  100.0 %  Warehouse  2018  5.6  1.4 %  7  Industrial  Amcor  975 West Main Street  Cleveland  OH  586,700  Single Tenant  100.0 %  Manufacturing  1997  9.8  1.2 %  8 Industrial Amazon (Arlington Heights) 1455 West Cellular Drive Chicago IL 182,900 Single Tenant 100.0 % Warehouse 2020 — 4 1.1 %  9 Industrial  Fox Head 5  16752 Armstrong Avenue  Irvine  CA  81,600  Single Tenant  100.0 %  Industrial/R&D  2012  5.0  1.0 %  10 Industrial  Renfro 6  1702 Springdale Drive  Clinton  SC  566,600  Single Tenant  100.0 %  Warehouse  1986  0.5  1.0 %  11 Industrial  Pepsi Bottling Ventures  390 Business Park Drive  Winston-Salem  NC  526,300  Single Tenant  100.0 %  Warehouse  2008  9.6  0.8 %  12 Industrial  Roush Industries  333/777 Republic Drive  Detroit  MI  169,200  Single Tenant  100.0 %  Industrial/R&D  2000  5.9  0.7 %  13 Industrial  Berry Global  1515 Franklin Boulevard  Chicago  IL  193,700  Single Tenant  100.0 %  Manufacturing  2003  10.0  0.7 %  14 Industrial  OceanX  6390 Commerce Court  Columbus  OH  312,000  Single Tenant  100.0 %  Warehouse  2015  6.6  0.7 %  15 Industrial  Atlas Copco  3301 Cross Creek Parkway  Detroit  MI  120,000  Single Tenant  100.0 %  Industrial/R&D  2014  2.8  0.6 %  16 Industrial  Huntington Ingalls (500 W. Park Lane)  500 West Park Lane  Hampton Roads  VA  258,300  Single Tenant  100.0 %  Warehouse  1999  5.0  0.6 %  17 Industrial  Huntington Ingalls (300 W. Park Lane)  300 West Park Lane  Hampton Roads  VA  257,200  Single Tenant  100.0 %  Warehouse  2000  5.0  0.6 %  18 Industrial  ZF WABCO  8225 Patriot Boulevard  Charleston  SC  145,200  Single Tenant  100.0 %  Warehouse  2016  10.7  0.5 %  19 Industrial  TransDigm  110 Algonquin Parkway  Northern New Jersey  NJ  114,300  Single Tenant  100.0 %  Manufacturing  1986  5.3  0.5 %  20 Industrial  Hopkins  428 Peyton Street  Emporia  KS  320,800  Single Tenant  100.0 %  Manufacturing  2000  14.0  0.4 %  21 Industrial  Fidelity Building Services  25 Loveton Circle  Baltimore  MD   54,800   Single Tenant   100.0 %  Industrial/R&D  1981   12.0    0.3 %  INDUSTRIAL TOTAL  9,650,000  100.0 %  6.7  $  52,553  Address  Property Market  Property State  Building Square Feet  Property Sub Type  Renovated  Year Built/  1, 3  Property WALT  % of Total ABR  825 Rogers Road  Stockton/Modesto  CA  1,501,400  Warehouse  2015  7.7  3.3 %  11999 National Road  Columbus  OH  856,300  Tenancy Type % Leased2  Single Tenant 100.0 %  Single Tenant 100.0 %  Warehouse  2016  —  4  2.7 %  Year shown is either the year built or year substantially renovated.  Total calculated as a weighted average based on rentable square feet.  Total calculated as a weighted average based on ABR.  Lease restricts certain disclosures.  Sold in January 2023  Sold in February 2023  31  Property List  As of December 31, 2022  USD in thousands, except annualized base rents / SF metrics  Segment Property/Tenant Name  Industrial RH  Industrial Amazon (Etna) 
 

 23  Office  Keurig Dr. Pepper (53 South Avenue)  53 South Avenue  Boston  MA  280,600  Single Tenant  100.0 %  Office  2014  6.9  3.9%  24  Office  Freeport McMoRan  333 N. Central Ave  Phoenix  AZ  249,000  Single Tenant  99.0 %  Office  2010  4.4  3.5%  25  Office  Amazon  13820 Sunrise Valley Drive  Herndon  VA  269,900  Single Tenant  100.0 %  Office  2020  9.3  3.5%  26  Office  Maxar Technologies  1300 West 120th Avenue  Denver  CO  430,000  Single Tenant  100.0 %  Office  2002  7.5  3.4%  27  Office  Terraces at Copley Point  5887 Copley Drive  San Diego  CA  201,700  Multi-Tenant  100.0 %  Office  2009  5.4  3.1%  28  Office  LPL (1055 & 1060 LPL Way)  1055 & 1060 LPL Way  Charlotte  SC  307,200  Single Tenant  100.0 %  Office  2016  13.8  2.6%  29  Office  Travel & Leisure, Co.  14 Sylvan Way  Northern New Jersey  NJ  203,500  Single Tenant  100.0 %  Office  2013  6.7  2.6%  30  Office  Wood Group (Westgate III)  17325 Park Row  Houston  TX  226,300  Single Tenant  100.0 %  Office  2014  11.0  2.5%  31  Office  IGT  6355 South Buffalo Drive  Las Vegas  NV  222,300  Single Tenant  100.0 %  Office  2008  8.0  2.3%  32  Office  International Paper  1740 International Drive  Memphis  TN  238,600  Single Tenant  100.0 %  Office  2015  7.0+  4  2.2%  33  Office  onsemi (5701 N. Pima Road)  5701 N. Pima Road  Phoenix  AZ  133,400  Single Tenant  100.0 %  Office  2017  —  4  1.5%  34  Office  Zoetis  10 Sylvan Way  Northern New Jersey  NJ  125,700  Single Tenant  100.0 %  Office  2016  —  4  1.4%  35  Office  McKesson (5801 N. Pima Road)  5801 North Pima Road  Phoenix  AZ  124,900  Single Tenant  100.0 %  Office  2019  —  4  1.3%  36  Office  McKesson (5601 N. Pima Road)  5601 North Pima Road  Phoenix  AZ  138,200  Single Tenant  100.0 %  Office  2017  —  4  1.3%  37  Office  40 Wight  40 Wight Avenue  Baltimore  MD  132,200  Single Tenant  93.0 %  Office  2017  9.8  1.3%  38  Office  York Space Systems (East Village)  6060 South Willow Drive  Denver  CO  138,100  Single Tenant  100.0 %  Office/R&D  2020  9.0  1.3%  39  Office  Corteva Agriscience  8501 NW 62nd Ave  Des Moines  IA  184,300  Single Tenant  100.0 %  Office/Lab  2014  3.9  1.3%  40  Office  Keurig Dr. Pepper (63 South Avenue)  63 South Avenue  Boston  MA  150,700  Single Tenant  100.0 %  Office/Lab/R&D  2013  6.9  1.2%  41  Office  LPL (1040 LPL Way)  1040 LPL Way  Charlotte  SC  144,400  Single Tenant  100.0 %  Office  2016  13.8  1.2%  42  Office  Toshiba TEC  3901 South Miami Boulevard  Raleigh/Durham  NC  200,800  Single Tenant  100.0 %  Office  2016  5.3  1.2%  43  Office  Mercury Systems  50 Minuteman Road  Boston  MA  145,300  Single Tenant  100.0 %  Office/Lab  1997  9.3  1.1%  Address  Property Market  Property State  Building Square Feet  Tenancy Type Leased %2  Property Sub Type  Renovated  Year Built/  1,3  WALT  Property  3  % of Total ABR  22 Office Southern Company 3525 & 3535 Colonnade Parkway  Birmingham  AL  669,400  Single Tenant  100.0 % Office  2018  21.2  4.0%  Property List (continued)  31  As of December 31, 2022  USD in thousands, except annualized base rents / SF metrics  Segment Property / Tenant Name  Year shown is either the year built or year substantially renovated.  Total calculated as a weighted average based on rentable square feet.  Total calculated as a weighted average based on ABR.  Lease restricts certain disclosures.  Amazon was sold in March 2023. 
 

 45  Office  Avnet (Phoenix)  2211 S 47th Street  Phoenix  AZ  176,400  Single Tenant 100.0 %  Office  1997 3.7  1.0 %  46  Office  PPG  400 Bertha Lamme Drive  Pittsburgh  PA  118,000  Single Tenant 100.0 %  Office  2010 8.0  1.0 %  47  Office  MISO  720 City Center Drive  Indianapolis  IN  133,400  Single Tenant 100.0 %  Office  2016 5.3  0.9 %  48  Office  Amentum (Heritage III)  13500 Heritage Parkway  Dallas/Fort Worth  TX  119,000  Single Tenant 100.0 %  Office  2006 —  4  0.9 %  49  Office  Draeger Medical Systems  Six Tech Drive  Boston  MA  128,400  Single Tenant 100.0 %  Office/Lab  2020 8.5  0.8 %  50  Office  Fresenius Medical Care  3355 Earl Campbell Pkwy  Tyler  TX  81,000  Single Tenant 100.0 %  Office  2016 8.8  0.8 %  51  Office  Cigna (500 Great Circle Road)  500 Great Circle Road  Nashville  TN  72,200  Single Tenant 100.0 %  Office  2012 4.5  0.6 %  52  Office  Cigna (Express Scripts)  501 Ronda Court  Pittsburgh  PA  70,500  Single Tenant 100.0 %  Office/Data Center  2015 2.5  0.6 %  53  Office  AT&T (14500 NE 87th Street)  14500 NE 87th Street  Seattle/Puget Sound  WA  60,000  Single Tenant 100.0 %  Office/Data Center  1995 4.7  0.6 %  54  Office  AT&T (14520 NE 87th Street)  14520 NE 87th Street  Seattle/Puget Sound  WA  59,800  Single Tenant 100.0 %  Office/Data Center  1995 4.7  0.6 %  55  Office  Parallon  6451 126th Avenue North  Tampa  FL  83,200  Single Tenant 100.0 %  Office  2013 2.2  0.6 %  56  Office  Tech Data  19031 Ridgewood Parkway  San Antonio  TX  58,000  Single Tenant 100.0 %  Office  2014 1.9  0.4 %  57  Office  Rapiscan Systems  23 Frontage Road  Boston  MA  64,200  Single Tenant 100.0 %  Office/Lab  2014 4.4  0.4 %  58  Office  136 & 204 Capcom  136 & 204 Capcom Avenue  Raleigh/Durham  NC  63,000  Multi Tenant 100.0 %  Office/R&D  2010 3.2  0.4 %  59  Office  AT&T (14560 NE 87th Street)  14560 NE 87th Street  Seattle/Puget Sound  WA  36,000  Single Tenant 100.0 %  Office/Data Center  1995 4.7  0.4 %  60  Office  530 Great Circle Road  530 Great Circle Road  Nashville  TN   98,400   Single Tenant 100.0 %  Office/Lab  2011 —   4  — %  OFFICE TOTAL  6,452,400  99.8 %  7.5  $ 131,387  31  Property Market  Property State  Building Square Feet  Renovated WALT  Year Built/ Property  1, 3 3  % of Total ABR  Platteville  CO  114,500  Tenancy Type % Leased2 Property Sub Type  Single Tenant 100.0 % Office  2013  10.8  1.0 %  Year shown is either the year built or year substantially renovated.  Total calculated as a weighted average based on rentable square feet.  Total calculated as a weighted average based on ABR.  Lease restricts certain disclosures.  Property List (continued)  As of December 31, 2022  USD in thousands, except annualized base rents / SF metrics  Segment Property/Tenant Name Address  44 Office Occidental Petroleum 501 North Division Street 
 

 Address  Property Market  Property State  Building Square Feet  Tenancy Type  %  Leased  2  Property Sub- Type  Renovated  Year Built/  1 3  WALT  Property  3  % of Total ABR  61 Other Wyndham Hotels & Resorts 22 Sylvan Way  Northern New Jersey NJ  249,400  Single Tenant  100.0 % Office  2009  6.7  3.2 %  62  Other  Wood Group (Westgate II)  17320 Katy Freeway  Houston  TX  186,300  Single Tenant  100.0 %  Office  2014  1.3  2.0 %  63  Other  Schlumberger  1200 Enclave Parkway  Houston  TX  149,700  Single Tenant  98.3 %  Office  1999  —  4  1.6 %  64  Other  Level 3 (ParkRidge One)  10475 Park Meadows Drive  Denver  CO  166,700  Single Tenant  100.0 %  Office  1999  —  4  1.5 %  65  Other  Raytheon Technologies  2730 West Tyvola Road  Charlotte  NC  198,900  Single Tenant  100.0 %  Office  1999  —  4  1.4 %  66  Other  Hitachi Energy USA  500 West Highway 94  Jefferson City  MO  660,000  Single Tenant  100.0 %  Manufacturing  1972  1.7  1.2 %  67  Other  Avnet (Chandler)  6700 West Morelos Place  Phoenix  AZ  231,500  Single Tenant  100.0 %  Industrial/R&D  2008  —  4  1.2 %  68  Other  Franklin Center  6841 Benjamin Franklin Drive  Baltimore  MD  202,500  Multi-Tenant  55.0 %  Office  2008  3.6  1.2 %  69  Other  KBR  345 Bob Heath Drive  Huntsville  AL  120,000  Single Tenant  100.0 %  Office  2013  0.7  0.9 %  70  Other  30 Independence  30 Independence Boulevard  Northern New Jersey  NJ  207,300  Multi-Tenant  52.0 %  Office  2020  8.4  0.8 %  71  Other  Northrop Grumman  4065 Colonel Glenn Highway  Cincinnati/Dayton  OH  99,200  Single Tenant  100.0 %  Office  2012  1.7  0.7 %  72  Other  MGM Corporate Center (880 Grier Drive)  880 Grier Drive  Las Vegas  NV  81,000  Single Tenant  100.0 %  Office  1988  1.7  0.6 %  73  Other  Hitachi Astemo  9296 Intermodal North Court  Columbus  OH  304,600  Single Tenant  100.0 %  Warehouse  2014  2.2  0.5 %  74  Other  MGM Corporate Center (840 Grier Drive)  840 Grier Drive  Las Vegas  NV  60,500  Single Tenant  100.0 %  Office  1997  1.7  0.4 %  75  Other  Administrative Office of Pennsylvania Courts  5035 Ritter Road  Harrisburg  PA  56,600  Single Tenant  100.0 %  Office/Data Center  1988  1.5  0.3 %  76  Other  Owens Corning  4535 Enterprise Drive Northwest  Charlotte  NC  61,200  Single Tenant  100.0 %  Manufacturing  1998  2.0  0.2 %  77  Other  MGM Corporate Center (950 Grier Drive)  950 Grier Drive  Las Vegas  NV  26,800  Single Tenant  100.0 %  Office  1989  1.7  0.1 %  78  Other  Gold Pointe Corp Ctr Bldg C  11971 Foundation Place  Sacramento  CA  145,900  Single Tenant  3.0 %  Office  2002  —  — %  79  Other  Quebec Court II  5800 South Quebec Street  Denver  CO  157,300  Single Tenant  — %  Office  1980  —  — %  80  Other  Park Meadows Corporate Center II  10002 Park Meadows Drive  Denver  CO  70,300  Single Tenant  — %  Office  2000  —  — %  81  Other  Crosspoint  20022 North 31st Avenue  Phoenix  AZ   351,600   Multi-Tenant   8.0 %  Office  2021 —   4  — %  OTHER TOTAL   3,787,300    75.4 %   3.1   $ 40,002  TOTAL CONSOLIDATED PORTFOLIO   19,889,700    95.5 %   7.1   $ 223,942  31  Property List (continued)  As of December 31, 2022  USD in thousands, except annualized base rents / SF metrics  Segment Property / Tenant Name  Year shown is either the year built or year substantially renovated.  Total calculated as a weighted average based on rentable square feet.  Total calculated as a weighted average based on ABR.  Lease restricts certain disclosures. 
 

 Portfolio Characteristics 
 

 1 Weighted average rental increase is based on the remaining term of each lease as of December 31, 2022. Excludes leases with remaining term less than one year.  Lease Escalation Frequency  Annually  % Annualized Base Rents  86.3%  Growth Rate 1  2.1%  Every 5 Years  10.2  0.6  Other Frequencies  2.0  4.1  No Escalations   1.5   —  PORTFOLIO TOTAL / WEIGHTED AVERAGE   100.0%    2.0%   Wtd. Avg. Annual  Rent Growth  As of December 31, 2022  Annually 84.9%  Every 5 Years  11.0%  Other Frequencies 2.5%  No Escalations 2.0%  Annually 89.0%  Other Frequencies 4.4%  No Escalations 6.6%  Annually 92.6%  Every 5 Years  7.4%  Annually 83.4%  36  Every 5 Years  14.9%  Other 1.7%  Industrial  Industrial and Office  Office  Other 
 

 Tenant/Major Tenant  Rating1  Top 10 Tenants  % of Annualized Base Rents2  WALT (years)  1 Amazon3  AA  7.3%  8.9  2 Keurig Dr. Pepper  BBB  5.1  6.9  3 Wood Group USA4  HY65  4.5  6.6  4 Southern Company Services  BBB+  4.0  21.2  5 LPL  Baa36  3.8  13.8  6 Freeport McMoRan  Baa26  3.5  4.4  7 Maxar Technologies  B+  3.4  7.5  8 RH  Ba36  3.3  7.7  9 Wyndham Hotels & Resorts  BB-  3.2  6.7  10 McKesson  BBB+   2.7    5.8   Top 10 Total/Average Lease Term   40.8%    9.1   Investment Grade Rating of:  Tenant Profile  Tenant 30.8 %  Guarantor 12.5   Number of Tenants 74  Average Square Footage Leased per Tenant 254,736  Tenant/Guarantor 43.3  Parent 18.2   Average Annualized Base Rents per Sq Ft - Office $20.36  Average Annualized Base Rents per Sq Ft - Industrial $5.45  Total Investment Grade 61.5 %  Average Annualized Base Rents per Sq Ft - Other $10.56  Weighted Average Credit Rating BBB-  Weighted Average Lease Term (WALT) 7.1  Tenant Concentration: Consolidated  As of December 31, 2022  36  1 Represents S&P ratings of tenants, guarantors, or non-guarantor parent entities, issued at http://www.spgglobal.com, unless otherwise noted.  2 Based on annualized base rents by tenant as compared to consolidated total.  3 Represents the combined base rental revenue for the three properties (one sold subsequent to year end).  4 Represents the combined base rental revenue for two properties.  5 Represents a rating issued by Bloomberg services.  6 Represents a rating issued by Moody's at http://www.moodys.com. 
 

 Tenant/Major Tenant  Rating1  Top 10 Tenants  % of Annualized Base Rents2  WALT (years)  1 Amazon  AA  8.9%  8.9  2 Keurig Dr. Pepper  BBB  6.2  5.3  3 Southern Company  BBB+  4.9  21.2  4 LPL  Baa34  4.6  13.8  5 Freeport McMoran  Baa24  4.3  4.4  6 Maxar Technologies  B+  4.1  7.5  7 RH  Ba34  4.0  7.7  8 McKesson  BBB+  3.2  5.8  9 Travel & Leisure, Co.  BB-  3.1  6.7  10 Wood Group  HY63   3.0    11.0   Top 10 Total/Average Lease Term   46.3%    9.4   Investment Grade Rating of:  Tenant Profile  Tenant 32.1 %  Guarantor 13.7   Number of Tenants 54  Average Square Footage Leased per Tenant 296,159  Tenant/Guarantor 45.8  Parent 18.9   Average Annualized Base Rents per Sq Ft: Industrial and Office $11.42 Weighted Average Lease Term (WALT) 8.0  Total Investment Grade 64.7 %  Weighted Average Credit Rating BBB  Tenant Concentration: Industrial and Office  As of December 31, 2022  36  1 Represents S&P ratings of tenants, guarantors, or non-guarantor parent entities, issued at http://www.spgglobal.com, unless otherwise noted.  2 Based on annualized base rents by tenant for industrial and office segments.  3 Represents a rating issued by Bloomberg services.  4 Represents a rating issued by Moody's at http://www.moodys.com. 
 

 Tenant/Major Tenant  Rating1  Top 10 Tenants  % of Annualized Base Rents2  WALT (years)  1 Amazon  AA  16.1%  8.6  2 RH  Ba34  14.0  7.7  3 3M Company  A+  9.3  3.8  4 Samsonite  Ba24  7.7  1.9  5 Shaw Industries  AA  6.3  10.3  6 PepsiCo  A+  6.0  5.6  7 Amcor  BBB  5.1  9.8  8 Huntington Ingalls  BBB-  4.8  5.0  9 Fox Head6  BB  4.2  5.0  10 Renfro Corporation6  NR   4.1    0.5   Top 10 Total/Average Lease Term   77.6%    6.3   Investment Grade Rating of:  Tenant Profile  Tenant 9.3 %  Guarantor 18.7   Number of Tenants 19  Average Square Footage Leased per Tenant 507,895  Tenant/Guarantor 28.0  Parent 25.8   Average Annualized Base Rents per Sq Ft: Industrial $5.45  Weighted Average Lease Term (WALT) 6.7  Total Investment Grade 53.8 %  Weighted Average Credit Rating BBB  Tenant Concentration: Industrial  As of December 31, 2022  36  1 Represents S&P ratings of tenants, guarantors, or non-guarantor parent entities, issued at http://www.spgglobal.com, unless otherwise noted.  2 Based on annualized base rents by tenant for industrial segment.  3 Represents a rating issued by Bloomberg services.  4 Represents a rating issued by Moody's at http://www.moodys.com.  5 Indicates that the tenant is not rated by the major credit agencies used.  6 Assets were sold subsequent to year-end December 31, 2022. 
 

 Tenant/Major Tenant  Rating1  Top 10 Tenants  % of Annualized Base Rents2  WALT (years)  1 Keurig Dr. Pepper  BBB  8.7%  6.9  2 Southern Company Services  BBB+  6.9  21.2  3 LPL  Baa33  6.5  13.8  4 Freeport McMoRan  Baa23  6.0  4.4  5 Amazon  AA  6.0  9.3  6 Maxar Technologies  B+  5.7  7.5  7 McKesson  BBB+  4.5  5.7  8 Wyndham Hotels & Resorts  BB-  4.4  6.7  9 Wood Group  HY64  4.2  11.0  10 IGT  BB+   3.8    8.0   Top 10 Total/Average Lease Term   56.7%    9.8   Investment Grade Rating of:  Tenant Profile  Tenant 41.2 %  Number of Tenants 35  Guarantor 11.8   Average Square Footage Leased per Tenant 181,217  Tenant/Guarantor 53.0  Parent 16.1   Total Investment Grade 69.1 %  Average Annualized Base Rents per Sq Ft: Office $20.36  Weighted Average Lease Term (WALT) 8.5  Weighted Average Credit Rating BBB  Tenant Concentration: Office  As of December 31, 2022  36  1 Represents S&P ratings of tenants, guarantors, or non-guarantor parent entities, issued at http://www.spgglobal.com, unless otherwise noted.  2 Based on annualized base rents by tenant for office segment.  3 Represents a rating issued by Moody's at http://www.moodys.com.  4 Represents a rating issued by Bloomberg services. 
 

 Industry Concentration: Consolidated  As of December 31, 2022  36  Industry  Top 10 Industries  % of Annualized Base Rents1  Top 20 Sub-Industries  Sub-Industry  % of Annualized Base Rents1  1 Capital Goods  15.3 %  1 Aerospace & Defense  10.3 %  2 Consumer Services  9.5  2 Soft Drinks  7.3  3 Materials  8.8  3 Internet & Direct Marketing Retail  7.3  4 Food, Beverage & Tobacco  7.3  4 Oil & Gas Equipment & Services  6.1  5 E-Commerce  7.3  5 Hotels, Resorts & Cruise Lines  5.8  6 Energy  7.1  6 Health Care Services  4.1  7 Health Care Equipment & Services  6.2  7 Renewable Electricity  4.0  8 Commercial & Professional Services  5.5  8 Investment Banking & Brokerage  3.8  9 Consumer Durables & Apparel  5.2  9 Copper  3.5  10 Utilities   4.9   10 Paper Packaging  3.4  Top 10 total   77.1 %  11 Casinos & Gaming  3.3  All others  22.9 %  12 Commercial & Professional Services  3.3  13 Homefurnishing Retail  3.3  14 Apparel, Accessories & Luxury Goods  2.8  15 Technology Distributors  2.6  16 Integrated Telecommunication Services  2.6  17 Industrial Conglomerates  2.2  18 IT Consulting & Other Services  2.0  19 Textiles  1.5  20 Alternative Carriers   1.5   Top 20 total   80.7 %  All others  19.3 %  1 Based on annualized base rents for wholly owned portfolio. 
 

 Industry Concentration: Industrial and Office  As of December 31, 2022  2  Materials  10.8  3  Food, Beverage & Tobacco  8.9  4  E-Commerce  8.9  5  Health Care Equipment & Services  7.5  6  Consumer Durables & Apparel  6.4  7  Utilities  6.0  8  Consumer Services  5.9  9  Commercial & Professional Services  5.2  10  Retailing  5.2  Top 10 total 78.7 %  All others 21.3 %  36  2  Soft Drinks  8.9  3  Internet & Direct Marketing Retail  8.9  4  Health Care Services  5.0  5  Renewable Electricity  4.9  6  Investment Banking & Brokerage  4.6  7  Copper  4.3  8  Paper Packaging  4.1  9  Commercial & Professional Services  4.0  10  Homefurnishing Retail  4.0  11  Apparel, Accessories & Luxury Goods  3.4  12  Integrated Telecommunication Services  3.2  13  Hotels, Resorts & Cruise Lines  3.1  14  Oil & Gas Equipment & Services  3.0  15  Casinos & Gaming  2.7  16  Industrial Conglomerates  2.7  17  Textiles  1.8  18  Semiconductors  1.8  19  Technology Distributors  1.7  20  Pharmaceuticals  1.7  Top 20 total 83.7 %  All others 16.3 %  Top 10 Industries  Top 20 Sub-Industries  Industry  % of Annualized Base Rents1  Sub-Industry  % of Annualized Base Rents1  1 Capital Goods  13.9 %  1 Aerospace & Defense  9.9 %  1 Based on annualized base rents for the industrial and office segments. 
 

 Industry Concentration: Industrial  As of December 31, 2022  2  Capital Goods  20.9  3  E-Commerce  16.1  4  Retailing  14.0  5  Food, Beverage & Tobacco  9.6  6  Materials  7.9  7  Automobiles & Components  5.0  8  Commercial & Professional Services  4.1  Top 8 total 100.0 %  All others — %  36  2  Homefurnishing Retail  14.0  3  Apparel, Accessories & Luxury Goods  11.8  4  Soft Drinks  9.6  5  Industrial Conglomerates  9.3  6  Aerospace & Defense  6.9  7  Textiles  6.3  8  Paper Packaging  5.1  9  Leisure Products  4.2  10  Diversified Support Services  4.2  11  Auto Components  3.2  12  Metal & Glass Containers  2.8  13  Industrial Machinery  2.6  14  Construction Machinery & Heavy Trucks  2.1  15  Auto Parts & Equipment  1.8  Top 15 total 100.0 %  All others — %  Top 8 Industries  Top 15 Industries  Industry  % of Annualized Base Rents1  Sub-Industry  % of Annualized Base Rents1  1 Consumer Durables & Apparel  22.4 %  1 Internet & Direct Marketing Retail  16.1 %  1 Based on annualized base rents for industrial segment. 
 

 Industry Concentration: Office  As of December 31, 2022  2  Capital Goods  11.1  3  Health Care Equipment & Services  10.5  4  Food, Beverage & Tobacco  8.7  5  Utilities  8.4  6  Consumer Services  8.2  7  Diversified Financials  6.6  8  E-Commerce  6.0  9  Energy  6.0  10  Commercial & Professional Services  5.6  Top 10 total 83.0 %  All others 17.0 %  36  2  Soft Drinks  8.7  3  Health Care Services  6.9  4  Renewable Electricity  6.9  5  Investment Banking & Brokerage  6.5  6  Copper  6.0  7  Internet & Direct Marketing Retail  6.0  8  Commercial & Professional Services  5.6  9  Integrated Telecommunication Services  4.5  10  Hotels, Resorts & Cruise Lines  4.4  11  Oil & Gas Equipment & Services  4.2  12  Casinos & Gaming  3.8  13  Paper Packaging  3.8  14  Semiconductors  2.5  15  Technology Distributors  2.4  16  Pharmaceuticals  2.4  17  Fertilizers & Agricultural Chemicals  2.2  18  Technology Hardware, Storage & Peripherals  2.0  19  Oil & Gas Exploration & Production  1.8  20  Home Improvement Retail  1.7  Top 20 total  93.4  All others 6.6 %  Top 10 Industries  Top 20 Sub-Industries  Industry  % of Annualized Base Rents1  Sub-Industry  % of Annualized Base Rents1  1 Materials  11.9 %  1 Aerospace & Defense  11.1 %  1 Based on annualized base rents for office segment. 
 

 Geographic Distribution (% of Annualized Base Rents1)  Market Concentration: Consolidated  As of December 31, 2022  (USD in thousands)  Top 10 Markets (% of Annualized Base Rents)  Markets  Annualized Base Rents  % of Annualized Base Rents1  1  Phoenix  $  22,069  9.9 %  2  Northern New Jersey  18,862  8.4  3  Boston  16,673  7.4  4  Denver  13,758  6.1  5  Houston  13,593  6.1  6  Charlotte  12,039  5.4  7  Birmingham  9,043  4.0  8  Chicago  8,764  3.9  9  Columbus  8,729  3.9  10 Washington, DC   7,861    3.5   Top 10 total   $ 131,391    58.6 %  9.9%  36  8.4%  8.1%  7.4%  7.3%  7.2%  5.8%  5.3%  5.0%  4.6%  31.0%  Arizona  New Jersey  Texas  Massachusetts  California  Colorado  Ohio  South Carolina  Alabama  Virginia  All Others  1 Based on annualized base rents for wholly owned portfolio. 
 

 Geographic Distribution (% of Annualized Base Rents1)  Market Concentration: Industrial and Office  As of December 31, 2022  (USD in thousands)  Top 10 Markets (% of Annualized Base Rents)  Markets  Annualized Base Rents  % of Annualized Base Rents1  1  Phoenix  $  19,345  10.5 %  2  Boston  16,673  9.1  3  Denver  10,436  5.7  4  Northern New Jersey  9,913  5.4  5  Birmingham  9,043  4.9  6  Chicago  8,764  4.8  7  Charlotte  8,552  4.6  8  Washington, DC  7,861  4.3  9  Columbus  7,557  4.1  10 Stockton/Modesto   7,340   4.0  Top 10 total   $ 105,484   57.4 %  10.5%  36  9.1%  8.9%  6.9%  6.4%  5.6%  5.6%  5.5%  5.4%  4.9%  31.1%  Arizona  Massachusetts  California  Colorado  South Carolina  Virginia  Ohio  Texas  New Jersey  Alabama  All Others  1 Based on annualized base rents for the industrial and office segments. 
 

 Geographic Distribution (% of Annualized Base Rents1)  Market Concentration: Industrial  As of December 31, 2022  (USD in thousands)  Markets  Top 10 Markets (% of Annualized Base Rents)  Annualized Base Rents  % of Annualized Base Rents1  1 Chicago  $  8,764  17.0 %  2  Columbus  7,557  14.0  3  Stockton/Modesto  7,340  14.0  4  Jacksonville  4,054  8.0  5  Savannah  3,335  6.0  6  Tampa  3,143  6.0  7  Detroit  3,019  6.0  8  Cleveland  2,662  5.0  9  Hampton Roads  2,513  5.0  10  Orange County   2,201   4.0  Top 10 total   $ 44,588   85.0 %  19.4%  36  18.2%  16.7%  13.7%  6.3%  6.3%  5.7%  4.8%  3.6%  2.1%  3.2%  Ohio  California  Illinois  Florida  Georgia  South Carolina  Michigan  Virginia  North Carolina  New Jersey  All Others  1 Based on annualized base rents for industrial segment. 
 

 Geographic Distribution (% of Annualized Base Rents1)  Market Concentration: Office  As of December 31, 2022  (USD in thousands)  Top 10 Markets (% of Annualized Base Rents)  Markets  Annualized Base Rents  % of Annualized Base Rents1  1  Phoenix  $  19,345  15.0 %  2  Boston  16,673  13.0  3  Denver  10,436  8.0  4  Birmingham  9,043  7.0  5  Northern New Jersey  8,822  7.0  6  Charlotte  8,552  7.0  7  Washington, DC  7,861  6.0  8  San Diego  6,909  5.0  9  Houston  5,544  4.0  10 Las Vegas   5,041   4.0  Top 10 total   $ 98,226   76.0 %  14.7%  12.7%  9.7%  1 Based on annualized base rents for office segment.  48  7.7%  6.9%  6.7%  6.5%  6.0%  5.3%  4.9%  Arizona  Massachusetts  Colorado  Texas  Alabama  New Jersey  South Carolina  Virginia  California  Tennessee 
 

 Lease Expirations: Consolidated  As of December 31, 2022  (USD in thousands)  1 Based on annualized base rents for wholly owned portfolio.  2 Vacant square footage includes three properties.  $24,003  $9,242  $12,567  $14,179  $20,990  $33,887  $25,786  $19,322  $6,583  2023 2024 2025  2026  2027  2028  2029  2030  2031  >2032  >2032 7 12 1 20 5,223,800 57,383 25.8  Vacant 2   — —    — —    896,600    — —   Totals   21 42    24 87    19,887,100 3   $ 223,942 100.0%   Lease Maturity Schedule (by Annualized Base Rents)  $57,383  3 Excludes approximately 2K of SF related to cafes.  49  Expiring Leases  Year  Industrial  Office  Other  Total  Approx. Square Feet  Annualized Base Rents  % of Annualized Base  Rents1  2023  1  1  1  3  746,600  $  6,583  2.9%  2024  1  1  9  11  2,357,400  24,003  10.7  2025  1  3  3  7  869,400  9,242  4.1  2026  1  2  1  4  1,449,100  12,567  5.6  2027  —  7  —  7  570,700  14,179  6.3  2028  6  3  5  14  2,233,700  20,990  9.4  2029  1  6  1  8  1,565,800  33,887  15.1  2030  1  3  3  7  2,385,100  25,786  11.5  2031  2  4  —  6  1,588,900  19,322  8.6 
 

 Lease Expirations: Industrial and Office  As of December 31, 2022  (USD in thousands)  Lease Maturity Schedule (by Annualized Base Rents)  $4,473  $5,036  $4,583  $9,974  2023  2024  2025  2026  2027  2028  2029  2030  2031  >2032  1 Based on annualized base rents for the industrial and office segments.  50  $14,179  $18,266  $26,622  $24,404  $19,322  $57,081  Expiring Leases  Year  Industrial  Office  Approx. Square Feet  Annualized Base Rents  % of Annualized Base Rents1  2023  1  1  626,600  $  4,473  2.4%  2024  1  1  875,700  5,036  2.7%  2025  1  3  304,700  4,583  2.5%  2026  1  2  1,338,800  9,974  5.4%  2027  —  7  570,700  14,179  7.7%  2028  6  3  1,958,400  18,266  9.9%  2029  1  6  1,316,400  26,622  14.5%  2030  1  3  2,311,700  24,404  13.3%  2031  2  4  1,588,900  19,322  10.5%  >2032  7  12  5,199,100  57,081  31.0%  Vacant 1   —    — 11,500    —    —   Totals   21    42 16,102,500    $ 183,940    100.0%  
 

 Lease Expirations: Industrial  As of December 31, 2022  (USD in thousands)  Lease Maturity Schedule (by Annualized Base Rents)  $2,161  51  $4,054  $1,354  $4,902  $—  $10,613  $1,482  $7,340  $8,451  $12,196  2025  2026  2027  2028  2029  2030  2031  >2032  Expiring Leases  Year  Leases  Approx. Square Feet  Annualized Base Rents  % of Annualized Base Rents1  2023  1  566,600  $  2,161  4.1 %  2024  1  817,700  4,054  7.7 %  2025  1  120,000  1,354  2.6 %  2026  1  978,100  4,902  9.3 %  2027  —  —  —  — %  2028  6  1,486,000  10,613  20.2 %  2029  1  312,000  1,482  2.8 %  2030  1  1,501,400  7,340  14.0 %  2031  2  1,039,200  8,451  16.1 %  >2032  7  2,829,000  12,196  23.2 %  Vacant   —    —    —    — %  Totals   21    9,650,000    $ 52,553    100.0 %  2023 2024  1 Based on annualized base rents for industrial segment. 
 

 Lease Expirations: Office  As of December 31, 2022  (USD in thousands)  Lease Maturity Schedule (by Annualized Base Rents)  $2,312  52  $982  $3,229  $5,072  $14,179  $7,653  $25,140  $17,064  $10,871  $44,885  2025  2026  2027  2028  2029  2030  2031  >2032  Expiring Leases  Year  Leases  Approx. Square Feet  Annualized Base Rents  % of Annualized Base Rents1  2023  1  60,000  $  2,312  1.8 %  2024  1  58,000  982  0.7 %  2025  3  184,700  3,229  2.5 %  2026  2  360,700  5,072  3.9 %  2027  7  570,700  14,179  10.8 %  2028  3  472,400  7,653  5.8 %  2029  6  1,004,400  25,140  19.1 %  2030  3  810,300  17,064  13.0 %  2031  4  549,700  10,871  8.3 %  >2032  12  2,370,100  44,885  34.1 %  Vacant   —    11,500    —    — %  Totals   42    6,452,500    $ 131,387    100.0 %  2023 2024  1 Based on annualized base rents for office segment. 
 

 Portfolio Concentrations: Other  As of December 31, 2022  (USD in thousands)  Lease Maturity Schedule (by Annualized Base Rents1)  $18,967  $4,659  $2,593  $—  $2,724  $7,265  $1,382  $—  $302  2026  2027  2028  2029  2030  2031  >2032  2024  9  1,481,700  18,967  47.4  2025  3  564,700  4,659  11.6  2026  1  110,300  2,593  6.5  2027  —  —  —  —  2028  5  275,300  2,724  6.8  2029  1  249,400  7,265  18.2  2030  3  73,400  1,382  3.5  2031  —  —  —  —  >2032  1  24,700  302  0.7  Vacant   —    885,000    —    —   Totals   24    3,784,500    $ 40,002    100.0 %  52  Expiring Leases  Year  Total  Approx. Square Feet  Annualized Base Rents  % of Annualized Base Rents1  2023  1  120,000 $  2,110  5.3 %  $2,110  2023 2024 2025  1 Based on annualized base rents by expiring leases for other segment. 
 

 Geographic Distribution (% of Annualized Base Rents1)  Portfolio Concentrations: Other (continued)  As of December 31, 2022  (USD in thousands)  Top 10 Markets (% of Annualized Base Rents)  Markets  Annualized Base Rents  % of Annualized Base Rents1  1  Northern New Jersey  $  8,949  22.4 %  2  Houston  8,049  20.1  3  Charlotte  3,487  8.7  4  Denver  3,322  8.3  5  Jefferson City  2,798  7.0  6  Phoenix  2,724  6.8  7  Baltimore  2,593  6.5  8  Las Vegas  2,417  6.0  9  Huntsville  2,110  5.3  10 Dayton   1,632   4.1  Top 10 total   $ 38,081   95.2 %  22.4%  52  20.1%  8.7%  8.3%  7.0%  7.0%  6.8%  6.5%  6.0%  5.3%  New Jersey  Texas  North Carolina  Colorado  Ohio  Missouri  Arizona  Maryland  Nevada  Alabama  1 Based on annualized base rents for other segment. 
 

 Notes & Definitions 
 

 Notes & Definitions  ABR (Annualized Base Rents)  56  “Annualized base rents” or “ABR” means the contractual base rent before abatements and deducting base year operating expenses for gross and modified gross leases as of December 31, 2022, unless otherwise specified, multiplied by 12 months. For properties in our portfolio that had rent abatements as of December 31, 2022, we used the monthly contractual base rent payable following expiration of the abatement.  Adjusted EBITDA  Adjusted EBITDA means an amount, as defined in the Company's credit facility agreement, derived from (a) net income before (b) interest, taxes, depreciation and amortization (EBITDA), plus (c) acquisition fees and expenses, (d) asset and property management fees, (e) straight-line rents and in-place lease amortization for the period, further adjusted for (f) acquisitions that have closed during the period, (g) certain reserves for capital expenditures, and (f) excluding activity relating to any partnership to the extent we are not a general partner and to the extent we are not liable for the associated indebtedness.  EBITDA  EBITDAre  Earnings before interest, tax, depreciation and amortization.  The National Association of Real Estate Investment Trusts ("NAREIT") has defined EBITDAre as follows: (a) GAAP Net Income plus (b) interest expense plus (c) income tax expense plus (d) depreciation and amortization plus/minus (e) losses and gains on the disposition of depreciated property, including losses/gains on change of control plus (f) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate. Adjustments to reflect the entity's share of EBITDAre of consolidated affiliates.  Normalized EBITDAre  We use Normalized EBITDAre as a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. Normalized EBITDAre, as defined by the Company, represents EBITDAre (as defined by NAREIT), modified to exclude nonroutine items such as acquisition-related expenses, employee separation expenses and other non-routine costs. Normalized EBITDAre also omits the Normalized EBITDAre impact of properties sold during the period and extrapolate the operations of acquired properties to estimate a full quarter of ownership. We may also exclude the annualizing of large transaction items such as termination income recognized during the quarter. Management believes these adjustments to reconcile to Normalized EBITDAre provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. Therefore, Normalized EBITDAre should not be considered as an alternative to net income, as computed in accordance with GAAP. Normalized EBITDAre may not be comparable to similarly titled measures of other companies.  Economic Occupancy  Leases effective as of the reporting date.  Fixed Charge Coverage  Adjusted EBITDA annualized divided by sum of principal paid and due, interest expense, and cash dividends on preferred stock. 
 

 Notes & Definitions (continued)  56  Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO")  Our reported results are presented in accordance with GAAP. We also disclose FFO and AFFO both of which are non-GAAP financial measures. We believe these two non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.  We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). FFO is defined as net income or loss computed in accordance with GAAP, excluding extraordinary items, as defined by GAAP, and gains and losses from sales of depreciable real estate assets, adding back impairment write-downs of depreciable real estate assets, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustment for unconsolidated partnerships, joint ventures and preferred distributions. Because FFO calculations exclude such items as depreciation and amortization of depreciable real estate assets and gains and losses from sales of depreciable real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), they facilitate comparisons of operating performance between periods and between other REITs. As a result, the Company believes that the use of FFO, together with the required GAAP presentations, provides a more complete understanding of the Company's performance relative to its competitors and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. It should be noted, however, that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than the Company does, making comparisons less meaningful.  Additionally, the Company uses AFFO as a non-GAAP financial measure to evaluate the Company's operating performance. AFFO excludes non-routine and certain non-cash items such as revenues in excess of cash received, amortization of share-based compensation net, deferred rent, amortization of in-place lease valuation, acquisition-related costs, financed termination fee, net of payments received, gain or loss from the extinguishment of debt, [unrealized gains (losses) on derivative instruments,] write-off transaction costs and other one-time transactions. FFO and AFFO have been revised to include amounts available to both common shareholders and limited partners for all periods presented.  AFFO is a measure used among the Company's peer group. The Company also believes that AFFO is a recognized measure of sustainable operating performance by the REIT industry. Further, the Company believes AFFO is useful in comparing the sustainability of its operating performance with the sustainability of the operating performance of other real estate companies. 
 

 Notes & Definitions (continued)  Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO") - cont.  56  Management believes that AFFO is a beneficial indicator of its ongoing portfolio performance and ability to sustain its current distribution level. More specifically, AFFO isolates the financial results of the Company's operations. AFFO, however, is not considered an appropriate measure of historical earnings as it excludes certain significant costs that are otherwise included in reported earnings. Further, since the measure is based on historical financial information, AFFO for the period presented may not be indicative of future results or the Company's future ability to make or sustain distributions. By providing FFO and AFFO, the Company presents information that assists investors in aligning their analysis with management’s analysis of long-term operating activities.  For all of these reasons, the Company believes the non-GAAP measures of FFO and AFFO, in addition to net income (loss) are helpful supplemental performance measures and useful to investors in evaluating the performance of the Company's real estate portfolio. However, a material limitation associated with FFO and AFFO is that they are not indicative of the Company's cash available to fund distributions since other uses of cash, such as capital expenditures at the Company's properties and principal payments of debt, are not deducted when calculating FFO and AFFO. The use of AFFO as a measure of long-term operating performance on value is also limited if the Company does not continue to operate under its current business plan as noted above. FFO and AFFO should not be viewed as a more prominent measure of performance than net income (loss) and each should be reviewed in connection with GAAP measurements.  Neither the SEC, NAREIT, nor any other applicable regulatory body has opined on the acceptability of the adjustments contemplated to adjust FFO in order to calculate AFFO and its use as a non-GAAP performance measure. In the future, NAREIT may decide to standardize the allowable exclusions across the REIT industry, and the Company may have to adjust the calculation and characterization of this non-GAAP measure.  Investment Grade  NAV  Investment grade companies means companies (e.g., a tenant or a guarantor or non-guarantor parent of a tenant) that have received 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 company with 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; moreover, because PKST provides credit ratings for some companies that are non-guarantor parents of Company's tenants, such credit ratings may not be indicative of the creditworthiness of the relevant tenants.  Net asset value. This represents the fair value of our assets less liabilities divided by total shares and OP units outstanding.  Net Debt  Total debt less cash and cash equivalents (excluding restricted cash).  Net Debt (pro rata share)  Total debt plus unconsolidated debt (pro rata share), less cash and cash equivalents (excluding restricted cash).  Net Rent  Net rent is based on (a) the contractual base rental payments assuming the lease requires the tenant to reimburse us for certain operating expenses or the property is self-managed by the tenant and the tenant is responsible for all, or substantially all, of the operating expenses; or (b) contractual rent payments less certain operating expenses that are our responsibility for the 12-month period subsequent to December 31, 2022 and includes assumptions that may not be indicative of the actual future performance of a property, including the assumption that the tenant will perform its obligations under its lease agreement during the next 12 months. 
 

 Notes & Definitions (continued)  Store Cash NOI  Net Operating Income (NOI), Cash NOI, and Same NOI is a non-GAAP measure which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as total revenue from  real estate operations less property expenses, which includes operating property expenses, property tax expenses and management fees. Net operating income on a cash basis (“Cash NOI”) is net operating income adjusted to exclude the effect of straight-line rent and amortization of acquired above- and below- market lease intangibles adjustments required by GAAP. Net operating income on a cash basis for our Same-Store portfolio (“Same-Store Cash NOI”) is Cash NOI for properties held for the entirety of all periods presented. We believe that NOI, Cash NOI and Same-Store Cash NOI are helpful to investors as additional measures of operating performance because we believe they help both investors and management to understand the core operations of our properties excluding corporate and financing-related costs and non-cash depreciation and amortization. NOI, Cash NOI and Same-Store Cash NOI are unlevered operating performance metrics of our properties and allow for a useful comparison of the operating performance of individual assets or groups of assets. These measures thereby provide an operating perspective not immediately apparent from GAAP income from operations or net income. In addition, NOI, Cash NOI and Same-Store Cash NOI are considered by many in the real estate industry to be useful starting points for determining the value of a real estate asset or group of assets.  The table below represents a reconciliation of NOI to Cash NOI for the interim periods presented in the "Selected Financial Data" on page 9.  9/30/2022  For the Quarter Ended 6/30/2022  3/31/2022  (Unaudited, USD in thousands)  Industrial  Office  Other  Total Portfolio  Industrial  Office  Other  Total Portfolio  Industrial  Office  Other  Total Portfolio  Revenue  $  15,095 $  72,128 $  14,107  $ 101,330  $  14,807 $  93,494 $  14,772  $ 123,073  $  15,500 $  85,846 $  14,843 $  116,189  Operating Property Expense  (638)  (10,301)  (2,777)  (13,716)  (602)  (11,377)  (2,356)  (14,335)  (996)  (11,451)  (2,596)  (15,043)  Property Tax Expense  (1,005)  (1,031)  Management Fees (Non-Affiliate)   (63)  (6,906) (1,826) (9,737)   (547) (213) (823)   (63)  (8,578) (1,873) (11,482)   (746) (236) (1,045)  (1,028) (7,159) (1,846) (10,033)   (63) (743) (233) (1,039)   TOTAL NOI  13,389  54,374 9,291 77,054  13,111  72,793 10,307 96,211  13,413 66,493 10,168 90,074  NON-CASH ADJUSTMENTS:  Straight Line Rent  (456)  (2,239)  (68)  (2,763)  (211)  (2,666)  245  (2,632)  (215)  (2,518)  192  (2,541)  In-Place Lease Amortization  (87)  (220)  (129)  (436)  (102)  (213)  (117)  (432)  (86)  (211)  (116)  (413)  Deferred Termination Income  —  —  (758)  (758)  —  —  (758)  (758)  —  —  4  4  Deferred Ground Lease  —  490  —  490  —  510  1  511  —  512  (758)  (246)  Other Intangible Amortization  —  Inducement Amortization  377 — 377   — — — —   — 372 — 372   — 107 — 107   — 368 — 368   — (107) — (107)   TOTAL CASH NOI   $ 12,846 $ 52,782 $ 8,336 $ 73,964    $ 12,798 $ 70,903 $ 9,678 $ 93,379    $ 13,112 $ 64,537 $ 9,490 $ 87,139   56 
 

 Notes & Definitions (continued)  Operating Margin  56  NOI/Revenue.  Real Estate Net Book Value  Real Estate Net Book Value represents total real estate and intangible assets, net of accumulated depreciation and amortization and intangible liabilities.  Same Store  Same store portfolio includes properties which were held for a full period compared to the same period in the prior year.  Total Enterprise Value (TEV)  Total Enterprise Value includes the outstanding debt balance (excluding deferred financing costs and premium/discounts), plus unconsolidated debt - pro rata share, plus preferred equity, plus total outstanding shares multiplied by the NAV, less cash and cash equivalents - excludes restricted cash. Total outstanding shares includes limited partnership units issued and shares issued pursuant to the DRP, net of redemptions.  Unencumbered Assets  Unencumbered Assets are properties not secured by a mortgage debt or included in our revolver's borrowing base calculation.  Unsecured Leverage Ratio  Unsecured debt divided by Total Enterprise Value (TEV).  WALT  Weighted average lease term (in years). This is the average remaining lease term for all leases combined, weighted based on Annualized Base Rents. 
 

 Disclaimer  56  Disclaimer on Forward-Looking Statements  This document contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. The forward-looking statements contained in this document reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from those expressed in any forward-looking statement.  The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: general economic and financial conditions; market volatility; inflation; any potential recession or threat of recession; interest rates; the impact of the work-from-home trends; recent and ongoing disruption in the debt and banking markets; occupancy, rent deferrals and the financial condition of the Company’s tenants; whether easing of the pandemic, work-from-home trends or other factors will impact the attractiveness of industrial and/or office assets; whether we will be successful in renewing leases as they expire; future financial and operating results, plans, objectives, expectations and intentions; expected sources of financing and the availability and attractiveness of the terms of any such financing; legislative and regulatory changes that could adversely affect our business; our future capital expenditures, operating expenses, net income, operating income, cash flow and developments and trends of the real estate industry; whether a listing of the Company will be completed; whether any such listing will maximize shareholder value; whether we will be successful in the pursuit of our business plan, including any dispositions; whether we will succeed in our investment objectives; any relationship between the trading price of our common shares at listing and our published net asset value; any fluctuation and/or volatility of the trading price of our common shares once listed; risks associated with our dependence on key personnel whose continued service is not guaranteed; risks related to the disruption of management’s attention from ongoing business operations due to pursuit of requirements related to being a listed company; whether we will comply with Sarbanes-Oxley as required of listed companies; and other factors, including those risks disclosed in Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s most recent Annual Report on Form 10-K and Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. The Company cautions investors not to place undue reliance on these forward-looking statements and urges you to carefully review the disclosures it makes concerning risks. While forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. The forward-looking statements speak only as of the date of this document. Furthermore, the Company disclaims any obligation to publicly update or revise any forward- looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. 
 




Exhibit 99.3

 Investor Presentation  March 2023 
 

 Disclaimer / Forward-Looking Disclosure  This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. The forward-looking statements contained in this document reflect the Company’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause the Company’s actual results to differ significantly from those expressed in any forward-looking statement.  The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: general economic and financial conditions; market volatility; inflation; any potential recession or threat of recession; interest rates; the impact of the work-from-home trends; recent and ongoing disruption in the debt and banking markets; occupancy, rent deferrals and the financial condition of the Company’s tenants; whether easing of the pandemic, work-from-home trends or other factors will impact the attractiveness of industrial and/or office assets; whether we will be successful in renewing leases as they expire; future financial and operating results, plans, objectives, expectations and intentions; expected sources of financing and the availability and attractiveness of the terms of any such financing; legislative and regulatory changes that could adversely affect our business; our future capital expenditures, operating expenses, net income, operating income, cash flow and developments and trends of the real estate industry; whether a listing of the Company will be completed; whether any such listing will maximize shareholder value; whether we will be successful in the pursuit of our business plan, including any dispositions; whether we will succeed in our investment objectives; any relationship between the trading price of our common shares at listing and our published net asset value; any fluctuation and/or volatility of the trading price of our common shares once listed; risks associated with our dependence on key personnel whose continued service is not guaranteed; risks  related to the disruption of management’s attention from ongoing business operations due to pursuit of requirements related to being a listed company; whether we will comply with Sarbanes-Oxley as required  of listed companies; and other factors, including those risks disclosed in Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s most recent Annual Report on Form 10-K and Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. The Company cautions investors not to place undue reliance on these forward-looking statements and urges you to carefully review the disclosures it makes concerning risks. While forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. The forward- looking statements speak only as of the date of this document. Furthermore, the Company disclaims any obligation to publicly update or revise any forward- looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.  Our shareholders are cautioned not to place undue reliance on any forward-looking statement in this document. All forward-looking statements are made as of the date of this document, and the risk that actual results will differ materially from the expectations expressed in this document may increase with the passage of time. In light of the significant uncertainties inherent in the forward-looking statements in this document, the inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives and plans set forth in this document will be achieved. 
 

 Today’s Presenters  MICHAEL ESCALANTE  CHIEF EXECUTIVE OFFICER & PRESIDENT  JAVIER BITAR  CHIEF FINANCIAL OFFICER & TREASURER  MAX KAMINSKY  SENIOR VICE PRESIDENT, CAPITAL TRANSACTIONS  1 
 

 Table of Contents  III. A Deeper Dive  More About Our Industrial and Office Segments  Value Creation Capabilities  Capitalization Overview  RH – Patterson, CA  PepsiCo – Lakeland, FL  TransDigm – Whippany, NJ  Listing Summary  Peakstone Overview  01•  03•  02•  2 
 

 Company Name  Peakstone Realty Trust  (previously Griffin Realty Trust)  Company Type  Net Lease Industrial and Office REIT  Exchange / Stock Symbol  NYSE: PKST  Expected Listing Date  (Listing of existing common stock)  April 13, 2023  Common Stock and OP Units Outstanding  39.5mm1,2  Annualized Distribution  (Next distribution record date: May 2, 2023)  $0.90 per share1  3  Listing Summary  As adjusted for the 1-for-9 reverse stock split announced on March 10, 2023.  Includes 36.0mm common stock and 3.5mm OP units outstanding as of December 31, 2022. 
 

 Listing Best Positions the Company for Future Growth and Provides Liquidity for Shareholders  ZF WABCO – North Charleston, SC  Access to Additional Sources of Capital in the Longer-Term  Opportunity for Liquidity for Existing Shareholders  Attractive Investment Opportunity for Investors  Retain Embedded Upside in the Portfolio  Keurig Dr. Pepper – Boston, MA  Samsonite – Jacksonville, FL  3M – Dekalb, IL  York – Greenwood Village, CO  AT&T (3 Properties) – Redmond, WA  4 
 

 PEAKSTONE OVERVIEW 
 

 A Compelling Investment Opportunity  Amazon – Pataskala, OH  Experienced, cycle-tested team with strong financial alignment and a real estate operator’s mindset  Self-funded business model through capital recycling and free cash flow  Wholly-owned, high-quality, newer-vintage portfolio of predominantly single-tenant industrial and office properties located in diverse, strategic growth markets  01  LPL (2 Properties) – Fort Mill, SC  Shaw Industries – Savannah, GA  02  03  5 
 

 Wholly-Owned Portfolio Provides Durable Cash Flows with Built- in Long-Term Growth Prospects  Notes: $ in millions. Data is for wholly-owned assets as of December 31, 2022 adjusted to reflect property sales through March 23, 2023. See detailed property lists for Office, Industrial and Other Segments in the Appendix.  LQA Cash NOI is net of carrying costs for vacant assets.  Weighted average based on ABR.  Based on Rentable Square Feet.  Property Count  Rentable Sq. Ft (mm)  In-Place ABR (mm)  LQA Cash NOI (mm)1  WALT (years)2  % Leased3  % Leased to IG Tenants2  Office JV  $179mm Book Value of Equity  ~49% Minority Interest  46 Office Properties (59 Buildings)  8.6mm Rentable Sq. Ft  6  Wholly-Owned  Total  78  19.0  $211.7  $189.8  7.1  95%  61%  Industrial Segment  19  9.0  $48.2 / 23%  $48.6 / 26%  7.1  100%  59%  High-quality, well-located industrial properties with modern specifications  Office Segment  38  6.2  $123.5 / 58%  $106.7 / 56%  8.4  100%  67%  Newer, high-quality, business-essential office properties  Other Segment  (Office & Industrial)  21  3.8  $40.0 / 19%  $34.5 / 18%  3.1  77%  47%  Vacant and non-core assets (together with other assets in the same  cross-collateralized loan pools) 
 

 High-Quality, Well-Located Industrial and Office Segment Properties  Notes: Data is for wholly-owned assets as of December 31, 2022 adjusted to reflect property sales through March 23, 2023.  Industrial  Office / Data Center  Arizona  Avnet  Freeport McMoRan  McKesson  onsemi  AT&T  (3 Properties)  RH  Guild Mortgage  IGT  Occidental  Petroleum  Maxar Technologies  York  Hopkins  Corteva Agriscience  MISO  International Paper  3M  Amazon  Berry Global  Illinois  Atlas Copco  OceanX  Roush Amcor  Amazon  PPG  Express Scripts   Huntington Ingalls (2 Properties)  UEOS / Blue Force  Pepsi Bottling  LPL  (2 Properties)  ZF WABCO  Shaw Industries  Samsonite  PepsiCo  Parallon  Amentum  Fresenius  Tech Data  Wood Group  Southern Company  Draeger Medical  Mercury Systems  Rapiscan Systems  Keurig Dr Pepper (2 Properties)  Massachusetts  TransDigm  Travel & Leisure  Zoetis  New Jersey  Fidelity Building Services  JMT  Maryland  Toshiba TEC  ABR  <$1mm  $1mm-$2mm  $2mm-$4mm  $4mm-$6mm  >$6mm  States  7  Markets  of ABR from Coastal  23  33  74% & Sunbelt Markets  530 Great Circle Road  Cigna 
 

 Entered JV with Workspace Property Trust and an institutional buyer  Sold 46 office properties for significant cash proceeds  De-levered balance sheet  Eliminated future capex  Closed Four Dispositions of Wholly- Owned Assets Since Q3 2022  $203mm of gross proceeds  7.1% weighted average NTM cash cap rate  Extended $750mm Revolver Loan  Maturity date extended through January 2026  Repaid $400mm 2024 term loan with revolver loan capacity  Optimizing Portfolio and Balance Sheet  Generate consistent  cash flows  Attract high demand from creditworthy tenants, minimizing vacancies  Strong rental rate growth potential  Selectively sell office assets  No need for outside capital  Invest capital in existing assets where warranted  Target investment grade balance sheet  Potential for higher returns with lower capex  Strong rental rate growth prospects  Robust demand, low vacancy and lagging supply  Benefit from secular tailwinds with mark- to-market opportunities  Go-Forward Strategy  Executed  Maintain a Stabilized Portfolio of High- Quality, Well- Located  Real Estate  Self-Funded Ability to Execute Plan  Build Upon Existing Portfolio by Selectively Acquiring High- Quality Industrial Properties  Today  Redeem $125mm preferred shares  Potential savings of  $10mm in distributions per year1  Potentially Redeem Convertible Preferred Shares        (1) Based on a current annual distribution rate of 8.05% as of December 31, 2022.  Listing  Interim  8 
 

 Primary Long-Term Objective to Maximize Shareholder Value Over Time  03  05  01  04  02  Future focus on acquiring distribution / warehouse assets with  market leading building specifications  Maximize flexibility by targeting investment grade rating  Improve per share metrics through internal and external growth  Selectively own business essential, Class A, single-tenant office with long lease durations  Multi-channel investment strategy across the risk and capital spectrum  9 
 

 Entrepreneurial & Cycle-Tested Team with Proven Public Real Estate Operating Experience  CAPITAL MARKETS  ASSET MANAGEMENT  LEASING  ACCOUNTING & FINANCE  ACQUISITIONS &  DEVELOPMENT  Peakstone Management Team Overview  Highly experienced executive management team1  Average ~34 years of real estate experience  Decades of experience operating public companies  9 senior real estate professionals averaging ~23 years of experience2  Average ~9 years working together3  Proven real estate and capital markets experience  Extensive knowledge of the existing portfolio  Broad network of long-standing industry relationships            10  Includes Michael Escalante (CEO), Javier Bitar (CFO) and Nina Momtazee Sitzer (General Counsel, Chief Administrative Officer and Secretary).  Includes Senior Vice President and above, other than executive management team.  Includes Senior Vice President and above. 
 

 A DEEPER DIVE  01  More About Our Industrial and Office Segments  02  Value Creation Capabilities  03  Capitalization Overview 
 

 More About Our Industrial and Office Segments  01 
 

 MISO – Carmel, IN  Pepsi Bottling Ventures – Winston-Salem, NC  Essential to Tenant Operations  Modern, High-Quality Buildings with Market-Leading Specifications  Significant Tenant Investment  Difficult-to-Replicate Locations or High-Growth Markets  PepsiCo – Lakeland, FL  01 Strategically Located and Critical to the Business Operations of Tenants  Roush Industries – Allen Park, MI  11 
 

 Phoenix 16%  Boston 13%  Denver 8%  Birmingham 7%  Northern New Jersey  7%  Charlotte 7%  San Diego 6%  Houston 4%  Las Vegas  4%  Memphis  4%  Other 24%  Chicago 18%  Columbus 16%  Stockton/ Modesto 15%  Jacksonville 8%  Savannah 7%  Tampa 7%  Detroit 6%  Cleveland  6%  Hampton Roads 5%  8%  Notes: Data is for wholly-owned assets as of December 31, 2022 adjusted to reflect property sales through March 23, 2023.  Industrial Segment Markets by % of Segment ABR  Winston-Salem  4%  Other  Office Segment Markets by % of Segment ABR  01 Industrial and Office Segments Well-Positioned and Diversified Across High-Growth Markets  12 
 

 Top 10 Office Tenants Rating WALT (yrs.) % of Segment ABR   1  AA  8.6  18%  1  BBB  6.9  9%  2  Ba3  7.7  15%  2  BBB+  21.2  7%  3  A+  3.8  10%  3  Baa3  13.8  7%  4  Ba2  1.9  8%  4  Baa2  4.4  6%  5  AA  10.3  7%  5  B+  7.5  6%  6  A+  5.6  7%  6  BBB+  5.8  5%  7  BBB  9.8  6%  7  BB-  6.7  5%  8  BBB-  5.0  5%  8  HY6  11.0  4%  9  A3  9.6  4%  9  BB+  8.0  4%  10  NR  5.9  3%  10  BBB  7.0+  4%  Top 10 Subtotal / Average2  6.8  83%  Top 10 Subtotal / Average2  9.6  57%  Top 10 Industrial Tenants Rating WALT (yrs.) % of Segment ABR   Capital Goods 23%  E-Commerce 18%  Consumer Durables & Apparel 15%  Retailing  15%  Food, Beverage & Tobacco 10%  3 Other Industries 19%  Materials  13%  Capital Goods 12%  Health Care Equipment & Services 11%  Food, Beverage & Tobacco 9%  Utilities 9%  10 Other Industries 46%  Peakstone Realty Trust has no affiliation, connection or association with and is not sponsored or approved by the tenants of its properties. Peakstone Realty Trust has not approved or sponsored its tenants or their products and services. All product and company names, logos and slogans are the trademarks or service marks of their respective owners.  (1) Weighted average lease term calculated as a weighted average based on ABR.  (2) Based on % of segment ABR.  13  % Leased to S&P  500 Companies:  49%2  % Leased to S&P  500 Companies:  54%2  Leased to High-Quality Tenants Diversified Across Industries  01  Top 5 Tenant Industries by % of Segment ABR  Top 5 Tenant Industries by % of Segment ABR  Industrial Segment  Office Segment  Notes: Data is for wholly-owned assets as of December 31, 2022 adjusted to reflect property sales through March 23, 2023. Tenants ranked by ABR. 
 

 IG Rated  67%  Sub-IG/Not- Rated 33%  IG Rated 59%  Sub-IG/Not- Rated 41%  Notes: Data is for wholly-owned assets as of December 31, 2022 adjusted to reflect property sales through March 23, 2023.  Industrial Segment Investment Grade Tenants by % of Segment ABR  Office Segment Investment Grade Tenants by % of Segment ABR  01 Majority Investment Grade Tenancy 100% Rent Collections During COVID  14 
 

 8%  3%  10%  17%  3%  15%  18%  26%  '23  '24  '25  '26  '27  '28  '29  '30  '31  '32  and Thereafter  2%  1%  3%  4%  11%  6%  20%  14%  9%  30%  '23  '24  '25  '26  '27  '28  '29  '30  '31  '32  and Thereafter  7.1  IndustrialSegment WALT(yrs.)1  Notes: Data is for wholly-owned assets as of December 31, 2022 adjusted to reflect property sales through March 23, 2023.  (1) Calculated as a weighted average based on ABR.  8.4  Office Segment WALT(yrs.)1  % Industrial Segment ABR Expiring Per Year % Office Segment ABR Expiring Per Year  01 Near-Term Stability with Long-Term Ability to Capitalize on Opportunities  15 
 

 Notes: JLL Research as of March 10, 2023. PKST data is for wholly-owned assets as of December 31, 2022 adjusted to reflect property sales through March 23, 2023. PKST averages are weighted based on segment ABR, except for property size. All other stats based on % of segment ABR.  Based on average property CoStar star rating on a scale from 1 (low) to 5 (high) for each portfolio.  Represents distribution / warehouse assets only.  Industrial peers include: BNL, EGP, FR, GOOD, ILPT, LXP, ONL, PLD, PLYM, REXR, STAG, TRNO and WPC.  Average Age  26 years  Peer Average3  13 years  Average Clear Heights2  27 feet  Peer Average3  32 feet  WALT  7.0 years  Peer Average3  7.1 years  Average Property Size  177k SF  Peer Average3  474k SF  Investment Grade Tenants  59%  Industrial Segment Portfolio  39%  Peer Average3  01 Industrial Segment Portfolio Among the Highest Quality – Meets the Needs of Today’s Tenants  % Properties Rated 4+ Stars (CoStar)1  47%  Peer Average3  91%  16 
 

 Property Name  Nearest Port  Top 10 US  Port Rank # 1  Miles to Port  % of Segment ABR  TransDigm  Port Newark (Port of NY/NJ)  2  25  2%  Shaw Industries  Port of Savannah  4  11  7%  Huntington Ingalls (500 W. Park Lane)  Port of Virginia  6  23  3%  Huntington Ingalls  Port of Virginia  6  23  3%  Total / Average  24  48%  Port-Adjacent Industrial Segment Assets  PepsiCo  RH  Samsonite  Notes: Data is for wholly-owned assets as of December 31, 2022 adjusted to reflect property sales through March 23, 2023. Properties ranked by port ranking.  (1) US Port Rank is based on Total 2022 Twenty-foot Equivalent Units (TEUs) per Supply Chain Dive published February 27, 2023. “N/A” indicates the rank falls outside of the Top 10.  01 48% of Industrial Segment ABR from Properties Proximate to Top US Ports  Huntington Ingalls (2 Properties)  ZF WABCO  Shaw Industries  Fidelity Building Services  TransDigm  (300 W. Park Lane)  ZF WABCO  Port of Charleston  8  16  2%  RH  Port of Oakland  9  38  15%  Samsonite  Port of Jacksonville  10  8  8%  Fidelity Building Services  Port of Baltimore  N/A  21  1%  PepsiCo  Port Tampa Bay  N/A  52  7%  Distribution / Warehouse Property  Ports  17 
 

 $5.35  $6.35  In-Place ABR  PSF  Market Average  $48mm  $57mm  Total In-Place Market Average  ABR  Upside  Potential:  Notes: JLL Research as of December 31, 2022. PKST data is for wholly-owned assets as of December 31, 2022 adjusted to reflect property sales through March 23, 2023.  Industrial Segment In-Place ABR PSF vs Market Rent PSF  Significant Embedded Value  Releasing Spreads at Current Market Rent  Shaw Industries – Savannah, GA  +61%  RH – Patterson, CA  +64%  Industrial Segment Total In-Place ABR vs Market Rent  01 Significant Upside Through Industrial Segment Mark-to- Market Opportunity  x 9.0mm SF  18 
 

 67%  163k SF  8.4 years  100%  78%  11 years  Office Segment Portfolio  Average Age  23 years  Peer Average2  Average Property Size  105k SF  Peer Average2  WALT  8.2 years  Peer Average2  Investment Grade Tenants  45%  Peer Average2  % Leased  96%  Peer Average2  Notes: JLL Research as of March 10, 2023. PKST data is for wholly-owned assets as of December 31, 2022 adjusted to reflect property sales through March 23, 2023. PKST averages are weighted based on segment ABR, except for property size. All other stats based on % of segment ABR, except % leased which is based on Rentable Square Feet.  (1) Based on average property CoStar star rating on a scale from 1 (low) to 5 (high) for each portfolio.  35%  Peer Average2  % of Properties Rated 4+ Stars (CoStar)1  01 Office Segment Portfolio Newest Among Peer Group –  A Key Determinant of Performance  (2) Office peers include: BNL, GOOD, ONL, and WPC.  19 
 

 Mercury Systems – Andover, MA  11  21  24  23  22  PKST  ONL  BNL  GOOD  WPC  Peer Avg: 23  Notes: JLL Research as of March 10, 2023. PKST data is for wholly-owned assets as of December 31, 2022 adjusted to reflect property sales through March 23, 2023.  Based on average property CoStar star rating on a scale from 1 (low) to 5 (high) for each portfolio.  Average age is defined as year built or most recent renovation. PKST average weighted based on segment ABR.  onsemi – Scottsdale, AZ  78%  52%  45%  41%  1%  PKST  ONL  GOOD  WPC  BNL  Peer Avg: 35%  JMT – Baltimore, MD  Zoetis – Parsippany, NJ  % of Properties Rated 4+ Stars (CoStar)1  Average Building Age (Yrs)2  41% of Office Segment ABR from Corporate Headquarters3  Freeport McMoRan– Phoenix, AZ  Guild Mortgage – San Diego, CA  01 Newer, Higher-Quality, Business-Essential Office Segment Assets Should Require Lower Capex and Higher Valuations  (3) Only selected tenant corporate headquarters are shown.  20 
 

 $95  $90  $81  $78  $70  Peakstone  W.P. Carey  Orion  Gladstone  16%  Broadstone 10%  19% 11%  20% 12%  27% 18%  30% 21%  26%  30%  32%  45%  51%  Broadstone  Gladstone  W.P. Carey  Orion  Peakstone  Notes: JLL Research as of March 10, 2023. PKST data is for wholly-owned assets as of December 31, 2022 adjusted to reflect property sales through March 23, 2023.  Analysis pertains to five-mile radius surrounding office assets in each peer’s portfolio.  Peakstone’s office markets include: Baltimore, Birmingham, Boston, Charlotte, Dallas/Fort Worth, Denver, Des Moines, Houston, Indianapolis, Las Vegas, Memphis, Nashville, Northern New Jersey, Phoenix, Pittsburgh, Platteville, Raleigh/Durham, San Antonio, San Diego, Seattle/Puget  Median Household Income1, 2  (2022, $000s)  01 Office Segment Assets Located in Markets with Strong Demographic Trends  Educational Attainment1, 2  (age 25+, 2022)  Bachelors Masters  Sound, Tampa and Tyler.  21 
 

 Value Creation Capabilities  02 
 

 Repositioning and Development Opportunities  Corporate M&A  Joint Ventures  Signature REIT  Cycle-tested team with insight, experience, relationships and creativity to source, structure, and execute on multiple transaction types  Amazon – Arlington Heights, IL  RH – Patterson, CA  Proven Experience Executing Versatile Investment Strategies  02  Proactive Asset Management  York – Greenwood Village, CO  Property & Portfolio Acquisitions  ✓ ✓  ✓ ✓  Tax Deferred Strategies  Avnet – Chandler, AZ  ✓ ✓  22  Amazon – Pataskala, OH 
 

 Vacant Buildings  01  Park Meadows – Lone Tree, CO  Raytheon - Charlotte, NC  02 Short-Term WALT  Other Asset Attributes  Other Segment Key Figures  21  Properties  $40.0mm  ABR  3.1  WALT (Years)2  18% / 82%  Industrial / Office1  77%  % Leased  3.8mm  Rentable Square Feet  Notes: $ in millions. As of December 31, 2022.  Based on ABR.  Weighted average based on ABR.  Other Segment Debt  Interest Maturity Outstanding # of   Rate Date Balance Properties  Highway 94 Loan  3.75%  2024  $13  1  Hitachi Astemo - Columbus, OH  Franklin Center - Columbia, MD  AIG Loan II  4.15%  2025  122  8  AIG Loan  4.96%  2029  100  5  03  Cross-Collateralized Assets  04 Partially Leased  Total Other Segment Debt  $235  14  02 Proactive Asset Management: An Overview of Other Segment Assets  23 
 

 Repositioning  Generated significant value accretion through an early lease termination that provided proceeds for a strategic R&D-to-warehouse conversion  Achieved credit and lease term enhancement with no downtime and no out-of-pocket capital investment  Increased the rental rate PSF by 6.4%  Amazon – Arlington Heights, IL  02 Team Has Proven Experience Identifying and Executing Value Creation Opportunities  Redevelopment  Partnered with the tenant to completely overhaul a building with outdated components and environmental issues  Post-renovation, asset replicated new construction with modern technology well-below replacement cost for a building located in an upscale Birmingham submarket  Closed on a 28-year lease with an investment grade tenant  Southern Company – Birmingham, AL  Formed a JV with a leading developer to construct a distribution warehouse for RH  Financed over 90% of total construction costs and committed to a forward takeout  Acquired a mission-critical warehouse for RH with a 15-year lease term  Build-to-Suit / Joint Venture  RH – Patterson, CA  24 
 

 Capitalization Overview  03 
 

 Notes: $ in millions.  Represents the sales of Fox Head industrial property, Renfro industrial property and Amazon (South Lake at Dulles) office property in January 2023, February 2023 and March 2023, respectively.  Represents the repayment of the $19mm HealthSpring loan on March 6, 2023. Also includes $25mm of estimated listing transaction costs.  On March 21, 2023, the Company extended its $750mm revolver loan through January 31, 2026 (subject to completion of the listing of the Company’s common shares), and utilized available revolver capacity to repay the $400mm term loan due 2024.  Assumes the Company’s outstanding preferred shares have been redeemed; such redemption has not occurred as of the date of this document.  Adjusted for the repayment of the HealthSpring loan on March 6, 2023, extension of the revolver loan and repayment of the 2024 term loan.  Including the effect of the interest rate swap agreements with a total notional amount of $750mm, the weighted average interest rate as of December 31, 2022 on term loans and outstanding revolver loan was 3.96%, based on a weighted average interest strike rate of 2.46% plus a spread of 1.40% and the market adjustment to SOFR of 0.1%.  Cash and Cash Equivalents excludes restricted cash.  Net Consolidated Debt is presented since PKST has no obligation to contribute capital to the unconsolidated joint venture and has no guarantee related to the debt of the unconsolidated joint venture.  Share count includes 36.0mm common stock and 3.5mm OP units outstanding as of December 31, 2022. As adjusted for the 1-for-9 reverse stock split announced on March 10, 2023.  Capitalization Overview  Balance Sheet and Liquidity Overview  03  As of  1Q23 Asset  Other  Revolver Loan  Adjusted  Potential Redemption  Pro Forma Following  12/31/2022  1  Sales  2  Adjustments  Amendment3  12/31/2022  4  of Preferred Shares  Pref. Redemption4  5  Rate  5  Term  Secured Debt  Secured Fixed Rate Mortgages  $540  (19)  $521  $521  4.43%  4.4  Total Secured Debt  $540  $521  $521  Unsecured Debt  2024 Term Loan6  400  (400)  -  -  --  --  2025 Term Loan6  400  400  400  3.96%  3.0  2026 Term Loan6  150  150  150  3.96%  3.3  Revolver Loan ($750mm Commitment)3,6  -  400  400  400  3.96%  3.1  Total Unsecured Debt  $950  $950  $950  Total Consolidated Debt  $1,490  $1,471  $1,471  Cash and Cash Equivalents7  (233)  (165)  44  (354)  125  (229)  Net Consolidated Debt8  $1,257  $1,117  $1,242  Pro Rata Share of JV Debt  526  526  526  Net Debt (Pro Rata Share)  $1,782  $1,642  $1,767  Perpetual Convertible Preferred Shares  125  125  (125)  -  Net Debt (Pro Rata Share) + Preferred Shares  $1,907  $1,767  $1,767  Memo: Common Stock + OP Units Outstanding (mm) 9  39.5  39.5  39.5  Operating Metrics  LQA Normalized EBITDAre  232  (13)  219  219  Leverage Metrics  Net Debt (Pro Rata Share) / LQA Normalized EBITDAre  Net Debt (Pro Rata Share) + Preferred Shares / LQA Normalized EBITDAre  7.7x  8.2x  7.5x  8.1x  8.1x  8.1x  25 
 

 Wholly-Owned Balance Sheet and Liquidity Overview (Cont’d)  03  Notes: $ in millions.  Excludes pro rata share of JV debt. Reflects the repayment of the $19mm HealthSpring loan on March 6, 2023, the extension of the revolver loan through January 31, 2026, the repayment of the $400mm term loan due 2024 with available revolver capacity and the potential redemption of $125mm of perpetual convertible preferred shares.  Reflects cash and cash equivalents as of December 31, 2022, adjusted for proceeds from 1Q23 asset sales, the repayment of the $19mm HealthSpring loan, $25mm of estimated listing transaction costs and the potential redemption of $125mm of perpetual convertible preferred shares.  Represents the December 31, 2022 remaining available capacity of $203mm, adjusted for the impact from 1Q23 asset sales and additional available capacity from currently unencumbered assets.  Percentage of floating-rate debt includes impact of fixed-rate swaps.  Consolidated Debt Maturity at Listing1  Other Balance Sheet Highlights at Listing1  Wtd. Avg. Interest Rate: 4.1%  Net Consolidated Debt / Total Gross Real • Total Liquidity: $469mm Estate: 36%  Pro Forma Cash and Cash Equivalents:  $229mm2  Remaining Revolver Capacity: $240mm3  Unsecured  Secured  Fixed Floating4  86%  14%  Total Consolidated Debt:  $1,471  35%  65%  $1,471  Total Consolidated Debt:  $18  $31  $122  $250  $100  $400  $150  $400  $350  2023  2024  2025  2026  2027  2028  2029  Fixed Rate Mortgages Revolver Loan  Term Loans  Remaining Revolver Commitment  26 
 

 Wholly-Owned LQA Cash NOI1  Balance Sheet Components  Cash & Restricted Cash2 $ 234  Book Value of Office JV  $ 179  Other Assets  $ 75  Building Blocks of Net Asset Value  03  Notes: $ in millions.  As of December 31, 2022 as adjusted for 1Q23 asset sales. LQA Cash NOI is net of carrying costs for vacant assets.  Reflects cash and cash equivalents as of December 31, 2022, adjusted for proceeds from 1Q23 asset sales, the repayment of the $19mm HealthSpring loan, $25mm of estimated listing transaction costs, and the potential redemption of $125mm of perpetual convertible preferred shares, plus $5mm of restricted cash.  Reflects the repayment of the $19mm HealthSpring loan on March 6, 2023 and repayment of the $400mm term loan due 2024 with available revolver capacity.  Other Segment NOI  $ 34  Industrial Segment NOI $ 49  Office Segment NOI  $ 107  +  +  Total Consolidated Debt3  $ 1,471  Other Liabilities  $ 81  27 
 

 A Compelling Investment Opportunity  Amazon – Pataskala, OH  Experienced, cycle-tested team with strong financial alignment and a real estate operator’s mindset  Self-funded business model through capital recycling and free cash flow  Wholly-owned, high-quality, newer-vintage portfolio of predominantly single-tenant industrial and office properties located in diverse, strategic growth markets  01  LPL (2 Properties) – Fort Mill, SC  Shaw Industries – Savannah, GA  02  03  28 
 

 APPENDIX 
 

 29  Notes: Reflects board of trustees post-listing; independent trustees shaded.  Highly Reputable Board of Trustees  Casey Wold  Chair  Current Chief Executive Officer and Managing Partner of Vanderbilt Office Properties  Served as Senior Managing Director of Tishman Speyer and was a member of the Investment and Management committees  Served as CIO and COO of Trizec Properties  Former board member of CTO Realty Growth, Inc. (NYSE), Trizec Properties (NYSE), and Captivate Networks, Inc.  Gregory Cazel  Trustee  Current Managing Director at Lument Capital  Served as Managing Director in the Real Estate Capital Markets division of Wells Fargo Bank, as EVP and Principal at A10 Capi tal, and held various positions at Dexia Real Estate Capital Markets Company and JP Morgan Mortgage Capital  Carrie DeWees  Trustee  Most recently a Managing Principal of Allstate Investments  Held various positions in acquisitions, asset management, and investor relations at JMB Realty, Heitman, Henderson Global Adv isors, and American Realty Advisors  Current Chief Executive Officer, President and Trustee of Peakstone Realty Trust  Served as Chief Investment Officer of Peakstone Realty Trust’s predecessor entities  Samuel Tang  Trustee  Current Managing Partner of TriGuard Management LLC  Served as a Managing Director, Equities, of Pacific Life Insurance Company and Managing Partner at The Shidler Group  Independent Trustees  Trustee  Michael Escalante  Trustee 
 

 E  S  G  Minimize environmental impact of our buildings  Emphasize the health and well-being of building occupants  Environmentally Sustainable Practices:  In-office sustainability initiatives  Consider environmental impact in investment decisions  Partner with our tenants on sustainability projects  Continue to seek new technology solutions  Diverse executive management team  Individual differences and a diverse and inclusive culture are essential to our continued success  Dedicated to enhancing employee wellness and giving back to our community  Social Responsibility Initiatives:  Maintain a diverse workforce  Support employee growth and wellness  Promote charitable initiatives  Sound corporate governance essential to the success of our organization and stakeholders  Governance Practices:  Non-staggered board  Four of five board members post-listing are independent  Independent committees  Documented governance, conduct and ethics policies  Fully committed to ESG initiatives  30  Corporate Responsibility Commitment 
 

 Office JV Key Stats  JV Portfolio Stats1  59 / 46  Office Buildings / Properties  8.6mm  Rentable Square Feet  22  Markets  14  States  Vanguard – Charlotte, NC  2500 Windy Ridge Parkway – Atlanta, GA  Duke Bridges I – Frisco, TX  2 Circle Star Way – San Carlos, CA  31  Includes initial transaction of 53 buildings across 41 properties for $1.1bn announced August 2022 and a second transaction of 6 buildings across 5 properties for $170.4mm announced December 2022.  JV is managed by an affiliate of Workspace Property Trust.  August 2022  Date Entered JV  $1.3bn  Transaction Value1  49%  Minority Interest  $179mm  Book Value of Equity  Workspace Property Trust / Institutional Buyer  JV Partner2  JV is unconsolidated and held at book value on balance sheet  Not obligated to make any capital contributions  $526mm PKST pro-rata share of debt  No guarantees or financial commitments with respect to the JV debt  Our Office Joint Venture 
 

 Detailed Wholly-Owned Portfolio Summary  (2)  (3)  (4)  Total calculated as a weighted average based on rentable square feet.  Total calculated as a weighted average based on ABR. Lease restricts certain disclosures.  32  #  Segment  Property / Tenant Name  Address  Property Market  Property State  Building Square Feet  Tenancy Type  %  Leased ²  Property Sub-Type  Year Built / Renovated ¹ ³  Property WALT ³  % of Total ABR  01  Industrial  RH  825 Rogers Road  Stockton/Modesto  CA  1,501,400 Single-Tenant  100.0% Warehouse  2015  7.7  3.5%  02  Industrial  Amazon (Etna)  11999 National Road  Columbus  OH  856,300 Single-Tenant  100.0% Warehouse  2016  – ⁴  2.9%  03  Industrial  3M  1650 Macom Drive  Chicago  IL  978,100 Single-Tenant  100.0% Warehouse  2016  3.8  2.3%  04  Industrial  Samsonite  10480 Yeager Road  Jacksonville  FL  817,700 Single-Tenant  100.0% Warehouse  2008  1.9  1.9%  05  Industrial  Shaw Industries  445 Northport Parkway  Savannah  GA  1,001,500 Single-Tenant  100.0% Warehouse  2018  10.3  1.6%  06  Industrial  PepsiCo  8060 State Road 33 North  Tampa  FL  605,400 Single-Tenant  100.0% Warehouse  2018  5.6  1.5%  07  Industrial  Amcor  975 West Main Street  Cleveland  OH  586,700 Single-Tenant  100.0% Manufacturing  1997  9.8  1.3%  08  Industrial  Amazon (Arlington Heights)  1455 West Cellular Drive  Chicago  IL  182,900 Single-Tenant  100.0% Warehouse  2020  – ⁴  1.1%  09  Industrial  Pepsi Bottling Ventures  390 Business Park Drive  Winston-Salem  NC  526,300 Single-Tenant  100.0% Warehouse  2008  9.6  0.9%  10  Industrial  Roush Industries  333/777 Republic Drive  Detroit  MI  169,200 Single-Tenant  100.0% Industrial/R&D  2000  5.9  0.8%  11  Industrial  Berry Global  1515 Franklin Boulevard  Chicago  IL  193,700 Single-Tenant  100.0% Manufacturing  2003  10.0  0.7%  12  Industrial  OceanX  6390 Commerce Court  Columbus  OH  312,000 Single-Tenant  100.0% Warehouse  2015  6.6  0.7%  13  Industrial  Atlas Copco  3301 Cross Creek Parkway  Detroit  MI  120,000 Single-Tenant  100.0% Industrial/R&D  2014  2.8  0.6%  14  Industrial  Huntington Ingalls (500 W. Park Lane)  500 West Park Lane  Hampton Roads  VA  258,300 Single-Tenant  100.0% Warehouse  1999  5.0  0.6%  15  Industrial  Huntington Ingalls (300 W. Park Lane)  300 West Park Lane  Hampton Roads  VA  257,200 Single-Tenant  100.0% Warehouse  2000  5.0  0.6%  16  Industrial  ZF WABCO  8225 Patriot Boulevard  Charleston  SC  145,200 Single-Tenant  100.0% Warehouse  2016  10.7  0.5%  17  Industrial  TransDigm  110 Algonquin Parkway  Northern New Jersey  NJ  114,300 Single-Tenant  100.0% Manufacturing  1986  5.3  0.5%  18  Industrial  Hopkins  428 Peyton Street  Emporia  KS  320,800 Single-Tenant  100.0% Manufacturing  2000  14.0  0.5%  19  Industrial  Fidelity Building Services  25 Loveton Circle  Baltimore  MD  54,800 Single-Tenant  100.0% Industrial/R&D  1981  12.0  0.3%  Total Industrial Segment  19 Properties  9,001,800  100.0%  2010  7.1  $48,191  20  Office  Southern Company  3525 & 3535 Colonnade Parkway  Birmingham  AL  669,400 Single-Tenant  100.0% Office  2018  21.2  4.3%  21  Office  Keurig Dr. Pepper (53 South Avenue)  53 South Avenue  Boston  MA  280,600 Single-Tenant  100.0% Office  2014  6.9  4.1%  22  Office  Freeport McMoRan  333 N. Central Ave  Phoenix  AZ  249,000 Single-Tenant  99.0% Office  2010  4.4  3.7%  23  Office  Maxar Technologies  1300 West 120th Avenue  Denver  CO  430,000 Single-Tenant  100.0% Office  2002  7.5  3.6%  24  Office  Terraces at Copley Point  5887 Copley Drive  San Diego  CA  201,700 Multi-Tenant  100.0% Office  2009  5.4  3.3%  25  Office  LPL (1055 & 1060 LPL Way)  1055 & 1060 LPL Way  Charlotte  SC  307,200 Single-Tenant  100.0% Office  2016  13.8  2.7%  26  Office  Travel & Leisure, Co.  14 Sylvan Way  Northern New Jersey  NJ  203,500 Single-Tenant  100.0% Office  2013  6.7  2.7%  27  Office  Wood Group (Westgate III)  17325 Park Row  Houston  TX  226,300 Single-Tenant  100.0% Office  2014  11.0  2.6%  28  Office  IGT  6355 South Buffalo Drive  Las Vegas  NV  222,300 Single-Tenant  100.0% Office  2008  8.0  2.4%  29  Office  International Paper  1740 International Drive  Memphis  TN  238,600 Single-Tenant  100.0% Office  2015  7.0+ ⁴  2.3%  30  Office  onsemi (5701 N. Pima Road)  5701 N. Pima Road  Phoenix  AZ  133,400 Single-Tenant  100.0% Office  2017  – ⁴  1.6%  31  Office  Zoetis  10 Sylvan Way  Northern New Jersey  NJ  125,700 Single-Tenant  100.0% Office  2016  – ⁴  1.5%  32  Office  McKesson (5801 N. Pima Road)  5801 North Pima Road  Phoenix  AZ  124,900 Single-Tenant  100.0% Office  2019  – ⁴  1.4%  33  Office  McKesson (5601 N. Pima Road)  5601 N. Pima Road  Phoenix  AZ  138,200 Single-Tenant  100.0% Office  2017  – ⁴  1.4%  34  Office  40 Wight  40 Wight Avenue  Baltimore  MD  132,200 Multi-Tenant  93.2% Office  2017  9.8  1.4%  35  Office  York Space Systems (East Village)  6060 South Willow Drive  Denver  CO  138,100 Single-Tenant  100.0% Office/R&D  2020  9.0  1.4%  Notes: Data is for wholly-owned assets as of December 31, 2022 adjusted to reflect property sales through March 23, 2023. Properties sorted by % of Total ABR.  (1) Year shown is either the year built or year substantially renovated. 
 

 Detailed Wholly-Owned Portfolio Summary (Cont’d)  (2)  (3)  (4)  Total calculated as a weighted average based on rentable square feet.  Total calculated as a weighted average based on ABR. Lease restricts certain disclosures.  33  #  Segment  Property / Tenant Name  Address  Property Market  Property State  Building Square Feet  Tenancy Type  %  Leased ²  Property Sub-Type  Year Built / Renovated ¹ ³  Property WALT ³  % of Total ABR  36  Office  Corteva Agriscience  8501 NW 62nd Ave  Des Moines  IA  184,300 Single-Tenant  100.0% Office/Lab  2014  3.9  1.4%  37  Office  Keurig Dr. Pepper (63 South Avenue)  63 South Avenue  Boston  MA  150,700 Single-Tenant  100.0% Office/Lab/R&D  2013  6.9  1.3%  38  Office  LPL (1040 LPL Way)  1040 LPL Way  Charlotte  SC  144,400 Single-Tenant  100.0% Office  2016  13.8  1.3%  39  Office  Toshiba TEC  3901 South Miami Boulevard  Raleigh/Durham  NC  200,800 Single-Tenant  100.0% Office  2016  5.3  1.2%  40  Office  Mercury Systems  50 Minuteman Road  Boston  MA  145,300 Single-Tenant  100.0% Office/Lab  1997  9.3  1.2%  41  Office  Occidental Petroleum  501 North Division Street  Platteville  CO  114,500 Single-Tenant  100.0% Office  2013  10.8  1.1%  42  Office  Avnet (Phoenix)  2211 S 47th Street  Phoenix  AZ  176,400 Single-Tenant  100.0% Office  1997  3.7  1.0%  43  Office  PPG  400 Bertha Lamme Drive  Pittsburgh  PA  118,000 Single-Tenant  100.0% Office  2010  8.0  1.0%  44  Office  MISO  720 City Center Drive  Indianapolis  IN  133,400 Single-Tenant  100.0% Office  2016  5.3  1.0%  45  Office  Amentum (Heritage III)  13500 Heritage Parkway  Dallas/Fort Worth  TX  119,000 Single-Tenant  100.0% Office  2006  – ⁴  0.9%  46  Office  Draeger Medical Systems  Six Tech Drive  Boston  MA  128,400 Single-Tenant  100.0% Office/Lab  2020  8.5  0.9%  47  Office  Fresenius Medical Care  3355 Earl Campbell Pkwy  Tyler  TX  81,000 Single-Tenant  100.0% Office  2016  8.8  0.8%  48  Office  Cigna (500 Great Circle Road)  500 Great Circle Road  Nashville  TN  72,200 Single-Tenant  100.0% Office  2012  4.5  0.7%  49  Office  Cigna (Express Scripts)  501 Ronda Court  Pittsburgh  PA  70,500 Single-Tenant  100.0% Office/Data Center  2015  2.5  0.7%  50  Office  AT&T (14500 NE 87th Street)  14500 NE 87th Street  Seattle/Puget Sound  WA  60,000 Single-Tenant  100.0% Office/Data Center  1995  4.7  0.7%  51  Office  AT&T (14520 NE 87th Street)  14520 NE 87th Street  Seattle/Puget Sound  WA  59,800 Single-Tenant  100.0% Office/Data Center  1995  4.7  0.6%  52  Office  Parallon  6451 126th Avenue North  Tampa  FL  83,200 Single-Tenant  100.0% Office  2013  2.2  0.6%  53  Office  Tech Data  19031 Ridgewood Parkway  San Antonio  TX  58,000 Single-Tenant  100.0% Office  2014  1.9  0.5%  54  Office  Rapiscan Systems  23 Frontage Road  Boston  MA  64,200 Single-Tenant  100.0% Office/Lab  2014  4.4  0.4%  55  Office  136 & 204 Capcom  136 & 204 Capcom Avenue  Raleigh/Durham  NC  63,000 Multi-Tenant  100.0% Office/R&D  2010  3.2  0.4%  56  Office  AT&T (14560 NE 87th Street)  14560 NE 87th Street  Seattle/Puget Sound  WA  36,000 Single-Tenant  100.0% Office/Data Center  1995  4.7  0.4%  57  Office  530  Great  Circle  Road  530  Great  Circle  Road  Nashville  TN  98,400  Single-Tenant  100.0%  Office/Lab  2011  – ⁴  –  Total Office Segment  38 Properties  6,182,600  99.8%  2012  8.4  $123,526  Total Industrial & Office Segment  57 Properties  15,184,400  99.9%  2011  8.0  $171,717  Notes: Data is for wholly-owned assets as of December 31, 2022 adjusted to reflect property sales through March 23, 2023. Properties sorted by % of Total ABR.  (1) Year shown is either the year built or year substantially renovated. 
 

 Detailed Wholly-Owned Portfolio Summary (Cont’d)  (5) Lease restricts certain disclosures.  34  Total Other Segment  21 Properties  3,787,300  76.6%  2004  3.1  $40,002  Total Wholly-Owned Portfolio ⁴  78 Properties  18,971,700  95.3%  2010  7.1  $211,719  #  Segment  Property / Tenant Name  Address  Property Market  Property State  Building Square Feet  Tenancy Type  %  Leased ²  Property Sub-Type  Year Built / Renovated ¹ ³  Property WALT ³  % of Total ABR  58 Other Office  Wyndham Hotels & Resorts  22 Sylvan Way  Northern New Jersey  NJ  249,400 Single-Tenant  100.0% Office  2009  6.7  3.4%  59 Other Office  Wood Group (Westgate II)  17320 Katy Freeway  Houston  TX  186,300 Single-Tenant  100.0% Office  2014  1.3  2.1%  60 Other Office  Schlumberger  1200 Enclave Parkway  Houston  TX  149,700 Single-Tenant  98.3% Office  1999  – ⁵  1.7%  61 Other Office  Level 3 (ParkRidge One)  10475 Park Meadows Drive  Denver  CO  166,700 Single-Tenant  100.0% Office  1999  – ⁵  1.6%  62 Other Office  Raytheon Technologies  2730 West Tyvola Road  Charlotte  NC  198,900 Single-Tenant  100.0% Office  1999  – ⁵  1.5%  63 Other Industrial  Hitachi Energy USA  500 West Highway 94  Jefferson City  MO  660,000 Single-Tenant  100.0% Manufacturing  1972  1.7  1.3%  64 Other Industrial  Avnet (Chandler)  6700 West Morelos Place  Phoenix  AZ  231,500 Single-Tenant  100.0% Industrial/R&D  2008  – ⁵  1.3%  65 Other Office  Franklin Center  6841 Benjamin Franklin Drive  Baltimore  MD  202,500 Multi-Tenant  55.4% Office  2008  3.6  1.2%  66 Other Office  KBR  345 Bob Heath Drive  Huntsville  AL  120,000 Single-Tenant  100.0% Office  2013  0.7  1.0%  67 Other Office  30 Independence  30 Independence Boulevard  Northern New Jersey  NJ  207,300 Multi-Tenant  52.0% Office  2020  8.4  0.8%  68 Other Office  Northrop Grumman  4065 Colonel Glenn Highway  Cincinnati/Dayton  OH  99,200 Single-Tenant  100.0% Office  2012  1.7  0.8%  69 Other Office  MGM Corporate Center (880 Grier Drive)  880 Grier Drive  Las Vegas  NV  81,000 Single-Tenant  100.0% Office  1988  1.7  0.6%  70 Other Industrial  Hitachi Astemo  9296 Intermodal North Court  Columbus  OH  304,600 Single-Tenant  100.0% Warehouse  2014  2.2  0.6%  71 Other Office  MGM Corporate Center (840 Grier Drive)  840 Grier Drive  Las Vegas  NV  60,500 Single-Tenant  100.0% Office  1997  1.7  0.4%  72 Other Office  Administrative Office of Pennsylvania Courts  5035 Ritter Road  Harrisburg  PA  56,600 Single-Tenant  100.0% Office/Data Center  1988  1.5  0.4%  73 Other Industrial  Owens Corning  4535 Enterprise Drive Northwest  Charlotte  NC  61,200 Single-Tenant  100.0% Manufacturing  1998  2.0  0.2%  74 Other Office  MGM Corporate Center (950 Grier Drive)  950 Grier Drive  Las Vegas  NV  26,800 Single-Tenant  100.0% Office  1989  1.7  0.1%  75 Other Office  Gold Pointe Corp Ctr Bldg C  11971 Foundation Place  Sacramento  CA  145,900 Vacant  3.2% Office  2002  –  –  76 Other Office  Quebec Court II  5800 South Quebec Street  Denver  CO  157,300 Vacant  – Office  1980  –  –  77 Other Office  Crosspoint  20022 North 31st Avenue  Phoenix  AZ  351,600 Multi-Tenant  7.8% Office  2021  – ⁵  –  78 Other Office  Park Meadows Corporate Center II  10002 Park Meadows Drive  Denver  CO  70,300 Vacant  – Office  2000  –  –  Recent Dispositions (1Q23)  Office  Amazon (South Lake at Dulles)  Herndon  VA  269,900 Single-Tenant  100.0% Office  2020  – ⁵  –  Industrial  Fox Head  Irvine  CA  81,600 Single-Tenant  100.0% Industrial/R&D  2012  5.0  –  Industrial  Renfro  Clinton  SC  566,600 Single-Tenant  100.0% Warehouse  1986  0.5  –  Total ABR as of December 31, 2022  19,889,800  95.5%  2010  7.1  $223,942  Notes: Data is for wholly-owned assets as of December 31, 2022 adjusted to reflect property sales through March 23, 2023. Properties sorted by % of Total ABR.  Year shown is either the year built or year substantially renovated.  Total calculated as a weighted average based on rentable square feet.  Total calculated as a weighted average based on ABR.  Includes consolidated properties only and excludes the Office Joint Venture and recent dispositions. 
 

 Reconciliation of Non-GAAP Financial Measures  Wholly-Owned NOI and Cash NOI  Industrial Office  Industrial  and Office  Other  Total  Portfolio  Revenue  $15,945  $45,643  $61,588  $14,305  $75,893  Operating property expense  (1,083)  (5,071)  (6,154)  (3,203)  (9,357)  Property tax expense  (1,235)  (2,940)  (4,175)  (1,890)  (6,065)  Management fees (non-affiliate)  (63)  (312)  (375)  (214)  (589)  4Q22 NOI1  $13,564  $37,320  $50,884  $8,998  $59,882  Non-cash adjustments  Straight line rent  (135)  (4,784)  (4,919)  264  (4,655)  In-place lease amortization  (93)  (702)  (795)  (128)  (923)  Deferred termination income  (36)  –  (36)  (508)  (544)  Deferred ground lease  –  433  433  –  433  Other intangible amortization  –  377  377  –  377  Inducement amortization  –  79  79  –  79  4Q22 Cash NOI1  $13,300  $32,723  $46,023  $8,626  $54,649  4Q22 Dispositions2  –  (3,960)  (3,960)  –  (3,960)  1Q23 Dispositions3  (1,147)  (2,079)  (3,226)  –  (3,226)  Cash NOI1  $12,153  $26,684  $38,837  $8,626  $47,463  LQA Cash NOI (Wholly-Owned)1  $48,612  $106,736  $155,348  $34,504  $189,852   Quarter Ended December 31, 2022   Notes: $ in thousands.  NOI is net of carrying costs for vacant assets.  Adjustment for the sales of the State of AL office property and the 5 office properties sold to an investment group led by Workspace Property Trust in 4Q22.  (3) Adjustment for the sales of Fox Head industrial property, Renfro industrial property and Amazon (South Lake at Dulles) office property in January 2023, February 2023 and March 2023, respectively.  35 
 

 Reconciliation of Non-GAAP Financial Measures (Cont’d)  (1) Adjustment for the sales of Fox Head industrial property, Renfro industrial property and Amazon (South Lake at Dulles) office property in January 2023, February 2023 and March 2023, respectively.  (2) Includes $59,464 of our share of EBITDA from unconsolidated entities.  36  Net (loss) income to Normalized EBITDAre  Quarter Ended   12/31/2022   Net (loss) income  ($248,142)  Interest expense  16,501  Depreciation and amortization  35,275  4Q22 EBITDA  ($196,366)  Loss on sales of real estate, net  43,767  (Gain)/loss on investment in unconsolidated entity  9,993  Impairment provision, real estate  41,323  Proportion share of adjustments for unconsolidated entities  5,121  4Q22 EBITDAre  ($96,162)  Adjustment for acquisitions and dispositions  (2,578)  Adjustment for joint venture acquisition  7,670  Impairment provision, goodwill  135,270  Transaction expenses  13,724  4Q22 Normalized EBITDAre  $57,924  1Q23 Dispositions1  (3,226)  Normalized EBITDAre  $54,698  LQA Normalized EBITDAre2  $218,792  Notes: $ in thousands. 
 

 Definitions  37  Term  Definition  ABR (“Annualized Base Rent”)  “Annualized base rent” or “ABR” means the contractual base rent before abatements and deducting base year operating expenses for gross and modified gross leases as of December 31, 2022, unless otherwise specified, multiplied by 12 months. For properties in our portfolio that had rent abatements as of December 31, 2022, we used the monthly contractual base rent payable following expiration of the abatement  EBITDA  Earnings before interest, tax, depreciation and amortization  EBITDAre  The National Association of Real Estate Investment Trusts ("NAREIT") has defined EBITDAre as follows: (a) GAAP Net Income plus (b) interest expense plus (c) income tax expense plus (d) depreciation and amortization plus/minus (e) losses and gains on the disposition of depreciated property, including losses/gains on change of control plus (f) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate. Adjustments to reflect the entity's share of EBITDAre of consolidated affiliates 
 

 Definitions (Cont’d)  38  Term  Definition  Investment Grade  Investment grade companies means companies (e.g., a tenant or a guarantor or non-guarantor parent of a tenant) that have received 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 company with 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; moreover, because PKST provides credit ratings for some companies that are non-guarantor parents of Company's tenants, such credit ratings may not be indicative of the creditworthiness of the  relevant tenants  NAV  Net asset value. This represents the fair value of our assets less liabilities divided by total shares and OP units outstanding  Normalized EBITDAre  We use Normalized EBITDAre as a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. Normalized EBITDAre, as defined by the Company, represents EBITDAre (as defined by NAREIT), modified to exclude nonroutine items such as acquisition-related expenses, employee separation expenses and other non-routine costs. Normalized EBITDAre also omits the Normalized EBITDAre impact of properties sold during the period and extrapolate the operations of acquired properties to estimate a full quarter of ownership. We may also exclude the annualizing of large transaction items such as termination income recognized during the quarter. Management believes these adjustments to reconcile to Normalized EBITDAre provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. Therefore, Normalized EBITDAre should not be considered as an alternative to net income, as computed in accordance with GAAP. Normalized EBITDAre may not be comparable to similarly titled measures of other companies 
 

 Definitions (Cont’d)  39  Term  Definition  Net Debt  Total debt less cash and cash equivalents (excluding restricted cash)  Net Debt (pro rata share)  Total debt plus unconsolidated debt (pro rata share), less cash and cash equivalents (excluding restricted cash)  Net Operating Income (NOI) & Cash  NOI  NOI is a non-GAAP measure which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as total revenue from real estate operations less property expenses, which includes operating property expenses, property tax expenses and management fees. Net operating income on a cash basis (“Cash NOI”) is net operating income adjusted to exclude the effect of straight-line rent and amortization of acquired above- and below-market lease intangibles adjustments required by GAAP. We believe that NOI and Cash NOI are helpful to investors as additional measures of operating performance because we believe they help both investors and management to understand the core operations of our properties excluding corporate and financing-related costs and non-cash depreciation and amortization. NOI and Cash NOI are unlevered operating performance metrics of our properties and allow for a useful comparison of the operating performance of individual assets or groups of assets. These measures thereby provide an operating perspective not immediately apparent from GAAP income from operations or net income. In addition, NOI and Cash NOI are considered by many in the real estate industry to be useful starting points for determining the value of a real estate asset or group of assets  WALT  Weighted average lease term (in years). This is the average remaining lease term for all leases combined, weighted based on  Annualized Base Rent 
 

 DETAILED PORTFOLIO SUMMARIES 
 

 Disclaimer  The information contained herein with respect to our properties is, to our knowledge, true and correct in all material respects, but in some cases such information has not been independently verified. 
 

 Industrial Segment Property Summaries 
 

 RH  825 Rogers Road  Patterson, CA 95363  Portfolio Segment Industrial  Region West  Market Stockton/Modesto  Submarket Modesto  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  As the largest facility in RH's distribution network, the property distributes furniture and  other home goods throughout the western United States.  RH receives imported products primarily through the nearby Port of Oakland, and the property's location along Interstate 5 provides convenient access with minimal congestion.  MARKET INFORMATION  PROPERTY OVERVIEW  SEGMENT DESIGNATION  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  RH  Ba3  % Leased by Major Lessee  100%  Major Lessee SQFT  1,501,400  Industry (Major Tenant)  Retailing  Lease Type  Net  % of Total ABR (Property)  3.5%  Property WALT  7.7 years  BUILDING INFORMATION  Detailed Property Type  Warehouse  Square Feet  1,501,400  Total Property % Leased  100%  FAR  0.37  Year Built  2015  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  0.2  Industrial Property Stats:  Trailer Parking Spaces  475  Loading Docks  244  Type of Docks (cross, rear, etc.)  Cross  Clear Height  39'  1  Property of Peakstone Realty Trust 
 

 Amazon (Etna)  11999 National Road  Pataskala, OH 43062  Portfolio Segment Industrial  Region Midwest  Market Columbus  Submarket Licking  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  (2) Lease restricts certain disclosures.  MARKET INFORMATION  PROPERTY OVERVIEW  Sortable products fulfillment center for Amazon located along Interstate 70.  The property was built to Amazon’s state-of-the-art fulfillment center standards and consistently ranks as one of the top three rated Amazon distribution centers by package volume in the U.S.  SEGMENT DESIGNATION  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Amazon  AA  % Leased by Major Lessee  100%  Major Lessee SQFT  856,300  Industry (Major Tenant)  E-Commerce  Lease Type  Net  % of Total ABR (Property)  2.9%  Property WALT(2)  -  BUILDING INFORMATION  Detailed Property Type  Warehouse  Square Feet  856,300  Total Property % Leased  100%  FAR  0.20  Year Built  2016  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  3.0  Industrial Property Stats:  Trailer Parking Spaces  163  Loading Docks  58  Type of Docks (cross, rear, etc.)  Rear  Clear Height  40' 6"  2  Property of Peakstone Realty Trust 
 

 3M  1650 Macom Drive  Dekalb, IL 60115  Portfolio Segment Industrial  Region Midwest  Market Chicago  Submarket Kane/Dupage  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  MARKET INFORMATION  PROPERTY OVERVIEW  National distribution center for 3M located along Interstate 88 in DeKalb, IL.  3M has maintained distribution operations in the area since 1985, and the property is 3M's newest and largest facility.  The property includes specialized areas which contain additional fire protection, special containment floors, and/or explosion-resistant walls.  SEGMENT DESIGNATION  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  3M  A+  % Leased by Major Lessee  100%  Major Lessee SQFT  978,100  Industry (Major Tenant)  Capital Goods  Lease Type  Net  % of Total ABR (Property)  2.3%  Property WALT  3.8 years  BUILDING INFORMATION  Detailed Property Type  Warehouse  Square Feet  978,100  Total Property % Leased  100%  FAR  0.45  Year Built  2016  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  0.8  Industrial Property Stats:  Trailer Parking Spaces  348  Loading Docks  137  Type of Docks (cross, rear, etc.)  Cross  Clear Height  36'  3  Property of Peakstone Realty Trust 
 

 Samsonite  10480 Yeager Road  Jacksonville, FL 32218  Portfolio Segment Industrial  MARKET INFORMATION  Region Southeast  Market Jacksonville  Submarket Ocean Way  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  National distribution center for Samsonite located 8 miles from the Port of Jacksonville.  The Port of Jacksonville is Samsonite's primary East Coast point of entry for its luggage products which are stored at the property for distribution throughout the U.S.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Samsonite  Ba2  % Leased by Major Lessee  100%  Major Lessee SQFT  817,700  Industry (Major Tenant)  Consumer Durables & Apparel  Lease Type  Net  % of Total ABR (Property)  1.9%  Property WALT  1.9 years  BUILDING INFORMATION  Detailed Property Type  Warehouse  Square Feet  817,700  Total Property % Leased  100%  FAR  0.35  Year Built  2008  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  0.3  Industrial Property Stats:  Trailer Parking Spaces  131  Loading Docks  183  Type of Docks (cross, rear, etc.)  Cross  Clear Height  40'  4  Property of Peakstone Realty Trust 
 

 Shaw Industries  445 Northport Parkway Port Wentworth, GA 31407  Portfolio Segment Industrial  MARKET INFORMATION  Region Southeast  Market Savannah  Submarket Port Wentworth  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Distribution facility for Shaw Industries to distribute its resilient, wood, and vinyl flooring  products throughout the United States.  The building is located approximately 11 miles from the Port of Savannah which Shaw utilizes as the primary East Coast point of entry for its products.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Shaw Industries  AA  % Leased by Major Lessee  100%  Major Lessee SQFT  1,001,500  Industry (Major Tenant)  Consumer Durables & Apparel  Lease Type  Net  % of Total ABR (Property)  1.6%  Property WALT  10.3 years  BUILDING INFORMATION  Detailed Property Type  Warehouse  Square Feet  1,001,500  Total Property % Leased  100%  FAR  0.33  Year Built  2018  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  0.1  Industrial Property Stats:  Trailer Parking Spaces  160  Loading Docks  145  Type of Docks (cross, rear, etc.)  Cross  Clear Height  32'  5  Property of Peakstone Realty Trust 
 

 PepsiCo  8060 State Road 33 North  Lakeland, FL 33809  Portfolio Segment Industrial  Region Southeast  Market Tampa  Submarket Polk County  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  MARKET INFORMATION  PROPERTY OVERVIEW  Distribution facility used by PepsiCo to distribute Gatorade and other beverage products  throughout Florida.  Strategically located along the high-growth Interstate 4 corridor between Tampa and Orlando.  The property provides a central location for the tenant to receive pallets of Gatorade products from its nearby Gatorade production facility in Kissimmee for distribution to retailers and wholesalers statewide.  SEGMENT DESIGNATION  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  PepsiCo  A+  % Leased by Major Lessee  100%  Major Lessee SQFT  605,400  Industry (Major Tenant)  Food, Beverage & Tobacco  Lease Type  Net  % of Total ABR (Property)  1.5%  Property WALT  5.6 years  BUILDING INFORMATION  Detailed Property Type  Warehouse  Square Feet  605,400  Total Property % Leased  100%  FAR  0.23  Year Built  2018  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  0.2  Industrial Property Stats:  Trailer Parking Spaces  154  Loading Docks  120  Type of Docks (cross, rear, etc.)  Cross  Clear Height  36'  6  Property of Peakstone Realty Trust 
 

 Amcor  975 West Main Street Bellevue, OH 44811  Portfolio Segment Industrial  Region Midwest  Market Cleveland  Submarket Sandusky County  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  MARKET INFORMATION  PROPERTY OVERVIEW  Amcor's flagship injection molding facility in the state of Ohio.  Amcor expanded and nearly doubled its manufacturing and warehouse footprint in 2017 by adding an additional 118,000 SF of manufacturing space and 84,000 SF of warehouse space in order to meet the increased demand for its products.  SEGMENT DESIGNATION  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Amcor  BBB  % Leased by Major Lessee  100%  Major Lessee SQFT  586,700  Industry (Major Tenant)  Materials  Lease Type  Net  % of Total ABR (Property)  1.3%  Property WALT  9.8 years  BUILDING INFORMATION  Detailed Property Type  Manufacturing  Square Feet  586,700  Total Property % Leased  100%  FAR  0.33  Year Built  1986  Year Renovated  1997  Stories  1  Parking Ratio (per 1,000 SF)  0.2  Industrial Property Stats:  Trailer Parking Spaces  30  Loading Docks  24  Type of Docks (cross, rear, etc.)  Rear  Clear Height  25'  7  Property of Peakstone Realty Trust 
 

 Amazon (Arlington Heights)  1455 West Cellular Drive Arlington Heights, IL 60004  Portfolio Segment Industrial  MARKET INFORMATION  Region Midwest  Market Chicago  Submarket Schaumburg  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  (2) Lease restricts certain disclosures.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Last-mile delivery station for Amazon serving the Northern Chicago suburbs.  The building has above-standard power, full A/C, and is located on a 24-acre site which provides over 800 parking spaces for Amazon's employees and its delivery fleet.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Amazon  AA  % Leased by Major Lessee  100%  Major Lessee SQFT  182,900  Industry (Major Tenant)  E-Commerce  Lease Type  Net  % of Total ABR (Property)  1.1%  Property WALT(2)  -  BUILDING INFORMATION  Detailed Property Type  Warehouse  Square Feet  182,900  Total Property % Leased  100%  FAR  0.17  Year Built  1989  Year Renovated  2020  Stories  1  Parking Ratio (per 1,000 SF)  4.4  Industrial Property Stats:  Trailer Parking Spaces  0  Loading Docks  12  Type of Docks (cross, rear, etc.)  Rear  Clear Height  17'  8  Property of Peakstone Realty Trust 
 

 Pepsi Bottling Ventures  390 Business Park Drive Winston-Salem, NC 27107  Portfolio Segment Industrial  Region Southeast  Market Winston-Salem  Submarket South Forsyth  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  MARKET INFORMATION  PROPERTY OVERVIEW  Pepsi Bottling Ventures ("PBV"), the largest privately held bottler for PepsiCo products in  North America, is a joint venture between Suntory Beverage & Food, Ltd. and PepsiCo, Inc.  The property is PBV's largest warehouse and distributes PepsiCo beverage products throughout the Carolinas.  The building includes a purification system to produce Aquafina and a blow molding line for Aquafina and other PepsiCo beverage products.  SEGMENT DESIGNATION  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Pepsi Bottling Ventures  A3  % Leased by Major Lessee  100%  Major Lessee SQFT  526,300  Industry (Major Tenant)  Food, Beverage & Tobacco  Lease Type  Net  % of Total ABR (Property)  0.9%  Property WALT  9.6 years  BUILDING INFORMATION  Detailed Property Type  Warehouse  Square Feet  526,300  Total Property % Leased  100%  FAR  0.24  Year Built  2008  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  0.5  Industrial Property Stats:  Trailer Parking Spaces  63  Loading Docks  44  Type of Docks (cross, rear, etc.)  Cross  Clear Height  32' 6"  9  Property of Peakstone Realty Trust 
 

 Roush Industries  333/777 Republic Drive Allen Park, MI 48101  Portfolio Segment Industrial  MARKET INFORMATION  Region Midwest  Market Detroit  Submarket Dearborn Area  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  R&D facility for Roush Industries directly supporting automotive clients including the  nearby Ford Dearborn Development Center and Ford Rolling Road Wind Tunnel in Allen Park.  As an original equipment manufacturer and design partner to various automakers, the location is paramount for direct access to Roush Industries’ top clients, and the single- story building provides an efficient layout for engineering and testing functions.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Roush Industries  N/A  % Leased by Major Lessee  100%  Major Lessee SQFT  169,200  Industry (Major Tenant)  Automobiles & Components  Lease Type  Net  % of Total ABR (Property)  0.8%  Property WALT  5.9 years  BUILDING INFORMATION  Detailed Property Type  Industrial/R&D  Square Feet  169,200  Total Property % Leased  100%  FAR  0.19  Year Built  2000  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  7.2  Industrial Property Stats:  Trailer Parking Spaces  0  Loading Docks  0  Type of Docks (cross, rear, etc.)  N/A  Clear Height  26'  10  Property of Peakstone Realty Trust 
 

 Berry Global  1515 Franklin Boulevard  Libertyville, IL 60048  Portfolio Segment Industrial  MARKET INFORMATION  Region Midwest  Market Chicago  Submarket South Lake County  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Manufacturing facility for Berry Global for the production of plastic closure products for  various applications and end markets.  The building contains nearly 10,000 amps of power, several production lines, dozens of presses, and other critical infrastructure to support the tenant's manufacturing processes.  The tenant recently extended its lease for 10 years.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Berry Global  BB+  % Leased by Major Lessee  100%  Major Lessee SQFT  193,700  Industry (Major Tenant)  Materials  Lease Type  Net  % of Total ABR (Property)  0.7%  Property WALT  10.0 years  BUILDING INFORMATION  Detailed Property Type  Manufacturing  Total Square Feet  193,700  Total Property % Leased  100%  FAR  0.43  Year Built  1992  Year Renovated  2003  Stories  1  Parking Ratio (per 1,000 SF)  1.3  Industrial Property Stats:  Trailer Parking Spaces  0  Loading Docks  5  Type of Docks (cross, rear, etc.)  Rear  Clear Height  24'  11  Property of Peakstone Realty Trust 
 

 OceanX  6390 Commerce Court  Groveport, OH 43125  Portfolio Segment Industrial  MARKET INFORMATION  Region Midwest  Market Columbus  Submarket Southeast Columbus  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Distribution center for OceanX, a modern 3PL that provides Fulfillment-as-a-Service  (FaaS). The property's central location in the United States and proximity to major transportation routes allows the tenant to meet the growing demands of its customers.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  OceanX  N/A  % Leased by Major Lessee  100%  Major Lessee SQFT  312,000  Industry (Major Tenant)  Commercial & Professional Services  Lease Type  Net  % of Total ABR (Property)  0.7%  Property WALT  6.6 years  BUILDING INFORMATION  Detailed Property Type  Warehouse  Square Feet  312,000  Total Property % Leased  100%  FAR  0.30  Year Built  2015  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  0.6  Industrial Property Stats:  Trailer Parking Spaces  15  Loading Docks  26  Type of Docks (cross, rear, etc.)  Rear  Clear Height  32'  12  Property of Peakstone Realty Trust 
 

 Atlas Copco  3301 Cross Creek Parkway Auburn Hills, MI 48326  Portfolio Segment Industrial  Region Midwest  Market Detroit  Submarket Oakland County  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Headquarters and R&D/warehouse building for Atlas Copco Tools & Assembly Systems, a  division of Atlas Copco AB.  The property is conveniently located in close proximity to the company's automotive clients throughout the Detroit area.  The tenant uses the building for assembly, testing, and research and development of prototypes of industrial tooling, fastening, and compressor devices and related products.  SEGMENT DESIGNATION  MARKET INFORMATION  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Atlas Copco  A+  % Leased by Major Lessee  100%  Major Lessee SQFT  120,000  Industry (Major Tenant)  Capital Goods  Lease Type  Net  % of Total ABR (Property)  0.6%  Property WALT  2.8 years  BUILDING INFORMATION  Detailed Property Type  Industrial/R&D  Square Feet  120,000  Total Property % Leased  100%  FAR  0.19  Year Built  2014  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  2.4  Industrial Property Stats:  Trailer Parking Spaces  0  Loading Docks  2  Type of Docks (cross, rear, etc.)  Rear  Clear Height  28'  13  Property of Peakstone Realty Trust 
 

 Huntington Ingalls (500 W. Park Lane)  500 West Park Lane Hampton, VA 23666  Portfolio Segment Industrial  MARKET INFORMATION  Region Southeast  Market Hampton Roads  Submarket Peninsula  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Highly-secure warehouse facility for Huntington Ingalls and its Newport News  Shipbuilding segment.  Strategically located near the Port of Virginia and Newport News Shipbuilding.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Huntington Ingalls  BBB-  % Leased by Major Lessee  100%  Major Lessee SQFT  258,300  Industry (Major Tenant)  Capital Goods  Lease Type  Net  % of Total ABR (Property)  0.6%  Property WALT  5.0 years  BUILDING INFORMATION  Detailed Property Type  Warehouse  Square Feet  258,300  Total Property % Leased  100%  FAR  0.30  Year Built  1999  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  0.9  Industrial Property Stats:  Trailer Parking Spaces  151  Loading Docks  58  Type of Docks (cross, rear, etc.)  Rear  Clear Height  25'  14  Property of Peakstone Realty Trust 
 

 Huntington Ingalls (300 W. Park Lane)  300 West Park Lane Hampton, VA 23666  Portfolio Segment Industrial  MARKET INFORMATION  Region Southeast  Market Hampton Roads  Submarket Peninsula  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Highly-secure warehouse facility for Huntington Ingalls and its Newport News  Shipbuilding segment.  Strategically located near the Port of Virginia and Newport News Shipbuilding.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Huntington Ingalls  BBB-  % Leased by Major Lessee  100%  Major Lessee SQFT  257,200  Industry (Major Tenant)  Capital Goods  Lease Type  Net  % of Total ABR (Property)  0.6%  Property WALT  5.0 years  BUILDING INFORMATION  Detailed Property Type  Warehouse  Square Feet  257,200  Total Property % Leased  100%  FAR  0.33  Year Built  2000  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  1.1  Industrial Property Stats:  Trailer Parking Spaces  107  Loading Docks  42  Type of Docks (cross, rear, etc.)  Rear  Clear Height  25'  15  Property of Peakstone Realty Trust 
 

 ZF WABCO  8225 Patriot Boulevard North Charleston, SC 29418  Portfolio Segment Industrial  Region Southeast  Market Charleston  Submarket North Charleston  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  MARKET INFORMATION  PROPERTY OVERVIEW  Light manufacturing and assembly facility for ZF Commercial Vehicle Solutions, a  business unit of ZF.  The property is conveniently located near the Port of Charleston - the main point of entry for the tenant to import various parts for final assembly.  ZF utilizes the property to design and assemble air compressors, disc brakes, and related components for use in commercial trucking applications.  SEGMENT DESIGNATION  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  ZF WABCO  HY3  % Leased by Major Lessee  100%  Major Lessee SQFT  145,200  Industry (Major Tenant)  Capital Goods  Lease Type  Net  % of Total ABR (Property)  0.5%  Property WALT  10.7 years  BUILDING INFORMATION  Detailed Property Type  Warehouse  Square Feet  145,200  Total Property % Leased  100%  FAR  0.35  Year Built  2016  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  1.4  Industrial Property Stats:  Trailer Parking Spaces  0  Loading Docks  6  Type of Docks (cross, rear, etc.)  Rear  Clear Height  30'  16  Property of Peakstone Realty Trust 
 

 TransDigm  110 Algonquin Parkway  Whippany, NJ 07981  Portfolio Segment Industrial  MARKET INFORMATION  Region Northeast  Market Northern New Jersey  Submarket Eastern Morris  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Headquarters and light manufacturing facility for Whippany Actuation Systems, a  business group of TransDigm.  Whippany Actuation Systems utilizes the property to design and manufacture specialized electromechanical actuation solutions for commercial and military applications.  Located in proximity to Port Newark, a major component of the Port of NY/NJ which is the 2nd largest port in the U.S. by TEU volume.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  TransDigm  B+  % Leased by Major Lessee  100%  Major Lessee SQFT  114,300  Industry (Major Tenant)  Capital Goods  Lease Type  Net  % of Total ABR (Property)  0.5%  Property WALT  5.3 years  BUILDING INFORMATION  Detailed Property Type  Manufacturing  Square Feet  114,300  Total Property % Leased  100%  FAR  0.24  Year Built  1986  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  3.9  Industrial Property Stats:  Trailer Parking Spaces  0  Loading Docks  3  Type of Docks (cross, rear, etc.)  Rear  Clear Height  22'  17  Property of Peakstone Realty Trust 
 

 Hopkins  428 Peyton Street  Emporia, KS 66801  Portfolio Segment Industrial  Region Midwest  Market Emporia  Submarket Lyon County  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  MARKET INFORMATION  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Hopkins' national production and distribution facility for after-market automotive  products and accessories.  Hopkins is a leading provider of automotive winter tools including ice scrapers, snow brooms, and snow brushes.  The facility has been expanded multiple times over the years to accommodate growing business and product lines, and the tenant recently signed a 16-year lease extension.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Hopkins  N/A  % Leased by Major Lessee  100%  Major Lessee SQFT  320,800  Industry (Major Tenant)  Automobiles & Components  Lease Type  Net  % of Total ABR (Property)  0.5%  Property WALT  14.0 years  BUILDING INFORMATION  Detailed Property Type  Manufacturing  Square Feet  320,800  Total Property % Leased  100%  FAR  0.44  Year Built  1954  Year Renovated  2000  Stories  1  Parking Ratio (per 1,000 SF)  0.8  Industrial Property Stats:  Trailer Parking Spaces  0  Loading Docks  15  Type of Docks (cross, rear, etc.)  Rear  Clear Height  21'  18  Property of Peakstone Realty Trust 
 

 Fidelity Building Services  25 Loveton Circle  Sparks Glencoe, MD 21152  Portfolio Segment Industrial  Region Northeast  Market Baltimore  Submarket Route 83 Corridor  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Corporate headquarters and warehouse for Fidelity Building Services Group, an  integrated building services engineering firm.  Fidelity provides best in class integrated building services throughout the Mid-Atlantic and Southeast, including: HVAC/Mechanical Services, Engineering Retrofits & Targeted Design-Build, IOT, Building Automation & Controls, Emergency Power Generator & Electrification.  SEGMENT DESIGNATION  MARKET INFORMATION  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Fidelity Building Services  N/A  % Leased by Major Lessee  100%  Major Lessee SQFT  54,800  Industry (Major Tenant)  Commercial & Professional Services  Lease Type  Net  % of Total ABR (Property)  0.3%  Property WALT  12.0 years  BUILDING INFORMATION  Detailed Property Type  Industrial/R&D  Square Feet  54,800  Total Property % Leased  100%  FAR  0.23  Year Built  1981  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  2.7  Industrial Property Stats:  Trailer Parking Spaces  0  Loading Docks  2  Type of Docks (cross, rear, etc.)  Rear  Clear Height  14'  19  Property of Peakstone Realty Trust 
 

 Office Segment Property Summaries 
 

 Southern Company  3525 & 3535 Colonnade Parkway  Birmingham, AL 35243  Portfolio Segment Office  Region Southeast  Market Birmingham  Submarket South Jefferson  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  MARKET INFORMATION  PROPERTY OVERVIEW  Division headquarters for Southern Company Services and Southern Nuclear.  As part of the 2018 renovation the tenant invested significant amounts of its own capital. The funds were used for an extensive reconstruction of the base building which replaced or upgraded most the building's mechanical systems as well as an expansion of the adjacent parking deck.  SEGMENT DESIGNATION  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Southern Company  BBB+  % Leased by Major Lessee  100%  Major Lessee SQFT  669,400  Industry (Major Tenant)  Utilities  Lease Type  Net  % of Total ABR (Property)  4.3%  Property WALT  21.2 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  669,400  Total Property % Leased  100%  FAR  0.80  Year Built  1988  Year Renovated  2018  Stories  9  Parking Ratio (per 1,000 SF)  2.8  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  20  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  Co-corporate headquarters for Keurig Dr. Pepper.  Located along the coveted Route 128/Interstate 95 corridor at its junction with Route 3 in Burlington, which is one of the region’s most desirable mixed-use destinations.  Trophy office tower constructed to a first-class headquarters quality standard which is important for Fortune 500 tenants like Keurig Dr. Pepper.  SEGMENT DESIGNATION  MARKET INFORMATION  Region Northeast  Market Boston  Submarket Route 128 North  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Keurig Dr. Pepper (53 South Avenue)  53 South Avenue  Burlington, MA 01803  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Keurig Dr. Pepper  BBB  % Leased by Major Lessee  100%  Major Lessee SQFT  280,600  Industry (Major Tenant)  Food, Beverage & Tobacco  Lease Type  Net  % of Total ABR (Property)  4.1%  Property WALT  6.9 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  280,600  Total Property % Leased  100%  FAR  1.69  Year Built  2014  Year Renovated  N/A  Stories  6  Parking Ratio (per 1,000 SF)  3.1  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  21  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  Corporate headquarters for Freeport McMoRan, a leading international mining  company.  The ownership interest is a condominium comprised of floors 19-26 and half of the ground floor.  The ownership interest makes up 48% of the building, the remaining 52% (floors 11-18) is occupied by the Westin Phoenix Downtown, a 242-room, four-diamond hotel. Floors 2- 10 include parking and are shared by the building occupants.  SEGMENT DESIGNATION  MARKET INFORMATION  Region Southwest  Market Phoenix  Submarket Phoenix Central  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Freeport McMoRan  333 N. Central Ave Phoenix, AZ 85004  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Freeport McMoRan  Baa2  % Leased by Major Lessee  99%  Major Lessee SQFT  246,500  Industry (Major Tenant)  Materials  Lease Type  Base Year  % of Total ABR (Property)  3.7%  Property WALT  4.4 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  249,000  Total Property % Leased  99%  FAR  N/A  Year Built  2010  Year Renovated  N/A  Stories  N/A  Parking Ratio (per 1,000 SF)  2.1  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  22  Property of Peakstone Realty Trust 
 

 Maxar Technologies  1300 West 120th Avenue Westminster, CO 80234  Portfolio Segment Office  MARKET INFORMATION  Region West  Market Denver  Submarket North Denver  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Global headquarters for Maxar Technologies, a space technology company focused on  providing geospatial intelligence solutions through its two operating segments, Earth Intelligence and Space Infrastructure.  Includes SCIF and data center space.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Maxar Technologies  B+  % Leased by Major Lessee  100%  Major Lessee SQFT  430,000  Industry (Major Tenant)  Capital Goods  Lease Type  Net  % of Total ABR (Property)  3.6%  Property WALT  7.5 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  430,000  Total Property % Leased  100%  FAR  0.31  Year Built  2002  Year Renovated  N/A  Stories  4  Parking Ratio (per 1,000 SF)  4.1  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  23  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  The property is 70% leased to Guild Mortgage with the remaining 30% leased to Cox  Communications.  Highly visible from its elevated position on a bluff at the southeast corner of the Interstate 805 and Highway 52 interchange, offering excellent visibility and accessibility.  SEGMENT DESIGNATION  MARKET INFORMATION  Region West  Market San Diego  Submarket Kearny Mesa  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Terraces at Copley Point  5887 Copley Drive San Diego, CA 92111  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Multi-Tenant  Credit(1)  Tenant  Guild Mortgage  IG10  % Leased by Major Lessee  70%  Major Lessee SQFT  141,700  Industry (Major Tenant)  Commercial & Professional Services  Lease Type  Base Year + E  % of Total ABR (Property)  3.3%  Property WALT  5.4 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  201,700  Total Property % Leased  100%  FAR  0.41  Year Built  2009  Year Renovated  N/A  Stories  6  Parking Ratio (per 1,000 SF)  3.8  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  24  Property of Peakstone Realty Trust 
 

 LPL (1055 & 1060 LPL Way)  1055 & 1060 LPL Way  Fort Mill, SC 29175  Portfolio Segment Office  Region Southeast  Market Charlotte  Submarket York County  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  MARKET INFORMATION  PROPERTY OVERVIEW  SEGMENT DESIGNATION  The property is one of two adjacent buildings developed as a build-to-suit for LPL and  serves as the largest of its four primary U.S. office locations.  Asset is located in a thriving mixed-use development with walkable retail, lodging, and excellent accessibility to Interstate 77.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  LPL  Baa3  % Leased by Major Lessee  100%  Major Lessee SQFT  307,200  Industry (Major Tenant)  Diversified Financials  Lease Type  Net  % of Total ABR (Property)  2.7%  Property WALT  13.8 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  307,200  Total Property % Leased  100%  FAR  0.54  Year Built  2016  Year Renovated  N/A  Stories  6  Parking Ratio (per 1,000 SF)  4.2  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  25  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  SEGMENT DESIGNATION  MARKET INFORMATION  Property is 100% leased to Travel & Leisure.  Asset is located in the desirable Parsippany, NJ office market with excellent accessibility to Interstate 287.  The Class "A" property was built in 2013 and contains high-end finishes, amenities, and achieved LEED Gold certification.  Region Northeast  Market Northern New Jersey  Submarket Parsippany  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Travel & Leisure, Co.  14 Sylvan Way  Parsippany, NJ 07045  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Travel & Leisure  BB-  % Leased by Major Lessee  100%  Major Lessee SQFT  203,500  Industry (Major Tenant)  Consumer Services  Lease Type  Net  % of Total ABR (Property)  2.7%  Property WALT  6.7 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  203,500  Total Property % Leased  100%  FAR  0.20  Year Built  2013  Year Renovated  N/A  Stories  3  Parking Ratio (per 1,000 SF)  3.9  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  26  Property of Peakstone Realty Trust 
 

 Wood Group (Westgate III)  17325 Park Row  Houston, TX 77084  Portfolio Segment Office  MARKET INFORMATION  Region Southwest  Market Houston  Submarket Katy Freeway West  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Corporate headquarters for Wood Group USA, a business unit of John Wood Group PLC.  Located in the Energy Corridor submarket of Houston along Interstate 10, midway between Beltway 8 and the Grand Parkway.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Wood Group  HY6  % Leased by Major Lessee  100%  Major Lessee SQFT  226,300  Industry (Major Tenant)  Energy  Lease Type  Net  % of Total ABR (Property)  2.6%  Property WALT  11.0 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  226,300  Total Property % Leased  100%  FAR  0.88  Year Built  2014  Year Renovated  N/A  Stories  5  Parking Ratio (per 1,000 SF)  4.0  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  27  Property of Peakstone Realty Trust 
 

 IGT  6355 South Buffalo Drive Las Vegas, NV 89113  Portfolio Segment Office  Region Southwest  Market Las Vegas  Submarket South Las Vegas  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  MARKET INFORMATION  PROPERTY OVERVIEW  North American headquarters for IGT Gaming.  IGT is the global leader in gaming across four channels including lotteries, gaming machines, sports betting, and digital.  The property provides locational benefits for IGT, including close proximity to the Las Vegas Strip and access to labor pools across the metropolitan area.  SEGMENT DESIGNATION  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  IGT  BB+  % Leased by Major Lessee  100%  Major Lessee SQFT  222,300  Industry (Major Tenant)  Consumer Services  Lease Type  Net  % of Total ABR (Property)  2.4%  Property WALT  8.0 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  222,300  Total Property % Leased  100%  FAR  0.38  Year Built  2008  Year Renovated  N/A  Stories  3  Parking Ratio (per 1,000 SF)  4.0  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  28  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  Located in one of the top submarkets of Memphis, the property was developed as a  build-to-suit for International Paper.  One of three buildings comprising International Paper’s global headquarters campus.  SEGMENT DESIGNATION  MARKET INFORMATION  Region Southeast  Market Memphis  Submarket East Memphis  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  (2) Lease restricts certain disclosures.  International Paper  1740 International Drive  Memphis, TN 38120  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  International Paper  BBB  % Leased by Major Lessee  100%  Major Lessee SQFT  238,600  Industry (Major Tenant)  Materials  Lease Type  Net  % of Total ABR (Property)  2.3%  Property WALT(2)  7.0+ years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  238,600  Total Property % Leased  100%  FAR  1.07  Year Built  2015  Year Renovated  N/A  Stories  9  Parking Ratio (per 1,000 SF)  4.1  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  29  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  SEGMENT DESIGNATION  MARKET INFORMATION  Corporate headquarters for onsemi.  The tenant recently executed a new lease which represents one of the largest office leases executed in the Phoenix MSA over the past three years.  Offers highly visible building top signage in addition to 450+ feet of building frontage along the 101 Freeway.  Region Southwest  Market Phoenix  Submarket Scottsdale South  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  (2) Lease restricts certain disclosures.  onsemi (5701 N. Pima Road)  5701 N. Pima Road Scottsdale, AZ 85250  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  onsemi  BB+  % Leased by Major Lessee  100%  Major Lessee SQFT  133,400  Industry (Major Tenant)  Semiconductors & Semiconductor Equipment  Lease Type  Net  % of Total ABR (Property)  1.6%  Property WALT(2)  -  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  133,400  Total Property % Leased  100%  FAR  0.20  Year Built  2017  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  7.7  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  30  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  MARKET INFORMATION  Corporate headquarters for Zoetis, a global leader in the discovery, development,  manufacture and commercialization of animal health medicines and vaccines.  The property was a renovation-to-suit for Zoetis. As part of the renovation the building was stripped down to the frame and transformed to a state-of-the-art headquarters including the addition of a parking deck to expand the parking count.  SEGMENT DESIGNATION  Region Northeast  Market Northern New Jersey  Submarket Parsippany  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  (2) Lease restricts certain disclosures.  Zoetis  10 Sylvan Way  Parsippany, NJ 07054  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Zoetis  Baa1  % Leased by Major Lessee  100%  Major Lessee SQFT  125,700  Industry (Major Tenant)  Pharmaceuticals, Biotechnology & Life Sciences  Lease Type  Net  % of Total ABR (Property)  1.5%  Property WALT(2)  -  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  125,700  Total Property % Leased  100%  FAR  0.31  Year Built  1984  Year Renovated  2016  Stories  3  Parking Ratio (per 1,000 SF)  4.2  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  31  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  Property is leased to McKesson.  The building is LEED certified and offers highly visible building top signage in addition to 450+ feet of building frontage along the 101 Freeway.  SEGMENT DESIGNATION  MARKET INFORMATION  Region Southwest  Market Phoenix  Submarket Scottsdale South  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  (2) Lease restricts certain disclosures.  McKesson (5801 N. Pima Road)  5801 N. Pima Road Scottsdale, AZ 85250  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  McKesson  BBB+  % Leased by Major Lessee  100%  Major Lessee SQFT  124,900  Industry (Major Tenant)  Health Care Equipment & Services  Lease Type  Net  % of Total ABR (Property)  1.4%  Property WALT(2)  -  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  124,900  Total Property % Leased  100%  FAR  0.26  Year Built  2019  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  5.9  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  32  Property of Peakstone Realty Trust 
 

 McKesson (5601 N. Pima Road)  5601 N. Pima Road Scottsdale, AZ 85250  Portfolio Segment Office  MARKET INFORMATION  Region Southwest  Market Phoenix  Submarket Scottsdale South  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  (2) Lease restricts certain disclosures.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Property is leased to McKesson.  The building is LEED certified and offers highly visible building top signage in addition to 450+ feet of building frontage along the 101 Freeway.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  McKesson  BBB+  % Leased by Major Lessee  100%  Major Lessee SQFT  138,200  Industry (Major Tenant)  Health Care Equipment & Services  Lease Type  Net  % of Total ABR (Property)  1.4%  Property WALT(2)  -  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  138,200  Total Property % Leased  100%  FAR  0.20  Year Built  2017  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  6.7  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  33  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  Property is 93% leased to two tenants and serves as the corporate headquarters for  Johnson, Mirmiran & Thompson ("JMT") which occupies 89% of the building.  The building is LEED certified and was developed in 2017 as a build-to-suit for JMT, a regional engineering and design firm.  SEGMENT DESIGNATION  MARKET INFORMATION  Region Northeast  Market Baltimore  Submarket Route 83 North  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  40 Wight  40 Wight Avenue  Hunt Valley, MD 21030  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Multi-Tenant  Credit(1)  Tenant  Johnson, Mirmiran & Thompson  N/A  % Leased by Major Lessee  89%  Major Lessee SQFT  117,800  Industry (Major Tenant)  Commercial & Professional Services  Lease Type  Net  % of Total ABR (Property)  1.4%  Property WALT  9.8 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  132,200  Total Property % Leased  93%  FAR  0.33  Year Built  2017  Year Renovated  N/A  Stories  5  Parking Ratio (per 1,000 SF)  4.3  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  34  Property of Peakstone Realty Trust 
 

 York Space Systems (East Village)  6060 South Willow Drive Greenwood Village, CO 80111  Portfolio Segment Office  MARKET INFORMATION  Region West  Market Denver  Submarket Southeast Denver  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Satellite assembly and operations facility for York Space Systems.  York Space Systems is a company focusing on designing and manufacturing spacecraft platforms.  Property underwent a full building renovation in 2020 at a cost of approximately $9m ($65/sf).  Asset has excellent access to Interstate 25 and is located less than one half mile north of the Arapahoe at Village Center Station light rail stop.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  York Space Systems  N/A  % Leased by Major Lessee  100%  Major Lessee SQFT  138,100  Industry (Major Tenant)  Capital Goods  Lease Type  Net  % of Total ABR (Property)  1.4%  Property WALT  9.0 years  BUILDING INFORMATION  Detailed Property Type  Office/R&D  Square Feet  138,100  Total Property % Leased  100%  FAR  0.50  Year Built  1982  Year Renovated  2020  Stories  3  Parking Ratio (per 1,000 SF)  4.0  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  35  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  Constructed in 2014 as a build-to-suit for the tenant, the building contains office and lab  space. The tenant's focus is on seed and crop protection solutions for the agriculture industry.  SEGMENT DESIGNATION  MARKET INFORMATION  Region Midwest  Market Des Moines  Submarket Western Suburbs  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Corteva Agriscience  8501 NW 62nd Ave Johnston, IA 50131  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Corteva Agriscience  A  % Leased by Major Lessee  100%  Major Lessee SQFT  184,300  Industry (Major Tenant)  Materials  Lease Type  Net  % of Total ABR (Property)  1.4%  Property WALT  3.9 years  BUILDING INFORMATION  Detailed Property Type  Office/Lab  Square Feet  184,300  Total Property % Leased  100%  FAR  0.29  Year Built  2014  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  3.6  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  36  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  Office/Lab/R&D facility for Keurig Dr. Pepper.  Class "A" building with approximately 50,000 sf of office space, 40,000 sf of lab space, and 60,000 sf of warehouse research and design space.  The building contains 6,000 amps power, 22' clear heights in the warehouse R&D space, and other specialized infrastructure to support the lab functions.  SEGMENT DESIGNATION  MARKET INFORMATION  Region Northeast  Market Boston  Submarket Route 128 North  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Keurig Dr. Pepper (63 South Avenue)  63 South Avenue  Burlington, MA 01803  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Keurig Dr. Pepper  BBB  % Leased by Major Lessee  100%  Major Lessee SQFT  150,700  Industry (Major Tenant)  Food, Beverage & Tobacco  Lease Type  Net  % of Total ABR (Property)  1.3%  Property WALT  6.9 years  BUILDING INFORMATION  Detailed Property Type  Office/Lab/R&D  Square Feet  150,700  Total Property % Leased  100%  FAR  0.58  Year Built  2013  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  1.8  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  37  Property of Peakstone Realty Trust 
 

 LPL (1040 LPL Way)  1040 LPL Way  Fort Mill, SC 29175  Portfolio Segment Office  MARKET INFORMATION  Region Southeast  Market Charlotte  Submarket York County  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  The property is one of two adjacent buildings developed as a build-to-suit for LPL and  serves as the largest of its four primary U.S. office locations.  Asset is located in a thriving mixed-use development with walkable retail, lodging, and excellent accessibility to Interstate 77.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  LPL  Baa3  % Leased by Major Lessee  100%  Major Lessee SQFT  144,400  Industry (Major Tenant)  Diversified Financials  Lease Type  Net  % of Total ABR (Property)  1.3%  Property WALT  13.8 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  144,400  Total Property % Leased  100%  FAR  1.02  Year Built  2016  Year Renovated  N/A  Stories  6  Parking Ratio (per 1,000 SF)  4.2  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  38  Property of Peakstone Realty Trust 
 

 Toshiba TEC  3901 South Miami Boulevard Durham, NC 27709  Portfolio Segment Office  Region Southeast  Market Raleigh/Durham  Submarket RTP  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Corporate headquarters for Toshiba Global Commerce Solutions, a subsidiary of Toshiba  Tec Corporation, which provides integrated in-store solutions for retailers globally.  Building features include an expanded lobby with a "Solutions Showcase" highlighting the tenant's latest product innovations.  Property's location is immediately adjacent to Research Triangle Park, the largest research park in the United States.  SEGMENT DESIGNATION  MARKET INFORMATION  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Toshiba TEC  BB+  % Leased by Major Lessee  100%  Major Lessee SQFT  200,800  Industry (Major Tenant)  Technology Hardware & Equipment  Lease Type  Net  % of Total ABR (Property)  1.2%  Property WALT  5.3 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  200,800  Total Property % Leased  100%  FAR  0.19  Year Built  1999  Year Renovated  2016  Stories  4  Parking Ratio (per 1,000 SF)  4.4  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  39  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  Corporate headquarters for Mercury Systems, a leading provider of mission-critical  technology solutions for the global aerospace and defense industry.  Contains SCIF's, R&D labs, and other secure areas.  SEGMENT DESIGNATION  MARKET INFORMATION  Region Northeast  Market Boston  Submarket Andover  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Mercury Systems  50 Minuteman Road  Andover, MA 01810  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Mercury Systems  IG8  % Leased by Major Lessee  100%  Major Lessee SQFT  145,300  Industry (Major Tenant)  Capital Goods  Lease Type  Net  % of Total ABR (Property)  1.2%  Property WALT  9.3 years  BUILDING INFORMATION  Detailed Property Type  Office/Lab  Square Feet  145,300  Total Property % Leased  100%  FAR  0.24  Year Built  1997  Year Renovated  N/A  Stories  3  Parking Ratio (per 1,000 SF)  3.5  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  40  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  Specialized facility for Occidental Petroleum housing the company’s Integrated  Operating Center for oil and gas production in the DJ Basin.  The on-site antennae gather “real time” data from the company's wells in the field.  Property is located in Weld County, which is responsible for roughly 83% of the state’s crude oil production as well as 52% of the natural gas production.  SEGMENT DESIGNATION  MARKET INFORMATION  Region West  Market Platteville  Submarket Weld County  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Occidental Petroleum  501 North Division Street Platteville, CO 80651  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Occidental Petroleum  BB+  % Leased by Major Lessee  100%  Major Lessee SQFT  114,500  Industry (Major Tenant)  Energy  Lease Type  Net  % of Total ABR (Property)  1.1%  Property WALT  10.8 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  114,500  Total Property % Leased  100%  FAR  0.18  Year Built  2013  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  4.7  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  41  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  Corporate headquarters for Avnet, a technology solutions company focused on  marketing, selling, and distributing electronic components.  The property has excellent access along Highway 143 and is located less than three miles from Phoenix Sky Harbor International Airport.  SEGMENT DESIGNATION  MARKET INFORMATION  Region Southwest  Market Phoenix  Submarket Airport  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Avnet (Phoenix)  2211 S 47th Street Phoenix, AZ 85034  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Avnet  BBB-  % Leased by Major Lessee  100%  Major Lessee SQFT  176,400  Industry (Major Tenant)  Technology Hardware & Equipment  Lease Type  Net  % of Total ABR (Property)  1.0%  Property WALT  3.7 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  176,400  Total Property % Leased  100%  FAR  0.36  Year Built  1997  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  5.8  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  42  Property of Peakstone Realty Trust 
 

 PPG  400 Bertha Lamme Drive Cranberry Township, PA 16066  Portfolio Segment Office  MARKET INFORMATION  Region Northeast  Market Pittsburgh  Submarket Butler County  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  The property serves as PPG Paints' Architectural Coatings regional headquarters.  Excellent access to Interstate 79 via the Highway 228 interchange and located within the Cranberry Woods Office Park, considered to be Western Pennsylvania's premier business address location.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  PPG  A3  % Leased by Major Lessee  100%  Major Lessee SQFT  118,000  Industry (Major Tenant)  Retailing  Lease Type  Net  % of Total ABR (Property)  1.0%  Property WALT  8.0 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  118,000  Total Property % Leased  100%  FAR  0.11  Year Built  2010  Year Renovated  N/A  Stories  3  Parking Ratio (per 1,000 SF)  5.0  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  43  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  MARKET INFORMATION  Corporate headquarters for MISO (Midcontinent Independent System Operator).  The building is connected via skyway to MISO's mission-critical control center where the company manages the flow of high-voltage electricity for 45 million customers across 15  U.S. states and the Canadian province of Manitoba.  Located in the highly desirable submarket of Carmel.  SEGMENT DESIGNATION  Region Midwest  Market Indianapolis  Submarket North Meridian/Carmel  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  MISO  720 City Center Drive Carmel, IN 46032  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  MISO  AA-  % Leased by Major Lessee  100%  Major Lessee SQFT  133,400  Industry (Major Tenant)  Utilities  Lease Type  Net  % of Total ABR (Property)  1.0%  Property WALT  5.3 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  133,400  Total Property % Leased  100%  FAR  0.39  Year Built  2008  Year Renovated  2016  Stories  3  Parking Ratio (per 1,000 SF)  4.5  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  44  Property of Peakstone Realty Trust 
 

 Amentum (Heritage III)  13500 Heritage Parkway Fort Worth, TX 76177  Portfolio Segment Office  MARKET INFORMATION  Region Southwest  Market Dallas/Fort Worth  Submarket Alliance  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  (2) Lease restricts certain disclosures.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  The property is leased to Amentum.  The Class "A" building is located in close proximity to Perot Field Fort Worth Alliance Airport.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Amentum  DS1  % Leased by Major Lessee  100%  Major Lessee SQFT  119,000  Industry (Major Tenant)  Software & Services  Lease Type  Net  % of Total ABR (Property)  0.9%  Property WALT(2)  -  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  119,000  Total Property % Leased  100%  FAR  0.30  Year Built  2006  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  4.9  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  45  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  North American headquarters for Draeger Medical Systems, a division of Draegerwerks  AG, a leading international manufacturer of medical and safety technology products.  Property is utilized as a design, development and manufacturing facility for the tenant's patient monitoring product line.  SEGMENT DESIGNATION  MARKET INFORMATION  Region Northeast  Market Boston  Submarket Andover  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Draeger Medical Systems  Six Tech Drive Andover, MA 01810  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Draeger Medical Systems  IG8  % Leased by Major Lessee  100%  Major Lessee SQFT  128,400  Industry (Major Tenant)  Health Care Equipment & Services  Lease Type  Net  % of Total ABR (Property)  0.9%  Property WALT  8.5 years  BUILDING INFORMATION  Detailed Property Type  Office/Lab  Square Feet  128,400  Total Property % Leased  100%  FAR  0.22  Year Built  1984  Year Renovated  2020  Stories  2  Parking Ratio (per 1,000 SF)  3.4  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  46  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  The property is leased to a subsidiary of Fresenius Medical Care.  Fresenius Medical Care is a healthcare company that provides healthcare professionals with products and solutions for patients with renal failure and chronic kidney disease through a network of outpatient dialysis centers.  Class "A" asset located in Tyler, a growing and affluent outer suburb of Dallas.  MARKET INFORMATION  SEGMENT DESIGNATION  Region Southwest  Market Tyler  Submarket Smith County  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Fresenius Medical Care  3355 Earl Campbell Pkwy Tyler, TX 75701  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Fresenius Medical Care  Baa3  % Leased by Major Lessee  100%  Major Lessee SQFT  81,000  Industry (Major Tenant)  Health Care Equipment & Services  Lease Type  Net  % of Total ABR (Property)  0.8%  Property WALT  8.8 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  81,000  Total Property % Leased  100%  FAR  0.21  Year Built  2016  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  7.0  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  47  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  SEGMENT DESIGNATION  MARKET INFORMATION  The property is leased to Cigna.  Developed as a build-to-suit for Cigna in 2012.  Tenant recently renewed its lease in 2021 for 5 years.  Region Southeast  Market Nashville  Submarket MetroCenter  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Cigna (500 Great Circle Road)  500 Great Circle Road Nashville, TN 37228  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Cigna  A-  % Leased by Major Lessee  100%  Major Lessee SQFT  72,200  Industry (Major Tenant)  Health Care Equipment & Services  Lease Type  Net  % of Total ABR (Property)  0.7%  Property WALT  4.5 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  72,200  Total Property % Leased  100%  FAR  0.19  Year Built  2012  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  5.8  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  48  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  The property is leased to Express Scripts.  Constructed as a build-to-suit and designed specifically for call center and data center operations, with large, open floor plans that can accommodate a significant number of employee work stations.  SEGMENT DESIGNATION  MARKET INFORMATION  Region Northeast  Market Pittsburgh  Submarket Parkway East  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Cigna (Express Scripts)  501 Ronda Court  North Huntingdon, PA 15642  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Express Scripts  BBB+  % Leased by Major Lessee  100%  Major Lessee SQFT  70,500  Industry (Major Tenant)  Health Care Equipment & Services  Lease Type  Net  % of Total ABR (Property)  0.7%  Property WALT  2.5 years  BUILDING INFORMATION  Detailed Property Type  Office/Data Center  Square Feet  70,500  Total Property % Leased  100%  FAR  0.11  Year Built  2015  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  9.0  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  49  Property of Peakstone Realty Trust 
 

 AT&T (14500 NE 87th Street)  14500 NE 87th Street Redmond, WA 98052  Portfolio Segment Office  MARKET INFORMATION  Region West  Market Seattle/Puget Sound  Submarket Redmond  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Mission-critical facility for AT&T consisting of data center, lab, and office space.  Strategically located adjacent to Sammamish Electricity Substation.  Tenant has invested substantial capital into the property (property consists of 14500, 14520, and 14560 NE 87th Street) creating a mission-critical data center and R&D/engineering hub.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  AT&T  BBB+  % Leased by Major Lessee  100%  Major Lessee SQFT  60,000  Industry (Major Tenant)  Telecommunication Services  Lease Type  Net  % of Total ABR (Property)  0.7%  Property WALT  4.7 years  BUILDING INFORMATION  Detailed Property Type  Office/Data Center  Square Feet  60,000  Total Property % Leased  100%  FAR  0.43  Year Built  1995  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  3.0  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  50  Property of Peakstone Realty Trust 
 

 AT&T (14520 NE 87th Street)  14520 NE 87th Street Redmond, WA 98052  Portfolio Segment Office  MARKET INFORMATION  Region West  Market Seattle/Puget Sound  Submarket Redmond  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Mission-critical facility for AT&T consisting of data center, lab, and office space.  Strategically located adjacent to Sammamish Electricity Substation.  Tenant has invested substantial capital into the property (property consists of 14500, 14520, and 14560 NE 87th Street) creating a mission-critical data center and R&D/engineering hub.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  AT&T  BBB+  % Leased by Major Lessee  100%  Major Lessee SQFT  59,800  Industry (Major Tenant)  Telecommunication Services  Lease Type  Net  % of Total ABR (Property)  0.6%  Property WALT  4.7 years  BUILDING INFORMATION  Detailed Property Type  Office/Data Center  Square Feet  59,800  Total Property % Leased  100%  FAR  0.43  Year Built  1995  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  3.0  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  51  Property of Peakstone Realty Trust 
 

 Parallon  6451 126th Avenue North Largo, FL 33773  Portfolio Segment Office  MARKET INFORMATION  Region Southeast  Market Tampa  Submarket Mid-Pinellas  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  The property is leased to a subsidiary of HCA Healthcare.  HCA Healthcare provides health care services through its general and acute hospital operations which offer medical and surgical services.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Parallon  BBB-  % Leased by Major Lessee  100%  Major Lessee SQFT  83,200  Industry (Major Tenant)  Health Care Equipment & Services  Lease Type  Net  % of Total ABR (Property)  0.6%  Property WALT  2.2 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  83,200  Total Property % Leased  100%  FAR  0.22  Year Built  2013  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  7.6  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  52  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  The property is leased to Tech Data.  Tech Data is one of the world's largest technology distributors also offering a wide range of technical and business support services.  SEGMENT DESIGNATION  MARKET INFORMATION  Region Southwest  Market San Antonio  Submarket Far North Central  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Tech Data  19031 Ridgewood Parkway San Antonio, TX 78259  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Tech Data  BBB-  % Leased by Major Lessee  100%  Major Lessee SQFT  58,000  Industry (Major Tenant)  Technology Hardware & Equipment  Lease Type  Net  % of Total ABR (Property)  0.5%  Property WALT  1.9 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  58,000  Total Property % Leased  100%  FAR  0.27  Year Built  2014  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  4.1  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  53  Property of Peakstone Realty Trust 
 

 Rapiscan Systems  23 Frontage Road  Andover, MA 01810  Portfolio Segment Office  MARKET INFORMATION  Region Northeast  Market Boston  Submarket Route 495  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Property is leased to Rapiscan Systems.  Rapiscan Systems manufactures security equipment and systems designed for checkpoints, cargo, vehicle, baggage, parcel, and air cargo security inspection.  The property has excellent access to Interstate 93.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Rapiscan Systems  IG3  % Leased by Major Lessee  100%  Major Lessee SQFT  64,200  Industry (Major Tenant)  Capital Goods  Lease Type  Net  % of Total ABR (Property)  0.4%  Property WALT  4.4 years  BUILDING INFORMATION  Detailed Property Type  Office/Lab  Square Feet  64,200  Total Property % Leased  100%  FAR  0.34  Year Built  1984  Year Renovated  2014  Stories  2  Parking Ratio (per 1,000 SF)  3.7  Industrial Property Stats:  Trailer Parking Spaces  0  Loading Docks  2  Type of Docks (cross, rear, etc.)  Rear  Clear Height  N/A  54  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  The property is 100% leased to two tenants, Blue Force Technologies and Ultra  Electronics Ocean Systems.  Blue Force, a firm specializing in design, fabrication and manufacturing of aerospace and defense systems, leases 51% of the property.  Ultra Electronics, a leading supplier to the US Navy, providing acoustic and sonar systems, torpedo defense and radar sensor solutions, leases 49% of the property.  SEGMENT DESIGNATION  MARKET INFORMATION  Region Southeast  Market Raleigh/Durham  Submarket Wake Forest  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  (2) Major Lessee based on Tenant ABR.  136 & 204 Capcom  136 & 204 Capcom Avenue Wake Forest, NC 27587  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Multi-Tenant  Credit(1)  Tenant  Ultra Electronics Ocean Systems  HY1  % Leased by Major Lessee(2)  49%  Major Lessee SQFT  31,000  Industry (Major Tenant)  Capital Goods  Lease Type  Net  % of Total ABR (Property)  0.4%  Property WALT  3.2 years  BUILDING INFORMATION  Detailed Property Type  Office/R&D  Square Feet  63,000  Total Property % Leased  100%  FAR  0.24  Year Built  2010  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  2.7  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  55  Property of Peakstone Realty Trust 
 

 AT&T (14560 NE 87th Street)  14560 NE 87th Street Redmond, WA 98052  Portfolio Segment Office  MARKET INFORMATION  Region West  Market Seattle/Puget Sound  Submarket Redmond  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Mission-critical facility for AT&T consisting of data center and office space.  Strategically located adjacent to Sammamish Electricity Substation.  Tenant has invested substantial capital into the property (property consists of 14500, 14520, and 14560 NE 87th Street) creating a mission-critical data center and R&D/engineering hub.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  AT&T  BBB+  % Leased by Major Lessee  100%  Major Lessee SQFT  36,000  Industry (Major Tenant)  Telecommunication Services  Lease Type  Net  % of Total ABR (Property)  0.4%  Property WALT  4.7 years  BUILDING INFORMATION  Detailed Property Type  Office/Data Center  Square Feet  36,000  Total Property % Leased  100%  FAR  0.43  Year Built  1995  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  3.0  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  56  Property of Peakstone Realty Trust 
 

 Portfolio Segment Office  SEGMENT DESIGNATION  MARKET INFORMATION  Upon the estimated commencement date of January 1, 2024, the property will serve as  the corporate headquarters for a confidential healthcare laboratory company.  Tenant's buildout will include numerous labs in addition to office space.  Region Southeast  Market Nashville  Submarket Metro Center  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  (2) Lease restricts certain disclosures.  530 Great Circle Road  530 Great Circle Road Nashville, TN 37228  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant(2)  -  HY6  % Leased by Major Lessee  100%  Major Lessee SQFT  98,400  Industry (Major Tenant)  Health Care Equipment & Services  Lease Type  Net  % of Total ABR (Property)  0.0%  Property WALT(2)  -  BUILDING INFORMATION  Detailed Property Type  Office/Lab  Square Feet  98,400  Total Property % Leased  100%  FAR  0.19  Year Built  2011  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  5.8  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  57  Property of Peakstone Realty Trust 
 

 Other Segment Property Summaries 
 

 Wyndham Hotels & Resorts  22 Sylvan Way  Parsippany, NJ 07054  Portfolio Segment Other  MARKET INFORMATION  Region Northeast  Market Northern New Jersey  Submarket Parsippany  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Global headquarters for Wyndham Hotels & Resorts.  Asset is located in the desirable Parsippany, NJ office market with excellent accessibility to Interstate 287.  Property features an above standard amenity package that was designed to emulate the amenities found in 5-star Wyndham hotels.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Wyndham Hotels & Resorts  BB-  % Leased by Major Lessee  100%  Major Lessee SQFT  249,400  Industry (Major Tenant)  Consumer Services  Lease Type  Net  % of Total ABR (Property)  3.4%  Property WALT  6.7 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  249,400  Total Property % Leased  100%  FAR  0.25  Year Built  2009  Year Renovated  N/A  Stories  3  Parking Ratio (per 1,000 SF)  4.0  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  58  Property of Peakstone Realty Trust 
 

 Wood Group (Westgate II)  17320 Katy Freeway  Houston, TX 77094  Portfolio Segment Other  MARKET INFORMATION  Region Southwest  Market Houston  Submarket Energy Corridor  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  The property is leased to Wood Group.  Located in the Energy Corridor submarket of Houston along Interstate 10 midway between Beltway 8 and the Grand Parkway.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Wood Group  HY6  % Leased by Major Lessee  100%  Major Lessee SQFT  186,300  Industry (Major Tenant)  Energy  Lease Type  Net  % of Total ABR (Property)  2.1%  Property WALT  1.3 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  186,300  Total Property % Leased  100%  FAR  0.62  Year Built  2014  Year Renovated  N/A  Stories  4  Parking Ratio (per 1,000 SF)  4.4  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  59  Property of Peakstone Realty Trust 
 

 Schlumberger  1200 Enclave Parkway  Houston, TX 77077  Portfolio Segment Other  MARKET INFORMATION  Region Southwest  Market Houston  Submarket Energy Corridor  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  (2) Lease restricts certain disclosures.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  The property is leased to Schlumberger.  Located in the Energy Corridor submarket of Houston with immediate access off of Enclave Parkway which connects to the area's major north-south thoroughfare, Eldridge Parkway.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Schlumberger  A  % Leased by Major Lessee  97%  Major Lessee SQFT  144,600  Industry (Major Tenant)  Energy  Lease Type  Net  % of Total ABR (Property)  1.7%  Property WALT(2)  -  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  149,700  Total Property % Leased  98%  FAR  0.64  Year Built  1999  Year Renovated  N/A  Stories  6  Parking Ratio (per 1,000 SF)  5.0  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  60  Property of Peakstone Realty Trust 
 

 Level 3 (ParkRidge One)  10475 Park Meadows Drive Lone Tree, CO 80124  Portfolio Segment Other  MARKET INFORMATION  Region West  Market Denver  Submarket Lone Tree  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  (2) Lease restricts certain disclosures.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  The property is leased to Level 3.  Property has excellent access to Interstate 25 via Lincoln Ave. interchange and is located less than one mile north of the Sky Ridge Station light rail stop.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Level 3  BB  % Leased by Major Lessee  100%  Major Lessee SQFT  166,700  Industry (Major Tenant)  Telecommunication Services  Lease Type  Base Year  % of Total ABR (Property)  1.6%  Property WALT(2)  -  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  166,700  Total Property % Leased  100%  FAR  0.38  Year Built  1999  Year Renovated  N/A  Stories  6  Parking Ratio (per 1,000 SF)  4.1  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  61  Property of Peakstone Realty Trust 
 

 Raytheon Technologies  2730 West Tyvola Road Charlotte, NC 28217  Portfolio Segment Other  MARKET INFORMATION  Region Southeast  Market Charlotte  Submarket Airport  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  (2) Lease restricts certain disclosures.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  The property is leased to Raytheon Technologies and serves as the headquarters for  Raytheon's Collins Aerospace business unit.  Located in the 65 acre Coliseum Centre office park with six multistory office buildings. Coliseum Centre is less than five miles from Charlotte Douglass International Airport and includes best-in-class construction, landscaping, and tenancy.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Raytheon Technologies  A-  % Leased by Major Lessee  100%  Major Lessee SQFT  198,900  Industry (Major Tenant)  Capital Goods  Lease Type  Net  % of Total ABR (Property)  1.5%  Property WALT(2)  -  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  198,900  Total Property % Leased  100%  FAR  0.36  Year Built  1999  Year Renovated  N/A  Stories  6  Parking Ratio (per 1,000 SF)  4.1  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  62  Property of Peakstone Realty Trust 
 

 Hitachi Energy  500 West Highway 94 Jefferson City, MO 65101  Portfolio Segment Other  MARKET INFORMATION  Region Midwest  Market Jefferson City  Submarket Jefferson City  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Manufacturing facility for Hitachi Energy (formerly ABB) for the production of power  transformers, switchgear, and related components and parts.  The property is designed and equipped with extensive above-standard infrastructure, including high-capacity cranes, robotics, and computerized machinery necessary to manufacture large capacity power transformers. The facility is designed to run virtually non-stop (closing down only for scheduled maintenance).  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Hitachi Energy USA  A-  % Leased by Major Lessee  100%  Major Lessee SQFT  660,000  Industry (Major Tenant)  Capital Goods  Lease Type  Net  % of Total ABR (Property)  1.3%  Property WALT  1.7 years  BUILDING INFORMATION  Detailed Property Type  Manufacturing  Square Feet  660,000  Total Property % Leased  100%  FAR  0.16  Year Built  1972  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  1.4  Industrial Property Stats:  Trailer Parking Spaces  0  Loading Docks  12  Type of Docks (cross, rear, etc.)  Rear  Clear Height  25'  63  Property of Peakstone Realty Trust 
 

 Avnet (Chandler)  6700 West Morelos Place Chandler, AZ 85226  Portfolio Segment Other  MARKET INFORMATION  Region Southwest  Market Phoenix  Submarket Chandler  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  (2) Lease restricts certain disclosures.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Headquarters and logistics facility for Avnet Integrated, a business unit of Avnet.  Tenant utilizes property as an R&D and assembly facility for its hardware and software products.  Excellent access to Interstate 10 via the Loop 202 interchange.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Avnet  BBB-  % Leased by Major Lessee  100%  Major Lessee SQFT  231,500  Industry (Major Tenant)  Technology Hardware & Equipment  Lease Type  Net  % of Total ABR (Property)  1.3%  Property WALT(2)  -  BUILDING INFORMATION  Detailed Property Type  Industrial/R&D  Square Feet  231,500  Total Property % Leased  100%  FAR  0.40  Year Built  2008  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  2.1  Industrial Property Stats:  Trailer Parking Spaces  0  Loading Docks  14  Type of Docks (cross, rear, etc.)  Rear  Clear Height  35'  64  Property of Peakstone Realty Trust 
 

 Franklin Center  6841 Benjamin Franklin Drive Columbia, MD 21046  Portfolio Segment Other  MARKET INFORMATION  Region Northeast  Market Baltimore  Submarket Columbia South  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  The property is currently 55% leased to two tenants.  Leidos, the primary tenant, utilizes the property to serve various government contracts and its space contains SCIF's and other secure areas.  Prominent visibility along Interstate 95.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Multi-Tenant  Credit(1)  Tenant  Leidos  BBB-  % Leased by Major Lessee  54%  Major Lessee SQFT  110,300  Industry (Major Tenant)  Software & Services  Lease Type  Base Year + E  % of Total ABR (Property)  1.2%  Property WALT  3.6 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  202,500  Total Property % Leased  55%  FAR  0.31  Year Built  2008  Year Renovated  N/A  Stories  7  Parking Ratio (per 1,000 SF)  4.9  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  65  Property of Peakstone Realty Trust 
 

 Portfolio Segment Other  Located in the Cummings Research Park, a 3,843 acre office campus with nearly 6.4  million sf of existing buildings. Huntsville is home to NASA’s Marshall Space Flight Center and the US Army Aviation and Missile Command as well as numerous engineering, space, and defense companies in Cummings Research Park.  SEGMENT DESIGNATION  MARKET INFORMATION  Region Southeast  Market Huntsville  Submarket Cummins Research Park  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  KBR  345 Bob Heath Drive Huntsville, AL 35806  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  KBR  BB  % Leased by Major Lessee  100%  Major Lessee SQFT  120,000  Industry (Major Tenant)  Commercial & Professional Services  Lease Type  Base Year  % of Total ABR (Property)  1.0%  Property WALT  0.7 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  120,000  Total Property % Leased  100%  FAR  0.20  Year Built  2013  Year Renovated  N/A  Stories  3  Parking Ratio (per 1,000 SF)  3.5  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  66  Property of Peakstone Realty Trust 
 

 30 Independence  30 Independence Boulevard  Warren, NJ 07059  Portfolio Segment Other  MARKET INFORMATION  Region Northeast  Market Northern New Jersey  Submarket Route 78 East  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  The property is currently 52% leased to six tenants.  Asset recently went through a renovation which led to the procurement of six leases totaling 107,700 SF.  Excellent access to Interstate 78 via the Liberty Corner Rd. interchange.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Multi-Tenant  Credit(1)  Tenant  Bohler Engineering  N/A  % Leased by Major Lessee  17%  Major Lessee SQFT  34,500  Industry (Major Tenant)  Capital Goods  Lease Type  Base Year + E  % of Total ABR (Property)  0.8%  Property WALT  8.4 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  207,300  Total Property % Leased  52%  FAR  0.15  Year Built  1997  Year Renovated  2020  Stories  6  Parking Ratio (per 1,000 SF)  3.7  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  67  Property of Peakstone Realty Trust 
 

 Northrop Grumman  4065 Colonel Glenn Highway Beavercreek, OH 45431  Portfolio Segment Other  MARKET INFORMATION  Region Midwest  Market Cincinnati/Dayton  Submarket East Dayton  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Developed as a build-to-suit for Northrop Grumman in 2012.  Key location for Northrop Grumman to serve contracts associated with Wright-Patterson Air Force Base, located approximately six miles from the property.  Contains SCIF's and other secure areas.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Northrop Grumman  Baa1  % Leased by Major Lessee  100%  Major Lessee SQFT  99,200  Industry (Major Tenant)  Capital Goods  Lease Type  Net  % of Total ABR (Property)  0.8%  Property WALT  1.7 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  99,200  Total Property % Leased  100%  FAR  0.34  Year Built  2012  Year Renovated  N/A  Stories  3  Parking Ratio (per 1,000 SF)  3.8  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  68  Property of Peakstone Realty Trust 
 

 Portfolio Segment Other  SEGMENT DESIGNATION  MARKET INFORMATION  The property is leased to MGM Resorts.  Located adjacent to Harry Reid International Airport, one of the busiest airports in the United States.  Houses several executive offices.  Region Southwest  Market Las Vegas  Submarket South Las Vegas  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  MGM Corporate Center (880 Grier Drive)  880 Grier Drive  Las Vegas, NV 89119  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  MGM  B+  % Leased by Major Lessee  100%  Major Lessee SQFT  81,000  Industry (Major Tenant)  Consumer Services  Lease Type  Base Year  % of Total ABR (Property)  0.6%  Property WALT  1.7 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  81,000  Total Property % Leased  100%  FAR  0.34  Year Built  1988  Year Renovated  N/A  Stories  2  Parking Ratio (per 1,000 SF)  4.1  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  69  Property of Peakstone Realty Trust 
 

 Hitachi Astemo  9296 Intermodal North Court Columbus, OH 43217  Portfolio Segment Other  MARKET INFORMATION  Region Midwest  Market Columbus  Submarket Southeast Columbus  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Distribution facility for Hitachi Astemo for various automotive and motorcycle parts.  Strategically located less than one mile from the Rickenbacker Airport and Norfolk Southern Intermodal in a loaded-to-capacity container zone which allows the tenant to receive overweight shipping containers from Asia and transport them directly to the property.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Hitachi Astemo  A  % Leased by Major Lessee  100%  Major Lessee SQFT  304,600  Industry (Major Tenant)  Automobiles & Components  Lease Type  Net  % of Total ABR (Property)  0.6%  Property WALT  2.2 years  BUILDING INFORMATION  Detailed Property Type  Warehouse  Square Feet  304,600  Total Property % Leased  100%  FAR  0.26  Year Built  2014  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  0.4  Industrial Property Stats:  Trailer Parking Spaces  36  Loading Docks  30  Type of Docks (cross, rear, etc.)  Cross  Clear Height  32'  70  Property of Peakstone Realty Trust 
 

 Portfolio Segment Other  SEGMENT DESIGNATION  MARKET INFORMATION  The property is leased to MGM Resorts.  Located adjacent to Harry Reid International Airport, one of the busiest airports in the United States.  Primary location for MGM’s human resources services, including hiring, new employee training, and on-going employee training.  Region Southwest  Market Las Vegas  Submarket South Las Vegas  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  MGM Corporate Center (840 Grier Drive)  840 Grier Drive  Las Vegas, NV 89119  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  MGM  B+  % Leased by Major Lessee  100%  Major Lessee SQFT  60,500  Industry (Major Tenant)  Consumer Services  Lease Type  Base Year  % of Total ABR (Property)  0.4%  Property WALT  1.7 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  60,500  Total Property % Leased  100%  FAR  0.37  Year Built  1997  Year Renovated  N/A  Stories  3  Parking Ratio (per 1,000 SF)  4.2  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  71  Property of Peakstone Realty Trust 
 

 Portfolio Segment Other  SEGMENT DESIGNATION  MARKET INFORMATION  The property is leased to the Administrative Office of Pennsylvania Courts ("AOPC").  AOPC supports the entire judicial system for the Commonwealth of Pennsylvania and houses its data center at the property.  Region Northeast  Market Harrisburg  Submarket Harrisburg Area West  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Administrative Office of Pennsylvania Courts  5035 Ritter Road  Mechanicsburg, PA 17055  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  AOPC  Aa3  % Leased by Major Lessee  100%  Major Lessee SQFT  56,600  Industry (Major Tenant)  Consumer Services  Lease Type  Net  % of Total ABR (Property)  0.4%  Property WALT  1.5 years  BUILDING INFORMATION  Detailed Property Type  Office/Data Center  Square Feet  56,600  Total Property % Leased  100%  FAR  0.23  Year Built  1988  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  4.3  Industrial Property Stats:  Trailer Parking Spaces  0  Loading Docks  2  Type of Docks (cross, rear, etc.)  Rear  Clear Height  N/A  72  Property of Peakstone Realty Trust 
 

 Owens Corning  4535 Enterprise Drive Northwest Concord, NC 28025  Portfolio Segment Other  MARKET INFORMATION  Region Southeast  Market Charlotte  Submarket Cabarrus County  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Highly-specialized light manufacturing facility for Owens Corning to produce glass fiber  bushings for a variety of key applications.  Property has excellent access to Interstate 85 via the Highway 73 interchange.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  Owens Corning  BBB  % Leased by Major Lessee  100%  Major Lessee SQFT  61,200  Industry (Major Tenant)  Capital Goods  Lease Type  Net  % of Total ABR (Property)  0.2%  Property WALT  2.0 years  BUILDING INFORMATION  Detailed Property Type  Manufacturing  Square Feet  61,200  Total Property % Leased  100%  FAR  0.23  Year Built  1998  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  1.6  Industrial Property Stats:  Trailer Parking Spaces  0  Loading Docks  1  Type of Docks (cross, rear, etc.)  Rear  Clear Height  26'  73  Property of Peakstone Realty Trust 
 

 Portfolio Segment Other  SEGMENT DESIGNATION  MARKET INFORMATION  The property is leased to MGM Resorts.  Located adjacent to Harry Reid International Airport, one of the busiest airports in the United States.  Region Southwest  Market Las Vegas  Submarket South Las Vegas  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  MGM Corporate Center (950 Grier Drive)  950 Grier Drive  Las Vegas, NV 89119  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Single-Tenant  Credit(1)  Tenant  MGM  B+  % Leased by Major Lessee  100%  Major Lessee SQFT  26,800  Industry (Major Tenant)  Consumer Services  Lease Type  Net  % of Total ABR (Property)  0.1%  Property WALT  1.7 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  26,800  Total Property % Leased  100%  FAR  0.46  Year Built  1989  Year Renovated  N/A  Stories  1  Parking Ratio (per 1,000 SF)  3.7  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  74  Property of Peakstone Realty Trust 
 

 Gold Pointe Corp Ctr Bldg C  11971 Foundation Place Rancho Cordova, CA 95670  Portfolio Segment Other  MARKET INFORMATION  Region West  Market Sacramento  Submarket Highway 50 Corridor  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  (2) Building is occupied by a Café/Fitness Center used by the Association.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Vacant building located in Rancho Cordova, CA.  Asset is within the Gold Pointe Corporate Center Office Park and offers highly visible building top signage along Highway 50.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Vacant  Credit(1)  Tenant  N/A  N/A  % Leased by Major Lessee  0%  Major Lessee SQFT  0  Industry (Major Tenant)  N/A  Lease Type  N/A  % of Total ABR (Property)  0.0%  Property WALT  0.0 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  145,900  Total Property % Leased(2)  3%  FAR  0.41  Year Built  2002  Year Renovated  N/A  Stories  3  Parking Ratio (per 1,000 SF)  4.0  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  75  Property of Peakstone Realty Trust 
 

 Quebec Court II  5800 South Quebec Street Greenwood Village, CO 80111  Portfolio Segment Other  MARKET INFORMATION  Region West  Market Denver  Submarket Greenwood Village  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  Vacant building located in Greenwood Village, CO.  Greenwood Village submarket is considered one of Denver's premier office hubs and is surrounded by Denver's wealthiest zip codes, providing a strong base of highly skilled workers.  Property has excellent access to Interstate 25 via E. Orchard Rd. interchange and is located one half mile west of the Orchard Station light rail stop.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Vacant  Credit(1)  Tenant  N/A  N/A  % Leased by Major Lessee  0%  Major Lessee SQFT  0  Industry (Major Tenant)  N/A  Lease Type  N/A  % of Total ABR (Property)  0.0%  Property WALT  0.0 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  157,300  Total Property % Leased  0%  FAR  0.58  Year Built  1980  Year Renovated  N/A  Stories  4  Parking Ratio (per 1,000 SF)  4.5  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  76  Property of Peakstone Realty Trust 
 

 Crosspoint  20022 North 31st Avenue Phoenix, AZ 85027  Portfolio Segment Other  MARKET INFORMATION  Region Southwest  Market Phoenix  Submarket Deer Valley  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  (2) Lease restricts certain disclosures.  PROPERTY OVERVIEW  SEGMENT DESIGNATION  The property is currently 8% leased to two tenants.  Asset recently went through a renovation which led to the procurement of two leases totaling 27,600 SF.  Highly improved building common areas including numerous on-site and walkable amenities.  Excellent location near the Interstate 17 and Loop 101 interchange.  TENANT AND PROPERTY INFORMATION  Tenancy Type  Multi-Tenant  Credit(1)  Tenant  First American  BBB+  % Leased by Major Lessee  5%  Major Lessee SQFT  17,000  Industry (Major Tenant)  Insurance  Lease Type  Net  % of Total ABR (Property)  0.0%  Property WALT(2)  -  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  351,600  Total Property % Leased  8%  FAR  0.33  Year Built  1985  Year Renovated  2021  Stories  4  Parking Ratio (per 1,000 SF)  5.5  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  77  Property of Peakstone Realty Trust 
 

 Portfolio Segment Other  MARKET INFORMATION  Vacant building located in Lone Tree, CO.  Property has excellent access to Interstate 25 via the Highway 470 interchange and is located less than one mile north of the Lincoln Station light rail stop.  SEGMENT DESIGNATION  Region West  Market Denver  Submarket Southeast Denver  Notes: Information presented is as of December 31, 2022, unless otherwise noted.  (1) Rating is that of tenant, guarantor and/or non-guarantor parent of tenant that has received a 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 rating.  Park Meadows Corporate Center II  10002 Park Meadows Drive Lone Tree, CO 80124  PROPERTY OVERVIEW  TENANT AND PROPERTY INFORMATION  Tenancy Type  Vacant  Credit(1)  Tenant  N/A  N/A  % Leased by Major Lessee  0%  Major Lessee SQFT  0  Industry (Major Tenant)  N/A  Lease Type  N/A  % of Total ABR (Property)  0.0%  Property WALT  0.0 years  BUILDING INFORMATION  Detailed Property Type  Office  Square Feet  70,300  Total Property % Leased  0%  FAR  0.34  Year Built  2000  Year Renovated  N/A  Stories  3  Parking Ratio (per 1,000 SF)  4.7  Industrial Property Stats:  Trailer Parking Spaces  N/A  Loading Docks  N/A  Type of Docks (cross, rear, etc.)  N/A  Clear Height  N/A  78  Property of Peakstone Realty Trust 
 







Exhibit 99.4

Frequently Asked Questions (FAQ)
for
Shareholders of Peakstone Realty Trust (f/k/a Griffin Realty Trust)
Last updated: March 24, 2023

Peakstone Realty Trust (“Peakstone”, “PKST”, “we” or the “Company”) prepared these questions and answers in advance of its intended listing of its common shares on NYSE (the “Listing”). Should you have any additional questions, please contact us at ir@pkst.com. Thank you for your interest and investment in Peakstone.

1. When will the Listing of Peakstone’s common shares take place?

The Listing is scheduled to take place on or about April 13, 2023.  The completion of the Listing is subject to certain conditions including NYSE approval.

2. What is the Company’s intended stock ticker symbol?

PKST

3. In advance of the Company’s Listing, do I as a shareholder need to take any proactive steps, or will my shares automatically become listed on the exchange?

No, you do not need to take any specific action.  Upon Listing, all our existing classes of common shares will consolidate into a single class of common shares, which class will be listed on the NYSE without shareholders having to take any action.

4. Why did the Company choose to list on the NYSE at this particular time?

The Company intends to move forward with the Listing for a variety of reasons, including:

Opportunity for liquidity for existing shareholders

Ability for investors to retain embedded upside in the portfolio

Potential for Peakstone to gain access to additional sources of capital in the longer-term

Provides an attractive investment opportunity for new investors
 
5. The Company previously announced it would split into two companies and list the company that primarily owned industrial properties on a national securities exchange.  What changed?
 
With the guidance of its financial advisors, Peakstone’s Board of Trustees and management team unanimously determined that pursuing the Listing of the Company (in its entirety) is the best available path in the current market environment to provide liquidity to its shareholders and the opportunity to maximize value over time. This decision is the culmination of a process initiated in 2019 whereby the Company began the evaluation of a comprehensive range of strategic monetization alternatives for the Company and its assets.


6. I want to learn more about the Company’s intended strategy and business plan as a publicly traded company.  Where can I find more information about that?

On the Company’s website, www.pkst.com, in the Investors section, there is a file labeled “Investor Presentation.” In addition, in the coming days, we intend to post a narrated audio version of the Investor Presentation.

7. Beyond the Investor Presentation, where can I find additional information and details regarding the Company and its properties, strategy, management team, etc.?

Additional materials are available on the Company’s website at www.pkst.com, as well as on the SEC’s website www.sec.gov (click Filings, then Company Filing Search, then enter ‘Peakstone Realty Trust’ in the Company and Person Lookup field). This information includes, but is not limited to Forms 10-K, 10-Q, 8-K (including Supplemental Information) and Ownership disclosures.

8. Does Peakstone’s management team intend to sell their personally owned shares at, or soon after, the Listing?

No, Peakstone’s management team does not plan to sell shares in connection with the Listing.  In addition, in connection with the Listing, Peakstone has adopted formal share ownership guidelines applicable to all executive officers requiring them to achieve and maintain ownership of common shares with a value equal to a multiple of their annual base salary.

9. Once Peakstone’s common shares are listed, is there a lock-out period where shareholders will be prohibited from selling their shares?

No, there will not be a lock-out period.  All common shares will be eligible for trading on the NYSE upon Listing.

10. Once the shares are listed, how would I go about selling some or all of my shares?

All shareholders that hold common shares will have the ability to enter sell orders when the shares commence trading on the NYSE. Shareholders who intend to sell shares should contact their broker or agent that holds their shares to discuss the process for selling their shares

11. Once the shares are listed, how does a shareholder buy additional shares?

Once Peakstone’s common shares commence trading on the NYSE, shareholders can purchase additional shares by placing a buy order through their brokerage account.


12. How does the Company plan to communicate with shareholders going forward?

The Company plans to continue using its website (www.pkst.com) as the primary location to post updates. The Company will make available through its website its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and amendments to those reports, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC (also viewable at www.sec.gov).  Also, the Company will routinely post important information about its business, operating results and financial condition and prospects, including, for example, information about material acquisitions and dispositions, earnings releases, and copies of investor presentations.

13. If I want to stay informed about Company updates but prefer not to check the website regularly, is there a way to sign up to receive this information automatically?

In the next several weeks the Company intends to add the capability on its website to sign up for email notifications; doing so will enable you to automatically receive emails of some or all (based upon your preferences) of the Company’s various updates.

14. My most recent account statement shows I own fewer shares while the Net Asset Value (price per share) increased. Please explain what happened.

As the Company announced in a press release on March 10, 2023, in preparation for the Listing of the Company’s shares, Peakstone instituted a reverse share split, effective March 10, 2023, whereby investors received one share for every nine shares previously owned. This share split did not impact your rights as shareholders, your relative percentage ownership of the Company or dividend economics, it just changed the number of shares you own.

15. Does the Company plan to continue paying dividends in the future, and if so at what frequency (monthly, quarterly, etc.)?

Peakstone’s Board of Trustees has declared a cash dividend for the month of March 2023 of $0.075 per common share that is payable on May 12, 2023, to holders of record of its common shares on May 2, 2023. While the Company expects to continue paying regular dividends, all dividend decisions (including amount and frequency) will be made by the Board of Trustees.

16. How is the company managed?

The Company is internally managed by an experienced team that specializes in industrial and office properties.


17. How do I reach someone at Peakstone if I have a question?

There are several options for general inquiries and account-related service assistance, as follows:

Investor Relations: (for issues not related to Transfer Agent matters):
ir@pkst.com

Advisors:
advisorservices@pkst.com

Registered Shareholders:
Computershare (Peakstone’s Transfer Agent) can answer any questions you may have about your shares, account statements, changing your beneficiary designation, requesting tax forms, etc.
800-679-2112 (Monday-Friday 8:30a.m.-6:00p.m Eastern Standard Time)
computershare.com/pkst

PLEASE NOTE COMPUTERSHARE OFFERS ONLINE SELF-SERVICE OPTIONS TO ACCOMPLISH MANY SERVICE REQUESTS. Specifically, Computershare offers robust, easy-to-use online portals for both investors and for financial advisors, and we encourage you to take advantage of those self-service options. To help you better understand those options, Peakstone and Computershare prepared and posted to Peakstone’s website (in the Investors section) a document labeled ‘Transfer Agent Change and Listing-Related Q&A’. In that document you will find a description of the range of actions you can accomplish via these on-line portals, and step-by-step instructions on how to find and fill out paperwork.




Exhibit 99.5

Peakstone Realty Trust Announces Proposed Listing Date on the New York Stock Exchange

Common Shares to List on NYSE under the Symbol PKST

Peakstone Publishes and Files Investor Presentation and Investor Materials

El Segundo, Calif. – March 24, 2023Peakstone Realty Trust (“Peakstone” or the “Company”), in anticipation of the intended listing of the Company’s common shares on the New York Stock Exchange (the “Listing”), is pleased to share the extensive information below which should enable existing and potential investors to better understand and value the Company’s high quality portfolio of industrial and office properties, and learn about the team’s strategic plan to grow shareholder value over time.


1.
Listing Date/Ticker Symbol: The Company currently anticipates its common shares will commence trading on or about April 13, 2023 under the ticker symbol PKST. In connection with the Listing, all shares of the Company’s classes of common shares, other than the Class E common shares, will automatically convert into Class E common shares in accordance with their terms, and the Class E common shares will be listed and known as Common Shares.


2.
Investor Materials: Today, the Company filed or furnished with the U.S. Securities and Exchange Commission the following:


Investor Presentation discussing the Company’s business plan as a publicly traded company


Earnings and Supplemental information covering the Company’s Fourth Quarter and Full Year 2022


Annual Report on Form 10-K


Frequently Asked Questions relating to the Company’s intended Listing

All of the documents above are available for review on the Company’s website, www.pkst.com.

There can be no assurance that the Company will be able to complete the Listing in the expected timeframe, or at all.

March Distribution

The Company also announced that its Board of Trustees has declared a cash dividend for the month of March 2023 of $0.075 per common share that is payable on May 12, 2023 to holders of record of its common shares on May 2, 2023. As noted above, the Company currently anticipates that its common shares will be listed before the record date, but if the Listing occurs after the record date, the cash dividend will be paid with respect to each class of the Company’s currently outstanding common shares, with appropriate adjustments for each class.


2023 Annual Shareholders Meeting

The Company intends to hold its 2023 annual meeting of shareholders on June 20, 2023. The date of mailing of the notice for the 2023 annual meeting will be on or about May 1, 2023. Additional details regarding the annual meeting will be included in the Company’s proxy statement for the meeting.

Financial Advisors

Goldman Sachs & Co. LLC and BofA Securities are serving as joint lead financial advisors to the Company in connection with the Listing. Additional financial advisors to the Company include Wells Fargo Securities, Truist Securities, KeyBanc Capital Markets and BMO Capital Markets.

About Peakstone Realty Trust

Peakstone Realty Trust is an internally managed, publicly registered real estate investment trust (REIT) that owns and operates a high-quality, newer-vintage portfolio of predominantly single-tenant industrial and office properties. These assets are generally leased to creditworthy tenants under long-term net lease agreements with contractual rent escalations. As of March 24, 2023, Peakstone’s portfolio consists of 19 million square feet across 24 states in primarily high growth, strategic coastal and sunbelt markets.

Additional information is available at www.pkst.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. The forward-looking statements contained in this press release reflect the Company’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause the Company’s actual results to differ significantly from those expressed in any forward-looking statement.


The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: general economic and financial conditions; market volatility; inflation; any potential recession or threat of recession; interest rates; the impact of the work-from-home trends; recent and ongoing disruption in the debt and banking markets; occupancy, rent deferrals and the financial condition of the Company’s tenants; whether easing of the pandemic, work-from-home trends or other factors will impact the attractiveness of industrial and/or office assets; whether we will be successful in renewing leases as they expire; future financial and operating results, plans, objectives, expectations and intentions; expected sources of financing and the availability and attractiveness of the terms of any such financing; legislative and regulatory changes that could adversely affect our business; our future capital expenditures, operating expenses, net income, operating income, cash flow and developments and trends of the real estate industry; whether a listing of the Company will be completed; whether any such listing will maximize shareholder value; whether we will be successful in the pursuit of our business plan, including any dispositions; whether we will succeed in our investment objectives; any relationship between the trading price of our common shares at listing and our published net asset value; any fluctuation and/or volatility of the trading price of our common shares once listed; risks associated with our dependence on key personnel whose continued service is not guaranteed; risks related to the disruption of management’s attention from ongoing business operations due to pursuit of requirements related to being a listed company; whether we will comply with Sarbanes-Oxley as required of listed companies; and other factors, including those risks disclosed in Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s most recent Annual Report on Form 10-K and Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. The Company cautions investors not to place undue reliance on these forward-looking statements and urges you to carefully review the disclosures it makes concerning risks. While forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. The forward-looking statements speak only as of the date of this press release. Furthermore, the Company disclaims any obligation to publicly update or revise any forward- looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Our shareholders are cautioned not to place undue reliance on any forward-looking statement in this press release. All forward-looking statements are made as of the date of this press release, and the risk that actual results will differ materially from the expectations expressed in this press release may increase with the passage of time. In light of the significant uncertainties inherent in the forward-looking statements in this press release, the inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives and plans set forth in this press release will be achieved.

Investor Contact
ir@pkst.com

Advisors Contact
advisorservices@pkst.com

Media Contact
Joele Frank, Wilkinson Brimmer Katcher
Meaghan Repko / Jack Kelleher / Kara Sperry
212.355.4449